This is all so easy to fix. Inflate or die...
60 Minutes Segment - The Mortgage Meltdown
- Thread starter KMAX
- Start date
friend purchased a vegas strip condo pre-construction for 350K in 2004, flipped it for 650K in 2006 to some damn fool dancer.
The damn fool dancer walked out and bank sold it in foreclosure auction for 275K
global ( not only US ) real estate has a ways to deflate.
London prices peaked when damn fools purchased the corner 250sq ft. utility closet in chelsea for GBP 350k ... to make a "loft" and flip!
In vancouver, damn fool asians are stuck in spec condos in free fall.
Dubai sheiks are screaming in pain. Some fool with 30 spec condos and no buyer ( or renters )
Very few global real estate markets not in free fall.
Too many fools around. The result of modern medicine. In the good old days stupidity was naturally selected out of the population.
That's the exact figure I came up with!
I bet lower than that.
Who the fuck wants to live in Florida anyway? Nothing but blue hairs and dumbasses from New Jersey who don't know how to drive.
great place for wind energy (100 MPH) a few times a year
funny how the poece before that was on barney frank being the smartest guy in congress, and saying 1 - 2 years to go
then the next peice is again, the smartest guys saying 3-5 years
i've never been a fan of picking up college slang past my time, and usually dont like any of it, but this is 'EPIC FAIL'
a never ending horror show, of clueless leaders making the problem even worse, and frankly, i think it's been going on since 2000, grasping for solutons that end up being worse in the long run - the housing bubble was deliberatly created by the fed
i'm in horror watching the obvious next disaster - national debt meltdown - they may easily double the national debt to 20 billion before we know it, and then the treasury auctions sieze up just as surely as the mortgage market did. I dont know what happens at that point, but whatever it is, it's going to happen
then the next peice is again, the smartest guys saying 3-5 years
i've never been a fan of picking up college slang past my time, and usually dont like any of it, but this is 'EPIC FAIL'
a never ending horror show, of clueless leaders making the problem even worse, and frankly, i think it's been going on since 2000, grasping for solutons that end up being worse in the long run - the housing bubble was deliberatly created by the fed
i'm in horror watching the obvious next disaster - national debt meltdown - they may easily double the national debt to 20 billion before we know it, and then the treasury auctions sieze up just as surely as the mortgage market did. I dont know what happens at that point, but whatever it is, it's going to happen
every major firm is a day trader in that op. Don't confuse yourself bro. Retail guys or insti's can make a shit load, living, or lose a bananna or two day trading, swingin' or long term. Intra is for pro's looking to hit singles or doubles on a consistant basis and to pay college tuition. Trading in any time frame has got to be viewed and delt with as any profession and not marked as some sort of variable oncourse by a few dweebs from the wrong side of jersey attemping to look up manhattans skirt.
What the hell are you babbling about?
Am I mistaken, or did that apartment not even have high ceilings? I would think that new buildings tagged as "luxury" would at least have high ceilings. Not that I move in such circles.
Lots of condos marketed in Miami towards the end of the boom (and approaching completion at this very moment) are truly dreadful. Basically, the developers knew they could sell every single unit within a day of launching preconstruction sales, so they made them as small as the City of Miami would let them get away with.
Many of the "lofts" have 8 foot ceilings. If you look at the floorplans, they're literally 2-bedroom/1 bath condos with one of the bedroom walls removed. There's even a reason why developers did it -- it meant they only had to provide one parking space instead of the two that would have been required for a 2-bedroom condo. There are entire buildings of 650sf 1-bedroom "lofts" that nobody in the current market will buy.
There are a few other "loft" condos built in northern downtown Miami that are SO CLOSE together, the only way for someone inside to actually see the sky is to physically walk outside onto a 2-foot deep balcony barely big enough to smoke on, then look straight up. Of course, they have grossly inadequate parking, which has destroyed their resale AND rental value in the current market.
There ARE a few quality properties that came out of the boom... but unfortunately, we also got a lot of commieblocks that are going to fester for years as rental properties, until someone 10 years from now buys them, guts them, combines adjacent units, and joins forces with the owners of 2 adjacent buildings to buy a fourth to demolish and replace with a new parking garage for all 3.
Lesson for aspiring investors to learn going forward: when a condo market melts down, the only units that hold their value are the (rare) 3+ bedroom units, and LARGE 2 bedroom units with lots of closet space in buildings with abundant parking. Why? Someone who buys a large 2 bedroom unit while single can still get away with living there after getting married... and in a pinch, might even endure it for a couple of years after having their first child. So they tend to be owner-occupied. In contrast, most 1-bedroom condos are barely tolerable for one person, unpleasant for two, and outright illegal for two with a child. Add the cost of renting a second parking space, and the value equation just becomes ridiculous. So Anyone who buys one while single is going to have to sell (ha!) or rent it out eventually.
I'm personally thankful I was still slightly broke in 2004, because it saved me from throwing away $460k on a condo in Midtown (where my friends would have never come to visit, since parking is expensive for no good reason), living across the street from an urban mall that's following the footsteps of the Omni, Mayfair, and Miracle Center into bankruptcy (all were earlier projects that tried ignoring the fact that Miami residents simply WILL NOT pay to park... we'll just drive another 5 miles and shop where parking is free).
Many of the "lofts" have 8 foot ceilings. If you look at the floorplans, they're literally 2-bedroom/1 bath condos with one of the bedroom walls removed. There's even a reason why developers did it -- it meant they only had to provide one parking space instead of the two that would have been required for a 2-bedroom condo. There are entire buildings of 650sf 1-bedroom "lofts" that nobody in the current market will buy.
There are a few other "loft" condos built in northern downtown Miami that are SO CLOSE together, the only way for someone inside to actually see the sky is to physically walk outside onto a 2-foot deep balcony barely big enough to smoke on, then look straight up. Of course, they have grossly inadequate parking, which has destroyed their resale AND rental value in the current market.
There ARE a few quality properties that came out of the boom... but unfortunately, we also got a lot of commieblocks that are going to fester for years as rental properties, until someone 10 years from now buys them, guts them, combines adjacent units, and joins forces with the owners of 2 adjacent buildings to buy a fourth to demolish and replace with a new parking garage for all 3.
Lesson for aspiring investors to learn going forward: when a condo market melts down, the only units that hold their value are the (rare) 3+ bedroom units, and LARGE 2 bedroom units with lots of closet space in buildings with abundant parking. Why? Someone who buys a large 2 bedroom unit while single can still get away with living there after getting married... and in a pinch, might even endure it for a couple of years after having their first child. So they tend to be owner-occupied. In contrast, most 1-bedroom condos are barely tolerable for one person, unpleasant for two, and outright illegal for two with a child. Add the cost of renting a second parking space, and the value equation just becomes ridiculous. So Anyone who buys one while single is going to have to sell (ha!) or rent it out eventually.
I'm personally thankful I was still slightly broke in 2004, because it saved me from throwing away $460k on a condo in Midtown (where my friends would have never come to visit, since parking is expensive for no good reason), living across the street from an urban mall that's following the footsteps of the Omni, Mayfair, and Miracle Center into bankruptcy (all were earlier projects that tried ignoring the fact that Miami residents simply WILL NOT pay to park... we'll just drive another 5 miles and shop where parking is free).