Doesn’t Matter Who Wins the K Race; We’re All the Same

[Hank Chinaski]

Originally Posted by Tyrone Slothrop

No.

Whoa.... Ty's from the hood.

[Replaced_Texan]

I really, really love that Moscow Mitch is getting so under their skin.

[ThurgreedMarshall]

Originally Posted by Greedy,Greedy,Greedy

I don't know the stats, but this is a reality in a small slice of the market - luxury high rises in Boston, SF, and NY. We've had a bunch of referrals from firms we work with in China, Taiwan and Australia to help them buy some of these, and one of my partners has developed a little guide (in English and Chinese) on buying such properties. I had one I passed on to someone who does that stuff where someone was buying a $30 million apartment in NY. Who does that?

It's almost comical in Boston because until recently we really didn't do luxury highrises. People with money in Boston live in Brownstones or single family houses, not highrises. But lately a bunch have been going up, and they fill almost entirely with people not from here (including a lot of relocated NYers - thanks GE!).

We had to change our laws, I believe, because this has been such a problem here. There was a huge article in the Times a few years back about it. Russians, Chinese, and Brazilians have been using high-end real estate in Manhattan to stash/hide their money. They used corporate entities to hide ownership, so I think the laws have changed to improve transparency.

Units in these ridiculous high-end buildings get sold and I constantly hear stories about how no one even lives in them. And the price inflation fucks with the real estate market here for sure.

TM

[Greedy,Greedy,Greedy]

Originally Posted by Replaced_Texan

I really, really love that Moscow Mitch is getting so under their skin.

Me too. I'm doing a daily tweet of today would be a good day for Moscow Mitch to bring a voting security bill to the floor.

I had given up on shame being any kind of a tool for getting the tools to act decently, but maybe they still have, lurking under the racism, sexism, and general nastiness, a bit of shame somewhere.

[Greedy,Greedy,Greedy]

Originally Posted by Tyrone Slothrop

You talk about the problems with "cities" when you mean post-industrial mid-Atlantic cities. San Jose really is a city. It's not perfect, but it's problems are different than Philadelphia's problems. If you want to have a conversation about the problems in Philadelphia (or Baltimore, or Detroit), fine -- just don't think you're talking about "cities" generally.

This isn't just an East Coast/West Coast city divide. Most cities have some uniqueness to their problems (and advantages).

[Greedy,Greedy,Greedy]

Originally Posted by Hank Chinaski

Whoa.... Ty's from the hood.

How do you know he's not a hick like me?

[Hank Chinaski]

Originally Posted by ThurgreedMarshall

Units in these ridiculous high-end buildings get sold and I constantly hear stories about how no one even lives in them. And the price inflation fucks with the real estate market here for sure.

TM

So those are a vacation place for the time someone might be in the States? Looking at the ads in the NYT each week for the new mega tower with 1 bedrooms starting at $4 million Always wonder who could be buying them-

[Hank Chinaski]

Anyone watching "Years and Years?" I really liked it.....




Spoiler




Until the end- maybe the most disappointing end ever....

[Greedy,Greedy,Greedy]

Originally Posted by Hank Chinaski

So those are a vacation place for the time someone might be in the States? Looking at the ads in the NYT each week for the new mega tower with 1 bedrooms starting at $4 million Always wonder who could be buying them-

A lot of times not even a vacation spot, just left vacant and unfurnished as a dollar based investment.

In Boston they often get purchased when someone comes to school here. I've seen families buy a whole building, not just a single condo. It's done because they want to get money out of China, and there are limited exceptions to exchange control restrictions on transfers abroad. Those exceptions got narrowed by China about a year ago, so the practice is changing.

[Replaced_Texan]

Originally Posted by Greedy,Greedy,Greedy

Me too. I'm doing a daily tweet of today would be a good day for Moscow Mitch to bring a voting security bill to the floor.

I had given up on shame being any kind of a tool for getting the tools to act decently, but maybe they still have, lurking under the racism, sexism, and general nastiness, a bit of shame somewhere.

I think that the key was always there because Trump loves to do this sort of shit all the time with the nickname that just needles the target. I hope something like DumbDumbDonnie takes hold at around this time next year.

[Tyrone Slothrop]

Originally Posted by Hank Chinaski

Whoa.... Ty's from the hood.

High school in the suburbs, so I can go both ways.

[ThurgreedMarshall]

Originally Posted by Hank Chinaski

So those are a vacation place for the time someone might be in the States? Looking at the ads in the NYT each week for the new mega tower with 1 bedrooms starting at $4 million Always wonder who could be buying them-

No. They are money shelters for the Russians and Chinese who aren't supposed to be taking their money out of the country, but who have managed to anyway.

TM

[Tyrone Slothrop]

Originally Posted by ThurgreedMarshall

We had to change our laws, I believe, because this has been such a problem here. There was a huge article in the Times a few years back about it. Russians, Chinese, and Brazilians have been using high-end real estate in Manhattan to stash/hide their money. They used corporate entities to hide ownership, so I think the laws have changed to improve transparency.

Units in these ridiculous high-end buildings get sold and I constantly hear stories about how no one even lives in them. And the price inflation fucks with the real estate market here for sure.

TM

If those people are buying apartments as investments, I don't understand why they don't rent them out.

[Hank Chinaski]

Originally Posted by Tyrone Slothrop

If those people are buying apartments as investments, I don't understand why they don't rent them out.

Cuz the amount of money you could get isn't worth the headache? Especially given the investment.

[Hank Chinaski]

Originally Posted by Hank Chinaski

Cuz the amount of money you could get isn't worth the headache? Especially given the investment.

https://www.youtube.com/watch?v=fTyZY9II7hw


and wait for the last line, as it applies to all things, including the buying apartments issue.