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The buyer’s bonus was to be paid in stock, and he had to see how much he could borrow on it before he could raise his offer.
The Bonus Bounce
New York Times
By HILARY STOUT
IF the mix of optimism and uncertainty that pervades the New York residential real estate market right now can be symbolized by one property …
WSJ- The government over the past year has slowed the pace of foreclosures through moratoria and the drive to modify mortgage terms to keep more borrowers in their homes. It also has pumped up demand for housing by giving tax credits to many first-time home buyers and by driving down mortgage interest rates. As a result, home prices in some areas have risen in recent months, particularly for homes that appeal to investors and first-time buyers. Bidding wars for the more attractive bank-owned homes have become common.
Is Goldman “Just sayin’?”
see story here
Yes, there hasn’t been much news about Hamptons real estate to write about lately. We’ve all been “under the weather” with these last 3-4 weeks of constant rain.
This Improper.com piece came my way and I thought it was refreshing to hear some local agents speak the truth about the market…now, if the more sellers will listen, we might see an uptick in business.
“It’s like trying to catch a falling knife,” Mala Sander, of the Corcoran Group in Sag Harbor told the magazine. “Listings that were $6 million last year which should have been $4 million, now they’re going for three and a half.”
“This is beyond anything I’ve seen in 22 years,” says Tara Newman, also with Corcoran. “I’ve gone from low expectations to no expectations.”
“Where is the market?” said Peter Turino, of Brown Harris Stevens in East Hampton. “At all levels we’re struggling to understand. We’re still in shock. We’ve left a period behind. A period of history that’s well behind us, it’s gone.”
See TheImproper.com article below:
I don’t know how many of you watch Cramer on CNBC. I usually flip through when he’s on and watch as much as I can handle, and I do get the feed from Blogging Stocks. The thing I appreciate about Cramer is he speaks his mind and gut. Sometimes he’s right, sometimes he’s not (right Jon Stewart?)
This time, I hope he’s right…
“And why not? Prices have come down gigantically. Mortgages are the cheapest in our lifetimes. There’s a new tax credit for first-time homebuyers. You combine all of these and you get two things: 1) It is dramatically cheaper to buy than to rent — by as much as $4,000 a month, and 2) You have to be an idiot not to think about buying a property right now.
Still, nobody believes. I hear such non-refutational nonsense around the clock. People email me, telling me that I have no idea what I am talking about with the “coming bottom” in real estate. Here’s the staples; you have probably heard of a lot of them by now:”
see the entire post here
“NEWS FLASH – There was a bubble in real estate, especially residential. It popped. Some day…not today….prices will stop falling. There is very little reason to believe that they will then have a big move upwards (in some circumstances there may be a bounce from well below long-term trend levels, but you can’t play bounces in real estate). In fact, history indicates that it is more likely that prices will malinger near the lows for years.”