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Clothing and the rich - Page 10

post #136 of 157
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We bought a 3 bedroom, 1,800+ square foot house for just under $200k.
where I live, unfourtunatly, that is about what my living room would cost. I really want to move someplace with cheaper real estate.
post #137 of 157
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Rider, are you liquidating your Santoni's? They all seem to be on sale
sshhhhhhhhh Actually, I don't know what to do with Santoni. The mocassins have always been good for me, but with the dollar problems, I looked around last season and had 3 lines of mocs at $400, basically. Seemed too much. So I put the Santoni on sale and have sold most of the inventory - but many have said they still want me to carry them - so I don't know. The mocassins are very nice, if you like soft shoes, with the belting leather bottom. The other shoes they do are also very nice - just too expensive, IMO. The Goodyear shoes are $585 and up; the Bologna constructed $495+ and pretty generic, to me. I'll stay hitched to Martegani...
post #138 of 157
Just wanted to note that we're far afield, in typical Style Forum fashion, from the original topic... And Ron, any Santonis in 10.5/11?
post #139 of 157
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(Bradford @ Feb. 08 2005,07:40) We bought a 3 bedroom, 1,800+ square foot house for just under $200k.
where I live, unfourtunatly, that is about what my living room would cost. I really want to move someplace with cheaper real estate.
Move to Indianapolis, globetrotter. For $200K you can damn near get a mansion. And then we can be neighbors.
post #140 of 157
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I read an article with john travolta serval years ago that made an impression on me. he said that he was a millionaire who lived like a bilionaire - not by wasting money but by making due on cheaper things, say, the less flashy luxury stuff.
john travolta makes due with cheaper things? have you seen him on mtv cribs? he shows his extensive luxury car collection and his multi-million dollar G4 private jet that has more amenities in it than your home. i really doubt his eating peanut butter and jelly sandwiches to save up for the vehicles.
post #141 of 157
Ouch, $125k for a 900 sq/ft 2 bdrm condo? I just paid $415k for one here in the Newport Beach area, and am going to flip it for a nice profit fairly soon... my buddy paid $285k for a 1100 sq/ft 2/3 condo in Irvine and flipped it for more than $485k in 18 months. Not quite SF or NYC prices, but still damn expensive for suburbia.
post #142 of 157
Most VC's along with IBanks on Wall Street, in Charlotte, and SF love the idea that they hold the cards in the deal game. But unfortunately, in today's market, its simply not the case. You could be Joe's Clown shop and get a deal done today, heck you could be 8x levered and get BBB pricing if you wanted. The I-bankers (myself included), VC's, et al are the whores at the moment, stubbling over each other as we chase deals that don't make sense. The Private Equity guys I deal with on a daily basis complain all the time about the lack of traction they have at the moment, the clients are pushing the envelope these days. Its 1998-1999 all over again. Most VC's and Ibanks won't fuss because they sell off most of there exposure early and feast on the fees, but lots of investors and mutual funds will get hit hard. I'm hopeful this won't happen but lets just say that I'm looking a lot harder at real estate investments than I ever thought I would.
post #143 of 157
Thread Starter 
Dz, If you're really interested in real estate and don't think we're in a housing bubble, I found a condomenium in Newport Beach about a month ago that you could scoop up for a really good deal. Its about 2 or 3 bedrooms, and has ocean view. The owners are trying to sell it themselves, and have done a really poor job. They haven't painted the walls, replaced the carpets, or even put out colored brochures. When I saw it, they had already slashed the price two times and it was pretty obvious they were desperate to sell. I think they already bought something else. You could probably still knock off at least another 20-30 at least.
post #144 of 157
Hmm, interesting, newport though? unless it's very inland and bordering on costa mesa, i'd imagine it'd still be fairly pricey?
post #145 of 157
Thread Starter 
Yeah, even at 'bargain' price, it was still around 700 I think. If you were to sell a similar piece, it would definitely be more expensive. Because the owners were trying to sell it themselves, I don't think they were able to spread the word out very effectively. But, the location's great. Its on PCH, got an ocean view, and is probably less than half a mile from the water?
post #146 of 157
That doesn't sound too bad, however, I don't do many real estate purchases where rental payments from the property in question won't cover (or mostly cover) my payments, unlike many speculators in the Irvine area, which doesn't make much sense to me. You need to have a huge increase in the housing price to make money once you take closing costs, capital gains, and interest into account.
post #147 of 157
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(globetrotter @ Feb. 02 2005,19:45) I read an article with john travolta serval years ago that made an impression on me. he said that he was a millionaire who lived like a bilionaire - not by wasting money but by making due on cheaper things, say, the less flashy luxury stuff.
john travolta makes due with cheaper things?  have you seen him on mtv cribs?  he shows his extensive luxury car collection and his multi-million dollar G4 private jet that has more amenities in it than your home.  i really doubt his eating peanut butter and jelly sandwiches to save up for the vehicles.
actually, as strange as it may sound, yes. for instance, he said (in this article) that he bought used planes and cars, didn't have many cars, didn't waste money on ultra premium consumables - sounded reasonable. I am very far from his league, but I am also not going back to buying clothes at thrift shops. I think the idea of being able to live well without wasting money, however it is done, seems to be an ideal to aim for.
post #148 of 157
Thread Starter 
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 Last night, my girlfriend's father was saying (and he owns a realty business) that housing prices in urban markets have never receded in the last 40 years, regardless of what happened with the economy, wars, pestilence, disease, famine, what have you.  heh heh.  He was again trying to get us into real estate, saying urban properties especially are bullet-proof ways to grow capital, no matter what.  He made some valid points.
What??.. I just read this, and this doesn't pass the smell test. So, he's saying that even with white flight from the city, that housing prices didn't drop? Or, that the prices in NYC in the 70s didn't drop when the whole city verged on bankruptcy or that the prices in Detroit weren't affected by the trobules of the american autobile industry??
post #149 of 157
As recently as the early 90s, housing prices dropped in the Boston-New York corridor. And they didn't have to drop a lot to spread a lot of pain.
post #150 of 157
esquire - The point he was making with us was more along the lines that over a period of time, urban housing markets will always increase in value. My father picked up his condo in the Upper Westside sometime in the mid-to-late 70's, I believe. It probably would have been around 76-78 because I vaguely remember us first moving in there. Anyway, he bought at around $250k, I think. The value of the unit now is obviously quite higher than that, probably closer to $1m - $1.25m. He was friends with the developers involved in that project so he may have gotten a better deal than average, but still, the overall point remains valid that the value of the property has increased. As with any investment, it is impossible to make a sensible decision without very thorough research. Those who might have bought properties in the Detroit region during its decline would have done well to consider their investment beforehand, and probably would have been able to avoid losses. There are still many strong markets, obviously, it's just a matter of finding them.
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