43 replies to this topic

[adctvmonkey]

lol to PeninsulaKiddo concerning Maggie Moos.

and theres always a constant threat in everything.

Edited by adctvmonkey, 08 July 2007 - 09:22 PM.

[Telmnstr]

It will take a long time to play out, in terms of price corrections. Someone I know, a relative of his had a place for sale. Bought for $89K  2 years ago, wanted to sell for $160K now. Found *ONE* fool willing to buy, but they wanted it for $150K. Since they had *0* money, they needed all closing costs paid. Seller said, "I'm not going to get scammed into selling it for too little" and wouldn't agree to cover the closing costs (since they had 0 money) and pulled it off the market. Rinse and repeat, this type of stuff is going on all over. All it takes is a slowdown in employment (aka, anything real estate related) to send a bunch of these people on the edge into trouble. Lots of Americans live paycheck to paycheck, I'm only now getting to the point where I'm not, and I have nearly zero debt, crappy rent, and according to stats make more than the average household in the region.

Speaking of that. Stupid landlord harassing me again. I live in downtown Norfolk, the so called walk friendly place. I rent a two bedroom apartment, pay a huge amount... and have two vehicles. A-Hole property mgmt company gave me 4 day notice that I have to have my 2nd vehicle removed, since it's not driven every day. Well guess what, a few weeks ago I started walking to work, so my car isn't driven either. Evidentially there is some sort of issue with cars being in the apartment building's parking lot during the day...

Of course, this is the same property managemnt company that when I said that 3 of the 4 dryers in the building wouldn't dry a load of clothes, the head guy replies, "I don't see an issue, they are profitable." The company is owned by old Norfolk money, and the guy who runs it (not the owners) has some sorta odd trump wanna-be attitude.

I figured it out. Hampton Roads is so transient, many of the property management companies -- especially the well established ones, just figure they can act like slime to everyone and there will always be new people lining up. Hint, It's not Crooke & Neff and not Meri-death Mgmt.

STAB STAB STAB. All I want is to be left alone. I pay these P!@#$cks a ton of money, get crappy service... and there isn't really a good place to turn.

But at last, I get to grin at the growing vacancies at their properties.

Seriously guys, the USA is in for a major correction. You just can't have home prices so far out of line with prices. Over the past few years lenders have been handing out cash to anyone, because they don't hang onto the loans. So all these people, with 0 down, have been buying properties they won't be able to afford in the short future. Value declines aren't going to help.

Check out craigslist, go to real estate, and search for the following terms:
"under assessment"

Nothing like people trying to sell their places at $30K below city assessment.

[Padman]

I really don't know how to respond to this theme of yours Tel, but I don't think it's so far from being a strong possibility.  It's a hard world, and with few barriers to entry, real estate has more than its share of fools and sharks.  It's almost as bad as show biz, gambling and the stock market.  Anyway, looking at thuings globally, I think that real estate should hold it's own over the long run, maybe being stagnant for the short term.  With costs of energy rising, national debt soaring, and a need to maintain global hegemony and somehow address general health care issues, wages must rise while currency must continue to decrease in value.  It ain't a pretty picture and a few empty condos for a while don't matter that much overall.

[Telmnstr]

Padman, on Jul 10 2007, 08:11 AM, said:

I really don't know how to respond to this theme of yours Tel, but I don't think it's so far from being a strong possibility.  It's a hard world, and with few barriers to entry, real estate has more than its share of fools and sharks.  It's almost as bad as show biz, gambling and the stock market.  Anyway, looking at thuings globally, I think that real estate should hold it's own over the long run, maybe being stagnant for the short term.  With costs of energy rising, national debt soaring, and a need to maintain global hegemony and somehow address general health care issues, wages must rise while currency must continue to decrease in value.  It ain't a pretty picture and a few empty condos for a while don't matter that much overall.

Yea , real estate is a joke. Really, the MLS (REIN) is the main thing they have. As time moves on, I think we will see realtors go the way of travel agents. With the internet and business optimization, there is no need for realtors. In other markets there are things spinning up, and realtors whining, like RedFin. But elimination of middlemen is good for the buyer, and seller. Sure they might have tips, but realtors are odd. Stock brokers can't garantee returns without loosing license and what not, but realtors and their associations do.

As far as global, I've thought about it a bit. I've read Friedman's Flat Earth. In the end, the USA doesn't really have to rise. Other countries will innovate more, have educated populations, and might be less burdened when it comes to things like patent laws and lawsuits.

Maybe America has run it's course? The wealthy can pack up and move, like they did with many of the better jobs.

A quick search shows increasing poverty in the USA:

# In 2005, the most recent year for which data is available, approximately 38 million people were eligible to participate in the Food Stamp Program. About 65 percent of these actually participated, a rate that has increased by 16 percent since 2007

# In 2006, an average of 26.7 million people used food stamps each month-about 1 million additional people per month compared to 2005.

I'm told locally that, for instance, Norfolk public schools year after year increases the number of students eligable for reduced/free lunch. That's pretty frigging messed up.

The people that make the money are too busy working to pay for the lifestyle, while the poor and bored are getting it on. Of course, the ideal situation would be for the uneducated, unwealthy not to breed.... but nothing is going to stop that.

I think tupac said it best in "Changes..." Instead of a war on drugs how about a war on poverty.

Sage Francis? The rich get richer till the poor get educated!

At least we have the internet, where truth and hype can persist.