NationStates Jolt Archive

Dang I could have gotten a VA home loan and moved in.
http://www.msnbc.msn.com/id/30850817/

that would have been kick ass. imagine taking a chick form the bar to my 40 story skyscraper.

Dang I could have gotten a VA home loan and moved in.
http://www.msnbc.msn.com/id/30850817/

that would have been kick ass. imagine taking a chick form the bar to my 40 story skyscraper.


So they are selling skyscrapers at a drastic discount, with the condition that the new buyer take on the enormous amounts of debt connected to the properties.

Hmmm.... no.

Hmmm.... no.

surely id have time to pay that off. Or at least a good year to enjoy it before defaulting on the loan so the cycle can be repeated.

And maybe if I turned it into low rent housing I could cover the debts.

Dang I could have gotten a VA home loan and moved in.
http://www.msnbc.msn.com/id/30850817/

that would have been kick ass. imagine taking a chick form the bar to my 40 story skyscraper.

You forget that you also have to pay the debts that are related with the estate. Still a nice price, but probably too much for you and me :)

Dang I could have gotten a VA home loan and moved in.
http://www.msnbc.msn.com/id/30850817/

that would have been kick ass. imagine taking a chick form the bar to my 40 story skyscraper.

I think that is cheaper than studio apartments in New York.

You forget that you also have to pay the debts that are related with the estate. Still a nice price, but probably too much for you and me :)

And im sure the annual property tax alone is 20x that amount.

not so valuable now are ya Boardwalk*

*American monopoly board is silly

imagine taking a chick form the bar to my 40 story skyscraper.

compensating for something? :p

That thing to me looks like the utility bill would be 100K a year. :eek:

That thing to me looks like the utility bill would be 100K a year. :eek:

Why do you think they invented torches? Utility bills, man. Fuck 'em.

Why do you think they invented torches? Utility bills, man. Fuck 'em.

Until you have to pay the plumber 200K to fix all the broken pipes in the winter because you didn't keep that monstrosity heated.
:tongue:

Until you have to pay the plumber 200K to fix all the broken pipes in the winter because you didn't keep that monstrosity heated.
:tongue:

Throw your soil out the window! Grab a hockey mask and a machete because society is breaking down! It's breaking down!

And im sure the annual property tax alone is 20x that amount.

New York City has a Veterans property Tax exemption.
Which despite its name doesn't eliminate the property tax but makes it only 5%(except for disabled veterans but I am not). Also the assessor has to address non rental residential property at last sale price for first 5 years after sale. (If i were renting it it would be based off of how much money I made in rent). So should be 5,000 a year.

And even if that all falls through I will have a year to play, and will allow the homeless to move in in droves last month before I am forced to vacate.

Even better idea:

During the year that you own it, you rig the place with explosives. Then you detonate at the end of the year.

Even better idea:

During the year that you own it, you rig the place with explosives. Then you detonate at the end of the year.

the end result being I won an empty piece of land in new york making it a lot more valuable to sell.
And I get insurance money as long as i make it look like a freak accident.

Even better idea:

During the year that you own it, you rig the place with explosives. Then you detonate at the end of the year.

That's all good until everyone realizes that the New Years party was in fact being held in the very tower that just went up in at midnight.

Buy it and then impair it with an "electrical fire" that somehow set off the gas mains in the building, destroying the entire thing. Doubleplusgood if you sue ConEd and the construction firm for faulty wiring and gas main installation.

Dang I could have gotten a VA home loan and moved in.
http://www.msnbc.msn.com/id/30850817/

that would have been kick ass. imagine taking a chick form the bar to my 40 story skyscraper.

So they are selling skyscrapers at a drastic discount, with the condition that the new buyer take on the enormous amounts of debt connected to the properties.

Somehow I think SHE would've been buying the drinks...

Somehow I think SHE would've been buying the drinks...

yeah just say The current real estate bubble is tieing up my liquid assets.
If she is dumb enough she will go for it.

that would have been kick ass. imagine taking a chick from the bar to my 40 story skyscraper.
"Hey babe, wanna see my giant erection?"

So they are selling skyscrapers at a drastic discount, with the condition that the new buyer take on the enormous amounts of debt connected to the properties.
Hmmm.... no.


true, but the article does also say that it was previously bought for $500million, and is carrying a debt of $130million.
Even if the property prices have collapsed 50%, they could still sell it for $250million and make a healthy profit.
Heck, even selling it for $150million - 70% below market value - still puts them ahead.

true, but the article does also say that it was previously bought for $500million, and is carrying a debt of $130million.
Even if the property prices have collapsed 50%, they could still sell it for $250million and make a healthy profit.
Heck, even sell it for $150million - 70% below market value - still puts them ahead.

If it looks too good to be true, it usually is.

God damn, talk about good investments.

In severe downturns commercial property can have a negative value, even if it isn't carrying any debt. Happened a lot in NYC seventy odd years ago.

In severe downturns commercial property can have a negative value, even if it isn't carrying any debt. Happened a lot in NYC seventy odd years ago.

That's when you convert to low income housing and get and get with the department of housing and urban development.

That's when you convert to low income housing and get and get with the department of housing and urban development.

Uhuh. If you can get it rezoned, get the tax adjusted and if the section 8 crap will cover the costs of running it after the changes are made. And of course you have to carry it thru the turn over. So it's a limited opportunity only open to people with special qualifications. Not for the general punter.

If you really wanted to own one of these things it would probably be cheaper to buy the distressed debt up in any case (if pos.)

Personally I'd avoid buying property in big cities tho', because typically those sorts of areas are where the bombs are dropped.

Uhuh. If you can get it rezoned, get the tax adjusted and if the section 8 crap will cover the costs of running it after the changes are made. And of course you have to carry it thru the turn over. So it's a limited opportunity only open to people with special qualifications. Not for the general punter.

If you really wanted to own one of these things it would probably be cheaper to buy the distressed debt up in any case (if pos.)

Personally I'd avoid buying property in big cities tho', because typically those sorts of areas are where the bombs are dropped.

HUD will guarantee you make payments on debt and bills. You just lose the ability to turn people away.
It would be easier in Houston, where they don't have zoning laws.

your right though. I suspect another shift out of the cities, like what happened in the 1970's.

your right though. I suspect another shift out of the cities, like what happened in the 1970's.

They key difference this time though is the suburbs have fucked themselves too. Back in the sixties/seventies people moved from NYC to the suburbs because the taxes were low and the surrounding counties were in much better shape financially. That's not the case now.

I don't doubt that a lot of people are going to leave the cities, because they won't be able to afford to live in them, but I'm not sure where they are going to go.

Maybe texas.

They key difference this time though is the suburbs have fucked themselves too. Back in the sixties/seventies people moved from NYC to the suburbs because the taxes were low and the surrounding counties were in much better shape financially. That's not the case now.

I don't doubt that a lot of people are going to leave the cities, because they won't be able to afford to live in them, but I'm not sure where they are going to go.

Maybe texas.

the economy is pretty decent here. We have noticed the effects of things but not near as bad as California or New York.
I think land values are only off an average of 5%.

the economy is pretty decent here. We have noticed the effects of things but not near as bad as California or New York.
I think land values are only off an average of 5%.

You'll follow, because the credit bubble was global. But probably not as bad, because things weren't as out of whack.

The main thing is if the Texas government can continue to chug along. It's the state governments in a lot of places that are going to administer the coup de grace.

You'll follow, because the credit bubble was global. But probably not as bad, because things weren't as out of whack.

The main thing is if the Texas government can continue to chug along. It's the state governments in a lot of places that are going to administer the coup de grace.

Supposedly our land was under valued before the bubble popped. Don't know how we avoided that bubble. I read something about how Texas banks are chartered doing it. But I don't understand the difference. something about a less regulated banking system in state discouraged people from banking out of state, and the state got isolated from many of the current issues.

Supposedly our land was under valued before the bubble popped. Don't know how we avoided that bubble. I read something about how Texas banks are chartered doing it. But I don't understand the difference. something about a less regulated banking system in state discouraged people from banking out of state, and the state got isolated from many of the current issues.

Texas had a huge property bubble in the 80s. I think that knocked some sense into most folks. Though I wouldn't say it was undervalued before the crash, more properly valued. For the most part.

But then there is Marfa. Though I don't know how it is now.

Texas had a huge property bubble in the 80s. I think that knocked some sense into most folks. Though I wouldn't say it was undervalued before the crash, more properly valued. For the most part.

But then there is Marfa. Though I don't know how it is now.

Marfa? you mean that tiny city in west Texas that depends on people coming to see lights for its economy ???

Marfa? you mean that tiny city in west Texas that depends on people coming to see lights for its economy ???

Yeah. Marfa. It was very expensive for a while (relatively). Something about being the next art capital or some ridiculous shite.

Yeah. Marfa. It was very expensive for a while (relatively). Something about being the next art capital or some ridiculous shite.

Why ?? its in the desert.
There is nothing but old people selling souvenirs for seeing the lights ???
Maybe they expected retirees to move there. See that's a self popping bubble. Retirees on limited income go to where it is cheap. So they just move to Arizona instead.

Why ?? its in the desert.
There is nothing but old people selling souvenirs for seeing the lights ???
Maybe they expected retirees to move there. See that's a self popping bubble. Retirees on limited income go to where it is cheap. So they just move to Arizona instead.

Some artist moved his studio there, and then a whole bunch of left coast equity locusts descended on it driving the prices up. It was going to be the next Santa Fe or Woodstock or shit like that.

I don't know how it is as of 2009, but it was big enough that people would laugh at it a couple of years ago. Esp. compared to the prices everywhere else in Tx.

Some artist moved his studio there, and then a whole bunch of left coast equity locusts descended on it driving the prices up. It was going to be the next Santa Fe or Woodstock or shit like that.

I don't know how it is as of 2009, but it was big enough that people would laugh at it a couple of years ago. Esp. compared to the prices everywhere else in Tx.

See only Californians lost their money on that deal.

See only Californians lost their money on that deal.

Well sure, mostly. But most of the local bubbles in fly-over were driven by coastal equity locusts playing Donald Trump.

People on the coasts, despite appearances to the contrary, are actually quite dumb with money.

Well sure, mostly. But most of the local bubbles in fly-over were driven by coastal equity locusts playing Donald Trump.

People on the coasts, despite appearances to the contrary, are actually quite dumb with money.

Yeah I have noticed.