Williamsburg the new epicenter of the housing crisis

Bjw care to counter this article? Or are you too busy avoiding stray bullets and machete gangs on your way to the subway?

Thanks for this link. Just refreshing to read an unbiased piece of RE. I am an RE bear but the end of the article shows how this mess will end. Developers will price units more in line with incomes and maybe erect buildings without all these annoying amenities nobody uses. Heading for a big fall: the appropriately named Edge. This mini-window buying splurge is over and panic is going to set in for those who have not unloaded their bloated inventory. This autumn will be very interesting.

petrfitz, I love you harp on those poorly-conceived notions, but you do realize nothing is nearly as bad as Pitt St, right? I hate to knock anything too much, but it's just miserable over there, and yet you champion it as the greatest investment! Amazing stuff, really.

cfranch, I thought it was a good piece, but I wouldn't go so far as to say it's "unbiased." There's a bit of sensationalizing going on (unless you think calling a new condo building a "sarcophagus" isn't trying to play that angle up a bit). I have no idea what will happen with the Edge, but I see their angle is to wait things out as long as possible: construction is still going on, but they're taking their time, which is arguably a good thing. Whether this strategy pays off for them is much less clear, but I've always been wary of those towers. They tried to bite off more than anyone could chew, I think. It will be interesting though, that's for sure.

perfitz... you still haven't answered about your own "investment".

The property purchase you bragged about - Lake Las Vegas - is now noted at the epicenter of the NATIONAL housing crisis.

How did you screw that one up so bad?

You never responded.

It's sad to think that Williamsburgh might go the way of the Lower East Side ... oh well, I guess hideous slums were never meant to be good investments.

NYC I bought that property 1.5 years ago in cash. Got 60% off asking as developer needed money. Also got another 100k in upgrades for free. 4 houses on ny block with less amenities have sold in the past 3 months for 300k above my price. I have also rented the place and used it fir business purposes

I am significantly ahead on this deal

NYC how much money have you made renting?

Alanhart you mean that w burg will become a treasured place on the Historic Trust for it's important architecture and culture like the LES?

Bjw admit it you bought the wrong thing in the wrong place at the wrong time

BJ Wrong

petrfitz, you mean how the LES has NO landmarked areas, yet Williamsburg is about to get one? Frankly you don't know the first thing about my place, so please stop worrying about it. I'm not sure if it's your intention, but your whole raving persona on this board is a bit of a joke. Good luck either way.

Bjw = bought a crappy glass condo made of ticky tacky just like all the other glass condos at the top of the market in the epicenter of the housing crisis in the middle of gang wars. Oh yeah paid top dollar for high end appliances that will no longer be when you try to sell it

the LES was just down zoned by half basically limiting it's buildable inventory to what's there now was also put in the National Historic Trust. Oh yeah it's also in Manhattan

You guys sound like two idiots debating who's dating the prettier fat chick.

"Oh yeah it's also in Manhattan"

So is Pike St, and Pitt St, and Times Sq, and Inwood (which I kind of like actually). What's your point?

West34, what's wrong with pretty fat chicks? Seriously though, thanks for the helpful input.

All those areas are a better investment than Williamsburg

> NYC how much money have you made renting?

I didn't make money renting (unless you count the tons of money I made while renting)...

But I saved hundreds of thousands. Lower carrying costs, and that little thing of a 20% loss leveraged into 100% if it was 20% down.

I'm miles and miles aheads of you!

> All those areas are a better investment than Williamsburg

All by far better investments than Lake Las Vegas. Sucker!

> Oh yeah it's also in Manhattan

So is Spanish Harlem...

> Bjw admit it you bought the wrong thing in the wrong place at the wrong time

You first, Perfitz!

Or how about you just admitting you were 100% wrong abotu Manhattan RE. 15% up!??!

Sucker!

NYC I said manhattan RE up 10-15% yoy by this fall. Think I will be correct

> NYC I said manhattan RE up 10-15% yoy by this fall

Wow, trying to lie your way out of this one...

Actually, you said it last january for last fall. You're about 40% off and counting!

Sucker!

nyc10022, don't even bother - petrfitz is, as you know, a farce. Best to let him wallow in his own delusions.

But I do so enjoy pointing out his funnier delusions whenever he comes around.

He doesn't quite get that he's the running joke.

Petrfitz - looks like your Lake Las Vegas pad is slowly sinking into oblivion - pretty smart investment! Looks like you've been clowned, moron.

"The Falls and Reflection Bay golf courses are closed. Carmel Land & Cattle Co., which holds a $28 million note on Reflection Bay, plans to foreclose on the property. It's uncertain whether the course would be reopened or sold for future development.

Owners of the Ritz-Carlton, one of two premier hotels at Lake Las Vegas, filed for Chapter 11 bankruptcy. And like other places that got caught in the housing bubble, Lake Las Vegas has been plagued by foreclosures and falling property values."

http://www.lvrj.com/business/50575237.html

Petrfitz: "I have already bought close to 50% off last years market - $1.4 for a $2million property with all upgrades thrown in on top."

Fuzzy math - 600K off of a $2MM property becomes "60% off", according to Petrfitz - this alone shows you are a COMPLETE LIAR, dude. I'm no genius, but it seems to me it was really 30% off, not 60%.

http://www.streeteasy.com/nyc/talk/discussion/4336-challenge-nyc-real-estate-as-an-investment-today

If you wasted over a million bucks on a rapidly depreciating property in a bankrupt development sitting next to a soon to be dry lakebed in the middle of the desert, you'd lie about it too.

lol.

true dat.

No, not quite true dat -- not soon anyway.

Before it becomes a dry lakebed, it becomes a gigantic desert-mosquito breeding pond. Then the mosquitoes fly from green pool* to green pool repeating the dirty deed.

The lying, though, yes.

* a green pool is an abandoned, unfiltered, unchlorinated, undrained swimming pool in a place like Las Vegas. Mosquitoes have a quarter-mile range.

Amazing how fucked we are as a country while Wall Street and Corporate America has decimated our manufacturing base and outsourced our jobs oversea for at least 20 years......now we have a phony economy, we couldn't finance a lemonade stand never mind the massive debt we are accumulating. The irony of building all these condos on the very land that housed our factories and Americans industrial might is pretty sobering. I just finished redecorating my Condo and was appalled that everything I brought was made in China down to my BOSE sound system and video surveillance system at my business. Long Island City, Greenpoint and Williamsburg was booming manufacturing neighborhoods back in the day. Now we creat leverage and Ponzi economies based on credit and housing bubble.........

This thread is hilarious.