second homes turn into financial disasters

Maybe off topic, but I keep hearing about real estate being a bad investment, yet those same posters frequently if not always tout the stock market as a return. Can't help but notice the disconnect that those that tout the so called "superior" stock flat stock market returns over the recent real estate returns. Are we looking at Google's and Apple's and ignoring Facebook's an Bank America's?

Can't help but conclude people decide base on emotion an then cherry pick facts to back up their opinion. I just don't see real estate so under performing.

> 'You can't sell a house up in Millbrook/Sharon, let alone Putnam Valley or less desirable areas'

What do you mean? I am sure if the house is priced right, it will sell. You can never NOT sell a house. There is always an equilibrium price somewhere.

VERY interesting posting by JButton. I have never seen anyone isolate and identify LAND as the true reason most real estate appreciates. Interesting theory. And yes, to counteract that, you need to constantly maintain the house in question, to keep it up to date. Unless there's no more land, you'll always compete with new construction.

Moral: Buy where there's no more land! (NYC is the ultimate example)

>Are we looking at Google's and Apple's and ignoring Facebook's an Bank America's?

Google is at $580 and first hit that price in October 2007.

Sprint is up 44c this year

wait...

stocks were higher in 2007?

wow....

was anything else higher then?

NYC RE was

One thing I really like about owning real estate is I can enjoy it (as opposed to a bond or stock, which I also own). Decorate it,customize it, plant a garden and know that in a year or two I won't have to move. There is a certain emotionally satisfying component to "ownership", knowing I can pay this place off. That makes me feel good (it might not make you feel good though). And then after 10 or 15 years I can sell it and put some money in the bank or another home, can't predict that far out what my return will be, but I feel pretty sure there will something. In a perfect world if I could rent long term at a significant discount to owning and wisely invest the difference that might work out as well. But I have not had great luck with saving, investing in equities over the years. With two kids and an impulsive nature, medical emergencies that have come up-something usually gets in the way of my savings plan. Then I'm broke and still renting (: Lol.

I feel the same way about second homes. We had a little cottage in the Catskills with fruit trees, great views, 10 acres, wild berry's, deer and a wonderful garden. We really enjoyed our time there and made great memories with our children. It was affordable enough that there was no pressure to always have to go, I think that's the key. I actually built it myself, that was fun, but of course everyone told me not to do it-glad I did. When we tired of it, we sold it and bought a small place on a lake.

Life really is short, be responsible but remember to factor in the emotional components, not juts the financial ones and enjoy the present moment.

Well written, KeithB.

Thanks Truth. Must have been the yogi tea I had this morning..lol.

As far as East Hampton goes in 15 years: what else would that half acre of land be valuable for?
The house is lovely and well cared for. If it's for sale in 15 years why tear it down (even if I could afford to pay to build a new house on that lot)I'm buying it because I like it the way it is.

In fifty years? That's like science fiction time frame.
I can remember watching Maxwell Smart talking into his shoe-phone on Get Smart and thinking what a wonderous thing if we could take our phone with us. The one phone in our house was a rotary attached to the kitchen wall. The t.v. was built inside a big cabinet.
The same house I grew up in is still there. It could have been torn down to make way for a new building, residential or office. That's the city.

Is East Hampton going to be some kind of suburb of the future with George Jetson jetpacking down Montauk Highway to a space station on Middle Lane? I don't care as long as his boy Elroy stays off of my lawn!

KeithB: I'm LOLing.

"and yikes: if I had the money back in the 1970's I would have bought a house out in East Hampton and would be happy today that I didn't buy in Manhattan, no matter what the $$ outperformed as investment."

the thread is about the financial implications of second home ownership--if you don't care that second homes in prime hamptons typically have been a less good investment than prime manhattan primary homes, wtf are you posting here for?

just to tell beyond exhaustively about how lovely you think kyle's EH house is--or to tell us how much you think you know about lake como--or your imagined knowledge of europeans--

only a loser like you would spend so much time trying to convince an anonymous board of how wonderful you and your pathetic life are

now tell us about whatever shithole you are renting this year in hampton bays--be sure to post from there about how elegant it is

what a complete loser!

oh, and like i said, i own a second home, no mtg, no stress, i enjoy it, use it less than i probably should, and accept it has been an inferior investment to most all others which have been in my portfolio, especially the several primary residences i have owned here in NYC

Well, good for you, yikes.

I read the link, that couple are in their 70's. They seemed to be O.K. until they bought a second home without factoring in the extra expenses.

I don't need to impress you or this board by commenting here.
I can call any of the vast array of media contacts around the world that I have and get my comments in the press.
Quotes with my real name. And profession.

Only a loser like you would be so envious of kyle.
I've never rented in The Hamptons. My friends own homes there.
I've never been to Hampton Bays.
I don't consider RE to be an investment . That didn't stop me from accepting the almost half-a-million dollar profit I got on the sale of my condo in Manhattan. That money is up at Sanford Bernstein where it's invested along with money already in my account. When I buy another place I'll still have plenty left.

As if I care that you, yikes, write that I'm a complete loser.

Right now, I'm a complete loser in Italy. For the rest of June. Along with my complete loser friends in their second homes in Lake Como.
I will continue being a complete loser in Spain during July and August. I can take the train from Barcelona to visit my complete loser friends in Madrid who have second homes on the coast.

My complete loser friends from Germany will meet us for weekends along the way. My complete loser friends in France might show up but they generally like the South of France for day trips and weekends.

I've been a complete loser in Europe since the 1970's. I've been a complete loser touring the world over for decades.

yikes is a Hamptons hater. To the point of being spitting mad.
Probably never made it out east past Hampton Bays during school break.
His second home wherever it is doesn't get any passersby stopping to admire it.
As kyle's house does.

I'm going back to referring to it as "kyle's house".

Kiss my ass yikes. You'll have to rent a boat in Italy to find it this week.

this is how you convince everyone here that you don't care what they think about you?

i think you should consider a different approach.

KeithB, which decade of life are you in? 50s?

perfect, truth

do tell the anonymous board more about all about all your wonderful friends

it's like people magazine or something---we can live vicariously through you!

So yikes, what did you think about the Mubarak sentence?

So yikes admits that he's living vicariously through me!
The "we" part of his comment is laughable.

There are comments posted on se by people with more money than I have.
CeeCee has 10 mil to spend on a Manhattan Apt. I don't.

Even when I was a teenager and twenty- something with no money and owning no property -- I was invited out to the Hamptons and traveled around the world on business that yikes would never have been a part of.
Because yikes has nothing to offer people with more money and business opportunities than yikes has.
and yikes is envious of those with more than yikes has.

Even kyle, who worked on that property to make it a second home to live in and enjoy.

What a loser to try to outsmart Truth with the yikes brand of attempted Truth-bashing.
It's been attempted before with very embarassing results for those who thought it would work for them.

I work with the biggest stars in the music/ entertainment industry, yikes.
Some are not just business relationships, but also friends of mine.

My wonderful friends who are musicians and artists don't need exposure on streeteasy, you fool.
They are already covered in the international media/ Press.

They would not give you the time of day because you are a loser with nothing to offer.
An envious loser moron.

hpd

:)

Oh, look: aboutready is back, but not really back...

open your eyes Truth

ralph

huntersburg: I can see clearly...

wow....

I can break her down into another se meltdown but I'm on "vacation".

why?

That "bauble" of hers outside of Albany must be nicer than anything in The Hamptons.
People would stop and admire it -- if it was as nice as kyle's house.
Or if there was anybody up there to admire it.

Kyle must be so gratified to be the recipient of your admiration.

Here's some fun. For those who haven't heard it, google Will Ferrell and Harry Caray. Listen to the snl skits. Then read all of truth's comments in a like accent. If the moon were made of cheese...

I'm 48 and holding up well (: I'm almost afraid to ask, but why?

Keith Burkhardt
The Burkhardt Group

Kyle is o.k. with it.
Whotf are you to think otherwise, aboutready?

Read all of aboutready's comments in aboutready's se voice.
If the moon were made of cheese, you would still have a bigger,empty hole than any to be seen there.

An alkie housewife angry at the world because all she's good for is posting her bully comments on streeteasy, under various noms de se.

You are of no importance to anybody. And no one of any importance gives a shit about you and your comments.

I can take you down again, aboutready. Make you cry again during your next se meltdown.

This is aboutready's idea of "fun".

Now aboutready is busy e-mailing for support:
falcogold already made a fool of himself campaigning for your return.

10023 may be on here soon pleading: "can we agree not to discuss this anymore".

There's no reason for anyone to cry here. This is all just harmless fun. Take me and columbiacounty: do you really think that columbiacounty has ever cried based on always being on the losing end of an interaction with me? I don't think so. And whether that's because he's been through such continuing misery and trauma in his life that this is just one more frequent indignity, or because his tear ducts got infected during his childbirth when his eyes touched his mother's womb and therefore have never worked, it doesn't matter to me - I simply don't need him to cry in order to get gratification. And so columbiacounty and I can be here another day, making all of streeteasy a better place.

She already cried during her se meltdown. That was almost two years ago followed by her starting a discussion with her "farewell" comment.
I did my victory lap back then. She was on the losing end of that interaction with me, for many who were on se to see.

It's so easy to break her down when she's been outsmarted during one of her drunken bully tantrums.
Especially since she keeps "leaving" streeteasy and coming "back" and stating that she's "not really back".
Trying to get the only gratification she can achieve in her life by posting comments under her various noms de streeteasy.

and getting caught in her imaginary world. Alone at her computer on a Friday night (and I hear the weather in NYC was nice yesterday). Nothing else to do, nobody to go out with to enjoy life. No friends except her streeteasy pals.

I think that cc just finally falls asleep during his interactions with you, huntersburg. Passes out from exhaustion.

This time she broke down so fast that she left yikes behind.

Sad. And sick.

^^aboutready looking at herself in the mirror this morning^^

Is Yikes our old friend Wbottom?

Possibly. He went through a divorce that turned him anti-female.
So he still likes aboutready.

hb, one wonders.

it's kind of strange how truth assigns characteristics/perceived attachments to people depending on whether she thinks they are female or male or female friendly or not.

or maybe it's just hpd.

aboutready, checking back in on a thread where she is wondering about me.

maybe wbottom doesn't like aboutready anymore. Doesn't want to be in her exclusive friends club.
He actually found female companionship in real life and since he has money left over from his divorce (at least that's what he told inonada on se) he is out doing things. No time to be aboutready's friend anymore.

But, she has "friends" that live nearby who don't visit her.
Maybe they don't want to hear her delving into their innermost thoughts and, uh, perceiving things about them.

or maybe it's just ralph

No, they're just lazy. I see them often, just not in my living room.