yitbos
“The Japanese tried this trick, too. How’d they do?”
They bot at the (then) top, buying trophy properties out of hubris. The Chinese (in this case) would clearly be buying at semi-distressed prices, perhaps not the bottom. I’m not telling you that any Chinese buyer is going to walk in and snag a deal. I know of plenty of Chinese who bought small apartment buildings out of a belief that “it’s a way to build LT wealth” who will NEVER achive pos cashflow on them
You wrote it before I could. Nice one. BMTA
Try Pebble Beach fiasco!
The chinese are welcome to buy all of Baltimore, nobody else will, with a few areas excepted, already overpriced.
The rest is garbaggio, townhouse for 7K earlier this decade, overpriced. Take your pick of the boarded up ones, they aren’t worth the cost to rehab them.
I refuse to go into the city, did that five years ago and didn’t think I’d ever get out. Traffic lights were screwed up on a Sat morning. Had to be on purpose nobody is that stupid.
Wish I could return the yitbos, my frat was Gamma Chi at Drexel. We always won awards from national, but last year our young alumni control board pulled the plug on the house, barred all the brothers, and will re-open the house around 2010 or 11, after all the “brothers” graduate or drop out.
We got the letter from an older ex-ACB member, one closer to my age, aka old, but the reason the plug was pulled wasn’t mentioned, I haven’t inquired why. I suspect activities that may have put the entire house in jeopardy, like underage girls, drinking or drug dealing. We had to throw one brother out for drug dealing back in the ‘60s at the start of the drug problems.
Don’t know how they’ll keep the house in shape until a new brotherhood can be initiated. I’m 90 miles away and haven’t been asked for help so I don’t know.
You beat me to it! (I was going to say the same thing.)
The Japanese bought high, because their real estate was even higher. Then, their real estates/economic bubble collapsed, and they had to sell fast to raise cash. This looks like bottom-fishing to me.
Been to Hawaii lately???