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Ultraluxury NY Real Estate Market Cracking As Legendary 740 Park Duplex Sells 45% Below Original Asking Price

Tyler Durden's picture




 

Even as the media desperately tries to whip everyone into a buying frenzy in an attempt to rekindle the second housing bubble, the marginal, and less than pretty truth, is finally starting to emerge. Over the weekend we presented the first major red flag about the state of the housing market - in this case commercial - when we exposed that "New York's Ultraluxury Office Vacancy Rate Jumps To Two Year High As Financial Firms Brace For Impact." What is left unsaid here is that if demand for rents is low, then, well, demand for rents is low: hardly the stuff housing market recoveries are made of. Today, on the residential side, CNBC's Diana Olick adds to this bleak picture with "Apartment Demand Ebbs as ‘Avalanche’ of New Units Open." In other words rental demand for both commercial and resi properties is imploding. But at least there is always owning. Well, no. As we have shown, the foreclosure, aka distressed, market is dead, courtesy of the complete collapse in the foreclosure pipeline as banks are effectively subsidizing the upper end of the housing market by keeping all the low end inventory on their books (who doesn't love the smell of $1.6 trillion in fungible excess reserves to plug capital holes in the morning. It smells like crony capitalism). But at least the ultra luxury, aka money laundering market was chugging along at a healthy pace. After all there are billions in freefloating dollars that need to be grounded in the US, courtesy of the NAR which is always happy to look the other way, another issue we discussed this weekend. Now even that market appears to be cracking, following the purchase of a duplex in New York's most iconic property: 740 Park, by, who else but a former Goldman partner, at a whopping 45% off the original asking price.

Now this is not some recently built, nouveau riche Central Park West abode populated by the abhorrent "new money", living in condos. This is the New York Co-op, one which has an entire (quite fascinating) book written about it. The only limiting factor here is if an apartment, most of which are kept as legacy trophy pieces by their owners, is on the market, not what the asking price is. As a reminder, the tower has been home to former Merrill Lynch & Co. Chief Executive Officer John Thain and cosmetics billionaire Ronald Lauder. Just 5 months ago, Howard Marks, chairman and co-founder of Oaktree Capital Group LLC, set a record when he bought a 10,000 square foot duplex in the building for $52.5 million, the highest price ever paid for a New York City co-op.

That 5 months later a duplex, one which may not be on as high as floor, but a duplex nonetheless, has sold for a scant $19.3 million, compared to the $35 million originally demanded is hardly a good indication of what awaits the ultraluxury residential segment both in New York, and everywhere else.

As for the buyer, it is perhaps highly ironic that it just happens to be Jonathan Sobel, a former partner of Goldman Sachs, and the man who led its mortgage trading from 2011 to 2006, right around the time when every conceivable evil the firm was doing by selling CDOs to unwitting idiots, was the fault of just one person: Goldmanite Fabrice Tourre. And nobody else's.

From Bloomberg:

Jonathan Sobel, a former Goldman Sachs Group Inc. (GS) partner who oversaw the firm’s mortgage division, bought a duplex on Manhattan’s Park Avenue for $19.3 million, a 45 percent discount from the original asking price.

The purchase of the co-op at 740 Park Ave. was completed on Aug. 31, according to records filed yesterday with the city’s Department of Finance. The 6,700-square-foot (620-square-meter) apartment was owned by Randolph Speight, the late investment banker, for more than 40 years. It features a private elevator and landing, four staff bedrooms and a butler’s pantry, according to the broker’s listing.

 

In June 2011, the estate decided to shoulder the cost of renovating the property to appeal to more buyers. The bathrooms and kitchen were gutted and redone, and all the wiring was replaced, Smith said in a telephone interview. The strategy resulted in the duplex receiving multiple offers, she said.

 

“They turned what was an estate-condition apartment into something that was in move-in condition,” Smith said. “And that was the key to the lock.”

 

Sobel, who was Goldman’s mortgage chief from 2001 to 2006 and left the firm in 2009, declined to comment on the purchase.

Now if anyone has a sense of what fair value for the marginal ultraluxury real estate market in New York is, it would be Sobel. That he paid nearly half per square foot ($2,880) compared to what Howard Marks paid just 5 months ago ($5,200) is probably an even bigger red flag than the freeze that has currently gripped the luxury new your commercial rental market.

Expect the mainstream media to be all over these developments promptly after the election, but not before. After all, the public will need ammo for yet more QEtc+1 justification. Especially when said media, now with a post-election agenda, finds the Transunion 60 day delinquent real estate data for New York:

In the meantime, this is what $19.3 million buys you:

 

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Wed, 10/03/2012 - 11:47 | 2851976 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

RE bottom!

Get 'em while they're hot!

Wed, 10/03/2012 - 11:52 | 2851999 spastic_colon
spastic_colon's picture

I would have held out for "furnished"

Wed, 10/03/2012 - 12:02 | 2852036 NotApplicable
NotApplicable's picture

Howard Marks the top?

Wed, 10/03/2012 - 12:14 | 2852073 markmotive
markmotive's picture

NYC has a decent rental yield and price to rents aren't that bad compared to some places inthe world. Still bloody pricey.

15 most expensive cities:

http://www.planbeconomics.com/2012/07/24/real-estate-most-expensive-citi...

...and yes, Toronto is on the list.

Wed, 10/03/2012 - 13:15 | 2852293 ParkAveFlasher
ParkAveFlasher's picture

When you add in Northern New Jersey, Long Island, Rockland County, Queens, etc the numbers get a little thinner.  The Manhattan Luxe market is NOT Western Queens, is NOT Brooklyn, is NOT Northern New Jersey, is NOT Pennsylvania, etc. 

That's only half the entire Atlantic corridor.

I fail to see how the author mixes that chart in there with a sotry about penthouses.  Apples and oranges.

Maybe the Brit contingent of Tyler Durden is tad bitter over London's collapse in property values. 

THAR SHE BLOWS

Wed, 10/03/2012 - 13:47 | 2852429 phyuckyiu
phyuckyiu's picture

I love the smell of a butthurt Park Ave. resident in the morning.

Wed, 10/03/2012 - 12:42 | 2852170 jazze
jazze's picture

Where's the front door on the layout? :S

Wed, 10/03/2012 - 15:00 | 2852758 Bicycle Repairman
Bicycle Repairman's picture

It's got four chandeliers.  Four.  Sweet.

Wed, 10/03/2012 - 12:32 | 2852140 Henry Hub
Henry Hub's picture

I'm trying to picture how my Ikea furniture would look in there.

Wed, 10/03/2012 - 13:44 | 2852415 ParkAveFlasher
ParkAveFlasher's picture

hint: shitty

Wed, 10/03/2012 - 13:50 | 2852438 phyuckyiu
phyuckyiu's picture

Hint: Butthurt Park Ave. resident post.

Wed, 10/03/2012 - 12:21 | 2852108 Monedas
Monedas's picture

Seems cheap .... what's the replacement cost in Bloomerberg's Socialist Metrosexual Utopolis ?

Wed, 10/03/2012 - 12:41 | 2852166 Ruffcut
Ruffcut's picture

I bet that tickles the pickles of the one percenters. Poor babies and candy asses.

Fuck New York and their yankees.

Wed, 10/03/2012 - 11:48 | 2851977 CrimsonAvenger
CrimsonAvenger's picture

Well sure, the pictures are nice, but it's going to take forever to get that sulphur smell out.

Wed, 10/03/2012 - 12:10 | 2852030 Skateboarder
Skateboarder's picture

I can build you a home 100x better than that, and it would come along with a 20,000 sq. ft concrete skatepark, a plant farm, an animal farm, a barn with a wooden halfpipe inside, a giant lake, a zen garden, a sweet obstacle course, and a few acres of "let's go for a walk, honey" land.

Of course, it would have to be in the middle of bumfuck nowhere lol. =P

EDIT: Whoops, I forgot the state-of-the-art R&D facility for you to invent cool shit. That's included in the 20 mil also.

Wed, 10/03/2012 - 12:33 | 2852141 iDealMeat
iDealMeat's picture

I'll take one.. Provided I get to help build it.. I'm a little particular on the drop in for my halfpipe..  Also want a lazy river for a pool..

Wed, 10/03/2012 - 12:55 | 2852209 Skateboarder
Skateboarder's picture

Sure thing. Would that be debit or credit?

Wed, 10/03/2012 - 13:41 | 2852401 iDealMeat
iDealMeat's picture

neither..  my labor, whit, and charm is my money  ;-)

Wed, 10/03/2012 - 15:09 | 2852792 Skateboarder
Skateboarder's picture

It's a deal. I'll let you know when the prototype for ranchtopia has been made. Depending on how things go globally over the next decade, it should be ready by 2020 at the latest. I think I would quite enjoy a real community of folks who enjoy living, where everyone works toward, cares for, maintains, and uses all the facilities.

I do want to have neighbors. ;)

Wed, 10/03/2012 - 17:17 | 2853409 Heyoka Bianco
Heyoka Bianco's picture

What about the dinosaur park? And the underground hangar for my hypersonic interceptor plane and my super-stealthy submarine?

Wed, 10/03/2012 - 18:59 | 2853865 neidermeyer
neidermeyer's picture

I'll go one better ,, I'll sell you my castle ... see "castle on the mississippi" on faceplant ... 12 acres , about 85,000 sq ft. total (all buildings) , including a full NBA size court with stadium seating for 1,100 of your closest friends and a concession stand with room for 20+ kegs and I'll remodel it anyway you want (at your expense) . AND it's in the middle of corn country far from any areas expected to have zombie outbreak problems.

I don't know about parking for hypersonic transports but you can easily park over a dozen cars/trucks in the "shop" building and there's a private airport about 30 minutes away for your Cessna Centurion.

This is a dead serious offer ,, first $120k gets it... as-is where-is ,, can be yours in less than a week as I have clean title (only one owner transfer in the last 117 years) , no debt and can execute a quit claim... I'll pay the $35 "closing costs" to record the transfer. 

Wed, 10/03/2012 - 20:24 | 2854081 jerry_theking_lawler
jerry_theking_lawler's picture

Awesome! Start mine....stop when you get to $525 worth (that's all I have).

Wed, 10/03/2012 - 11:49 | 2851980 EscapeKey
EscapeKey's picture

*sniff* I feel so sorry for our poor, rich bankers.

Couldn't the Federal Reserve print and give them some more money, so it can trickle down to us?

Wed, 10/03/2012 - 11:49 | 2851982 slaughterer
slaughterer's picture

The kitchen looks like a good place to have sex with Mary Louise Parker and Marla.  Where can I buy one of these apartments?  

Wed, 10/03/2012 - 11:49 | 2851984 spastic_colon
spastic_colon's picture

yes well, we cant be bothered by this [sarc] gas and oil prices are down and stock markets are up, there is an election to win!  The very clear defense of the equity trendlines are intact!  watching for a spike tomorrow  and friday on fantastical economic headlines!

Wed, 10/03/2012 - 11:50 | 2851990 Mercury
Mercury's picture

How much less tax is that to Bloomberg each quarter?

Wed, 10/03/2012 - 11:54 | 2852006 spastic_colon
spastic_colon's picture

this unit will be leased to one of those luxury vacation clubs to cover the tax at least

Wed, 10/03/2012 - 11:50 | 2851995 JustObserving
JustObserving's picture

Banksters are not able to steal as much as usual?  New York levies a tax on the rest of America with its corruption.

Wed, 10/03/2012 - 11:52 | 2852001 LongSoupLine
LongSoupLine's picture

A 45% discount over original fullfucktard pricing is still not a good deal.

Wed, 10/03/2012 - 12:30 | 2852028 Mercury
Mercury's picture

45% discount plus the renovation bill it sounds like.

I can only imagine what it costs a motivated (estate no less) seller to gut six bathrooms and a kitchen, then rewire the whole place...on Park Ave.

Wed, 10/03/2012 - 11:59 | 2852003 tahoebumsmith
tahoebumsmith's picture

Yeah look out all those big windows and what a 19 million dollar view? Got to stare at all the other Jews staring at you wondering if you have something better then them? I would rather live in a $10,000 dollar trailer in Montana on 20 acreas then have to be subjected to that Zionist fish bowl!

Wed, 10/03/2012 - 12:00 | 2852029 Racer
Racer's picture

Yeah, only windows staring back at you in every room that I can see. Very claustrophic despite the size of the rooms and you would need net curtains on the lot unless you like as you say, living in a fish bowl

Wed, 10/03/2012 - 12:33 | 2852142 Waterfallsparkles
Waterfallsparkles's picture

I thought the same thing.  Windows looking at windows.  It may be beautiful but I would prefeer my quaint home on 1.4 acres with grass, woods and all of the wonderful creatures.  Like the Deer, Squirrls, Foxes.  They are so much more fun to look at.

Wed, 10/03/2012 - 15:10 | 2852795 kaiserhoff
kaiserhoff's picture

Even as a kid, I can remember looking a photos of Manhattan, and thinking it was the most depressing place on earth.

Of course, I hadn't seen Queens.

Wed, 10/03/2012 - 12:13 | 2852070 Skateboarder
Skateboarder's picture

Houses are glorified cardboard boxes...

Wed, 10/03/2012 - 13:00 | 2852228 RiverRoad
RiverRoad's picture

Houses are headstones in a cemetary today.

Wed, 10/03/2012 - 12:15 | 2852080 Miss Expectations
Miss Expectations's picture

Those windows look exactly like the shitty replacement casement windows that were in my 425 sq ft studio.

He overpaid.

Wed, 10/03/2012 - 12:40 | 2852147 Mercury
Mercury's picture

There is nothing better on the face of this earth than (now illegal) old-fashioned, wooden, double-hung windows.

Every other fancy material, double pane, gas or vacuum filled, energy efficient, unrepairable window on the market, no matter what the price point, will eventually deteriorate and cause you to replace it.

And the all-in cost (and probably the energy cost required to make the damn things) will dwarf whatever savings you think you're getting by "going green".

Just another way the government tries to force you into a semi-disposable, crap life.

Wed, 10/03/2012 - 12:42 | 2852172 Miss Expectations
Miss Expectations's picture

Agree...the old-fashioned, wooden, double-hung windows were what they took out...along with the charm of my tiny studio.

Wed, 10/03/2012 - 12:50 | 2852200 robertocarlos
robertocarlos's picture

Why are those old windows illegal?

Thu, 10/04/2012 - 00:05 | 2854770 Mercury
Mercury's picture

Well because they aren't "green" of course.  Can't buy them any more.

"Energy efficient" is the claim but they're only energy efficient until they start to fall apart and then you have to buy new ones.

Half decent, old fashioned windows with storms are good enough plus you can repair them. Also there are downsides to having your house air-tight and most heat loss occurs through the roof, not the windows anyway.

Wed, 10/03/2012 - 12:43 | 2852171 Arthur
Arthur's picture

Um, that building traditional does not allow jews in.

Why don't you crawl back into your trailer and feel sorry for yourself.

Wed, 10/03/2012 - 17:14 | 2853383 jbvtme
jbvtme's picture

zionist fishbowl.  perfect

Wed, 10/03/2012 - 11:54 | 2852007 10mm
10mm's picture

Can i get one of those joints with a room full of guns?

Wed, 10/03/2012 - 11:54 | 2852010 youngman
youngman's picture

The site plan is nothing fancy..you can buy that same plan in Des Moines Iowa for $300,000....with a huge yard....a garage....and a much lower cost of living

Wed, 10/03/2012 - 12:05 | 2852046 tiwimon
tiwimon's picture

and a helluva lot lower tax exposure than in one of the most damning tax locations in the US

Wed, 10/03/2012 - 15:14 | 2852810 kaiserhoff
kaiserhoff's picture

And you won't need a $300,000 security system.

Wed, 10/03/2012 - 11:54 | 2852011 Blazed
Blazed's picture

Selling New York, blahaha.

Wed, 10/03/2012 - 11:55 | 2852012 azzhatter
azzhatter's picture

Damnit- I wanted that one

Wed, 10/03/2012 - 11:55 | 2852013 Shizzmoney
Shizzmoney's picture

Curt Schilling is selling his house in Medford (that he bought from Bledsoe) for $3.4 million. 

He bought it for $4.5 million.  LOL

Wed, 10/03/2012 - 13:03 | 2852238 RiverRoad
RiverRoad's picture

Notice how everyone in Hollywood is selling lately?

Wed, 10/03/2012 - 14:09 | 2852539 Blankenstein
Wed, 10/03/2012 - 11:55 | 2852015 Inthemix96
Inthemix96's picture

What a shame for the shysters.  45% down in price is terrible for the realtor of course.

Still look on the bright side you mother fucking scoundrels.  54% to go.

Cunts.

Wed, 10/03/2012 - 11:57 | 2852021 Fizzywig
Fizzywig's picture

Credit to the ZH community:

Fizzywig Chronicle

 

Looks like Drudge has a libertarian cousin:)

Wed, 10/03/2012 - 11:59 | 2852022 Unbezahlbar
Unbezahlbar's picture

Take a look at Zillow esimates and subsequent sales. Take tiume to pull up the histories. Many final sales are 20-30% below the listing price.

 

Reality v Fiction

Wed, 10/03/2012 - 11:58 | 2852024 buzzsaw99
buzzsaw99's picture

Damn those houses suck. Every view is into someone else's window and the shit looks run down. What a ripoff! You can get much nicer than that in Texas for under a million and with lower taxes too. Suck it rich ny bankers!

Wed, 10/03/2012 - 11:59 | 2852026 backhandtopspin...
backhandtopspinslicer's picture

Originally we were free with no income tax

Wed, 10/03/2012 - 12:02 | 2852038 tocointhephrase
tocointhephrase's picture

Cheap as chips!

Wed, 10/03/2012 - 12:04 | 2852041 giggler123
giggler123's picture

Hot fudge on the stove cooking for you in your nice new 19.3m kitchen

Wed, 10/03/2012 - 12:08 | 2852049 the tower
the tower's picture

There seem to be a lot of WC's... why does every bedroom have two of them?

And for a place with so many staff rooms, why does the staff use the same hallway as the owners?

Wed, 10/03/2012 - 12:29 | 2852132 Count de Money
Count de Money's picture

WC in this case means walk-in closet, rather than normal meaning of WC.

There is a distinct separation between the staff area and the residence. If you look closely, there's only three doors connecting the two (main level gallery, upper level gallery, and dining room)

Wed, 10/03/2012 - 12:34 | 2852144 PKF
PKF's picture

I really wanted to see the staff rooms w/ a bed in each of them.  I guess only a twin bed would fit and maybe a dresser and small chair.  I wonder if the staff is allowed to have cable TV.  Probably not, they must work 24/7 and the owners wouldn't want them to be distracted.

I thought the kitchen was rather small and all that WHITE! 

Rich people are beyond annoying. 

Isn't WC...a closet not the 'water closets?'  And that small bedroom upstairs....where do they pee???  Maybe that's going to be an exercise room? 

Wed, 10/03/2012 - 12:09 | 2852052 Dr. Engali
Dr. Engali's picture

He paid too much. I hope it comes with a panic room for the zombie apaocalypse

Wed, 10/03/2012 - 12:07 | 2852053 youngman
youngman's picture

It makes me laugh...but the views out of the window is only another buildings wall.....Its funny how and address is SOOOOOO important in NYC.....Trump Tower.....yeah right...if I don´t have a view I would not even touch it....what a joke some of these real estate deals are.....

Wed, 10/03/2012 - 12:08 | 2852056 yabyum
yabyum's picture

Sorry to hear about the decline. I am more interested in 3-5 acres with a good well. good soil and a chicken coop in East Jesus nowhere.

Wed, 10/03/2012 - 20:31 | 2854099 jerry_theking_lawler
jerry_theking_lawler's picture

Great! I'm selling minifarms exactly like this.....8oz US Golden Eagles per acre (I have 52 acres I can split up).....

 

nah, just joshing ya....i'm keeping all 52 acres to myself....(I'm a stingy fucker).

Wed, 10/03/2012 - 12:09 | 2852059 kito
Wed, 10/03/2012 - 12:14 | 2852074 ZeroPoint
ZeroPoint's picture

Convert them into section 8 housing.  Or even better - Agenda 21 microapartments!

Wed, 10/03/2012 - 12:16 | 2852082 slaughterer
slaughterer's picture

HPQ: BTFD BELOW $16.  MEG WILL PULL THROUGH!

Wed, 10/03/2012 - 13:03 | 2852239 ThisIsBob
ThisIsBob's picture

You don't know her and she doesn't know you.

Wed, 10/03/2012 - 12:19 | 2852095 Inthemix96
Inthemix96's picture

While totally irellevant, it somewhat on topic ZHers.

A good mate of mine, cracking kid, but a bit shy in the brain department bought a house in 2005.  Joint mortgage with his lady friend in the north of England, just before the bubble popped.

He paid £115,000 for a two bed shoe box, with nothing down on a 125% mortgage.  Two years later he is underwater, fast forward to now, he is fucked but still paying.

I had a pint with with him last week and he was pissed off that that he is struggling like fuck and his house, which believe this if you will is now worth £65,000, and he is railing because he cannot re-finance.  Now try as I might I explain to him that is not the price he paid but the price it is now worth.  The lad cannot understand how deep a hole he is in.  He blames the banks, of course fair play, he is right on that in one sense, but he accepts no responsibility for taking on a house with a fucking mortgage which he paid 25% more for than what it was worth.

Banks are largely at fault here.  My mate is as green as a frogs cock, and as far as I can tell was duped.  But the silly cunt still put his name on the linda green line.

The poor fucker is a slave to a worthless asset.  He cant and wont see it though.  But, why I posted this is to say, not all folk are savvy enough to own a home, not all folk can see a conman, and not all folk understand finance the way others do.  No wonder people of no real humanistic worth get into finance.

You can make a mug, and a slave out of perfectly nice, but slow folks like my friend.  And the worst of the lot is, I have fucking tried helping him, other friends have done the same, but he cannot or will not see.  People like my friend should rent, or try social housing.  Not have a noose around thier necks they can never be free from.

Wed, 10/03/2012 - 12:33 | 2852143 Skateboarder
Skateboarder's picture

+cookies for a solid datapoint in the grand scheme of things.

The problem with housing in general is the inflated value created outside of the house. You think those ancient million dollar houses in the "nice areas" are actually worth a million dollars? Fuck no. The house itself costs $50k - $75k at most. If we as a society can't responsibly decouple the intangible value addition from whatever factors from the actual value of the house, then fuck man, you are going to enslave everyone who dares to buy one of those houses. And the problem is graduated - one man's million dollar house in one area is about the same as another man's 100k house in an another area. Different neck, same noose.

Wed, 10/03/2012 - 13:51 | 2852446 ParkAveFlasher
ParkAveFlasher's picture

demand = supply = production = jobs = paycheck = ...

1)  = mortgage payments = rent to banks

2)  = college loan payments = pay-to-play degree kickback indulgences for big education

3)  = tax revenue = fees for living on American soil

4) = food

5) = entertainment = credit card debt = fee to banks.

6) = clothing

If you collect a paycheck and pay a mortgage or college loan or tax, you are a money laundering conduit. 

 

Wed, 10/03/2012 - 12:44 | 2852176 edifice
edifice's picture

The poor fucker is a slave to a worthless asset.

As your friend has discovered, personal residences are not assets, they are liabilities--even if you own them outright--due to taxes, maintenance, and utilities. The same can be said about personal autos.

Wed, 10/03/2012 - 13:06 | 2852251 Inthemix96
Inthemix96's picture

ediface,

Sorry mate, I have not made myself clear.  My mate has discovered nothing.  Nothing at all.  He cannot see he is slave to a worthless asset.  Me and his friends have tried like sin to help him.  All he is bothered about is paying the bill.  We have told him to walk away.

He is not stupid, he is a good bloke, a good father, and a cracking friend.  He should never have been talked into something he knew nothing about.  Thank smooth mortgage cunts for his misfourtune.

Wed, 10/03/2012 - 13:35 | 2852371 Manipuflation
Manipuflation's picture

Decisions have consequences.  Who made the decision to sign the dotted line?  I am going to +1 you for being a good friend to your chum, but I want you to know that your last sentence is complete bullshit.

"Thank smooth mortgage cunts for his misfourtune."

Wed, 10/03/2012 - 14:24 | 2852600 Inthemix96
Inthemix96's picture

Manipuflation.  Fair play.

Seriously though, he had no idea what he was signing.  He only wanted to get on the ladder before he was left behind (thanks to government bollocks).

And yes, smooth fuckers put the noose round his naive neck, while putting the silly cunt into debt servitude.

Not everyone is as clever as some mate

Wed, 10/03/2012 - 13:58 | 2852483 Count de Money
Count de Money's picture

I empathize with you about your friend, but there's the old saying about a fool and his money. The point is he got involved with something he didn't understand. A recipe for regret in most cases. If he was truly duped, he could sue but, most likely, everything was right there in text he didn't bother to read.

Wed, 10/03/2012 - 13:11 | 2852275 ebworthen
ebworthen's picture

The real noose is probably his lady friend who will leave him if he don't "own his own house" and be a proper gentleman and all that.

Wed, 10/03/2012 - 13:16 | 2852296 Manipuflation
Manipuflation's picture

"Not have a noose around thier necks they can never be free from."

You do not own the property, it owns you no matter who you are.  When will people finally figure out that RE is a liabilty and not an asset?  Then there is the issue of property taxes.  Try not paying them and see what happens.  A pre-emptive "fuck off" to those who claim alloidal titles and the land patent bullshit.  Check your abstract and see if you can do it...99.9% of you can't because mineral rights have been reserved already a hundred or more years ago.  Then again, how many of you "homeowners" actually HAVE the abstract to your RE?  How many have actually read the abstract if they do have one?

Do I even need to bring up MERS?  Where's your note?  Will you ever get one? No.

I agree that ownership of land can be a positive thing but not with property taxes.  I do not want or require any govt services regarding the property.  I'll do it myself.  Thank you very much. 

Wed, 10/03/2012 - 12:21 | 2852106 ZeroPoint
ZeroPoint's picture

And of course none of the fireplaces burn wood which will be completely necessary in a SHTF scenario.

Wed, 10/03/2012 - 12:21 | 2852110 Broomer
Broomer's picture

Is it me or does this marvelous real estate look astoundingly unimpressive?

For this price it at least should be gold plated.

Wed, 10/03/2012 - 12:22 | 2852111 Racer
Racer's picture

Is that white marble as a kitchen worktop??????????????

What? How useless if it is!

Wed, 10/03/2012 - 12:40 | 2852125 Monedas
Monedas's picture

How about a 2100 sq ft  second story, somewhat crumbly, Baja beach chalet over a 1000 sq ft garage/workshop on a one hectare lot for $300/mo .... water and trash pick-up included .... plus romantic privileges with the owner's 43 yr old niece ?    This is why you love Monedas .... don't encourage him !

Wed, 10/03/2012 - 12:29 | 2852133 NEOSERF
NEOSERF's picture

Curt Schilling is unloading his $8M+ Medfield home that Drew Bledsoe put $12 million into for $3.4M...sign of the times when you become cash flow negative...

Wed, 10/03/2012 - 12:30 | 2852137 ebworthen
ebworthen's picture

Tears, I cry tears for those poor sods; crocodile tears, but tears nonetheless.

Wed, 10/03/2012 - 12:39 | 2852156 steve from virginia
steve from virginia's picture

 

That looks like a place where old, rich people go to die.

Wed, 10/03/2012 - 12:46 | 2852184 Atlantis Consigliore
Atlantis Consigliore's picture

Giggling, Im renting my 5000 sq ft, estate wi pool, gated, in Costa Rica, $ 5000 a month, includes 2 servants, and landscaper. 

let my tax free munis pay all the load,

LOL,  Reeeel estate     LOL,  watching the 10 year supply of Condos in Miami and chicago.

1/2 off in Collyfornia, and Vegas...new yawk?  lol.  

Reeeeel estate.....

Wed, 10/03/2012 - 13:09 | 2852274 Skateboarder
Skateboarder's picture

-1 for not exercising self-reliance and having servants.

Wed, 10/03/2012 - 12:48 | 2852194 DavosSherman
DavosSherman's picture

Staff Room 1, Staff Room 2: Explains why rich kids are so fucked up---look who raises them.

Wed, 10/03/2012 - 13:12 | 2852282 williambanzai7
williambanzai7's picture

Yes, POTUS, it's good to be a Squid.

Wed, 10/03/2012 - 13:52 | 2852452 ziggy59
ziggy59's picture

What? no movie theater? The one Marks bought came with a theater...

Oh well..theres always NFLX

Wed, 10/03/2012 - 13:57 | 2852481 surfsup
surfsup's picture

Very well done article T.

 

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Wed, 10/03/2012 - 15:17 | 2852826 TahoeBilly2012
TahoeBilly2012's picture

The $55Mil Oakland A's should smash the "bailout Yankee's" in the ALCS here soon. Gawd New York makes me sick. Only time I was ever there was on my many flights to Europe. Why would anyone stop on the East Coast, what the hell for?

Wed, 10/03/2012 - 17:32 | 2853511 GMadScientist
GMadScientist's picture

Target practice?

Wed, 10/03/2012 - 15:51 | 2852959 Cast Iron Skillet
Cast Iron Skillet's picture

Disappointing. Where's the SM dungeon? the coke pantry?

Wed, 10/03/2012 - 17:21 | 2853440 Heyoka Bianco
Heyoka Bianco's picture

My two evergreen philosophical fragments: Golf is not a sport, it's a pastime, and fuck New york too.

Wed, 10/03/2012 - 17:29 | 2853490 GMadScientist
GMadScientist's picture

There's probably two kilos of coke if you add up every apartment!

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