Don't Buy A House In 2011 Before You Read These

Isn't his site related to NYC real estate?

The article quotes Zillow many times. I don't know much about Zillow except for the fact that every thing I have seen on their site relating to properties I know something about is complete rubbish.

Unfortunately, NYC prime real estate is not the same. Very limited supply in prime areas.

That's right, 300! NEW YORK CITY IS DIFFERENT! In fact, it's so different that you can actually spend 110% of your income on rent, and nobody will care.

Foolish.

And foolish Bernake - the 2006 comment shows the Peter Principle in full force and effect. Just like QEII - no bubble, despite the shape of the charts.

When the money gets pulled - which it will have to be lest inflation run rampant - the whole thing is going to collapse.

Darn it, Im in contract to buy a small house in CT. I guess I should have bought in 2007 when the statistics were so much better..oh wait!

UD, what are your plans for buying back in NYC again?

"NEW YORK CITY IS DIFFERENT!"

Yes but according to steve, NYC isn't different from Miami and will suffer the same plight. When is that supposed to happen again?

if I were to buy in Manhattan I would need something my family can grow into..A 5.5rm or 6rm apt. So as of now, affording a 1.4m-1.8m apt is not really doable. Plans are to continue renting in NYC until situation changes

stevie.. remember when you said Charlotte would be the new NYC??

..then charlotte's largest bank built new offices in bryant park

..then charlotte's 2nd largest bank expanded its presence in NYC and just signed a 16 year lease for 13 floors in midtown after being outbid by Bberg and Nomura due to lack of said midtown space..

...then charlotte's largest retail company signed a 10 yr lease in Manhattan and is looking to expand..

...then charlotte's largest home improvement store started to heavily target NY area for expansion..

guess you're right nyc isn't any different.. must be the same chelsea/hk c*ck that had silicone alley execs lickin their lips.. but those unc boys can bet cute, in an innocent kind of way.

"remember when you said Charlotte would be the new NYC? ...then charlotte's largest bank built new offices in bryant park"

Considering they broke ground on it in the summer of 2004, he must have made this prediction at least 7 years ago. How long have you guys been going at it on this board anyway?

Thanks, UD. I appreciate your carefully-chosen words.

Carefully chosen indeed. The lines between it reads......

1) buying a farm which is 10% of my net worth still let's me preach the mantra of re re re;
2) not buying in nyc by crying poverty gives me cover to trade my book and understanding of the nyc mkt, which is crap crap crap;
3) suckers buy in this market, or people with too much money that a 50% loss will not affect them.......

For the rest of youz, just follow ud's examPle. Politely feign poverty and rent while the owners take it in their tattered shorts for the next 5 yrs.

"3) suckers buy in this market, or people with too much money that a 50% loss will not affect them......."

That is the main problem... people who made tons of money via the ponzi scheme and then were saved by further ponzi scheme supporting federal policies...

Again, these are people whose jobs and investments/savings shouldn't exist.

Do you think they have a clue?

Do you think they walk around thanking God every other minute for being spared?

No.

They are arrogant punks that think they "beat the game" and therefore don't care how much they spend on "rewarding" themselves with NYC RE.

They don't understand the value of risk and are willing to spend money the same way they made it: With reckless abandon.

The FED and our gov't have temporarily changed the rules of economic and finance. This change turned the great losers into great winners and has maintained the ponzi-based NYC RE prices we see today. Today's buyers of NYC RE over $1.5M are fully entrenched into this "reality" and don't even begin to understand what is really taking place.

We are talking about an economic class in the US that has almost been "touched by God" and born again that has given them a sort of religious economic spirituality that they not only participate in, but fully believe to be real and never ending.

The sad thing is that it certainly looks like they are more right than wrong.