Not Real Estate Related - A Debacle in the Making
If you have any interest in financial markets in general, then take a look at at what has been happening to a broker/dealer called Refco over the past few days. The company is a major player in the commodities market and the actions of its CEO have started to come to light this week. Needless to say, Refco looks like a train wreck in slow motion.
Partial Story
Partial Story
posted by Little_Silvered at 8:57 PM
6 Comments:
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Refco a perfect example of corruption and shenanigans.
Real estate industry will be exposed for their shenanigans and shady activity as the bubble pops.
Slow motion? Refco looks to be collapsing at near record speeds..
http://finance.yahoo.com/q/bc?s=RFX&t=3m&l=on&z=m&q=l&c=
grim
http://nnjbubble.blogspot.com
when will it end? not that all companies are corrupt. but it just seems to be getting out of hand lately. no one thinks of the long term anymore, it's just all about getting rich now and then getting out. we'll see this with all of the real estate developers. just look at long branch. with the bubble popping, no one planned long term for that town, it will be interesting to see what happens there and in other shore towns.
No link is available for this from newsletter writer Richard Russell. "Maybe the biggest business in Las Vegas is selling condos in projected or newly constructed high-rise buildings. I'll let you in on a secret, I'm not a big fan of condos."
"In fact, here are my thoughts and predictions regarding the whole national condo scene. When you buy a condo what are you buying? Well, instead of renting an apartment, you now own an apartment, and you pay the financing charge to the bank or mortgage company, and you pay the upkeep to the real estate company. And above all, you hope the price of your condo goes up."
"Here's my prediction. Within five years or less the condo situation will collapse, condo-owners will see the value of their condos heading towards zero, and they will be able to rent a similar condo for far less than the cost of carrying the condo that they 'own.'"
"As condo prices collapse, 'condos for rent' will cover the landscape. Tens of thousands of condos will be offered 'if you will just take over the mortgage payments and upkeep charges.' In other words, condos will change hands for zip, nothing. if the new owner will simply take over the cost of carrying the damn condo."
"In all, the whole condo rage will be seen as a period of madness. People who paid today's high prices for condos will wonder how the devil they can get out of their ill-considered commitments. My definition of a condo; 'A chunk of debt surrounded by an expensive apartment that could be rented for a lot less.'"
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