Real Estate: The New Obscenity?
The lead article in the real estate section of The New York Times this weekend attempts to make the case that real estate has gone from Topic No. 1 to Topic Non Grata in the last six months. Nobody wants to talk about it,” The Times quotes one hedge fund manager as saying. We’re not…
The lead article in the real estate section of The New York Times this weekend attempts to make the case that real estate has gone from Topic No. 1 to Topic Non Grata in the last six months. Nobody wants to talk about it,” The Times quotes one hedge fund manager as saying. We’re not so sure that’s the case. People may be acting more discreetly when they bring it up, but, in our experience, it’s still just as much on everyone’s minds as before, although now, instead of being obsesses with how much the value of their house has gone up, it’s all about how far the value has fallen. Have you noticed a decrease in the amount people are talking about real estate or just a different tone?
Don’t Even Say the Words [NY Times]
Photo by solupine
“There will ALWAYS be money to be made in RE over the long term.”
I agree with you 100%! You make more money when it crashes!
I need your take on this story Dave!
AIG, Morgan Stanley Should Recoup Pay, Fund Contends (Update3)
http://www.bloomberg.com/apps/news?pid=20601087&sid=ann7bKVM7yA0&refer=home
April 20 (Bloomberg) — American International Group Inc., Morgan Stanley and other companies squandered more than $5 billion on executive pay since 2005 and must recoup the payments or face lawsuits, a pension fund said.
The Service Employees International Union’s pension fund said today it sent letters to 29 companies, which also include Goldman Sachs Group Inc. and JPMorgan Chase & Co., demanding that directors recover “incentivized executive pay†based on derivatives or other investments whose values were written off.
I think it’s a big can of worms. also the chatter is States AG’s are going to file lawsuits to recoup loses to their state pension funds! This is going to be fun..
The What
Someday this war is gonna end…
Boiled frog.
Here’s the price data from the PDE report that I posted last week….
Here’s the data for various categories:
Average Selling Price 1Q09 vs. 4Q07 (arguably the peak):
1-3 Family market: $641k vs. $671k, -4.4%
North: $559k vs. $632k, -11.5%
South: $508k vs. $525k, -3.2%
East: $432k vs. $537k, -19.5%
Northwest: $807k vs. $775k, !
Hardly half off recent comps.
Posted by: daveinbedstuy at April 16, 2009 9:33 AM
Still good things to talk about.
You miss me What??? I was out dragging my knucles after smokin somethin.
There will ALWAYS be money to be made in RE over the long term.
““The problem is that the mortgage environment is so brutal right now,†said broker Chris Havens. “The banks lent too much, now they are lending too little.â€
With no disrespect to Chris Havens, who is a member of this forum I respect, isn’t
part of the problem inflated prices and not just the lender?
Hey you know something? Where are the retards????? Yoo Hoo!!! Come out to playa..
Hey Dave take that bong out of your Ass! We need someone to smash on!
Hey where are these guys LMMFAO!!!!! Hello….
The What (Maybe this war is gonna end soon)
Someday this war is gonna end…
The people I know still talk a lot about real estate. But that is because people still think there is an opportunity to jump in and capture value on a price dip. I agree with the observation in the NYTimes article that the real market bottom will be charactarized by silence and apathy on the part of buyers. We are a ways from being there.
Went to some open houses this weekend. Plenty of people there, but I doubt there is much real buying interest. I haven’t seen any value in what is being offered. Asking prices are still very high and I can’t really be bothered to run around lowballing everyone. I would rather let the market do my work for me and buy at market price after prices have fallen a ways more. So I continue to wait.
“We’re waiting, 10thStreetReno. Care to respond? C’mon, take a break from the laminate flooring snap-on! Why the rule change?”
BHO this retard is reading the Lis Pendens stuccoed to his door…
The What (7 months…)
Someday this war is gonna end…
“The collapsing economy is being blamed for a 35-percent drop in the number of properties sold in the borough’s once-booming housing market…”
And the collapsing RE market is being blamed for the collapsing economy. They were one and the same. What a spiral. What a mess.
***Bid half off peak comps***