Hey Bears, Better Get Off your Butts and Buy RE Before the Foreigners Buy Them!

Bying condos in forecloure-ridden over-built Miami, what a great idea! What could possibly go wrong?

let me get my sombrero

The Koreans are buying condos in bulk again in Edgewater, NJ. The weakness in the dollar might be a reason why the foreigners are starting to grab them again.

I would never join an investment group that buy condos in bulk. First off, how do you get your money out if you need it? And second off, what if I'm an ivestor and I disapprove of buying a certain condo? DO the investors vote?

how about an investment group to buy minivans?

wow... carolst... u sell in edgewater too?

I hear Honda minivans hold their value the best.... except in snow....

My favorite condo complex in Edgewater is City Place. Can't beat being directly next door to the EPA superfund!

hey, I'm supposed to be the SE racist. How dare you try to compete with me steve. I'm going to come to your apt. right now steve and teach you and your honky ass a lesson!

Luck would have it

I remember back when the Japanese bought Rock Center and there were indignant articles about "Japanese buying NY Landmarks, what should we do about it" and then someone wrote a piece like "Smart NYers unload trophy properties to unwitting Japanese at hugely inflated prices".

Guess who was right?

but look at the drop in the bucket:

"initially purchase approximately $100 million worth of new condominium units in New York and Miami on behalf of investors located in Latin America, Europe, and Asia," what do you think that is? 100 units? Like that's some HUGE amount?

In Miami it might make sense: those prices have dropped hugely. In New York, not so much.

I don't know if I agree with that. Florida's foreclosure rate is still one of the highest in the country. Plus, after Claifornia, Florida has the second largest number of Option ARMS (10%) that are due to reset soon. So there is still room for large price declines there.

Exactly! As a foreign investor, i'd buy in cities where prices have dropped the most, not the least.

Hm. I was of the impression that something like 50% of ARMs still outstanding are in Florida and California, but in any event, notices of default are up but foreclosures aren't happening en masse yet.

REO is right though: 100 units isn't really that many. My building alone has over 300 units, just to put it in perspective.

Interesting - would a fund that buys condos in bulk have to have a certain amount of cash to burn on vacancies, finders' fees, advertising and other costs of carrying the properties? I'm wondering if those funds borrow money, or if it's an all-cash pool? Any finance people here have any insights?

About which markets, listen, if you had the cash to solve all of a Jersey City or Harlem condo developer's anxieties with the stroke of one pen on a few checks at one closing, don't you think you'd be pushing the envelope right down to where the price makes it worthwhile? There's a price for everything.

"Hm. I was of the impression that something like 50% of ARMs still outstanding are in Florida and California, but in any event, notices of default are up but foreclosures aren't happening en masse yet."

70% of all Option ARMs are in California and Florida, with 60% in California alone. So I would certainyl avoid buying in these 2 states.

"Exactly! As a foreign investor, i'd buy in cities where prices have dropped the most, not the least."

The problem is that the cities with the largest price drops are POOR investments for 2 reasons:

1. They have no economy (Detroit, Ohio, Indiana)

2. There is still the potential for even more price drops as CA and FL have 70% of all the Option ARMs set to re-set.

So if I was an investor, I would be looking to buy in areas with strong economies with less potential for huge price drops, even though prices as of now have not dropped that much, such as Dallas, the D.C. area, Seattle, etc. The local economy should always trump how much prices have declined.

I thought most Bodegas are Hispanic. I don't remember seeing too many Korean bodegas when I lived on the LES. They were all Puerto Rican.

stevejhx, I don't know your history with Esuecho, but people say silly things, even racist and offensive things on occasion. No one is perfect.
Just acknowledge what you said as offensive, apologize sincerely, promise to be a bit more thoughtful, and then move on, and people will be cool with you. Justification of the original offense, changing subject, etc., BS like "my best friend is Korean" (whether true or not is not a defense against racism), that is all ok when you want to get into another real estate economics fight or political argument, etc.. But this was offensive and thoughtless, uncalled for and off-subject to a real estate board. So be a bit more thoughtful with an apology, and we'll be ok.
Try it.
Resist the urge to attack me, or to deny your offense.
Try the apology. Be sincere.

No problemo. I'm always glad to help.

And for the other bilinguals, trilinguals, and quadrilinguals out there who are accused of racism, let me specify: I eat rabbit, pero no me gusta el conejo.

Alpine - do you own in the city? Just wondering when you are buying your apartment. Is there a reason you don't own in NYC? I know you own in NJ - not the same thing. What are you waiting for? Will you never be able to afford it? I would assume you'd like prices to decline as well so you can purchase too. What's your story - or are you just another broker?

"Will you never be able to afford it?"

Great, here we go again. First off, I have already owned in Manahttan for 13 years, so I can afford it. Am I planning on buying? Most likely no. I'm considering a move to D.C. i the not too distant future. And no, I'm not moving to D.C. because I can't afford Manhattan, as some parts of D.C. cost almost just as much as Manhattan does.

Alpine owns a house in NJ. He hasn't able to sell it, so is renting it out. He says he currently rents an apartment in Manhattan, but may move to DC as he says above.

So why is he such a relentless cheerleader for NY real estate? As far as I can tell, either because he thinks it will help him sell his house in NJ, or he's a broker in NYC, or both.

In any event, he makes everyone else look so smart, doesn't he?

Alpie rents in Hells Kitchen.

alpine: "foreign buyers" was just one of many reasons brokers urged ny'ers to "buy now or forever be priced out" in this article from the wholly owned subsidiary of the real estate industry(ny times):

http://www.nytimes.com/2007/08/19/realestate/19cov.html

love the timing here-august 2007. let's see if you followed the "experts" advice, spent 2 months finding a place and 3 months to close that makes you an owner Q1 2008, the top of the market. now we have nearly the exact same article in today's NYT all but declaring the bottom is in. more suckers will swallow this whole and still pay overinflated prices.

Mr. Steven Hanley:

Your comments about Koreans and Korean Americans are racist and offensive to many. Additionally you have made no attempt to be anonymous on Streeteasy.com. Therefore it seems likely that you are actively and intentionally looking to have your negative views about Koreans known and to stand by them.

You are not anonymous and more than your name and photo on face book are available to the public in addition to the information you have stated on Streeteasy.com. You have been given the opportunity by a few other participants to retract your comments and have arrogantly chosen not to do so. This verifies your intentions and beliefs. If you continue in offending people of Korean ancestry we will take all actions against you. Consider this your only warning.

stevejhx is Steven Hanley?

Kao, Steve has never tried to be anonymous on this board. That takes guts. What's your real-life identity, as you threaten Steve like some gutter thug?

so Steve is bald? Ok, Steve definitely looks nothing like I pictured he did.

Huh. Never tried looking him up beyond the book he wrote, on Amazon. Honestly, not that curious.

From cats to dogs.
Seriously, w67 there IS a difference between a fight between two people calling each other names and one person just making a general statement against people of a given nationality.
And just because it might be true (so take your example of an actual time when you were offered dog) does not mean that the broad statements aren't intended to offend.
My perspective is thisYou think real estate is going down? Great, tell us. You have 10 reasons to support it, great, tell us. You think the opposite, great tell us. You have a tip on how to get a good deal or how to avoid a mistake, definitely tell us. You have a point of view opposite to someone else, great, tell us why.
The rest, do we need it?
...for more discussion, watch this http://www.youtube.com/watch?v=0qINiw6ub5U

You have got to love this...
We spend all this time bickering and sniping at each other...like an on line community or, a family.
Get too personal or threaten and we circle the wagons.

that's what I'm talking about!
Bravo

I have been in the re business for about 30 years-what a humorless bunch! So I really appreciate the humor on this board. I know I dont need to ask, but please dont stop.

w67th, veiled threats against Steve, nice, NICE. sorry to plagarize. one step further and those threats come close to assault. nice, NICE.

falco, we may be a family, but we're a little big edgier than some, and a bit less tolerant of uncle alpie (although he is OUR uncle alpie). but, yes, bravo.

maleprop, we've f'ng discussed the hell out of the real estate market, and we'll continue to do so. but if you've been here for awhile, you'd know exactly what this thread would entail by it's title and it's author, and what some other threads would by their titles and authors (although there are always surprises, and some tendencies,although they might meet your particular real estate needs). feel free to put anyone you'd like on ignore. and feel free to ask a question about any property and you'll likely get an in-depth analysis of comps, neighborhood, etc. Every thread can't and shouldn't be all things to you.

> First off, I have already owned in Manahttan for 13 years, so I can afford it.

We talked about this... you owned a $2500 subsidized co-op.

You moved to Jersey (and now DC) because you can't afford manhattan unsubsidized.

aboutready: maleprop, we've f'ng discussed the hell out of the real estate market,

you're a sassy one, aren't you?

yes, indeed.

Oh great, more hate
Koreans now. Cats for dinner (but he didn't say eat them, just raise them for dinner - maybe as dinner companions?)
W67thStreet up a notch. But not yet about locking Jews and Muslims in a room to kill themselves for your amusement. That was what you talked about this weekend right? It was deleted right? Is it ok to hate if you say homiez? That makes ik ok. You didn't really mean it, you are one of us, homie. We are together against the man at Harvard and Goldman and 740 Park Avenue, right homie? peace

Ah yes, kao - good idea! Threats on the Internet! That takes about 5 minutes to figure out where you're from and who you are!

This did not need to happen. There was no need for the original racism, no need for the silence by so many that indicated acceptance, no need for the escalation, no need for the lack of apology and the justification, no need for warnings, no need for retaliation, no need for a complete failure to understand how this could be sensitive and pouring salt on wounds. The silence by so many is just as bad as the original acts.

clintonb, in terms of relative heinousness, this isn't really so huge. some criticized, some disagreed, and some who have history here may have read comments differently than others. i'm a friggin' activist, generally, and i'm not sure i get the furor here. people on fox regularly publically air more offensive material.

and threats, btw, that involve violence are assault. there's a fine line.

So I still don't know: what are the Koreans going to do with all those bulk condos? Raise cats for dinner?

http://www.care2.com/c2c/groups/disc.html?gpp=12589&pst=1180194

"You moved to Jersey (and now DC) because you can't afford manhattan unsubsidized."

You idiot. I currently live in Manhattan UNSUBSIDIZED. No rent control. No rent stabalization. NOTHING.

If it takes a bit more aggressiveness to keep jobs, people, land and our resources in New York, everyone here should be part of that effort.

nextfsky... you are spinning me... it was a hyperbole to point out the utter hate on the extremes on both sides. The point being we are at an amazing time to create "peace" in the middle east. Did you see lebanon? That came out of left field... the middle east is jonzing for peace...

down or up after that.. oh and I took the cat our of the pot and put in my friend's pet chicken... allz rightz in the world... eat chicken not cat.... got it got it...