Prices Can Easily Be Reduced
A report from Bisnow on California. “Indicative of the city’s booming landscape, the Los Angeles Planning Commission is considering two high-rise mixed-use developments in downtown LA. There are 25 residential developments under construction and more than 75 mixed-use and/or residential projects are being proposed. ‘The Downtown LA renaissance reached new heights in 2017, showing continued strength across all sectors,’ a recent study by the Downtown Center Business Improvement District. ‘Residential development led the way with a record-breaking 2,831 units coming to market this year at 11 projects. With almost 10,000 more units under construction and almost 30,000 units proposed, more records are likely to fall in the coming years.’”
“How much is too much? How dense can downtown LA get? Kate Bartolo & Associates principal Kate Bartolo, who is assisting with both projects, does not think downtown is being overbuilt. ‘I don’t view it as a market capable of oversaturation,’ she said.”
From the Union Tribune in California. “Q: Is the San Diego County market saturated with luxury new apartment projects? Norm Miller, University of San Diego - NO: Since when have we ever been concerned about excessive supply of any residential product?”
“Austin Neudecker, Rev - NO: Saturation of the luxury apartment market matters little because there is a shortage of housing in general (I acknowledge that the problem is primarily affordable housing) and prices can easily be reduced. Developers may not like it, but they must simply lower prices to sell the units.”
“Lynn Reaser, Point Loma Nazarene University - YES: San Diego appears to be facing an overbuilding of luxury apartments similar to that along much of the West Coast. The more than 2,000 new apartments opening this year will be more than double the number added in each of the prior two years. Downtown luxury properties could see a softening in rents to attract high-income millennials.”
The Dallas Morning News in Texas. “With the future of Frisco’s $2 billion Wade Park up in the air, everyone wants to know: What happens now? Not with just the mixed-use project, but with that huge hole in the ground they’ve dug along Dallas North Tollway. Excavation stopped almost a year ago on the site of what was supposed to be a row of high-rise buildings along the east side of the tollway. With the developer defaulting on more than $130 million in debts, lenders for the 175-acre project are threatening to foreclose. If that happens, what will be done with that football field-sized hole?”
“With Wade Park’s unpaid debts, but you can bet that big hole is going to be there for a while. And it won’t be the first time. When the 1980s real estate boom went bust, the Dallas area was left with a lot of holes to fill.”
From Michigan Live. “Packard Square has rebranded as the much-delayed multi-use development in Ann Arbor approaches competition. Renamed The George Ann Arbor, the apartment and retail complex is nearing completion with many of the 1 to 3-bedroom units now being marketed online, with luxury apartments with prices ranging from around $1,600 to $3,500. The project at 2052 Packard St., first proposed to city officials in January 2011, did not get underway until 2014 on Ann Arbor’s south side.”
“Problems quickly began piling up at the project site about two miles from downtown Ann Arbor, as electrical workers went on strike and the general contractor was fired around the same time the developer first said Packard Square would be complete. Ann Arbor-based real estate management company McKinley, Inc. was placed in control of the property in October 2016 through a court-ordered receivership, prompting further court dates as the original developer Craig Schubiner fought for control of the project and contractors sought payment for services rendered.”
“Tours of the completed apartments can be scheduled through The George’s website. It was unclear whether some or all of the apartment units were complete, and if McKinley will continue to market and lease the apartments as part of its court-ordered receivership.”
From Bisnow on Florida. “Miami’s luxury condo market has been a much larger target of foreign buyers for decades, but Ron Shuffield, CEO of Miami-based EWM Realty International said that has recently begun to decline. Three years ago, he said 42% of $1M-plus Miami condo sales went to international buyers, but this year he said that was down to 32%. He said that drop has pulled down overall demand in the market, and prices have begun to dip sharply.”
“Shuffield attributes the drop in Miami’s international demand in part to federal regulations put in place by the Financial Crimes Enforcement Network that force buyers paying more than $1M in cash, a common practice in Miami, to identify the owner of the LLC making the deal. ‘That makes people who are even legitimate buyers a little bit anxious because they may not want their country to know that they’ve moved $5M out of the country to buy a condo,’ Shuffield said. ‘That has hurt our business in the international sector.’”
From The Real Deal on New York. “Manhattan’s luxury market recorded 26 contracts at $4 million and above last week, according to Olshan Realty’s weekly market report. The six-story townhouse at 46 East 65th Street went into contract with an asking price of $14 million, according to Olshan. That’s roughly 38 percent below the $22.5 million the property had been asking when it first went on the market in February 2016.”
“Extell Development’s Carlton House condop conversion took the No. 2 spot, with apartment 6B going into contract with an asking price of $11.5 million, down from $14 million when it hit the market in April 2013. The week’s luxury contract asking-price volume totaled $184.28 million, with a median asking price of $6.32 million, according to Olshan. Luxury homes spent an average of 409 days on the market with an average discount of 14 percent from the original asking price to the final asking price.”
‘I don’t view it as a market capable of oversaturation’ ‘Since when have we ever been concerned about excessive supply of any residential product?’
Click!
Complacency is a bad sign.
Is that what this is? Cuz I was thinking it’s crazy bubble talk from people who are about to look silly and eat crow.
Speaking of “click!” …
Keane agreed: “Every time there’s a disaster our phone use goes through the roof. The pay phone system stays intact for the toughest part of the disaster while the cell networks go down.”
Sounds like a promising inve$tment considering the current state.of.event$!
http://money.cnn.com/2018/03/19/news/companies/pay-phones/index.html
A pay phone is an extremely rare finding for me, except in really remote areas (western U.P. of Michigan) where cell phone coverage is limited.
WV has nothing but wired n pay phones in the quiet zone
Over the years, I’ve many times used the payphones (with a calling card) at Furnace Creek and Stovepipe Wells in Death Valley Nat’l Park. It wasn’t that long ago there was no cell service in the Valley. A cell was built in Furnace Creek, and then one in Stovepipe Wells. But my current phone won’t work with either of them.
Furnace Creek is undergoing a major reconstruction. I wonder if the payphones will remain?
This is my major gripe with cell phones - in cases such as this, the old hard-wired pay phone is far superior, but since deregulation, the government can’t force Ma Bell to keep these phones operational.
Oakton, VA Housing Prices Crater 17% YOY As Fairfax County Housing Correction Expands
https://www.zillow.com/oakton-va/home-values/
*Select price from dropdown menu on first chart
‘Duplex at Manhattan’s Time Warner Center Relists for $14M Less’
‘A duplex condo at the Time Warner Center, a mega mixed-use development in Manhattan’s busy Columbus Circle, has come back onto the market for $21 million.’
‘The 3,491-square-feet residence had a loftier price tag of $35 million in 2014 when it was listed with the Corcoran Group. Before Corcoran’s listing was taken off the market in August 2016, the price was already dropped to $24.75 million, listing records on StreetEasy show.’
“The seller, listed as Mikimmos NY LLC in property records, purchased the residence for $17 million in 2012 from Pacific American Corp., an affiliate with HNA Group, a Chinese conglomerate that has been aggressively ridding of its New York real estate investment.”
So it’s still $4 million above its purchase price. The $35 million was a pie-in-the-sky dream price for this high end flip job.
It would be of interest to know what his taxes were and what part of them were written off.
As a noted housing analyst so eloquently stated, “I can ask $50k for my run down 10 year old Honda Civic but where is the buyer at that price? So it is with all depreciating assets like houses.”
He’s right.
Kailua, Hawaii Housing Prices Crater 21% YOY
https://www.movoto.com/kailua-hi/market-trends/
From StreetEasy to StreetMean in a heartbeat…
Savings and CD rates are embarrassing. I guess I’ll die in a world where savers are punished.
😁
I’m surprised your teeth haven’t been kicked in yet.
Bankers can afford the best body guards money can buy.
Yeah, the bankers won’t go down until their own bodyguards turn on them.
“I guess I’ll die in a world where savers are punished”
Depends on what you saved eye reckon, … (glances fondly @ my fathers restored 1965 shopsmith)
“Depends on what you saved eye reckon, … (glances fondly @ my fathers restored 1965 shopsmith)”
My back hurts just thinking about moving that thing. That’s an anchor.
It.’tiss an anchor! ( It anchors my fond sentiments of my dad teaching me woodworking skills with it.) … Knot to mention all the practical projects that it help to make come to fruition.
Cool tool for sure, just can’t stand moving that stuff around anymore.
I’ve got an 8 ft long vintage Oliver lathe in my living room. I’m not moving it around anymore either.
I saw your lathe when you linked to a pic and I gave you props for your work.
Thank you.
Living below your means and being debt free is a monumental reward.
Having piles of cash is a fringe benefit. I’ve spent some of mine lately!
Proud.of.you! … Was $ome local?
I spent some local on the 84 Airstream 310 and spread the rest between the Blue Ridge and the South Carolina beaches.
I’ve got one of those new GPS thingys that kept telling me it wasn’t sure the road I was taking was suitable for my rig.
I always live below my means which is why I have cash, hence my dilemma.
Come see me and we shall discuss a possible solution to your current dilemma of possessing cash.
My folks have a lot of cash on the sidelines… partially my doing as I don’t want to see them lose a bundle in stocks when the current boom realizes the same rate as all that preceded it. I’ll help them select a conservative stock allocation following the next crash.
I do wonder when this next crash will come, and how bad it will be. I’m skeptical that we’ll see a washout down into the $6k range again.
The elders of this country and its young were cast aside. People have become expendable.
I guess the only hope is Bitcoin, huh? LMFAO.
“People have become expendable.”
This has always been the case.
Realtors are liars.
Good news and bad news. The good news is that the pressure is off on buying a house right away so the pressure is also off if I fail the real estate exam next week and have to retake again in the future :-).
The bad news is that my wife’s web of investments in friends businesses became much more difficult to liquidate due to the sudden death of one of the friends in a traffic accident. I have some unspoken concerns that the death may have been less than 100% accidental due to some difficulties he was having paying back her money but I’m keeping my mouth shut on that and just watching it play out. I won’t be shocked if she can’t get all her money back from that investment…I warned her a long time ago that at least in the USA those friend investments don’t work out so well. She was sure China was different because they’re best friends from way back but she’s taking my advice a little more seriously now. So for now we rent.
I share this stuff because I think it’s kind of a fascinating window into another world and also because it’s not really my money (even though I’m married to it) so I’m not freaking out about it. My current estimate is odds are 50% of her getting all the money back within a year and 80% of getting it all back eventually. We’re talking about people who have houses and businesses and are legally obligated to sell to repay the debt. But the process has slowed significantly due to the death.
It sounds like you’re dancing with the money laundering crowd?
I don’t think so, but impossible to know for sure. As far as I know it all stays inside China in legit investments. They were giving her 12% a year for a couple of years on it. My take on the worst case is that it was actually a Madoff class investment.
Wasn’t that the return that Ezubao was offering before it collapsed?
Good luck. I helped my dad get $100k out of a friend’s business venture last year that seemed destined to collapse in the next downturn. It wasn’t easy!
Is facebook gonna be another twitter?
aol
Nobody under age 25 uses Facebook anymore.
The young people I know check into it somewhat regularly but mostly to respond to things their parents and older relatives posted about them. Obviously they are taking the risque stuff between themselves and their peers somewhere else. They definitely seem to see it as their parents’ social network.
The current term is Fogeybook.
The recurring question come this the 1st day of Spring; “how do ya keep the kids on the farm utilizing Facebook? “
facebook made wives and daughters vote for Trump.
Google/youtube changed the algorithm so that their searches favored flattering stories about Democrats and unflattering stories about Trump. Can somebody nail them for “meddling” in the election?
It’s not meddling if it favored the Globalists.
It’s just good citizenship?
Zuck has a wall !
Is FB the next Myspace?
BTW, I got an email from Myspace, advising me that some chick I don’t know had connected to my profile. So apparently Myspace is still around! LOL
will the fed monetize trumps deficits or let him fail?
Death bye bunji cord or hemp rope, … Decision$, deci$ions
the fed said it wasnt monetizing govt debt cause it was temporary to add > 3.5 trillion to balance sheet.
is 10 years temporary?
how do u define temporary?
“how do u define temporary?”
The same way California defines “temporary” when they talk about the duration of additional taxes on their highest earners.
In other words, “temporary” means “not forever”, but might as well be, since there is no firm and defined end date.
I think the Fed’s balance sheet will still be well over $1 Trillion even 10 years fro today…and that assumes there isn’t another financial market calamity that “requires” more QE.
I’m just starting to read “Fed Up”…I’ve heard the author speak in a number of interviews…I’m just starting, but seems like a good read.
so who will monetize the FED’S balance sheet?
Why does anybody need to do anything with it?
“Why does anybody need to do anything with it?”
That’s not how you play “ask and answer the stupid question” game.
+1
My comment was directed at the 14:42:28 Post
China continues to pump massive amounts of cash into their economy in an attempt to stave off the inevitable economic depression sure to come their way. This has the dual effect of running as hot money throughout the entire world, creating massive distortions in all asset prices. But China is a liar, so there’s no way to understand the scope of this massive flood of currency. The world is very, very sick right now.
“The world is very, very sick right now.”
Precisely @ the very moment the world has the be$test medical device$ ever created! … (reckon that kinda development has knot spilled over into the field of ecoNOmic$)
“The world is very, very sick right now.”
Sometimes I think that is the norm. Consider the previous century:
WW1
The Roaring 20’s
The Great Depression
WW2
The Cold War
And as soon as the Berlin Wall fell, the Globalists rose.
I recall reading, when offshoring kicked in hard, someone saying that he felt that the government had declared war on him and his family. That stuck in my brain because I’ve been feeling that way for a long time.
The direct result of government policie$ & “Bidne$$es” that creates “Instruments” rather than “Citizens”
Government without consciousness
+
“Bidne$$es without conscientious leader$
=
What could possibly go wrong?
Humans are no different than other animals, plants, insects, etc. They are always in competition with each over resources. How this plays out is through war, some form of cooperation to mutually benefit the parties involved, or a combination of both. The 2nd one is much more fragile and consequently difficult to maintain over multiple generations.
Your comment kind of reminds me of Bruce Eric Kaplan, New Yorker cartoonist, who captioned one of his cartoons thus: “We thought it was a rough patch, but it turned out to be our life.”
“I recall reading, when offshoring kicked in hard, someone saying that he felt that the government had declared war on him and his family. That stuck in my brain because I’ve been feeling that way for a long time.”
Reminds me of a very moving story about Richard Engle’s son having a rare genetic disorder, Rett syndrome.
China continues to pump…
So far for a decade.
Hard to reign in a roilling charriot that is attached to 1,340,123,086 humans with daily appetite$ … & with camera$ that act as cell phone$
I’ve been hearing about the imminent collapse of China’s economy for 15 years.
Any day now….
You must not be paying much attention - it’s already happening and Ben has been posting stories about it for years.
Ponte Vedra Beach, FL Housing Prices Crater 8% YOY On Crashing Retirement Home Market Fundamentals
https://www.zillow.com/ponte-vedra-beach-fl/home-values/
*Select price from dropdown menu on first chart
We don’t know when the biggest pyramid of debt in the universe will fall in on itself, but we expect it to be quite the spectacle.
MoNETizE 4 Trump !
https://www.youtube.com/watch?v=doex6Dpjeyc
sequester dollars or crash your exporting economy to US? what would u do?
Party on, Buttcoin…
$9,015.01 Bitcoin price
+$1,215.01 Since yesterday (USD)
+15.58% Since yesterday (%)
Just relax. It is very volatile I guess, but leverage on the underlying asset is infinity so maybe not so surprising. Since the twin tetons peak Dec/Jan it is in a steep downward band with resistance around 8,000. Just from a chartist’s point of view, $5,000 in a month or two is possible. Look at the 1 year price history and ignore the day to day.
It has some entertainment value. Maybe it will be the poster child of this period of investment insanity, like pets dot com.
Sorry Alphy, hopefully you will stick around and school us on the stages of grief.
Oh, I agree - it’s great entertainment! To me it’s the epitome of irrational exuberance, much more foolish than the tech bubble, housing bubble, beanie babies, etc. At least there was something tangible with those. This is a case where people are buying and selling nothing.
XYZ creates paper gains that waxes and wanes. One XYZ is no more irrational than another XYZ. That people distinguish between them is amusing.
Golf puts a little white ball in a hole in the ground. Basketball puts a larger ball in a hole ten feet above you. They’re both silly, but, so is reading Hegel.
What makes sense to me is bass fishing.
What makes sense to me is bass fishing.
And what makes sense to me is buying fresh fish at the fish market.
The poster child will be Facebook (FB) on the NYSE. If the advertisers jump ship it will be a six dollar stock.
You may,however, have a group of businessmen that appreciate that it treats its users as “cadavers.” Motto: Dissect ‘em.
There’s a sucker born every minute.
Over 16 Million Americans Now Own Cryptocurrency, Survey Finds
Dieter Holger · March 19, 2018 · 8:00 pm
Nearly 16.3 million Americans, or 8 percent of the country, own some form of cryptocurrency, according to a new survey by Finder.com, which also found slightly more than 5 percent of Americans owned Bitcoin. If accurate, the results mark an increase from a study the Pew Research Center published in December 2016 that revealed roughly half of Americans had heard of Bitcoin but only 1 percent had traded, collected or used it.
http://bitcoinist.com/16-million-americans-cryptocurrency/
“Take out the garbage.”
You mad, bro?
How many owned Beanie Babies?
Jeff Bezos then and now:
https://www.zerohedge.com/sites/default/files/inline-images/0_CTgaRsDJC0KRDa2Z.jpg?itok=72nFzxRn
I guess when you become a dick, it’s fashionable to look like one, too.
Walking his dog.
https://twitter.com/JeffBezos/status/975847153468768256
What made his ears start sticking out?
Looks like he got buff too.
Yeah, that’s part of the whole imadick routine. Buffn’bald is where it’s at.
Even the wealthy can have fragile egos.
Bozos is a case in point.
Thought he might have hired vin diesel as a stand in because Bezos looks more like Stephen Hawking now.
LOL. That first link cracks me up. Seriously funny stuff.
Is that really the same person (in the ZH image)?
Altadena, CA Housing Prices Crater 8% YOY As Mortgage Meltdown Ravages Los Angeles Area
https://www.movoto.com/altadena-ca/market-trends/
as a market capable of oversaturation,
When I moved to my new EXURB of Raleigh the only place with open apartments was one of the New A Class buildings which included a theater. All the other complexes had no vacancy. I did manage to get a person moving out of one class A complex that was going to be available in 2 months. It fit my schedule so I took it. That was last April as I moved in in June.
This April my complex increased capacity 50%, a new Class A + complex is opening about 3 miles away and the only complex with opening last year has built out and still has openings. I see about 150 new A complexes opening and leasing. With that said, the 2 lower cost apartment complexes I was interested in (about 3 - 400 less depending on which new complex we are comparing) still have waiting lists.
It’s a business model. Don’t give people what they really want and need (which is reasonably priced, safe, basic housing). Hose them into the lugzhurry stuff.
I see the same thing in the senior market housing (must be my age, but I’m finding it very interesting). Lots of higher end stucco stuff sits and sits and sits. But wait, look! We got golf! Pro shop! Three swimming poolz! Indoor pool! Tennis courts you’ll never use because your knees are blown out! Baseball diamond! Bocce Ball! Shuffle Board! Pickleball! Craft rooms! Ball room! Auditorium! Gym! Jacuzzis! Billiards! Spa! Restaurant! Biking and walking trails! Bowling alley! Computer room! And that’s not all!
The more modest homes where the community has a small clubhouse and one community pool, those are gone in 60 seconds.
Don’t get me wrong, a lot of those amenities are nice to have available, and typically the golf is paid for by separate fees and memberships, but the rest of that stuff costs money to maintain. The monthly fees in some of these communities are as much as a modest mortgage. And those fees go only one way: UP!
I refuse to live in FL, but I do look at “Where to Retire” magazine, and yup, you’re right. All those communities are mini mansions –
many with stairs! — “from the low 300s” and amenities up the wazoo.
No, what these seniors need is one-level, 700 sq ft attached, CBS rowhouses with two bed, 1.5 bath, small patio garden in back and community maintenance for the rest of the landscaping. Small clubhouse with an outdoor screen-in walking pool and some paved trails around the retaining pond/lake. Make it a golf cart community with a small grocery store, some doctor’s offices, and a couple of Days Inns up the street for the grandkiddies.
I got used to one level living here in Florida, where except for the fancier homes, most housing stock was built on one level for a reason: to keep a lower profile in the event of hurricanes. Secondary reason was cost.
The older I get, the less fond I am of stairs, believe me. Del Webb got it right with the modest concrete block shacks he built in Florida. Good solid houses with terrazzo floors. 1200 to 1400 square feet with a garage or carport and a “Florida room”. Two baths. Easy to live in, easy to maintain.
In this part of Florida, however, they went cheap-ass and built these frame and siding jobs for the more modest retirees. They put the shower tile right on the sheet rock (rock my patootie), not even the courtesy of some greenboard. Want concrete block? Oh, hey, we didn’t build any of those for the over 55 crowd. We got these fancy concrete and stucco jobbies now and you gotta pay lots for those.
But wait, look! We got golf! Pro shop! Three swimming poolz! Indoor pool! Tennis courts you’ll never use because your knees are blown out! Baseball diamond! Bocce Ball! Shuffle Board! Pickleball! Craft rooms! Ball room! Auditorium! Gym! Jacuzzis! Billiards! Spa! Restaurant! Biking and walking trails! Bowling alley! Computer room! And that’s not all!
Palmetto, I mean Deferred Maintenance, I might just frame that post. Good stuff!
“Where to Retire” is a 96-page magazine. At least 15 of those pages have some sort of golf image on them, in an ad or article. (I make a point of counting.)
their marketing is funky- in NC the call villas townhouses.
I’m w you -my elder dream is a 2200 sq ft villa w full 2 car garage near NC beaches
It’s not just about costs.
Tell me something. How many 70-90 years old have the energy to partake in all that nonsense?
My attitude is that when you stop, then you’re done.
Yep. My parents both in their 70s are more active now than they were in their 40s. Dad golfs pretty much every day if weather is good. Mom walks the dog for 30 mins twice daily, does yoga, swims at the Y. And in winter both my parents cross country ski, a sport they picked up only about 10 uears ago.
70 year olds who sit home all day tend not to become 80 year olds.
And 700 sq ft….for 1 person maybe. For a couple that’s a pretty cramped space.
I agree, nothing wrong with being active. But your parents swim at the Y, they’re not paying for three pools and spas in a retirement community.
Yep, 700 square feet is a tad small. As I mentioned above, I like 1200 to 1400 square feet, with a screened patio or Florida room. Works for me.
Always preferred cross country to downhill myself.
700 square feet is not too small in my opinion. I welcome a house that size as I HATE cleaning but I’m a clean freak, so since I don’t hire help I’ve got to do all of it. Smaller = less time spent cleaning.
700 is cramped for a two-bedroom but it’s great for a one-bedroom. I like the 700-900 range myself. Especially if you’re retired in FL and no longer need winter clothes or office clothes. And don’t have cluttery hobbies like scrapbooking.
The Research Triangle created Raleigh-Durham. In the 1970s it was mile after mile of standing pines—–where you are renting now.
“Still, it was as much a giant fraud as would have been evident had the macro-economic cover story not been invented. That is, if the massive expansion of the Fed’s balance sheet after August 1987—-from $200 billion when Greenspan took office to $4.5 trillion at the peak of Bernanke’s money printing madness—had been justified as an expedient way to fund Big Government without the inconvenience of raising taxes or crowding out private borrowers in the capital markets.
As we have frequently documented, the mercantilist and statist regimes of East Asia and the petro-states in particular could not abide the flood of dollar liabilities the Fed was pumping into the global financial system. So in order to keep their exchange rates from soaring and crippling their export industries, they massively intervened in the FX markets, buying dollars with local currency and sequestering these greenbacks in their pliant central bank vaults as they did.
At length, the world’s central banks (and their affiliates) acquired trillions of UST and GSE liabilities, as well as like and similar holdings of other so-called FX reserves.”
http://davidstockmanscontracorner.com/21-trillion-and-counting-why-deficits-didnt-matter-during-the-age-of-monetization-1987-2017-part-2/
“Austin Neudecker, Rev - NO: Saturation of the luxury apartment market matters little because there is a shortage of housing in general (I acknowledge that the problem is primarily affordable housing) and prices can easily be reduced. Developers may not like it, but they must simply lower prices to sell the units.”
Riiiiight there Austin - sounds to me like you be talking outta both sides of yore mouth.
rj
“With Wade Park’s unpaid debts, but you can bet that big hole is going to be there for a while. And it won’t be the first time. When the 1980s real estate boom went bust, the Dallas area was left with a lot of holes to fill.”
Maybe you could fill it with all the debt donkeys who are gonna fall when the bubble bursts again.
rj
we need to Monetize more debt so bigger welfare checks can help walmarts bottom line and thus stock price.
From the guy who wrote Black Swan back in the day…
https://www.linkedin.com/pulse/black-swan-author-employee-basically-obedient-dog-taleb
I always thought of expat gigs as hardship tours. The way he describes it, no wonder they’ve gotten hard to get.
This a good article. An interesting observation:
“A dog’s life may appear smooth and secure, but in the absence of an owner, a dog does not survive. Most people prefer to adopt puppies, not grown-up dogs; in many countries, unwanted dogs are euthanized. A wolf is trained to survive. Employees abandoned by their employers, as we saw in the IBM story, cannot bounce back.”
This wisdom may not make sense to you pukes without the context so I suggest you read the article so as to be acquainted with the context.
I was raised as a wolf, and taught the manners necessary to pass myself off as a domesticated animal. I practiced living like a wolf when the suit and tie came off. Having been abandoned by my employer, I simply dropped the pretense.
Campbell, CA Housing Prices Crater 14% YOY As National Housing Demand Plummets to 21 Year Low
https://www.movoto.com/campbell-ca/market-trends/
Weekly Summary: HBB-Reported Purchase Price Declines
Posted every Tuesday. Key and quarterly summary posted the last day of the quarter.
–
March 14-20
> -38% [Manhattan - UES / PCS TOW LUX] (Feb16-Mar18)
> -33% [Miami / PCS MTF] (2016-Mar18)
> -30.6% Sydney - Darlinghurst (Mar18)
> -25% [Brisbane / PCA DEV] (2017)
> -17.9 [Manhattan - UES / DEV CND] (Apr13-Mar18)
> -16% Sydney - Bellevue Hill (Mar18)
> -15% London - Wandsworth (Mar18)
> -15% Sydney - Sutherland and Alfords Point (Mar18)
> -14% Manhattan / AVG PCS LUX (Mar18)
> -13% Sydney - Vancluse (Mar18)
> -10% Sweden (Q317P-Mar18)
> -10% Sydney - Narrabeen, Matraville, Cammeray, Tempe, Coogee, Mascot, Belfield (Mar18)
> -6% Toronto / SFR LUX (Q417)
> -2.6% London / AVG (yoy-Jan18)
> -2.5% Sydney / MED (Q118)
> -1.3% Sydney / MED (Q417)
> -0.8% London / AVG (mom-Feb18)
Thanks Lurker, I really appreciate you taking the time to put these together. One thing that stands out is a trend I first noticed in Manhattan rents. The biggest declines by far are in the most expensive sectors (of some of the most expensive cities in the world). NYC super lux, London mansions and super lux. Toronto detached shacks. The biggest declines in Vancouver - same, really expensive detached. Same with Sydney.
All of these places were at one time or another right at the top of the world for prices. And all have had governments/regulators specifically target foreign borrowing/ speculation and money laundering.
-38% [Manhattan - UES / PCS TOW LUX] (Feb16-Mar18)
I’m not understanding this. Are these price declines on specific new luxury units in one particular tower, or what is this referring to?
Newcastle, WA Housing Prices Crater 26% YOY As Record High Seattle Area Housing Inventory Hits Market
https://www.movoto.com/newcastle-wa/market-trends/
Holy cow HA, your lies are getting more desperate. No prices are cratering anywhere in the greater Seattle area. Inventory is at record-low levels - anything that comes on the market is gone immediately.
Hello my good friend.
Apollo Beach, FL Housing Prices Crater 33% YOY
https://www.movoto.com/apollo-beach-fl/market-trends/
This is something I found interesting. Check out used truck prices as they diverge from the used vehicle index over the past 7 years.
https://imgur.com/QixfA1E
There’s a lot of used pickup trucks for sale right now with between 80,000 to 120,000 total miles and liens of $18,000 to $24,000 outstanding. The only hope for the car companies is enough easy credit to allow these owners to purchase new with a trade-in rolling their balance due into the new loan. Seems like every country rescues their auto industry when push comes to shove.
I saw the repo man take my neighbors f150 last week. SAD
“SAD”
Or, perhaps, entertaining. I have an idea about how this repossession could have been prevented if any of you pukes are interested in hearing about it.
the PU market is the thing to track- when that slows then the rehab market is dying
There’s a lot of used pickup trucks for sale right now with between 80,000 to 120,000 total miles and liens of $18,000 to $24,000 outstanding.
It wasn’t terribly long ago you could buy a NEW pickup in that price range.
I see tons of late model pickups tooling around my little burg. They have MSRPs that are over half the median HH income. At the local Ford dealer there are more pickups on the lot than cars.
“At the local Ford dealer there are more pickups on the lot than cars.”
Trucks mean profits.
Trucks mean profits.
I read somewhere that trucks are much cheaper to produce than cars & that manufacturers make much more profit from selling trucks.
I’m pretty sure that used to be true because you could use old design motors and cheap interiors and stuff like airbags wasn’t required as soon as it was for cars because they were “work” vehicles.
But now that they all have to have the latest luxury car features and drivetrains I’m not sure that’s true.
I’m not sure that’s true.
Bolting a steel body onto a frame made of steel girders is the basic assembly procedure for a pickup. Most cars are unibodies now, and they are more complicated to fit together & take apart, particularly since most have front wheel drive.
I can’t get to that webpage, but it would be interesting to see the price trend for the past 20 years instead of 7 years. I bet that price divergence has something to do with the housing bubble and the influx of illegal immigrants.
President Trump Remarks on “Sanctuary Cities”
President Trump met with law enforcement officials and Republican congressional members at the White House to discuss border security and immigration enforcement:
https://www.c-span.org/video/?442875-1/president-trump-holds-law-enforcement-roundtable-sanctuary-cities
You could watch this and listen to it without media inerpretation, or you could listen to what CNN tells you what you’re allowed to think about it.
I’ve seen some rumblings saying that the Feds are going to “seize” California, dissolve its government and replace it with a new one.
My thoughts on that is that it would be a messy affair, possibly leading to insurrection, not that I think California would succeed. I really doubt that is in the cards, but I could be wrong.
More likely, ICE will arrest prominent illegals in California. You know the kind, the ones with high level state positions who flaunt their “status”.
dissolve its government and replace it with a new one.
That is basically what the Feds did to the Confederacy between 1861 and 1865.