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where are all the idiots who made the 2007 doomsday predictions?!?

Started by malraux
almost 18 years ago
Posts: 809
Member since: Dec 2007
Discussion about
Remember? Dow below 11,000 by the end of 2007!! Housing market down 20%! - no - 30%! - no - 40%! - no - MORE! - by the end of 2007!!! The subprime/Alt-A debacle would tank the Manhattan real estate market FOR SURE in 2007!! A bad bonus season would tank the Manhattan real estate market FOR SURE in 2007!! High inventory would tank the Manhattan real estate market FOR SURE in 2007!! Manhattan real estate sellinmg for fifty cents on the dollar by 1 January 2008! It was ALL GONNA CRASH by the end of 2007!!!
Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

whine, whine, whine...

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

"1500 comments...wowsers. That's gotta be some kind of record."

Well, this is an awfully funny one. The title is basically perfect.

Amusingly, still folks to deny that people were this wrong back then... even while its in black and white.

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Response by malthus
about 16 years ago
Posts: 1333
Member since: Feb 2009

Definitely a time capsule to be shared in future books on manias and crashes, alongside internet stock chat boards from 1999-2001. Nobody knows when a bubble is going to burst, but it is hard to believe that people railed so hard against those who said that there was a bubble. The fact that it took longer to pop than many predicted has just made it that much more painful.

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

Agreed. And it serves two purposes.... to amuse some of us, and to show folks who - even a year later - are saying "nobody was really that dumb".

You would think folks don't need proof, but this is why history repeats itself. One claim made by someone on this board was "well, noone CREDIBLE said these things".

After all this time, and all these black and white posts..... you still have folks who think this never happened.

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Response by bjw2103
about 16 years ago
Posts: 6236
Member since: Jul 2007

"One claim made by someone on this board was "well, noone CREDIBLE said these things"."

Except that it's true. Unless you're calling spunky and petrfitz "credible." Now there's a stretch. People who pound their fists and only know how to argue one side of the coin lose credibility very quickly (and you should know).

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

> Except that it's true. Unless you're calling spunky and petrfitz "credible."

Took you only two minutes for another lie. You claiming spunky and perfitz were the only ones who denied the crash?

Thanks for the laugh.

Talk about making up a story!

> People who pound their fists and only know how to argue one side of the coin lose credibility very quickly
> (and you should know).

You may have just topped yourself for stupidest comment of the day.

So, one is more credible if they argue the WRONG side? if I said the market would go up, I'd be more credible!

Ha, now I get your motivations!

What a moron!

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

Now I get what all the stupidity was about in your posts.

It makes total sense now...

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

Although, if you really want to run with the argument that folks who denied the crash weren't credible....
That proves the bears right.

And the majority just painfully wrong.

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Response by bjw2103
about 16 years ago
Posts: 6236
Member since: Jul 2007

"You claiming spunky and perfitz were the only ones who denied the crash?"

Never said "only" - I just cited examples. Is that so hard to understand?

"So, one is more credible if they argue the WRONG side? if I said the market would go up, I'd be more credible!
Ha, now I get your motivations!
What a moron!"

No, again you don't understand basic English. You see things in such black-and-white, it's astounding. People who speak in extremes and yell, gesticulate, etc. (ie: you, petrfitz, etc.) lose credibility fast. Hopefully I don't have to explain that in even plainer terms to you.

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Response by bjw2103
about 16 years ago
Posts: 6236
Member since: Jul 2007

Don't you get tired of this "bull" vs "bear" garbage? Why are you here? To constantly seek that pat-on-the-back approval that your parents never gave you (even though you showed up late to the party)? It's perverse and juvenile. Really takes away from the usefulness of this board unfortunately.

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

> Never said "only" - I just cited examples. Is that so hard to understand?

Then tell us who else isn't "credible". Juiceman is clearly on record as denying the crash. So, per you, he's not credible, either. Or anyone else making similar claims.

So you're saying all the bulls aren't credible?

> People who speak in extremes and yell, gesticulate, etc. (ie: you, petrfitz, etc.) lose credibility fast.

No, people who are WRONG lose credibility fast.
Thats you, perfitz, spunky, SteveF.

Great company you keep!

> No, again you don't understand basic English

Yes, tell me oh genius who doesn't know what the word "peak" means. Or who contradicts himself over and over again. Or still doesn't understand "strawman argument", yet uses it daily. You are a moron parrot.

rotfl.

thanks for the chuckle

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

> Don't you get tired of this "bull" vs "bear" garbage?

Not at all... as long as not one bull has admitted they were wrong... and we still have morons like you denying the bulls ever existed.

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

> It's perverse and juvenile. Really takes away from the usefulness of this board unfortunately.

LMAO.

Hypocrite Hall Monitor, as always!

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

and all this coming from the guy who complained about insults!

I love it!

back to your medication, liar!

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

Almost forgot... LICcomment.... we adding him to your "not credible" list as well?

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

(this list is gonna get real long)

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Response by bjw2103
about 16 years ago
Posts: 6236
Member since: Jul 2007

"So you're saying all the bulls aren't credible?"

Nope, I'm saying anyone who said pricing would never come down wasn't (and isn't credible). JuiceMan is certainly not one of those.

"No, people who are WRONG lose credibility fast."

I should also add people who came to this board after prices started coming down and screaming "told you so!" ad nauseum (and still are). Shameless.

"Or still doesn't understand "strawman argument""

We'll never agree, but you clearly don't understand it.

"Not at all... as long as not one bull has admitted they were wrong."

I get it - you're a friggin crusader! Priceless. Fight on, brave soul; there's a pot of gold at the end of the rainbow for you, I promise.

"Almost forgot... LICcomment.... we adding him to your "not credible" list as well?"

Sure, oh mighty crusader.

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

> I should also add people who came to this board after prices started coming down and screaming "told you so!"

Sounds like, once again, you're just pissed at the people who were right!

Only in your moronic bubble of denial does being wrong offer any credibility.

> We'll never agree, but you clearly don't understand it.

You can say it over and over again, but you're already proven you don't....

> I get it - you're a friggin crusader!

Wait, let me get this straight... from the guy who annointed himself as hall monitor!

rotfl.

i love it!

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

> Nope, I'm saying anyone who said pricing would never come down wasn't (and isn't credible).

And I love your moronic logic.

"noone credible said XXX".... and then you go on to define anyone who said "XXX" as not credible. Talk about circular logic!

You've said some stupid, stupid things, but this might just take the cake.

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

I also love how bjw thinks he is ANY judge of credibility...

lmao

talk about delusional.

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Response by bjw2103
about 16 years ago
Posts: 6236
Member since: Jul 2007

"Sounds like, once again, you're just pissed at the people who were right!"

I'd hardly call predicting the Red Sox would win the World Series in 2004 one year after the fact being "right." And that's exactly what you're taking credit for. Move on, get over it, it'll be ok. You can live without the false accolades.

"from the guy who annointed himself as hall monitor!"

More lying? Amazing. I love it! EddieWilson, you're always good for laughs.

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

wow, two lies from you in just one post!

keep trollin' dude.

Sorry you made a mistake, but lashing out at those who told you so won't fix it.

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Response by nyc10022
about 16 years ago
Posts: 9868
Member since: Aug 2008

> I'd hardly call predicting the Red Sox would win the World Series in 2004 one year after the fact
> being "right."

And the by far funniest part about this is.... bjw was still arguing about the decline numbers way after the predictions! but, of course, now the story changes and everyone already knew.

Or maybe bjw is finally just admitting he has no credibility.

One way or another, the hypocrisy is pretty funny.

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Response by stevejhx
about 14 years ago
Posts: 12656
Member since: Feb 2008

Since Juicy has such a short memory, I thought I'd revive this 2007 Classic.

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Response by jason10006
about 14 years ago
Posts: 5257
Member since: Jan 2009

buy now...

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Response by eliz181144
about 14 years ago
Posts: 211
Member since: May 2009

This is such an interesting conversation for me because in 2007 we sold a place in the Village (mine) and rented my husbands. We purchased a place on 157/Broadway mostly to accommodate a growing family and because it's so much cheaper. Out renter rents out place on Bank ST. for 3500 and that alone pays our mortgage and maintenance. She has spent, to our estimation $168,000. To us that's insane given that she makes, all in, just under $110k. And her rent, in GV terms is cheap. Also, she is a great tenant so we have never raiser her rent. And for this, she owns nothing. Nor does she seem to invest in some sophisticated way that leads us to believe she is raking it in via stock market. Imagine she is very indicative of average NYC. It seems all very "it's fine 'till it's not" mentality. More than who might have purchased at the top this scares me most about NYC real estate. If there is mass job loss I see a lot of people exiting the city. Buyers, to me, are the least of our worries.

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Response by matsonjones
about 14 years ago
Posts: 1183
Member since: Feb 2007

This is an epic thread!

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Response by stevejhx
about 14 years ago
Posts: 12656
Member since: Feb 2008

It does include some Bubble Classics, matso.

Of course the idiots on the other side say we were wrong because the crash didn't start till 2008. WRONG. The crash started with Bear Stearnes' mortgage hedge funds going under in 2007. It just took 2 years to reverse itself.

Just look at the 2008 charts, compare them to the 2011 charts. It's frightening.

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Response by beatyerputz
about 14 years ago
Posts: 330
Member since: Aug 2008

I love this particular one from the slow child of streeteasy:

julia
about 3 years ago
ignore this person
report abuse

there are changes...nothing major...I recently bought an apartment but now I'm getting calls from realtors who had clients that would not budge and they are now willing to listen....too late for me but a slight move to sanity.

Julia - where did you buy again?

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Response by Wbottom
about 14 years ago
Posts: 2142
Member since: May 2010

hilarious thread--same cheerleaders still waving pompoms with same logic as 2007--same heartfelt hall monitor blathering away, saying nil, arguing a non-point-of-view

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Response by stevejhx
about 14 years ago
Posts: 12656
Member since: Feb 2008

It's a process. Some people, though, never learn, and expect a sudden, all at once crash. It takes time, and the trend is still intact.

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Response by jason10006
about 14 years ago
Posts: 5257
Member since: Jan 2009

to be fair, it WAS a 20% correction in Manhattan (maybe 30% in NYC), not 50% like some were saying.

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

>>>>to be fair, it WAS a 20% correction in Manhattan (maybe 30% in NYC), not 50% like some were saying.

It's still correcting in Manattan

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Response by JuiceMan
about 14 years ago
Posts: 3578
Member since: Aug 2007

Yup, rents up, real estate up, so much for doomsday. At one point steve was suggesting mass exodus of the city and he is still waiting for a 50% decline.

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Response by Wbottom
about 14 years ago
Posts: 2142
Member since: May 2010

be patient jason--and the down 50% may be take a while, if effected via zero gain in an inflationary environment--i foresee a combo: serious prices declines, and then a flat market as inflation returns

and im not particularly worried about timing--i'm being paid to rent

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Response by stevejhx
about 14 years ago
Posts: 12656
Member since: Feb 2008

Poor Juicy: resorting again to making things up. "At one point steve was suggesting mass exodus of the city"

Never said any such thing.

Read WB's comment, right below; that is precisely what happened in 1988-1998.

Jason - it ain't over by far. Ask anybody who works at a bank.

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

>>>Yup, rents up, real estate up, so much for doomsday. At one point steve was suggesting mass exodus of the city and he is still waiting for a 50% decline

real estate up?

what planet does this guy live on?

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Response by nyc212
about 14 years ago
Posts: 484
Member since: Jul 2008

Our doomsday believer friends here remind me of my acquaintances who are born agains. They absolutely enjoy telling people that they see the crises nobody else sees and that they know what others don't--and that they can save the rest of us if we uncritically and unequivocally accept their beliefs. When we point out the inconsistencies in what they say, they tell us that "it" is happening and we just don't see "it" because we are close minded.

Maybe doing so makes them feel important... Besides, don't we all have friends who enjoy being negative about everything? Some people just can't help it; they can't be happy unless they are negative about everything in life. Most of us have learned to take what they say with a grain of salt, luckily...

In any case, I don't even see the presumed 20% correction in the neighborhoods/buildings I have been eyeing since 2006/2007! Heck, in fact, their prices have steadily been going up. But, sure, I am only imagining this because I am an idiot who can't even tell when the doomsday hits me in the face!

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

>>> nyc212

are you in Brazil, or China or just on lsd?

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Response by nyc212
about 14 years ago
Posts: 484
Member since: Jul 2008

Please elaborate, Brooks2. Providing more information and rationale would give you more credibility here, I'd think.

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Response by w67thstreet
about 14 years ago
Posts: 9003
Member since: Dec 2008

stayathomeretard... stevehjx... ya want some of this?

Who is the idiot that lives in a rental on the west side of midtown thatz got nothing better to do than bring up threads from 23 months ago.. .

Who the fk actually thinks SE is their little playground?

You "translate" for a living? WTF does that mean.. .when every fking concierge in Paris speaks 4 languages fluently...
1) A know it all fktard that lives hand to mouth;
2) Racist fk at that;
3) No wife, no kids, no physical friends... just a stay at home SE blogger living by herself, with a stack of take out menus and a full Imac 27 incher dedicated to SE..

Yes, let us kneel to our GREAT stevehjx... who has NO other interests, no cars, no boats, no yachts, no vacations... .when's the last time you ate pussy? YOU fking retard.

BF I go and do some 155lb clean and press I'll leave you with some advice.

Why don't you go get a little timer... click it on every fking TIME you log on as yourself and your assorted Aliases.. and at the end of another 23 months... stack those hours against your:
1) trips to paris, norway, london, china, australia, new zealand, tokyo, south africa, every port in the carribbean;
2) the 2 kids with trust funds;
3) 5 porsches;
4)a wife;
5) 50 foot yacht;
6) 25 ft power boat;
7) Nordhavn 46;
8) NY Athletic Club membership;
9) yacht club memebership;
10) private club golf membership;
11) the coin to NOT WORK.

IN closing I got three words for you.....

"Google translator" ... oh forgot one, "Fucking Google Translator."

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

>>>>nyc212 Please elaborate, Brooks2. Providing more information and rationale would give you more

http://streeteasy.com/nyc/sale/547108-coop-414-east-52nd-street-beekman-new-york.
03/22/2010
Previously Listed by Prudential Elliman at $1,150,000.
07/16/2010
Prudential Elliman Listing is no longer available. Last priced at $1,095,000.
08/18/2010
Listed by Brown Harris Stevens at $1,095,000.
09/20/2010
Price decreased by 9% to $995,000.
11/15/2010
Price decreased by 5% to $950,000.
12/07/2010
Price decreased by 5% to $899,000.
02/17/2011
Price decreased by 8% to $825,000.
04/27/2011
Listing entered contract.
04/29/2011
Listing is no longer available.
06/18/2011
Re-listed by Brown Harris Stevens.
Down almost 30% and still can't sell

or go to thread!!
http://streeteasy.com/nyc/talk/discussion/5465-chasing-the-market-down-our-favorite-price-choppers?last_page=true

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Response by Wbottom
about 14 years ago
Posts: 2142
Member since: May 2010

holy shit six seven--you got some pentup on you

i thought you two were friends

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Response by w67thstreet
about 14 years ago
Posts: 9003
Member since: Dec 2008

W67 walks the streets of se alone ;)

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Response by jason10006
about 14 years ago
Posts: 5257
Member since: Jan 2009

The RE market in Manhattan MAY go down further, but has not YET done so, and could very well go sideways for 5-10 years rather than down. So inflation-adjusted down, but not down-down.

And I do work at a bank.

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Response by JuiceMan
about 14 years ago
Posts: 3578
Member since: Aug 2007

"real estate up? what planet does this guy live on?"

The planet of Manhattan.

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

>>>And I do work at a bank.

that must be the problem with our banks

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Response by w67thstreet
about 14 years ago
Posts: 9003
Member since: Dec 2008

Flamozz. Jason. You are to a bank what a locums Recruitor is to a hospital.

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Response by stevejhx
about 14 years ago
Posts: 12656
Member since: Feb 2008

You didn't hear, Brooks? Comps are up 20% IN JUICY's building!

Right after he had his mortgage reworked, for $500.

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Response by somewhereelse
about 14 years ago
Posts: 7435
Member since: Oct 2009

"The RE market in Manhattan MAY go down further, but has not YET done so"

sort of a nonsensical statement there.

We actually double dipped already in medians. Of course it hasn't gone down further from where we are today... because it is where it is today, and it is not yet tomorrow...

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

and definitley not yesterday

when all your troubles seemed so far away....

not it looks as though they are here to say

and a lot of RE broker still believing in yesterday... and longing for yesterday

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Response by marco_m
about 14 years ago
Posts: 2481
Member since: Dec 2008

yesterday dont matter if its gone...

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Response by falcogold1
about 14 years ago
Posts: 4159
Member since: Sep 2008

This is me, reading between the lines....

steve:I'm your older brother, w67, and I was stepped over!

w67:That's the way Pop wanted it.

steve: It ain't the way I wanted it! I can handle things! I'm smart! Not like everybody says... like dumb... I'm smart and I want respect!

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Response by falcogold1
about 14 years ago
Posts: 4159
Member since: Sep 2008

w67,
see the photos?

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Response by falcogold1
about 14 years ago
Posts: 4159
Member since: Sep 2008

by the way steve,
I loved looking over the thread.
forgot about spunky

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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010

nyc212, your description sounds like apt23

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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010

>BF I go and do some 155lb clean and press I'll leave you with some advice.

155? So impressive!
Can we recommend though that instead of a clean and press that you clean your ass, you dirty nasty ape.

Oh, when did w67 and stevejhx start to fight? This should be more interesting than when I finally figured out that Brooks2 is actually Wbottom.

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Response by stevejhx
about 14 years ago
Posts: 12656
Member since: Feb 2008

spunky = steveF.

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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010

How did you conclude w67thstreet = petrfitz?

When did you and the talking ape start your fight?

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Response by columbiacounty
about 14 years ago
Posts: 12708
Member since: Jan 2009

no one will talk to you.

if you want to have a conversation bring in your other identities.

calling lucille, buyer buyer and jimboner.

and hundreds more

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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010

It's the paranoid old coot again.

You must be feeling lonely. w67thstreet says he "walks the streets of se alone", which means you are out and irrelevant even to w67thstreet.

What will you do? Stare out of the window all day?

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

oh? i am wbottom now?

make up your mind HB

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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010

Now? Yes. Before? Yes also.

Not all puzzles are solved immediately.

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

why is it so hard for you to believe that am not someone else?

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Response by sledgehammer
about 14 years ago
Posts: 899
Member since: Mar 2009

stevejhx = Xenophobic asshole!

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Response by dealboy
about 14 years ago
Posts: 528
Member since: Jan 2011

> Out renter rents out place on Bank ST. for 3500 and that alone pays our mortgage and maintenance. She has spent, to our estimation $168,000. To us that's insane given that she makes, all in, just under $110k. And her rent, in GV terms is cheap. Also, she is a great tenant so we have never raiser her rent. And for this, she owns nothing. Nor does she seem to invest in some sophisticated way that leads us to believe she is raking it in via stock market. Imagine she is very indicative of average NYC. It seems all very "it's fine 'till it's not" mentality.

A textbook example of a sucker renter!
This moron is paying your entire mortgage.
When it's paid off, it will be a CASH COW
(Or free housing for the rest of your life, if you choose!)

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

>>>Dealboy

The $1mm apartment that I could have bot in 07', I can now buy for $800k. In 6 months, I will probably be able to buy it for $705. So what the F$%k are you talking about?

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

couple typo's, but you get the point.. I presume..

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Response by buster2056
about 14 years ago
Posts: 866
Member since: Sep 2007

$3,500 per month is probably the equivalent of a $650k place with $900 monthly expenses which gets you a 1-bedroom at best (esp in the village). It would take awhile for someone earning $110k per year to save up for the down payment + reserve. And even then, her monthly payment / income ratio would likely not pass a co-op board. That's why she's renting; she's not a sucker, just someone who is not in any position to buy. Additionally, she's not really in any position to be paying $3,500 a month - probably closer to $2,000 a month.

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Response by middleclass
about 14 years ago
Posts: 39
Member since: Aug 2009

"Out renter rents out place on Bank ST. for 3500 and that alone pays our mortgage and maintenance. She has spent, to our estimation $168,000. To us that's insane given that she makes, all in, just under $110k. And her rent, in GV terms is cheap. Also, she is a great tenant so we have never raiser her rent. And for this, she owns nothing. Nor does she seem to invest in some sophisticated way that leads us to believe she is raking it in via stock market."

Yes, yes, it is insane. Eliz181144 has held an asset that has yielded precisely zero cash flow for 4 years (and i'm sure would be considered cash flow negative if sensibly compared too equivalently alternative investments). In addition, this is a depreciating asset that has probably lost $150k in capital value since 2007. Why do you love your tenant so much that you are prepared to subsidize her lifestyle?!

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Response by lowery
about 14 years ago
Posts: 1415
Member since: Mar 2008

The tenants paying more than they should eventually reassess and decide they've outgrown the need to be in their neighborhood and they move to the outer boroughs or the suburbs. Then someone waiting in line takes their place and pays even more.

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Response by dealboy
about 14 years ago
Posts: 528
Member since: Jan 2011

Brooks/middleclass,
Try not to take such a myopic view. Wealthy people have longer time frames. Sure, people who bought at the top have lost money. However, in 99% of the times, over the long haul, the owner will make a fuck ton of money. The renter will have paid $1,000,000 in rent. Stupid idiot!

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

>>dealboy --However, in 99% of the times, over the long haul, the owner will make a fuck ton of money.

you are delusional

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

Hey deal boy-- explain to me what is a ton of money? THis most recent sale on the front page of SE -- lost $$-- or what is the long haul? this was 7 year. I'd wager that RE in Manhattan still has room to fall...

164 west 79th street--

bot in 8/17/2004 @ 1.6mm
FINALLY SOLD AT 2004 PRICE!!
8/17/2004
Previous Sale recorded for $(insiders only)
10/02/2008
Previously Listed by Prudential Elliman at $2,050,000.
12/01/2008
Off market temporarily. Last priced at $1,895,000.
11/05/2010
Listed by Prudential Elliman at $1,795,000.
11/25/2010
Price decreased by 3% to $1,739,000.
03/30/2011
Price decreased by 5% to $1,649,000.
07/01/2011
Listing sold.
09/14/2011
Sale recorded for $(insiders only)

http://streeteasy.com/nyc/sale/566560-coop-164-west-79th-street-upper-west-side-new-york

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

This wealth individual that just sold her apartment at the plaza- for 2.75mm- made a ton of money too.. if you call only losing $141k in 4 years a ton of money!!

0/09/2007
Previous Sale recorded for $(insiders only)
07/12/2010
Previously Listed by Prudential Elliman at $2,900,000.
11/02/2010
Prudential Elliman Listing is no longer available.
12/21/2010
Listed by Corcoran at $3,500,000.
02/08/2011
Price decreased by 6% to $3,275,000.
03/14/2011
Price decreased by 9% to $2,995,000.
08/01/2011
Listing entered contract.
09/13/2011
Listing sold.
09/13/2011
Sale recorded for $(insiders only)

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

yes lost, that a realized loss of at least $141k-- excluding transaction cost

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Response by middleclass
about 14 years ago
Posts: 39
Member since: Aug 2009

"Wealthy people have longer time frames. Sure, people who bought at the top have lost money. However, in 99% of the times, over the long haul, the owner will make a fuck ton of money. The renter will have paid $1,000,000 in rent. Stupid idiot!"

you're exactly right - in fact, its almost like a guarantee..
Poor dumb renter, foolishly buying bonds with the extra cash from the landlord's implicit subsidy (rent compared to mortage interest/expenses)

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011
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Response by dealboy
about 14 years ago
Posts: 528
Member since: Jan 2011

Brooks, I am talking "normal people" apartments. Everyone knows 7-fig upper crust apartments are the first to lose money, just like homes in elite CT. However, those people won't even notice.

For the rest of us, renting forever is a sucker's move. Keep writing that $50,000 check each year. Oh, and when you're 60, you'll have 20 more years of MARKET RENT. ROTFLMAO !!

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Response by dealboy
about 14 years ago
Posts: 528
Member since: Jan 2011

middleclass, what subsidy? It's cheaper to own than rent in 99.90% of the nation. Renting is for welfare losers who can't come up with a downpayment that enables below market rent. Poor people pay more for everything. My paid off mortgage allows me to live for $600/mo. Renting would be $1400. Fck that sht!

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

>>>Brooks, I am talking "normal people" apartments. Everyone knows 7-fig upper crust apartments are the first to lose money, just like homes in elite CT. However, those people won't even notice.

"Wealthy people have longer time frames. Sure, people who bought at the top have lost money. However, in 99% of the times, over the long haul, the owner will make a fuck ton of money. The renter will have paid $1,000,000 in rent. Stupid idiot!"

Deal boy, make up your mind. Is it wealthy people or normal people. I have posted plenty of 1 bd apartments that have lost money too.

the facts are the facts. We are in the midst of deflating a 10yr maybe 15yr RE bubble across the country. Yes, including Manhattan.

While we may not get back to 98' price levels, we sure are at 04' and we are still deflating. Household income in Manhattan is down 10% in 2010' (I am sure it will be down more in 2011,12') and 5% in NYC. So, tax revenues will come down too. Which means taxes will go up. If not, more public sector layoffs and more unemployment. Bottom line, it means less income to may for a mortgage and maintenance. We are entering a global recession which means the Euros, the Chinese, the brazilians, the indians or whomever you say -- will not be buying RE to keep it "propped up" at these inflated price levels.

So if you are selling our apartment, you better price it right or the few buyers out there will find another one that is price appropriately.

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Response by bjw2103
about 14 years ago
Posts: 6236
Member since: Jul 2007

"holy shit six seven--you got some pentup on you
i thought you two were friends"

Oh NO, bottoms! What to do when two posters you fawningly suck up to are at odds? Don't worry: just because mommy and daddy don't love each other anymore doesn't mean they don't care about you.

But seriously, though w67th's a bit harsh, he's mostly quite right. And he definitely walks alone. Midnight Cowboy style.

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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010

bjw is slowly growing a pair of balls and learning how to fight.

No sign of the word "ninny" anywhere in that post.

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Response by middleclass
about 14 years ago
Posts: 39
Member since: Aug 2009

"what subsidy? It's cheaper to own than rent in 99.90% of the nation."

And in 99% of the nation's markets i would agree with you (and would also buy). However, I thought we are talking about the remaining 1% (Manhattan) where most landlords continue to subsidize the housing costs of their tenants

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Response by dealboy
about 14 years ago
Posts: 528
Member since: Jan 2011

I guess I was talking in generalities. So, you have a point about NYC if it is cheaper to rent. For everywhere else, the win/win/win of lower monthly carrying cost, mortgage free living after 30 years, and 6-figure jackpot if you sell make owning a no-brainer. That said, it all depends on price appreciation.

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Response by falcogold1
about 14 years ago
Posts: 4159
Member since: Sep 2008

'stevejhx = Xenophobic asshole!'

do you also see a trend of posters with a focus on body parts?
steve, if this is true how do you handle the digestion of say...chinese food?
I don't think it's xenophobic by my ass is still afraid of Atomic hot wings.
As I recall, my ass did have some choice comments about the folks from Buffalo.

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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010

>do you also see a trend of posters with a focus on body parts?

I find it funny that Streeteasy's dirty ape is all over steve, and each fight he gets into he has to tell all of us about his yachts, his vacation, and even lately about the pussy he eats.

Have to wonder, if w67thstreet is all he says he is, and hobnobs with such wonderful people like "Ed at the Yacht Club", what he's covering for?, what he's hiding?, what he is so insecure about?

Could it be that he still hasn't gotten his dad's approval?

I wonder, in Wolfman, the wolf typically skipped a generation, but both Michael J. Fox and his dad both had it. How does it work for apes in w67thstreet's family? I guess if w67thstreet's father wasn't an ape, it might have been a little easier for them to come to this country.

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

Skip back a page. It's very interesting to see what people were saying three years ago
>>dco Tony- Nothing has changed? lets see.

1. Prices are dropping ----- TRUE
2. Areas like Harlem can't move units ------ TRUE
3. New developments throughout the city have slowed and are reducing price --- TRUE
4. Line around the block to buy are non-existent ----- TRUE
5. Dow is just above 12,000 (down from 14,000) --- Well a lot LOWER- under 11,000
6. Unemployment went from 4.5 to 5.5 - --------- now 9.1
7. Collapse of Bear (was in business for 85 years) ---- Lehman,
8. Every financial stock (except GS) is down 50,60,70 or 80% -- no GS is under $95
9. Wallstreet layoffs in the tens of thousands ---- Still laying off
10. The dollar is devastated -- ~76.7 $/yen
11. Commodities Thru the roof ----- well, flawed logic here-- but gold is ~1600 an once(up from ~$700
12. Inflation/stagflation ----- borderline deflation-- FED initiating QE3 or operation twist
13. Worst housing crisis since the great depression. ----- TRUE
14. IB's basically stopped lending money. ------ TRUE
15. Regional banks closing daily. ----True 73 banks have closed ytd 2011' most recently CBNC
16. Tighter lending standards. -- True- addtionally- Fnam/fredie back enforcing lending guidelines fro Condos/Coops in
17. High Inventory -- higher inventory- large shadow inventory

I could be here all day. All of this in the last 6 months. I laugh when people said that big wallstreet bonuses fueled the housing boom in Manhattan and now that bonuses are going to be non-existant it won't have an effect in the future. The tide has turned in the last six months and just because real estate is not being given away doesn't mean the wheels aren't in motion. Real estate is not a liquid asset, it takes time for the market to react. The only way I see this being stopped is wallstreet re-hires and gives the huge bonuses like past years.

Oh and most importantly, all of this occured even with the Federal Gov't Bailing out Wallstreet. Without the discount window, well I don't even want to imagine how bad things would be. If the next six months are anything like this, the economy will take years to recover.

Wow-- what will it be like in another year.. everything this guy said three year again is true, but worse!!!!!

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

i want to know is who is the idiot that started this thread?

"WHERE ARE ALL THE IDIOTS WHO MADE THE 2007 DOOMSDAY PREDICTIONS?!?"

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Response by falcogold1
about 14 years ago
Posts: 4159
Member since: Sep 2008

craz,
I don't see him swinging at you in any way. I only see pot shots in w67's direction from you.
I am of the opinion that what he writes about himself is true.
Which brings me to the question, are you Alpine?

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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010

Am I alpine, as in the poster who became The_President and then Socialist?

No. For one, my politics don't tilt that way.

But it is cute how you need to support w67thstreet. You do realize that he "walks SE alone" and has even ditched his pal columbiacounty.

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Response by dealboy
about 14 years ago
Posts: 528
Member since: Jan 2011

Brooks, that lists covers 3 years, not 6 months.

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

no-- someone posted it three years ago. it looks to me like spring early summer of 08'

I say spring/summer 08' because that was before FNMA and Freddie mac failed(bailed out). As I recall, they failed summer of 08'.. then Leman in Sept. I just cut and pasted it then added comments followed by the dashes(ie. ----TRUE were my comments). Flip back a page and see for your self-- and 73 banks have so far failed in 2011'. I did not include 08'-10'

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Response by Brooks2
about 14 years ago
Posts: 2970
Member since: Aug 2011

the point is-- this guy was right.. the one making the doomsday predictions

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Response by falcogold1
about 14 years ago
Posts: 4159
Member since: Sep 2008

Craz,
W67 is the pale rider of SE
It just is what it is.

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Response by stevejhx
about 14 years ago
Posts: 12656
Member since: Feb 2008

"Xenophobic asshole"? Really? Strange moniker to ascribe to somebody who speaks 4 languages and has lived and traveled throughout the world.

But as my mother would say, "It is what it is...."

"steve, if this is true how do you handle the digestion of say...chinese food?"

I don't like Chinese food, and haven't eaten it for years. However, last time I was in Mexico I let out the biggest fart ever after eating somebody's tamale. I cleared a room....

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Response by malraux
about 14 years ago
Posts: 809
Member since: Dec 2007

Sorry guy. Can't help myself! 1,598....

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Response by malraux
about 14 years ago
Posts: 809
Member since: Dec 2007

1,599....

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Response by malraux
about 14 years ago
Posts: 809
Member since: Dec 2007

1,600 posts! Ahhhhhhhhhhhhh....

Bye, folks....

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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010

>However, last time I was in Mexico I let out the biggest fart ever after eating somebody's tamale. I cleared a room....

Is that a peace offering to w67thstreet? He's the only poster on streeteasy (note I didn't say PERSON on streeteasy) who would be proud of your fart.

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