Where’s the money coming from?

From the WSJ:

Manhattan Apartment Prices Up, Headed Higher

There is little relief in sight for Manhattan apartment hunters, brokers and analysts said, as low inventory and high demand have driven up prices to near or above record levels.

Prices in the first quarter rose across many market categories, with especially strong price growth in sales of new condominiums. The median price for a new condo rose to $1.73 million, up 30.6% from the first quarter of 2013, according to a market report by Douglas Elliman.

Brokers said that during much of the housing recovery, buyers had been very cautious about prices, which typically moved up and down in a small range. But with inventory falling to record lows, prices have pushed higher in the last few quarters, and now have surged still higher.

The Douglas Elliman report found that the median price of a Manhattan co-operative apartment set a record at $760,000 in the latest quarter, as did the median condo price of $1.355 million. The average price per square foot of $1,363 also was a record. The prices exceeded peaks set in 2008, near the end of the last real-estate boom.

“People have to be prepared to bid more than they want, sometimes more than the asking price,” said Gregory J. Heym, the chief economist at Halstead and Brown Harris Stevens.

The median price of a Manhattan apartment was $972,428, up 18.5% over the same quarter in 2013, the Elliman report found. The average apartment price was $1.77 million, up 30.9%.

Jonathan Miller, an appraiser at Miller Samuel Inc. who prepared the Elliman report, noted that last year’s first quarter was weak because sellers rushed to close on transactions before the end of 2012 to obtain of favorable capital-gains rates. But since then, he said, sales had been usually strong, while the number of listings contracted. There is now a 4½-month supply of apartments on the market, at the current sales rate. “With no relief in sight, we saw a pop in prices,” he said.

Despite the rising prices, demand remained usually strong and broad, brokers said. Rather than driving buyers out of the market, the rise in prices, has convinced more people that it was a good time to buy, brokers said. “We are seeing the largest and most diverse group of buyers I have seen in my real-estate career,” said Pamela Liebman, president of Corcoran Group.

This entry was posted in Economics, Housing Recovery, NYC. Bookmark the permalink.

91 Responses to Where’s the money coming from?

  1. It’s all a sham and a rig-up, bound to end in tears.

  2. Street Justice says:

    It’s coming from rich hipsters with beard implants.

  3. funnelcloud says:

    The fix is in, Now market price will be driven buy the “haves” and if you want to buy you will pay the piper. The connected (investment buyers) have now hoarded all the good properties available on the monopoly board.

  4. Street Justice says:

    The INDYpundit @TheINDYpundit
    Follow Curious that the Leland Yee story appears nowhere on @CNN’s website. What say you, @CNNWriters ?

    CNN.com Writers @CNNWriters
    @TheINDYpundit It’s in line with us covering state senators & state secretary of state races just about never. You see another conspiracy?

    The INDYpundit @TheINDYpundit
    Not a conspiracy. Just a fascinating story. Undercover FBI, Gun-Running, Bribery, Corruption from pro-gun control legislator. @CNNWriters

  5. grim says:

    You want to find the unethical crook? Look for the guy grandstanding about ethics.

  6. JJ says:

    Well this is five consective quarters in a row the S&P is up. And since the market bottom in March 2009 this is five consective years the S&P market is up.

    Right off the bat folks save in mutual funds, 401Ks, get stock grants etc. Right there that is a lot of pent up cash. Add in lower rates and it makes it easier to buy and sell.

    Plus the Gen Xers who made mistake of trading up or talking HELOCs or leveraging in the 2003 to 2008 time period are finally being washed out to sea. Either through short sales, BKs, death, divorce or HAMP or HARP or simply cutting their losses refinancing and coming to table with 100K to make it happen.

    Old timers like me trapped in starter homes during downturn as too cheap to trade up are finally moving and finally and most importantly the huge under 34 market. These folks were too young to buy in bubble and when stock market started to collaspe had peanuts in the market.

    Two of my staff both around 30 and single bought places this year. Think about it. They graduated college in around 2003/2004. Totally missed 2000/2002 stock market collaspe and joined workforce as economy was recovering. Come 2008 crash they did not own real estate and both had peanuts in stock market or stock grants. They were only like four years out of school. Then from 2008-2014 they were buying stock in 401k and getting stock grants that all went straight up every year. Granted not big stock grants or big 401K contributions but when the wind is at your back it just makes it easy. That is two large sets of folks buying.

    My condo development we have five deadbeats who stopped paying maint two to three years ago and story is same old story, bought at or near peak, then took helocs or second properties alost nothing down. Well the condo finally got around to doing liens on all five properties, towing their cars and three units got bank foreclosure notices in past six months.

    Who will buy. The under 35 crowd unhurt by RE collaspe or Stock Market collaspe will jump in and buy these places at 1/2 off at low mortgage rates. The lumps the condo took by writting off maint will be foregotten

    And bidding wars are a bit of a myth. Lets say I had a peak price 600K house when rates were 6% now on market for 450K when rates are 4.5% and the bidding ware gets it sold at 475K. Big deal. Still way off peak price, mortgage rate is less and incomes are higher than 8 years ago it is sustainable.

  7. yome says:

    If you believe Insider Trading is not illegal then HFT is not illegal either. Both are exactly the same. HFT gives the trader a millisecond to look what to sell and what to buy without needing to do a recearch as others do.

  8. grim says:

    Your comment reflects your ignorance.

    You can argue it unethical, but as a general practice not illegal, and very far from insider trading.

  9. yome says:

    My comment somehow is lost.
    Maybe this will not be moderated

    in·sid·er trad·ing
    noun
    1.
    the illegal practice of trading on the stock exchange to one’s own advantage through having access to confidential information.

  10. yome says:

    As a general practice “not illegal yet” but exactly same meaning as Insider Trading

  11. grim says:

    What information is confidential?

  12. grim says:

    You realize when you trade a stock, your order is visible to everyone on the exchange, right? Orders are not private, otherwise you’d never get an order executed.

  13. yome says:

    Each trade an individual makes with a brokerage is confidential.

  14. Fast Eddie says:

    Omg, who gives a flying f.uck if they’re making money. Geezus! Buy solid individual companies, diversify using core and explore, dollar cost average and forget the market swings.

  15. grim says:

    13 – who do you think think is on the other side of the TRADE – look up the definition of broker.

  16. Michael says:

    Exactly!! It’s not investing when you can’t lose. What they are doing has nothing to do with investing, and everything to do with coming up with a scheme to make lots of money off unsuspecting people. I just get irritated by people like this, they are nothing more than parasites feeding off the work of others. I know life goes on, but it just pisses me off. Why do I have to work and risk my money to make more money.

    “yome says:
    April 1, 2014 at 8:43 am
    If you believe Insider Trading is not illegal then HFT is not illegal either. Both are exactly the same. HFT gives the trader a millisecond to look what to sell and what to buy without needing to do a recearch as others do.”

  17. Cronut Nom Deplume says:

    Didn’t see this coming.

    Waaay back when, I extended an invitation to anon to debate and put out my email. Well, he emailed last night and we had a decent and civil exchange of emails. Turns out we have a lot more in common than we thought. He believes in gun ownership with a few measures to prevent misuse, far from the gun grabber I imagined. Also, he seems quite the capitalist, even taking Michael to task (sorry, Michael) for his hyperbole, and isn’t a raving redistributionist. In fact, we agree on a number of tax reform ideas.

    So it turns out you can reason with anon. Who knew?

  18. Michael says:

    6- I agree JJ…..that next storm of buyers is coming out in full force end of this decade/beginning of next decade. By 2024, we will be building our next real estate bubble based on this demographic cycle.

  19. Fast Eddie says:

    Michael,

    …they are nothing more than parasites feeding off the work of others.

    Dem0crats?

  20. Michael says:

    17- Nom, I am a capitalist. I just hate all the cheating and deceiving going on at the top. I have no trouble taking part in a system that rewards hard work and punishes laziness.

  21. Happy Renter says:

    [17] “Turns out we have a lot more in common than we thought.”

    One thing you don’t have in common is the way you post on this blog: you write coherent thoughts; all I ever see from “anon (the good one)” is twitter vomit from la la land. Prank email, maybe?

  22. Harold of the rocks says:

    [17] – Good one! Happy April Fools Day!

  23. Cronut Nom Deplume says:

    Boy, you guys are quick. So it turns out the only one I was able to punk was Michael?

  24. Michael says:

    24- lol….you got me

  25. Libturd in the City says:

    You didn’t get me. Almost…but then I realized there was no way this was possible and put two and two together. Happy April Fools Day everyone. And in the voice of Clot, Every day is April Fools Day!

  26. Michael says:

    Hey, since no one cares about someone skimming money because it’s such a little amount, therefore who cares anyway. Can each person in America just give me a dollar every year. It’s only a dollar and it’s only once a year. Shouldn’t harm you.

    Ahh, nothing like making over 300 million every year.

  27. Happy Renter says:

    [24] Got me, too — good one.

  28. Comrade Nom Deplume, Guardian of the Realm says:

    [26] stu,

    Almost eh? I tried to be subtle and make it plausible. So I will take that as a compliment.

  29. The Original NJ ExPat says:

    “For households headed by someone 40 years old or younger, wealth adjusted for inflation remains 30 percent below 2007 levels on average, according to research by economists at the Federal Reserve Bank of St. Louis. Net worth for older Americans has already recouped the losses.”

    http://www.bloomberg.com/news/2014-03-31/millenials-mired-in-worth-gap-as-elder-americans-recoup-wealth.html

  30. Bystander says:

    Thanks for great post..I am in my early 40s and this article is spot on. I talk to many people 35-40 who bought during bubble and they can’t believe the clear division of wealth and prosperity when comparing against 50-55 year olds. Most Xers that I know are absolutely struggling to pay for house and kids. Nothing id left at ME. Most require help from parents. Late boomers have teenagers who get everything under sun. My boss is 55 and tells me that I should just buy real estate. Gee, thanks Mr. “I sold my home for triple my 1992 price to some Xer” Equity and savings must be nice plus you can make same salary as me and live like a king. Companies are not paying more bc you are a swindlef er.

  31. Bystander says:

    Intended for #30, expat. I meant swindled Xer.

  32. JJ says:

    Wall Street climbs to record after manufacturing data
    REUTERS — 11:27 AM ET 04/01/14
    By Chuck Mikolajczak

    NEW YORK (Reuters) – U.S. stocks opened the second quarter on a higher note on Tuesday, with the S&P 500 hitting a record high, after data on manufacturing indicated economic growth was gaining traction after a harsh winter.

    this is where the money is coming from.

  33. ccb223 says:

    Interesting article on the Manhattan market.

    I bought a one bedroom in Hells Kitchen in 2007 (I know great timing – but actually NY city didn’t really drop much so could have been worst) and from then it’s probably up about 20%. Not much when you factor in transaction costs, inflation, etc. but not terrible.

    Meanwhile, my buddy bought a year later, literally 20 blocks straight down the west side in chelsea (also a one bedroom — paid about $130K more than what I paid for mine) and he is getting unsolicited letters from brokers saying they have buyers who are willing to pay him over a 50% premium from what he bought it for. And that’s on a more expensive apartment. He is sitting on a ton of equity appreciation.

    That’s what I get for being a 27 year old dope at the time who bought my apartment literally the first day I went out looking with a broker…oh to be young and stupid. Guess there are worse mistakes to make but certainly kicking myself a bit now…if only I would have bought in Chelsea.

  34. Anon E. Moose says:

    ONJExPat [30];

    Locusts, I tell you; the Locust Generation.

  35. Cronut Nom Deplume says:

    I recall an old Saturday night live skit where they had a panelist of investment experts after the crash of 1987. One of the panelists was named Futureman. he had an astonishing record of success in the market, and was asked how he did so well. His response:

    1.Read old newspapers.
    2. Go back in time.
    3. Buy low, sell high.

    I also remember that Sean Penn was the guest host and was one of the “panelists” in that skit. He was playing an absolutely hammered investor who lost everything. At the end of the skit he staggered out, then you heard a gunshot. When the other panelists ask what was that, Futureman answered “your colleague shot himself.”

    Would that we could be Futureman. And that Sean Penn would shoot himself in the head.

  36. Cronut Nom Deplume says:

    [30] expat,

    I was watching some news show late last night, and they were discussing all of the debt and other financial burdens that will land on the millennials. Basically, he predicted that the millennial’s would all “go Galt” and pay each other with bitcoin or some other new virtual currency, leaving the debt to crash. He further posited that the public pensioners were going to get chopped down. No more cops getting $120,000 in pension payments

    I further theorize that it could lead to a new wave of fiscal conservatism, as all of the millennials decide that that they are paying too much in taxes. That is, if they get the bill. There is the counter argument that they will simply go deeper into redistributionist policies toward the wealthy and toward business. But I don’t think there is enough money there to be had. So the locusts that are still drawing a breath and a pension from the government at that point are going to get hammered.

  37. yome says:

    Individual Trades still remains confidential.Just because you can see the trades that dont give you the permission to trade based on what you see. This is plain stealing. You execute my trade and go ahead of me and execute a trade based on what I am buying you get it at a lower price and I have to pay more because your trade increased the price.

    You of course is not personally you.

    grim says:
    April 1, 2014 at 9:41 am
    13 – who do you think think is on the other side of the TRADE – look up the definition of broker.

  38. Bystander says:

    ccb,

    My buddy bought studio on upper east back in 2007. It was high end condo coversation. He paid 500k with 5% down. He could not refi in 2009 and was paying 1000/mo. in matentance as well. Total nut was 4k monthly! He was hurting mightily until two months ago. Some Polish investor is knocking down walls and expanding to 1Bds for her European clientele. She paid more than 550k. He was ecstatic. That is where money is coming from…the fed currency manipulation

  39. ccb223 says:

    It seems to me like a lot of the real appreciation in Manhattan has been at the high end of the market. The luxury and/or 3 bedroom or more market has gone bananas. Studios and one bedrooms less so, depending on the area of course. But there is a huge jump in price per square feet once you get to the 3 bedroom plus apartments.

  40. The Original NJ ExPat says:

    [31] Bystander – I’m close to the age of your boss and I am in full view of the chasm (luckily for me, from the good side). A lot of it was right place/right time, as you observed. Also:

    1. Today’s 55 year old paid 1979-1983 prices for college instead of 1994 and higher prices like a 40 year old did. We mostly graduated debt-free. This is HUGE!!!
    2. Economy started booming in 1984 and there were jobs for all college grads, particularly engineers.
    3. Credit cards were issued to kids AFTER college, not before. Also HUGE.
    4. Graduating with no debt, and having a 6 fold increase in income after graduating (that’s another difference, we had no credit, no allowance from parents, so we worked and paid cash for everything during college and summers), we saved down payments rapidly and bought real estate. Almost every male college graduate I knew, married or not (I wasn’t) bought real estate by the time they were 26 or so. Condos were all the rage so you could buy by yourself a nice bachelor pad for 2.5 to 3 x income and you could save your 10 or 20% down payment in a very short time.

    These were all huge legs up to our lives, but I think the biggest thing was that we were motivated to earn and hustle because we graduated with a cash mentality, not a credit mentality. I think most of my friends, including myself, got ourselves into a $3,000-$5,000 credit hole pretty quickly and it was so painful and unfamiliar that we shoveled ourselves out almost as quickly. Not everyone got themselves out of debt fast, but a lot of us did and that was enough of a taste for some of us that we were mindful of it from then on.

    Thanks for great post..I am in my early 40s and this article is spot on. I talk to many people 35-40 who bought during bubble and they can’t believe the clear division of wealth and prosperity when comparing against 50-55 year olds. Most Xers that I know are absolutely struggling to pay for house and kids. Nothing id left at ME. Most require help from parents. Late boomers have teenagers who get everything under sun. My boss is 55 and tells me that I should just buy real estate. Gee, thanks Mr. “I sold my home for triple my 1992 price to some Xer” Equity and savings must be nice plus you can make same salary as me and live like a king. Companies are not paying more bc you are a swindlef er.

  41. Libturd in the City says:

    HFT is a lot like the tax shelters that the wealthiest can afford but the common man can not participate in. I agree HFT is unfair and I’m guessing it will eventually be made illegal through required holding periods greater than the speed of which you and I can trade at, but in the grand scheme of issues to focus on, I don’t think it hurts you and me much at all. I suppose the question one must ask is if you had the ‘means’ to turn a crapload of pennies into millions by taking advantage of a ‘flaw’ in the current electronically traded markets, would you? Say you wouldn’t and I’ll call BS on you.

    Trust me, you lose hundreds of thousands times more to our unaccountable government spending than to what a few saps with some dedicated fiber and supercomputers are stealing from you when you trade your fifty shares of TSLA. If it costs me fifty cents on the way in and out, so be it. It’s chump change compared to the 90% I would have made when Tesla goes from 200 to 20.

  42. The Original NJ ExPat says:

    [37] Nom – I agree. It’s all going to break down, and when it does, it’s going to break down big. I don’t know what will break first, currency, college, housing crash II,the sequel (sell? sell to whom?), but it’s going to by clotaclysmic.

  43. joyce says:

    Juice,
    Banks don’t loan out deposits.

    Juice Box says:
    April 1, 2014 at 7:07 am
    Re: 89 – as soon as you deposit it, the money is no longer yours. Read the fine print.

  44. The Original NJ ExPat says:

    be clotaclysmic. Does anyone have a claim to that word yet?

  45. yome says:

    No doubt in my mind HFT is here to stay. My question is how they used confidential information to their advantage. FBI opened an investigation. We will find out if there is a case. Most likely they will pay penalties and change the way they use information.

  46. Libturd in the City says:

    Expat…IMO, you are 100% correct in your analysis. People today don’t understand finance and the proper use of debt. I know in my position, I have been smart enough to invest and save from such a young age that I will be able to pay for my kids college educations. Of course, I will push them hard to figure out a way for them to pay for it themselves as I did. If I’m lucky, I’ll be able to retire from my current employ and find a job at some small college teaching what I know in exchange for a paltry salary, but where my kids can go to college for free. I still firmly believe there are ways to get that degree without leaving school with 6 figures of debt. One just must be creative and a real go-getter. JJ and I share a lot of similarities, plush velour aside. I have a funny feeling that he didn’t take any vacations during school breaks and partied hard at night. That’s the sacrifice one must make. I don’t look to Uncle Sam or the Wall Street Millionaire to help me out. One can still do it on their own. Parents, don’t spoil your kids and wait until you are financially fit before you have some real fun (or even have kids for that matter). My cheapo Montclair State College degree has taken me quite far. Stop looking for handouts libs.

  47. The Original NJ ExPat says:

    Lib – When was the last time you were pleasantly surprised with how great a fill you got on a market order? I think it was 2007 or early 2008 for me. I don’t know anybody, outside of the pros and my FIL, who really trades anymore.

    If it costs me fifty cents on the way in and out, so be it. It’s chump change compared to the 90% I would have made when Tesla goes from 200 to 20.

  48. Michael says:

    I guess everyone saying to sell in January was off. Chi-fi, I hope you didn’t take your advice.

    JJ says:
    April 1, 2014 at 12:45 pm
    Wall Street climbs to record after manufacturing data

    REUTERS — 11:27 AM ET 04/01/14
    By Chuck Mikolajczak

    NEW YORK (Reuters) – U.S. stocks opened the second quarter on a higher note on Tuesday, with the S&P 500 hitting a record high, after data on manufacturing indicated economic growth was gaining traction after a harsh winter.

    this is where the money is coming from.

  49. Libturd in the City says:

    Yome…we’ll see. I think they will stop it. Over the years, I’ve seen the SEC actually fix things for the smaller guy more often than make it easier for the bigger guy. We’re not talking about Corzine vs. Martha Stewart here.

  50. Michael says:

    It’s amazing how much personal experience plays into the advice you give. BTW great post.

    “My boss is 55 and tells me that I should just buy real estate. Gee, thanks Mr. “I sold my home for triple my 1992 price to some Xer” Equity and savings must be nice plus you can make same salary as me and live like a king. Companies are not paying more bc you are a swindlef er.”

  51. Libturd in the City says:

    I don’t trade stocks anymore. I buy and hold for a minimum of a quarter. My decisions are based on fundamentals which are typically only revealed in quarterly reports. Honestly, I tend to buy and sell in blocks averaging around 10K. If I get filled at 30.31 instead of 30.32, it costs me so little I don’t sweat it. A few times I’ve argued my fill price with Ameritrade (on widely traded equities) and they actually refunded the difference no problem. They like their $7 I guess.

  52. The Original NJ ExPat says:

    Lib – Yep. Or I’ll help my kids the best way I know how. I’ll be retired and laden with debt(new mortgage and car loans taken the month before I “retire” a year and a half before they apply in 2019-20) and no non-retirement assets to show so long as Harvard doesn’t know the combo to my safe.

    Of course, I will push them hard to figure out a way for them to pay for it themselves as I did. If I’m lucky, I’ll be able to retire from my current employ and find a job at some small college teaching what I know in exchange for a paltry salary

  53. Comrade Nom Deplume, Guardian of the Realm says:

    [50] michael

    Market felt toppy lately so I put in some GTCs and trailing stops. I don’t think any of them hit except for the GLD that went out at the top a couple of weeks ago.

  54. Michael says:

    42- Expat—–great write up!!

  55. Comrade Nom Deplume, Guardian of the Realm says:

    [54] expat,

    Our goal is for one of us to get an adjunct position at Villanova. Free tuition.

    Oh, and we will look appropriately poor. Rest assured of that.

  56. chicagofinance says:

    For those who were interested in the first place…..here is more… PART DEUX….bring your popcorn…
    http://www.cnbc.com/id/101544772

  57. Libturd in the City says:

    Never listen to the sages advice. No can predict a market correction as much as no one can predict a market rally. Divest and reap the long-term rewards. Don’t panic and keep your powder dry at all times. I still firmly believe the secret of beating the indexes is to do your research and ignore all of the analysts reccos. Join my club and learn the ways. It’s really as simple as evaluating management and their ability to maintain margin, wisely use equity and then evaluate stock price vs. it’s historical valuation. The wait for the stock to reach the bottom of it’s P/E channel with no fundamental reason for it to have occurred and pounce. You reverse much of the process on the sell. If stock approaches the top of the P/E channel without any fundamental justification, you bail regardless of the momentum. Sure there are some potholes along the way that one can never predict, but you can avoid almost all of them by listening to the conference calls and see how the executives answer the analysts questions. If they sound smart, optimistic and motivated, then chances are they are not shysters. Also, never fall in love with a stock, ever!

  58. Libturd in the City says:

    I swear, just once I want to check minority on an application and see how they handle the mistake. Just once.

  59. The Original NJ ExPat says:

    [57] Nom – What would be your contingency plan if a large inheritance fell into your lap unexpectedly the year before your kids apply to college. Is there any way to prepare for that? Make sure the estate stays in probate?

  60. JJ says:

    Chelsea can be a pain in the butt, litterally.

  61. Libturd in the City says:

    “What would be your contingency plan if a large inheritance fell into your lap unexpectedly the year before your kids apply to college?”

    I’m sure if it was Anon, he would give it to the poor.

  62. chicagofinance says:

    Michael says:
    April 1, 2014 at 2:32 pm
    I guess everyone saying to sell in January was off. Chi-fi, I hope you didn’t take your advice.

    THIS WAS PRETTY DAMNED GOOD YOU IDIOT!!!!!

    chicagofinance says:
    January 1, 2014 at 12:51 pm
    Prediction in 1H2014…..due to a sh!tload of cap gains and people being stunned by their tax returns, there will be a steady flow of money out of the stock market reaching a crescendo around April 1. However, the eye popping headlines and negative returns on fixed income will sucker a bunch of retail money into equities over the next few weeks. So right around March 1-ish we could get a top tick……

    …..that is what I see at January 1st…..the news flow is going to dominate though, so while this effect is going to be embedded into returns, it may not rise to the point of dominating the indeces…….FWIW

  63. nwnj says:

    #59

    What’s the contact info for the club?

  64. Libturd in the City says:

    Grim will give you my email address. I’ll send you the info. It’s about education first. Profits second. Fun third. And there’s no elephant dance at the initiation, unless you are interested.

  65. Anon E. Moose says:

    Lib [60];

    Me llamo alces anónimo…

  66. Michael says:

    “There’s so many problems with where the market is in today because the market doesn’t know what business it’s in,” he said. “It literally is no longer in the business of providing capital for companies to grow, and that’s a huge problem.”

    http://www.cnbc.com/id/101539820

  67. Libturd in the City says:

    The government is loaning money to businesses for peanuts. Who needs the market?

  68. ccb223 says:

    Good one JJ … I am hoping Hell’s Kitchen is the next Chelsea. Certainly enough guys in my building playing for the wrong team…which is usually a great sign for future property values.

  69. Libturd in the City says:

    Moose,

    Mi nombre es caca liberal.

  70. Michael says:

    It looks off to me.

    chicagofinance says:
    April 1, 2014 at 2:55 pm
    Michael says:
    April 1, 2014 at 2:32 pm
    I guess everyone saying to sell in January was off. Chi-fi, I hope you didn’t take your advice.

    THIS WAS PRETTY DAMNED GOOD YOU IDIOT!!!!!

  71. Ragnar says:

    Lib, 60
    I think we’ve discussed before, my daughter is half Chinese, but could pass for Hispanic if she tried. College is 7 years away. I’m pretty confident that if she applied as Hispanic rather than “mixed”, “other”, or “white” in that order of preference, her college opportunities would rise dramatically. I’ve already explained that when it comes to anything school related, the authorities must not believe her to be “Asian”.
    If I had planned ahead better and named her Kanisha or Jesus she’d be all set for college, probably already getting offers in 6th grade.

  72. Libturd in the City says:

    If I was in your position, I would just do it and say she’s adopted.

  73. Comrade Nom Deplume, Guardian of the Realm says:

    [74] libturd,

    The wife has a smidgen of Cherokee blood. I’m going to research what percentage can be claimed before you risk getting smack and then start claiming it. In fact, I am going to start now and make sure there is a paper trail. Have to be careful lest she run for Senate in a state other than Massachusetts where Liewatha got elected anyway.

  74. Libturd in the City says:

    Mass even elects Jews who jump from one party to another. Those silly liberals. Heck, even their Republicans are liberal. Heck…isn’t that where Obamacare was created?

  75. chicagofinance says:

    Did you see the story about the kid from Long Island that received acceptances from all eight Ivys? The second I heard it I thought….I bet…and my most cynical impulses were justified……

    Ragnar says:

    April 1, 2014 at 4:54 pm

    Lib, 60
    I think we’ve discussed before, my daughter is half Chinese, but could pass for Hispanic if she tried. College is 7 years away. I’m pretty confident that if she applied as Hispanic rather than “mixed”, “other”, or “white” in that order of preference, her college opportunities would rise dramatically. I’ve already explained that when it comes to anything school related, the authorities must not believe her to be “Asian”.
    If I had planned ahead better and named her Kanisha or Jesus she’d be all set for college, probably already getting offers in 6th grade.

  76. chicagofinance says:

    BTW…..as a matter of course….it shows an utter lack of discretion and belies the kind of thoughtfulness that is usually required for students to achieve something of that stature. The Ivy’s are all so different….so almost by definition, the achievement in itself implicitly proves the corruption of the process.

    chicagofinance says:
    April 1, 2014 at 5:56 pm
    Did you see the story about the kid from Long Island that received acceptances from all eight Ivys? The second I heard it I thought….I bet…and my most cynical impulses were justified……

  77. ccb223 says:

    that was interesting, the DirectEdge guy sounds like a douche.

  78. Cronut Nom Deplume says:

    And after the Ivy Leaguers who fcuked it up in the first place, and then fcuked up the attempt to un-fcuk it up, have finally stopped fcuking up, you call in a UMass guy to fix everything.

    http://www.cnbc.com/id/101544111

  79. Cronut Nom Deplume says:

    I have made a point of not owning property in a place that has a huge debt or pension bomb waiting to go off. Here’s why.

    http://www.cnbc.com/id/101544038

  80. Ben says:

    I hate the college admissions offices these last few weeks. I’ve got at least 3 students with perfect SATs in every subject area, 5′s on every AP test in sight, summer scientific research, and they all basically finish the top in the state in every academic competition. I have to watch them get rejected left and right from Ivy’s and other schools and read an article like that. Now be it, the kid in the article is no slouch, but seriously, I’ve got at least six students right now who’s academic reputation exceed this kids and they can’t get in to the schools they deserve to. Meanwhile, all 8 Ivy’s admit him.

    Ragnar, seriously, as a half asian, who looks hispanic, just do it. Rutgers gave me a fellowship once because they thought I was hispanic. When I didn’t check it off at the end of the year report, they freaked out. They ended up checking it for me. They even put me in a photo op for the fellowship because I looked the most ethnic.

  81. Cronut Nom Deplume says:

    It occurs to me that whenever someone describes a technology or company as disruptive, it usually means something that will kill off an entire occupational classification.

  82. chicagofinance says:

    Ben: just to put a cherry on the top of your pissed-offness……the kid is 11th in his class, not even close to the valedictorian…..also, he goes to the standard neighborhood high school…..no offense to the kid…..I’m sure he is a good student….

    Ben says:
    April 1, 2014 at 9:16 pm
    I hate the college admissions offices these last few weeks. I’ve got at least 3 students with perfect SATs in every subject area, 5′s on every AP test in sight, summer scientific research, and they all basically finish the top in the state in every academic competition. I have to watch them get rejected left and right from Ivy’s and other schools and read an article like that. Now be it, the kid in the article is no slouch, but seriously, I’ve got at least six students right now who’s academic reputation exceed this kids and they can’t get in to the schools they deserve to. Meanwhile, all 8 Ivy’s admit him.

    Ragnar, seriously, as a half asian, who looks hispanic, just do it. Rutgers gave me a fellowship once because they thought I was hispanic. When I didn’t check it off at the end of the year report, they freaked out. They ended up checking it for me. They even put me in a photo op for the fellowship because I looked the most ethnic.

  83. chicagofinance says:

    Ben….FYI….they have to do sports on top of everything else…..no sports…no admit….

  84. Ragnar says:

    Yes, heard the story this AM. Didn’t even get perfect SAT scores, but accepted to all Ivies. Figured that story inspired Lib’s box checking comment. He is surely a good student, and worked hard on his applications, but the real story is how the Ivies are willing to spread their legs for certain desirables.

  85. SPOKANE, Wash. (AP) — And to think, we've only just begun.''March Madness'' morphed into ''The Longest Day'' on Thursday, after San Diego State and New Mexico State went to overtime, marking the record fourth game of the day to extend the extra 5 minutes.The fourth-seeded Aztecs pulled out a 73-69 victory after letting a 14-point lead slip away in regulation.''We didn't want to get into overtime, but we were pleased once we got there that we found

  86. ccb223 says:

    Ivies also spread their legs for legacy types and huge donors…it goes both ways.

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