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"Upon examination, notice how condo's (representing the building) lost 200% or more in value compared to houses (representing the building and attached real property) which in most cases lost MUCH LESS in value. Land will always be more valuable, although the condo may appear more liquid."
& never forget those wonderful FEES! You Know? CONDO's, not Condoms...sick
A roofer friend of mine received the ok to do a huge roof for a local business. I was going to be hired on to add to the manpower. Property owner needed a refi to get the new roof done and Bank of America told him they are forecasting a 25% reduction in commercial real estate prices here in Western WA over the next two years and that his numbers wouldn't work in that scenario. No refi, no roof, no work.
I have been trying to run down a Kel Tech SUB2000 in 9mm that takes the Glock magazines, and I was out and about yesterday, so I swung by the local Cabellas. Now, understand, the one near me is one of the huge opulent ones, with two floors with the mountain with all the North American animal mounts, then they have an upstairs mezzanine with the Afican animal mounts. The fish tanks and waterfalls, etc. This place is humungous, and it is only a few years old. I go up the escalator to go to the gun area and when I got up to the top, I was stunned that the whole second floor was closed off with cloth screens. I went to a seam between two, and peeked behind.......Nothing, zip, nada. Everything was gone.
After I recovered from my heart attack, I went down and questioned the nearest employee. He stated that they were downsizing due to the economy, and the lack of sales. I confirmed this today, with a friend that works there part time in the gun room.
Dayum Dawg - that really sucks. AOW - out here in W WA as well - we are seeing so much empty commercial real estate it is nuts.
Big layoff wave coming at my workplace. I've been looking for work in my field recently - nothing available on the west coast.
Gas is going nuts - 3.10 regular and up from there.
About 6 months ago - most folks I interact with in business weren't feeling much of a slowdown in work - now everyone is talking about things slowing. Even our work cafeteria seems to have half the people it use to have - guess more are bagging their lunches.
Local coin shops don't have much of a selection - but I have seen more people in there getting quotes on old jewelery and stuff than I ever have.
Know a guy in default on their mortgage - 7 months in - still in default...
Local home Depot's parking lot is overflowing with day workers - even some white dudes out there now.
When I was passing through Northern Utah a few years ago on my way to an Idaho business trip, I visited a Cabellas just south of Salt Lake City that sounds REMARKABLY similar to what you are describing... is it the same one?Quote:
Originally Posted by Dawg
In my Micky Mouse one mule town places are closing down and prices are going up........all four loggers are closed down and we are no longer getting any tourists for the XXXXXXXXX that we have here.
More cars are for sell and more homes closing down........also more guns up for sell, that's how desperate people are getting, the last thing to go is their guns .......after the dog and the wife hahahahahahahha.
FedEx Express is projecting a shortage of lift May thru September. Almost all of our increased business is in International air freight. We have pulled all of our Airbus's, MD-10's, etc...out of the Mojave and sent them to Sasko in Singapore to have heavy checks done on them and get them back into service.
Even with these a/c back in the fleet they are counting on picking up more 777's post haste to help with the shortage(We've gotten 2 from Air France already). Reportedly Singapore Airlines has 35 777's that are now for sale. However, these are passenger and will have to be converted to freighters. Looking at a min of 1 year if they are purchased today to make it into the fleet. FedEx is looking to spend billions to upgrade our fleet.
B757's are going into Europe this summer to supplement that existing fleet. I'm gonna be spending all of June in Paris to get those guys ready for the fleet upgrades. Be my 5th time there so I'm not particularly thrilled about it.
Bottom line is our business is doing very well. The domestic side stayed positive after Chrismas, we never saw the big drop off we were expecting. Talk of hiring more a/c mechanics in the not too distant future, buying more a/c as fast as we can get our hands on them.
I know the economic news is bad all over but Fred Smith is a smart cookie so he seems to be doing a good job while the rest of the US remains in the doldrums. But he is tied at the hip with the Chinese so if/when their bubble bursts we are going to take a hit as well. But, I've gotten 2 pay raises in the last 4 months. (Which actually puts me a little above parity as I took a 5% pay cut last year.)
A local post office that has been open for 200 years is closing. It survived all these wars, the Great Depression but not 2010.
You decide what that means.
CJay8, my barometer is also Fedex. Fedex pickup guys are actually independent contractors in US, not employees, they are running routes as a business. My Fedex guy (25 y.o.) in the past 3 years has built himself a nice business with 4 or 5 employees driving trucks. He probably could retire by the time he's 30. So...my barometer is how much packaging they are doing in our area (which is an upper middle class residential area with business centers sprinkled all over). Fedex is doing very good, they had no shipping volume decreases, and some routes actually increased.
Another barometer. Mostly older and expensive homes in our area, very few new homes available (no free land). About 2.5-3 years ago a developer built a development....sorry for tautology...of stickhouse McMantions. They planned about 30 new homes. Started building maybe 15. Sold about 7-8, then halted. Then for about a year it had 0 activity on the lot, nada, nothing. Until this month. This month, 2 new homes are being built. same stuff, sticks, drywall inside, plastic wrap and shingles on the outside, two storied ceiling...I can see a heating bill being $1K month, easy. So there's still throwaway money out there.
Another local developer. Had 0 activity for about a year, they've been building townhomes. Actually, in great location IMHO, walking distance to shops and local train. Up until 1.5 years ago they've built maybe 50, or a 100. Then halted for close to a year, half the lot still undeveloped. This has changed in late February, early March, they are building like crazy again.
The other side - local commercial properties market is in shambles. I am looking for a unit.... everything is available. Office, street corners, facing the street where there was 0 availability for years - pick the one you like. Discounts or additional perks are thrown in all the time. If you want to buy commercial, now maybe the time.