Stop gloating over declining home prices - it hurts

and people actually think there is no bubble ready to burst...thats too funny.

talk about GREEDY....

Hilfiger Seeks Fast Profit in the Hamptons

Fashion designer Tommy Hilfiger is looking to sell his East Hampton, N.Y., home for $24.5 million -- $7.5 million more than he paid for it five months ago.

The 2.4-acre Further Lane property has 154 feet of ocean frontage and a private boardwalk leading to the water. The 4,700-square-foot, five-bedroom home has a media room, massage room, double-height living room, an infinity-edge pool overlooking the ocean and an outdoor pavilion with a fireplace.

Mr. Hilfiger bought the property in May from William Roach and Robert Marc, an eyewear designer. According to listing agent Deirdre Jowers of Corcoran Group, Mr. Hilfiger did some renovations on the house and took a trip to Bali to oversee the design of custom furniture. The furniture is available for sale, but isn't included in the asking price. Mr. Hilfiger, 55 years old, is the principal designer of the clothing company that bears his name. He couldn't be reached for comment.

Sales volume in East Hampton Township fell 48% in July and August compared with the same months last year, according to Long Island Profiles. The median sale price fell 15% in August to $707,500 from $830,000 in the year-earlier month.
 
Nick Cages neighbors............. Well Clint and i would do fine over coffee times or a beer now and then. Nancy reagan, not much there for a Democrat like me. Jennifer Lopez, now i would go over there and trim the bushes ...............:cool: :cool: :eek:
 
Quote from TrendSailor:

But look at the fun they had in those houses during that period of time. Look at all the business deals they probably made entertaining friends, business contacts, and the doors that open to relational opportunities. When you play at a certain dollar level expectations and the price to ante up are not the penny ante that Joe Sixpack is accustomed to. Sometimes you MUST take a risk at a 10% business loss to make a 30-50% gain somewhere else. Besides, the government underwrites most all losses in investments and personal losses with tax credits.


TS
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Just thought I'd mention that a loss on a personal residence is NOT tax deductible.

OldTrader
 
Quote from OldTrader:

Just thought I'd mention that a loss on a personal residence is NOT tax deductible.

OldTrader
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Oh damn, you have a point here. I guess I'm going to have to go to tax jail. There has just got to be a free lunch and a place to stay in this deal somewhere. :D

When I get out of jail, then, I'll take the tax write off for the loss of business income to my sole proprietorship, get a small distressed business loan, sign up for a jobs retraining package and get a new company car first-year tax depreciation and start up over again. Ah, the American Dream - what a country! :D

TS
 
Quote from OldTrader:

Just thought I'd mention that a loss on a personal residence is NOT tax deductible.

OldTrader
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However, a loss would be able to be "added to the cost basis" of future property purchases and could be recovered tax free.

(This issue gets complicated where there was a mortgage forclosed upon and "forgiveness of debt" by the lender....)
 
Quote from vladn:

Gold is good but we need to diversify to other hard assets as well. Gold is not broad / efficient enough market and as such can be subject to wild coordinated manipulation by world CBs (at least until a major trade war breaks out).
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very very astute observation.
 
Quote from JamesVU2000:

Has anyone noticed that the same friends buying the nasdaq peak are also the same ones long real estate and in trouble?
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Absolutely. I had the same thought.

Fletch
 
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