Mr. Jones you've got to be kidding- - Reader comments at The New York Sun

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On Housing, ‘Worst Is Yet To Come'

Submitted by Cornelius, Mar 28, 2007 15:17

Mr. Jones- Your attempt to paint a rosy outlook on the housing market is kind of sad. I realize you are in the real estate market and may be suffering economically, but you should be honest. You can't make a silk purse out of a sow's ear. The real estate market on both coasts of this country are in serious trouble. Florida and California are in the most trouble. As a real estate lawyer for nearly 30 years here in Connecticut, I lived through the crash of the late 80's ---early 90's. I saw many properties lose over 50% of its value in some places. Buyers dried up and the real estate industry suffered massive unemployment. Many Realtors retired and many agencies closed or consolidated because the there were no buyers to sell to. It took five to six years for the market to come back once it bottomed out. Carpenters and Plumbers who had been making hundreds of dollars a day during the boom could suddenly be hired for the day at any local diner for a small fraction of their previous wages. They had big mortgages to pay too. We are now seeing a repeat of that scenario. This market is probably 18 months to 2 years from bottoming out.

I myself have profited handsomely from the recent un-up in prices. I purchased a condo in Palm Beach, Florida in 1999 and tripled my money when I sold it in December 2005. I saw the precipitous increase in prices there and recognized that it was a repeat of the dot.com frenzy. The speculators were driving up the prices. But it's like a game of musical chairs and the speculators and any other suckers who bought in recently will suffer serious losses. I expect the prices for condos in the Florida market to drop like rocks in the next two years because of over-supply and over-speculation.

So don't give me that bull---"the economy is great --interest rates are at historical lows----and there are a lot of motivated sellers out there--it's a great time to buy". That is Realtor clap-trap. Your market is collapsing and all you can do is deny it. It's time to fess up to the people. Just because you're a salesman doesn't mean you can't act ethically.

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Other reader comments on this article

Comment	By	Date
In all of the negative commentary I've read in response to my factual comments, I have heard nothing FACTUAL that... [MORE]	Kenneth J. Jones	Mar 29, 2007 08:36
Jones -- Your fondness for capital letters and smug indignation doesn't substitute for the FACT that you haven't answered any... [MORE]	BLANEY	Mar 29, 2007 18:41
"To the ignorant and depressed among us:" Kenneth Jones? Did you even bother to read the response to YOUR ignorance,... [MORE]	Roy A. Hughes, III	Mar 29, 2007 22:21
Mr. Jones- Your attempt to paint a rosy outlook on the housing market is kind of sad. I realize you...	Cornelius	Mar 28, 2007 15:17
It is now April 12, 2007. Ive been in phoenix for about 6 weeks looking for a home and am... [MORE]	bank of amigo	Apr 12, 2007 12:26
Dear Mr. Case: I don't doubt the experiences of you and your friend. However, isolated cases of personal experience, upleasant as... [MORE]	Kenneth J. Jones	Mar 28, 2007 07:00
There is one hint that prices will drop. No one can afford even a decent condo today. If you have... [MORE]	Blaney	Mar 28, 2007 18:14
I for one agree with what Mr. Case's article contained and let me tell you why... My wife and I bought... [MORE]	Roy A. Hughes, III	Mar 28, 2007 21:53
Mr. Krystofiak is apparently not a student of history. IN FACT, during the worst real estate markets since the great... [MORE]	Kenneth J. Jones	Mar 28, 2007 05:01
While I haven't read the NAR data to which Mr. Jones refers, I DID live through the late 80's and... [MORE]	Rick Case	Mar 28, 2007 06:31
I lived in Austin TX from 1983-95...The 1985-92 bust ranged from 25% to 50% decline depending on location and quality... [MORE]	Army No. Va.	Mar 28, 2007 21:13
Your story is right people making 40,000 a year can never repay a 500,000 fix @ 30 years let alone... [MORE]	notarealtor	Mar 27, 2007 20:38
We are just at the beginning of this Housing Crash. Just look at how ridiculous things got. Homes appreciatated from... [MORE]	Bruce Bartman	Mar 27, 2007 19:08
Many people believe that this will all blow over in a few months. Most don't understand the causes of the... [MORE]	Don	Mar 27, 2007 15:45
We won't have hit bottom until it becomes "common knowledge" that it never makes sense to buy when you can... [MORE]	Paul	Mar 27, 2007 12:50
I'm amazed by economists who can't clearly see that housing is going to be in trouble for the next few... [MORE]	Charlie	Mar 27, 2007 09:18
D: Most major economists like Paul Krugman of Princeton and Schiller of Yale have been saying there is and will be... [MORE]	bababoey	Mar 27, 2007 08:22
Dan Great article. We definately have not seen the worst of this real estate downturn. As a real estate broker and... [MORE]	Stan	Mar 27, 2007 01:01
I have been following the housing market for a bit more than 2 years now. I think Mr. Green Span... [MORE]	Vu Nguyen	Mar 27, 2007 19:45
In many parts of New York City values seem to be holding up. In Brooklyn we still have areas moving... [MORE]	Marc	Mar 27, 2007 20:44
Lenders have provided programs to qualify most any buyer today. Loan officers are not properly trained to sell sophisticated mortgage products.... [MORE]	Jim	Mar 28, 2007 10:29

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