More proof the dopey renters don't get it

You're completely ignoring closing costs of 4%+ on new dev, 6% sales commission and carrying costs during ownership. Factor that in and your math is a little different...

O my. let me guess, we have another supposed hedge fund trader (jake) who can't do simple math. There are plenty of free spreadsheet tutorials on the net to download after you pick up a copy of Real Estate For Dummies.

Your the dope for trying to dupe people with an example like 15B........

15 B $ 2,497,766 12/12/2005 $ 2,500,000 5/3/2007

$2,234 on 2,500,000? Yep that really beats the S&P.

Isnt this one of the best exmaples of a truly desperate argument from the market cheerleading crowd on Streeteasy. Pathetic.

Why are you all so negative. Especially you wager. Remember the leverage? Duh. These condos only require a small down payment. The $2,234 profit was on $500,000 down and maybe only $250,000 down. Nothing desperate about that. And look in that brand new development there are 7 more smart condo flippers with their newly minted units on the market about to ring the cash regsiter. Ka-ching!

Jake, are you kidding me w/ 15B? $2,234 "profit" on even a $250k investment in 18 mos is beyond pathetic. A standard 5% money market/high yield saving account would have earned $18,750 in the same time period. Factor in their closing costs, broker fees etc., and those people were bludgeoned.

dude are you kidding - if i was to lock up 250k for over a year and get back 2234 in return i would be pretty pissed ( even if i have broken even on the costs ). i do hope for the sake of who ever you work for that you that you dont trade or have any exposure to finance. think this might be a problem with real estate that the average person might think like you. comparing investmnet in the s&p to a single apartment deal is not really valid. i can point to some stocks that are over 200% this year. and they cost me about 20 dollars to trade in and 20 out.

Jake your scaring me a little. Are you really promoting flipping? If you are so sure it's that easy why don't you do it a few times.

What is scary Spunky is not owning enough Manhattan real estate. I randomly looked at another new development on the UES called the Cielo. Beautful building and look at this - unit 23c closed from the developer on 6/28/06 for $2,015,000. It was flipped on 09/06/07 for $2,295,000. That's a 70% profit assuming 20% down. Again, I am not making this up. These are the facts from Streeteasy. To be fair and to prove that the data has no bias and that I am not simply cherry picking my data 6E did not work out so well. Closed 8/18/07 from the developer for $1,560,000 and flipped on 9/12/07 for $1,450,000. That is the one exception to the rule of how real estate really works. And if this real estate investing idea was such a bad one why are there 18 other flippers currently with their properties for sale in the Cielo? Riddle me that Batman? Ha!

Jake what I don't understand is why are you not flipping these properties and telling us your success stories. I hope what you are telling everyone is accurate. Then again it would be nice if you told us that you did it and let us know about your experience in flipping these new condo's. I think you would have a lot more credibility this way.

Look Spunky I have no interest in deveoping my credibility with you or with any one else on this board.
And my own stories are really none of your business. I am simply highlighting facts already reported by Streeteasy to show the vast sums that can be made by investing in real estate and how those returns get magnified because leverage is so readily available (and tax deductible). These are facts that property owners understand and facts that bitter renters like you will simply never understand.

WOW, Stop it Jake- you're damaging the credibility of the cheerleader camp here. Spunky, reel him in before too much damage is done!

Jake - if you worked at my firm and came up with that kind of analysis, you'd be having a conversation in the back room with one of the MDs about your future.

Jake you don't have to develop credibility simply because you have none and their is no credibility that you can ever develop. You are truly a joke now go back to high school you are late for Gym class.When you get home ask mommy to serve you a warm glass of milk with some chocolate chip cookies cause you have been such a good boy and need all the energy to look up in streeteasy how much money people paid for thier condo's and flipped them for large sums of money.

Boy Spunky. And your so credible and your so smart. What if the post was a hoax to see how long it would take you to start spewing your infantile insults and your unintelligible BS. What was it? Oh yeah "you must be in town because the stench of your BS is debilitating." Hey smelly, its time for your wet nurse to change your diaper. BTW, over/under was 20 posts.

Oh your opening post was a hoax--I get it okay just ignore everything I said.

jake - how big was the bet ?

Mr. Winthorp paid Mr. Valentine $1.

You got me Jake I where do I send my crisp dollar bill to.

jake, you are full of shit

JuiceMan, I don't think they bet over/under on you...

Oberon, the post was absurd to begin with (noted by many others besides spunky) and I doubt it was a hoax. What's worse? Covering for the fact that he is an idiot by saying it was a hoax or that he actually posted it as a hoax? Either way, he is still an idiot.

I have to agree with the Juiceman. This kid is either a wacko or has been reading too many get rich quick books like:
How tot make a million overnight by doing nothing--author, Jack Ass
How to become a millionaire by sitting on your ass all day--author- Imma a. idiot
How to become a billionaire in your sleep-author Mia Dope

Spunky, that was actually somewhat funny, thanks

Thanks once in a while a verbal game is pretty funny if I have to admit.

um, spunky? ... Keep your day job. ;)