Bulls Run This Town

halla fucking lula!

only the underachievers in life are the ones that love to post about job losses and doom and gloom. they are classic examples of why you should work hard and have an education.
they are the C stringers in sports and we are the A string. We get all the action. Yes, we get hurt every once in a while, but also are the ones that get laid by the cheerleaders. Doom and gloomers get nothing, much like their paychecks.

Actually, you are the manicurists who bought 5 properties and are back to filing nails.

Nice job!

doom and gloomers were the pussies that left nyc after 9/11 and moved back to nebraska or colorado with their tail between their legs. people like us cleaned up the mess and restored this city and country back to the mighty spot it deserves.

Doomers, get a life. Your negativity and morbid thinking is a reflection on you as a person. It's not too late to try and make something of your lives. Get a job. Contribute. Be successful. Then you can buy an apartment and have your piece of the American dream.

nyc10022,

May I suggest that you not engage this troll? He's mentally ill, so don't feed him.

"doom and gloomers were the pussies that left nyc after 9/11 and moved back to nebraska or colorado with their tail between their legs. people like us cleaned up the mess and restored this city and country back to the mighty spot it deserves."

That includes me.... I was just smart enough to sell before the market tanked....

Enjoy the ride down, though...

well realistically, despite stevexjh being an imposter, and I applaud you, I'm not sure why this is such a big deal either. Bulls run the world. Could you imagine if our national leaders were a bunch of wimps? If our scientists were unwilling to experiment and learn new things? If our doctors didn't try new cures? If our farmers didn't seek new methods? If we didn't explore the ocean and space? If Americans didn't look for a brighter future four our children than for ourselves?
Doesn't mean prudence should be thrown to the wind, but if the human race expects evolution and progress, then we have to progress, be forward looking, be bullish.

nyc10022
That includes me.... I was just smart enough to sell before the market tanked....

aren't you the guy who said that you and a roommate couldn't together afford a place for $2600?

Just to let everybody know, stevexjh has been deleted, it is not me.

Matt Walker
to me

Reply

Steve,

He's been disabled.

Thanks!

Matt

***

I assume we won't be seeing much of dco in the future either. I say they need an IP address blocker.

"nyc10022
That includes me.... I was just smart enough to sell before the market tanked....

aren't you the guy who said that you and a roommate couldn't together afford a place for $2600?"

Nope... I haven't had a roommate since, well, college. And my rent is a bit more than that...

nyc10022 - you still cant tell us 1 example of an opportunity out of the 11000 units on the market where money could be made?

You are a genius.... at sending 50% of your take home to some other guy to pay his mortgage.

petrfitz, forget the past ... today, would you recommend that nyc10022 go and buy a place to live. We recognize that you are an investor, have a bit more $$ to spend on things real estate is part of your livelihood, so let's separate that out. nyc10022 or just Joe Schmo, do you recommend he buy an apartment right nor or continue living. And out of fairness, lets limit the time horizon for 1-2-3 years so I'm not asking you to committ your opinion to the long-term.

absolutely - historically high inventory means historical softness and opportunity. also combined with historically low financing. It is a really good time to buy. However, nyc100022 got laid off from his junior trader's desk and doesnt have the resources to buy.

ok helpful
and what if he's single and has a 3-5 year horizon max, can afford a 1BR now, and would then upgrade with a significant other to a more family sized apartment?

with a 5 year horizon for sure.

i would look into buying a co-op that has a liberal rental policy. buying a co-op means less money upfront almost $40K savings in your pocket. it would be easier to make money on this type of property over a short period of time.

Also it would be nice if you could have the ability to rent for a period of time if you need to. plus living in the property for 2 or more years would allow you to pocket most cap gains tax free. $250K for you and if you marry your sig other before you move and he/she lives there for 2 years then you get another $250K cap gains tax free.

also 95% of your mortgage would be tax deductible.

"well realistically, despite stevexjh being an imposter, and I applaud you, I'm not sure why this is such a big deal either. Bulls run the world. Could you imagine if our national leaders were a bunch of wimps? If our scientists were unwilling to experiment and learn new things? If our doctors didn't try new cures? If our farmers didn't seek new methods? If we didn't explore the ocean and space? If Americans didn't look for a brighter future four our children than for ourselves?
Doesn't mean prudence should be thrown to the wind, but if the human race expects evolution and progress, then we have to progress, be forward looking, be bullish."

ootin....you receive a standing ovation

Bulls run this town, but scared little children paralyzed with fear overwhelm these boards - Steve, NYC10022, Sizzlack, serge, etc, etc

It is truly a difficult feat to actually go through life without some sense of bullishness, lest you have trouble making it out the door in the morning. Certainly there are shut-ins and people with mental illness, and again, prudence shouldn't be thrown to the wind - fear and caution, like pain, are part of humanity for a reason - but this notion spread by some that it is always best to hold back, well, it simply isn't natural and it isn't natural because life demands progress.

petrfitz - some more questions for you. Why a co-op vs. a condo? Where does your $40K figure come from? And to nail down the timing period just a bit, if someone was committed to purchasing, is today better than 1 year from now or 2 years from now? Do you quantify any risk to the downside over 1 or 2 years?

oh, another feel good thread???

"Bulls run this town, but scared little children paralyzed with fear overwhelm these boards - Steve, NYC10022, Sizzlack, serge, etc, etc"

petrfitz....it's because when you are a paralyzed bear, you live such a frustrating life due to your inability for creativeness and ingenuity that the only "action" they can take is to lash out at those they deep down admire and respect..bulls.

sorry......it's because when you are a paralyzed bear, you live such a frustrating life due to THEIR inability for creativeness and ingenuity that the only "action" they can take is to lash out at those they deep down admire and respect..bulls.

"the only "action" they can take is to lash out at those they deep down admire and respect..bulls."

Yes. That's what happens every year in Pamplona, as the foolish get trampled by the bulls, and gored.

if by paralyzed and frustrating life with inability for creativeness you mean owning your own company that creates new contet and programming on a daily basis that is up 30% yoy then I am guilty.

If by frustrated you mean completely happy with the extremely high level of work and production on a global scale, then I am frustrated.

How about you Steve? What are you doing these days?

$40K is about the amount of cash you would have to pay in taxes and transfer fees for a condo. You dont paythese for a co-op/ Your total closing costs on a co-op will be about $3K. Condo $45K.

I think that in 1 or 2 years you will have less inventory to choose from, higher financing, and more competition for available units.

Downside risk is if the value of your units purchase price declines. I think that there are good enough dels out these where you may not have to worry about this especially if you understand the cost benefits of owning over the 2 years period and weigh that against downside risk. i.e. you could lose $50K on unit value but gain $55K in tax incentives/cash flow/not wasting on rent etc.

3k closing costs on what price co-op?

figure it out yourself

http://www.manhattanmortgage.com/locat.asp?page=puclose&locat=nys

"Bulls run this town, but scared little children paralyzed with fear overwhelm these boards - Steve, NYC10022, Sizzlack, serge, etc, etc"

Petrfitz, you have it backward. I'm actually a bull. I've been very long on the S&P. See my recommendations to go double long at 7600 on this board...

The part you are confused about is, I called a specific sector - RE - as a bubble, and it has popped.

That doesn't make me a bear, I just sidestepped the biggest bubble of all time.

That you got caught in it doesn't make you much of a bull or a risk taker... it just makes you someone who made some HUUUUGE mistakes.

That is nothing to brag about.

how did i get caught? please explain? I bought most of my properties in the 2001 in the post 9/11 RE dip. sold 1 building in 2007 and am sitting on massive cash that i am looking to use to buy at a discount.

ll my remaining properties are full of rentals at peak prices.

Please explain to me how I got caught? and how I made a huge mistake?

oh god. are stevejhx and co. going to feed on these corpses forever? i tend to agree with the OP, nerve and grit and action run this town and a lot of the posts you see on streeteasy these days are from people who relish negativity. they want to divide the world into bulls and bears when really it is more accurately dividded into those who do and those who don't.

I did. Just not RE in the last couple of years... and that was clearly the right play.

Perfitz admitted he lost his shirt in RE once, and he was the guy telling us he was buying Manhattan RE in JANUARY.

My take is... everyone does something. Some people just do stupid things.

ok nyc10022, i will assume you are telling the truth. i think that's a great move you made. it sound slike it was a god decision for you, freed up a lot of capital, and that you're well positioned to buy at your leisure or invest in whatever asset class you enjoy most. where i think you overplay your hand is in your seeming insistance that people who purchased last year made an error. or that those of us who didnt sell last year made an error. nyc is a town where you're always surrounded by hugely successful people. so, i doubt people attack you out of envy..i tihnk it is more because you overstate your move and post a lot of negativity. after a bit it is excessive and a bit, well, weird.

"owning your own company that creates new contet and programming"

You owned a media company before.

My how quickly your claims change.

I hate to say this, but I agree 100% with nyc10022: "The part you are confused about is, I called a specific sector - RE - as a bubble, and it has popped."

I am also double long (China) and will (eventually) go triple long financials. Not yet, though.

um, steve, media companies do create new contet and programming...

shake off the meth, buddy.

I'm not sure about the double long China play. Have you been there steve? The place screams bubble.

"ok nyc10022, i will assume you are telling the truth. i think that's a great move you made."

You don't have to assume... check the threads. I called it the day of.

"it sound slike it was a god decision for you, freed up a lot of capital, and that you're well positioned to buy at your leisure or invest in whatever asset class you enjoy most."

Yes, it has. I've shaved off each time we approach 9k, and bought back when we come back to 8k a little. With the earnings, I've been carefully considering other things. Building back up some of the resources position I whittled down earlier, etc. Looking for other things. Still some cash on the side for a move if necessary.

"where i think you overplay your hand is in your seeming insistance that people who purchased last year made an error."

In the aggregate, they did. We're talking medians. In terms of individual cases, yes, there are exceptions, and specific needs, of course. I'm simply talking aggregate here.

> or that those of us who didnt sell last year made an error.

Again, in aggregate. If folks held on because they liked their place and wanted to continue to live there, all good. But, for folks who held on particularly with mortgages they really couldn't afford - not selling was an error, absolutely. There are examples in every direction, of course, but I'm talking in aggregate.

"nyc is a town where you're always surrounded by hugely successful people. so, i doubt people attack you out of envy..i tihnk it is more because you overstate your move and post a lot of negativity. after a bit it is excessive and a bit, well, weird."

I don't think envy either, as this is just a board, and anyone can make up anything they want (and petrfitz does). So, agreed there.

As for "post a lot of negativity"... thats what the news is, and, given that there are folks in denial still, I don't think its possible to say its "too much". Perhaps its not enough. I only post the articles I see that look interesting or have some new data to it.

Yes, anyone who took a loss is probably going to be extra sensitive here. of course. But that doesn't make it "too much". Hell, we saw more "positive" news on the way up than we now see negative.

I think its just extra sensitivity from folks looking at losses or evaporated "profits". As i said on another post, studies have shown that folks will spend more time defending a bad decision than avoiding one...

"

nyc10022 - anyone who took a loss probably left the board ages ago. real estate IS dropping. people who want to avoid that fact will focus on news they want to see and move on. i assume the people left of the board are very confident and happy with their decision/descisions. so, why not take the conversation back to a higher level?

nyc10022 - i have never sais that i lost my shirt in nyc real estate. inever have. that is a lie. prove it - all my posts are still available.

you cannot prove in any way how i have lost money in RE.

Steve - I have always said that I own a media, and have previously started and sold 3 before.

For a translator you have no reading comprehension.

"nyc10022 - anyone who took a loss probably left the board ages ago."

I don't know if I agree. Certainly, its pretty easy to see quite a few.

"real estate IS dropping. people who want to avoid that fact will focus on news they want to see and move on."

Or argue till the death. Its called denial.

"i assume the people left of the board are very confident and happy with their decision/descisions."

I am not... personally, I see a lot of bitterness.

> so, why not take the conversation back to a higher level?

I agree on that, we went too low with this one.

But, note that even this thread contradicts your claims. It was started by some of the losers in question to aggravate the bubble callers...

"It was started by some of the losers in question to aggravate the bubble callers..."

Completely agree - there are some people here who call themselves "bulls" but are really just blinding themselves or instigating. It certainly works both ways.

there are also some people on this board who act like they know real estate when their only experience involves buying on overpriced condo in the worst condo market ever on top of a gang infested toxic waste dump and who feel like a professional when their income involves raping and pillaging people when they are in need of healthcare.

"Have you been there steve? The place screams bubble."

Years ago. Much of the bubble has deflated, but the government has specifically stated that it will intervene to support the stock market. Plunge protection team.

The government is implementing a massive reflation scheme based on infrastructure. Financials are protected from our mess, and have tremendous room for growth. The (un)Communist Party can only remain in power is they keep the economy rolling. Their eyes are focused on the Soviet Union.

I dumped most of China in March - just a fund, no leverage - repurchased recently. I'm about even from what I purchased for. Still risky.

petrfitz, the only explanation for your obsession and extraordinary hyperbole is that you are deeply envious. I am not sure if I should take that as a compliment - I would like to dissociate myself from you as much as humanly possible. The fact that you avoid Williamsburg is a good start at least. Please stay where you are - thanks!

i an envious that you live in a horriblke investment on top of a toxic waste dump and that you make your living in the most parasitic despicable career imaginable.

Cool, as long as we've got that out of the way. I have no idea what it is you think I do in healthcare (an extremely broad industry if there ever was one), but whatever makes your delusions work is ok with me!

"the most parasitic despicable career imaginable"

Says the pathological liar broker?

hey back office code monkey! Thanks for the unprovoked attack. Now get back to your data processing

Only a pathologically lying broker would think attacks against you are unprovoked.

Oh jeez... here we go again.

Always the folks that know the least that exhibit the most verbal diarrhea....

"Always the folks that know the least that exhibit the most verbal diarrhea...."

Who's the person most accused of exhibiting verbal diarrhea? stevejhx. Second? You. I know I'm up there, but I don't hold a candle to you. If we only count threads that involve ironic ad hominem projecting-self-onto-others, you're by far #1.

i agree tech guy that you are up there in the verbal diarrhea relhm. The only thing I like about you is that you seem to be on the side where you can see opportunity in RE instead of all these herd doom and gloomers. Even if you are an inexperienced back office code monkey.

petrfitz: Nobody here is dumb enough to believe a single thing you say. Why do you continue to bother? Not only are you a lying broker shill, you're a bad liar.

tech_guy - get back your DB work. The monthly inventory reports need to be processed by 4pm! Then change the battery in my blackberry!

tech_guy - I have had it with you. I will kick your ass. If you are brave enought meet me tonight at Thompkins square park south west corner by the chess sets. i will kick your ass. You will know me as I look like a banker and will be wearing khaki's

Are you people kidding????? Are you all on drugs????? Grow up!!!!!

Just when I thought nobody could possibly exhibit more obvious desperation than nyc10022! Thank you petrfitz, that post made my day!

> Always the folks that know the least that exhibit the most verbal diarrhea....

I think we pretty much just proved the point there...