I was short Maguire properties for a while this fall (unhappily). Stock seems to be holding up because of private money interest in the portfolio. Its a long way from unwinding at this point.
Gary thanks for the OT. It wasn't quite a coffee on the keyboard blower, but almost. No wonder ML cleaned house!
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It is a replay, at a smaller scale, of what happened in Silly.con Valley following the tech bubble burst. Silly.con Valley plunged into a depression and OC has plunged into a recession. Question is: What will get OC and CA out of the recession?
first?
Good for the overhead of CR4RE, LLC, though.
It was inevitable.
OT, an entertaining play by play of the Bear-Merrill meltdown:
In Unforgiven Margin Call, Bear Funds Failed on Merrill CDOs - Bloomberg.com
What? Rents don't automatically rise 3-4% a year regardless of the overall economy?!?
I was short Maguire properties for a while this fall (unhappily). Stock seems to be holding up because of private money interest in the portfolio. Its a long way from unwinding at this point.
Gary thanks for the OT. It wasn't quite a coffee on the keyboard blower, but almost. No wonder ML cleaned house!
ABCP market stabilizing.
Asset-Backed Paper Grows for First Time Since August (Update5) - Bloomberg.com
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It is a replay, at a smaller scale, of what happened in Silly.con Valley following the tech bubble burst. Silly.con Valley plunged into a depression and OC has plunged into a recession. Question is: What will get OC and CA out of the recession?
Jas
Bake sales, Jas?
One would think rents will come down as renewals come up.
$2.77/sf/mo doesn't sound like a bargain.
I still like the idea that synthetic lease stuff may explode:
From last night:
Leveraged lease trusts
The Corporations net investment in leveraged lease trusts totaled $6.2 billion and $8.6 billion...
DH
Wait a minute....I THOUGHT THE OC WAS PERFECT!!! HOW COULD THIS HAPPEN?
Next someone will tell me homes in Irvine are selling for less than last year.
Sheesh.
Yea, but Fox (FBN) reported yesterday that NYC apartment prices are up, up, up ($1.4 mil avg).
They didn't say because of bonuses driven by repackaged subprime loans. . . .