Tag: real estate

Pandemic’s impact on NYC’s luxury real estate is more devastating than 9/11 or the Great Recession as upscale properties sell for less than HALF their original asking price

This chart based on data from Miller Samuel shows total closed home sales before and after three crises in New York

Pandemic’s impact on NYC’s luxury real estate is more devastating than 9/11 or the Great Recession as upscale properties sell for less than HALF their original asking price.  That De Blasio sure knows how to run things…………into the ground.

  • Luxury properties in Manhattan are selling at deep discounts in the pandemic crisis
  • Some sales have closed at discounts of more than 50% from the original asking price
  • Overall residential sales volume in New York dropped 52% in July from the same time last year
  • Recovery of the market has been slower than after 9/11 or collapse of Lehman Brothers 
  • The future remains in question as the pandemic, economic hardship, and soaring crime continue to send many New Yorkers fleeing – with an estimated million or ten per cent of the city’s population leaving town   
  • As property prices plummet, crime soared with shooting incidents up 177 percent last month, compared to the same time last year – with murders up 59 percent for the month and burglaries rising 31 percent

Frightening evidence of China’s looming economic bubble: The ghost mall

A couple weeks ago the internet was abuzz about photos of entirely empty Chinese cites the government had built just to prop up the appearance of a rapidly growing economy. Now here’s more evidence – the New South China Mall in Dongguan, which has been empty for six years.

Some experts say the economic bubble in China is going to make ours look like a mere hiccup.

A couple weeks ago the internet was abuzz about photos of entirely empty Chinese cites the government had built just to prop up the appearance of a rapidly growing economy. Now here’s more evidence – the New South China Mall in Dongguan, which has been empty for six years.

DailyReckoning.com has the depressing details:

Once heralded as “the largest mall in the world, bustling with customers,” the mall is now overwhelmingly desolate, just “floor upon floor of emptiness.” This is even on a Saturday, and even with a fully-operational theme park. The best way to boost foot traffic? Expand another 200,000 square meters, according to the mall’s owners. They plan for the development to ultimately reach over one million square meters of residential and retail space.

It’s already been about six years since the nearly-vacant mall opened … things are bound to turn around any day now.

Hedge-fund manager Jim Chanos, who foretold the collapse of Enron, says that China is on a “treadmill to hell” because it’s relied on real estate development to underpin its economic growth.

We read last week that China is bailing out the collapsed economies in Europe. So who bails out China when its economy collapses?

Would you trust Chris Dodd and Kent Conrad
with your health care?

Appointing Chris Dodd as head of the banking committee and Kent Conrad as chair of the Budget Committee didn’t help the real estate market; now they are in charge of health care?

Senator Kent Conrad indicating how much interest he paid on his Countrywide mortgage
Senator Kent Conrad indicating how much interest he paid on his Countrywide mortgage

Why did America’s real estate market crater?

Appointing Chris Dodd as head of the banking committee and Kent Conrad as chair of the Budget Committee didn’t help.

According to testimony from an official at Countrywide’s VIP division, while millions of Americans struggled to make their house payments, those two Democrat Senators were getting sweetheart mortgage deals from the soon-to-fail bank. And, while they blamed the Bush administration and tax policies for the cratering real estate market, Dodd and Conrad swore they had no idea they were getting a good deal on their mortgages.

After all, who pays attention to things like interest rates when you’re financing a home purchase? Or payment terms? Or the monthly payment amount?

Now, these are the guys that are in charge of a health care fix (fix being the operable term here).

Wonder what health care will be like for U.S. Senators under a Dodd-Conrad health system? Maybe private hospitals will run specials for VIPs:

Free ACL surgery with every kickback.

Bribe one, get one liver transplant free (The Kennedy special).

Ear, nose, and throat visit for earmarks.

Written by Sven Waring of DotPenn.com

Source: Associated Press

Will residents begin flipping lids when cities begin flipping houses?

King Barack. He wants to defend the downtrodden so much that he's doing everything he can to make more of them.
King Barack. He wants to defend the downtrodden so much that he's doing everything he can to make more of them.
Riverside, California has announced a new plan to buy foreclosed homes, fix them up, and resell them to “the needy.”

Naturally, the city’s using your tax dollars – $6.5 million made available by the Obama administration plus its own redevelopment money – to purchase houses, rehab them and sell them to first-time buyers.

“Where a lot of communities are trying to figure out how to spend the money, or offering purchase funds or down-payment assistance, we’re actually very hands-on with our program,” said a representative of the working-class community located about 60 miles east of Los Angeles.

“We’re making the purchase, we’re overseeing the rehab, we’re overseeing the sale of the properties. We’re at the forefront of most cities or counties.”

Riverside says it’s just trying to “make a difference.” Problem is, what they’re doing doesn’t sound much different than the same old Fannie Mae-Freddie Mac-Chris Dodd-Barney Frank merry-go-round off of which we thought we just hopped.

Capitalism is dead. Long live King Obama.

Source: Reuters via BigHollywood.com

California Sen Feinstein doesn’t try to hide her corruption, husband cashes in on financial crisis

We'd hide our faces, too, if we were as corrupt as California Democrat Senator Dianne Feinstein
We'd hide our faces, too, if we were as corrupt as California Democrat Senator Dianne Feinstein

California Democrat Senator Diane Feinstein was wealthy when she came to the senate. And thanks to the way she’s blatantly directed federal funds to her husband’s many businesses, she’s become far wealthier.

Most of the media buries this story as deeply as they buried her past corruption. But here’s how the Washington Times and Fox News describe her latest personal money grab:

On the day the new Congress convened this year, Sen. Dianne Feinstein introduced legislation to route $25 billion in taxpayer money to a government agency that had just awarded her husband’s real estate firm a lucrative contract to sell foreclosed properties at compensation rates higher than the industry norms, the Washington Times reported on Tuesday. Continue reading “California Sen Feinstein doesn’t try to hide her corruption, husband cashes in on financial crisis”

Hey, Charlie Rangel, pay your g*d d*mn*d taxes?

The party that brought you Reverend G*d d*mn America is back with another installment of righteously profane indignation. This time it’s in the service of the most ethical and transparent congress in history.

This is a story we’d like to see on the TV news, but we’re not holding our breath. In the meantime, we’re thankful for HotAir.

Tax cheat Charlie Rangel (D-NY) has been comfortably ensconced in the House since 1971 and currently chairs the Ways and Means Committee that writes our convoluted tax laws. He was asked by HotAir TV about his taxpayer-sponsored Cadillac and a few other ethical and financial lapses.

Thinking he was dealing with a friendly tourist, Rangel turns on the charm with a big, toothy smile and a warm “Welcome to the nation’s capitol!”

Watch how his excrement-masticating grin freezes after he’s confronted about his shady rental property deals, publicly-subsidized Cadillac, and unpaid taxes. Then he says:

“Why don’t you mind your G*d d*mn*d business?”

It’s official. Government of the people is now government vs. the people.

Trump’s unsuccessful TV show more successful than his real estate empire

donald_trump_hairDonald Trump’s ratings-challenged Apprentice TV show has already been cancelled and brought back from the dead once. His real estate empire may not be so lucky.

The partnership behind the Trump Ocean Resort Baja, a luxury hotel-condo project in Mexico, has gone belly up, costing scores of small investors more than $32 million. Investors have been told they won’t get a penny back.

The Mexican problems couldn’t come at a worse time for Trump. His casino company filed for bankruptcy protection last month. He also having trouble making payments on his Trump International Hotel & Tower in Chicago.

“I can’t even stand to see Trump’s face on TV,” said Linda Drake, one of his Mexican investors.

Who cares about the collapse of his real estate empire? We’re waiting for the collapse of his hair. That’ll be worthy of an hour long special. They’ll replay it over and over in slowmo like one of those imploding buildings.

SOURCE: Breitbart

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