A Wealth Of Inventory And A Lack Of Demand
A report from the D Magazine in Texas. “If you’re a Realtor, your expanding waistline has already told you there’s something going on in the apartment world. Almost any day of the week, some apartment complex is hosting lunch for Realtors and apartment referral agents. The goal isn’t Christmas cheer; it’s snagging tenants for their empty apartments. Nearly every multi-family new build in Dallas has been expensive. In the high-rise condo world, the last purpose-built mid-priced buildings were in 1998. In Uptown, the boom has largely been in apartments (for a host of national and local reasons) and, like their condo brethren, they are expensive. But I see softening beyond Realtors’ waists.”
“There has been a slowing in the higher-priced home buying market. Over the past 12 to 18 months, days on market have been creeping up and prices have pulled back. What a year ago was a slowness in homes costing more than $1 million has now been creeping into the $700,000 to $800,000 range. This is being mirrored in the apartment world, even though slightly delayed. In the Uptown market, two forces are at work. First is overall affordability. The crop has largely been creamed for twentysomethings who can afford $2.50 to $3.00 per square foot for rent. That is coupled with the realization that those rents would translate into a quite nice condo.”
From Chicago Mag in Illinois. “Is the Downtown Apartment Bubble Bursting? This month, Mayor Rahm Emanuel announced the installation of the 60th operating tower crane in 2017, as well as another post-recession record of building permits issued in a single calendar year. Downtown Chicago renters have more options than ever, and thousands of new apartment units for the city’s dense central neighborhoods are in the pipeline for 2018 and 2019. But is it too much?”
“Brokerage Luxury Living Chicago estimated that roughly 6,600 new apartments were slated to be delivered in 2017 alone. ‘We’re at a point that when we hit March 2018, we will see the highest vacancy of new downtown apartments since this development cycle,’ says Luxury Living’s CEO Aaron Galvin. ‘We’re expecting to see roughly 5,000 vacant apartments in downtown Chicago in the first quarter of 2018.’”
From LA Weekly in California. “Los Angeles’ insane rents might finally be coming down. After a glut of new apartments downtown sparked a cooling of rent increases, there’s new evidence suggesting that the sharp rise in lease rates across the county could be leveling off. A new report from RealPage found that the average rent in Los Angeles County actually decreased by $19 from September to October. ‘Lots of new apartments coming online is keeping up competitive pressure, particularly in L.A. and Orange County,’ said RealPage’s vice president for analytics, Jay Denton.”
“‘Annual rent growth in Los Angeles and most of the rest of Southern California now is cooling,’ added Greg Willett, RealPage’s chief economist. ‘This performance trend follows the pattern exhibited in most of the rest of the country in 2016.’”
From Multi-Housing News. “After several years of consistent rent hikes, San Francisco’s housing market has cooled to some degree. Investor activity has slowed down, with only $600 million in multifamily assets trading in 2017 through August. This follows a strong 2016, when transactions reached a cycle high of $3 billion. Development is robust, with more than 4,000 apartments delivered in the first three quarters and another 12,400 units under construction.”
From Builder Online on Florida. “Even one-of-a-kind properties in Miami are getting swept up in the buyer’s market that has materialized there. The Wall Street Journal reports: ‘A South Beach condominium owned by architect Zaha Hadid, who died unexpectedly last year, is relisting for $6.5 million, or 35% below its initial asking price of $10 million nine months ago. The new list price reflects the fact that ‘we are in a buyers’ market in Miami,’ said Ivan Chorney of ONE Sotheby’s International Realty, who with colleague Angelica Garcia took over the listing from another agent. ‘There is currently a four-year supply of luxury condos over $1 million, so the right price point and design features are more important than ever.’”
From Mansion Global on New York. “A wealth of inventory and a lack of demand has contributed to a 2% price drop in Manhattan’s luxury real estate prices, according to StreetEasy’s latest market report. October data showed the median resale price of luxury homes—defined as repeat sales within the top 20% of the market—in the borough dropped 2% year-over-year to $4.317 million, the lowest level since 2014, according to the report. In Brooklyn, the median resale price of luxury homes dropped 3.6% to $1.627 million, close to its lowest level since May 2016. In Queens, the median resale price for a top-tier home rose 6.9% to $1.036 million, the report said.”
“‘The onslaught of high-end development in Manhattan and Brooklyn shows no signs of slowing down,’ said StreetEasy senior economist Grant Long. ‘Sellers are having a hard time finding buyers without offering severe price cuts, often to levels below their original purchase prices. This isn’t a new phenomenon, but with too much luxury inventory already on the market and even more supply to come, this trend isn’t over.’”
“Luxury homes across the three boroughs are also taking longer to sell than in October of last year. ‘The luxury market in 2018 will continue to favor the buyer, who will likely encounter increasingly anxious sellers willing to slash prices as more new construction hits the market,’ Mr. Long said.”
“Take for example the two-unit spread at Trump International Tower that’s currently listed for $27.5 million, a 31% price cut from the $40 million wanted for the combined apartments last year. Or the Plaza Hotel apartment that listed Monday for $25 million, an almost 50% discount from its original asking price in 2014.”
We’ve seen this statistic before:
‘Investor activity has slowed down, with only $600 million in multifamily assets trading in 2017 through August. This follows a strong 2016, when transactions reached a cycle high of $3 billion’
It hasn’t slowed down, it collapsed. Interesting that we haven’t seen numbers since.
An 80% drop. Now that’s what I call a crater.
80% drop with 16,000+ more new units coming on the market….
******
Development is robust, with more than 4,000 apartments delivered in the first three quarters and another 12,400 units under construction.”
Another bomb going off - Hughes Corp. sues over alleged deficiencies in Waiea tower
http://www.staradvertiser.com/2017/11/22/business/hughes-corp-sues-over-alleged-deficiencies-in-waiea-tower/?HSA=57cbe68ede63a594b79c6c2840de7e7225cb811f
Ward Village developer Howard Hughes Corp. filed the suit Tuesday against Waiea general contractor Nordic PCL Construction, complaining that the more than $300 million tower — where units sold for an average $3.6 million — has voluminous deficiencies and isn’t even finished despite initial residents moving in nearly a year ago.
Waiea is the first of 16 towers that Hughes Corp. intends to develop at Ward Village
Ouch! Yellen better put on a hard hat and get to fixin’!
CR8R
‘Manhattan retail rents have slid into their deepest and longest slump in 17 years, a new report confirms — with Soho rents slashed by more than a third since their 2015 peak.’
‘In what some have dubbed a “retail apocalypse,” rents have skidded for two years throughout most of Manhattan’s shopping districts, as a massive shift to online shopping has tanked demand for pricey storefronts, according to a new report from the Real Estate Board of New York.’
‘Bleecker Street between Seventh Avenue South and Hudson Street suffered the steepest average decline in annual asking rent compared to last year: a 25-percent drop to $351 per square foot.’
‘Two of the priciest areas have been hit the hardest. In Soho, storefronts along Broadway from Broome to Houston maxed out with an annual asking rent of $977 per square foot in the spring of 2015 and is now pegged at $644 per foot — a whopping 34 percent drop.’
‘Madison Avenue’s highest average rent between East 57th and East 72nd Streets was $1,709 per foot in the fall of 2014 and is now $1,348 per foot — a 27-percent slide and a 7-percent drop from this spring’s $1,446 per foot.’
‘A separate report by CBRE earlier this month found that since the average rent peak in 2014, overall Manhattan asking rents had fallen by almost a quarter — 23 percent. Prior but shorter downturns occurred in the spring and fall of 2009 when 10 corridors were lower, and continued into spring 2010 with eleven down — all a result of the fiscal crisis.’
, as a massive shift to online shopping has tanked demand for pricey storefronts
If the storefronts could pay a reasonable rent, the stores would still be there. The high rents make them noncompetitive (plus the fact that everyone is broke).
I saw the same thing last year in tony La Jolla. I remember ProspectSstreet being a teeming, busy place in the evening. What I saw last time was a deserted street and empty storefronts and closed restaurants. Truly depressing.
as a massive shift to online shopping has tanked demand for pricey storefronts
—————————–
This, plus the shell companies and foreigners who own the high end real estate in these cities rarely go shopping in their local neighborhoods. Sounds like a good idea to open a bodega next to a new Brooklyn luxury high rise, but when 80 plus percent of the building is vacant, who’s going to buy your product?
Other than clothes, which I need to try on before buying and groceries which need to be fresh, I hardly buy anything in a physical store anymore. This is a fundamental societal shift and has nothing to do with rents.
Brick and mortar stores are the new travel agents. They won’t ever go away fully, but the numbers will continue to decline. We still have travel agents that do specialized trips to the African Savannah or exotic hiking trips, or what have you. But generally speaking people go to Expedia and Travelocity to book travel. Retail will be like that as well. The default will be to go to Amazon. The exceptions will be boutique shops, antique stores, etc.
Amazon is not long for this world.
Financially speaking, they are a disaster.
Well if not Amazon, then whatever the next Amazon(s) will be. The companies may come and go but the trend towards online shopping isn’t slowing down.
Amazon prices are rarely lower than a specialty catalog house in my experience. I can’t imagine that individual package delivery to your home can be cheaper than delivery of an entire truckload of stuff to local stores, so it is merely a convenience to buy without having to put your shoes on. The tipping point for me is that Amazon is not a way to dodge local sales tax. Most of what I buy online is cheaper in total if I buy from out of state.
Not to mention the fact they operate at a loss. Just like FB, Apple and the rest of these “tech” companies.
HA! Is that you again?
“….Not to mention the fact they operate at a loss. Just like FB, Apple and the rest of these “tech” companies……”
Apple 2017 Revenue: $229 Billion
Gross Profit: $ 88 Billion
Net Income: $ 48 Billion
You should stick to analyzing housing, because you are so good at it! HA!
DebtDonkey
San Francisco, CA Housing Prices Crater 7% YOY
https://www.zillow.com/san-francisco-ca-94109/home-values/
“…I hardly buy anything in a physical store anymore.”
My wife and daughter like having a “girls day” where they go shopping, have lunch, etc., a ladies thing.
Those empty storefronts ARE depressing. It’s even more depressing to realize that the financial climate allows the owners to leave the places empty rather than drop the rent. But how are they surviving while not collecting rent? Are they just borrowing money instead of collecting rent income?
They’re surviving because the owners are so wealthy they can afford to carry them for decades without tenants. I know of commercial buildings which haven’t had tenants since I was a child. Some used to feature stores like K-Mart, Lowes, Sears, etc., and the franchise closed that store for good, or upgraded to a newer building and the old one has been vacant ever since.
The reason is that carrying costs don’t play into this as much as you and I would think. We are small fry.
The financing for these buildings is based on asking rent. If the asking rent is $25/ft, and the building is 1000 ft, the building is worth some multiple of that. Then financing is arranged. Financing which works in ways that I don’t understand. The financing is based on asking rent. The fact that the space is empty generating no money doesn’t matter as you and I think it should.
“…..the financial climate allows the owners to leave the places empty…..”
No owner wants an empty store. There is no financial upside to losing rent. If the real estate is owned by a company with multiple properties, it may be a smaller impact, but you can be sure they want it rented.
Many commercial properties are obsolete today, like old K-Marts. The size is too big and the demographics have changed (aged or moved away).
“I saw the same thing last year in tony La Jolla. I remember ProspectSstreet being a teeming, busy place in the evening. What I saw last time was a deserted street and empty storefronts and closed restaurants. Truly depressing.”
When I lived in San Luis Obispo, CA the local government always raised the bed and restaurant taxes when new monies were sought… let the tourists pay!
Another depressing development in La Jolla is many of the better restaurants closing because they can no longer afford the rent on their building leases.
Seventeen years ago was 2000. So this slump surpassed the 2007-2009 financial collapse slump?
Gulp!
Home sales flat in Miami, dip in Broward and Palm Beach
https://therealdeal.com/miami/2017/11/21/home-sales-flat-in-miami-dip-in-broward-and-palm-beach/
Silverton, OR Housing Prices Crater 12% YOY
https://www.movoto.com/silverton-or/market-trends/
Well, the Snowbirds are back.
Evidently where ever they come from, be it Quebec or the Tri-State Area (NY NJ Ct.) once you pass a certain age the road rule below ceases to exist.
Respecting others’ right of way and using caution when proceeding through intersections is necessary as a motorist to create a safe environment for everyone.
When making a left-hand turn:
Always give the right-of-way to approaching vehicles that do not have stop or yield signs.
Yield to drivers going straight.
https://www.dmv.org/how-to-guides/intersections-and-right-of-way.php
Sell the fools Trump Cream for their empty skulls.
Lol I bet you’d like some of Trump’s cream
DebtDonkey
Lexington, MA Housing Prices Crater 17% YOY On Skyrocketing Housing Inventory
https://www.movoto.com/lexington-ma/market-trends/
Patiently groping away…
Feel free to keep them. We don’t need them back up North.
If you think that’s bad, try living in a neighborhood where 75% of the people first drove in a third-world country. You know those universal signs that don’t have any words on them? Apparently they aren’t that universal.
About 20% of the people that enter my neighborhood can’t figure out what the keep right of the center divider sign means, and enter via the left-hand exit lane.
Progress!
Mucho lessons in this article…
Real estate is one of them.
*******
Progressive Evangelical Pastor Says He Shouldn’t Have Imposed His Pro-LGBT Announcement on Church
Christian Post | Nov 17, 2017 | Michael Gryboski
A progressive evangelical pastor whose 2015 pro-gay marriage announcement led to a steep decline in his church’s membership now says that he believes he should have given his church more input on the announcement than he did.
Pastor Stan Mitchell, founder and head of the Nashville area-based GracePointe Church, garnered national headlines in early 2015 when he said that his church would support and recognize gay marriages.
Since the announcement, GracePointe has seen a steep decline in worship attendance, membership and financial giving.
Soon after his announcement, GracePointe saw a sharp decline in attendance and financial giving. At its peak, GracePointe had a regular worship attendance of 800-1,000, which dropped to below 500 two weeks after the pro-LGBT announcement.
“GracePointe has listed the 12,000-square-foot modernist chapel and 22 acre property where the church has met since 2009. The property, initially listed in February at $7.5 million, was dropped to $5.7 million in March and $4.9 million in April according to real estate records.”
“I’ve rarely done anything in my life that upon reflection wouldn’t tweak it or change it,” noted Mitchell. “If somebody offered me the chance right now to go back and do it differently, I would.”
GracePointe recently sold its property to a theologically conservative congregation and at present shares a worship campus with a different church in the Nashville area.
At its peak, GracePointe had a regular worship attendance of 800-1,000, which dropped to below 500 two weeks after the pro-LGBT announcement.
They still have 500? I thought it would have dropped more than that.
All this talk of prices cratering in NYC is a big nothingburger. I’ve been looking around for new opportunities, as they say. A couple of interesting things popped up in the NYC area. I took 5 mins to look at housing costs there and said thanks, but no thanks. In the ‘burbs a decent (nothing extravagant) house is $800K minimum. A decent (again nothing extravagant, barely livable) 3-4 bedroom rental is $4K+. And an apartment in Manhattan? Fehgetaboutit!! $5K+ for anything livable. $6K for something nice. And while the salary for these positions would be up there, it’s not up enough to make it worthwhile for me. However, I’ve become accustomed to a certain lifestyle living in deplorable flyover land. But there are plenty of people who would jump at these jobs and put up with with living in a cramped 1-2 bedroom for $3K a month, which would easily be affordable.
So yeah maybe rents are down 1.2% or whatever from 2016. But that’s a bit like saying a Bugatti that cost $1.2M last year is on sale for $1.15M this year. I still can’t afford it and probably never will.
Patience grasshopper…
Patience pays off indeed.
Greenpoint Brooklyn Rental Rates Crater 20% YOY
https://www.zillow.com/greenpoint-new-york-ny/home-values/
And don’t forget to select rent from the dropdown menu
Zillow once said my house appreciated $32K in one week. Then sadly, it fell $38K the next week.
About as accurate as sticking my finger in the air and basing the value of my house on which direction the wind blows.
Values don’t mean much do they. Prices? Yeah. Especially when they’re falling like they are now.
If values don’t mean anything why do you post zillow **values** daily?
Learn to love falling housing prices my good friend.
Jacksonville Beach, FL Housing Prices Crater 5% YOY
https://www.zillow.com/jacksonville-beach-fl/home-values/
“If values don’t mean anything why do you post zillow **values** daily?”
Agree. After they removed median price, the whole site is useless.
Welcome to thehousingbubbleblog.com
Chester, CT Housing Prices Crater 13% YOY
https://www.zillow.com/chester-ct/home-values/
Patience grasshopper…
I’m guessing that once NYC prices crater, that the hot, good paying jobs will be nowhere to be found.
It depends on what kind of life you want. A friend of ours is 40, single and lives in flyover Ohio. Nothing happens in the town she lives in and she is bored. Next year an opportunity may open up in NYC and she is debating whether to take it or not. Obviously it’ll be more money but she’ll meet new people, go to new places and can always move back to Ohio after a few years. Is that worth the extra $$$ in NYC rent? Maybe, maybe not.
I had the exciting lifestyle in my 20s, which included a stint in NYC. I didn’t mind living in a cramped apartment with roommates. I was barely home anyway. I worked 60-70 hour weeks and then the brief time I had that wasn’t work related, I was out at bars/clubs. It was great and I had a blast. But I’m 20 years older now with a family. These days, if I make it to 11pm on a Saturday night, it’s a big deal, LOL. I like my quiet sleepy lifestyle just fine.
I hear ya, and for a permanent place to stay it would be much different. Like my comment above, I just see nothing wrong with moving somewhere for a few years then looking at different options. Some people don’t have that luxury but for those that do find it fun.
Yup. If you’re young and single, being in the big city is great. Once you have kids, not so much, unless you are wealthy enough.
40, single? It’s worth it if she can find a prince to sweep her off her feet.
40 and single wanting to live “Sex in the City” dream ending in a marriage to a dream boat?
It really is a “What could go wrong?” Moment.
40 and single wanting to live “Sex in the City” dream ending in a marriage to a dream boat?
It really is a “What could go wrong?” Moment.
___
I see a Netflix series. 40 year old single woman from the sticks moves to big bad city.
Episode 1: She meets her first trangendered, 1/2 Hispanic, 1/2 black friend. Hilarity ensues when she mistakenly calls her, him.
Episode 2: She goes to a Broadway play about Hamilton. But being a dumb rube from Ohio, she thinks it’s about actor George Hamilton. Stoopid deplorable!!
Episode 3: Finally meets the man of her dreams. He has a masters degree and everything!! Things are looking up.
Episode 4: Turns out the man of her dreams is a Wall St broker and is arrested by the SEC for insider trading. Womp Womp
Episode 5: 40 year old NYC dream boats with Masters degrees are chasing 20 year old babes. 80 year olds with some money are chasing 40 year old singles. Pure gold comedy when jokes about “I like Ike” and “Sputnik is up there!” misfire….
+1 banana. That’s what I’ve seen happen. Absolutely NOBODY, and I mean nobody, wants a white 40+ woman. Old guys with money want a 28-32 woman. Young white guys are going interracial big time. Even the fat 50-ish white loser guys would rather order a woman from Asia.
I’m curious to see what the RAISE act would do to the mail-order bride business.
There’s a show on A&E (or maybe TLC one of those) called 90 Day Fiance about people who “fall in love” with foreigners and marry them within 90 days to get a visa. It’s a train wreck of course, but hilarious.
There are probably 40 year old white women at home watching this thinking WTF?? I’m right here and available for crying out loud!!
“I mean nobody, wants a white 40+ woman…”
I guess that makes me a peculiar old white guy.
If they are still raising their kids and/or are financially irresponsible, then no.
I guess that makes me a peculiar old white guy.
Shhh… They’re talking about us.
“Absolutely NOBODY, and I mean nobody, wants a white 40+ woman.”
I disagree. That’s what I like.
“Absolutely NOBODY, and I mean nobody, wants a white 40+ woman.”
I disagree. That’s what I like.
Then you’d better “man up” and go marry one!
Then you’d better “man up” and go marry one!
Marry two. They are in abundance supply but the catch is you have to move to NYC or DC or other bigger cities.
Now hold on now, that’s not the only catch. A vast majority of them women you are taking about are liberals/socialists as well.
That’s why most older women in Seattle end up living alone with a half-dozen cats (or another woman). Even the liberal guys don’t want to live with them!
Given the War on Men underway, a forty-something woman is lucky if she can get a man to cast a glance her direction. Openly looking at a woman could lead to sex abuse charges.
There has been little discussion of the ladies who leverage their sexuality for advancement. They watch their diet, dress sharp, workout and are usually very attentive.
They watch their diet, dress sharp, workout and are usually very attentive.
I met a couple of them, 4 years older than me. Their idea of a “workout” was a brisk 5-mile walk. They eat an extra dessert to keep from losing too much weight. My 5-mile time is 15 minutes slower than theirs, I’m definitely not in their class.
There has been little discussion of the ladies who leverage their sexuality for advancement. They watch their diet, dress sharp, workout and are usually very attentive.
So I hear. But they’re not looking for Sheldon like the Chinese women are.
She came out to DC to hang out with us and met some mutual friends. She made the comment “Its amazing, instead of a drug addiction and a parole officer guys out here have Masters Degrees and a financial advisor!”
Yep. And I’ve met some of the guys she’s dated. She’s not far off at all.
Yeah because nobody in DC is a drug addict, LOL. Drugs are only an issue in deplorable land.
You friend will fit in perfectly in NYC with that smug attitude.
She might want to see this though, before making the move….specifically
6. A large part of the problem has been the rise of of painkillers and heroin, especially in the Northeast.
https://www.huffingtonpost.com/2014/10/22/america-drug-use-maps_n_5974592.html
I understand the the Northeast has been rife with VD due to all that swiping right.
Smug attitude? The only ’smug attitude’ I see come from the guys like she meets in Ohio, nicknamed the “Rural Elitists”. No education, no work ethic, no culture and blames the worlds problems on everyone else. My brother in law is like that, the poster child of the ‘Path of least resistance’. Its a lot easier to smugly pick on people who are different or want to improve themselves and their lives.
Nah, let’s let her stay in Ohio and date overweight, unemployed guys who play video games all day.
When you wonder why Trump won, read your post for clues.
Radical feminism killed off the secular white woman’s mating prospects. Getting knocked up by a hit it and quit it black guy is the only hope for the lowest IQ types who still want a family - and someone to pay the bills, in this case the taxpayer.
For those with IQ > room temperature, they’ve got a career, lol!
And Kai nails it.
NYC might have it’s share of addicts, but it’s got better guys too. But out in the sticks, that’s ALL you have. That and failed families from couples who married too young.
NYC might have it’s share of addicts, but it’s got better guys too. But out in the sticks, that’s ALL you have.
Rubbish.
Radical feminism killed off the secular white woman’s mating prospects.
Nah…I would say it’s the weight gain. Half of women in 20’s and 30’s are overweight to obese. They just need to lose 20 to 40 pounds to be considered dateable again. I know that most men in similar age bracket are not covering themselves in glory either but women can lose weight, which is easier to do. Also don’t lose your femininity….you don’t need to be like men to compete with men…that’s why foreign women are appealing to so many American men.
No pant suit please.
By better I suppose she means at least graduated college and employed. College is absolutely not necessary to be a decent catch in any society except perhaps white college educated ‘Murcan women.
“But out in the sticks, that’s ALL you have.”
I think not, and I am way out in the sticks. It does help one apologize for choosing a high cost of living, not so high earning location of long term debt incarceration. Talk your book I guess.
Men = Height, Money & Power
Women = Age & Looks
Sadly what considered attractive hasn’t changed a bit even in the age of Tinder & FB.
“By better I suppose she means at least graduated college and employed. College is absolutely not necessary to be a decent catch in any society except perhaps white college educated ‘Murcan women.”
Meanwhile Joe the Plumber is looking for a welfare woman with a section 8 apartment and a postpartum prescription.
“NYC might have it’s share of addicts, but it’s got better guys too. But out in the sticks, that’s ALL you have.”
You sure about that?
https://www.beckershospitalreview.com/population-health/20-states-with-the-most-drug-abuse-and-5-more-statistics.html
To identify where drug abuse is most pronounced across the U.S., WalletHub compared the 50 states and the District of Columbia across 15 key metrics, ranging from arrest and overdose rates to opioid prescriptions and meth-lab incidents per capita.
Here are the states with the most drug abuse, according to the study.
1. Washington, D.C.
2. Vermont
3. Colorado
4. Delaware
5. Rhode Island
6. Oregon
7. Connecticut
8. Arizona
9. Massachusetts
10. Michigan
As for things getting better in NYC? Yeah….if by better you mean 6 years of increasing overdose deaths…then sure, why not?
June 13, 2017 – The Health Department today released an Epi Data Brief showing a record number of unintentional drug overdose deaths in New York City. In 2016, there were 1,374 drug overdose deaths, 437 more than the previous year. This marked the sixth consecutive year that overdose deaths have increased.
But how can that be? CNN says otherwise! And CNN never lies to me.
My geography isn’t so good these days. The Bronx, that’s in the middle of Ohio, right? Nowhere near NYC.
https://www.nytimes.com/2017/10/12/nyregion/bronx-heroin-fentanyl-opioid-overdoses.html?_r=0
The Bronx’s Quiet, Brutal War With Opioids
“The dramatic rise in opioid-related deaths has devastated communities around the United States in recent years, and has stirred concern among law enforcement and public health officials alike in New York City.
The increase in deaths — now at the highest levels since the city began collecting the data in 2000 — has been fueled by social forces that have left some Bronx residents especially vulnerable: a history of high drug use in the area; a growing supply of cheap heroin on the streets; and the proliferation of a deadly synthetic opioid, fentanyl.”
Nah…I would say it’s the weight gain.
Thats a side effect of the radical feminism, which causes depression that leads to uncontrolled eating of frankenfoods (because no spouse and bs media promoting ‘big is beautiful’ nonsense) which is a very negative feedback loop. Add in pills (including THE pill) whacking out your hormone levels and its game over.
Slow motion suicide all around. Only question is how much pain to resolve it - 4th reich/WW3 or something else?
“Slow motion suicide all around. Only question is how much pain to resolve it - 4th reich/WW3 or something else?”
Soon enough Democrats will get their wish and we will have 1/2 of the middle east living here. Then when 40 year old white women are wearing burkas, their extra lbs will hardly be noticeable.
http://liberaldarkness.com/2015/07/23/genetically-engineered-beluga-whales-are-attacking-christian-families-with-homosexual-chemtrail-water-at-seaworld/
Thats a side effect of the radical feminism
Too much soy in the food. Cucked joy boys and fat chix. The society is over-estrogenized.
‘Two More Women Accuse Sen. Al Franken Of Inappropriate Touching’
‘One woman told HuffPost that Franken had grabbed her backside at an event honoring women.’
‘The first woman wanted to tell her story because Franken is “a serial groper,” she said. “Only two people have come forward, and people are saying that this is a right-wing conspiracy,” she said. “It’s not. I’m a liberal person. … I voted for him after this happened.”
https://www.huffingtonpost.com/entry/al-franken-two-more-women-groping_us_5a15a455e4b09650540ec295
The girls called Charlie Rose “The Crusty Claw”. He would give them unsolicited massages.
“That and failed families from couples who married too young”
————————
Hey, to be fair we have our share of that in Loudoun County:
Girl marries and has two kids by 25
Girl grows dissatisfied with being a housewife by 35
Girl divorces husband at 40
Girl get the house and a huge alimony.
Girl is an empty nester at 45 and wants to relive her youth
Girl dresses like she’s 20 and hits the bars with her friends.
A few bars around here we call “The Cougar Exhibit” for this very reason.
Absolutely NOBODY, and I mean nobody, wants a white 40+ woman.
I’m torn about whether to defend white women or agree with you :-). It was interesting being in the dating pool again in my late 40s with frequent trips to Asia.
There are attractive women of all types that are desirable before you start talking to them, although it is hard to compete with Asian women on weight. At 20 they look like kids but at 40 they look really nice.
But the critical thing is the “before you start talking to them” part of my previous statement. My general experience was that Asian women are polite even if they are skeptical. American women expect you to immediately prove you are worthy to be treated politely or they’ll abandon politeness and scrape you off their shoe as fast as they can. So you can imagine which way the less confrontational/aggressive males would tend to gravitate.
Side anecdote. Guess which “Big Bang Theory” star Chinese woman are most interested in? Sheldon. Despite his obvious extreme lack of social skills they’ll take the alpha nerd every time. So of course nerdy American guys are going to go that way given the opportunity. American women won’t even talk to them for more than a few seconds.
” I voted for him after this happened.”
It’s a regular circus.
When I took my course in Mandarin from teachers approved by the Confucius Institute (all female mainlanders much younger than myself), they were all very polite and very interesting to talk to. Of course I was their father’s age. Their work ethic was scary hard-core, something like what I might see in a very nerdy STEM trained US woman. Watching them react when they made a big grammar or accent mistake in speaking English was a hoot. Their employer provided no health insurance, which might be one reason they were so young.
Nothing worse than meeting your perfect mate, and discovering that they are only interested in meeting their perfect mate — and you are not “it” and never will be.
Danville, CA Rental Rates Plunge 9% YOY As Rental Market Craters Nationally
https://www.zillow.com/danville-ca/home-values/
*Select rent from dropdown box on rental section
Public union goons can’t understand that taxpayers have reached their limit. That if they were smart they woukd give back 20% to keep the 80% and still have amazing benefits and pensions compared with the average taxpayer.
But seeing this many times before. They will not give up a penny of their “hard fought benifits” and will lose it all.
Long term democrat rule + public unions + free sh*t army = misery, ruin and bankruptcy
********
More Than 300 Cook County Workers Laid Off
November 21, 2017 - Roseanne Tellez - CBS Chicago
Cook County board meetings are usually dry and filled with policy and procedure details.
On Tuesday, that was not the case. There were tears and real emotion.
CBS 2’s Roseanne Tellez introduces us to some of the people who got the most unwelcome news, days before Thanksgiving.
Some county employees begged for their jobs.
Cook County commissioners who supported a penny-an-ounce sweetened beverage tax say they warned of the cost of repealing it: a budget amendment filled with pain.
“It has actual layoffs of human beings who have jobs and who have families,” Commissioner Larry Suffredin (13th District) said.
Officials cut 321 jobs to fill a $200 million budget gap. These include:
-156 positions from the court system
-100 from the Cook County Sheriff’s Department
-34 from the hospital system
-15 from the board president’s office.
“It has actual layoffs of human beings who have jobs and who have families,” Commissioner Larry Suffredin (13th District) said.
___
Yeah? What about the families that have to work 60 hours a week in order to pay taxes so you and your Democrat cronies can retire at 50 with a full pension? My f-00-ks given meter is pegged at 0 Larry.
“It has actual layoffs of human beings who have jobs and who have families,” Commissioner Larry Suffredin (13th District) said.
‘The trouble with Socialism is that eventually you run out of other people’s money.’
Yes, and pay particular attention to the two departments that got hit the worst from the layoffs. Those two areas are the last places you want to lay people off from.
Now, go over to the human services department, which is responsible for giving free money away . . .
Here’s a question an actual “journalist” would have asked…
Why are there 15 people employed by the board president’s office to begin with? What could they possibly do that can’t be done by 1 or 2 people?
But journalism in 2017 is simply a Democrat Party talking points memo distribution center. So pesky questions like that never get asked. Instead it’s “oh those poor union thugs, whatever will they do without their $180K a year sometimes-show-no-work job?”
Why are there 15 people employed by the board president’s office to begin with? What could they possibly do that can’t be done by 1 or 2 people?
SFMF
That is the exact same reaction I had.
The Soviet grows
IL is toast
are they really making $180K? None of the rank in my office or first level bosses are making 180k. (The private sector equivalents do).
I think that is a reference to cops who pull down that much, perhaps with OT. I seem to recall that cops in Vallejo, CA made that much, before the town went BK.
Private sector is hit and miss. Most CEO’s in private sector make less than 200k. No I am not talking about multi-nationals.
In SF janitors pull 200k woth overtime.
Cry me a river man…has happened to me twice.
Sounds like those pensions won’t get paid after all.
And just wait until the bubble bursts and property assessments (and taxes) collapse.
More county layoffs will be coming.
And when they see how low pay is in the private sector, where pensions are nonexistent and layoffs are a way of life, then they’ll know what it’s like for the rest of us.
Pension will be paid. We will be paying those one way or another
If there is no money, there is no money. At some point you do run out of other people’s money to spend.
Denver (Hale), CO Housing Prices Nosedive 27% YOY As Housing Correction Shifts Into Overdrive
https://www.zillow.com/hale-denver-co/home-values/
*Select price from dropdown menu on first chart
Realtors are liars.
…. and every closing a crime scene.
“Real Estate Agent Sentenced To Prison Over Mortgage Fraud Scheme”
http://www.mpamag.com/news/real-estate-agent-sentenced-to-prison-over-mortgage-fraud-scheme-84740.aspx
Dumb question of the day: Don’t lower prices normally portend higher demand?
It’s not just lobbyists who say tax reform will slash home prices
Published: Nov 22, 2017 12:34 p.m. ET
Private economists believe home prices will decline and demand will decrease.
…
Don’t lower prices normally portend higher demand?
__
Not always. You can give away Christmas trees for free on Dec 26 and there will be virtually no demand for them. Or Pumpkins of Nov 1st. You get the idea.
For houses in post SALT deductible world:
Just using round numbers. Say a house drops from $100K to $90K. But because of the lack of deductibility of property tax, the net monthly cost jumps from $1000 to $1100. In that case prices will fall, but demand will also fall, since the net cost increases.
DonkeyMath
Miami Beach, FL Housing Prices Crater 9% YOY
https://www.movoto.com/miami-beach-fl/market-trends/
I said “normally” to rule out the anomalous cases of Christmas 🌲 sales on December 26 or pumpkin sales on November 1 or cranberry sauce sales on November 24, 2017.
i quit buying xmas trees. waste of resources.
And her legs are closed… welded shut!
Nobody wants to catch a falling knife.
On the bounce, there were still plenty of idiots ready and willing a few years ago. Their herd will be thinned shortly.
dont lowball me bro!
I’m pretty sure I won’t be offering to bail you out. Good luck though.
Another great example of the anomaly of lower quantity demanded when prices decline is seen at the point of bubble collapse. Nobody wants to catch themself a falling 🔪.
Interesting the author of the Dallas article said this:
The question remains: will the rental market mirror the progressive softness that began in the high-end purchase market? I think yes. People only have so much money to spend and overbuilding at the top-end will drive discounting in lockstep with vacancy rates. And pray that The Bank of Mom & Dad doesn’t falter, because there are a lot of parents underpinning the Uptown rental market.
I wonder how much the rental market for young people is underpinned by parents. I definitely notice more parents supporting their grown children who have jobs.
higher home prices r mANiFesT DEStiny!
its is by divine decry that u b a slave to your house.
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Oh dear…
Foreclosure posting puts massive $380M project in precarious …
Dallas Business Journal-Nov 21, 2017
Typically, lenders threaten borrowers with foreclosure postings as a way to … a Thompson Hotel-branded luxury hotel, 335-unit luxury apartment community, …
Foreclosure won’t happen. They got a $67 million bridge loan. Financing is still out there. Until that dries up, it’s business as usual.
Seaside, OR Housing Prices Crater 9% YOY
https://www.zillow.com/seaside-or/home-values/
*Select price from dropdown box at first chart
“‘Annual rent growth in Los Angeles and most of the rest of Southern California now is cooling,’ added Greg Willett, RealPage’s chief economist. ‘This performance trend follows the pattern exhibited in most of the rest of the country in 2016.’”
Stein’s Law finally kicks in! Hopefully the cooling trend will continue to the point where long-sought affordability objectives are realized.
Too late for us (well, at least for one year.) My husband insisted not fight the $200/12% rent increase we’ve just had imposed, and called to agree. He didn’t want me not to talk to him because he was afraid of what I’d say. I am so angry that I think I may need drugs.
I’m unglued. Errata: “insisted we not fight” and “didn’t want me to talk to him”.
It’s one thing to be angry. It’s another thing to face the financial darkness associated with buying a rapidly depreciating asset like a house in the last 17 years.
I agree. However, it’s getting annoying hearing these knee jerks say “if you can afford that rent, you’re an idiot for not buying a house. You’re not building equity!”
Being able to move w/o the hassle of selling is great (except for the deposit ripoff), and the actual move daunting (116 degrees last time).
I don’t have any more moves in me, but we’ll do what we have to. We’re not paying $1650 for this dump more than a year.
I’ll calm down but not for a while it seems.
Your situation sounds tough. Think calm thoughts and focus on what matters to you and you will get through it.
I’m trying, thx. LL’s here are a particularly vicious strain, apparently. They reek of condescension. I don’t know what I could do without hurting ourselves more in the end, but I am angry that my husband capitulated so easily.
In Nevada, the LL/tenant “relationship” is a business transaction with a very uneven playing field. I’m surprised there’s no clause in leases here requiring you kiss the LL’s ass monthly when you pay the rent. I’m still pretty pissed.
Yes, I know a lot of tenant s**k. A friend of mine, who is a LL, just had a tenant trash the house before she disappeared. No idea why.
T-serf😡
In Nevada, the LL/tenant “relationship” is a business transaction with a very uneven playing field.
It’s uneven everywhere—the only bargaining chip that you have as a tenant is the threat of vacating; in markets where things are hot and rents are skyrocketing, that’s not much of a threat.
Not to worry… it’s all contained.
FINANCIAL TIMES
China
China stocks suffer worst one-day sell-off in 17 months
Rising bond yields and tougher credit rules pressure domestic shares
yesterday
Gabriel Wildau and Yizhen Jia in Shanghai
China’s blue-chip index suffered its worst one-day fall in 17 months on Thursday, as investors cited rising bond yields and tough new regulations targeting corporate debt for scaling back their exposure to equities after a strong performance this year.
The yield on 10-year Chinese government bonds rose above 4 per cent, before easing in late trade according to ChinaBond, the latest milestone in a bond rout that has gathered pace over most of this year.
Analysts say the bond turmoil reflects the government’s increasing determination to rein in runaway debt growth, raising concern among investors that China’s economy will slow and knock global demand for commodities. The previous two major bouts of global risk aversion were triggered in January 2016 and August 2015 by worries over China’s economic outlook.
Last week, five regulators led by the People’s Bank of China introduced the toughest rules yet designed to curb shadow banking. They restrict banks’ ability to buy bonds with borrowed money and to lend to corporate clients through off-balance-sheet channels.
The rules will curb demand for bonds directly and could also hamper economic growth and corporate earnings via tighter credit conditions.
The CSI 300 index, which tracks the largest companies traded in Shanghai and Shenzhen, closed 2.9 per cent lower, the worst one-day loss since June 2016.
…
Down less than 3% is rather yawn-worthy, though, isn’t it? Call me when they have a 20-30% down day.
I also have to say: accepting 4% yield in an economy targeting 7% expansion via massive expansion of the money supply—that’s seems downright insane from an investment POV.