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They’re Other People Spending Other People’s Money

A report from Fox 4 in Florida. “A luxury condominium for cars will soon come to Collier County. The Lutgert Companies have revealed their plans to construct the facility which will be named the Naples Auto Vault, on Airport Road. The facility is designed to provide a secure storage space for luxury cars, boats, RVs, and various investments. One employee from a local luxury car dealership, Naples metorsports inc., told Fox 4 this concept caters directly to their clientele: ‘Guys love talking about their cars and their toys and kind of showing off what they got. So that’s what’s nice about those car condominiums — it builds a car community…and it also gives back a little because all of these little kids have posters on their walls, and all of a sudden, you’re looking at the car in real life,’ he said.”

“However, opinions about the necessity of a condo designed specifically for cars vary. Some residents express that, while the concept may be suitable for the ultra-wealthy, it might be perceived as excessive for the average person.”

Gulfshore Business in Florida. “Q: What is going on with Onyx on Santa Barbara Boulevard? This construction started years ago. Now it is an eyesore with more new construction going on around it. How is the builder able to walk away? Do you know the status? Thanks. — Mary Ellen Bonelli, Naples. A: The builder hasn’t walked away from the stalled Onyx townhome project in East Naples, but the future of the condominium development remains uncertain. ‘The developer ran into financial problems and, while he was working on that, his permits expired,’ said Collier County Commissioner Rick LoCastro. Because the seemingly abandoned development is in LoCastro’s commission district, he regularly receives questions about it, but halfway building something and leaving it isn’t illegal, he said. ‘The guy applied for permits. We can’t force him to start building or put it up for sale,’ LoCastro said.”

“The buildings at the Onyx are not only an eyesore but they’re a significant safety hazard for vagrants, homeless people and unseemly characters, LoCastro said. ‘Either sell it, build it or tear it down. That would be my position,’ he said. ‘I don’t want those things sitting there looking like a ghost town for years until it changes hands four times.'”

WVUE New Orleans in Louisiana. “High property insurance costs are doing more than straining some people’s budgets. The ongoing insurance crisis in Louisiana is forcing some people into foreclosure. Andreanecia Morris is the executive director of Housing NOLA. ‘We’re seeing people who are having their principal and interest which is the largest part of your loan be eclipsed by the taxes and insurance portion, be double what that principle and interest payments to the banks is. That’s a dramatic increase in your monthly payment and it’s leading to foreclosures,’ said Morris.”

“Guy Williams, CEO of Gulf Coast Bank & Trust added that some real estate deals are not closing because of the insurance cost. ‘When the buyer finds out what their premium is, particularly some of the new flood numbers they’re saying well I just can’t afford it and either the deal has to be renegotiated to a lower price or some cases the transactions just doesn’t occur at all,’ he said. Meanwhile, Williams says people who want to become homeowners should not give up. ‘What we encourage people to do is what we call, ‘marry the home and date the mortgage. If you find a home you love, go ahead and buy it and then when rates drop which we think they will in a year or so refinance to a lower mortgage,’ he said.”

CBS 13 in California. “A Downtown Sacramento affordable housing project is planned to transform a historic building on K Street, at an eye-popping price. The project will cost $50 million for fewer than 100 rooms. For comparison, the remodel costs are set to run more than triple the highest-priced home sold in Sacramento last month. Mayor Darrell Steinberg voted to approve the plan to help battle Sacramento’s homeless problem. The building will include mental health services. The city’s portion of the $50 million price tag is $3 Million. The cost to rebuild the Sequoia Hotel will run $2,800 per square foot. Last month, the highest-priced Sacramento home cost $842 a square foot, and the average Sacramento home went for $337 a square foot.”

“Councilmember Katie Valenzuela is defending the Sequoia remodel, mostly paid with state funds. ‘There’s different colors of money, and this money is highly regulated by HUD and the state to be used for this purpose and that regulation requires more cost,’ Valenzuela said. Sacramento developer John Vignocchi says the big price tag is a big problem. It’s a flawed methodology, Vignocchi said. ‘Have you ever looked for financing that would cover something like that,’ CBS13’s Steve Large said. ‘No,’ Vignocci replied, ‘because nobody in the private market would ever finance something like this. The only agency that would ever finance something like this is a government agency because they’re other people spending other people’s money.’ When it’s complete, a single, one-room unit will cost more than $500,000 to build.”

From Realtor.com. “The prestigious Knoll House in Pasadena, CA, broke a record when it was listed in 2021 for $48 million. On and off the market over the past couple of years, the estate is now available for $36.5 million. Despite the price cut, it’s still the most expensive home in Pasadena. The sumptuous estate has retained its stately elegance over the years. It was reportedly once owned by televangelist, Gene Scott, who died in 2005. Current owner, philanthropist, and financier John Vidalakis spent more than seven years meticulously restoring the place.”

Bisnow New York. “Jordan Slone, the CEO of real estate investment firm Harbor Group International, predicted that distress would hit the commercial real estate market in late 2022 or early 2023. He now says he was a little early on his prediction — but on the other hand, he no longer needs to predict when distress will land in earnest. ‘It’s here. It’s now,’ Slone said last week at Bisnow’s New York State of the Market event. ‘Our team, from everything to our acquisitions group to our property management and asset management teams, they are flooded with deals right now that are distressed. As it relates to office buildings, not just New York but in the other major cities, there’s just a lot of inventory that either needs to be repurposed or maybe even abolished.'”

“Offices across the country are facing distress, he said, and there are even challenges in the multifamily market, where the fundamentals are normally solid. The majority of HGI’s portfolio is in multifamily, and the company owns about 60,000 units nationwide, Slone said. Owners have seen debt payments balloon while their rents have flattened, and Slone said even if they are solvent and trying to hold on to their properties where the cash flow has turned negative, it is having an impact on borrowers. ‘You wouldn’t believe how many borrowers, owners are more mentally, in some cases, more mentally exhausted than they are financially exhausted,’ he said. ‘In some cases, it’s both, but writing a check every month with negative cash flow, mentally, is not fun.'”

The Financial Post. “Nowhere in Canada is the chill of the cooling housing market as deep as in Ontario. Home sales in this province fell for the fifth straight month in October to reach the lowest levels since the Great Financial Crisis, excluding the pandemic shutdown, RBC economist Robert Hogue said. That has put nearly half of local centres including Greater Toronto Area, Hamilton, Niagara, Barrie and Kingston in a buyer’s market, bringing prices down. Nationally home sales have dropped nearly 12 per cent over the past four months, including the 5.6 per cent decline in October.”

“‘This, along with a growing number of homes put up for sale since spring, has entirely unwound the tightness in demand-supply conditions that prevailed earlier this year. And buyers are taking advantage of their stronger bargaining position,’ said Hogue. As more Canadians renew their mortgages at higher rates over coming months, ‘the financial squeeze could prompt a growing number of existing owners to sell their property. This would pose a risk to the market if a wave of sellers ensued,’ said Hogue. The weakness in the housing market is expected to continue well into next year. If higher borrowing costs do force more sellers to market, prices will continue to decline, especially in Ontario and British Columbia, said Hogue.”

From El Pais. “Ilija Batljan is the founder of a company with a difficult-to-pronounce name: Samhallsbyggnadsbolaget I Norden AB, which translates from Swedish to English as Social Building Company, a real estate fund better known for its acronym SBB. In less than a decade, brick by brick, he had built up a business portfolio valued at $13 billion. Most of the company’s investments are in social housing and municipal properties across the Nordic region, which it obtained thanks to a wave of cheap loans. By the end of 2021, SBB had some 60 million square meters in real estate property, equivalent to 20 Empire State Buildings. Today, however, SBB has become the symbol of an industry that is faltering in the face of sharply rising mortgage prices (driven by rising rates, which have also dragged down the currency value), compounded by runaway inflation (which peaked last December at 12.3%, the highest in more than 30 years) and high household indebtedness.”

“After reaching an all-time high in the second quarter of 2022, home prices began to fall. ‘Since then, they’ve fallen by around 12%, which means that, in real terms, they’ve fallen by more than 20%,’ says Andrew Kenningham, chief economist at Capital Economics, a London-based research firm.”

From Globes. “The financial statements of Bank Hapoalim reveal that the bank sees the decline in housing prices in Israel accelerating in the coming months. This is partly because of the Iron Swords war in the Gaza Strip, but mainly because of the rise in interest rates that has caused buyers to leave the market, and hence a decline in transactions numbers and in new mortgage loans. Over the past decade, contractors, developers and others in the real estate market have constantly repeated the mantra that housing prices in Israel can only rise, a view that gained traction among the public and caused young couples to rush to buy a home as soon as they could. The figures now show, however, that this view is incorrect.”

“‘In the real estate market, the price falls that began to emerge before the war can be expected to accelerate,’ the bank states. ‘An appreciable slowdown in activity is manifest in a low number of transactions, a rise in the stock of unsold homes, and a slight fall in prices in the first nine months of the year.'”

“According to the latest Central Bureau of Statistics figures, released last week, the number of unsold new homes rose to a peak in September not seen in years, of 61.400, which compares with 44,000 in April 2022, representing a 40% rise in eighteen months. The number of unsold homes is equivalent o a year’s worth of building starts, that is, to a situation in which contractors in Israel build homes and not a single one is sold for a whole year. In fact, the current situation is not far from that.”

The Australian Associated Press. “A bankrupt real estate agent’s new home is a prison cell for the next three years after being sentenced for a ‘misguided and arrogant’ attempt at investment. Daniel Leslie Harris, 47, was jailed for at least three years on Friday over the scheme he ran from 2010 until his arrest in 2018, a period in which he occasionally allayed his victims’ concerns while ignoring many signs their investments were doomed. Harris told investors, some he went to school with, others he met through his wife, that their money could be rolled out of their superannuation funds into self-managed accounts that would be invested in property through a unit trust. But the latter did not exist. ‘There were many times he should have realised the scheme was hopeless,’ NSW District Court Judge Leonie Flannery said when sentencing Harris in Sydney on Friday. ‘His failure to do so was reckless.'”

“Some of the defrauded investors included people attracted by the prospect of owning their own property. When one investing couple asked, before losing more than $133,000, if Harris had any financial qualifications, he confirmed he did not and said he did not need any. However, Harris was not just in it for himself and hoped the scheme would return profits for the investors, which included him and his former wife. ‘(Harris) determined to continue in a misguided and arrogant attempt to make it work,’ the judge said. A partial explanation for this was offered by a psychologist describing narcissistic tendencies, characterised by arrogance and lack of self-insight, with Judge Flannery finding Harris had only offered a ‘very qualified acceptance of responsibility’ for his offending.”

The Strait Times in Singapore. “The absence of major new private residential launches for a second straight month sent new home sales sinking to a near one-year low of 203 units in October. Nicholas Mak, chief research officer of property search portal Mogul.sg, said: ‘This year started with great hopes that primary market sales could exceed that of 2022 due to the large number of residential projects slated to be launched. However, the private housing market in 2023 could end not with a bang but a whimper, as property cooling measures and heightened economic and geopolitical uncertainties take their toll.'”

“2023 looks set to see the lowest yearly new home sales since the 4,264 units sold in 2008, as sentiment deteriorates with higher interest rates, and amid softer economic prospects and more cooling measures, said Tricia Song, CBRE head of research for Singapore and South-East Asia. ‘This is evidenced by the slower take-up rate despite abundant new launches that came through from July to August 2023,’ she said. ‘We believe pent-up demand has been mostly absorbed. Home buyers have become more price-sensitive and the slower take-up at new launches could reflect resistance to current high prices.'”

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This Post Has 63 Comments

  1. ‘Either sell it, build it or tear it down. That would be my position,’ he said. ‘I don’t want those things sitting there looking like a ghost town for years until it changes hands four times’

    There’s one photo of this boondoggle at the link.

    1. You will own nothing, you will be all electric, your data will be collected for approval, you will eat bugs and like them.

  3. ‘The cost to rebuild the Sequoia Hotel will run $2,800 per square foot. Last month, the highest-priced Sacramento home cost $842 a square foot, and the average Sacramento home went for $337 a square foot…‘Have you ever looked for financing that would cover something like that,’ CBS13’s Steve Large said. ‘No,’ Vignocci replied, ‘because nobody in the private market would ever finance something like this. The only agency that would ever finance something like this is a government agency because they’re other people spending other people’s money’

    It’s been my opinion for many years that the primary creator of the US housing bubble is the GSE’s. Back in 2006 I pointed out that the federal loan limit for Flagstaff was $100,000 higher than Phoenix. At the time the median price was almost exactly $100,000 higher in Flagstaff than Phoenix.

  4. “You wouldn’t believe how many borrowers, owners are more mentally, in some cases, more mentally exhausted than they are financially exhausted”

    Sound lending?

  5. You will eat nothing.

    Washington Post — Food banks’ demand surges ahead of first Thanksgiving without pandemic aid (11/20/2023):

    “Now, as the country approaches its first Thanksgiving since such safety-net programs expired, some local food banks say the need is higher than it’s been in years.

    “We are seeing unprecedented demand,” said Jackie DeCarlo, chief executive of Manna Food Center, a nonprofit food distribution center in Montgomery County.

    Manna provided meals to 5,781 families last month, DeCarlo said, eclipsing its monthly high during the pandemic by about 1,000. Food for Others, a food bank in Fairfax County, has distributed 30 percent more food this year than last year, serving about 200 to 250 people daily, development and communications coordinator Hannah Brockway said.

    And Capital Area Food Bank, which provides food to around 400 partner pantries and distribution sites across the District and nearby suburbs, has distributed 31 percent more food since July 1 than what it had budgeted, president and CEO Radha Muthiah said — representing millions more meals that the food bank has had to buy or solicit through donations.

    While inflation has begun to ease, the year has brought additional financial stressors, such as the removal of people who were kept on Medicaid rolls during the pandemic and September’s resumption of student loan repayments. For some, those extra $200 or $300 payments each month are “causing this elevated level of need when it comes to food,” Muthiah said, “because that is the part people tend to squeeze on.”

    https://archive.ph/gyAr2

    Note the article only bemoans lack of big government as the cause of this hyperinflationary deprivation, not that big government money printing was what created it.

    1. ” The NEED HAS NEVER BEEN GREATERRRRRR. WHAAHH !”

      Poverty Pimps greatest fundraising cry.

      Of COURSE the “Need Has NEVER BEEN GREATER!” as more & more people discover ways to:
      * learn and share how to scam free food
      * charity workers demand more $$

      self perpetuating

      1. This. They get their free food thru whatever charity and then take their money/EBT and buy chips/soda/beer/premade/takeout/whatever

  7. The Joe Biden economy.

    CNBC — 60% of Americans are living paycheck to paycheck heading into the holidays, report finds (11/20/2023):

    “As of October, 60% of adults said they are living paycheck to paycheck, according to a new LendingClub report. The figure is unchanged from last year.

    Overall, 4 in 10 consumers consider themselves worse off relative to 2022, the report found.

    Even as credit card debt tops $1 trillion, almost all — or 96% — of shoppers said they expect to overspend this season, according to a separate TD Bank survey.

    Half of consumers plan to take on more debt to pay for holiday expenses, another report by Ally Bank found. Only 23% have a plan to pay it off within one to two months.

    Some 74% of Americans say they are stressed about finances, according to a separate CNBC Your Money Financial Confidence Survey conducted in August. Inflation, rising interest rates and a lack of savings contribute to those feelings.”

    https://www.cnbc.com/2023/11/20/60percent-of-americans-live-paycheck-to-paycheck-before-the-holidays-study.html

    74% is that a lot?

    “This sucker could go down” — George W. Bush

    1. 60% of Americans are living paycheck to paycheck
      From what I recall, That number has been over 50% every time I have seen it quoted so nothing new. Even if everyone was making $100K I bet 50%+ would still be living paycheck to paycheck

    2. “…Some 74% of Americans say they are stressed about finances…”

      At least in these parts (SoCal, Orange County, ground zero for so much fake ‘wealth’) I think you need to add at least another 20%.

      People lie to survey questions all the time, especially financial.

      Nobody in an expensive neighborhood wants your neighbor to know that your $5 a week away from BK.

      When is it going to stop?

  8. Russia Today — The climate-change religion: How long before human sacrifices? (11/20/2023):

    “History teaches us that some ancient civilisations killed their children to change the weather. They used to practice child sacrifice to appease their gods in an attempt to court their good graces. Those primitive peoples believed that through human sacrifice, the forces of nature could be coerced in their favour. For example, one of the ways the Aztecs honoured their gods was by killing people in a field with arrows so that their blood might fertilise the land.

    The modern environmentalist movement is often compared to a religion. It certainly thinks that humans can change the weather, and it includes a vision of sin and repentance – damnation and salvation. Above and beyond the presence of actual neo-pagans and Gaia worshippers in its ranks, the environmentalist movement itself is displaying characteristics of a nature-worshipping cult – and a remarkably anti-human one at that. Many of its supporters effectively believe that the world has a cancer, and that cancer is called the human race.

    Of course, a reasonable concern to avoid pollution and preserve our natural resources in a responsible manner is a commendable ethical position. We should always take care of the environment, be responsible for its protection and, at the same time, help the poor.

    However, ‘environmentalist’ efforts to cut carbon emissions make energy less affordable and accessible, which drives up the costs of consumer products, stifles economic growth, costs jobs, and imposes harmful effects on the Earth’s poorest people.

    At the core of climate-change extremists’ beliefs are two main tenets: That humans can control the weather and that humans will bring about the end of the world if they disrespect nature. This sounds like religious scripture, and, while environmentalists will readily provide scientific research to back up their statements, rarely will they tolerate counter-arguments – such as when someone points out that none of their apocalyptic predictions have come true so far.

    We should be deeply suspicious of any argument that employs language that refers to humans as an “invasive virus,” a “plague,” or even a “problem” that needs to be resolved. This is an argument that betrays a desire to bring death at a large scale, to eliminate human beings in search of some utopian small number of sustainable survivors.”

    https://www.rt.com/news/587544-climate-change-cult-human-sacrifice/

    These globalists want you DEAD ☠️

    1. Related article.

      The Hill — Richest 1 percent generate as much carbon emissions as poorest two-thirds (11/20/2023):

      “The richest 1 percent of the world’s population generates as much carbon emissions as the world’s poorest two-thirds, new research shows.

      “The richest 1 percent of the world’s population produced as much carbon pollution in 2019 than the five billion people who made up the poorest two-thirds of humanity,” the new report by Oxfam said.

      In 2019, the carbon emissions of the richest 1 percent made up 16 percent of the world’s total CO2 emissions, they found.”

      https://thehill.com/policy/energy-environment/4318726-richest-1-percent-carbon-emissions-poorest-two-thirds/

      Remember, it is YOU that is the carbon they want to eliminate.

      2. Even if they eliminated the 1% now, there would be a new 1% to replace them, and they would put out the same emissions. The idea that we’re all going to live as poor vebugans who own nothing and are happy is a commie fantasy.

        1. That’s why I don’t waste time on this stuff. They couldn’t even enforce a traffic ticket system in London.

  9. [This totally non-housing 28 minute video is being posted here to illustrate just how dilusional and stupid some people can be.
    (Hmmmm … but then, being delusional and stupid does make it somewhat housing related after all.)]

    Watch “Woman Insists Mark Zuckerberg Profile Is Not A Romance Scam!” on YouTube
    https://youtu.be/erFhJeGkJO8?si=dq7aMOr-76Tw1mQX

  10. refused to stop removing their beloved Sissoo trees,
    I haven’t been to Phoenix for a while, but from what I recall, it is a desert, with very few trees, a water shortage and a lot of people with allergies who moved their to get away from grass and tree pollen.
    Subdivision looks a lot greener than where I live and I live in the foothills of NC

  11. – Buy vs. rent. Normally the ratio is about unity. Most unaffordable, out-of-whack housing market ever. Your guberment, is there to “help.” Aided and abetted by the GSEs and the Fed. Based on history, this doesn’t end well, but I’ve been assured of a soft landing.

    \\

    https://twitter.com/GrahamStephan/status/1724774036130107895
    Graham Stephan @GrahamStephan

    If you were to buy a $1 Million home, you would have to

    • Put $200,000 down
    • Take on a mortgage of $5,600 [per month]
    • Pay another $1,000 in property taxes, insurance, and maintenance

    A grand total of $6,600 per month.

    Or you could just rent an identical house for $3,900.

    5:59 AM · Nov 15, 2023 · 506.5K Views

    \\

    – ($6.6K-$3.9K)/$3.9K=$2.7K/$3.9K= 69% more expensive to buy

    – Also: Put that $200K down payment into 6 mo. U.S. Treas. bills (risk-free return): $200K*5.4%/12 ~ $0.9K/mo. income used to offset rent, so even better to rent. See “opportunity cost.”

    \\

    https://www.visualcapitalist.com/buying-vs-renting-house-in-america/
    The Monthly Cost of Buying vs. Renting a House in America
    [See chart]
    Published 3 months ago
    on September 1, 2023
    By Bruno Venditti
    Graphics/Design: Sam Parker

    4. “COMMIE CRUSHER WINS ARGENTINA ELECTION”

      \\

      – This is huge and a good omen for DJT in ’24.
      – Best of luck to Milei. He’s got a hard job ahead of him.

      \\

      https://donsurber.substack.com/p/dont-anoint-milei-just-yet?publication_id=1115457&post_id=139007614&isFreemail=false&r=o7sbf
      Don’t anoint Milei just yet
      But it’s the vote that matters, not the candidate
      Nov 20, 2023

      “Don’t buy what the media is peddling about him. The proof of Milei’s threat to the globalists is in the hands of the prosecutors. Trump faces 91 counts in four kangaroo courts. Italian prosecutors went after Silvio Berlusconi as well. No excitement without an indictment.”

      “But Milei is a minor character at present. The big story was once again a country has used the ballot box to assert itself against the globalist wave of a world run by bureaucrats and billionaires who see humans as objects. They want to replace us with machines. They push $20 an hour burger flippers, which makes McDonald’s workers look greedy. Conservatives now cheer the machines. I don’t because it means we will face a mad, sad, bad, impersonal world.”

      “Guaranteed income and reparations will replace the paycheck. If you think the streets are loaded with fentanyl zombies now, just wait until everyone wins the lottery every week. Between the homeless, the looters, the illegal aliens and the Biden administration, American society is on a suicide watch.”

      “But the people of the world sense they are considered disposable now. They are fighting back by voting for nationalists who will not toe the EU, UN or WEF line.”

      “That action matters because the people still fight in Argentina and Italy and Hungary and so on. Canada may have surrendered. England may have given up. But the war continues because we the people fight on against the dystopian world the elitists want us to accept.”

      \\

      https://twitter.com/DschlopesIsBack/status/1726385290640588882
      Gain of Fauci | @DschlopesIsBack

      “We do not make pacts with Communists.”

      Newly-Elected Libertarian President of Argentina Javier Milei on Working With China (Translated to English)

      “I would not promote relations with Communists. Whether it’s Cuba, Venezuela, North Korea, Nicaragua or China.”

      [video clip]
      4:41 PM · Nov 19, 2023 · 140.1K Views
      \\

      https://twitter.com/DschlopesIsBack/status/1726394746745008382
      Gain of Fauci | @DschlopesIsBack

      Newly-Elected Libertarian President Javier Milei on Transitioning Argentina Away from the Central Bank and to a Free Banking System

      [video clip]
      5:19 PM · Nov 19, 2023 · 7,213 Views

      \\

      “The problem with socialism is that eventually you run out of other people’s money [to spend].” – Margaret Thatcher

      “The enduring lesson of the 20th century is that socialism is a failure, and free markets are a success. But the politicians keep advocating just a little more socialism.” – Milton Friedman

      “A major source of objection to a free economy is precisely that it … gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.” – Milton Friedman

      1. “This is huge and a good omen for DJT in ’24.”

        Trump is a populist, not a Libertarian.

        The newly elected president of Argentina replaced a Libertarian.

        So your point is not taken.

        1. Correction:

          “The newly elected Libertarian president of Argentina replaced a populist, like Trump.

          Trump is a top-down authoritarian leader who favors centralized power and totalitarian control, quite the opposite of a Libertarian.”

          1. The newly elected Libertarian president of Argentina replaced a populist, like Trump.

            The incumbent is a Justicialist, which are left leaning Peronists. Yeah, they are populists, but they aren’t quite MAGA.

          2. is a top-down authoritarian leader who favors centralized power and totalitarian control

            Sounds like Marxist projection. We know better.

          3. It sux to always have to choose between extremes, both bad in their own way, both in service to the global oligarchy.

            “Democracy is the theory that the common people know what they want, and deserve to get it good and hard.”

            — H. L. Mencken

      2. “Between the homeless, the looters, the illegal aliens and the Biden administration, American society is on a suicide watch”

        Sounds about right.

        Get out of cities…

        1. You won’t be safe outside of cities either. Remember, you are the enemy of the regime. They’re coming for you no matter where you live.

      3. But the people of the world sense they are considered disposable now. They are fighting back by voting for nationalists who will not toe the EU, UN or WEF line.

        The “Global South” is rejected the Greater American Empire and is aligning itself with China and Russia, to the WEF’s chagrin.

        1. The “Global South” is rejected the Greater American Empire and is aligning itself with China and Russia, to the WEF’s chagrin.

          The “Global South” doesn’t pay their bills, and China will lose patience quickly if the World Bank does not bail them out.

  13. “However, opinions about the necessity of a condo designed specifically for cars vary. Some residents express that, while the concept may be suitable for the ultra-wealthy, it might be perceived as excessive for the average person.”

    Here are some opinions about luxury condominimums designed specifically for cars:

    1) Stupid is as stupid does.

    2) A fool and his money are soon parted.

    3) Have you ever seen the movie Dumb and Dumber?

  14. “The prestigious Knoll House in Pasadena, CA, broke a record when it was listed in 2021 for $48 million. On and off the market over the past couple of years, the estate is now available for $36.5 million. Despite the price cut, it’s still the most expensive home in Pasadena. … Current owner, philanthropist, and financier John Vidalakis spent more than seven years meticulously restoring the place.”

    Sounds like quite the impressive money pit, especially during a period when prices are heading south and Pasadena is rapidly depopulating.

    Try not to catch yourself a falling knife.

    1. “…when it was listed in 2021 for $48 million. On and off the market over the past couple of years, the estate is now available for $36.5 million.”

      If the owners were surfers, we would say the wave crashed on them and broke their surf board.

    2. ‘It was reportedly once owned by televangelist, Gene Scott, who died in 2005’

      In the 80’s I would make video copies of this guys shows and we’d watch them repeatedly. It was some of the funniest stuff on TV. I wish I still had those tapes.

        1. I has forgot about him berating viewers for sending in small checks! Man I really wish I had those tapes now that it’s all locked up. It was so bizarre I felt compelled to tape it. This was that brief period in DFW where micro channels had been legalized. So a TV signal (you had to have the rabbit ears setup) may only go out 10 miles. And many of them would put up the televangelists, even almost unknown guys like Gene. I wouldn’t be surprised if very few people have heard of him. But he made a huge amount of money.

  16. ‘The buildings at the Onyx are not only an eyesore but they’re a significant safety hazard for vagrants, homeless people and unseemly characters, LoCastro said. ‘Either sell it, build it or tear it down. That would be my position,’ he said. ‘I don’t want those things sitting there looking like a ghost town for years until it changes hands four times’

    Yer shack market is red hotcakes Rick.

  17. https//rumble.com/v3hwcgm-dr-mcculloughs-speech-at-the-european-parliament.html Dr McCullough Speech at the European Parliament

    Speech a couple months ago by Dr Peter McCollugh at European Parliament that outlines the facts as to Covid and as to Covid Vaccines.
    Amazing summary of Covid and what the data and proof shows.

  18. ‘The city’s portion of the $50 million price tag is $3 Million. The cost to rebuild the Sequoia Hotel will run $2,800 per square foot. Last month, the highest-priced Sacramento home cost $842 a square foot, and the average Sacramento home went for $337 a square foot’

    For bums. This entire state is a joke.

  19. ‘As it relates to office buildings, not just New York but in the other major cities, there’s just a lot of inventory that either needs to be repurposed or maybe even abolished’

    What you need Jordan is Harry Potter. Bing, it’s gone.

    ‘there are even challenges in the multifamily market, where the fundamentals are normally solid. The majority of HGI’s portfolio is in multifamily, and the company owns about 60,000 units nationwide, Slone said. Owners have seen debt payments balloon while their rents have flattened, and Slone said even if they are solvent and trying to hold on to their properties where the cash flow has turned negative, it is having an impact on borrowers. ‘You wouldn’t believe how many borrowers, owners are more mentally, in some cases, more mentally exhausted than they are financially exhausted,’ he said. ‘In some cases, it’s both, but writing a check every month with negative cash flow, mentally, is not fun’

    How do you like those 5% cap rates now? It was always there for anyone to see. You guys were losing money at the peak. But you were refinancing every 2 years and Ka-ching. Yer out of Ka-ching Jordan and you have to pay it back. Or walk.

  20. ‘Over the past decade, contractors, developers and others in the real estate market have constantly repeated the mantra that housing prices in Israel can only rise, a view that gained traction among the public and caused young couples to rush to buy a home as soon as they could. The figures now show, however, that this view is incorrect’

    10 year cycle, 8 year memories. You max out the suckers, which is needed for collapse.

  21. ‘Harris was not just in it for himself and hoped the scheme would return profits for the investors, which included him and his former wife. ‘(Harris) determined to continue in a misguided and arrogant attempt to make it work,’ the judge said. A partial explanation for this was offered by a psychologist describing narcissistic tendencies, characterised by arrogance and lack of self-insight, with Judge Flannery finding Harris had only offered a ‘very qualified acceptance of responsibility’ for his offending’

    Wework syndrome.

  23. Oakville Housing Shock: Prices Plummet $400k in 5 Months!
    Honest real estate talk 🇨🇦
    32 minutes ago

    Oakville home prices have been falling like all other cities in the Greater Toronto area since the spring time. Detached homes in Oakville are taking the biggest hit with more than a 400k in just 5 months. See how much the Oakville real estate market has changed month by month in this video without sales bias.
    See average prices, number of homes sold in Oakville, active listings and new listings in Oakville.
    With winter coming up soon I don’t expect the Oakville housing market to rebound in the short term.

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

    5 minutes.

  24. ‘the number of unsold new homes rose to a peak in September not seen in years, of 61.400, which compares with 44,000 in April 2022, representing a 40% rise in eighteen months. The number of unsold homes is equivalent o a year’s worth of building starts, that is, to a situation in which contractors in Israel build homes and not a single one is sold for a whole year. In fact, the current situation is not far from that’

    You said it twice, but it’s a good point.

  25. ‘This year started with great hopes that primary market sales could exceed that of 2022 due to the large number of residential projects slated to be launched. However, the private housing market in 2023 could end not with a bang but a whimper, as property cooling measures and heightened economic and geopolitical uncertainties take their toll’

    Singapore rolls over seldomly. It’s not on a yo-yo like Hong Kong.

  26. Meet Argentina’s New President – A TV Economist Who STUNNED World With Rhetoric & WIN!
    Trish Regan
    3 hours ago

    Javier Milei makes it to the finish line in Argentina by promising to take a chainsaw to the government’s budget and manage inflation. No one thought he could win, but the people of Argentina elected him in a landslide! In today’s show, Trish Regan Show, we’ll discusses what it means means for Argentina, Venezuela, and the US.

    https://www.youtube.com/watch?v=OQeYr-PHL-8

    Watch from 10 minutes to 12 minutes. The video is over an hour.

  27. Housing
    Housing Market
    Will Housing Market Crash? Morgan Stanley Gives 2024 Prediction
    Nov 20, 2023 at 7:50 AM EST
    By Giulia Carbonaro
    US News Reporter

    The home price correction which began in the U.S. after the summer of 2022 is not quite over yet, according to Morgan Stanley, which expects prices across the country to fall by 3 percent next year, according to its latest forecast model.

    After reaching a peak in June 2022, home prices in the U.S. dropped for seven months as demand faltered, with analysts announcing that the country’s market was undergoing a significant correction. But by early 2023, as inventory remained generally low across the country and demand stayed elevated, home prices started to pick up again, leading some to declare the market correction was likely over.

    In May, home prices reached a new peak and were 0.7 percent higher than the previous record in June 2022, even as mortgage rates remained high. But Morgan Stanley said that the housing correction will likely continue next year.

    Back in August, Morgan Stanley—one of the world’s biggest names in investment banking—had predicted that house prices would slip by 2 percent next year. In October it revised its own expectations, saying that house prices could drop by as much as 5 percent next year.
    …
    https://www.newsweek.com/will-housing-market-crash-morgan-stanley-gives-2024-prediction-1845101

  29. Sanctuary City Chicago Considers 80-Square-Foot ‘Micro Homes’ for Migrants as Mass Immigration Strains Housing

    JOHN BINDER
    20 Nov 2023

    Since the summer of last year, tens of thousands of border crossers and illegal aliens — many from Venezuela — have arrived in Chicago with little to no resources or plans to provide for themselves. Most remain living in city-subsidized housing or in police stations.

    Now, according to Axios, a housing company is pitching city officials on a plan that would have six migrants live in a single 80-square foot “micro home,” costing $20,000 each to manufacture.

    Inherent Homes has developed a prototype to provide an alternative to tents on sidewalks and under viaducts that can be built fast in their Lawndale facility. [Emphasis added]

    Their new MicroHomes are 80 square feet and can house up to six people, Inherent CEO Tim Swanson tells Axios. They include a lofted bed, over 5 feet in headspace and a composting toilet. [Emphasis added]

    If the city wanted these houses, Swanson said it would take less than a month for production to ramp up and they could produce several units per month. [Emphasis added]

    https://www.breitbart.com/politics/2023/11/20/sanctuary-city-chicago-considers-80-square-foot-micro-homes-migrants-mass-immigration-strains-housing/

  30. Sanctuary City Chicago Considers 80-Square-Foot ‘Micro Homes’ for Migrants as Mass Immigration Strains Housing

    JOHN BINDER
    20 Nov 2023

    Since the summer of last year, tens of thousands of border crossers and illegal aliens — many from Venezuela — have arrived in Chicago with little to no resources or plans to provide for themselves. Most remain living in city-subsidized housing or in police stations.

    Now, according to Axios, a housing company is pitching city officials on a plan that would have six migrants live in a single 80-square foot “micro home,” costing $20,000 each to manufacture.

    Inherent Homes has developed a prototype to provide an alternative to tents on sidewalks and under viaducts that can be built fast in their Lawndale facility. [Emphasis added]

    Their new MicroHomes are 80 square feet and can house up to six people, Inherent CEO Tim Swanson tells Axios. They include a lofted bed, over 5 feet in headspace and a composting toilet. [Emphasis added]

    If the city wanted these houses, Swanson said it would take less than a month for production to ramp up and they could produce several units per month. [Emphasis added]

    https://www.breitbart.com/politics/2023/11/20/sanctuary-city-chicago-considers-80-square-foot-micro-homes-migrants-mass-immigration-strains-housing/

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