The king of real estate's cashing out
- Thread starter K.C.
- Start date
great post,
very informative.
thanks!
very informative.
thanks!
Quote from toduar:
I think tradernik is just hamming it up a bit
First time in a long time that I had a whole day off with absolutely nothing on the sched, and I just couldn't help myself. There are a few B.S. artists on here but coinzy is just right off the scale. The weird thing is - nothing any of us can say would every get through to him. His fantasy world is inviolate. Whenever someone points out his latest f**k up, he just posts a smiley and some idiotic bit of pseudo street talk.
I wrote to the thread starter to apologize for hijacking this thread and turning it into a coinzy roast. My last post here. I hope the original discussion can continue; it's an interesting one. The best theory I have heard about the RE bubble in North America is that if there is a deflation, it will be regionalized, and probably a slow leak as opposed to a pop. Here in Toronto prices are stable and a lot of condominium units are still being built. For first time buyers who need a home, I don't think it necessarily matter if prices drop 10% or even slightly more - it's better to own than to burn your cash paying rent, as long as you can foresee a relatively stable income for the next xx years. Those that bought residential RE as a speculation will be the ones who suffer. I don't know much about the commercial RE markets.
Also consider all the immigration in, they have to live somewhere. I don't see real estate falling off the map because it's something we need as opposed to a digital number on our computer screen that we can dump. There may be slow periods but prices will be stable and growing. Unless of course in hot areas where the prices have just sky rocketed. Here in Michigan homes could easily double and just be on par with other areas, playing catch up. Especially homes from 500,000 to 800,000, they are true bargains that should actually be twice that when compared to cheaper homes in value. It seems here the cheaper homes appreciated but the bigger homes did not, so they should double with any improvement in Michigan economy. It's more like when, than if.
not just immigration....3.6 million people in the US turn 18 years old every year. Thats 3.6 million kids that are ready to move out of their parents house. Quite an influx of renters wouldnt you say? But i guess i should also plug in that 1.46 million people will die and their places will need to be sold too.
cld it be that he just doesn't take himself as seriously as some other rather tedious people on this forum... just a thot...
now the Fortune article is really cool, great post thanks, great life story, v.colourful! kinda reminds me of andy stone....
http://www.conway.com/ssinsider/snapshot/sf000626.htm
http://www.findarticles.com/p/articles/mi_m3208/is_n1_v40/ai_20176299#continue
sorry i cldn't find any better articles, notably the ones re stone buying out all of sweden's police stations and leasing them out to the swedish gvt on a cool $xbio deal... and when he eventually 'settled-up' with csfb for a mere $100mio severance package... not long after telling the whole exec board, who'd just signed off on a $1bio loss on 1998 russian defaults: "see thats why i don't want to sit my ass with you c*nts!"...
but anyway... again FXZ's right that RE's a pretty slow mkt, profit-wise, i for one am not that patient... but hey, to each his own!