Seven on Bringatrailer. The most I’ve seen to date.
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NSX Auction Season?
- Thread starter RyanRA
- Start date
Guess: monthly house payments are driving sales of discretionary goods. A monthly payment at 2% is a lot different than 6%.
Normally there are 0-3 Ferrari new listings in my part of the world. This week: 13!
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Personal analysis:
Lots of vacation and luxury homes are also for sale. I saw a few homes on the ocean side of PCH/Malibu Rd for sale...and such sales tend to happen rarely and usually within private channels. Larry and Dave used to buy them all up too.
Nobody is giving discounts yet and everybody wants premium money for their items.
Personally, I am suspending purchases and waiting for a system shock so I can buy [toys and property] at a discount. I figure it will take a couple of years for the stress to become widespread and will require some black swan event to kick it off. Lenders don't lend in such times, so cash is required.
Once richer people have to start selling one thing to pay for another: it starts a chain reaction and it becomes a frenzy. I'm not much fun at parties, but having money when others need it is how I have gotten ahead in life.
The real question: what is the ratio of ARM compared to Fixed Rate loans? If everybody is sitting on Fixed Rate, I can see long term doldums...where nobody buys or sells anything.
bottom line:
"Buy on fear, sell on greed."--Buffett
"Prediction is hard, especially if it is about the future"--Bohr
Normally there are 0-3 Ferrari new listings in my part of the world. This week: 13!
**
Personal analysis:
Lots of vacation and luxury homes are also for sale. I saw a few homes on the ocean side of PCH/Malibu Rd for sale...and such sales tend to happen rarely and usually within private channels. Larry and Dave used to buy them all up too.
Nobody is giving discounts yet and everybody wants premium money for their items.
Personally, I am suspending purchases and waiting for a system shock so I can buy [toys and property] at a discount. I figure it will take a couple of years for the stress to become widespread and will require some black swan event to kick it off. Lenders don't lend in such times, so cash is required.
Once richer people have to start selling one thing to pay for another: it starts a chain reaction and it becomes a frenzy. I'm not much fun at parties, but having money when others need it is how I have gotten ahead in life.
The real question: what is the ratio of ARM compared to Fixed Rate loans? If everybody is sitting on Fixed Rate, I can see long term doldums...where nobody buys or sells anything.
bottom line:
"Buy on fear, sell on greed."--Buffett
"Prediction is hard, especially if it is about the future"--Bohr
When I drive by the mall or shopping districts or restaurants, the parking lots are packed full. "The news" wants folks to think the sky is falling, but I see no signs of that.
I think nice cars and vacation homes are being listed for sale because their values are at all-time highs, not because folks have to sell them. The stock market is near the all-time high also.
I think nice cars and vacation homes are being listed for sale because their values are at all-time highs, not because folks have to sell them. The stock market is near the all-time high also.
Transunion had a recent report that indicated during the hiatus on student loans, a significant portion of those owing money on said loans, took out more credit in various other forms such as credit card debt.
I do wonder if we are in a rhyme with the "Roaring 20's" after WWI. Today's folks got cabin fever over COVID so they are spending and living life while they can...
And 2% for a decade is one heck of a sugar rush too.
I spend a bit of time in the LA Metro, absolute crap for a house is going for $1M. It's one thing [currently] to spend $2K a month on a loan payment and completely different for $6k.
People aren't rational beings with their personal economies (because in the long term, we are all dead), so it is impossible to predict much in the short term. I do find that people tend not to sell things they want to use or keep.
From experience there is no "soft landing" and the world changes on a dime, but to keep dancing while the music plays.
Remind me in 5-10 years.
And 2% for a decade is one heck of a sugar rush too.
I spend a bit of time in the LA Metro, absolute crap for a house is going for $1M. It's one thing [currently] to spend $2K a month on a loan payment and completely different for $6k.
People aren't rational beings with their personal economies (because in the long term, we are all dead), so it is impossible to predict much in the short term. I do find that people tend not to sell things they want to use or keep.
From experience there is no "soft landing" and the world changes on a dime, but to keep dancing while the music plays.
Remind me in 5-10 years.
We are somewhere….
Rent in San Diego is insane, so it saving money to afford a down payment.
The balance is out of whack, but I’m not sure if the economy is going to hell, or is just correcting post Great Recession / Covid?
Rent in San Diego is insane, so it saving money to afford a down payment.
The balance is out of whack, but I’m not sure if the economy is going to hell, or is just correcting post Great Recession / Covid?
Pretty sure LA Metro and San Diego are not representative of the typical community lol...
Wrong time to be selling mine I guess...
This is true. But the region does count for more than 5% of the US population.
Cali is a social experiment that leverages it's weather and peoples desire to live in said climate with high taxes and lots of "high" local county supervisors/politicians..
Tell us how you really feel, Doc!Cali is a social experiment that leverages it's weather and peoples desire to live in said climate with high taxes and lots of "high" local county supervisors/politicians..
You are not wrong, though.
I think it's probably a combination of many of the factors listed above.
- Cars at an all time high price. Fear of missing out on the peak.
- Fear of 'something' around the corner be it a housing crash, or loan payments kicking in for a lot of people.
- Housing costs driving people to sell some of their toys to afford a better place.
My parents who have owned a villa in Florida for 30+ years are selling due to the current high price and fear of a hurricane hitting due to high water temps.
Here in WI were starting to see a slight drop in housing prices also which I think it a sign that the inflation bubble were in is starting to come down.
- Cars at an all time high price. Fear of missing out on the peak.
- Fear of 'something' around the corner be it a housing crash, or loan payments kicking in for a lot of people.
- Housing costs driving people to sell some of their toys to afford a better place.
My parents who have owned a villa in Florida for 30+ years are selling due to the current high price and fear of a hurricane hitting due to high water temps.
Here in WI were starting to see a slight drop in housing prices also which I think it a sign that the inflation bubble were in is starting to come down.
