Ah, another day, another 30 points of persistent elevation on my systolic and diastolic readings. Thank you, stage 1 hypertension.
Waiting is bad enough even if you have the patience of a rock. But when you have your reputation and wealth sitting on a development that is partially tied to the ability of some jackoff whom you’ve never directly met, who has little discernible talent or skill, and whom you have no respect for, to recognize what you’ve noticed all along…
Well, then waiting becomes torture. Particularly when some of the people you disdain and are waiting on decide to show up and throw mud on your shoes.
It’s like watching a toddler trying to stuff a square block into a round hole with a diameter smaller than the square’s square. It’s sort of cute at first…the little tyke just keeps shoving and pushing, occasionally picking up the block to put it in their mouth and chew on it for a while.
But when the block is being held by some of these thirty year olds in publicly interacting firms trying to push the crap they are as news to the public, well… it’s not that endearing.
So I sit and I wait in the 9th floor, staring down on these reprobates, hoping beyond hope that they hurry up and find the God-damned-square-shaped-hole in the game so that they can stuff their silly block into it, show the world how smart they think they are, and create the price movement I need to unwind these fucking positions and carry on with my life.
On a positive note, it is looking increasingly like our beloved analysts-turned-2-year-olds have discovered renting, and are beginning to trumpet its powers. They are only going on 12 months behind the world here, when the space started to heat up, which is a cause for rejoice. That is almost timely, really, considering what we have to work with.
I have now noticed a steady stream of pro-renting news pieces making headlines. Perhaps, within 2012, the multifamily REITs will begin to really spread their wings.
If you enjoy the content at iBankCoin, please follow us on Twitter
My apologizes kind sir. I did not get around to your question
“I haven’t heard much about Canadian housing, except for when one or two of you comes over here to talk about it – how bad is it? Can you give some numbers to put things into perspective?
I’m just looking to satisfy my curiosity.”
Here’s the numbers currently in Vancouver.A 2 bed/ 2 bath apartment, near the skytrain(30 mins into downtown) costs about $600 thousand. The AVERAGE house in Vancouver currently costs about 1 million. Check out http://www.crackshackormansion.com/
That is a fun little game for you.
Apparently, everyone believes it’s those rich Chinese coming into Vancouver. I say that’s total bullshit. It’s 100% credit. You are able to buy a home for 5% down(first time home buyer)
The property market is completely in another dimension and dwarfs many recent property bubbles. Check out http://www.MLS.ca and look at the insane prices for yourself. Just about every house for sale is a pitch trying to tell you how good an investment it is.
Anyways, I can’t think straight I get so pissed off talking about it.
Mind you, I’m in Vancouver and apparently the property market isn’t quite as bad else where.
There is a housing bubble in Canada, benign compared to America’s but nevertheless still there. Just look at prices in BC (and their divergence from mean income in BC) or at the thousands of condos they have/are building in Toronto that they already cannot sell.
Housing has, historically, that is to say for 150 years increased at about the rate of mean income increase. Except for the last 10 or so years.
Just my 2 cents.
My thoughts exactly.
MCT, let’s go get a coney, very good for hypertension.
Cain- My girlfriend asked me to manage her retirement portfolio for her 403b and one interesting note I thought you would like is that one of the investable assets is a TIAA Real Estate Fund. The really notable part is that it bottomed over a year ago and has been trending upward. I can’t log into her account right now to find the AUM, but it was in the double digit billions. They are heavily invested in the DC area rental properties (one big Pennsylvania Avenue property I recall). I won’t break down my allocations but I temporarily placed a decent portion of assets for the time being within this fund that has returned 13-16% y/y (can’t exactly remember the return).
Just letting you know there are funds with serious money behind them placing assets in these funds and making them available to the masses.
Excellent, thanks for the update. I’ll have to look at that one.