October 20, 2017

Shackled Purchasers Are Second-Guessing Their Rabid Decisions

It’s Friday desk clearing time for this blogger. “Sergio Pino is going ’super micro’ at Midtown Doral. In a bid to attract local buyers, the Miami developer is including smaller units in phase two of his mixed-use Doral development. At Midtown Doral, more than 90 percent of buyers so far have been Venezuelan. Now, due to political and economic instability, the developer is modifying his plans. In addition to no longer buying new units, Venezuelans are also having trouble closing the units that they bought. ‘That market is dead,’ Pino said.”

“Dalian Wanda Group Co. plans to proceed with a $1.2 billion luxury condominium and hotel complex in Beverly Hills, California, after its development partner, Athens Group, said it exited the project early. Questions about investments by Beijing-based Wanda have arisen as China has cracked down on overseas acquisitions. The company, which was among the most aggressive buyers of foreign assets until recently, has sold real estate and entertainment assets in China amid government concerns about excess debt.”

“Houses and condos for sale in the District sold quickly in September, but the number of sales fell sharply, and prices also retreated from levels from a year ago. Monthly data from Long & Foster Real Estate Inc. shows overall closed sales in the District were down 16 percent from September 2016. The median price of what sold was $504,000, down 6 percent from a year ago. ‘Buyers today, of whom millennials make up the largest generational group, lack the appetite for home remodeling that previous generations showed,’ Long & Foster said. ‘Even at a discount, a fixer upper will likely take longer to sell.’”

“It hasn’t escaped San Angelo residents’ attention that the city’s housing market has been ailing the past couple of years. They just might not have known how weak it was. During the boom earlier this decade, the price of housing climbed precipitously in the area, but since the industry’s downturn San Angelo has experienced job losses and little growth in income, said Ben Ayers, a senior economist for Nationwide. Several other Texas cities with a significant number of jobs wrapped up in the oil and gas industry also ranked in the bottom 10 MSAs for housing health: Dallas, Fort Worth, Waco and Victoria.”

“San Angelo Association of Realtors President Tom Maurer said right before the boom took off, there were over 500 houses for sale in the area each month. That is ideal for a market, he said, because it gives buyers plenty of choices. Quickly, that number fell to 100-150 houses for sale. Sellers ‘could name their prices and people would buy them because they needed them,’ he said. Sometimes that meant houses sold for more than asking price. The number of houses on the market is back up to about 413, and they are staying on the market for an average of 70 days. He said he now considers it a ‘buyer’s market.’”

“The owner of the burnt-out building on Culvert Street has submitted plans to demolish the building, hopefully by the end of the month, a Glens Falls city official said. Owner Mike Stevens said previously he plans to build six two-bedroom townhouses at the property, which he bought in February for $1. Heather Whalen, who is listed as one of the property’s owners, appeared before the council to say she was fine with the building being razed. ‘It’s been in foreclosure for seven years. Demolish it. I want nothing with it,’ she said.”

“Dear Urban Diplomat: We recently sold our 100-year-old house for nearly triple what we paid eight years ago. The buyers visited twice and waived the home inspection, but two weeks after closing, they complained about ‘major issues,’ including a dirty oven and washing machine. They sent us an invoice for some cleaning work, saying we should be able to pay up given we got such a windfall from the sale. Should we tell them to get lost? —Sell It Like It Is, Upper Beaches.”

“A: What you have here is the world’s pettiest case of buyers’ remorse. It’s not surprising that, in such an overheated market, mortgage-shackled purchasers are second-guessing their rabid real estate decisions. Lucky for you, their ‘major issues’ are not your problem: unless the sale contract explicitly ­stipulated that every inch of the place had to be squeaky clean when they moved in, you have no legal obligation to cover this kind of work. Feel free to tell them—in language either polite or profane, depending on your disposition—that you won’t be honouring their ­unsolicited invoices.”

“At least once a week, Geoff Barnett from Century 21 real estate hears the same story. A home-buyer with pre-approved finance and an accepted bid fails to secure the house because their bank won’t sign off on the money. Mr Barnett reckons there’s a pretty simple explanation: amid stagnating or even falling prices in part of Auckland, banks are tightening up their lending.”

“‘Somebody that’s got a $120,000 deposit gets pre-approved for a $500,000 mortage; they go out and find a property to buy around the $600,000 mark; they go back to their lender, who’s pre-approved them, and then they get turned down. They get told, ‘well, actually we don’t value it to where you do. We think that we’ll loan you $480,000′.”

“Some Australian home owners looking to refinance their mortgage to reduce debt have discovered they are ’stuck’ with their current loan due to stricter rules enforced by the banking regulator. Tic:Toc Homeloans chief executive Anthony Baum said there was a ‘reasonable chunk’ of borrowers not meeting new serviceability standards when they apply to refinance their mortgage. The one-year-old fintech, which offers online loan approval for its customers in 22 minutes and provides finance through second-tier partner Bendigo and Adelaide Bank, write 55 per cent of its business in refinanced mortgages.”

“‘We see a lot of customers that don’t understand why they don’t pass serviceability tests when things are unchanged from when they were granted the loan previously,’ Mr Baum said. Either they weren’t assessed properly in the first place or serviceability-related macro measures have meant they are not able to benefit from competition in the marketplace. They’re disadvantaged customers.’”

“Cooling in Sydney’s housing market has sparked desperate discounts across the city with some frustrated homeowners knocking as much as $550,000 off their asking prices in a bid to get the properties sold. In the southern suburbs, across to the inner west and Western Sydney and even in the exclusive Harbour-side enclaves of the east, owner expectations are tumbling. Panic purchasing is at last grinding to a halt which means vendors are being forced to dial down expectations.”

“The deepest cuts are being felt in up-market areas where optimism has been pushed to unrealistic levels by the unprecedented boom in prices that occurred over 2013 to 2016. Listings data revealed the biggest bargains to be had are in Vaucluse where on average, prices are being slashed by 27 per cent. Real Estate Institute of NSW president John Cunningham said optimistic vendors had simply failed to read the changes in the market. ‘There’s no more boom but some agents are telling sellers they can still expect boom prices so they’re waiting for miraculous buyers to appear and pay premium prices when they aren’t there anymore,’ Mr Cunningham said.”

“House prices are lower in real terms than they were in 2007 in more than half of England and Wales, according to analysis for BBC News. Those who wish to sell can find themselves with a home worth less than they paid for it, particularly in northern England. Lee Percival paid £112,995 for his home on a newly built estate in 2007. The estate has never been finished due to the financial crash and his home has dropped in value by about £30,000. ‘I regret buying it at the time we did, my wife loves it here, but I just feel - well we have made a loss haven’t we? Yes, I feel trapped.’”

“In parts of Bradford values have crashed by up to 50% in real terms and one of those who have found themselves with a house worth less than it cost is Isaac Stott. The charity worker bought his home in 2007 and paid £86,500 for it. ‘Everything was going really well it looked like a good investment but within nine months the property value dropped to around £35 to 40,000.’ He said the market has improved but his three-bedroom home is on the market for £76,500 - £10,000 less than he paid. ‘It is frustrating to see how much it has dropped and how much it is worth.’”

“For Neil Potter it is a different problem. He rents a three-bedroom house in Halberton in Devon because he says it is still far too expensive for him to buy. Values have fallen in Halberton, by more than 40% in a decade, the largest drop in the South West; but that brings little comfort for Mr Potter. ‘We’ve been here 12 months - we rented in Tiverton before. That was a four-bed and to buy that, it was about £260,000. The three-bed we’re renting in Halberton is worth around £330,000 - silly money.’”

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Comment by Apartment 401
2017-10-20 09:43:02

Realtors are liars.

Comment by Apartment 401
2017-10-20 09:46:44

Suzanne researched it:


Don’t be this guy. Just don’t.

Comment by 2banana
2017-10-20 10:04:01

Too late!


We recently sold our 100-year-old house for nearly triple what we paid eight years ago. The buyers visited twice and waived the home inspection, but two weeks after closing, they complained about ‘major issues,’

Comment by jeff
2017-10-20 17:15:16

“Don’t be this guy. Just don’t.”

Back in the day you would refer to him as being…


Comment by Mafia Blocks
2017-10-20 12:59:31

….. and every closing a crime scene.

Comment by 2banana
2017-10-20 09:53:43

2banana’s Rule:

Long term democrat rule + public unions + free sh*t army = misery, ruin and bankruptcy

The top end stalls/falls and that then cascades…


Owners Of Luxury Greenwich Homes Are Pulling From The Market As Sales Plunge
ZeroHedge - Oct 20, 2017 10:32 AM

Once upon a time, a nonexistent income tax (Connecticut became the last state in the US to adopt an income tax in the early 1990s) and low property taxes - not to mention the gold coast tableau of beautiful beaches and lush greenery - made Greenwich, CT - just over the state line from Westchester - a haven for hedge fund bazillionaires and other wealthy finance types.

But since the financial crisis, sales of megamansions and other high-end homes in the city have tapered off as taxes have inexorably risen and trends have shifted to favor urban environments. As we reported back in June, there were only five sales of homes for $10 million or more in 2015 and 2016, less than half the historical average.

At the time, there were 38 properties listed for $10 million in and around Greenwich, meaning it would take at least seven years to sell them all.

And of course, the state’s looming fiscal crisis - and the prospect of still more tax hikes on top of the two that lame-duck Democratic Gov. Dannel Malloy has pushed through in recent years - isn’t doing the real estate market any favors.

“Small is the new big,” said Scott Durkin, chief operating officer of Douglas Elliman. “Millennial buyers, they want to be in town, they want to be close to services, they don’t need 5,000 to 10,000 square feet — they’re OK with 1,600 to 2,200.

The closer that homes are to Greenwich’s commercial district or waterfront, the faster they’re selling. At the current pace of deals, it would take 7.8 months to sell all the listed properties south of Post Road, an area that includes the train station and tony shops of Greenwich Avenue, Miller Samuel and Douglas Elliman said. In the Back Country section - north of the Merritt Parkway, featuring oversized estates set back from winding, two-lane roads - it would take more than three years to clear the listed inventory.

Comment by 2banana
2017-10-20 09:59:37

But the liberals here the fake legacy media has NEVER compared Trump and Hitler….


Trump vs. Hitler: Let’s Run the Numbers.
National Review - Kyle Smith - October 19, 2017

I heard something unusual when I logged on to the New York Times this morning. It seemed to me a dire, authoritative, even apocalyptic sound. It was as if a gigantic clap of thunder had been produced by an immense boot of truth. Allow me to explain.

On my screen appeared a think piece comparing Adolf Hitler with Donald Trump. “Trump Isn’t Hitler. But the Lying . . . ,” by op-ed columnist Charles Blow, advances a breathtaking claim that has never, to my knowledge, appeared in any media outlet before: That though Trump isn’t Hitler, he’s actually pretty close, when you really think about it. I was gobsmacked. My mind reeled. I can’t emphasize enough how fresh, how novel, how utterly without precedent this Hitler-Trump comparison is.

Only you could deliver unto us the insight that Trump is the new Hitler with a truth-boot so colossal that it can “slam down to earth like thunder.” Powered by As far as I’m concerned, what Blow has accomplished is not unlike the discovery of penicillin, or the theory of relativity.

Comment by Carl Morris
2017-10-20 10:21:05

One thing that I’ve learned in the last decade or so is how history gets written as though what happened was basically inevitable. But there were probably actually lots of squandered chances to do things differently in 1920s Germany that wouldn’t have left the populace so willing to back anybody that would reduce the pain.

Comment by redmondjp
2017-10-20 19:09:12

Well did you know that American industrialists helped finance Hitler’s rise to power? Now why would they do that?

Remember, all wars are bankers’ wars.

Comment by In Colorado
2017-10-20 21:49:22

Remember, all wars are bankers’ wars.

True, but I wonder if the banking clan had any idea of the peril they helped create. Imagine if the Germans had developed nukes first and a V3 to deliver them? That would have been a bad day on Wall St.

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Comment by BlueSkye
2017-10-20 19:05:38

The guy sounds psychotic.

Comment by Obama Goons
2017-10-20 19:14:04

Obama/Clinton better mirrors Stalin than any dream like Hitler parallel Charlie Blow(boy) could ever pin on President Trump. Communist thugs are among those Obama/Clinton hold in high regard.

Whatchya say comrades?

Comment by MacBeth
2017-10-21 05:19:30

I am starting to suspect that the elite truly wishes that Trump IS the second coming of Hitler.

If you cannot control and dictate to the people via globalism, perhaps you can do so through Hitlerism instead.

There is something very sick going on here.

I have yet to figure out what it truly is.

Comment by Professor 🐻
2017-10-20 10:02:07

“Panic purchasing is at last grinding to a halt which means vendors are being forced to dial down expectations.”

The insane idea of panic buying of real estate is destined to be viewed with amazement through the lens of the rear view mirror, once the mania finally subsides.

Comment by BlackSwanDive
2017-10-20 10:04:29

Massive stock market bubble, with the DOW tripling in value since its lows of the recession. New and used car and truck prices and sales at historic highs, with inexplicable yearly price increases. RV sales the highest ever. A ginormous real estate bubble in every nook and cranny of the country. What could go wrong?

“This sucker could go down.”

-George Bush

Comment by 2banana
2017-10-20 10:16:02

“You are peddling fiction in all 57 states.”

Comment by Professor 🐻
2017-10-20 10:08:09

“…mortgage-shackled purchasers are second-guessing their rabid real estate decisions.”

Debt donkeys gonna donkey.

Comment by Sean
2017-10-20 10:27:57

‘Buyers today, of whom millennials make up the largest generational group, lack the appetite for home remodeling that previous generations showed,’ Long & Foster said. ‘Even at a discount, a fixer upper will likely take longer to sell.’”
Let’s rephrase this, shall we?:

‘Sellers today, of whom baby boomers make up the largest generational group, lacked the appetite for home remodeling that future generations need,’ Long & Foster should have said. ‘Why buy some old persons pile of trash? All original equipment is great for a 1960s muscle car, but not for a house.’ Says a broke millennial. ‘We walk through these houses with a dated country kitchen, a 40 year old roof and single pane windows.’ Says a disgusted Long and Foster Real Estate Analyst. ‘Even at a discount, a fixer upper will likely take longer to sell, and they already said they aren’t gonna GIVE it away!’”

Comment by 2banana
2017-10-20 10:43:32

Thinking as an engineer…

EVERYTHING has an expected useful life. Everything slowly rots and turns to dust. You can extend this life with a great maintenance program but only for so long. And it will all need to be replaced

With the exceptions of love and gold and a good idea.

Dishwasher - 5 years
Refrigerator - 7 years if you are lucky
Hot Water Tank - 7 years
Heat Pump - 10 Years
Furnace - 12 years
Roof - 30 years if you are lucky
Asphalt Driveway - 30 years
Septic System - 30 years if you are lucky

When you walk through a for sale baby-boomer house where NOTHING has been replaced and everything is being held together with duct tape and bubblegum - you are basically talking $100,000 to bring it all up to something useful or even to code.

And the sellers are like - but it all works (kinda)…

Comment by Bellinghouse
2017-10-20 11:26:49

I love how on Flip or Flop (or pick any other HGTV show), they cruise by a rundown place, and their guy quotes them $40,000 to totally transform a 1960 ranch house in Orange County — gutting kitchen and two baths, moving a wall or two to make it more open concept, fresh paint inside and out, and new landscaping. Sometimes they run into a “major” problem and it adds another $10,000 and delays the schedule by a whole week!

I sure wish I find get the contractors they use to give me quotes and schedules like they get.

Comment by Sean
2017-10-20 13:56:32

I’m still surprised insurance companies don’t do a more indepth appraisal. Water damage or smoke/fire damage alone from these DIY warriors mistakes is pretty costly to them. Take a roof without an ice shield (because that would dig into your profit in a flip), it won’t take long for decay to set in.

Comment by Mafia Blocks
2017-10-20 15:56:02

You’re presuming the correct materials were specified and installed correctly. Halve those durations in the many cases they’re not.

$6/sqft/yr of depreciation instead of the typical $3. Ooooph.

Comment by 2banana
2017-10-20 10:36:39

A good read…

The housing bubble is not discussed but, obviously, is fueled by all of this.


We’re Reaching the End of the Road
Gulf Coast Commentary - Wednesday, October 18, 2017

This is partly why the US ran $10 Trillion in government deficits in the past 10 years alone. Can you imagine what our economy would have looked like without all that money? It would have been outright Depression. (I’m not even going to mention the $4T bank reserve creation by the Federal Reserve). All of that debt is masking depression. Even so, the number of full-time jobs is barely above 2007 levels (only +3M) and “good jobs” or good-paying “breadwinner jobs” are still lower than the last peak.

2) Zero interest rates have prolonged the game for awhile but low or zero rates are unsustainable. Pensions are already failing in many cities in the US and around the world as investment returns in bonds has dropped so low that pensions don’t have enough money to pay benefits.

4) The economy is in near-recession despite rising debt bubbles. The US government has racked up $10 Trillion in debt in just 10 years. China racked-up double that amount of debt in the same timeframe. A vast expansion of US auto loans that some people say is reminiscent of another subprime bubble has propped-up the auto sector. A trillion dollars in student loans have been given to students in the past 8 years and 43% of these loans are now not being payed back. And the US is still making more of these loans!

7) QE doesn’t work. That’s obvious. Even the educated idiots at central banks can see that! They just can’t admit it and it’s making them look like fools. They are starting to tip-toe away from it.

8) NIRP and the risk of depositor “bail-ins” is killing the EU banking system! And NIRP and ZIRP is killing pension funds, insurance companies and retirees everywhere. The situation is completely unsustainable. Never in history have interest rates been zero or negative. It’s absurd and causing more harm than good.

13) If growth is dead, then the mountain of debt, which continues to accumulate at a rate much higher than nominal GDP growth worldwide, is unsustainable. The end of the road is defaults, crises, recession and depression. Debt defaults by companies and entire countries will cause a new round of banking troubles and trouble in global supply chains. It happened in 2008 after all. Collapse is a real possibility. When it happens is the $64 Trillion question.

Comment by Carl Morris
2017-10-20 11:08:20

7) QE doesn’t work. That’s obvious. Even the educated idiots at central banks can see that! They just can’t admit it and it’s making them look like fools. They are starting to tip-toe away from it.

Depends on what you’re trying to accomplish. If the goal is just to kick the can until it’s the next guy’s problem then I’d say it worked pretty well. Of course we’ll need a bigger one pretty soon. But it’s just numbers in a computer and everybody knows we have the biggest computers.

Comment by In Colorado
2017-10-20 12:41:56

The problem, of course, is if rates were to return to historical levels, the US, Japan, China and every other country would default on its sovereign debt as they would not be able to pay the interest.

Damned if you do and damned if you don’t. Of course, if rates are left low, eventually central banks will have their hands forced, but that might not be for a while. I do wonder if I’ll still be alive when the house of cards comes crashing down.

Comment by BlackSwanDive
2017-10-20 19:29:02

I’ve started wondering about that, too. We’re in some great financial experiment that the world’s never before seen. All it’s done has made the cost of living almost unbearable for a whole lot of people.

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Comment by BlueSkye
2017-10-20 21:24:07

Consider that it’s not actually an experiment, like the ivory tower brains were trying to save the world. It might be the work of the biggest crime syndicate in history. It might be the biggest theft and wealth transfer ever, and on a global scale. They might just run the con until they are hung from lampposts.

Comment by In Colorado
2017-10-20 21:44:25

They might just run the con until they are hung from lampposts.

Of course, Mr. Banker knows that it’s best to keep a low profile and let their bought and paid for politicians be the center of attention.

The average Joe has no idea of who the Rothschild’s are.

Comment by redmondjp
2017-10-20 19:13:54

Exactly. The globalist central bankers are setting the entire world up for the biggest financial implosion that has ever been seen. Why? So they can ride to the rescue with their new electronic global currency that will save the day.

Current national debts will never be repaid. The entire world will be taken over not by military might, but by financial weakness. It’s pure, evil genius.

Comment by Ben Jones
2017-10-20 10:46:18

‘Values have fallen in Halberton, by more than 40% in a decade, the largest drop in the South West; but that brings little comfort for Mr Potter. ‘We’ve been here 12 months - we rented in Tiverton before. That was a four-bed and to buy that, it was about £260,000. The three-bed we’re renting in Halberton is worth around £330,000 - silly money.’

This is a crazy thing. It’s like those shacks in Australian mining country. Oh, they’re down 60%, but it’s still priced at 400,000 Australian pesos. It isn’t worth 40,000. £330,000 is nuts for some run down old shack in a place no one has ever heard of.

Comment by Ben Jones
2017-10-20 11:01:46

April 8, 2017

No Eureka Moment To Imperil The Gushers Of Money

“In mid-March, Elijah Joseph attended the Toronto Real Estate Wealth Expo, a jungle of real estate gurus and their 15,000 disciples who paid up to $500 per ticket, only to be told to invest in what is actually one of the worst buyer’s markets in Canada. A line-up of personalities preached that, despite record-high Toronto house prices, now is actually an ideal time to buy. The presenters all had personal stakes in the market, but attendees ignored the conflict of interest, and the event, disguised as a conference and concert, became a full-day sermon on buying real estate as the greatest good.”

“‘Fear will kill you. Fear will drown you,’ said Daryl King, who is selling properties upwards of $8.8 million throughout the Greater Toronto Area and Ontario. ‘Just jump in!’ chanted Inez Kurdrik, a downtown realtor. On the same panel, Brad Lamb, nicknamed ‘the condo king,’ who has built eight high-rises in Toronto, declared, ‘Toronto has become one of the last safe havens in the world.’”

“If real estate were a religion, Joseph would be a believer. He is 24-years-old, and he has devoted his future to erecting properties trimmed with 24-carat gold. ‘I’m looking to build a great big empire,’ he says. ‘There is no doubt. I have a plan. I have a course of action, and right now, I’m kind of looking for a mentor.’”


Comment by Carl Morris
2017-10-20 11:09:44

Joseph Serin? Is that you?

Comment by redmondjp
2017-10-20 19:14:55

Mhehheh! I was thinking Casey Serin myself!!!

Comment by Carl Morris
2017-10-20 11:11:27

Finally…FINALLY headed back to Shanghai for a little while after a year away. Feeling stuck in Silicon Valley actually makes me miss it quite a bit.

Comment by Mafia Blocks
2017-10-20 13:00:46


Comment by junior_kai
2017-10-20 12:29:52

“Dalian Wanda Group Co. plans to proceed with a $1.2 billion luxury condominium and hotel complex in Beverly Hills, California”

Funny, last night I just listened to this epic rant by Adam Carolla on what a cess pool LA is:

Warning for language - so turn your speakers up at work!!!!

Comments are 24kt gold, confirming what a dump the city is. Wonder if this luxury condo/hotel complex is going to have a moat?

Comment by Professor 🐻
2017-10-20 13:19:40

Driving past Mandalay Bay, thinking about senseless acts of violence while my wife quietly sobs beside me.

On another note, there appears to be a lot of new home construction on the outer fringe of Las Vegas. Guess that nothing was learned from the last real estate crash, when thousands and thousands of these Vegas tract homes sat empty and abandoned. Soon to be repeated…stay tuned!

Comment by Ant Naples
2017-10-20 13:57:18

Yeah, seriously. My dad wants to buy a home as an investment in Summerlin, west of the Strip. Very nice houses. For $500,000 you can buy a huge, modern house.

That amount would barely get you a 2-bedroom condo here in the Bay Area (Daly City, CA).

Comment by BlackSwanDive
2017-10-20 20:25:32

Comparing Vegas prices to the Bay Area is a fool’s game. $500,000 for Vegas, considering local wages, is just as asinine.

Comment by Tarara Boomdea
2017-10-20 21:34:29

Exactly. We too po’.

I don’t think there will be any quick sale on this:
Ridgecrest Dr, Las Vegas, NV 89121
It was quite the collection of stuff. Weird to see it empty;
not very homey.

Nevada Day Open House Will (Could) Be the Last for Bizarre, Wonderful Hammargren House

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Comment by Tarara Boomdea
2017-10-20 17:28:05

Lay o’ the land (legally, you have to go to Pahrump for that):

Judgmental Vegas

A little dated, but seems right. For now, we’re in between Old Mafia Bosses and White Trash. Have lived in Sort-of-Summerlin, Bank Owned Communities and Poor Frat Boys and Cam Girls.

Comment by BlackSwanDive
2017-10-20 20:27:19

Hahaha, love it.

Comment by jeff
2017-10-20 22:16:19


Comment by Professor 🐻
2017-10-20 22:24:49

Mormons are next door to the Angry Black People? Seems like an interesting juxtaposition.

Comment by Senior Housing Analyst
2017-10-20 13:36:42

Sebastopol, CA Housing Prices Crater 10% YOY


Comment by Sean
2017-10-20 20:56:56

SHA (or Karen),

I tried using the Zillow screenshot guide but it wouldn’t let me view the sales, just listings. I can see it there but it didn’t allow me to click on it in the drop down menu. Do I need an account login or is Zillow purposefully blocking that data?

It’s for Ashburn, VA, 20147. And thank you.

Comment by Mafia Blocks
2017-10-21 03:18:08

DebtDonkeys and HousingHens.

Comment by Econ_Teacher
2017-10-22 15:27:59

Huh. That’s funny. I wonder why Zillow, a real estate company whose success relies on the continued mania for high-priced real estate, would not allow a buyer to see actual sales data, even though Zillow has access to it?

A quandary, to be sure.

Comment by Professor 🐻
2017-10-20 14:15:07

Oh bugger…

Blue Apron’s cash burn is a threat just 3 months after its IPO
Wolf Street
Wolf Richter, Wolf Street
Oct. 19, 2017, 4:32 PM
- Blue Apron is laying off “approximately 6%” of its workforce across “corporate offices and fulfillment centers.”
- Raising more money from selling more shares is the standard procedure for startup companies after the IPO, but this is getting harder for the company and more dilutive for existing shareholders since its stock price has plunged.
- Blue Apron has found itself amid a gaggle of startups with similar business models that burn cash in prodigious amounts.

Let’s get this straight: Layoffs are not a sign of growth for a young money-losing company whose hoped-for explosive growth somehow had justified a “unicorn” valuation not long ago. But that’s what’s happening at Blue Apron, three-and-a half months after its IPO.

In an SEC filing, the meal-kit provider disclosed that it had “implemented a company-wide realignment of personnel to support its strategic priorities” - namely laying off “approximately 6%” of its workforce across “corporate offices and fulfillment centers.”

Comment by In Colorado
2017-10-20 16:43:34

And Blue Apron’s claim to fame is providing kits with all the ingredients for cooking meals. That sounds like some amazing intellectual property with some serious barriers to entry. Computer chip design, forget that! That’s so last century … real tech is in chocolate chips.

What’s even more amazing is that people invested in them.

Comment by Professor 🐻
2017-10-20 17:20:22

It’s a lot like that grilled cheese sandwich company that crashed and burned with the dot bomb stocks.

Comment by California Renter
2017-10-20 19:50:08

But it’s grilled cheese delivered to your door, that you get to cook!

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Comment by Professor 🐻
2017-10-20 17:22:11

The only person I know who uses their services is Lil Sis. She’s busy and has lots of spare cash to burn, so it makes sense for her.

Comment by Professor 🐻
2017-10-20 17:48:13

As for myself, when I get into the mood for cooking, I spend five minutes searching the internet for a suitable recipe, a couple of extra minutes on my weekly shopping trip buying ingredients, and about the same amount of time cooking, eating and washing dishes as Blue Apron customers spend.

How valuable is a service that shaves less than ten minutes from your dining experience?

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Comment by Carl Morris
2017-10-22 18:36:44

How valuable is a service that shaves less than ten minutes from your dining experience?

It’s not the ten minutes. It’s that you had to plan ahead hours or days before you were hungry.

Comment by Rental Watch
2017-10-21 03:37:20

I tried it. I like to cook, and thought it might cut down on waste and give me some new ideas of things to cook for the family.

Recipes were bland.
Produce was young and old (picked too early, warehoused too long).
Packaging was a hassle–constant ice packs and boxes.

Just a bad idea when I compared it to finding a good cook book and walking the aisles at a local grocery store.

I cancelled after like 2 or 3 meals.

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Comment by Prime_Is_Contained
2017-10-21 11:33:30

Wife and I tried it too, for a while, thinking it might get us out of our comfort zone and force us to try new things. It did accomplish that; there were some recipes with ingredients that I never would have tried, that I liked and would cook again, and some recipes that were just so-so.

We canceled primarily because all the packaging seemed wasteful, and was frankly kind of a PITA to dispose of.

Tempted to short them still; there are like three companies competing for a slice of a sector that should probably just fold up and disappear.

Comment by Taxpayers
2017-10-20 16:59:01

But they have pre cut, stale,pen raise salmon!

Comment by BlackSwanDive
2017-10-20 20:37:42

This looked like the dumbest business model ever when I first saw it. I’m only surprised it ever took off.

Comment by Professor 🐻
2017-10-20 22:29:36

I am surprised that Lil Sis took the bait. But she is not the most organized human on the planet. Being organized does not come easy to me, either, but I nonetheless don’t feel the need to have some company deliver the ingredients for a recipe to my doorstep in order for me to execute meal preparation.

Comment by azdude
2017-10-20 17:54:28

the stock market wont go down until they hand off the sh@t to you.

Short sellers have been used and abused.

Dont be a dumb@ss and chase stocks.

Comment by Professor 🐻
2017-10-20 18:51:39

Not to be a dumbass, but does your post mean that you should or shouldn’t chase stocks?

Comment by Professor 🐻
2017-10-20 18:54:04

“Don’t be a dumb@ss, and chase stocks.”

Eats, shoots, and leaves.

Comment by Mafia Blocks
2017-10-20 18:39:56

Only in California

“SF Startup CEO Charged With Sexually Abusing 3-Year Old Son”


Comment by Ben Jones
2017-10-20 19:14:21

Someone made a video about what I questioned recently:

‘Las Vegas shooter earned millions playing VIDEO POKER?’

‘The “official” story of Stephen Paddock claims that he earned millions of dollars by playing video poker. Yet video poker machines don’t pay out more than they take in. So where did all this earnings money really come from?’


A comment:

‘How can anyone logically think they’re “playing poker” with a machine, which by definition, knows every hand you’re playing? But as for where Paddock got all of his money by hanging out in casinos, all you need to do is read “Behind Vancouver’s Housing Bubble: How Canadian Casinos Are Used to Launder Millions in Chinese Drug Money” posted on Zero Hedge on 10/1/17. I’ll give Las Vegas odds Paddock was a professional money launderer, the question is, for whom?’

Comment by Mafia Blocks
2017-10-20 19:18:12

A degenerate.housing.gambler up to his eyeballs in mortgage debt.

Remember….. A mortgage is the most accurate indicator of financial insufficiency and indigence.

Comment by redmondjp
2017-10-20 19:20:37

He may not have been a money launderer - the deep state could have been using the casinos to wash the money being paid to him for his services (gun-running, etc.).

Nobody makes $5M in a year from gambling, and even if he somehow did, not a single casino in town would have let him past the front door.

Comment by Ben Jones
2017-10-20 19:35:42

I don’t think the CIA or other deep state intelligence agencies have to hide anything from the IRS. But as you said, nobody can mathematically do what this guy reported on his tax return. And if he approached it, my understanding is the casinos would have showed him the door. We’ll see if this develops further.

Comment by Sean
2017-10-20 21:07:49

BS. Casinos welcome high rollers in left and right. The house always has the upper hand, always. Video or at the table, they want the fat cats. The narrative of “he reported $5 MM to the IRS” should be BS too. No one wins that much without learning to skirt a few tax laws. If he can play the percentages at poker he can play the percentages with the IRS too.

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Comment by Rental Watch
2017-10-21 16:23:34

Why in the world would he report income of $5MM from gambling that didn’t exist?

I agree that expecting to earn anything over long periods of time on negative expectation games is a fools errand. There will be more to this story.

Comment by Professor 🐻
2017-10-20 22:34:56

No surprise that lame stream media reporters took the highly questionable lucrative professional gambling livelihood story at face value without scrutiny.

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Comment by jeff
2017-10-20 19:14:46

Mighty is right about one thing there is a lot of anger out there.

I was talking to a dude today, he is well educated and pleasant to talk to about business, sports, family etc. Our conversation turned to a walkway on a bridge in North Palm Beach Fl. that fell into the water the other day and a cable that snapped on another North Palm bridge today and then he snapped. He went all Lawrence O’Donnell on how the infrastructure of this country was



Comment by Ben Jones
2017-10-20 20:15:08

That’s a lotta F bombs.

Comment by MacBeth
2017-10-21 05:43:46

Maybe O’Donnell should be a man…and do without a Sound-O-Prompter. Yes, I just made that up.

Hey, O’Donnell! You get paid big bucks to spout your bullsh*t. Be the professional and brilliant orator that you are, and do the whole thing ad lib.

It cannot be that hard to go “off script”.

Comment by MacBeth
2017-10-21 05:45:36

And has O’Donnell been forced to sign up for anger management classes?

He should be. Clearly, he has a problem.

Comment by jeff
2017-10-20 19:20:50

Mighty is right about one thing, there is a lot of anger out there.

I was talking to a dude today, he is well educated and pleasant to talk to about business, sports, family etc. Our conversation turned to a walkway on a bridge in North Palm Beach Fl. that fell into the water the other day and a cable that snapped on another North Palm bridge today and then he snapped. He went all Lawrence O’Donnell on how the infrastructure of this country and every other problem was Donald Trump’s fault. Not even a little bit rational.

It’s just odd to see them go bouncing off the guard rails in person.



Comment by MacBeth
2017-10-21 05:28:07


The people need a scapegoat. Trump is the scapegoat personified.

It matters not that the guy has been in office less than a year. It matters not that where we stand today is the result of 50 years of mismanagement, of robbing the future to pay for the present.

The bills are coming due, and the people don’t like it.

Trump is simply pointing out what a disaster our institutions have become during the past 50 years. How those institutions are no longer viable. The people don’t like that. They get all nervous.

They don’t want to “own” the problems that they, too, helped create. They do not want to have to toil to fix them.

They would prefer to rob the future, too. So much easier, so much more profitable to screw those who come later.

Comment by Senior Housing Analyst
2017-10-20 19:22:06
Comment by Rental Watch
2017-10-21 03:20:51


This kind of stuff cracks me up.

I recently attended a college reunion when a guy sitting at my lunch table first said that he would support a tax plan that had him pay MORE taxes, but that he was opposed to the Trump plan removal of the SALT deduction, since CA already pays more than other states into the Federal government.

Um…??? I don’t think he saw the hypocrisy in his statements.

Comment by Mafia Blocks
2017-10-21 04:22:10
Comment by rms
2017-10-21 17:15:29

From the piece: “Murphy is a Santa Barbara native and second-generation Realtor, according to biographical information online. In the 1990s, he formed a band, Pornstar, which morphed into a successful apparel business, with his brother Sean Murphy, who died in 2009 after struggling with addiction.”

His family is a microcosm of what’s wrong in California.

Comment by rms
2017-10-21 17:17:37

In my haste I forgot the opening sentence: “Charged with kidnapping, rape, and attempted murder, among other felonies, Barret Murphy, 49, was arrested on the morning of October 6 by Sheriff’s deputies in Montecito.”

Comment by azdude
2017-10-21 05:41:14

CaPituLATE to you wall street masters!

Comment by azdude
2017-10-21 05:49:22

so if the FED is basically not gonna sell these bonds and simply let them mature, where is the treasury gonna get the money to give them the principal back?

Well if your thinking straight you realize they are gonna have to sell more bonds to somebody to raise the money to pay the FED.

That means basically shuffling the debt from the FED to the treasury.

Comment by Rental Watch
2017-10-21 16:27:59

From an MBS perspective, some debt is repaid every month through amortization and loans that are repaid on sale.

They still still need to buy MBS every month for at least the next year.

With respect to Treasuries, the Fed has had a steady amount of treasuries on their books over the past couple of years…yet the US Government goes further and further in debt…if the Fed has not been a net buyer of treasuries, there must be others who have been.

So, the answer is that the Treasury will get money from places other than the Fed.

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