Worthwhile video clips to watch

MMAfia, I certainly don't see how anybody can believe manhattan real estate won't be affected. Right now Bank of America and Wachovia are saying nothing and don't get me started on Citigroup. Wall Street is just waiting for the next shoe to drop. If a Citigroup goes the way of Bear Stearns (I don't think that will happen) but if it does its going to cause panic in the market.

Right now unless you plan on putting 20-25% and have perfect credit you are not getting a loan. I have great credit and I wanted a loan on an apt around 157 st. I was planning on making a 15% and only Wells Fargo was willing to take the loan only because the owned the mortgage on the building. Needless to say I lowered my price of my original offer and the buyer denied so I walked. Its simple math supply is getting higher and the demand is drying up from fear that if you do purchase the price will drop so why not wait, some sellers in manhattan are still living the pipe dreams of 2005, or you just can't get a loan because the standards are too high.

BTW In Brazil banks only make home loans to buyers who can actually afford to pay them back. What an incredible concept!!!

I can't imagine how a bank would lend someone a loan of $100K with no proof of income, no documents and also zero money down. Its shocking that this was going on for the past two plus years! That buyer now has zero risk just saying.....

is marco1313 = stevejhx?

notice the similarly dramatic style:
"don't get me started"
"waiting for the next shoe to drop"
"I can't imagine"
"What an incredible concept!!!"

other similarities:
"BTW in Brazil ..."

tangled words and concepts:
"I lowered my price of my original offer and the buyer denied..."

misleading hypotheticals:
"If a Citigroup goes the way of Bear Stearns" ...

have a nice day.

"If a Citigroup goes the way of Bear Stearns (I don't think that will happen) but if it does its going to cause panic in the market."

In order to not get embroiled in mutual flame wars, I have not pointed this out, but it's already been months since someone at the sovereign fund who injected capital into Citi was quoted as saying something along the lines of (paraphrasing)... I don't think anything can save this bank.

I haven't pulled my money out, though. As grim as things are, odds are that most financial institutions will somehow end up standing.

marco - "an apt around 157 st. I was planning on making a 15% and only Wells Fargo was willing to take the loan only because the owned the mortgage on the building."

I like that area - was it a new building/new conversion? You'll probably end up being glad you were turned down. I think that area will come back after the slump, with a vengeance. Lots of trees, the parks, that beautiful swimming pool, the state park over the .... controversial treatment plan (ahem). If prices go down a lot in that area, jump on it.

Or check out the area around Yankee Stadium, priced 50% lower, with better transportation.

wow ootin and lowery are very very touchy. To the both of you I am a firm believer of owning Real Estate. I am also a firm believer of owning stocks. I do plan on buying in Manhattan because I work in Manhattan the RE here has a huge upside for the long term. I have lived here for over 29 years and I still love NYC. However, right now I am sitting back and I will wait for the prices to come back down to earth. Why? Because I can, my rent expense in Manhattan is very low and why buy when its very obvious that our economy is in a recession. Yes, I said it RECESSION!! What more clues to economist need, inflation is up, dollar is down, home prices are down, retail markets are seeing slow spending. It doesn't take a F'ing genius to see this. Do I want the US economy to be in a recession F*** NO!!! I own stocks and if the economy continues to slide so will my investments.

I do however believe in diversification and investing in RE plays a role in that too. If the neighborhood is upcoming and I can buy an apartment at my price not what the seller thinks its worth then I will dive in. If not, then I will rent I am in my late twenties and I am in no rush to buy anything. I want to buy low and someday in the long term sell high. Repeat I want to buy an apartment to live in it for about 7-10 years and then sell. I am not using my apartment to make a quick buck.

lowery it was a new conversion the exact building was 801 Riverside Drive. I still like the opportunity but at a cheaper price.

marco, I hope I'm not touchy ;)

I think that area is a good bet. I wouldn't be surprised if the seller who walked comes back!

I would come back at an even cheaper price from my last offer. It was listed at $535K and I offered $490K initially then I lowered my offer to $475K. If I went back to it I would start my offer at $435K and work my way up to a final of $460K.

marco -- you're doing the right thing -- smart moves

MMAfia, I am assuming that the content of these videos has been properly censored for optimistic content only. Don't make me sick the bull police dogs on you! Ha!

You learn quick NYRENewbie!