patrick.net

Welcome Brazilians after Chinese and Indians. Who else?

“It’s actually very cheap in Miami compared to here.”

He's investing. Let him go.

bubblesitter says

Welcome Brazilians after Chinese and Indians. Who else?

Russians obviously. Familiar with BRIC?

klarek says

Familiar with BRIC?

That will do it.

In the Miami area, Brazilians bought 9 percent of homes and apartments sold to international buyers in the 12 months through March 2010, behind only Canadians and Venezuelans, according to the Miami Association of Realtors. Since then, “anecdotal evidence certainly points to a significant increase,” said Lynda Fernandez, a spokeswoman for the group. In May, international clients bought about 60 percent of existing houses and condos and 90 percent of newly built homes, the association reported today.

International buyers are buying 60% of existing housing and 90% of newly built housing in the Miami area? That sounds quite high, to the point of unbelievable, especially considering how few used house salesmen actually deal with larger numbers of international buyers typically. I'm assuming the Venezuelans are trying to get their money out of Venezuela in case shit hits the fan there with the regime.

This sounds similar to the reports we've seen before, however, where it was claimed 50-75% of sales in Miami condo buildings were going to be to foreigners: http://therealdeal.com/newyork/articles/international-buyers-prop-up-market-in-miami

Still, you have to wonder about those numbers, as this guy said he sold 80% of his condos in one development to Americans, and 8 out of 10 condos (in a building with 42 total condos) to foreigners for another development:
http://www.miamitodaynews.com/news/110407/story1.shtml

In any case, foreigners buying any 3rd/4th rate asset they can get their hands on is generally the definition of a bubble. Think Iceland, where fishermen were buying 3rd rate businesses here in the US during their bubble.

Apparently it will take 2.5 years at the current sales pace to work through REO and other distressed inventory:

http://www.miamiherald.com/2011/05/26/2236028/pace-of-foreclosure-sales-picks.html

Even with sales back on the rise, it will take years for buyers to buy up the large inventory of distressed and soon-to-be-distressed homes, said Daren Blomquist, spokesman for RealtyTrac.

“Right now, at the current sales pace in Florida, it’s going to be about 2 1/2 years to get through the properties that the banks own and the properties that are in foreclosure,” he said.

I read about it or saw on HGTV(not that I think it is true) that rich Israelis were into investing in those beach front condos, this was a couple of years back. Now they are under water already.

Waterfront Condos in Miami and Miami Beach can be had pretty cheaply. I rent in a $900 1.5 Bedroom a block from the beach with a pool with multiple restaurants, shops, and supermarkets literally across the street. Try getting any warm, waterfront location on the West Coast for that kind of money.

Those $300-500k are in brand new buildings. You can have beachfront for 1/3 of that. Not in the heart of SoBe, but if you're not a twentysomething club kid, fashion model, or DJ, it's too much for you anyway.

Downside: Must learn Spanish. Not a dry heat by any means. You will probably have to update the property, as many Condos haven't been updated as the late Grandpa Moishe brought it in 1978; I've seen thick shag lime green carpet. Cockroaches are inescapable, no matter how clean you are, you will see one occasionally. Cats like their meaty, crunchy taste.

Hazards: Be sure to check the neighborhood. Be wary of the word "Waterfront" which usually means a 30 minutes in heavy traffic from the beach as the car drives, and that you are on an artificial lake. Once you get more than a mile from the water, the temperature is unbearable in summer, if you are under 60 years old. Stay away from 55+ buildings. Miami Condo Associations are far less irksome than ones you find on the West Coast or in the Northeast. People just want the building maintained, and the high level of absentee ownership seems to retard the process of Condo Association Nazification.

wormwood says

You sound like a desperate lady.

He called you a "lady." He obviously respects you and wants you in the worst way (sober, with the lights on). ;)

I'm sorry - but you must admit, a person with the name "worm" in their moniker calling you a "lady" is - well, special. Even if it made you vomit.

obviously I didn't read a book on how to properly use a computer... somehow or another I duplicated a post without a reply.

I can't get away from this APOCALYPSE**** and his potty mouth! Moderator/admin can we ban this vulgar loudmouth?

I'd also like the adendum to the law being made that FTHB are given preference over investors. self proclaimed investors in this case, or better be known as used car salesmen, are really just flippers who only tie up more of our finances in useless brick and mortar by driving prices artifically up, slowing down the economy.

I know a lot of them got burned when they bought stuff in our neighborhood and prices declined another 20% while they were trying to make a profit. They are still disgusting middle men.

jhof says

I can’t get away from this APOCALYPSE**** and his potty mouth! Moderator/admin can we ban this vulgar loudmouth?

Apocalypse is just keeping it real.

StoutFiles says

jhof says

I can’t get away from this APOCALYPSE**** and his potty mouth! Moderator/admin can we ban this vulgar loudmouth?

Apocalypse is just keeping it real.

And he's funny as hell!

Will a 20% down payment requirement ever happen? Of course not. It simply makes too much sense and it would only serve to help savers- which of course nobody is interested in doing.

I am almost positive that at some point a new way will be weaseled out there to start the fake housing bubble machine all over again.

Decency and civility are legacy.

Honestly, morality, ethics are a relic.

This could well be the core of our nation's economic crisis.

jhof says

Honestly, morality, ethics are a relic.

This could well be the core of our nation’s economic crisis.

Alternatively, the focus on form instead of substance might be the core of our nation's economic crisis.

jhof says

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You think that canibal anarchy has morals?

jhof says

I can’t get away from this APOCALYPSE**** and his potty mouth! Moderator/admin can we ban this vulgar loudmouth?

Are you a realtor or a banker?

No

Yes, but how is Europe's GDP per capita distributed? Is it all in the hands of 5% of the continent?

Exactly, shrekgrinch.

I think if you added one additional factor to the monopoly game it would be closer. Create another player seperate from the banker. This additonal player has the ability to change the rules as they see fit and print as much extra monopoly money whlie giving it to players of their choosing.

That's probably closer to the truth.

The article didn't mention any kind of correction for taxes. WTF, most of Europe uses VAT taxes that are much higher than US sales taxes so your PPP would be lower. The study includes countries like Italy, Greece, and others where at least half the economy is underground making the GDP much lower. The average doctor in Greece makes something like 20k on the books. Where is the correction for this very well know problem? It doesn't talk about corrections for all the newly admitted poor countries from eastern Europe either. All in all a bunch of statistical BS to make an ideological point.

Of course look at the source, a bunch of wall street guys tooting the American system wall street style. You know, private profits to banksters, public pays loses. The new American way.

In the simpliest sense yes. Unless the rich player is allowed to hide their money or walk off your game with his money and start playing on another board.

That is probably why my grandfather used to say, "Don't trust bankers, lawyers, or politicians."

Yes, if you are explaining this to a 7th grader.

The richest player would probably do a cost analysis and see if it is cheaper to cash in with the bank or contribute money to the 2nd bankers campaign fund to exhert influence.

Red Alert, some adults have been let loose in Sacramento.
Just days after Gov. Jerry Brown vetoed the state budget, lawmakers in California took another hit Tuesday when Controller John Chiang concluded that they will lose their pay because their spending plan was incomplete and unbalanced.
The controller's decision means that each of the state's 120 legislators will permanently lose about $400 a day until they pass a balanced spending plan.
I was surprised no one started a Jerry! thread last week.

shrekgrinch says

ChrisLA says

I know a lot of them got burned when they bought stuff in our neighborhood and prices declined another 20% while they were trying to make a profit. They are still disgusting middle men.

Ok, you seem to contradict yourself by simultaneously trashing them while also proving that the market system is working by transmitting pain to them as well. The latter is a good thing and the only thing that will stop them.

How is this contradictory?

Good quotes. Especially the last one about being a free man. Lately we Americans became weak, we trade freedoms for temporary conveniences and at the end end up with nothing.

C'mon you guys, Shrek wanted to talk about his bs definition of Luddite, and the awesome strawman he got off the right wing blogosphere.

Yep--Shrek is probably gone from this thread now too. He posted his right wing talking points for today. He'll be back tomorrow for another batch.

They have consistently proven an ability to convince a devoted fanbase to pay a premium price for every one of their products. It remains to be seen whether they can keep that magic formula, or become just another device maker.

I gave up on them after my fourth iPod bit the dust.

twd000 says

They have consistently proven an ability to convince a devoted fanbase to pay a premium pric

yeah,
like the Dotcom Bubble,
Housing Bubble,
China Bubble,
now the Apple Bubble.

"Wall Street is being investigated, but they are not asleep while it's being done. You see where the Senate took that tax off the sales of stocks, didn't you? Saved 'em $48,000,000. Now, why don't somebody investigate the Senate and see who got to them to get that tax removed? That would be a real investigation." DT #1803, May 4, 1932

"There is two things that can disrupt business in this country. One is war and the other is a meeting of the Federal Reserve (Board)." DT #837, April 2, 1929

How is this different than today? Looks like business as usual, retro-style...

I don't think Apple is a bubble. They are more like a juggernaut. But, history shows nothing lasts forever.

Luddites? Obama administration has an Android app.

Obama carries a BlackOpsBerry though, maybe that's what has Shrek in a twist.

I thought Tom Hanks was responsible for the collapse of the SovU.

Well I'll be knackered.

clambo says

I don’t think Apple is a bubble. They are more like a juggernaut. But, history shows nothing lasts forever.

Yep, fill in the blank:

I don't think (blank) is a bubble. They are more like a juggernaut.

(Disclosure: typing this on an APPL product).

Yes, SG, interesting.