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December 26, 2008
It Came from the Blogosphere...
Luxury Property Blog, Luxury Real Estate Market Prediction 2009
It is crystal ball time for the luxury real estate industry, and for once, the industry seems to be in agreement. A few optimistic Florida realtors aside, the consensus is there is only one way to go in 2009. More of the same and downward prices.
...The face of luxury real estate will change in New York, with developers already leaning toward rentals instead of sales. The developer of the Atlantic Yards project, Forest City Ratner, has stated it would shift focus away from expensive luxury condominiums in favor of rental apartments during the first phase of construction. Personally, I think this is wishful thinking, and I don’t see the project getting off the ground any time soon.
Stocks & Politics, FCY: Forest City Enterprises Senior Bond (FCY)/FCZ
The decision making process on whether to buy the senior note issued by Forest City Enterprises is producing a heated debate in my own head.
...Personally, a prolonged downturn in commercial real estate, coupled with liquidity issues for a heavily indebted company, can topple even the best managed company. This is a very close call for me. After having a debate with myself and calling a vote, which was 4 to 3 in favor of a nibble only at a price below the current bid, I placed a limit order for 50 shares a few minutes ago.
Will the order get executed? Read on...
Stocks & Politics, FCY: Odd lot limit order filled
I am about to leave HQ for the day, and just checked my order page. The 50 share buy of the Forest City senior bond was filled when the 9.95 bid was just hit. In an honest appraisal of my own decisions to buy FCY and FCZ, I would have to characterize those decisions, taken together, to constitute proof beyond a reasonable doubt of going off my rocker, hopefully temporarily, but I would hasten to add my exposure is insignificant for me in my defense.
Posted by eric at December 26, 2008 4:06 PM