Market Conditions: What’s Happening in the $1 Million Market in Chicago?

Matt Garrison from the Matt Garrison Group at Coldwell Banker was on CNBC yesterday discussing the million dollar market in Chicago.

According to Matt (and the other guest who was discussing the Seattle market), luxury homes have come way down in price.

“$1.4 or $1.5 million in a lot of neighborhoods …. have been hit hard …” he said.

If you didn’t see it, it’s worth watching here.

71 Responses to “Market Conditions: What’s Happening in the $1 Million Market in Chicago?”

  1. Interesting segment….no recovery until 2011? Not a good forecast, esp for lower range homes.
    I still have to stick by my belief that a good portion of top shelf properties are owned outright and even if that segment have lost their jobs, they will retain their homes. I wonder what % of top dollar homes are not saddled by mortgages? Is there enough of an old money segment here who will remain untouched by this problem?

    Sure there are some who moved up into this level and are being buried by their mortgages, but this only proves…at all levels, that people had so much confidence in the economy that they went way past what was sensible for their income. A hard lesson to learn.

    Did I hear right when he stated it would be easier to walk away from your homes…your credit score would recover faster than the RE market? What does that do to the lending institutions? Yes, we all know. I did note that Garrison only mentioned the one million dollar condo at Park Hyatt being foreclosed instead of saying there was a ton of places going down.

    I agree with the ‘angry guy’, it is a ‘moral’ move to not have 20% down on all purchases and that if you CAN afford to buy you should have this downpayment. I believe this % should be a lot higher…up to 40-50%. I have always believed in this to remain somewhat worry free.

    I guess I did make one right move in coming to Chicago to do business. Although tempted by some stellar million dollar + homes (and I still am interested in two buildings in particular) I did not take that final step of investing in them.
    Looks like my rehabs will stay rentals for the next few years.

    I am somewhat encouraged by both Barb Cocoran and Dolly Lentz from NYC in their belief that high level properties in the city are retaining their value…for now anyways. I know for a fact that most top dollar buildings there are owned outright. My place there is worth a good chunk of $$$ and represents around 1/4 of my RE portfolio…but then that place is not changing hands in my lifetime.
    As much as I am tuned into MSNBC, I did not catch this segment. Thanks a lot for passing it along Sabrina…

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  2. Matt mentioned a foreclosure at 800 North Michigan (Park Hyatt)? That surprised me. I didn’t think buildings like that would have foreclosures, and it makes me wonder if the worst is yet to come?

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  3. Matt Garrison on July 8th, 2009 at 7:31 am

    The issue is people who boughyt in 04-07 with high leverage loans. This is over 15 million homes nationwide. In terms of luxury condos taking a hit see Trump pulling back to pre-construction levels.

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  4. All we need is a true stock market bounce back above at least 9,000 for the DOW and perceived/paper wealth will increase. This will cause the upper end to start buying again. I am sure this will get some spiteful replies, but we need to the upper end to start buying again because they create jobs in housing and every other aspect of life.

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  5. “Matt mentioned a foreclosure at 800 North Michigan (Park Hyatt)? That surprised me. I didn’t think buildings like that would have foreclosures, and it makes me wonder if the worst is yet to come?”

    We chattered about this foreclosure a few months ago.

    Park Hyatt Foreclosure

    According to Chicago Magazine, there were five bidders for the foreclosed unit and it sold to Apprentice winner Bill Rancic and his wife.

    http://www.chicagomag.com/Radar/Deal-Estate/July-2009/Housing-Bulletin-Bill-Rancic-Buys-and-Sells-mdashand-Other-Celebrity-News/

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  6. Matt,

    I’m not seeing the luxury condos taking a hit. Prime units in 340 on the Park and Heritage are moving fast at high prices. I’m also not seeing Trump pulling back – at least not as of a couple of weeks ago. The resales are 30% cheaper than the developer units but Trump’s response has been to stop people from trying to assign their units. Meanwhile, the Legacy seems to keep selling units at high prices – or so they claim – and they sure don’t make it easy to see what you would get.

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  7. Matt Garrison on July 8th, 2009 at 7:59 am

    Gary-

    I cite the downtown luxury market as “least stressed”. That being said, buyers are walking away from contracts in the 1m range. I don’t want to cite specific examples, but they have been mentioned on this and other blogs. A developer claiming to hold the line on pricing is irrelevant in a building like Trump with a robust secondary market. For the most part, the better the location the better pricing is holding up. But it isn’t good anywhere.

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  8. Steve Heitman on July 8th, 2009 at 8:11 am

    Location location location!

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  9. I have heard from sales teams at the ones Gary mentioned saying the same thing…adding Aqua to those as well. They all tell of the success in their buildings and hardly any mention of the RE problems at all.
    No price reductions on these properties!

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  10. Matt Garrison on July 8th, 2009 at 8:17 am

    What the sales teams are saying doesn’t mesh with the fact that appraisal research reported flat and negative sales in several recent quarters.

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  11. Oh, I realize that Matt all too well.
    Having been in this business all my life, it is hard to take anything anyone in the business has to say seriously without research data to back up their claims.
    Usually a few indepth backup questions will leave you knowing the truth without their answers.

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  12. You gotta be a bonafide millionaire to buy a million dollar home these days. What’s so wrong with that?

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  13. Insightful perspective, thanks for posting this Sabrina.

    I toured Trump the other day, the sales agent was resigned to the fact that the developer units could not compete with the secondary market. The other buildings you named will follow a similar path, 4 out of the last 5 units sold at 340 on the park have been resales.

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  14. “I’m not seeing the luxury condos taking a hit. Prime units in 340 on the Park and Heritage are moving fast at high prices.”

    Gary, are you sure about that? Here are the mls sales in the Heritage in 2009:

    2603 sold 2/12/2009 $831,000 prior sale 6/2/2005 $1,039,000
    2603 sold 6/24/2009 $920,000 flip of “Beautiful makeover of once-tired home. Ugly short sale turned into decorator’s dream home.”
    2101 sold 4/3/2009 $699,000 prior sale 5/10/2006 $839,000
    2005 sold 6/18/2009 $880,000 prior sale 3/4/2005 $762,500
    2009 sold 5/11/2009 $725,000 sold 7/11/2006 $774,500
    2409 sold 4/30/2009 $750,000 sold 4/26/2005 $725,000

    The flipper/agent on #2603 may have made some money (after commission savings), and the seller of #2005 also might have based on their early “pre-construction” purchase price.

    The rest? Not so much.

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  15. There are currently 39 units for sale in The Heritage, 4 over $1M list. There have been no $1M+ sales in over 8 months in the bldg.

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  16. The market is suffering from lack of financing. You have to be pretty liquid given the down payment requirements for loans above $900k. Some lenders want 40-50% down payments. Given that the stock market has also been decimated, there are very few buyers in the market with that kind of cash.

    Gone are the days of a dual income couple making $300-$400k buying $1m condos with 10% down…

    The condo market is going to be split into “starter condos” for the regular folks and real luxury condos for people who are really well off. At some point, every condo in the city thought they were luxury and asking for luxury prices.

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  17. G,

    Only have a minute here. 3 units are currently under contract in the Heritage with lists above $1MM. Can’t see prior sale history on them in the MLS but here they are:

    130 N GARLAND CT 5303 $2,295,000
    130 N Garland CT 4805 $1,595,000
    130 N GARLAND CT 3901 $1,369,000

    4805 went under contract within 14 days

    I thought they were expensive.

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  18. Location, location, location… so true Steve. Seems to me that houses in the best neighborhoods and on the better blocks still tend to sell at high prices:

    2200 block of Cleveland sold a few weeks ago for the low $2M, 600 block of Belden in the low $2M also (don’t know the exact details of either). The Belden house sat on the market for a couple of years and had several price reductions, but considering the quality of the renovation was quite poor, not bad for the seller.

    In LP it’s a street by street, block by block, house by house, interior by interior market; one size does not fit all.

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  19. My god, the news anchors in that CNBC video are absolutely horrible.

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  20. Steve Heitman on July 8th, 2009 at 11:16 am

    Those little irregularities of a property that were so easily overlooked in 2000 – 2007 are now biting these sellers in the a**.

    Buy smart and you will be just fine. Location and utiltiy are the keys.

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  21. 2214 N Cleveland gut rehab first listed 10/23/07 for $2,995,000 sold 5/16/09 $2,475,000

    625 W Belden gut rehab first listed 2/17/05 for $3,250,000 leased and relisted 4/2/07 for $3,250,000 sold 6/1/09 for $2,250,000.

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  22. $2,375,000.00 1827 N SEDGWICK ST 5/19/2009
    $2,700,000.00 1827 N SEDGWICK ST 10/18/2004

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  23. I hope that when the Dow gets back over 9,000, that instead of investing their money in capital traps such as overpriced dwelling at wishing prices, that people with the capital feel confident enough to invest in the industries we will need going forward, such as new nuclear power technologies and railroads.

    No country ever became wealthy or ran a sustainable economy on asset inflation. What made this country and this CITY great were heavy industry and commerce, which are the real producers of wealth, and if we keep trying to run our economy by creating asset bubbles, we’ll end up being another 3rd world sump.

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  24. Steve Heitman on July 8th, 2009 at 12:39 pm

    Way to go G. The guy Cleveland made $300K on that rehab. I guess that does not do it for you.

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  25. Thanks G. Still don’t know how to do that; have to rely on neighborhood gossip.

    The Cleveland property was listed for $1.2 a couple of years ago (I called when I saw the RE sign), I hear it went a fraction of that as the long time elderly owners were quite ill and didn’t have a clue what was going on (it sold within a week). The developer probably has $600k or $700k MAX into the place…. I live in the area and know the property. The Belden property (same developer) was done so poorly ala Home Depot (saw it in an open house), that it was the joke of the hood and others who looked at it: renovation… maybe $700k max, but looks like $250k.

    Moral of the story – prime LP location (location, location) for both, and the f***ing developer still made money. Go figure.

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  26. also noticed that 600 N Lake Shore dr isn’t budging on their prices. and they claim they are selling units pretty quickly. i really like the building and location but it’s frustrating that they don’t move on prices. wonder if they are selling their 1.3M condos.

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  27. Jay, yes the Cleveland property (2212 not my 2214 typo above) was listed by a long-time owner on 8/16/05 for $1,100,000 and went under contract 3 days later at full price.

    As far as the SHill’s “$300K” claim goes, I’ll wait for verification from his 5th grader that he got the facts and math right.

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  28. Steve Heitman on July 8th, 2009 at 1:25 pm

    Oh G… you are just depressed to learn that we are all making money despite your posting of price reductions. Price reductions only mean we are making less that we hoped 🙂

    Back to your hole now!

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  29. Shill.. your comments are simply mathematically impossible. Now you are just sounding completely absurd.

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  30. Steve Heitman on July 8th, 2009 at 1:30 pm

    Care to expand on your statement?

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  31. What did it take to buy a $1MM property over the past few years, it seemed pretty lax? 20% down and a 40% debt-to-income ratio? So anyone off the street with $200k for a downpayment and a household income of $200K / year could get into one. If so, I’m surprised there aren’t more foreclosures given the layoffs and general economy.

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  32. What do you get when you buy something for 2,995,000 plus the cost of a gut rehab, and then go and sell it for 2,475,000 ?

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  33. So they got the Cleveland house for $1.1M, the developer puts maybe $700k into it (low pay non English speaking workers, inexpensive cabinets, stock moldings, etc), and it sells for about $2.5M. Well at least the elderly couple of who lived there for decades didn’t loose money on the place.

    Will have to bitch slap the neighbor who said the developer ripped the old sellers off.

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  34. Oh sneaky G, he put the listed price not the purchase price… nevermind!

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  35. Nothing sneaky at all, sonies. I just filled in the blanks for Jay.

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  36. Laura,
    You are assuming the 3rd world remains a sump…
    Always worth reading anything Marc Faber says… what I keep saying I see also.

    http://www.scribd.com/doc/17174883/July-Doom-Gloom

    Equilibrium is now in effect. Funny side effect of the internet I think. My wife always said to me. Where else in the world do poor people have cars, plasmas, and microwaves?

    I now get her point… Not for long!

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  37. per the SHill: “Oh G… you are just depressed to learn that we are all making money”

    Sure you are. LESS money, that is.

    Here’s a look at how dollar volume has changed for att and det single-family sales in Lincoln Park for the first half (1/1 to 6/30) over the past several years:

    Year Total Sales $ Volume

    2005 $480.1m
    2006 $469.7m
    2007 $492.1m
    2008 $345.7m
    2009 $216.7m

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  38. Laura.. I almost posted this in response to revassals rosy glasses energy scenario but figured he is one of the won’t see what he doesn’t want to see group.

    Maybe you get something out of it.

    http://www.nytimes.com/2009/07/05/opinion/05friedman.html

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  39. Steve Heitman on July 8th, 2009 at 2:23 pm

    Oh G… what is your point? Did anyone claim $$ voume was up for Lincoln Park?

    Why don’t you throw 1999 – 2005 in there so we can see the trend?

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  40. Ze,

    I work for a company that does business in both renewables and rail. Both industries are a mess right now because people say they want a lot of things, but when it comes to putting up a purchase order they do not follow through. Pickens even cancelled his multi-billion wind project. When the economy does does, rail will be a mess because the frieght and transit companies are allowing their global supply chain to go out of business. On renewables, they can hang on for a few years of crummy sales with all the PE and VC money flowing in.

    How do these comments tie to homes? manufacturers are building highrise top wind turbines that I am sure will eventually reach Chicago. Chicago’s public train system will be receiving a lot of capital if Chicago gets the 2010 Olympics, which will be good in the long term for all residents who ride the EL.

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  41. “Chicago’s public train system will be receiving a lot of capital if Chicago gets the 2010 Olympics, which will be good in the long term for all residents who ride the EL.”

    Chicago is the running for the 2010 Olympics? I’ve lived here all my life – how could I miss that? Where’s the skiing? Wilmont? Where’s the ice skating, skate on state?

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  42. Here are the inflation-adjusted (to May 2009) total $ volume (in millions) since 1995 for LP att and det single-family houses utilizing the BLS CPI index:

    2009 $216.7
    2008 $337.9
    2007 $505.1
    2006 $495.1
    2005 $527.9
    2004 $487.7
    2003 $407.1
    2002 $407.4
    2001 $357.8
    2000 $359.6
    1999 $306.4
    1998 $312.0
    1997 $264.6
    1996 $266.4
    1995 $218.3

    Note that many, including the SHill, believe that the BLS CPI adjustment understates inflation:

    “The average CPI may be reported at 2.5% over the past 10 years but in reality your monry is losing value at a 5 – 9% clip per year.”
    http://cribchatter.com/?p=5713#comment-17687

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  43. Yeah it understates inflation during periods of inflation but it also overstates inflation during periods of deflation…..I don’t know about you but my dollar today buys me a lot more than it did a year ago.

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  44. I didn’t say I disagree. Your dollar is buying 2.27% more than a year ago, according to the BLS CPI.

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  45. Where was it ever written that the transit systems would get any capital for the Olympics, regardless of the year?

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  46. Ze, – now when did I say that I would disagree with common sense. Just be cause I don’t give up on America, doesn’t mean we don’t have work to do. Policies, mindsets, and infrastructure to change. I just believe all hope is not lost and a we can do it attitude.

    (Cause if we don’t then we are f’d and we’re f-en our decedents.)

    Related to that is the housing/economic mess, I am sure during the depression people though it wouldn’t end and being hungry really sucked. I wouldn’t blame them. Now days we have the internet, fewer people are hungry at least in this country. We know the problem and we have some solutions. So we can put a full days work and get this going in the right direction.

    I do have to disagree with nuclear being renewable, it might be carbon-less, but not renewable.

    We need to win the renewable energy, plus we do eventually need carbon-negative energy source/process, cause with the amount of carbon already in the atmosphere, the planet is nearly f’d worse than some of the buyers/sellers on this site.

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  47. The planet is just fine. It heals itself. Don’t forget that all of Chicago was covered by a mile high glacier less than 10,000 year ago. 2 glaciers met in the southwest suburbs and pushed up a bunch of rocks which is now Palos forest preserve.

    Nuclear powered is limited by how much uranium they can find. The easy stuff in the Congo and Australia is mostly gone so they’re mining deeper to find it.

    Geothermal – that’s the unlimited power source we need to harness.

    “We need to win the renewable energy, plus we do eventually need carbon-negative energy source/process, cause with the amount of carbon already in the atmosphere, the planet is nearly f’d worse than some of the buyers/sellers on this site.”

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  48. Revassal.. you have my apologies.. I personally gave up when I saw 1/3rd of Americans think Jesus is coming every year, throw in dropping off the ranking charts in things like Science, Math, Engineering, Obesity levels off the chart. I got tired of seeing so much fat, lazy, and entitled. The trend bothered me. The US university system has sadly become a training ground for foreigners. I recently read 87% eventually go back to their own country. How long until India has better schools than MIT and CalTech? You should read the Thomas Friedman article I posted. US not even in the renewable game right now. Too busy arguing over Noahs Arc and the great flood building the Grand Canyon. Or if there is even global warming. Dems vs. Repubs, incredibly polarized nation at the moment. It’s sad. 95% of all cars produced here last year were flex fuel. EVERY gas station here has alcohol and Nat Gas.

    Now what will happen is the entitled will demand taxes from the hardest working, then when that can’t satisfy them they will go after the companies. The companies will all just leave. The best and brightest will still kick butt, always have, always will, but the right out of high schooler working in “the plant” as a union worker for $30+ an hour. OVER!!!

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  49. cool article on raising “agent awareness” when buying/selling a home: http://tinyurl.com/luss8e

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  50. HD, true, the planet might pull through better than humans and animals. But why can’t I have doom and gloom about the environment and you can have the housing mess.

    Yes, geothermal, 2 mile well or so stays hot enough to work, and you have access to ‘unlimited’ energy (it has limits too). We’ve been drilling for oil when we should do something sustainable. And drilling on land is easier too.

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  51. Ze, each developing country and the bric’s have their own problems, I can talk about India, they have many great schools, but they don’t have capacity nor enough expertise. They also have segregation, class, ethnic and religious issue that at least America has started to deal with. I would venture it would be the same in china, too. EU has its ethnic problems as well.

    I think America has some social advantageous many other countries don’t have. Of course we still have our own work to do.

    Let put it this way, lets say for every 1 mil people you get an Einstein, hawkings, gates, etc. Imagine if you don’t educate like 20% of the population. Who is going to lose? Even though India in parts had impressive education attainment many are left behind, I believe china is even worst for attainment in rural areas.

    Lets say you keep out 20% more of your population for some stupid reason. They are the wrong ethnic group or religion.

    They have there work cut-out for them as well. Let see who finishes first.

    Let me know about brazil?

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  52. Steve Heitman on July 8th, 2009 at 5:52 pm

    Hi G. Great stats on the $$ volume. Now again what is your point in posting the information?

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  53. Capacity gets built, expertise even faster. In a country of a billion if even 30% becomes productive you match the population of the entire US. The bigger problem though is the other 70%. That’s the worry, a constant supply of cheap labor. I can literally hire hard working capable people here for $250 a month no problem. Honestly I think India is a shithole that smells like a giant fart. Nonetheless it is a money crazy culture and there are no shortage of very smart people there. China much the same. Russia just corrupt but loaded with resources and they will get past the corruption. As for Brasil.. it’s a huge very very diverse country driven economically by Sao Paulo, which is just like NYC. Absurd amounts of resources and endless sun (which to me is the most valuable resource). Biggest problem is corruption and violence but they are really busting down on that now. Particularly in Rio since they want the Olympics badly. Rio is the least serious and most colorful place I have ever been in the world. If you want to walk down the street in a speedo, you wouldn’t even get a second look. Economically last month was most cars ever sold and rents are up 10-15% just since March. Country lucked out on sugar cane, funny of all things, energy independence, Cheap fuel! Biggest thing I question now is I always was huge free trade-competition. Here they learned their lesson and balancing trade is a big big issue. So most everything you buy here is made here, crappy, and expensive. But they are not in debt anymore. The US doesn’t recover until it cleans its debt, taking over the banks debts was the biggest mistake i have ever seen. I am watching California carefully now. I think that’s where the real story is. They have been beaten badly and have high unemployment. they raise taxes they whack a populace that already got whacked, they cut services and throw more to the unemployed. Very interesting. It’s a no win.

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  54. My bet is they raise taxes. When Maryland did that to me I had a tiny place in Chicago a week later that became my primary residence. Maybe you get some Cali transplants buying up LP soon.

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  55. Ze: Thanks for posting the recent Marc Faber report. Some interesting graphs in there- that’s for sure.

    I’m also following California’s developments. It’s the most important economic story out there right now and hardly anyone outside of California is paying attention. It’s the 8th largest economy in the world and it’s going bankrupt.

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  56. California, in my opinion, will make good on the IOU’s because it has to and it can tax to do it. If that is a truism that means the banks are not accepting these things for only one reason. They have no cash. All very telling.

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  57. Ze, Do you need to be a jackass? sugar cane is not carbon-neutral, it is a domestic energy source just not green. How is income distribution? Is $250 a month a living wage (is that dollars or real . ? 1 real = .50 cents . Is 10-15% inflation mo/mo sustainable?

    cali should be understanding that their property tax laws/assessments are about 20-30yrs out of date. But a least they produce stuff.

    The federal government owes them for the outrageous energy contracts and manipulation 2000-03; Enron. No federal relief.

    If the federal government allowed California to pass even stricter pollution controls we would be leading clean tech.

    And Ze, were going to raise income taxes in IL. Or fire half the state and city govt. You know how many nephews, uncles, and aunts that would be.

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  58. Ze: What more can they tax? They’ll never overturn Prop 13. Never. Every single person I know who lives there loves it even those who know intellectually it has ruined the state’s finances.

    The upper bracket income tax rate is already at 11%. How much higher can it go?

    I guess they could put even more tax on the “sins” and things like gasoline- but gasoline is already amongst the most expensive in the country.

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  59. revassal… sweet, I tried throwing you some info out of context because I thought it might interest you. Did I ever say it was carbon neutral????????? I just said it was an economic boom.

    Did I say anything about living wages? That’s my wifes point, you are entitled to borrow to meet living wages? What contract was handed to you when you were born? The reason I said it is to awaken you to what you are up against! Manufacturing in the US can not come back. Oh close the doors. Wonderful! Exclude yourself from 95% of the world. Look at those car purchasing stats.

    As for California in 2002, they got what they deserved. The Cal-Iso gamed the shit out of energy prices the prior summer, so needed investment went bye-bye. Even on days they were short somehow prices never went above 10.5 Heat Rate plus IM. Fair enough Enron made it worse but you know nothing about dragging power into North path or SP-15 so I’ll say nothing more.

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  60. Sabrina.. you can’t get blood from a a stone. THIS comment IS the problem.

    “And Ze, were going to raise income taxes in IL. Or fire half the state and city govt. You know how many nephews, uncles, and aunts that would be.”

    You don’t have a choice. It has to happen. Go to any other country in debt and see how they live. I am sure in Nicaragua they want everyone employed and in nice cars too. But it can’t be that way. The only reason it wasn’t was debt. That game is almost over. Cie la vie! Damn call me evil for speaking the truth but I say nothing Buddha wouldn’t agree with.

    Oh and Bri.. they will go after the rich! 110% if they have to. Everyone hates the rich.

    Who is John Galt!

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  61. revassal.. one more thing.. Inflation down here was 5.8% last YEAR. Interest rates on gov’t borrowing is falling through the floor also because all lending to the U.S. is coming back home and being invested domestically.

    Tell me how fair it is for people to work for $250 a month so some public employee can get paid 15 times as much, not be satisfied with even that, and run up another 15k a year in debt so they can buy $400 shoes at Nordstroms, to which they will never pay back the guy making $250 a month who lent it to them. Please tell me your sense of fairness for humanity or does that just extend to people with a US social security number?

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  62. Fire half the state workers. They have it too good and they’re bankrupting the state. Smaller efficient government is always a good thing.

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  63. “If the federal government allowed California to pass even stricter pollution controls we would be leading clean tech. ”

    LOL. Revassal I sense in you some sort of idealism that legislation can solve all of the world’s (or your) problems. LMAO!

    California has among the highest unemployment rates in the country, largely due to its high taxes and business unfriendly attitude. What do you think would happen if they were allowed to pass even stricter pollution controls?

    Cleaner air but with 20% unemployment? You actually believe the gubbermint is capable of and should pass legislation to make your life better. What a joke of a paradigm.

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  64. He is a link to a 2006 article on the pay difference between Federal and private wages.

    http://www.cato.org/pub_display.php?pub_id=6611

    Politicians do not seem to have the will to fire state and federal workers because they represent huge groups of voters. Why do you think the stimulus has most of its money flowing out in 2010 and not 2009…the recession year? We have an election in 2010.

    Ze is dead on with his comments about head winds for the USA. It is truly hard to compete with Chinese companies that can pay people $200 a month for food, housing and a wage. Until developing nation wages rise further, the developed nation wages will have downward pressure. Couple this with the fact that technology invades every profit silo and finds ways to do the same thing cheaper, faster and better.

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  65. Basically we’re all screwed. Keep your powder dry and keep it under your mattress, and preferably in the forms of canned goods, gun powder, tobacco, hard alcohol & seed packets.

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  66. The liberals are going to ruin and bankrupt this country. Hey HD, I wonder if you polled all your clients, what % of them are liberals? I’d go with about 110%…

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  67. Hey all pols are on the same team just different jerseys.

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  68. Sonies.. don’t be silly. The conservatives did one hell of a job also. First raised eyebrow for me was Halliburtons contracts with Cheney as VP. Conflict of interest went flying out the window right then and there. The polarization is a huge part of the problem. It provides an outlet to blame “the other”. Both parties are equally awful. They love you arguing your argument though.

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  69. Oh I know, trust me the Neocons did a real bang up job in f-ing up our debt too, and of course all politicians have to get re-elected, so they spend money they don’t have on crap for their constituents, but this crap that the uber-liberal Obama is doing is at least 5x as bad. Welcome to 1973 all over again!

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  70. I vote for the person and not the party. Someday logic will have to prevail and not rhetoric. If stimulus is actually stimulative lets do it. If national health care will actually work…lets do it. The reality is that none of it works the way it has been presented. More spending leads to higher taxes, which leads to fewer jobs, which leads to lower home prices from less demand.

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  71. I agree with think small: vote for the person not the party. I had to hold my nose and vote (D) for Quiqley during the special election over the (R) who was the head of the IL minutemen coalition. Many north shore voters go (R) for Kirk but (D) for every other ticket.

    But likewise those who only vote (D) gave us Todd Stroger and Blago.

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