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Sellers Are Adjusting Their Expectations, And Price Reductions Are Becoming More Common

A report from the Real Deal on New York. “Ladder Capital intends to foreclose on four Harlem rental properties owned by Isaac Kassirer’s Emerald Equity, after the firm defaulted on a $32 million loan. In April, Isaac Kassirer extended the maturity date for the loan from April 6 to Oct. 6, and personally guaranteed the note. By Nov. 6, the nearly $32 million in principal, interest and fees was unpaid. A source with direct knowledge of the matter but not authorized to discuss it said Emerald overpaid for the buildings, and because it did not have enough money to close, sought expensive bridge financing.”

“There were many vacancies in the building at the time, the person said, and Emerald planned to raise rents after doing improvements in those units. That plan was spoiled a month later, when changes to state law made that impossible. Emerald Equity was one of the most aggressive multifamily players in New York City before changes to state law dramatically altered the investment landscape, by limiting the cost property owners could pass on to tenants for improvements.”

“Those East Harlem properties, known as the Dawnay Day portfolio, were not included in Ladder Capital’s foreclosure suit. Sources have said that portfolio is overleveraged, and earlier this year Kassirer said his firm was weighing ‘all options’ to save it. Tenants in those buildings are still refusing to pay rent, according to the Wall Street Journal, and organizers say apartment conditions have worsened during the pandemic.”

The Mercury News in California. “A lender has seized ownership of a Milpitas townhouse development site through the foreclosure of a loan for the mixed-use project. The property that suffered a foreclosure is where a project of townhomes and retail had been proposed at 808 S. Main St. in Milpitas, Santa Clara County documents show. Greenlake Real Estate Fund, which in 2019 provided $17.85 million in financing for the property, wound up owning the site as a result of the foreclosure proceeding, public records filed on Nov, 17 show.”

“A growing number of Bay Area properties, including some big hotels, are being haunted by the specters of mortgage delinquencies and foreclosure amid coronavirus-linked economic uncertainties and business shutdowns. The project’s developer, Eighty-Eight Homes, filed for bankruptcy in August 2020, an attempt to keep ownership of the property and ward off the foreclosure attempt, court records show.”

“‘The debtor pre-sold several condominium units and if the property is foreclosed, the debtor will not be able to provide the promised units,’ developer Eighty-Eight Homes told the bankruptcy court in a document filed on Aug. 16. Ultimately, the bankruptcy court dismissed the case after the developer failed to meet some court-ordered deadlines. At the time of the foreclosure, the unpaid debt on the original loan was $16.3 million. The lender, GreenLake Real Estate Fund, took back the development site in a foreclosure that placed a value on the property of $11.75 million.”

From Bisnow on Florida. “Nitin Motwani, who is now developing the $3B Miami Worldcenter, grew up helping his parents run independent hotels on Fort Lauderdale Beach. He suggested that people with market expertise will be able to pick and choose lucrative deals. Motwani said he has partnered with Driftwood Hospitality to raise three private equity funds. ‘There’s a lot of great sponsors who may have just finished a project but ran out of cash, and no one wants to lend to hotels in uncertain times,’ Motwani said.”

The Gainesville Sun in Florida. “Enabled by welcoming city policies, multistory apartment complexes catering to University of Florida students are scraping away existing buildings to rise near campus. But the party may be over, or at least nearing midnight. Nathan Collier for decades has been Gainesville’s master of off-campus housing since helping redevelop College Park from the ramshackle ‘student ghetto’ into tidy apartments.”

“Collier described the current developers of massive complexes as ‘lemmings rushing off the cliff’ and predicted the brakes will be slammed. ‘Yes, we’re overbuilt — no doubt about that,’ Collier said. ‘I love capitalism but it has its excesses and we are seeing one now.'”

“Most student apartments have individual bedrooms and bathrooms — usually four to six. Renters in each apartment have individual leases. Luxury and amenities are a selling point in addition to campus proximity. Rents are not cheap but David Coffey, a land-use attorney, and others say that since many UF students receive scholarships, and the state has held tuition low, their parents can splurge on the higher rents.”

“Collier, meanwhile, said investors have had an abundance of money to spend on apartment complexes. ‘There’s too much capital and too few (good) deals,’ Collier said.”

“Michael Orsak, Campus Advantage senior vice president of investments, said it typically takes three years to develop a project. During that time, developers may not know the progress of projects by other developers. For example, Campus Advantage estimated that 1,800 new beds would be ‘delivered’ this year but it was closer to 3,000 beds.”

“‘Oftentimes there’s not transparency to who’s working on what deals in the marketplace until shovels start moving or someone applies for a permit,’ Orsak said. ‘I think there were a few of us who were surprised by the total number of projects going on at the same time, to be quite honest with you.'”

The Star Tribune in Minnesota. “Buyers have outnumbered sellers in much of the Twin Cities this year with a pair of notable outliers: downtown Minneapolis and St. Paul, where there are now more condos and townhouses for sale than buyers. In a metro market with a dearth of homes for sale, downtown Minneapolis has seen a 5% increase in condo and townhouse listings during the first 10 months of the year as closed sales have dropped 34%, according to new data from the Minneapolis Area Realtors (MAR).”

“Agents say that after years of premarket sales and bidding wars, downtown has become, at least for now, a buyer’s market. ‘It’s their ballgame,’ said Isaac Kuehn, a sales agent based in the North Loop. ‘Sellers used to hold all the marbles.'”

“Though this shift has sellers on edge, real estate agents say the situation is unlikely to be a repeat of the housing crash during the Great Recession. ‘I sense most residents downtown are optimistic, but realistic in that things won’t bounce back overnight,’ said Cynthia Froid, a sales agent with an office in the Mill District. Last year Froid and others often sold condos before they hit the market. On average, it’s taking 47 days to sell a listing in downtown Minneapolis.”

“For now, sellers are adjusting their expectations. And price reductions are becoming more common. ‘Someone is going to get a deal from us,’ said De­Bora Bernick, who is among a large contingent of downtown condo owners who split their time between multiple homes. Bernick, who spends summers in Duluth and winters in La Quinta, Calif., bought a two-bedroom condo on the 23rd floor of a downtown high-rise two years ago.”

“She took a year to complete a top-to-bottom renovation, but ended up visiting far less than she expected, so late last year she listed the 1,200 square-foot condo for $550,000. She acknowledges that she was initially trying to recoup her renovation costs and so it was priced higher than other similar floor plans in the buildings. They’ve had several showings, but no offers, so she’s discounted the price nearly $80,000.”

“‘I felt like we bought it at a good price so I could sell it for what I had into it,’ she said. ‘But I’m not sure given what’s happening downtown.”‘

From Capitol Hill Seattle in Washington. “In a new study, Seattle-based real estate service Redfin really gets to the heart of the matter of the summer’s Capitol Hill occupied protest zone — condo prices: ‘Seattle’s condo market has really struggled in general during the pandemic, but the units that are closest to the CHOP have typically been selling even more slowly than other condos in Capitol Hill,’ said local Redfin real estate agent Forrest Moody. ‘I had one listing that was a block away from the CHOP and across the street from a Ferrari dealership that had its windows smashed,’ Moody goes on to say. ‘The condo actually sold within five days, but that’s likely because we listed it for $25,000 less than we had planned to back in February.'”

“Those insights are part of the findings the company broadcasted this week in a view into the impact of nationwide protests on the country’s real estate markets –. ‘Survey: 30% of Americans Want to Live Somewhere Else Due to Protests.’ ‘Just under a third (30%) of Americans said that protests in major cities have made them want to move away from where they currently live, or have changed where they want to move to, according to an October Redfin survey of more than 3,000 U.S. residents,’ Redfin reports.”

From The Oregonian. “Sales of turnkey condominiums with concierge services and killer views have stalled due to the coronavirus pandemic, say real estate agents. Low condo sales, which had been lagging before stay-at-home orders were issued in late March, have owners motivated to make a deal, says Sean Z. Becker of Portland-based Sean Z Becker Real Estate. The uncertainty of the coronavirus and ‘headlines of civil unrest’ have some home shoppers steering clear of dense urban housing, says Becker, who has been selling real estate for 16 years.”

“The condo at 20 N.W. 16th Ave. #3 in Portland’s Northwest District is listed at $105,000. The studio in the 1927 Empress Condominiums building has one bathroom and 304 square feet of living space. Homeowners association fees are $338 a month. The price was $120,000 on Oct. 1, then it dropped to $110,000 Oct. 12 then $105,000 on Nov. 19.”

“A penthouse at 3601 S. River Parkway #2805 in the 2006 John Ross tower in the South Waterfront is listed at $1,195,100. The contemporary-style, high-end home has two bedrooms, 2.5 bathrooms and 2,698 square feet of living space. Homeowners association fees are $1,300 a month and include round-the-clock concierge service, a gym and garden courtyard. The price was $1,295,100 on Jan. 16, then it dropped to $1,195,100 on March 30.”

The Jewish Voice. “Real Estate billionaire Ziel Feldman is part of an ever-growing list of moguls who are putting their real estate up for sale as the pandemic, increased crime and New York tax laws have caused them to flee. Feldman also sold his Englewood New Jersey estate last month for $7 million-a significant price reduction from a home that had been asking $19.5 million; especially considering they renovated it for $13 million.”

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https://www.youtube.com/watch?v=9Ozrl_-3mco https://www.youtube.com/watch?v=IitltshgJVM https://www.youtube.com/watch?v=1dR3nAdDsCU https://www.youtube.com/watch?v=0HpyWkgAkgc https://www.youtube.com/watch?v=m_gvLoik3fQ

This Post Has 128 Comments

  1. ‘Trump campaign attorney Sidney Powell said during a Nov. 19 press conference that President Donald Trump “won by a landslide,” saying that their legal team will prove it.’

    “American patriots are fed up with the corruption from the local level to the highest level of our government,” she said.’

    “We are not going to be intimidated. We are not going to back down. We are going to clean this mess up now. President Trump won by a landslide. We are going to prove it. And we are going to reclaim the United States of America for the people who vote for freedom.”

    ‘Powell alleged a transnational conspiracy involving the “influence of communist money” from countries including Cuba, Venezuela, and “likely China” to overturn the presidential race via election software.’

    https://www.theepochtimes.com/trump-lawyer-sidney-powell-president-trump-won-by-a-landslide-we-are-going-to-prove-it_3586089.html

    1. ‘”We began to look and realized how easy it is to change votes.”

      ‘Election security expert @RussRamsland
      has performed many investigations on US election machines.’

      ‘The most *shocking* thing about this interview is it took place just days BEFORE the election. Watch’

      https://twitter.com/kylenabecker/status/1327511568993701888

      I believe this is the gentleman in the top video.

      ‘The claims of unexplained anomalies by Wayne County, Michigan, election board canvassers are validated by one renowned election fraud experts who states, definitively, that Michigan’s election results – across the state and not just in Wayne County – are a “physical impossibility.”

      ‘The examination of the Michigan voter data was performed by Russell Ramsland, the co-owner of Allied Security Operations Group (ASOG). His company specializes in detecting election fraud, cybersecurity, open source intelligence and global security services. Ramsland served in the Reagan administration and has worked for both NASA and MIT.’

      ‘In the affidavit concerning the election in Michigan, Ramsland determined – without question – that vote fraud and ballot tampering took place in the 2020 General Election in Michigan determining the results as they are currently known to be a “physical impossibility.”

      ‘In addressing the Dominion Voting System, Ramsland was critical of its security over-all citing “vulnerabilities to hacking and tampering, both at the front end where Americans cast their votes, and at the back end where the votes are stored, tabulated, and reported.”

      ‘Ramsland noted that the vulnerabilities described are well-known by experts in the voting securing field and that these vulnerabilities have been extensively written about. “My colleagues and I… have studied… the November 3, 2020, election results. Based on the significant anomalies and red flags that we have observed, we believe there is a significant probability that election results have been manipulated…” Ramsland wrote.’

      ‘His colleague, Dr. Andrew Appel, a professor of computer science at Princeton University and an election security expert, said, “I figured out how to make a slightly different computer program that just before the polls were closed it switches some votes around from one candidate to another. I wrote that computer program into a memory chip and now to hack a voting machine you need just 7 minutes alone with it and a screw driver.”

      https://nationalfile.com/election-fraud-expert-michigans-election-results-are-physical-impossibility/

      1. The Mechanics Behind the Electronic Vote Steal Operation

        https://www.bitchute.com/video/OJrljwQFcIvc/

        https://twitter.com/tom2badcat/status/1325126091460268032

        https://archive.vn/KPwUa

        Michigan @ 45:20. And on. 5 out of 5 states.

        Another poster added:

        ‘At 31:30 in the video, he explains how Trump was comfortably ahead in all the 5 key battleground states, and suddenly all 5, AT THE SAME TIME, quit counting and went offline for 3 hours.’

        ‘Then when they came back, suddenly there were massive numbers of found votes and were all for one candidate and one candidate only (Biden). Statistically impossible.’

        Lots of info and links here:

        https://everylegalvote.com/country

        https://hereistheevidence.com/

        1. Smartmatic CEO apologizing in the 2017 Venezuela Election for 1 million vote switch

          https://www.bitchute.com/video/e2Fxswdf1SsG/

          ‘In an interview with the Fox Business Channel, Giuliani, in his capacity as lawyer of reelectionist US President Donald Trump, claimed that the Smartmatic vote-counting machines were “hackable.”

          ‘He said Dominion, the company that provided the automated vote-counting system used during the most recent presidential election, was owned by Smartmatic through an intermediary company referred to as Indra.’

          ‘He claimed that the Smartmatic vote-counting machine was basically developed and designed to commit fraud in the process of vote-counting, particularly for the Venezuelan dictator Hugo Chavez.’

          ‘He claimed that Smartmatic had been behind the electoral frauds in many countries, without actually mentioning the Philippines, which has been using its system for over a decade.’

          ‘Giuliani also hinted about the origins of the Dominion- Voting System and the company’s alleged connection with Smartmatic, one of the most questioned automated voting companies, primarily because of the affiliation of the people behind the company to Chávez.’

          ‘He accused Smartmatic of manipulating the recent US presidential election in key US states, adding that its Dominion Voting System was using machines designed to allow human intervention.’

          ‘He said Smartmatic was founded by three Venezuelans who were very close to the dictator Hugo Chávez back in 2003, adding that the company was formed to fix elections. “That’s the company that owns Dominion. Dominion is a Canadian company, but all its software is from Smartmatic,” Giuliani was quoted during the interview.’

          https://manilastandard.net/news/national/339587/smartmatic-poll-machines-come-into-question.html

          ‘Charlie is joined by Lt. General Thomas McInerney to detail the shocking allegations surrounding Hammer and Scorecard, weaponized digital tools that allegedly allow our intelligence agencies to alter election results, including those in the United States. Are these tools actually real? Were they deployed in this most recent election? Can we know who is behind these treasonous acts if they did in fact occur?’

          ‘In what might be one of the most important interviews ever conducted on the show, Gen. McInerney lays out an election fraud scheme in extensive detail on a scale never before experienced in America or the world.’

          https://www.youtube.com/watch?v=Ti3gNXz2F8w

          2. Donald Trump’s attempt to steal the election unravels as …
            http://www.cnn.com › trump-election-results-coronavirus
            1 hour ago — (CNN)

            As Trump gets more brazen about trying to steal the election …
            http://www.washingtonpost.com › politics › 2020/11/20 › tru…
            2 days ago — More and more polls show a majority of their base thinks the election was stolen from Trump. Some Republican operatives are hearing from …

            Here’s Trump’s game plan for invalidating election, holding …
            http://www.detroitnews.com › nolan-finley › 2020/11/19 › tr…
            2 days ago — … the desperate denials of reality, there’s a calculated strategy the Trump camp is pursuing to steal the presidential election from Joe Biden.

            Can Trump or the Supreme Court steal the election? – Vox
            http://www.vox.com › trump-supreme-court-steal-election
            Nov 8, 2020 — Can Trump steal the election? Republicans’ election-related lawsuits don’t amount to much. But the future of election law under the new US …

            How Donald Trump can still steal the US Presidential election
            http://www.nationalheraldindia.com › NEWS › International
            1 day ago — How Donald Trump can still steal the US Presidential election. Polls show Joe Biden comfortably ahead. But Democrats lost in 2000 and 2016 …

            Trump’s Last-Ditch Bid to Steal the Election: Install Loyal …
            http://www.vanityfair.com › news › 2020/11 › trumps-last-dit…
            3 days ago — Trump’s Last-Ditch Bid to Steal the Election: Install Loyal Electors.

            Steal election? But conspiracy theory? It’s unpossible. D’pedo is the president elect of the puddle watchers!

          4. The media is the enemy of the American people.

            Fortunately, it doesn’t take much effort to stop giving them money.

          5. The media is only digging themselves into a deeper hole. The 80 million are onto them and they will NEVER trust media again. Shouting louder will only increase the Trump supporters resolve.

          6. “Smartmatic CEO apologizing in the 2017 Venezuela Election for 1 million vote switch”

            – It looks like the United States is now grouped in with the likes of Venezuela and other third world, socialist, banana republics. As per the script, a “smooth” transition from Constitutional to Banana Republic.

            – Smart aleck Smartmatic voting machines are the equivalent of a Bass-o-matic when considering the re-jiggering of the votes. Software by Dominion. No chance of fraud or corruption here. /s

            https://www.youtube.com/watch?v=2HKTx5WFcs0
            Bass o Matic – YouTube
            235,635 views | Feb 3, 2013

          7. NEVER trust isn’t enough. They need to have ALL sources of revenue cancelled.

            Generating any revenue for corporate media is like donating money to ISIS.

      2. They have to operate separately bc limited time and resources; her focus is criminal and POTUS’s team is Constitutional.

        Confluct of interest is also an issue. She may have to sue the executive to get access to relevant docs. Can’t do that from the Trump team.

  2. ‘Last year Froid and others often sold condos before they hit the market’

    Golly, I hope no one overpaid in such an environment.

    ‘She acknowledges that she was initially trying to recoup her renovation costs and so it was priced higher than other similar floor plans in the buildings. They’ve had several showings, but no offers, so she’s discounted the price nearly $80,000’

    ‘I felt like we bought it at a good price so I could sell it for what I had into it,’ she said. ‘But I’m not sure given what’s happening downtown’

    Yer fooked De-Bora.

    1. ‘I felt like we bought it at a good price so I could sell it for what I had into it,’ she said. ‘But I’m not sure given what’s happening downtown’

      At least she’s honest. I’ll give her that.

    2. ‘I felt like we bought it at a good price so I could sell it for what I had into it,’ she said. ‘But I’m not sure given what’s happening downtown’

      The fairer sex is more prone to make investment decisions based on feelings, vice hard facts and data. What could possibly go wrong?

      1. It’s that wandering uterus again. It wants nothing more than to stop wandering and build a secure nest for offspring. I guess you could call that feelings.

        But beyond the nesting, I wouldn’t call a house an investment.
        With some luck, smarts, and discipline, a home will be a paid-off home, but it’s not an investment like stocks and bonds. Women have few feelings about those investments. Anyway, given the shenanigans of the markets of late, feelings are just as good as anything else.

  3. ‘sold his Englewood New Jersey estate last month for $7 million-a significant price reduction from a home that had been asking $19.5 million; especially considering they renovated it for $13 million’

    Wa? I just read UHS and WSJ say it’s red-hotcakes everywhere?

    Somebody is a lion.

    1. ; especially considering they renovated it for $13 million
      My brother in the Boston area works on high-end renovation projects, and for years has told me of owners putting more $ into the houses with renovations than they can possibly sell them for.

      1. My brother in the Boston area works on high-end renovation projects, and for years has told me of owners putting more $ into the houses with renovations than they can possibly sell them for.

        This has always been the case until housing bubbles came along. With the inception of the FED’s deranged money printing and subsequent bubbles, it wasn’t the improvements that were allowing people to profit, it was the massive increase in the property itself, namely the land it sits on.

        Historically, home renovations were money wasted. Kitchen and bathroom remodels returned the most on your dollar, but not even 80% of your costs. So, you better enjoy whatever it is you’re doing. Now we have flipping shows and all sorts of nonsense.

        1. The flipping shows were in bubble areas for a reason. On Flip or Flop, Tarek and Christina were packing away $60-80K per house profit in California. The Flip or Flop show tried a spinoff in Nashville but the one house I saw netted $30K. Sounds great, but how many houses can you flip in a year? Six, maybe. After expenses and taxes, the couple would have been better off with cubicle jobs.

  5. ‘‘The debtor pre-sold several condominium units and if the property is foreclosed, the debtor will not be able to provide the promised units’

    So they’re fooked too.

    ‘At the time of the foreclosure, the unpaid debt on the original loan was $16.3 million. The lender, GreenLake Real Estate Fund, took back the development site in a foreclosure that placed a value on the property of $11.75 million’

    But? This means bay aryan prices are sinking like a turd in a well. How can we have red-hotcakes with all these gluts and oversupplies and foreclosures?

    1. I think I used to live a block from this site. It was right next to the taco bell and behind the railroad track. What a fukin dump. The place had some construction going last summer but work stopped shortly.

      1. 808 S. Main St. in Milpitas

        I was going to mention that I know we had a regular poster living just down the street from there. There have been a sequence of projects there around the Great Mall that I assume made lots of money. They just kept doing it on worse and worse lots until one finally failed.

        I will say that mall has had an amazing lifespan and showed no signs of failure last time I was there.

        1. The Great Mall was always packed. My wife told me its because it’s an outlet mall and the prices were cheaper on average. They have Marshall and Burlington Coat Factory along with a Kohl. Traffic during the holidays was unbearable. Don’t know how it’s now. I’m so glad we moved from there.

          2. So what would you buy, Rip? I’ve been to expensive stores like Nordstrom and that stuff is made in China too.

          3. So what would you buy, Rip? I’ve been to expensive stores like Nordstrom and that stuff is made in China too.

            True. And it’s getting harder to find quality clothing. But it still exists. I like some Made In USA stuff from brands like Mister Freedom in Los Angeles, Filson, Freenote Cloth, Mollusk, Dehen 1920, etc. It’s out there. I will pay more if it means keeping the jobs in the US.

            And this clothing lasts a long time. A pair of jeans, taken care of, last many, many, many years. And, they can be patched if you get a blowout. Same goes for jackets. I’m a big fan of repairing my stuff myself. In fact, when my work pants get holes I do a “Sashiko” repair on them. Hit Google images for that.

            If it’s not made stateside, I like some of the stuff coming out of Japan. Iron Heart, Buzz Rickson, etc. But again, I prefer Made in the USA. My goal is to have my entire wardrobe made here. Starve the beast. I am doing my part.

  6. This has always been the problem in NYC, there was no incentive to just paint or put in new carpet and raise the rent $50, but all the incentive in the world to upgrade with luxury appliances, bamboo floors, and fixtures on a 6th floor walk-up, and raise the rent $500 a month

    Emerald planned to raise rents after doing improvements in those units. That plan was spoiled a month later, when changes to state law made that impossible

  8. ‘investors have had an abundance of money to spend on apartment complexes. ‘There’s too much capital and too few (good) deals’

    QE is deflationary.

    ‘Campus Advantage estimated that 1,800 new beds would be ‘delivered’ this year but it was closer to 3,000 beds. ‘Oftentimes there’s not transparency to who’s working on what deals in the marketplace until shovels start moving or someone applies for a permit,’ Orsak said. ‘I think there were a few of us who were surprised by the total number of projects going on at the same time, to be quite honest with you’

    This reminds me a some quotes from hte past. One was a Minnesota lux condo tower that was 4% occupied and the writer wondered if developers did market studies. The other was a DC apartment guy who said, I kid you not, that lenders would lend him money if there wasn’t enough demand!

    The truth is all these greedy bashtards didn’t care about demand they blah on about. They were going to flip it to a greater fool.

    1. “QE is deflationary”
      I would think that in normal times – but for SFH in the burbs and for the stock market – it doesn’t (yet) seem like that is the case. Esp at 2% interest

      Wonder when that will kick in

      1. Wonder when that will kick in

        When the nonsense eviction moratoriums are repealed. That’s what’s propping up the market.

      1. Active inventory is down 65% YOY and price per sq ft is up 19%. Each one of your crater posts gives me hope, until I click and see less inventory, higher square foot prices.

        2. higher square foot prices

          That’s what happens when people are choosing to buy smaller less expensive houses.

          Personally, I think some of the square feet in my house are worth more than others. I bought them all together anyway.

  9. ‘It’s their ballgame…Sellers used to hold all the marbles’

    I tell you what Isaac, marbles are cheap. We can do a hat pass here at the HBB so you can give these FBs a whole handful of marbles. But yer still fooked.

  10. ‘I had one listing that was a block away from the CHOP and across the street from a Ferrari dealership that had its windows smashed’

    You live in a commie sh$thole Forrest. Good luck with those Ferrari payments.

    1. ‘The uncertainty of the coronavirus and ‘headlines of civil unrest’ have some home shoppers steering clear of dense urban housing’

      It’s the summer, uh winter of love Sean Z. Annnd yer fooked too.

    2. And the next time some deranged black dude with a long rap sheet wielding a gun gets shot all the windows will get smashed again. Just the kind of place where I would want to live.

      1. Geographic self-segregation.

        I’ve stopped traveling into Denver unless I’m driving to and from a job or to the electrical supply shop.

        1. For decades now I have tried to never let myself get closer to the downtown areas of Chicago & Detroit than about 30 miles.

  12. ‘Assemblyman Heath Flora, R-Ripon, had no apology for attending a four-day conference in Hawaii as COVID-19 cases are spiking in California and the rest of the nation.’

    ‘A number of state legislators were in attendance this week at the Independent Voter Project’s policy conference on Maui, even as state health officials and Gov. Gavin Newsom have asked the public to curtail holiday plans and not travel outside the state in order to slow down the coronavirus pandemic.’

    “The timing may not be great politics, but the work we are doing is essential to helping protect jobs, livelihoods and the businesses which sustain them,” Flora said in a text Thursday.’

    ‘The timing of this year’s summit, with its splendid setting, has sparked some uproar on social media. It came soon after Newsom was criticized for attending a dinner party at the French Laundry restaurant in Napa.’

    “You wonder why many people do not trust the ‘establishment,” one comment said.’

    https://www.modbee.com/news/local/article247301204.html

    1. ‘El Dorado County will be moved to the most restrictive purple tier this week as Gov. Gavin Newsom on Monday said he was pulling the “emergency brake” in the state’s efforts to reopen its economy amid a growing number of coronavirus cases.’

      ‘Contacted on Tuesday morning, El Dorado County Chamber of Commerce Chief Executive Officer Laurel Brent-Bumb said she was very frustrated at the governor’s broad-brush approach. “I believe we could have more local control in evaluating those areas we need to be more proactive,” she said.’

      “I think our businesses were hanging on at 50% and even at 25%, but in the purple we will lose businesses. It’s perplexing to me that people can go to Costco and Raley’s but can’t go to a mom-and-pop shop on Main Street.”

      https://www.mtdemocrat.com/news/newsoms-covid-emergency-brake-to-move-many-edc-businesses-to-outdoor-only-operations/

      Ah yes, we can wander around with a thousand people loading up the cart with sugar water, but don’t get a pizza unless it’s in a sidewalk tent! What a commie sh$thole California has become.

      1. El Dorado County

        A total of 4 people have died there with a test result since the beginning of this fiasco.

        Must be an absolute death trap of a place.

      2. Ah yes, we can wander around with a thousand people loading up the cart with sugar water, but don’t get a pizza unless it’s in a sidewalk tent! What a commie sh$thole California has become.

        Exactly. Closing most businesses and forcing all the people into fewer and fewer spaces is the most mentally retarded plan/solution I’ve ever heard of. Never in my life have I seen stores so crowded as during the shutdown. And they’re doing it again. The answer would be to have MORE businesses open to spread the people out. These libtards and their voters are an absolute embarrassment to the human race. If you voted for The Sniffer, you svck.

        1. rip: “Never in my life have I seen stores so crowded as during the shutdown. And they’re doing it again. The answer would be to have MORE businesses open to spread the people out.”

          That’s right, shutting down mom and pop store and restaurants results in everybody converging on Walmart and Target. All of these shutdown and lockdown measures goes against rational thinking and public health science.

          The media and political establishment have switched from “flattening the curve” and slowing the spread of Covid 19 to “Stopping Covid 19 and Eliminating ALL Infections!” They’re pretending that lockdowns are able to slow and eliminate Covid-19 when there is ZERO evidence to support these measures.

          Then they bring up fantasies like “Contact Tracing” and mask wearing as effective measures that need to be done. Contact tracing is impossible to even think of doing–the only contact tracing used in this country is almost exclusively limited to Sexually Transmitted Diseases (STD). Contact Tracing is impossible because in the end, you’d come to the conclusion that EVERYBODY in the population was a potentially infected person.

          It’s all just a con game now. It’s as real as the statements by the MSM and politicians that there is no “evidence” of any election fraud.

        1. The globalists and their Quislings have to be feeling a bit of unease as they watch more former sheeple waking up and resisting their arbitrary and capricious dictates.

  13. Check this out before it gets scrubbed.

    Experts Urge Clinton Campaign to Challenge Election Results in 3 Swing States

    “Hillary Clinton is being urged by a group of prominent computer scientists and election lawyers to call for a recount in three swing states won by Donald Trump, New York has learned. The group, which includes voting-rights attorney John Bonifaz and J. Alex Halderman, the director of the University of Michigan Center for Computer Security and Society, believes they’ve found persuasive evidence that results in Wisconsin, Michigan, and Pennsylvania may have been manipulated or hacked. The group is so far not speaking on the record about their findings and is focused on lobbying the Clinton team in private.” (emphasis added)

    1. “The academics so far have only a circumstantial case that would require not just a recount but a forensic audit of voting machines.”

    2. It’s pretty interesting to me how Democrat proposals to end racial discrimination in housing inevitably involve explicit racial discrimination. It’s part of a broader habit of politicians to roll out policies that have the exact opposite effect of what’s advertised (e.g. “Affordable Housing”).

      “Liars R Us!”

    3. Here comes the Democrats’ revival of Affordable Housing programs. When does this bad movie end?

      You voted for it. What’s the problem?

    1. “increased testing, contact tracing,”

      So is close contact still 15 minutes? 🙄 Meanwhile, Ivermectin, O Ivermecton! Wherefore art thou, Ivermectin?

    2. Perhaps The Sniffer and Mattress Back Administration will finally bring people to their senses about the despicable Democrats, but I have my doubts.

  17. Cenk Uygur
    @cenkuygur
    ‘DONALD TRUMP IS IN THE MIDDLE OF TRYING TO STEAL THIS ELECTION HE VERY, VERY CLEARLY LOST. HE IS ASKING STATE LEGISLATORS TO NOT AWARD THE ELECTORS OF THEIR STATES TO THE PERSON WHO WON. THIS IS A POLITICAL COUP. THIS IS WHAT DICTATORS DO’

    https://twitter.com/cenkuygur/status/1330312741316292608

    Some replies:

    ‘Why you yelling bro? I seem to recall folks lobbying for faithless electors 4 years ago…’

    ‘You really are freaked out he is challenging aren’t you? I thought you said he is just wasting time.’

    “It’s a coup against the coup that we tried and failed at!!”

    “THE DNC STOLE AN ELECTION FROM BERNIE SANDERS, BUT THEY WOULD NEVER STEAL AN ELECTION FROM DONALD TRUMP! NOW PAY MONEY TO WATCH MY GLORIFIED VERSION OF MSNBC ON YOUTUBE.”

    ‘And Democrats tried to steal the election back for 3 years screaming, “RUSSIA!!!” lol. Same difference.’

    ‘NEWS FLASH! GOING THROUGH THE LEGAL PROCESS DURING A CLOSE ELECTION FULL OF IRREGULARITIES, IS NOT EVIDENCE OF FACISM. THINKING MEDIA CAN “CROWN” A PRESIDENT IS.’

    ‘melting down are we? haha perfect, this will be even better than 2016’

        1. Has James Woods been de-platformed yet? That’s the ultimate badge of honor from these creepy Oligopoly tech giants.

        2. Andy Ngo is the only person worth reading on there.

          He’s not the only one, but you’re right, it’s a small group. My favorites are him, Lara Logan, Scott Adams, Glenn Greenwald, and best of all…HBB long time favorite Matt Taibbi.

          1. Don’t forget Chris Hedges. He’s a lefty, but he’s one of the most brilliant and principled commentators alive today.

    2. Quite logical.

      Not only did the DNC steal the election from Sanders (and he likely would have beat Trump) in 2016, they doubled down and stole the election again from Sanders and then rigged national election.

      1776

      1. I always wonder what the thought process is of a person who got their candidate brazenly stolen from them twice and still supports the thieves. It can’t be pretty coming up with ways to justify it.

          1. I can see how the PA District Court Judge throwing the case out is a necessary first step in getting to the Supreme Court. It would be a unique point in our history if the issues are finally decided and the evidence made public after Jan 20.

        2. I’ve heard him described as part of the Not-So-Obvious Establishment meant to corral the disenfranchised then hand them back to the Establishment. Apparently there’s a long history of this in politics, not just in the US.

        3. I always wonder what the thought process is of a person who got their candidate brazenly stolen from them twice and still supports the thieves.

          DTS

    1. I’m surprised they’re surging. I remember reading they were turning to cannibalism because they didn’t have enough food since all the restaurants and things were closed. I would have thought the opposite would be happening.

  19. A source with direct knowledge of the matter but not authorized to discuss it said Emerald overpaid for the buildings, and because it did not have enough money to close, sought expensive bridge financing.”

    Shirley this is a one-off that in no way indicates we are going to see cascading defaults from speculators who overpaid for real estate.

  20. “There were many vacancies in the building at the time, the person said, and Emerald planned to raise rents after doing improvements in those units. That plan was spoiled a month later, when changes to state law made that impossible.

    “How did you go bankrupt?”
    “Two ways. Gradually, then suddenly.”

    ― Ernest Hemingway, The Sun Also Rises

  21. Sources have said that portfolio is overleveraged, and earlier this year Kassirer said his firm was weighing ‘all options’ to save it. Tenants in those buildings are still refusing to pay rent, according to the Wall Street Journal, and organizers say apartment conditions have worsened during the pandemic.”

    Gosh, I sure hope this downward spiral doesn’t drag speculators into insolvency.

  22. Greenlake Real Estate Fund, which in 2019 provided $17.85 million in financing for the property, wound up owning the site as a result of the foreclosure proceeding, public records filed on Nov, 17 show.”

    Oh dear. What if true price discovery slashes the Yellen Bux valuations of such foreclosures to a fraction of their notional bubble prices? That would make it impossible to price the underlying collateral on such loan portfolios, which could lead to interbank lending locking up a la 2008. Thankfully, Old Yellen assured us there would be no new financial crisis “in our time,” so as long as the old girl is still with us, there is Shirley no cause for concern.

  23. She acknowledges that she was initially trying to recoup her renovation costs and so it was priced higher than other similar floor plans in the buildings. They’ve had several showings, but no offers, so she’s discounted the price nearly $80,000.”

    Regret to inform you, greedhead De-Bora, but buyers are under no obligation to help you recoup your renovation costs. Now get to sawin’ and slashin’ like you mean it if you expect to unload that white elephant.

  24. “Though this shift has sellers on edge, real estate agents say the situation is unlikely to be a repeat of the housing crash during the Great Recession.

    Two things:

    1) Realtors are liars
    2) No realtor in recorded history has ever told their marks, er, clients, that now was not the right time to buy, even on the cusp of the implosion of Housing Bubble 1.0

    1. “Two things:”

      “1) Realtors are liars”

      Lies work. Those who seek success use what works.

      “2) No realtor in recorded history has ever told their marks, er, clients, that now was not the right time to buy, even on the cusp of the implosion of Housing Bubble 1.0”

      Again, one uses what works.

  25. ‘I had one listing that was a block away from the CHOP and across the street from a Ferrari dealership that had its windows smashed,’ Moody goes on to say. ‘The condo actually sold within five days, but that’s likely because we listed it for $25,000 less than we had planned to back in February.’”

    Anyone who “invests” in real estate in a socialist-run municipality needs their head examined.

      1. Yeah…hahah. Except I’m imagining more of a scenario where nurse Ratched or someone like that was a big Biden fan.

  28. The Gainesville Sun in Florida. “Enabled by welcoming city policies, multistory apartment complexes catering to University of Florida students are scraping away existing buildings to rise near campus. But the party may be over, or at least nearing midnight. Nathan Collier for decades has been Gainesville’s master of off-campus housing since helping redevelop College Park from the ramshackle ‘student ghetto’ into tidy apartments.”

    “Collier described the current developers of massive complexes as ‘lemmings rushing off the cliff’ and predicted the brakes will be slammed. ‘Yes, we’re overbuilt — no doubt about that,’ Collier said. ‘I love capitalism but it has its excesses and we are seeing one now.‘”

    – BTW, this isn’t anything close to free market capitalism anymore. Somewhere between Crony Capitalism and Socialism for the Rich. Years of false market signals from near zero interest rates and loose lending/easy $ predictably let to another round of malinvestment, manias, and asset bubbles. I’m sure this will all end well though… /s

    “Most student apartments have individual bedrooms and bathrooms — usually four to six. Renters in each apartment have individual leases. Luxury and amenities are a selling point in addition to campus proximity. Rents are not cheap but David Coffey, a land-use attorney, and others say that since many UF students receive scholarships, and the state has held tuition low, their parents can splurge on the higher rents.”

    – Lots of magical thinking going on here. No bubble though… /s

    – I’m so old I remember when going to college meant learning something and gaining a marketable skill set so that one could get a job when I graduated. I guess times have changed. To me, luxury college housing is an oxymoron, like jumbo shrimp.

    “Collier, meanwhile, said investors have had an abundance of money to spend on apartment complexes. ‘There’s too much capital and too few (good) deals,’ Collier said.”

    – Another speculative bubble forms and bursts. I foresee no adverse impacts to the economy. /s

    1. BTW, this isn’t anything close to free market capitalism anymore. Somewhere between Crony Capitalism and Socialism for the Rich

      The sheeple are so stupid and easy to swindle that the FED announces the continuation of these policies with no shame or reservation whatsoever. They proclaim that they stand at the ready with more money for the rich at even the slightest hint of a downturn in the stock market or eCONomy.

      Then the politicians give a paltry, token $1,200 to the sheeple as shut-up money as they hand trillions upon trillions to insiders and grifters through bogus programs which will ultimately cost the sheeple 100 fold the paltry check they initially received. Meanwhile, the media and all the big tech firms are stifling free speech and steering the sheeple to vote for more of the same. I am embarrassed to live among these idiots who vote for this garbage.

      1. This is going to sound elitist, but that $1200 cut off at an income $100K/year. That sounds kingly to the minimum wage crowd in flyover, but in any major city, that’s typical pay for someone with a STEM degree and 7+ years experience. It’s not poor, but it’s not rich enough to get into Club Fed.

        I wonder how many of them there are, maybe 25(?) million in late Boomers, GenX, and older Millenials. They understand helping out in a pandemic. But if Biden tries to turn this freebie into a permanent UBI with a $100K cutoff, those educated people are going to be miffed, especially if they get hit with higher property taxes or a 5% work-at-home tax. They might be Dems who hated Trump, but don’t buy into the cancel culture either. That’s where you’ll see your liberal infighting.

        1. those educated people are going to be miffed

          I have a lot of friends who are Democrats. They are mostly not $100K+ city folks. They earn an honest living working. They won’t be liking wingnut socialist pocket picking one bit.

        2. especially if they get hit with higher property taxes or a 5% work-at-home tax

          I expect it will be a VAT, plus even more deficit spending.

    1. “…reaping what they voted:…”

      “Toute nation a le gouvernement qu’elle mérite.” (Every country has the government it deserves.) Lettres et Opuscules Inédits (1851) (letter of August 15, 1811). – Joseph de Maistre

      “The government you elect is the government you deserve.” – Thomas Jefferson

      https://www.reuters.com/article/us-venezuela-politics-timeline-idUSKCN1PJ03O
      January 24, 20195:39 PM | Updated 2 years ago
      How Venezuela got here: a timeline of the political crisis
      By Luc Cohen

      “MARCH 2013: Venezuelan President Hugo Chavez, who won over the country’s poor with so-called “21st century socialism” during his 14-year rule, dies from cancer at 58. His preferred successor, Vice President Nicolas Maduro, takes office.”

      “APRIL 2013: In presidential elections for a six-year term, Maduro narrowly defeats opposition candidate Henrique Capriles, who had lost to Chavez by a wider margin the year before. Capriles and allies say the vote was marred by fraud and call on supporters to take to the streets.”

      – “Socialism is Western Civilization in retrograde.”
      – Socialism provides “comforting lies instead of unpleasant truths,” and promises simple solutions to complex issues.
      – Socialism sounds egalitarian and altruistic, however, like most politics, it’s really about concentrating power and wealth at the top.
      – “It’ll work this time!”

      https://pjmedia.com/instapundit/228040/
      March 1, 2016
      QUOTE OF THE DAY “‘A couple of years ago, [socialist Venezuela’s] then-minister of education admitted that the aim of the regime’s policies was ‘not to take the people out of poverty so they become middle class and then turn into escuálidos’ (a derogatory term to denote opposition members). In other words, the government wanted grateful, dependent voters, not prosperous Venezuelans.’” Or to put it another way, “They’ll turn us all into beggars ’cause they’re easier to please. . . .”

    2. But Mr. Littlefield assures us that crime in the rotten apple is fine and as soon we are all vaccinated that the young folk will rush back and the city will be reborn.

      1. Yup, the city can only be destroyed from the outside. Not that this is impossible.

        People with agendas are pushing narratives. Lots of those people are among the parasites who are responsible for our actual problems.

        We have more cops per 100,000 people than anywhere anyone else who is posting on this blog does, and they get 70 cents in pension contributions for each dollar of cash pay, in part because they get a full pension after 20 years of “work.”

        But they want more. So do the teachers, who cut a political deal with DeBlasio to shut down the schools.

        These folks live outside the city. They commute in. They won’t use the subway, which they actually have defunded. The park in playgrounds instead.

      2. By the way, the mentally ill homeless person who shoved a woman to the subway tracks had just shown up in NYC, where had had not been before and had no criminal record — from Florida.

        How did he get here? I wonder if THAT is happening again.

        Among the things neither “liberals” nor “conservatives” want to talk about. The ways “conservatives” save money and the reason “liberals” have to spend it.

          1. Imagine living on “Billionaire’s Row” and stepping over feces and bums to do so. The appeal strains the imagination.

        2. You forgot about the guy that got sliced to ribbons on a platform in Brooklyn yesterday. That’s the third incident in the last week.

          Why lie about things that are broadcast on WBNC across NY/NJ/CT?

    1. Was in the grocery store on Friday. Didn’t see any major shortages or price increases. Family size chicken breast has been $1.99/pound for a couple weeks. My grass-fed ground beef has been the same $6.49 even since pre-pandemic. Then again, I live in Biden country. Maybe everyone is blissfully waiting to be taken care of.

    1. “Deputy sheriffs also observed 3 couples engaged in sexual intercourse in one small room and the location did not have a liquor license or special permit from the NYS Liquor Authority to sell or store alcohol,” the office said in a report Sunday.”

      I don’t know where to start.

      Were the 3 couples engaged in sexual intercourse in one small room wearing masks?

      Was the small room big enough for the 3 couples to socially distance?

      Is it illegal to have intercourse if you can not socially distance?

      Are you allowed to have intercourse without a liquor license or special permit from the NYS Liquor Authority?

      Was any of this legal before the COVID pandemic?

      Why didn’t the BLM and Antifa rioters loot and burn this place?

  34. Police search for gunman after eight are injured in Wisconsin mall shooting

    By Dan Simmons and Hannah Knowles
    November 20, 2020 at 11:10 p.m. EST

    911 calls came in just before 3 p.m. local time, reporting a shooting near the northwest entrance to Macy’s, Wauwatosa Police Chief Barry Weber said at a news conference. The still-at-large shooter is believed to be a White man in his 20s or 30s. .

    https://www.washingtonpost.com/nation/2020/11/20/wauwatosa-mayfair-mall-shooting/

    Wauwatosa: ‘White Male Mass Shooter in His 20s or 30s’ Turns Out to Be 15-Year-Old Hispanic Male

    by Chris Menahan | Information Liberation
    November 23rd 2020, 2:43 am

    Tons of media outlets and Twitter journos described the shooter as a “white male in his 20s or 30s”

    From the Milwaukee Journal Sentinel:

    Wauwatosa: ‘White Male Mass Shooter in His 20s or 30s’ Turns Out to Be 15-Year-Old Hispanic Male

    Wauwatosa police have arrested a 15-year-old Milwaukee boy who they believe opened fire at Mayfair mall Friday afternoon, sending eight to the hospital.

    Police Chief Barry Weber said the suspect was arrested Saturday night and that the shooting was the result of an altercation between two groups of people at the mall.

    “We do know there was some sort of altercation, and that’s when the bullets started flying,” Weber said during a Sunday news conference.

    Police had said Friday that witnesses described the shooter as a white man in his 20s or 30s. But Weber described the suspect as a 15-year-old Hispanic boy. His firearm was recovered during the arrest.

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