It's been fascinating to watch the RE bulls here these past few months. It's as if they've created an alternate delusional reality in their own minds disregarding facts: - At best (say 2009) prices have only matched inflation. Reality for many bulls is worse. - Rents are still below 2006 levels while inflation is up 15%. - Despite attribution of 3% to cost of capital, reality has been a doubling... [more]
It's been fascinating to watch the RE bulls here these past few months. It's as if they've created an alternate delusional reality in their own minds disregarding facts:
- At best (say 2009) prices have only matched inflation. Reality for many bulls is worse.
- Rents are still below 2006 levels while inflation is up 15%.
- Despite attribution of 3% to cost of capital, reality has been a doubling of the stock market.
- Negative carry.
There is this deep need to feel validated despite all the evidence to the contrary.
Some lame article on rents being up compared to X, let's latch onto that. Why do you care so much, you're not paying rent? Disregard long-term stagnation.
Some other lame proclamation that prices are up. Postings of the magic property that sold high despite the aggregated stats. Random claims that stats are somehow invalid. Inventory is down, surely it is a hot market. Who cares? Show me the money.
Where is this need for validation heading? Aren't you living in the same place you've been this whole time? If prices really went up, wouldn't an upgrade be all that much farther out of reach?
It's as if the only joy in life is demonstration that there is no way they could afford their humble abode had they rented. Yes, surely we're headed towards six-figure annual rents on a 1BR in Manhattan.
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Response by fieldschester
over 11 years ago
Posts: 3525
Member since: Jul 2013
aboutready, I'm not sure why you criticize LICC's "in which". You had an opportunity - you got free education and admission to Yale based on geographic preference, you found a husband who was hard working who could support you, you trained your daughter well to agree to her inheritance in a trust that you can control, and you played the system well to get an undeserved windfall at the expense of the taxpayer and working New Yorker. But then what do you do? You move to a former slum in the boro of Brooklyn? Why? Why did you do that? You were ahead of Kevin Spacy on that show on Netflix, throwing others off the subway platform and plotting Karl Rove style, but he went to the White House. And you, you passed up the opportunity to make it big in New York and instead moved to Williamsburgh. Your parents are turning in their graves.
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Response by aboutready
over 11 years ago
Posts: 16354
Member since: Oct 2007
Almost funny. But not.
What have you done?
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Response by fieldschester
over 11 years ago
Posts: 3525
Member since: Jul 2013
Funny? How is this almost funny?
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Response by LICComment
over 11 years ago
Posts: 3610
Member since: Dec 2007
ahh, aboutready is still on these discussions cackling away. You would think that after years of spewing unintelligent commentary and analysis trying to advise people on real estate with the worst and, as time has shown, foolhardy and incorrect advice, she would accept her knowledge limitations and be more selective when posting. Well, ignorance is bliss they say . . .
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Response by gothamsboro
over 11 years ago
Posts: 536
Member since: Sep 2013
aboutready
1 day ago
Posts: 16169
Member since: Oct 2007
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""in which"? quit drinking the water.
"He is still asserting that NYC real estate has crashed"
Biggest real estate decline in our lifetimes, medians fell over 20% (the typical definition), that's a crash by any intelligent person's definition, but feel free to make up your own.
"he tries to defend them with more made up analysis"
Funny, coming from the guy who wouldn't know a statistic if it slapped him in the face.
But facts are facts.
"That everyone was better to have rented than those who have owned these past 6 years"
Hmmm... are you that dense to think that the vast majority who bought in 2008 wouldn't have been much better off financially buying in 2010? Hell, with medians still below peak, and inflation an issue, still likely true (even though you are lying about the timing, you're still wrong).
Jeez, are you still so dense you missed mega price drops?
LIC, fudging numbers and *still* wrong.
Poor you.
Btw, with that little bump...
SSOs up 629.78%
Keep bragging about *maybe* breaking even... before inflation.
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Response by somewhereelse
over 11 years ago
Posts: 7435
Member since: Oct 2009
"You would think that after years of spewing unintelligent commentary and analysis trying to advise people on real estate with the worst and, as time has shown, foolhardy and incorrect advice"
aboutready, I'm not sure why you criticize LICC's "in which". You had an opportunity - you got free education and admission to Yale based on geographic preference, you found a husband who was hard working who could support you, you trained your daughter well to agree to her inheritance in a trust that you can control, and you played the system well to get an undeserved windfall at the expense of the taxpayer and working New Yorker. But then what do you do? You move to a former slum in the boro of Brooklyn? Why? Why did you do that? You were ahead of Kevin Spacy on that show on Netflix, throwing others off the subway platform and plotting Karl Rove style, but he went to the White House. And you, you passed up the opportunity to make it big in New York and instead moved to Williamsburgh. Your parents are turning in their graves.
Almost funny. But not.
What have you done?
Funny? How is this almost funny?
ahh, aboutready is still on these discussions cackling away. You would think that after years of spewing unintelligent commentary and analysis trying to advise people on real estate with the worst and, as time has shown, foolhardy and incorrect advice, she would accept her knowledge limitations and be more selective when posting. Well, ignorance is bliss they say . . .
aboutready
1 day ago
Posts: 16169
Member since: Oct 2007
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""in which"? quit drinking the water.
http://streeteasy.com/talk/discussion/38001-gramercy-house-storm-zone-5
aboutready
about 2 weeks ago
Posts: 16169
Member since: Oct 2007
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Really? What a trenchant analysis. You need a serious tutorial in the use of the semi-colon.
"He is still asserting that NYC real estate has crashed"
Biggest real estate decline in our lifetimes, medians fell over 20% (the typical definition), that's a crash by any intelligent person's definition, but feel free to make up your own.
"he tries to defend them with more made up analysis"
Funny, coming from the guy who wouldn't know a statistic if it slapped him in the face.
But facts are facts.
"That everyone was better to have rented than those who have owned these past 6 years"
Hmmm... are you that dense to think that the vast majority who bought in 2008 wouldn't have been much better off financially buying in 2010? Hell, with medians still below peak, and inflation an issue, still likely true (even though you are lying about the timing, you're still wrong).
Jeez, are you still so dense you missed mega price drops?
LIC, fudging numbers and *still* wrong.
Poor you.
Btw, with that little bump...
SSOs up 629.78%
Keep bragging about *maybe* breaking even... before inflation.
"You would think that after years of spewing unintelligent commentary and analysis trying to advise people on real estate with the worst and, as time has shown, foolhardy and incorrect advice"
ROTFL.
That, coming from LICC.
Priceless.