Real Estate Crash thread

[LeeLau]

No problem 4matic. It was getting a bit like Raging Bull or Yahoo Finance.

[LeeLau]

Benny - Yves Smith is insightful and backs up what she has to say. You just put up headlines and go See? See?? There is no comparison. I'm probably even more bearish than you and even then, your schtick is puerile and tiresome.

[Benny Profane]

Benny - Yves Smith is insightful and backs up what she has to say. You just put up headlines and go See? See?? There is no comparison. I'm probably even more bearish than you and even then, your schtick is puerile and tiresome.

A decade long asset crash can be depressing. I'll send you pictures of my neice's pet unicorn if it'll make you feel better.

[LeeLau]

Benny - i know you get off on being a douche but what is the attraction in also being stupid? What are you trying to prove to a bunch of people who don't know you and probably care so little about you that they wouldn't cross the street to piss on you if you caught fire? How about some independent analysis? Anecdotal vignettes from cherrypicked media doesn't count as analysis no matter what you might think?

[skiballs]

Benny - i know you get off on being a douche but what is the attraction in also being stupid? What are you trying to prove to a bunch of people who don't know you and probably care so little about you that they wouldn't cross the street to piss on you if you caught fire.

I'd piss on benny if he were sitting next to me in a hot tub.

[Benny Profane]

Benny - i know you get off on being a douche but what is the attraction in also being stupid? What are you trying to prove to a bunch of people who don't know you and probably care so little about you that they wouldn't cross the street to piss on you if you caught fire? How about some independent analysis? Anecdotal vignettes from cherrypicked media doesn't count as analysis no matter what you might think?

Welcome to my ignore list, shithead. May you lose your job and allyour investments tank.

[LeeLau]

Welcome to my ignore list, shithead. May you lose your job and allyour investments tank.

Oh Benny. Taking things so personally. Perhaps I could fire myself and my investments tank but I could always make it back. You on the other hand will always be stupid.

[cramer]

Van would be THE mildest climate in Canada that is not in the US so people coming there from SE asia like it ,the bedroom community of richmond probably has more asians than non I have been in schools where there were 30 asian kids and 3 white kids , 3 ski hills on the north shore which was also the birthplace of freeride biking ,whistler is only 2 hrs away , right on the occean , vancover sponsored a sucessful olympics which drove 2bil in spending for the big party

lots of reasons but at the root of it all mostly people wana be there ,even after the last big cluster fuck y'all created which would be the great american recession of 2008 ,even tho canada is tied to your economy Vancover buyers were in bidding wars on RE

Me I am from Van and for the last 15yrs I tend to be far from Vancover , I only go there when I have to ,nowdays if I lived down there ... I would need to get a job

Thanks for the insight. You bring up some great points. I guess climate is probably the number one decision on where i base my decision to live. second being jobs. I grew up in Vancouver, WA and migrated south at about 23 years old. I couldn't imagine moving back to that much cold and rain. I can only assume vancouver BC is colder but probably gets alot more snow, which i would rather have than rain. Either way, sounds like a good place to live. I've only been up there a couple times. I was just curious on the draw to the area. Which are pretty much the same reason i live where i do. Good skiiing a couple hours away, the beach is right here and alot of jobs. Sounds like the cities are alot alike. That would probably explain the big asian population here. (fillipino's)

[cramer]

Welcome to my ignore list, shithead. May you lose your job and allyour investments tank.

oh geez, grab a beer and chill out. You got out shit-talked today, you'll get him next time, hehe. Sheesh. What fun is a thread without a page of dick swinging every couple of weeks. You'll get over it, i assure you.

[LeeLau]

Thanks for the insight. You bring up some great points. I guess climate is probably the number one decision on where i base my decision to live. second being jobs. I grew up in Vancouver, WA and migrated south at about 23 years old. I couldn't imagine moving back to that much cold and rain. I can only assume vancouver BC is colder but probably gets alot more snow, which i would rather have than rain. Either way, sounds like a good place to live. I've only been up there a couple times. I was just curious on the draw to the area. Which are pretty much the same reason i live where i do. Good skiiing a couple hours away, the beach is right here and alot of jobs. Sounds like the cities are alot alike. That would probably explain the big asian population here. (fillipino's)

There's one other reason. Canada has an immigrant investor program where an immigrant can invest a certain amount of money to buy a business which employs locals and gets landing papers in Canada. It's a way to jump the queue but is meant to be economically stimulative. Many Chinese look on property in Canada and the prospect of being able to easily get Canadian papers as an exit-strategy in case the PRC government does something stupid. I'm not aware that the US has a similar program.

[cramer]

There's one other reason. Canada has an immigrant investor program where an immigrant can invest a certain amount of money to buy a business which employs locals and gets landing papers in Canada. It's a way to jump the queue but is meant to be economically stimulative. Many Chinese look on property in Canada and the prospect of being able to easily get Canadian papers as an exit-strategy in case the PRC government does something stupid. I'm not aware that the US has a similar program.

US has the same thing. EB-5 visa per a quick google. Not sure if its as good of a program but there is the same type of deal out there.

With that said, its hard to get into the US these days. My wifes got family in the phillipines who have been trying for years. They cant even get visitor visa's. Canada may be more lax in that area as well.

[XXX-er]

also canada is a good relatively cheap place to send the kids to uni for cheap if you are a landed immigrant

Van is wet but not cold like the interiour of BC due to the pineapple express from Hawaii and when it snows a couple of times a year the city just shuts down till the rain washes it away

actualy the coast is pretty mild all the way up to prince rupert and up the panhandle into AK

[cramer]

also canada is a good relatively cheap place to send the kids to uni for cheap if you are a landed immigrant

Van is wet but not cold like the interiour of BC due to the pineapple express from Hawaii and when it snows a couple of times a year the city just shuts down till the rain washes it away

actualy the coast is pretty mild all the way up to prince rupert and up the panhandle into AK

ahh ok. So its alot like wa state's climate.

[iceman]

oh geez, grab a beer and chill out. You got out shit-talked today, you'll get him next time, hehe. Sheesh. What fun is a thread without a page of dick swinging every couple of weeks. You'll get over it, i assure you.

heh, somebody gets it. Nice work.

[Benny Profane]

For the record, the cross the street to piss on me part crossed the line.

[cramer]

For the record, the cross the street to piss on me part crossed the line.

hehe, like i said, he won the shit talking war this time. Next time shit on his mom's grave or something. Or go club a deer or whatever the hell iceman clubbed with a sledge hammer, lol. (is that in hall of fame or can someone bump, i need a good laugh again) That should let some aggression out.

Back on topic. My house dropped 4500K this month per zillow, FML. As for you zillow naysayers, if you have online banking with bofa, they have it integrated now with your portfolio. With that said, my buddy just did a refy with the bank and zillow price and their price wasnt the same. So the naysayers are right.

[Benny Profane]

Damn right.

[iceman]

I thought when the guy said he'd piss on you if he was sitting next to you in a hot tub was pretty good. I mean, he'd have to piss on himself at the same time, right? And it wouldn't really get on you, it would just float around and everybody would be sitting in piss soup. It shows the depth of his hatred for you and the heights of dumbassery all at once.

[cramer]

I thought when the guy said he'd piss on you if he was sitting next to you in a hot tub was pretty good. I mean, he'd have to piss on himself at the same time, right? And it wouldn't really get on you, it would just float around and everybody would be sitting in piss soup. It shows the depth of his hatred for you and the heights of dumbassery all at once.

hehe, we need a stoke the fire smiley

Ill have to create one. Ive got a good beat the dead horse the admin can upload.

[XXX-er]

yeah a couple of years ago in the summer we bike toured/rode the ferries up to the alaskan state capitol (the name of which I forget) mostly cuz it was cheap and close by on the spur of the moment AND it rained like a mofo for 2 weeks BUT the temp was a steady/balmy 15degrees the whole time, the north cali/oregon coast was WAY colder IME ... still I can bring up the alaskan trip and thro the whole experiance in the GF's face ,in vue of that this time she is not taking a chance on the weatehr ...this time she is taking me to cuba

It would appear that rather pedantic lawyer whopped some ass again ??

[mock vomit]

...What are you trying to prove to a bunch of people who don't know you and probably care so little about you that they wouldn't cross the street to piss on you if you caught fire? ...

First, for the record... I'd piss on Benny were he on fire.

Next, a disclosure that my "vantage point" on this RE meltdown has changed... for the better IMHO;

-Closed on the sale of my residence Feb 11th, 2011... had to accept $115,000 below my initial asking, but due to multiple offers sold close to my asking price at the time of the offer. At one point calculated I had over $300K in equity but post value drop/taxes due/kids student loan payoffs/divorce attorney's/divorce split... I'll be lucky to see 5 figures of equity eventually...

-Submitted resignation letter to RE/MAX after 26+ year RE career effective Feb 1st, 2011... Not certain what I'll do for short term yet... but bartending has always been my "dream job" and think it would be decent option for this point in my life.

-Was readmitted to University and will take next 3 years to finish my undergraduate business degree... and having lots of fun along the way!

-Now splitting time working on projects on best friends place and chillaxing... but will pursue that bartending option as Fall 2011 classes approach.

So... with all that said, I'm TOTALLY still a Bear on real estate personally. I see minimum 10% further drop, with 20%-25% possible. As long as you have a SOLID job, and don't think you'll be forced to sell (divorce/layoff/etc) in next 5 or 10 years, you could do OK. Otherwise, it might be a total shitshow to buy now... you've been warned!

Carry on.

[Edited while sober for clarity ]

[liv2ski]

. but post value drop/taxes due/kids student loan payoffs/divorce attorney's/divorce split... I'll be lucky to see 5 figures of equity eventually...

-Submitted resignation letter to RE/MAX after 26+ year RE career effective Feb 1st, 2011... Not certain what I'll do for short term yet... but thinking bartending would be decent option

-Was readmitted to University and plan fun times over next 3 years to finish my undergraduate business degree.

So... with all that said, I'm still a Bear on real estate personally. I see minimum 10% further drop, with 20%-25% possible. As long as you have a SOLID job, and don't think you'll be forced to sell (divorce/layoff/etc) in next 5 or 10 years, it might be a total shitshow to buy now.

Carry on.

Damn MV, I am very sorry to read the above shit fell on you. I thought I hadn't seen many posts from you for awhile. To me, it shows how tough the market is when a guy with 20+ years says no more. As many of you know, I work for a bank as a wholesale Acct Exec. From our production and talking to AE's at other companies, for
the last three months, business is maybe 50% of what it was prior to rates just going up .50%_.75%. That is a huge decline based on a small increase IMO. I am certain that the numbers for the first quarter are going to be pretty bleak in CA.
With the election cycle getting ready to start this summer, I am skeptically awaiting the governments next big bale out of housing, so Obummer can keep his job. I guess I am just getting old, but honestly at no time in my life do I remember reading of so many challenges to all of us. There is so much shit brewing out there, I just don't know how we can work through it all without a lot of pain to the average Joe. It is turning me into a socialist

[Eldo]

Wondered where talkative Tim had got to.

Tough stuff, dood, but sounds like you're making a fresh start. Congrats, stay positive, and get back to living.

[mock vomit]

Thanks for the thoughts Dudes... but I'm doing AWESOME!

I was in real estate full time since I was 21 (26 years), SOOOO happy now to be heading off another direction. I have too many interests to do the same damn thing my whole freaking life... before now I had too many responsibilities and made too much money to make any changes.

I already had my 4 kids by the time I was 30, and don't feel like I got a chance to have that classic "me" time the first run thru... so I like to claim now that I'm regressing to live my 20's again.

[Eldo]

...I have too many interests to do the same damn thing my whole freaking life... before now I had too many responsibilities and made too much money to make any changes...

^^ This probably hits home for a lot of people. Enjoy your new path in life, but don't try and party like a 20-year-old again, it can't be done.