Preempting steve

Probably true, sad for the people involved, they'll recover - I did when I was laid off once - and the economy will cool down, prices will fall, vacant storefronts will get filled with new businesses, and all will be hunky-dory again in a year or so.

Back into equilibrium.

For a capitalist, duecescracked, you don't seem to be as dispassionate as you ought to be.

I'm dispassionate like a tibetan monk but since I live in NYC I don't enjoy seeing the place get gouged out

It won't get gouged out, deucescracked. It will just fall back to where it was in 2003, before all this nonsense started, when everything was fine.

We're not returning to the 70's - nobody wants that. We're just returning to equilibrium. Very few people will get hurt in anything but the short-term.

If this bubble hadn't occurred, then the pop wouldn't be happening. Had real estate prices increased in a rational way, at a rational rate, then there would be no reason for them to collapse.

But that's not what happened. Nobody seemed to be complaining on the way up, but on the way down....

You guys are like somebody who acts on a friend's stock tip: if you make money, you're elated, buy they guy a beer. If you lose your shirt, you want your friend to pay off the whole debt.

Steve, if you were so bright you would have bought in '03 or before. God knows, at your age and the way you brag about your salary and spectacular work experience you had the means. So, you were dumb, didn't buy and now are trying to time a market. Cool. But, just admit you were a dumb ass for not buying back in the day like the rest of us. You call us "bulls" as though we think this bubble is sustainable. We don't. We're just waiting to buy more when we feel that prices have dropped to a sane level.. You're, I am not even sure what you're doing, just ranting and raving like a sad queen with nothing to do.

eah, don't you know my history? I did buy in 2003, but in Miami, where property prices went up higher and faster. I sold those for a mean profit. I also bought on Fire Island in 2005 b/c prices hadn't risen in 5 or 6 years.

I wasn't living in NYC in 2003. I will say this: I did not expect real estate to soar in Manhattan after 2003, and I was wrong. SEE I ADMIT I WAS WRONG! I made out just as well by buying elsewhere, but I didn't see at the time how the bubbles in real estate elsewhere were going to affect Manhattan.

When I came back to NYC in 2005 I started to look to buy, willing to pay up to $1000 psf in Chelsea or the W Village. Buthere were lines around the block for apartments, open outcry auctions, and I thought that was crazy, that it was a bubble, so I bought elsewhere.

"You call us "bulls" as though we think this bubble is sustainable. We don't."

Apparently, you're not reading the same threads I am. The tone has changed markedly since I started to post here.

"We're just waiting to buy more when we feel that prices have dropped to a sane level."

What do you think I'm doing?

"ranting and raving like a sad queen with nothing to do."

Actually, I'm still working, have another hour to go tonight. But I'm a Happy Queen.

great--glad you're a happy queen.
too bad your happy ass wasn't parked in NYC instead of miami in 03.
whatever, dude, i hope you make a killing if the market drops.
or feel a huge sense of relief.
do a bump and 25 yr old for me.

just try to chill on rejoicing about layoffs and such. you often make good points but when you do that people turn against you and even a brilliant point is overlooked.

eah, did I say I was happy for the people? No. I've been laid off (Acer Computers moved to Mexico) but I survived. They will survive, as well.

What I am "rejoicing" at is that the market is coming back into equilibrium, the excesses are over. You look at it from the point of view of these poor, sad Wall Streeters with million-dollar bonuses losing their jobs. Well, they made their bonuses on the backs of the poor sods who were talked into buying mortgage products they a) shouldn't have been offered; and b) didn't understand; and c) never had any chance to pay back.

So, why are you so sad that these people ripped off the less educated and well-off among us, and now are paying their dues? I'm sad they've lost their jobs, but given how they made so much money, it was inevitable.

And you're right - moving to Miami was a huge mistake. I made a lot of money, but I hated it.

WAIT A MINUTE ...
stevejhx
eah, don't you know my history? I did buy in 2003, but in Miami, where property prices went up higher and faster. I sold those for a mean profit. I also bought on Fire Island in 2005 b/c prices hadn't risen in 5 or 6 years.

I wasn't living in NYC in 2003. I will say this: I did not expect real estate to soar in Manhattan after 2003, and I was wrong. SEE I ADMIT I WAS WRONG! I made out just as well by buying elsewhere, but I didn't see at the time how the bubbles in real estate elsewhere were going to affect Manhattan.

When I came back to NYC in 2005 I started to look to buy, willing to pay up to $1000 psf in Chelsea or the W Village. Buthere were lines around the block for apartments, open outcry auctions, and I thought that was crazy, that it was a bubble, so I bought elsewhere.

...
and then remember this:
http://www.streeteasy.com/nyc/talk/discussion/3410-real-estate-is-a-bad-investment

And what's your point vverain? are you so ignorant as not to understand the subtleties of my argument.

Owner-occupied residential real-estate is not a good long-term INVESTMENT. I've always said that. But when it's UNDERPRICED vis-a-vis renting, then it IS a good investment. And if there's a bubble and you see it, then take advantage of it as long as it's at the beginning, and as long as you know when to get out.

Never have I said anything but that.

You can't even accept that I admit that I was wrong.

Wow!

No Steve, I get it, when you are wrong, you admit you are wrong but blame the other person for putting you in that situation. When it appears you are wrong, you say that someone hasn't understood a "subtlety" of your position. When you are wrong, you are still right when viewed in comparison to next guy who is more wrong more often. And if you are really really wrong, well, post more and more and more, insult away, write in capital letters for emphasis, and throw out your drama and then hope no one noticed that you were initially just plain and simple, wrong. If that doesn't work, just tire us all out by posting another few discussions.

well said vv

Vverain, "but [you] blame the other person for putting you in that situation."

"I wasn't living in NYC in 2003. I will say this: I did not expect real estate to soar in Manhattan after 2003, and I was wrong. SEE I ADMIT I WAS WRONG! I made out just as well by buying elsewhere, but I didn't see at the time how the bubbles in real estate elsewhere were going to affect Manhattan."

Yes, clearly I blamed that on you.

LMAO.

sad

that you were once laid off sheds the tiniest bit of light on to your insecurities, Steve. ... judging from your posts, i swear, you are just a very insecure person. it isn't necessarily in the content of your posts, but the *tone* that you take, and this incessant need to have the last word; the argumentative style, the sarcasm, all of it. it just makes me think you were laid off, abandoned as a child, cheated on from your wife, missing some plain love.

that's my 2 cents, pseudo freudian analysis. i ain't trained in it, but i call it like i see it.

"that you were once laid off sheds the tiniest bit of light on to your insecurities, Steve. ... judging from your posts, i swear, you are just a very insecure person."

"that's my 2 cents, pseudo freudian analysis. i ain't trained in it, but i call it like i see it."

I'm trained, to see projective identification.

steve has this amazing trait in which he can be stupidly wrong, entirely incorrect, while at the same time be condescendingly obnoxious. This generally is not a good trait for people.

What I don't get is that for all his razor-sharp-no-margin-for-error investment strategies/smarts, for all his late nights and hard work ethic, for all his "I return approximately 60% per annum on my investments," for all his holier-than-thou-cloaked-in-self-rightousness arguments regarding when and how to buy/invest in real estate (after buying/selling a grand total of two properties)....

The guy's only got a total net worth of (approximately) $2,000,000?

I mean, EVERYONE is entitled to an opinion, but from the number, length, regularity, and intensity of his posts, you'd think he'd been involved in the minutia of real estate investment for decades, and have a much more significant net worth!

OK I have been reading all these posts and I finally HAVE to say something. Yes I have been sucked in. WHY is everyone feeding Steve EXACTLY what he wants? ANYONE who has had ANY kind of therapy would realize that you are giving him the negative attention that he feeds on. Let him post and dont reply! That way there is nothing to argue. You all keep trying to change him and you will all go crazy doing it. Everyone is allowed their opinion and everyone is right. If we were all at a table and there was an "m" on it, to my person on the right it would look like a "3" to the next it would look like a "w" and the next it would look like an "E". EVERYONE is right it is just a different perspective. Now quit arguing and do something productive with your time!!!

It's an m.

I'm glad I have a fan base.

I have to agree with alanhart on that one. An m is an m. It's not a 3. If I were on the other side of the table, my perspective would see and upside down m.

Also, I don't care about steve's therapy, I just like pointing out his constantly flawed, misleading analysis and statements, to show that no one should give any attention or merit to what he says. It's pretty easy to push his buttons to make everything apparent. I don't mind doing this given his incredibly poor social skills and rude, obnoxious demeanor.

Thanks, Dr. Phil.

Talk about shoot the messenger...

east_cider, don't worry about LICC - he's the new spunky.

"I don't mind doing this given his incredibly poor social skills and rude, obnoxious demeanor."

LMAO.

I think those who are trying to talk down the market so they can afford to buy should consider the fact that they are working to de-value an asset they want to, at some point, buy into. No doubt the economy will cause some strains on prices, demand, and that prices may come down a bit, but psychology plays a big role as well.

Reminds me of a quote from Carter Eskew in the political context that appeared in the Washington Post this weekend:

"I once asked a famous commercial advertiser why he didn't attack his big rival, a competing laundry detergent -- say that it "ruins your washing machine!" or "causes hives!"

His answer: "Because I might gain temporary market advantage, but I'd devalue the whole category. Sooner or later, people would stop buying soap.""

"Sooner or later, people would stop buying soap."

You really believe that?

LICC then that just goes to show that you as well have very limited perspective and are more like Steve than you would like to probably see. What you two are doing is the reason we go to war. There is only one right answer and so we continually attack. Try to open your narrow vision and the world might be an easier place for you to live.

These days, Steve and LawnGawylinCommando aren't even arguing two sides of the same issue. It's more like the classic http://www.theonion.com/content/node/34210

buddyparker, I do have an open mind, I just thought your analogy was a little off. Also, your contention that everyone's opinion is right just doesn't make that much sense. However, I agree that people can have different views and there could be different ways of looking at things.

"There is only one right answer and so we continually attack."

There is only one "right answer" for what?

buddy, oftentimes, if everyone is right, then no one is right. i'm all for being openminded and seeing different viewpoints, but to say that everyone is right is quite silly (and lazy). the idiot that says 2+2=5 is plain wrong. i get that the topics on this messageboard are rarely that straightforward, but to there is such as thing as right and wrong.

> I don't mind doing this given his incredibly poor social skills and rude, obnoxious demeanor.

the lady doth protest too much...

I think that is an inappropriate use of Shakespeare.

who was "eah" whose comment was removed?

http://www.nydailynews.com/news/world/teenage-hitman-mexican-cartels-returns-u-s-article-1.1530317

American teenage hit man for Mexican drug cartel returns to US as free citizen

Edgar Jimenez Lugo, aka 'El Ponchis,' was freed after serving three years in Mexican prison for being assassin for a drug cartel. Now 17, the teenager is bound for San Antonio, Texas, authorities said.