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It’s Hopeless, I Have No Way Of Getting Out Of This … My Credit Score Has Defeated Me

A report from the Real Deal on Illinois. “The luxury market is bouncing back in Chicago, save for one key submarket. Downtown there’s more than 26 months of inventory priced at $1.5 million and up. The condo market’s downturn was triggered by the pandemic, which reduced vibrancy and exacerbated crime in downtown. Condo owners looking to offload their once-coveted units are often forced to lower asking prices or sell them for less than what they paid. For example, a 6,100-square-foot condo spanning the entire 78th floor of the St. Regis tower changed hands for $7 million last month, $1,147 per square foot, down from its last trade of $8.2 million in December and its initial ask of $10 million. The owners of a Pearson Street condo listed their five-bedroom, 27th-floor unit in January for $1.75 million, the same amount they paid five years prior. They ultimately sold it for $1.55 million, marking an 11 percent loss, said Brian Loomis, the Jameson Sotheby’s International Realty agent who represented the sellers. ‘It’s a very frustrating market for sellers,’ he said.”

“Then again, Chicago’s luxury market is seeing price cuts across the board. For example, Chicago Trading’s Andre Hall sold his Gold Coast condo in January for $4.6 million under its March 2023 asking price. Real estate agent Melissa Siegal, who listed her own condo at a break-even price of $1.35 million, attributed crime as the primary deterrent for downtown buyers.”

The Denton Record Chronicle in Texas. “Two Robson Ranch couples are claiming the retirement community is not honoring their warranty policies on their new-build homes. Michael and Carol Shannon, who moved from Pennsylvania into their new home in Denton last year, claim Robson Ranch is refusing to rectify issues under warranty. Another couple, who asked to not be named, claim Robson Ranch has simply been ignoring their requests for repairs on issues also under warranty. ‘It’s very, very frustrating,’ Carol Shannon said. New homes in Robson Ranch are advertised as starting in the $430,000s, while homes resell at an average of $515,000 and up to $800,000, according to Realtor.com. ‘And knowing that we spent all this money for this house [that] was still under warranty. Why can’t you just fix it?’ The anonymous couple says they aren’t the only residents who are facing warranty issues that are ignored. ‘When we get to meet with our neighbors and stuff at different social events … all people talk about is how bad [Robson] warranties is,’ the anonymous husband said.”

USA Today. “Three years ago, when a local developer hatched plans for a 352-unit apartment building in West Philadelphia, the project was a no-brainer. Since then, Philadelphia’s housing crisis has grown more dire. Total costs had ballooned from $103 million to $131 million, according to Leo Addimando, managing partner of the developer, Alterra Properties, which announced last August that it was canceling the six-story apartment project. ‘The final blow was definitely the spike in interest rates,’ Addimando says. ‘Even if you gave me the property for free, we still couldn’t make the math work.’ By ditching the project, the company lost $2 million in preconstruction costs, Addimando says.”

From WPBF. “Condominium owners in Florida may have to dig a little deeper to pay their homeowners association fees and special assessments. Michael O’Connor, a condo board member of Harborage Condominiums in Stuart, believes the assessment fees are too costly. ‘For a building of nine condominiums,’ O’Connor said, ‘the engineering company is recommending a $3,000 a month increase for the condo reserve just for roofs and painting and waterproofing.’ The president of Harborage Condo Master Association, Mario Marino, believes the description of the bill is vague. ‘We have prices that are three times the amount of the actual cost it took us to get it done,’ Marino said.”

NBC San Diego in California. “Construction on the massive Riverwalk housing project in Mission Valley is on hold. The pause is due to market conditions and interest rates, according to Hines, the developer of the project. Now that the project is on hold, it remains unknown when all of the planned housing units will hit the market. ‘When a project like this gets stalled, goes down or doesn’t happen, that’s less homes for you or I to live in and that makes everything more expensive,’ Will Moore, policy counsel at Circulate San Diego, said. According to published plans, the project is expected to be a 200-acre master-planned community. The area will have 4,300 multi-family units — 430 of which will be affordable homes.”

Business Insider. “I retired in 2012 from my investment-banking job of 13 years at the age of 34. Since then, I do nothing. Well, I don’t do nothing. I have been an author and a stay-at-home father since April 2017. I thought I could buy this nicer home because I believed inflation had peaked and the Fed was going to cut rates in 2024. I didn’t want to buy the house in 2024 because I thought bidding wars would return — because mortgage rates would come down. About 70% of the reason I bought the home was emotional. Thirty percent was because I believed we’re past the bottom of the San Francisco real-estate market, with mortgage rates coming down, so I do foresee a rebound in prices over the next 10 to 20 years.”

“I bought my new home in October — 14% below its original asking price. My old home was four bedrooms, three baths, and 2,800 square feet. My new home is five bedrooms, four baths, and 3,500 square feet. I was able to get a deal on the home. In San Francisco, rates were up since 2022, so prices came down in 2023. My new home will cost about $60,000 more a year, or $5,000 more a month than my previous home.”

The Star Tribune in Minnesota. “Attorney General Keith Ellison filed a lawsuit Tuesday accusing a Twin Cities real estate broker of preying on Muslims and buyers with poor credit ratings with illegal and deceptive contracts for deed that concealed the cost and risks of the loan and balloon payments. The lawsuit accused Chadwick Banken and multiple businesses he owns of violating state and federal laws by offering contracts for deed with ‘egregiously unfair terms to the point that the contracts are designed to fail,’ Ellison said. The unfair terms compel would-be buyers to walk away from their homes without assets, allowing Banken to collect the proceeds and re-market the same home to new prospective buyers on similar terms, according to the lawsuit.”

“The lawsuit claims Banken designed the contracts to fail and provide him a profit and opportunity to churn properties. He did so by requiring very large down payments for homes at ‘dramatically inflated’ values, putting the buyers immediately underwater and unable to refinance out of the loans, the lawsuit said.”

Maple Ridge News. “Many home buyers are waiting on the sidelines until interest rates come down. That was the finding of a recent survey by BMO, which says 72 per cent of aspiring homeowners are holding out until interest rates drop before purchasing a home. The survey came after The Bank of Canada left interest rates unchanged in April – but left the possibility open for a rate cut by June or July. Locally, that has meant a slowdown in sales of properties priced at $1.5 million or higher, according to local Realtor Steve Hamilton. ‘That part of the market has been put on hold,’ he said.”

“The result has been a spike in listings. According to the latest stats from Greater Vancouver Realtors, listed homes for sale on the MLS in Metro Vancouver continued climbing in April, up 42 per cent year-over-year, almost 12,500 – a number not seen in the region since the summer of 2020. Locally, April saw 262 houses listed in Maple Ridge/Pitt Meadows, which was among the highest in the region, and second only to 303 houses listed in East Vancouver.”

The Conversation. “There are 8.5 million households in the UK who own a home with a residential mortgage, often with fixed interest rates from two to five years. Usually, when that mortgage deal ends, the borrower will move to another deal from the same or a different lender. But not everyone can do this. Changes in regulatory measures after the 2008 financial crisis have left tens of thousands of borrowers in the UK trapped in unfavourable mortgages with higher rates. One interviewee, Diane*, said her mortgage was the ‘bane of her life,’ leading to harmful mental and physical effects. Another interviewee, Helen, captures the feelings of many: ‘Never being able to escape from that original loan has had a snowball effect on everything.'”

“My interviewees understood that a missed mortgage payment would lower their credit score and might even lead to the loss of their home. Helen described it as ‘an axe hanging over you.’ Another interviewee, Lisa, tried on several occasions to remortgage because she desperately wanted to move for the sake of her son. She recognised her inability to do so was ‘absolutely down’ to her credit score, and described this as ‘soul destroying.’ One interviewee’s monthly payment doubled to £1,800 due to rate hikes, making arrears inevitable: ‘My whole focus on my credit file was to repair any damage that had been caused, so that I could remortgage … I feel now, it’s hopeless. I have no way of getting out of this … My credit score has defeated me.'”

The Punch in Nigeria. “A businesswoman, identified simply as @lashiskin_ on Instagram, has been traumatised after a demolition notice was issued by the Lagos State Government on the building her family purchased in the Eti Osa Local Government Area of the state. The fair-skinned lady, who, based on her Instagram profile, indicated that she was into the skincare business, was seen shedding tears uncontrollably over the development in a viral video she posted on her page late Sunday. In the video, the businesswoman was heard lamenting that her family purchased the property in February 2024, adding that all their hard work was expended on its purchase.”

“She said, ‘We bought our property in February and we have only been there for two months. All the hard work, all the sleepless nights, everything… If you are in Lagos, you know how much property in Eti Osa costs. Each time my son sees me crying, he always asks me why I am crying: ‘Mummy, you’ve been crying.’ How do I explain this to my son? How? What do I tell my children? I am trying to be a strong woman but this is very painful and I don’t wish anybody pain like that. I don’t wish anybody to work so hard, so tirelessly and face something like this. I don’t.’ Reacting to her post on Instagram, one Olabimpe Adeyemi appealed to the businesswoman to take things easy because of her children. ‘Oh God!! So sorry, Lashi. Please take it easy for the sake of your children. You are alive, and you will get more properties in your desired places. Dead people don’t buy properties. Please take care of yourself! Sorry, dear,’ Adeyemi wrote.”

From News.com.au. “The New Zealand version of The Block has been cancelled ahead of its scheduled 11th season. The renovation show’s dumping is part of a restructure at Warner Bros. Discovery (WBD), which owns the Three network – broadcast home to The Block. Four properties had already been bought by the local free-to-air network, with teams also locked in to start filming in Browns Bay, north of Auckland, in coming weeks. But after the show was postponed in 2023 following a disastrous finale in 2022 – the difficult housing market in the area has seemingly made the format untenable.”

“Indeed, the 2022 final auction proved the nail in the coffin for the franchise, with winning couple Chloe Hes and Ben Speedy netting a record-low $NZD4000 following three months of labour. Their reserve price was set at $NZD1.141 million, with the home ultimately selling for $NZD1.145 million. Thankfully, they received $NZD100,000 in prize money for coming out on top. But the couple who came in second place, Maree and James Steele, made just $NZD100 once their home sold. ‘We’ve got petrol money,’ Maree joked at the time.”

Vietnam Investment Review. “Last month, Danang People’s Committee said it would approve the conversion of several condotels into apartment units, and developers will now be allowed to negotiate with homebuyers to cancel old condotel purchase contracts and re-sign contracts to buy apartments for residential use. One project affected by the move is the two towers of Danang Times Square, located opposite Bien Dong Park and My Khe Beach, after recognition that it boasted the conditions for mobilising capital last month. The project began in 2017 and was set to provide thousands of condotel units, expected to be handed over in 2019. The venture was frozen because of the pandemic, and the government had not yet permitted granting ownership for condotels.”

“Danang is also home to another project which was permitted to be converted into apartments for residence in 2022. The Empire resort and housing project, also known as Cocobay, has seen more than 1,000 out of 1,860 hotel apartments converted to apartments. In the first quarter, there were 45 condotel projects opened for sale, of which only two were new projects, with a supply of around 4,850 units. Overall market demand recorded the lowest level in the past five years, with the majority of projects showing slow sales. Some 90 per cent of condotel projects did not record any transactions in Q1.”

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This Post Has 69 Comments

  1. ‘accused Banken and multiple businesses he owns of violating state and federal laws by offering contracts for deed with ‘egregiously unfair terms to the point that the contracts are designed to fail’…He did so by requiring very large down payments for homes at ‘dramatically inflated’ values, putting the buyers immediately underwater and unable to refinance’

    Senator running deer heap angry Chadwick.

    1. [snip]

      Banken required very large balloon payments at the end of short loans, ensuring that purchasers are unlikely to pay off the contract, the lawsuit said. Under the contracts for deed, if the buyer misses a single payment, including the balloon payment, Banken cancels the contract, forcing the buyer to walk away with nothing, according to the lawsuit.

      [snip]

      Traditional mortgages typically run 15 or 30 years with monthly payments of a certain amount so the loan is paid off at the end of the term. Contracts for deed can still be amortized over 30 years, but at the end of the term, five years under Banken contracts, the remaining 25 years are due at once in a final balloon payment.

      “The only realistic way to afford a balloon payment is to refinance the loan with a traditional lender or ask the seller to give an extension of the contract, which the seller has sole discretion to grant or deny,” the lawsuit said.

      While under contract, the buyer is required to pay taxes and insurance and keep the property in good condition — just like a regular mortgage. The consequences of falling behind on a contract for deed are different. Under traditional mortgages, homeowners have a long time to catch up on payments and remain in the home. If they cannot, they get to keep their equity by selling before a foreclosure or pocketing the surplus from a sheriff’s sale.

      “Being a dollar short or a day late on a payment under contracts for deed risks the buyer forfeiting everything, including the home itself, any improvements made on the home, the down payment, and the value of all past installment payments, which all revert to the seller,” the lawsuit said.

      1. I looked up contracts-for-deed. These “unfair” terms, like balloon payments and near-instant eviction without foreclosure protection, are actually typical SOP for a contract-in-deed, not a one-off from this Banken company.

        Buyers use these alternative types of real estate contracts because they either don’t have an SSN (Hispanic), avoid interest because it’s against their religion (Muslim Somalis) or they don’t have good credit (both) and can’t get a traditional mortgage. But in return for this risky loan, buyers sign away a lot of rights.

        Unless this particular Banken company forcibly hid the terms to where the buyers were unable to read them (unlikely), the buyers are screwed, and Larry Ellison knows it. But it’s always fun to file a lawsuit, at the behest of advocacy groups, to look good for the peoples, doesn’t it? Of course the media *never* follows up on stories like this to report who won. (and we all know why)

        1. These “unfair” terms, like balloon payments and near-instant eviction without foreclosure protection, are actually typical SOP for a contract-in-deed

          Reminds me of one of the plot lines in The Jungle. I thought we had done away with this type of ruse.

          1. I don’t think these are a “ruse.” It’s outright legal loansharking for sure, but if it’s transparent and voluntary, and there is an acceptable alternative (renting), then I don’t see an issue.

        2. So, you are saying that Banken (and others) held a gun to these buyer’s head and forced them to sign it or it was the Gulag for them.

          oh no wait………………..people made stupid decisions and want to have it both ways (again).

          1. Exactly. One of the things I’m dreading with our latest bubble bust is the parade of victims and the media sensationalizing them. In a perfect world the media would run a segment daily called “Stupid Should Hurt!”

  2. ‘In the first quarter, there were 45 condotel projects opened for sale, of which only two were new projects, with a supply of around 4,850 units. Overall market demand recorded the lowest level in the past five years, with the majority of projects showing slow sales. Some 90 per cent of condotel projects did not record any transactions in Q1’

    So how many months of inventory is that? It’s still a red hotcakes sellers market in Danang, isn’t it?

  3. ‘Construction on the massive Riverwalk housing project in Mission Valley is on hold. The pause is due to market conditions and interest rates, according to Hines, the developer of the project. Now that the project is on hold, it remains unknown when all of the planned housing units will hit the market…the project is expected to be a 200-acre master-planned community. The area will have 4,300 multi-family units — 430 of which will be affordable homes’

    This is unpossible. Thousands of shacks and airboxes stalled in San Diego over market conditions?

    Sacré bleu!

    1. 430 of which will be affordable homes’

      The rest are by definition Unaffordable Homes.

    2. The website for that project is a syrupy image of 🦄🦄🦄 🌈🌈🌈. They’re all about the reduced commute time and transport stops and happy vibrants strolling through the lush public spaces to catch dinner at the high-end cafe. How very 2019 of them.

      They say they’ve finished the infrastructure (concrete piping, probably), but they’re pausing because of “market conditions and interest rates.” Translation: This 15-minute-city in-the-making is going to be an open pit for at least 5 years. If they installed any copper, they need to remove it or someone will do that for them.

  4. ‘Even if you gave me the property for free, we still couldn’t make the math work.’ By ditching the project, the company lost $2 million in preconstruction costs’

    That’s a mighty a$$ pounding Leo.

    1. Losing 2 million is better than losing $30 million

      Just like when people get houses (they are buying) inspected and proceed to ignore the inspection report. “oh we’ll lose our deposit (or whatever)” Better to lose 10k than 500k.

    2. Even if you gave me the property for free, we still couldn’t make the math work.’

      Another property with a negative value. Gonna be seeing a lot more of these going forward.

  7. Something about this sentence seems out of place.

    which reduced vibrancy and exacerbated crime in downtown

  8. “Many home buyers are waiting on the sidelines until interest rates come down”

    Repeat after me; it’s prices, not rates you DF!

    1. Bingo! Either rates or prices need to drop to restore affordability.

      Those with down payments are earning risk-free interest. Or they can gamble in stocks (which only go up).

  10. The Joe Biden Economy.

    Red Lobster is closing 50 locations and declaring bankruptcy.

    McDonalds is starting a new $5 value meal, but for one month only. The poors can’t afford their $15+ combo meals.

    Paul Krugman could not be reached for comment.

    1. The great corporate chain restaurant implosion is only getting started.

      When I was a kid, going out to eat at a restaurant was a treat, something reserved for a special occasion like a birthday. And most chains were fairly low brow, like Howard Johnsons.

      1. $10.77 for a steak and egg burrito, medium tator tots, and orange juice at Carl’s Jr.

        I almost never eat at restaurants with table service and tipping now, and when I do it’s only at independently owned businesses.

        1. jeebus.

          stopped at a chikfila 1.5 months ago (cuz there aren’t any CFA’s here) and got 2 breakfast combos (so chicken biscuit, small tots, small drink). $18

          I can almost sit down restaurant for that.

          1. “I can almost sit down restaurant for that.”

            A Denver omelet w/wheat toast is $18 at our greasy cafe. Add coffee and a tip, boom $25.

          2. boom $25.

            I do that at home for $1.

            I spend my money on boats, broads and whiskey. The price of these things has not gone up at all btw.

      2. The market has been oversaturated for more than a decade.
        How these dated chains stayed solvent the past few years was probably all covid bucks.

    2. “Red Lobster is closing 50 locations and declaring bankruptcy.”

      [Here is some interesting trivia, from Wikipedia, about Thai Union Group, the owner of Red Lobster …]

      Thai Union Group

      [snip]

      2016: Makes a US$575 million investment in Red Lobster, the world’s largest seafood restaurant company.

      2020: It along with a few other investors bought the remaining equity in Red Lobster from GGC, making it full owner of the chain.

      [snip]

      The Thai Union was investigated by Greenpeace, which showed a human trafficking report of Tier 3, meaning the company is not completely compliant with the standards. Humans are forced to work at sea for months, and sometimes years at a time. Being out at sea for long periods of time means that they do not have contact with authorities, which is why the company is getting away with their horrible methods. They are going through forced labor, ultimately threatened with abuse, including getting beat with stingray tails, if they do not complete the tasks given to them by the Thai Union. The workers, who do not know any better, are being trafficked with no way of escaping.

      [snip]

      Thai Union was named, but was not a defendant, in a lawsuit brought against Nestle Corporation for violating California laws. Thai Union has been under scrutiny since the July 2015 publication of a New York Times article citing a former fisher stating he had been held captive on a vessel supplying a mother ship that ended up selling to Thai Union’s Songkhla canning operation.

      [snip]

      Slave labor in the shrimp industry

      Thailand’s seafood industry, and by implication, the Thai Union, was the subject of a year-long study of the Thai shrimp industry commissioned by Nestlé. The report, conducted by Verité on behalf of Vevey-based Nestlé, was released on 23 November 2015. It found “indicators of forced labor, trafficking, and child labor to be present among sea-based and land-based workers.”

  11. I am sick and tired of this lying, they build luxuriee homes an then 10-20% win a lottery to get these homes at 40-50% off.

    No one knows how to build average (starter) homes anymore. The houses i grew up with across the street were 3 bedroom 10-1100 sq feet 1 bathroom ranch and a nice big yard to play in.

    The area will have 4,300 multi-family units — 430 of which will be
    affordable homes.”
    ————————–
    scary news, will they still get 60 days pay (warn notice) or just unemployment

    “I was just notified by one of our local Red Lobster managers that after 31 years of serving our community, without notice, their parent company laid off the entire crew and closed the restaurant effective immediately,”

    https://www.yahoo.com/finance/news/nearly-100-red-lobsters-marked-231058621.html

    1. “No one knows how to build average (starter) homes anymore”

      The county requires 850 square feet minimum here, but you can apply for a variance to build smaller. I’m looking at floor plans for a 620 sf modular, can always add more rooms later.

      LOL@ paying to heat, cool, insure, maintain, and pay property taxes on some 4,000+ sf McMansion. Pass.

      1. 620 sq ft 1 bedroom is fine for 2 people, now that everything is digital, you dont need china cabinets , big tube tv’s space for your books records cds. I have so much less that even 10 years ago, still have 2 copies Buckingham Nicks gatefold LP near mint easily $50+ each…..rare 60’s 70s moog records. promo cds. even a willie Nelson Nacogdoches with an outer sleeve that no one has must have been a promo copy or withdrawn, , will probably part with them this year…..

    2. Pretty sure that Red Lobster’s pending bankruptcy has been in the news for months now. And surely the waiters in their individual restaurants noticed the empty tables.

  12. The Joe Biden Economy.

    NPR — More Americans are falling behind on credit card bills (5/14/2024):

    “About 8.9% of credit card balances fell into delinquency over the last year, according to the Federal Reserve Bank of New York — a sign that a growing number of borrowers are feeling the strain of rising prices and high interest rates.

    “Everything is more expensive. Debt is more expensive. Rent is more expensive. Food, gas, everything,” says Charlie Wise, senior vice president at TransUnion, the credit reporting firm. “Even with relatively healthy wage gains we’ve seen over last several years, many consumers just aren’t keeping up with the price pressures.”

    https://www.npr.org/2024/05/14/1251295805/credit-cards-debt-inflation

    1. Yellen the Felon says a record $1.13 in credit card debt is “evidence of a strong consumer.”

      1. Clown banker with the clown haircut, bowing to communist China, and always AMERICA LAST.

    2. 8.9% 30-day delinquent is a yuuge number no matter how you slice it. From the Fed charts, it looks like ~6% (out of those 9%) are 90 days late. No wonder nobody’s going to Red Lobster.

      2. We aren’t behind on cc payments, but there’s no way we are paying $15 a burger to fund California’s $20 minimum wage for fast food workers.

        Btw we had home grilled burgers for Mother’s Day dinner. I paid $25 for good quality raw ingredients to make 10 1/3 lb burgers. At current prices, that would have set us back by maybe $150 at a fast food joint. My value added for shopping time plus 15 minutes of grilling was north of $100 … quite a bit higher than $20 / hour.

        1. PS I do have a young adult child who quickly put himself on the receiving end of the $20 minimum wage for fast food workers after it was announced.

        2. I am with ya Bear, I live in Fort Worth area, but visit kids in San Diego. I have an 85 gallon additional fuel cell in the pickup bed, making a total of 115 gallons. My deisel pickup gets 23mpg freeway. I top off in El Paso, go to San Diego, drive around for a week, and make it back to El Paso to fill up.
          Commiefornica ain’t getting any money from Klog for their busted budget crap debt problem.

    1. Paul Krugman is a lying sack of sh*t.

      Soft, soft hands. City boy hands. Soft like a little baby. Manicured fingers tapping on a keyboard writing propaganda for the Brandon regime, and getting paid by globalist sc*m New York Times.

      2. Soft, soft hands. City boy hands. Soft like a little baby. Manicured fingers tapping on a keyboard writing propaganda for the Brandon regime, and getting paid by globalist sc*m New York Times.

        Krugman co-authorted a decent academic textbook in the early 1990s. And he does a great job writing in a way that says you are stupid if you cannot see the obvious light I am sharing with you.

        It’s brilliant propaganda for the cocktail class.

  17. Lassie: Bark bark bark-bark!

    Farmer: What’s that you say, girl?

    Lassie: Bark bark bark!

    Farmer: You say a criminal private banking cartel called the Fed that controls our money issuance has stolen Timmy’s future by debasing the currency into worthlessness?

    1. “debasing the currency into worthlessness?”

      ZeroSludge — Does Inflation Lead To Civilizational Collapse? A Look At Rome (5/15/2024):

      “With the US national debt at $34 trillion and climbing, USD reserve status under pressure, inflation destroying standards of living, and the Biden administration stoking costly war on several fronts, perhaps it’s time for more thoughts on the Roman empire.

      “When Augustus slowed the expansion of the empire, wealth stopped flowing from conquered lands into the treasury. Managing expenditures (construction, armies, bureaucracy) became increasingly difficult.

      Whenever costs exceeded tax income, emperors minted new coins to cover it. Mining precious metals increased the supply of gold and silver coinage.

      Things remained pretty stable for two centuries…

      https://www.zerohedge.com/economics/does-inflation-lead-civilizational-collapse-look-rome

      Got physical silver?

  18. ‘For example, a 6,100-square-foot condo spanning the entire 78th floor of the St. Regis tower changed hands for $7 million last month, $1,147 per square foot, down from its last trade of $8.2 million in December and its initial ask of $10 million’

    If they didn’t leave out a year that looks like a whopping loss in 5 months.

    ‘The owners of a Pearson Street condo listed their five-bedroom, 27th-floor unit in January for $1.75 million, the same amount they paid five years prior. They ultimately sold it for $1.55 million, marking an 11 percent loss, said Brian Loomis, the Jameson Sotheby’s International Realty agent who represented the sellers. ‘It’s a very frustrating market for sellers’

    Price went way too high for years Brian. To paraphrase what they said in NYC when it headed down in 2017-18, there aren’t as many millionaires as we thought.

  19. ‘the engineering company is recommending a $3,000 a month increase for the condo reserve just for roofs and painting and waterproofing’

    But that’s just for a few months, right Brain? Then it stops.

    ‘We have prices that are three times the amount of the actual cost it took us to get it done’

    Yeah Mario, more and more it looks like this commie collectivism urban airbox thing isn’t working out. Maybe if you lived in a fair and righteous place where everybody overpaid their reserves for decades, early even! I don’t think I’ve ever read about one that did.

  20. ‘One interviewee’s monthly payment doubled to £1,800 due to rate hikes, making arrears inevitable: ‘My whole focus on my credit file was to repair any damage that had been caused, so that I could remortgage … I feel now, it’s hopeless. I have no way of getting out of this … My credit score has defeated me’

    I know yer down today interviewee. And maybe not tomorrow or the day after that. But soon you’ll see, you are a winnah!

  21. ‘Four properties had already been bought by the local free-to-air network, with teams also locked in to start filming in Browns Bay, north of Auckland, in coming weeks. But after the show was postponed in 2023 following a disastrous finale in 2022 – the difficult housing market in the area has seemingly made the format untenable…Maree and James Steele, made just $NZD100 once their home sold. ‘We’ve got petrol money’

    IIRC in 2017 was the first time a contestant lost money on this very show. They had a national mourning about it. Article after article, opinion pieces, TV rants. Now this whole cult-like show is gone.

  22. No One Talks About This Risk When Buying Real Estate (GTA Condo Real Estate Market Update)
    Team Sessa Real Estate

    44 minutes ago TORONTO

    In this episode we take a look at the current GTA Condo Markets – Toronto, York Region & Peel Region for week ending May 8, 2024. We also discuss the risks involved when buying with as little as possible down.

    https://www.youtube.com/watch?v=7ErtxtI_kWA

    17:18.

  23. US Suspends EcoHealth Funding Over Wuhan Lab Compliance.

    https://www.zerohedge.com/political/us-suspends-ecohealth-funding-over-wuhan-lab-compliance

    U.S. officials have cut off funding to a nonprofit that funneled government money to a laboratory in China located in the same city where the first COVID-19 cases appeared.

    EcoHealth Alliance (EHA), the nonprofit, “did not adequately monitor” compliance from the Wuhan lab with the terms and conditions of a grant from the U.S. National Institutes of Health (NIH), Henrietta Brisbon, a deputy assistant secretary at the U.S. Department of Health and Human Services, the NIH’s parent agency, said in a May 15 letter to EcoHealth President Peter Daszak. Officials also found that the subaward to Wuhan lacked requirements that would make the grant in compliance with federal law and regulations.

    “Given the issues regarding the management of EHA’s grant awards and subawards, I have determined that the immediate suspension of EHA is necessary to protect the public interest,” Ms. Brisbon added later.

    EcoHealth, which is based in the United States, passed more than $1 million to the Wuhan lab, the Wuhan Institute of Virology, over the years to study bat coronaviruses.

    In 2019, the experiments yielded a more virulent version of a bat virus in mice, according to an annual report for 2019 that was not conveyed to the U.S. government by EcoHealth until 2021.

    U.S. officials then asked for laboratory notebooks and other files regarding the testing. EcoHealth officials said they did not have the files, but had forwarded the request to the Wuhan lab. Wuhan officials never provided the files, according to U.S. and EcoHealth officials.

    EcoHealth facilitated gain-of-function research in Wuhan, China without proper oversight, willingly violated multiple requirements of its multimillion-dollar National Institutes of Health grant, and apparently made false statements to the NIH,” Rep. Brad Wenstrup (R-Ohio) said in a statement. “These actions are wholly abhorrent, indefensible, and must be addressed with swift action. EcoHealth’s immediate funding suspension and future debarment is not only a victory for the U.S. taxpayer, but also for American national security and the safety of citizens worldwide.”

    Dr. Wenstrup, chairman of the House Select Subcommittee on the Coronavirus Pandemic, released a report on May 1 recommending federal prosecutors investigate Mr. Daszak over violations of the grant terms.

    Dr. Wenstrup, for instance, noted that EcoHealth blamed the delay in providing the annual report on being “locked out” of the NIH’s system, but that a forensic audit by the government uncovered no evidence supporting that claim.

    Rep. Raul Ruiz (D-Calif.), the ranking member of the subcommittee, said in a statement that he welcomed the suspension of funding to EcoHealth.

    “Every recipient of federal taxpayer funding has an obligation to meet the utmost standards of transparency and accountability to the American public,” he said. “EcoHealth Alliance’s failure to do so is a departure from the longstanding legacy of good faith partnerships between NIH and federal grantees to advance science and the public interest, which remains essential for the continued work of preventing and preparing for future threats to our nation’s public health.”

    Mr. Daszak, who holds a doctorate in parasitic infectious diseases, told the subcommmittee in a recent hearing that “in all of our federally funded projects, we have maintained an open, transparent communication with agency staff” and “rapidly provided information critical to public health and agriculture.”

    EcoHealth currently has three grants being funded by the U.S. National Institutes of Health, including a grant to experiment on bats with antibodies against the Nipah virus could be re-infected in lab experiments.

    The Department of Health and Human Services (HHS) is suspending all funding to EcoHealth and proposing the nonprofit be debarred, or unable to receive funding for a period of time that could last years or even decades.

    “The length of debarment, if ultimately imposed, will be based on the seriousness of the cause for debarment,” Ms. Brisbon said.

    EcoHealth has 30 days to contest the findings from the HHS.

    “EcoHealth Alliance is disappointed by HHS’ decision today and we will be contesting the proposed debarment,” a spokesperson for the organization told The Epoch Times in an email. “We disagree strongly with the decision and will present evidence to refute each of these allegations and to show that NIH’s continued support of EcoHealth Alliance is in the public interest.”

    The HHS inspector general said previously that both NIH and EcoHealth officials failed to properly monitor experiments done under the grant.

    The NIH, for example, did not make sure the annual report was submitted in a timely manner, the watchdog said.

    EcoHealth, the watchdog added, should have submitted the report by the end of September 2019 but did not do so until August 2021.

    The HHS previously debarred the Wuhan Institute of Virology (WIV) from receiving U.S. taxpayer funds over its failure to provide the requested materials.

    The debarment, announced in September 2023, is for 10 years.

    “The NIH determined that WIV may have conducted an experiment yielding a level of viral activity which was greater than permitted under the terms of the grant,” Ms. Brisbon said in a letter to the lab’s director at the time.

    The lab’s refusal to hand over notebooks and other materials means the determination is undisputed, she said. “As such,” she wrote, “there is risk that WIV not only previously violated, but is currently violating, and will continue to violate, protocols of the NIH on biosafety.”

    1. ‘did not adequately monitor” compliance from the Wuhan lab with the terms and conditions of a grant…’Given the issues regarding the management of EHA’s grant awards and subawards, I have determined that the immediate suspension of EHA is necessary to protect the public interest’

      They are still running this thing.

    2. 100% safe and effective?

      Take the jab, eat your free donut, get turbo cancer. You have been poisoned. Pfizer and Moderna poisoned you, just to get a check from the government. And now you have cancer.

      “We’re all in this together” — some bullsh*t loudspeaker on repeat in a grocery store parking lot, year 2020.

      Hang them. Hang them ALL. There will be no “next time” election year variant …

  24. I ordered dinner tonight from a place called CR Chicks. Hadn’t been there in quite a while but I do remember ordering quite a few times during the Trump administration and before that. What I ordered tonight cost about $55 maybe a little less when Trump was president, tonight $77.01

    McDonald’s $5 meal deal could win back inflation-weary customers, Bank of America says

    By Francisco Velasquez
    Monday 6:02PM

    https://qz.com/mcdonalds-five-dollar-promotion-1851474224

    Red Lobster is closing nearly 50 restaurants. Here’s where they’re located.

    By Khristopher J. Brooks
    Updated on: May 15, 2024

    Red Lobster’s owner, Thai Union, first invested in Red Lobster in 2016 and upped its stake in 2020. In January, the company announced plans to sell its minority stake. CEO Thiraphong Chansiri said the pandemic, higher interest rates, rising material and labor costs have all played a role in Red Lobster’s poor financial performance.

    https://www.cbsnews.com/news/red-lobster-restaurants-closing/

    2. “$55 maybe a little less when Trump was president, tonight $77.01”

      77/55 – 1 = 40% increase… about in line with our rent.

    1. Markets
      GameStop, AMC tumble as meme stock rally fizzles after just two days
      Published Wed, May 15 2024
      6:48 AM EDT
      Updated 5 Hours Ago
      Yun Li
      Vicky McKeever

      Key Points

      – The meme stock trading frenzy is showing signs of fizzling.

      – GameStop and AMC shares fell Wednesday after a dramatic two-day rally.

      – The sell-off in AMC shares came after the company announced a debt-for-equity swap.
      …
      https://www.cnbc.com/2024/05/15/gamestop-amc-extend-gains-but-broader-meme-stock-rally-fizzles.html

      1. Roaring Kitty posted again this evening. Three words only.

        “Realtors are liars”.

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