April 8, 2009

John Hancock Tower loses half its value in two years. And the Great American Firesale continues.





Pssst... anyone want to buy the Sears Tower? How about the Empire State? Or how about a 2-bedroom condo in Phoenix?

Anyone?

Anyone?

22 comments:

Happy snapper said...

Free toaster?

I'm in..

Anonymous said...

You should worry so much!


Someone from China or Dubai or Saudi Arabia will snap it up at a bargain, like they are doing right now with all kinds of real estate and corporate entities.

And don't worry about them risking a loss on it either--after a while it will get expensive again, and then they'll sell it back to one of us!

Ross said...

I would love to purchase a 2 bedroom condo in Downtown Scottsdale, Tempe or Phoenix. It would have to have wood floors or travertine and definitely granite counters. I need to be walking distance from "night life," restaurants and shopping. My opening bid is $20,000. Any sellers?

Anonymous said...

keith, last night I talked to a friend who is usually good with money, but he has started looking at house and property in northern Virginia. He said that several of the houses that he has tried to pick up have been bought by someone else for more money. I believe these are foreclosures. I told him I thought it was too early to buy and he really thinks the bottom had come to that area. Anyone in the Woodbridge area that can set me straight.

Mammoth said...

Yes indeed, Anon 5;17 PM. Sell it to foreigners!

Just like we sold out our Manufacturing.

Just like we sold out out children's, and our grandchildren's future with our immense national debt.

Oops-gotta go. The latest issue of people magazine just arrived...

-Mammoth

k.w. - Southern Ca. said...

We have entered the greatest of all depressions.

This "fire-sale" has just begun.

k.w. - Southern Ca. said...

You'll get your wish, and many others, which is how it should be.

We're going back to pre-70's housing prices ... since there are fewer and fewer well-paying jobs with decent benefits, it's only natural that prices will sink this low, and perhaps lower.

I never looked at my home as an investment, but rather a place to live ... it's just a commodity.
That was the problem, people thought they could turn a house (or home) into a lottery ticket ... that scheme has fallen through the cracks.


I would love to purchase a 2 bedroom condo in Downtown Scottsdale, Tempe or Phoenix. It would have to have wood floors or travertine and definitely granite counters. I need to be walking distance from "night life," restaurants and shopping. My opening bid is $20,000. Any sellers?

Anonymous said...

Let it go, sheeple, here's one of the talking heads you follow daily and believe in:

Ali Velshi is a Kenyan-born Canadian American television journalist of Indian descent best known for his work on CNN. He is CNN's Chief Business Correspondent, and co-host of CNN's weekly business show, Your Money, which airs Saturdays at 1pm ET and Sundays at 3pm ET.

Born Ali Velshi (his parents chose not to give him a middle name) in Kenya and raised in Toronto, Ontario, Canada, he is the son of Murad Velshi. He is a Muslim.

Velshi earned a degree in RELIGIOUS STUDIES from Queen's University in Kingston, Ontario in 1994.


en.wikipedia.org/wiki/Ali_Velshi

Why is this guy talking about economics and finance on TV, faking he's some type of expert in the subject? He has no degree in finance, business, or economics, he never ran a business in his life, all he does is read talking points given to him by the New World Order freaks (Fed, BO office, Rahm E., Bernanke, etc). And still retards follow this guy everyday.

Oh and never mind CNN put Beetlejuice (Roland Martin) anchoring "No Bias. No Bull." while annoying-voice Campbell Brown is on maternity leave. No Bias??? This guy was BO's troll on those pathetic CNN panels during elections, usually hosted by the other BO troll A. Cooper. Who's going to believe this discredited network? Only morons.

That CNN looks like a ghetto in Newark.

The only thing worth watching there is Lou Dobbs; the rest stinks.

Mad As H*** said...

The tattered little hand-written sign at the corner reads:

"Buy our house and get a free boat or camper".

Sad

Americano said...

Unless we grow up and become energy independant we're f@cked.

Anonymous said...

does the chemtrail come with it

Anonymous said...

Burn baby, burn.

I'll take a 2 bedroom condo in Phoenix for $1,000 please.

Anonymous said...

The last thing Treasury wants to do is set off a *pAnIc*!

TWO WHOLE YEARS of this bullshit, and the only thing that occurs to the criminals is to KEEP LYING.

Because there's something in it FOR THEM, at the expense of us all.

"...Someone from China or Dubai or Saudi Arabia will snap it up at a bargain..."

Even better: "...Velshi earned a degree in RELIGIOUS STUDIES..."

What better Bullshit Artiste could you possible have than a person steeped in Faith(rather than analysis?)

Anonymous said...

Nope dont want it--too expensive to heat and cool, and no one would rent a space in it.

Anonymous said...

man i hope a meteor strikes soon....or that supervolcano underneath yellowstone comes to life...

Anonymous said...

At 5:17 I meant to say "You SHOULDN'T worry so much." Perhaps the error was obvious to everyone...

I agree Mammoth, we divested all of our manufacturing, except ONE sector: GM, Ford, Chrysler.

And guess what, THAT LAST STEP goes away THIS YEAR!

Then what will we do when China finishes building it's nuclear navy and goes to war with us for oil in the Middle East and/or Africa?

But, don't worry, it's all okay--the pundits say DEBT IS WEALTH! They also say a SERVICE economy is less vulnerable to economic downturns and less vulnerable to high commodity costs. LOLOL!!!

Anonymous said...

"SERVICE economy"

I guess the question here is... service who?

Really, it's the corp to corp services which makes the money, in a post-industrial society. The washing of each others' undergarments is of diminishing turns, a.k.a non-tradeable goods & services. That's where our society is headed.

hp fan said...

The Subprime wave is largely behind us and foreclosure inventory is declining sharply.

Countrywide Foreclosures

However, the Option adjustable rate and Alt-A Liar Loans are just now ramping up along with Prime due to job losses.

Mortgage Resets

Housing will look like it's flattening out near term but has another massive leg down to come.
Most of the foreclosures being "snapped up" at reduced prices are being bought by LLC companies. When the second wave down is obvious, those knife catchers will go belly up.

Anonymous said...

You must have missed it. Early in March the Sears Tower was sold to a London based insurance company called Willis Holdings. Sometime this summer it will officially be renamed the Willis Tower.

http://www.chicagotribune.com/business/chi-biz-sears-tower-name-change-willis-march12,0,7014962.story

vanilla ice said...

"My opening bid is $20,000. Any sellers?"

I'll start off at $20,000 as well. Too low? Ok, $15,000.

Anonymous said...

CNN's Roland Martin was a delegate for BHO.

CNN's Donna Brazille was a SUPER delagate for BHO.

No Bias No Bull eh?

reverse said...

Anon 5:45

PW County in Northern VA was one of the main stories on local news radio today. They are still the foreclosure pit of the area but think inventory should be soaked up sooner than later.
http://wtop.com/?sid=1645034&nid=25

Woodbridge aint pretty, but we'll see.