How bad is the market?

(Not) Brad Hvolbeck

This bad: nothing of note, again, on Tuesday’s broker open house tour. I understand that this is part of the two-week rich kids private school vacation (two weeks, so they can ski in Colorado one week and hit the beaches of the Caribbean the next) but still, nothing? It’s either Obummer and Chu’s $15 gas prices or the unwillingness of home owners to expose their houses to current market conditions or both. Or all the agents are themselves busy skiing and sunning with those kids – lots of agents working as au pairs these days.

9 Comments

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9 responses to “How bad is the market?

  1. Anon

    It will only get worse.

  2. Balzac

    In the 2008 Presidential campaign, even though his opponent was named McCain, Obama’s most-spoken phrase was “…the failed presidency of George W. Booosh”. Let’s see: here are the unemployment stats of those years: 2000 4.0%, 2001 4.7%, 2002 5.8%, 2003 6.0%, 2004 5.5%, 2005 5.1%, 2006 4.6%, 2007 4.6%, 2008 5.8%, 2009 9.3%, 2010 9.6%, 2011 8.9%, and presently 8.3%. For 2001-2008, the Bush years, the average unemployment averaged 5.3%. For 2009-present, it averaged 9.0%. This is a personal tragedy for millions, but the Obama campaign’s central message (assisted by the biased media) is that domestic enemies (rich people) are ruining America…..Obama is clueless.

  3. The New Normal

    equity hedge fund managers are the most bullish housing stocks (equities) in a long long time – maybe they will be buying real houses for themselves personally as well

    wouldn’t be surprised if a bunch of them are talking down the mkt on forums like this

  4. Cos Cobber

    If all the money is out of town for two weeks, does this mean your brother – who runs with the big boys – will return the jag to rentacenter for a two week reprieve on the rental fees?

  5. Just_looking

    Off topic, but too lazy to email you…
    While you think cracking is a god send and a think it is the devil incarnate I am surprised that you did not pick up on today’s WSJ note
    http://online.wsj.com/article/SB10001424052702304537904577277814040731688.html?mod=WSJ_hp_LEFTTopStories

    I guess it is time for me to get fitted for a tin foil hat, as this seems like such an outright collusion between the govt keeping down energy costs as an attempt at reelection and the dirty lying exploiters.

  6. Anonymous

    to Anon 9:16: only if you focus on the same old things and the wrong things. The market has changed and the prices reflect it. NYC-ites who perhaps work in the Finance area or not, realize that it is much cheaper to live in Greenwich where the schools are free (no need to send kids to $40K kindergarten), the taxes are low……..and the houses in Riverside, OG are within walking distance of good schools, the RR station and town. The lots sizes are reasonable enough to mow your own lawn(!) or shovel your own driveway………..and on and on. And they cost the same as their apartments in NYC which have held their value, they can sell them and buy bigger, but more appropriate living spaces without losing $$. If I were in Real Estate, I would focus on these houses, including Havemeyer and NoPo. Where I would not spend my time is on mid-country big houses, where the maintenance is high for heating, yard maintenance, etc., you need at least two cars, etc. the schools are good, but it just costs more to keep up the life style. Those houses don’t have natural buyers and have room to go down in price. But, sellers won’t dip their prices, because they can’t. A virtual standstill and a place you cannot make money for now. So, I would not spend one moment in the price bracket or area…..and spend my time building my network for those who can and want to spend $1-3 Million and still get a deal.

  7. The New Normal

    Anonymous 10:42,

    Your points are very valid and good ones if your clients are buyers at the lower end (below avg/median prices for Greenwich)

    Hard to argue for someone looking at the $2mm+ level that those concerns are either relevant nor warranted, and arguable that if one is indeed trying to buy “value” that he should steer clear of the rest of the herd….

  8. Libertarian Advocate

    This is a personal tragedy for millions, but the Obama campaign’s central message (assisted by the biased media) is that domestic enemies (rich people) are ruining America…..Obama is clueless.

    Well, in a sense he’s right. There’s a whole lot of rich people who donated to his 2008 campaign, and many or most of those are doing it again in 2012. So, I agree with Obama in this limited respect: Rich LIBERAL people are ruining America.

  9. x

    The media is in the bag for Obama. The terrible housing market (coupled with energy) are two of the biggest risks to his reelection. Which is why the media is blaming gas prices on the oil companies or the speculators when in fact gas is expensive because it is priced in dollars and the printing presses have barely stopped during his entire tenure. Real estate may have bottomed in some markets but it will stay in the toilet for a while. Real estate is very dependent on jobs and wage acceleration and the administration is manipulating these figures. Do not believe a word the media says about the real estate market (or pretty much anything else). They will sugar coat everything this year to get Obama reelected. No problems have been solved. Our politicians are all either crooked or inept. There is no happy ending to this story. Look for more pain ahead.