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FacebookDC-area developer Jeff Neal gives the Huffington Post Investigative Fund a tour of empty commercial properties just blocks from the Capitol. Hundreds of small and medium-size banks are facing huge numbers of possible defaults by builders who erected thousands of office towers, condominiums and shopping centers with the easy credit available five years ago.
If you don’t have any money like me, if you don’t own any property like me, then you can’t wait till it all comes crashing down
EVEN PLAYING FIELD
@mcapps1
fuck off-move to Euroweenie land-your way of thinking is killing this country-believe me if you had the Benz instead of the ’92 Buick, you’d want those payments made
@GrandPatzer Yes, you got it, the only difference is the size of the loans involved, think of last years residential bubble pop x10 as a very conservative estimate.
Scary, and this commercial bubble will ripple around the world, when a large market like America is affected. As a tiny example of what it looks like, I was in Dubai when their commercial bubble went pop. Believe me, it isn’t pretty when it goes.
So there was a residential real estate bubble burst, and now there will be a commercial real estate burst coming right behind it?
kudos to Mr. Neal for accepting blame for the failure of his project…and for those of you that think he should have built “low income housing”, what in the hell have you done lately?
“unavoidable bloodbath” – that really drives home the extent of the crisis.
You took a gamble and you lost. Gambling isn’t investing. If you want to get down to the root, you created bad karma because you’re developing properties for your own selfish reasons. You spoke of replacing “crack houses”?, How about developing modern AFFORDABLE housing instead? Why can’t you be happy with compensation for your time in planning projects instead of trying to make a killing? Your way of thinking is KILLING US, but you’re not missing the payment on the Benz yet are you?
Wonderful piece. A very sober analysis by this developer in a market that was less risky than most.
In 2010 and 2011 1.6 trillion dollars of residential loans will adjust higher (Alt-A and Option-Adjustable-Rate loan programs). This will cause a softening of the market and the last 3 months of 2011 and the first 3 months of 2012 will be the softest time in Real Estate. Buy then.
Silly goose his ego was too high to see the danger coming from over lending in the oversized, overbuilt, super size ‘big mac’ society. Something had to give sooner or later. And he thinks he’ll still bring down his children and they’ll be walking down the street and say ‘I thought of that’. What a moron.
globalization who needs the American middleclass. Sure we built the country now were like the plus fifty executives dump us before retirement buy cheaper labor save a bundle. They seem to know or assume were spineless and take everything sitting down. Please don’t let them be right..
I was going to buy a house in early December but then i was advised not to because apparently we might take another dip in February.
But who knows.
WE NEED TO GET THE FUCKING GOVERNMENT OUT OF THE DAMN MARKET. THEY ARE DISTORTING THE PRICES.
over 10% vacancy doesn’t come overnight. Think about that.
Fascism is what’s being promoted by the powers-that-be as the cure-all for America’s ills.
@procommenter No “ISM” is likely to save us.
Fascism will save us, somehow.
Well, the Sherman Anti-Trust Act does. But it doesn’t help that no one on the left or right seems to care about the Anti-Trust Act anymore. It doesn’t help that special interest lobbies like the American Medical Association, and special groups, like the insurance co. has specifically been exempted from that act.
Enforcing it is pretty simple; it’s just that no one does.
No ‘help’ from the cunts in Washington,
by and large, there are laughing at what
is happening. Unfortunately these goats,
sheep, are actual people, people that
never learned to count past ‘2’.. 1, 2,
3 Third Party Candidate, this could have
been avoided decades ago.
So ‘goats’, ‘sheep’ what have you, because
the masses can’t count to ‘3’ [three], here
we are. Way to go ‘Amerika’, you wrote
the script to a tee.
Well said. A complete goat-fuck by design. Then when everyone is penniless, they’ll institute government everything to solve the problem. Problem=>Reaction=>Solution. Hear the sheeple bleat for help…. Heeeeeeelp meeeeeee!
Saw this coming a mile away.
On a side note, it didn’t help that these buildings displaced thousands of poor and low income people.
That’s right Ladies & Gentleman,
The ‘Real’ real estate crash is on the
way. This will dwarf the fraudulent
‘housing crash’ by many magnitudes.
And, of course, further compound the
depression of housing prices. In other
words, This is Just The Beginning.
There will be ‘No Recovery’! Let’s make
that very clear. The U.S. is being
de-industrialized by the globalist,
inbred scum. Everything is proceeding
as planned.
Bang up job guys!
These are the types of characters who have captured the
American government and gamed the US financial regulatory system for pure personal greed .
Mixman77 please this is not a republican thing or a democrat thing, this is a greedy, the only jobs left in america, are the building, and all the buildings are empty, because people are addicted to credit, look at the derivatives, how does it feel to be a red chinese democrat or red chinese republican? Shit we are being so dumbed down by chemtrails nobody has the energy to think let alone build..
I hate the developers, and eminent domain, and in california we got the builders line up to build green, and SB 375, on the horizon, california has never had a problem with natural development, but now we are overdeveloped and the SCAG and RHNA figures are still coming, fricking insane councils of governments under orders from the UN agenda 21 building clusterfucks