Well, That Market’s Going Away
A report from NBC Bay Area in California. “Hillsborough’s most recognizable piece of real estate is now up for rent on Airbnb. The Airbnb listing on Friday shows the so-called ‘Flintstone House,’ a 2,730-square-foot home at 45 Berryessa Way, can be rented for $750 a night. The property was listed on the market for just over a year. In September 2015, the home was up for sale for $4.2 million. This past summer, the price dropped to $3.2 million. According to Redfin, the last sold price was $800,000 in 1996. Listing agent Judy Meuschke gave NBC Bay Area an exclusive tour of the home in September 2015. ‘We felt that’s a pretty good price for a landmark,’ Meuschke said of the $4.2 million asking price at the time.”
The Idaho Statesman. “A year ago, Boise developer David Hale planned on building townhouses priced at more than $400,000 on Idaho Street. The project stalled when Hale struggled to presell the homes. So Hale said he scaled down the homes, settling on 1,500-square-foot townhouses with two bedrooms and bathrooms starting at $329,900. He broke ground this week on a nine-townhouse building and plans to build a second six-townhouse building on the site. ‘I was originally going after a modern, industrial warehouse type product that you see in larger cities,’ Hale said. ‘It’s a product we don’t have in Boise yet. Boise wasn’t ready for it.’”
“The site is in the North Boise area of the Intermountain Multiple Listing Service, where the median price for a single-family home was $353,200 in September.”
From 9 News in Colorado. “Re/Max CEO Dave Liniger spoke with a small group of journalists Friday morning at Re/Max world headquarters. Q: ‘Is there something builders could be doing to catch up?’”
“A: ‘What ended up happening was that the apartment markets became very frothy. And they can make just as much money building a 100-unit apartment complex as they can building 40 or 50 single family houses…What’s happened now though is the apartment markets are peaking, and so builders are saying, ‘well, that market’s going away.’”
The Boston Herald in Massachusetts. “A national real estate developer is putting off plans for the glittering, 52-story Copley Place luxury high-rise thanks to an influx of high-end housing in Boston and rising construction costs, a move some say could be a sign the luxury tower market has hit its peak in the Hub. ‘Costs are too high and there’s too much supply,’ said David Contis, president of Simon Malls. ‘We’re going to wait for the market to moderate, and then we’ll go back and re-evaluate.’”
“Copley Tower was to join a slate of planned and current high-end residential towers, which are rapidly changing the skyline and demographics across the city’s downtown, including several planned for the Back Bay. High-rises including the Millenium Tower, Waterside Place and Seaport Square have opened in recent years, with even more proposed in recent months.”
“The decision to put off the plans could mean Boston is close to its limit on luxury housing, according to Greg Vasil, chief executive of the Greater Boston Real Estate Board. ‘If there really was a market and they thought there was a market, I think they’d pursue the project,’ Vasil said.”
From Jersey Digs on New Jersey. “Lesson: featuring a property on a mildly successful reality show will not necessarily make it easier to sell. Rapper-turned-actor Ice-T and his model-turned-reality star wife Coco have had a very tough time unloading their 2,000 square-foot penthouse condo in New Bergen. The couple originally purchased the home in 2005 for $1.5 million and reportedly spent $300,000 on upgrades over the past decade.”
“Then last year, they listed the two-bedroom condo, located in the Mirabelle On The Hudson Complex overlooking Manhattan, for $1.2 million. As we reported this past April, they then had to slash the price to $1.098 million. But it wasn’t until yet another price drop that the two were finally able to find a buyer. Now listed at $888,000, the home finally has a pending offer, though it comes with digesting a massive loss.”
The Boston Herald used the words “luxury glut” in the headline. The Boston Globe is silent on the matter. It’s kinda hard to go from “every thing is awesome” to glut.
It is interesting to see the once luxury areas of city now a ghetto.
Amazing homes in Trenton, Camden, West Philadelphia, etc where the rich once had luxury homes…
Eat the Rich !
“But it wasn’t until yet another price drop that the two were finally able to find a buyer.”
It was after all a used house.
“Now listed at $888,000, the home finally has a pending offer, though it comes with digesting a massive loss.”
I don’t know about New Jersey, but there are entire North County San Diego neighborhoods of cookie-cutter identical McMansions with $900K Zestimates. There aren’t enough rap artists in the universe to buy them all.
It seems north county is where all the major home building has been going on. Carmel valley etc.
my friend was lucky to unload their home near miramar and get out at break even since he had bought around 2005.
The prices down there are absurd. It seems like a game of hot potato.
What can you tell me about the condos in Little Italy? We are thinking of moving down there in 2018!
“I don’t know about New Jersey, but there are entire North County San Diego neighborhoods of cookie-cutter identical McMansions with $900K Zestimates. There aren’t enough rap artists in the universe to buy them all.”
Sadly, all of these houses are selling at these insane prices!?!?!??
Are all of these buyers actually making such high incomes to afford these over-priced turkeys!?
Massive unprecedented housing glut, collapsing housing demand at 20 year low, production cost at 20+ year low and prices 300% higher than long term trend.
You still don’t understand what’s going to happen?
trump is best for business!
We are going to import millions of muslims and illigals to fix these problems?
Our permanent Democrat supermajority isn’t going to build itself, you know.
The Colorado article is hilarious.
Oh yes, “everyone wants to live here.”
It’s just I find it so unbelievable that 100 and some-odd thousand people are moving here every year
Don’t worry, Dave, that will change soon. They might still come, but once they see that they can’t afford to live here, they’ll move on.
Two income with no kids can survive here. I would recommend not breeding on less than a $200,000 household income if you want to have anything close to a “middle class” lifestyle.
La Junta
Come for the weed, stay for the meth?
Depends on what you mean by “middle class lifestyle”
“Middle class” used to mean a 1500 sq ft bungalow with a couple of no frills domestic cars, and “going out with the family to eat” meant going to Denny’s and not a 4000 sq foot McMansion with luxury import cars or monster SUVs and eating out 3-4 times a week.
That said, you definitely can’t live the old middle class lifestyle on Denver’s median wage.
How far do prices have to fall in Denver?
How far? A whole lot. At least 50%
“How far do prices have to fall in Denver?”
Until they’re closer to 2.5 x household income… that’s if they intend to actually pay for the house.
‘In September 2015, the home was up for sale for $4.2 million. This past summer, the price dropped to $3.2 million. According to Redfin, the last sold price was $800,000 in 1996. Listing agent Judy Meuschke gave NBC Bay Area an exclusive tour of the home in September 2015. ‘We felt that’s a pretty good price for a landmark,’ Meuschke said’
A million off, still not sold, but worth the 6% aren’t ya Judy?
Judy takes her hit too…..😂
“Lesson: featuring a property on a mildly successful reality show will not necessarily make it easier to sell. Rapper-turned-actor Ice-T and his model-turned-reality star wife Coco have had a very tough time unloading their 2,000 square-foot penthouse condo in New Bergen.”
Any way you look at it, it’s still New Jersey and it will never be New York no matter how much lipstick they put on that pig. They’re probably moving so they can get in on the next hot market like Long Island City. No bubble there, no siree.
Hate to see the HOA fees and taxes on that piece of air in the sky.
I am guessing at least $50k a year.
Some real estate has a value of less than zero.
Several years ago upon occassion I worked with the manager of the REO goup for a TBTF Bank. We were trying to unload some lots in Florida at losses of 75-90%. I joked maybe it was time to buy one of these lots. Dead serious he said, I wouldn’t take one of these lots if they gave it to me. I guess they had Huge HOA fees and other requirements. In most cases the original buyers were foreign and they just walked when the value plummeted leaving the bank as the bag holder.
“New Bergen”
It’s actually North Bergen. Used to be about the worst smelling place on the planet if the breeze was blowing from Secaucus.
Way back when 30 years ago I lived on Blvd East in a one bedroom rent controlled building with an amazing view of NYC. I think rent was $350.
Pick your poison: Strong GDP growth makes interest rate hike more likely
US economy grew at a rate of 2.9 percent in Q3
October 29, 2016 09:00AM
http://therealdeal.com/miami/2016/10/29/pick-your-poison-strong-gdp-growth-makes-interest-rate-hike-more-likely/
The smart money will buy the rate cut fear dip, then ride the rate hike postponement rally.
Someone once told me:
” u cant go wrong with CA real estate.”
Did you believe him?
realtor?
Until the San Andreas Fault earthquake comes along.
We’re way overdue. Haven’t had any large earthquakes in California since the 1994 Northridge event. Which, by the way, occurred on a previously undocumented fault (not the nearby San Andreas).
Italy got hammered today.
http://www.zerohedge.com/news/2016-10-30/its-if-whole-city-fell-down-buildings-collapse-after-strongest-quake-35-years-hits-i
Their building materials are ancient, too heavy for a seismic zone.
It’s coming….hopefully I will be outta here by then.
aliens could land too.
I’m pretty sure they already have.
aliens could land too.
They already did.
“The biggest lenders in the shadow market are Quicken Loans, LoanDepot.com and Freedom Mortgage. ”
http://www.cnbc.com/2016/10/28/shadow-banks-are-taking-over-the-mortgage-market-again.html
Rocket mortgage !
Huma doesn’t know how her e-mails ended up on Weiner’s computer (a likely story).
https://www.washingtonpost.com/world/national-security/clinton-aide-huma-abedin-has-told-people-she-doesnt-know-how-her-emails-wound-up-on-her-husbands-computer/2016/10/29/1d30c2b8-9e15-11e6-a0ed-ab0774c1eaa5_story.html
My business partner once had someone else’s iPhone notes show up on his iPhone. Very curious, but we could only attribute it to some behind the scenes linking that may have occurred without anyone knowing.
It’s possible that she synchronized the inclusion of her e-mail accounts automatically through some “feature” of an e-mail program. In any event, there may be a rare opportunity for the FBI to see a lot of e-mails that HRCs attorneys would rather they not see.
Maybe we’ll get an HRC presidency for only long enough for her to be impeached.
But Bitcoin is on track to a second year of 50% or more gain. Best place for parking your savings in 2015.
Above $700 now.
I especially love how it drives down the price of a can of albacore tuna (my normal lunch) per Bitcoin. The $2.50 I put in Bitcoin a year ago is buying me the best quality albacore. Put another way, the Total Wine Pacific Peak Cabernet Sauvignon may be $2 per bottle for other people, but it is $1 per bottle for me as I use my shift debit card.
https://cointelegraph.com/news/bitcoin-conquers-price-barrier-passes-700-usd-for-first-time-since-june
Drink up. Fads don’t last forever.
I see it as
Get lost in the dust as your Dollar sinks ever lower in value.
My dollar isn’t sinking in value at all. It helps that I’m not buying anything that people go into debt to buy.
The bitcoin is mostly a Chinese smuggler thing isn’t it? If the CCP gets panicky about this avenue of capital flight, couldn’t the bitcoin bubble collapse pretty quickly?
Didn’t you say your bitcoin holdings were insignificant? If so, how could they be protecting you from dollar devaluations?
Wasn’t bitcoin at $1200 late 2013? Sounds like it tumbled far worse than an fiat did at the time.
I also hear the Fed may soon run out of Kool-aide, at which point alternative assets like Bitcoin may lose their virtual luster.
$2 wine and canned tuna? I thought you lived in California. Fresh tuna and a good wine are easily achievable here!
Former FBI assistant director: Clinton’s are a “crime family.”
http://thehill.com/blogs/ballot-box/presidential-races/303458-former-fbi-official-clintons-are-a-crime-family
“The Clintons, that’s a crime family, basically,” Kallstrom said. “It’s like organized crime. I mean the Clinton Foundation is a cesspool.”
Preaching to the choir, but still a good read. Thanks!
Whoever is paying that sort of money for a studio apartment in Irvine could be living in a less expensive place with nicer natural surroundings like I do south of there.
http://www.gardencommunitiesca.com/Apartment-Rentals/CA/Irvine/Metropolis.aspx
With the money left over from my $500 lower monthly rent, I put it in stock funds and Bitcoin.
And “Hillary is my Hero” tee-shirts.
Bitcoin.
What if you want to use bitcoin to spirit some money out of China? Do you have to carry your account information on a computer or a camera card when you try to leave the country?
It’s interesting that bitcoin is surging so during the big news blackout in China.
What if you want to use bitcoin to spirit some money out of China? Do you have to carry your account information on a computer or a camera card when you try to leave the country?
The private key is around 54 characters, give or take 3. Brain wallets are possible - it’s possible to remember a sequence of 54 base-58 characters.
I would expect that there are less drastic approaches that are used. The characters can be written on paper and cut into small pieces and distributed among your traveling companions. I somehow doubt that your billfold is frisked when flying out of China or walking across into Hong Kong.
Bitcoin is on a tear. How long can China sustain these massive capital outflows before they lower the boom?
https://cointelegraph.com/news/bitcoin-conquers-price-barrier-passes-700-usd-for-first-time-since-june
Bitcoin is becoming popular in other places. Japan is liberalizing its finance laws to make crypto currency more possible. India is into it. Russia is into crypto currency.
Jaxx is an app that has the ability to store Bitcoin, Ethereum, Dash, Litecoin, Rush, and soon Zcash.
My T-bills yield 0.60 %. Shameful.
1. Support fiat currency for your day to day consuming while supporting Yellen.
2. shift into crypto currency for your day to day consuming.
Pick one.
Other advice:
Do a regular checkup on your crypto wallet backups. My most valuable wallet is backed up on paper as well as hardware media that is offline.
It’s easy to create a paper wallet (other people call these “cold wallets”).
Store most of your crypto currency in a paper wallet - whatever the currency: Monero, Dash, Litecoin, Bitcoin, ethereum.
Keep only enough on an app tied to a crypto currency debit card to maintain spending money.
It does not hurt to make new backups every six months of your wallets. You can export Jaxx from a mobile device like a Samsung droid by using the clip board and pasting into a memo, then bluetooth-transfer it to your desktop while your desktop is not connected to ethernet (disconnect wi-fi). Then from there you can put the wallets on a USB device (detachable).
You can print out your wallets on paper and store them in a safe deposit box somewhere, as well as your detached usb media device such as smart card.
Stick with cold hard cash my friend. You’ll thank me later.
Actually, cigarettes might be a better currency. Low info/iq people will likely never understand crypto currency. Hell, they’d probably take shiny beads like the indians did.
I accept shiny coins.
Bill, optical storage (CD) is more robust than a USB stick or hard drive.
A gift from me to you. Bitcoins.
https://images.encyclopediadramatica.se/0/0e/ButtcoinAnimatedUncensored.gif
But…but…Yellen the Felon purports to see no inflation and says we need more QE to reach the Fed’s inflation “target.”
http://www.visualcapitalist.com/prices-are-skyrocketing-but-only-for-things-you-actually-need/
But…but…stress tests! (And weren’t the ECB’s endless bailouts and “stimulus” supposed to fix this?)
http://wolfstreet.com/2016/10/30/italy-banking-crisis-doom-loop/
Is London’s housing bubble bursting?
http://www.telegraph.co.uk/business/2016/10/29/the-london-market-for-new-listings-has-been-all-but-eviscerated/
More yellon bucks will fix this problem.
Whoa. Even some MSM commentators are starting to call out Bill & Hillary on their scam Clinton Foundation.
http://www.breitbart.com/video/2016/10/29/michael-scherer-its-clear-charity-operation-was-making-bill-clinton-rich/
It is just me or does $329,900 for a 2 bedroom townhouse in Boise sound silly? I wonder what the HOA fees will be.
“Hale said he is building the townhouses to provide affordable alternatives to Downtown condos that are either new or under construction, most of which are priced higher.”
Again, maybe it is just me, but I don’t define affordable as Starting at:
$329,900
Silly is not the right word.
Criminally insane is better…
the payment is affordable cause interest rates are low! buy!
Affordable = low monthly. Ignore the sticker price!
‘I was originally going after a modern, industrial warehouse type product that you see in larger cities’
Yeah, that was funny. First you start with an abandoned 100 year old warehouse.
Of course! That’s the Jeff Bezos dystopian work/life warehouse model. Work and live under one one roof, the Amazon warehouse!
http://www.standrewsaquarium.co.uk/images/content/475%20Meerkat%20Foursome.jpg
Welcome to the oligarchy’s neoliberal plantation, members of the 99%. Embrace the serfdom you voted for.
$329,900
For a glorified apartment
“It is just me or does $329,900 for a 2 bedroom townhouse in Boise sound silly?”
I see you swallowed the red pill. Kudos.
Boise, ID is uninspiring, a vast and flat light industrial zone with an inversion layer that traps-in the smog. I’m a small town mouse, so I’d probably look at Mountain Home and buy a cheap economy car for commuting. My $0.02
8 years of zirp and the economy is still on life support.
What is the problem? If monetary policy want fix it what will?
Seems we just keep increasing asset prices and then when the bubbles pop they print some money to cover the losses for the big boys.
It’s obama economics.
If you complain or point out the obvious flaws…
You are a racist and an Islamophobe.
You can’t fix debt with more debt. Sounds so simple, doesn’t it?
Debt jubilation is the only answer. Who’s gonna take the hit?
“Debt jubilation is the only answer. Who’s gonna take the hit?”
Lol, debt jubilation. I think you mean debt jubilee.
Debt jubilation is when someone buys a house via a mortgage and thinks they “won” something. Debt jubilee is what they pray for when the house starts falling apart.
LOL you are rite. Jubilee first than jubilation.
yeah they loaded everyone up with debt created out of thin air and then when people cant pay they act like they have a big loss.
When FBs can’t pay, the houses fall into foreclosure and the Fed prints off a few trillion so its bankster accomplices can snap them up for a song.
True price discovery is the painful medicine that’s needed. That, and ending the Fed.
yep all these prices seem artificial. I laugh at some of the stock valuations out there. Somebody is gonna pay for this party and it wont be them.
Seesm we have a machine that just keeps extending credit and creating more debt. Why? Cause its so easy and profitable as long as people keep paying. when prices go down people stop paying.
They have had a tough time convincing retail investors to join the party.
“If monetary policy want fix it what will?”
Logan’s Run
Let’s start with the Boomers.
I’d have to lead the way I suppose. Guilty.
Ben, how many confirmed Correct the Record trolls (boiler-room posters paid by the Clinton campaign) are posting in here? (FEC records disclose their real names).
http://www.northcrane.com/2016/10/06/hills-shills-hillary-clintons-correct-the-record-aka-paid-trolls-names-publicly-listed-on-fec-website/
Palmy, RKH, Senator Jeff Sessions is speaking in Lakewood, CO today. I may go see him if I’m not too busy. Less of a circus than attempting to see The Donald.
Jeff Sessions, aka America’s Senator. He’s done an awesome job of holding the line. Funny how Mr. T’s surrogates draw more people than H herself does.
I get daily texts from the Hillary campaign urging me to “vote now”.
I do wonder where they got my number from. I’ve never been registered as a Dem.
pot dispensary?
In Colorado,
Most of the time, they get the information from two sources: the US Postal Service or your local phone provider.
Can’t do much about the first; they can offer your information for sale whenever they want to. In regards to the second, call them and tell them you want an unlisted number if you haven’t already done so.
“I get daily texts from the Hillary campaign urging me to “vote now”.
“I do wonder where they got my number from. I’ve never been registered as a Dem.”
It doesn’t matter how you’re registered, all they have to do is get you to vote and the Soros owned voting machines will take care of the rest.
Deplorables, represent!
Are the sheeple starting to become awake and aware and switch off their TeeVee opiation?
http://www.zerohedge.com/news/2016-10-29/hbo-killed-cable-bundle-and-espn-latest-victim
The corporate media is trying to push future FBs into buying a home. Because, you know, Suzanne researched this and stuff.
http://www.businessinsider.com/signs-you-can-afford-to-buy-a-home-2016-10
they are so full of sh@t. most of these financial experts are broke and have no clue about money.
They just say what the sponsors want.
Business insider is a big shill/front for hillary. Henry Blodgett, the scum that promoted Scamazon and others back in bubble 1.0 is the editor in chief of BI.
“If your emergency payment is separate from your down payment. Down payments are typically 20%”
No one has had to put 20% down for 15 years.
Sunday funnies from TBP. Enjoy!
http://www.theburningplatform.com/2016/10/30/sunday-funnies-136/
The first one is priceless!
So is the last.
Carlos Danger may have saved the Republic.
http://www.zerohedge.com/news/2016-10-30/anthony-weiner-said-be-cooperating-fbi-investigation
“Carlos Danger”? Who or what is that? Doesn’t sound like a real name to me.
What am I missing? An inside joke?
It’s an alias for Anthony Weiner, which he used while “Sexting”
Here’s my favorite NY Post line so far:
Happy Halloweiner!
If my “sources” are correct, this is much ado about nothing. The real $hit is the nuclear option that they will launch on Trump next week. That’s what I hear. Why are they waiting I ask….but haven’t gotten a good answer yet. Could be wishful thinking…could be something bad.
Best election ever…..
Dueling nuclear options, then. The James O’Keefe vid is dropping at the same time.
Does anyone ever get the weird feeling that this whole popstand is going through a slow-motion implosion?
It’s a Bear Stearns in March of 2008 kind of feeling
The man is going to be in Greeley today.
WTF?
Insanity.
Comments in the article are good looking at the money flow.
——
Overdose death raises questions for Bristol Township sober house run by property company
It wasn’t until months after Exner died of a fatal cocaine overdose there that her Buckingham family learned the house was owned and operated by a business that flips real estate and allows practices at its sober house — such as co-ed living — that some addiction management experts warn can put residents at risk for relapse.
But not unheard of. At least four other real estate-related companies are landlords for a minimum of 13 confirmed recovery residences in Bucks County, though some appear to rent the properties to third parties that operate the recovery/sober houses, according to county property records and a database this news organization compiled of Bucks County recovery houses.
http://www.buckscountycouriertimes.com/news/communities/bristol/overdose-death-raises-questions-for-bristol-township-sober-house-run/article_5a497da2-7b92-11e6-b8fe-979c0a79669a.html
End the Wall Street-Federal Reserve Looting Syndicate.
http://economicprism.com/meddling-with-markets-for-work-and-for-pleasure/
If we end the fed and wall street scams then the ((tribe)) would have no way to get filthy rich and control our lives through their fake political machines
Soros knows (insider trading per wikileaks)
http://www.profitconfidential.com/stock-market/george-soros-betting-on-arch-coal-and-peabody-energy/
The “money” quote from the article:
“Undeniably, Yellen’s main accomplishment is that she primes the pump for Wall Street and the big banks so they can siphon off the accrued livelihood of the hoi polloi. All the while she mucks around with the lives of hundreds of millions of people in ways that only the most ardent of central planners could find pleasure slobbering over.”
Freakin’ criminal. Lock her up, too.
Without the fed’s money from thin air machine, they couldnt wage endless wars
This guy makes the connections between taking money from Saudis and Qatar, ISIS, war on syria, Turkey and the whole mess:
https://twitter.com/hectormorenco
Hitlery didnt make up the lie about a video causing Benghazi for kicks. It was to cover up the smuggling operation she authorized, approved by Obama to wage war on Syria, all for her benefactors the House of Saud and Qatar, who funded her political campaign
Obama, Hillary and the rest just might find themselves full time residents at Guantanamo for the rest of their pathetic lives for this. Ironic, and fitting
From EndtheFed.org website:
The Federal Reserve, “the Fed”, is the central bank of the United States of America that was created in 1913 by Congress. It is a banking cartel that has a government-granted monopoly on the creation of money and credit. The Fed literally loans “money” (Federal Reserve Notes) into existence. Federal Reserve Notes are paper promises backed by nothing of intrinsic value and they are only functioning as money because the government forces them on the public through legal tender laws. Federal Reserve Notes are referred to as dollars but are not. The definition of a dollar is a weight of silver (371 grains). To put it simply, the Fed is a group of banks running a national counterfeiting operation with the protection of the government.
The French sheeple voted for globalist water carriers, i.e. the captured Establishment parties. Now they’re getting what they voted for.
http://www.breitbart.com/london/2016/10/30/hundreds-of-migrants-pitch-tents-on-paris-streets-as-calais-camp-shuts/