Comments on: Top Floor Unit at 1521 Sells for 27% Off 2009 Price

RE:<\/b> Kary L. Krismer @ 15<\/a> - This condo can never make sense for a rental investment. .<\/blockquote>\r\n\r\nThat\'s what I tried to say in post 15.',''); return false;">Quote

Rate this comment: 0 0

By: Eastsider

Eastsider — Tue, 01 May 2012 17:02:20 +0000

RE: Kary L. Krismer @ 15 – This condo can never make sense for a rental investment. In any case, 4% is a conservative number. I don’t think any bank will lend that amount of money with that kind of risk at 4% interest rate. If I were the bank, I would demand 50% LTV and an interest rate of 7%.
Reply – Kary L. Krismer @ 15<\/a> - This condo can never make sense for a rental investment. In any case, 4% is a conservative number. I don\'t think any bank will lend that amount of money with that kind of risk at 4% interest rate. If I were the bank, I would demand 50% LTV and an interest rate of 7%.',''); return false;">Quote

Rate this comment: 0 0

By: hoary

hoary — Tue, 01 May 2012 17:00:15 +0000

A quick records search shows the seller is the COO of the 2nd largest money-manager in the state. Yep, he’s taking a bath, but I imagine filet mignon will still be on the menu most nights…
Reply – Quote

Rate this comment: 0 0

By: Kary L. Krismer

Kary L. Krismer — Tue, 01 May 2012 17:00:11 +0000

RE: Dave0 @ 19 – Possibly (probably) not allowed by the condo declaration.
Reply – Dave0 @ 19<\/a> - Possibly (probably) not allowed by the condo declaration.',''); return false;">Quote

Rate this comment: 0 0

By: Dave0

Dave0 — Tue, 01 May 2012 16:51:31 +0000

RE: Kary L. Krismer @ 15 – The income potential of a condo like this in my opinion would be short-term lodging for corporate executives in town for a few months or less. Something more private than a hotel…
Reply – Kary L. Krismer @ 15<\/a> - The income potential of a condo like this in my opinion would be short-term lodging for corporate executives in town for a few months or less. Something more private than a hotel...',''); return false;">Quote

Rate this comment: 0 0

By: The Tim

The Tim — Tue, 01 May 2012 16:39:16 +0000

By Dave0 @ 17:

I don’t think anybody has tried to argue that 2009 was the bottom of the real estate market.

At least one person did. February 2009: “We’re at bottom“
Reply – Dave0 @ 17<\/a>:
I don\'t think anybody has tried to argue that 2009 was the bottom of the real estate market.<\/blockquote>\r\nAt least one person did. February 2009: \"We\'re at bottom<\/a>\"',''); return false;">Quote

Rate this comment: 0 0

By: Dave0

Dave0 — Tue, 01 May 2012 16:37:23 +0000

RE: ; @ 3 – 2009 was the bottom in stock market prices, which is highly based on investor’s outlook on the future. Thus, it is fair to conclude that 2009 was the peak of the “world is coming to an end” mentality that happens during recessions. People have generally become more optimistic about the economy since then. I don’t think anybody has tried to argue that 2009 was the bottom of the real estate market. That is a totally different metric.
Reply – ; @ 3<\/a> - 2009 was the bottom in stock market prices, which is highly based on investor\'s outlook on the future. Thus, it is fair to conclude that 2009 was the peak of the \"world is coming to an end\" mentality that happens during recessions. People have generally become more optimistic about the economy since then. I don\'t think anybody has tried to argue that 2009 was the bottom of the real estate market. That is a totally different metric.',''); return false;">Quote

Rate this comment: 0 0

By: Blurtman

Blurtman — Tue, 01 May 2012 16:22:54 +0000

What, no principal reduction? Someone contact Rob McKenna; I hear the sham Wall Street fraud mortgage settlement will be his flagship achievement, or perhaps, his Waterloo.
Reply – Quote

Rate this comment: 0 0

By: Kary L. Krismer

Kary L. Krismer — Tue, 01 May 2012 15:08:52 +0000

RE: Eastsider @ 14 – Usually there’s the rental value of the property which counters the lost investment income. I’m not really familiar with the rental value of $3M+ condos, but I sort of doubt that rental value is that great. So in this instance, you’re probably right!
Reply – Eastsider @ 14<\/a> - Usually there\'s the rental value of the property which counters the lost investment income. I\'m not really familiar with the rental value of $3M+ condos, but I sort of doubt that rental value is that great. So in this instance, you\'re probably right!',''); return false;">Quote

Rate this comment: 0 0

By: Eastsider

Eastsider — Tue, 01 May 2012 14:47:19 +0000

RE: Kary L. Krismer @ 11 – It does not matter if the buyer gets financing. The cost of money is there in every case.
Reply – Kary L. Krismer @ 11<\/a> - It does not matter if the buyer gets financing. The cost of money is there in every case.',''); return false;">Quote

Rate this comment: 0 0

By: Kary L. Krismer

Kary L. Krismer — Tue, 01 May 2012 14:06:26 +0000

RE: wreckingbull @ 12 – That’s sort of creepy.
Reply – wreckingbull @ 12<\/a> - That\'s sort of creepy.',''); return false;">Quote

Rate this comment: 0 0

By: wreckingbull

wreckingbull — Tue, 01 May 2012 13:14:30 +0000

Did anyone look at the testimonials page?

http://1521second.com/testimonials.php

If Almost Live were still on the air today, they would have some rich material there.
Reply – Quote

Rate this comment: 0 0

By: Kary L. Krismer

Kary L. Krismer — Tue, 01 May 2012 06:02:03 +0000

RE: Eastsider @ 9 – I don’t know yet what the buyer financed, but it’s unlikely they financed anywhere near that amount.

I’ll also note this sale wasn’t a short sale, so the seller didn’t either.
Reply – Eastsider @ 9<\/a> - I don\'t know yet what the buyer financed, but it\'s unlikely they financed anywhere near that amount. \r\n\r\nI\'ll also note this sale wasn\'t a short sale, so the seller didn\'t either.',''); return false;">Quote

Rate this comment: 0 0

By: David Losh

David Losh — Tue, 01 May 2012 05:53:54 +0000

RE: Ray pepper @ 6 –

You’re right, Mr. Big Spender, let’s insult everybody, just couldn’t let that prime piece of property go for a few thousand less than he paid for it.

What a maroon.
Reply – Ray pepper @ 6<\/A> - \r\n\r\nYou\'re right, Mr. Big Spender, let\'s insult everybody, just couldn\'t let that prime piece of property go for a few thousand less than he paid for it. \r\n\r\nWhat a maroon.',''); return false;">Quote

Rate this comment: 0 0

By: Eastsider

Eastsider — Tue, 01 May 2012 05:51:40 +0000

RE: Macro Investor @ 4 –

The interest alone is a whopping $12k a month ($3.6m@4%). If you include insurance and other maintenance costs, the monthly cost for the new owner is about $20k. There is still room for the price to drop!
Reply – Macro Investor @ 4<\/a> - \r\n\r\nThe interest alone is a whopping $12k a month ($3.6m@4%). If you include insurance and other maintenance costs, the monthly cost for the new owner is about $20k. There is still room for the price to drop!',''); return false;">Quote

Rate this comment: 0 0

By: David Losh

David Losh — Tue, 01 May 2012 05:43:41 +0000

This sale happened at a time when more inventory of new condos were coming on the market.

The owner could have held out, but was bleeding $40K per month, judging by this sale. There are other places to live for that kind of money, maybe nicer.
Reply – Quote

Rate this comment: 0 0

By: Scotsman

Scotsman — Tue, 01 May 2012 03:49:14 +0000

Well, you know what they say about guys who buy $5M condos and drive fancy cars, etc- they do it because they can. We can’t. While we ooh and aah this buyer has probably already forgotten about it and is on to the next adventure. At least he got out while he could.
Reply – Quote

Rate this comment: 0 0

By: Ray pepper

Ray pepper — Tue, 01 May 2012 03:25:08 +0000

But as millionaire Mike would say…. It doesn’t matter I’m not going to sell.

Millionaire Mike is far worse off because he had to do all the organizational labor and countless hours of diligent documentation only to be upside down easily more then 1 mill.

Btw…. Wonder if his condo ever sold? Let me guess….NOT
Reply – Quote

Rate this comment: 0 0

By: WannaBuy2012

WannaBuy2012 — Tue, 01 May 2012 03:06:54 +0000

I suddenly feel better about paying $5,300 for those new granite counter tops in 2010. Thanks.
Reply – Quote

Rate this comment: 0 0

By: Macro Investor

Macro Investor — Tue, 01 May 2012 02:51:17 +0000

Over $5000 per month just for the taxes and HOA. This may be even more nuts than Mike D, the guy who’s way too proud of the bathroom fixtures in his remodel.
Reply – Quote

Rate this comment: 0 0

By: ;

Tue, 01 May 2012 02:40:14 +0000

the bulls tell me 2009 was the absolute bottom.

i must then surmise these losses are made-up, tom foolery perpetrated by the bears.
Reply – Quote

Rate this comment: 0 0

By: Feedback

Feedback — Tue, 01 May 2012 02:28:55 +0000

That’s a lot of money to lose, Tim! I hope you land on your own two feet.
Reply – Quote

Rate this comment: 0 0

By: toad37

toad37 — Tue, 01 May 2012 01:43:31 +0000

Wow, that is insane.
Reply – Quote

Rate this comment: 0 0