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Old 07-13-2019, 06:01 AM
 
1,737 posts, read 621,943 times
Reputation: 1828

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The guy from this story is an 85-year old pathologist, ie, a medical doctor, who in the 1980s lost his career because he reported a double-billing scam in a major hospital system. As a whistleblower for a major financial irregularity that he saw and reported, he could no longer stay at his hospital or in his profession (there are informal ways to make a person's life and work impossible in that kind of situation, and he was realistic about it), so he started developing real estate. Not a kind of guy that would have any connection whatsoever with financial crime, but a guy who lost his medical career due to reporting a financial crime! He put his own efforts and his own $9.5 M into developing an island off the shore of Manhattan, and is selling it for a price which (due to the location of the island, and the fact that the island is developed for habitation) is completely fair. The guy is selling a developed island for 33% more than he put into it over the last 15 years, which just about compensates for inflation over 15 years, so the reality is that he is not even making any profit if you adjust his costs and his sale price for inflation - he is just breaking even.


While some rich (and poor) people are indeed criminal, the majority of the rich (or poor) aren't. This guy is clearly not a criminal, and does not even appear to be tremendously rich. There is likewise no evidence whatsoever that he is marketing his island to international criminals. But some people can only trumpet their handful of prejudices (about "the rich" or about "the whites" or about "the Eastern Europeans" or about anything :-), even when their prejudicial "narrative" has nothing to do with a specific case (like the case of this guy and his island), because popular prejudices are all that their limited mind contains.

Last edited by elnrgby; 07-13-2019 at 06:12 AM..
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Old 07-13-2019, 08:29 AM
 
Location: Confines of the 101 Precinct
19,635 posts, read 34,735,533 times
Reputation: 8409
Quote:
Originally Posted by NyWriterdude View Post
But the flip side of it is, people have to live somewhere.

Not only that, real estate markets can be pumped up by money laundering and tax evasion. A lot of foreign dirty money helped jack up real estate prices. As in from organized crime and tax evaders from other nations.

Would you want your neighbors to sell a home next to you to Colombia cocaine lords or Russian money launders, or Pakistani opium lords?
No, but then again it is really not my say.
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Old 07-13-2019, 08:51 AM
 
Location: New York, NY
8,187 posts, read 3,514,236 times
Reputation: 3341
Quote:
Originally Posted by elnrgby View Post
The guy from this story is an 85-year old pathologist, ie, a medical doctor, who in the 1980s lost his career because he reported a double-billing scam in a major hospital system. As a whistleblower for a major financial irregularity that he saw and reported, he could no longer stay at his hospital or in his profession (there are informal ways to make a person's life and work impossible in that kind of situation, and he was realistic about it), so he started developing real estate. Not a kind of guy that would have any connection whatsoever with financial crime, but a guy who lost his medical career due to reporting a financial crime! He put his own efforts and his own $9.5 M into developing an island off the shore of Manhattan, and is selling it for a price which (due to the location of the island, and the fact that the island is developed for habitation) is completely fair. The guy is selling a developed island for 33% more than he put into it over the last 15 years, which just about compensates for inflation over 15 years, so the reality is that he is not even making any profit if you adjust his costs and his sale price for inflation - he is just breaking even.


While some rich (and poor) people are indeed criminal, the majority of the rich (or poor) aren't. This guy is clearly not a criminal, and does not even appear to be tremendously rich. There is likewise no evidence whatsoever that he is marketing his island to international criminals. But some people can only trumpet their handful of prejudices (about "the rich" or about "the whites" or about "the Eastern Europeans" or about anything :-), even when their prejudicial "narrative" has nothing to do with a specific case (like the case of this guy and his island), because popular prejudices are all that their limited mind contains.
If he had 9.5 million to invest in real estate, obviously he wasn't suffering too much...
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Old 07-13-2019, 09:04 AM
 
1,737 posts, read 621,943 times
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Quote:
Originally Posted by pierrepont7731 View Post
If he had 9.5 million to invest in real estate, obviously he wasn't suffering too much...

Read the article. He gradually bought several dilapidated properties and renovated them. The $9.5M might be the entire amount that he had available over the 85 year lifetime of various types of work, and it is not stated how much of that might have been borrowed. If, at 85, he is selling his dream island rather than leaving it as an inheritance, he obviously for whatever reason needs cash. Maybe he is about to bankrupt.
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Old 07-13-2019, 10:05 AM
 
Location: Staten Island, NY
8,750 posts, read 7,122,619 times
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Elngrby, almost anyone who has prospered is hated here. Learn it, live it, know it. Lol
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Old 07-13-2019, 10:41 AM
 
1,737 posts, read 621,943 times
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Quote:
Originally Posted by Airborneguy View Post
Elngrby, almost anyone who has prospered is hated here. Learn it, live it, know it. Lol

...which is incredible, because people who prosper (or at least try to prosper by pursuing enterprise at their own risk, like the guy from the island story) literally keep NYC alive. What boggles the mind is that people live off of someone else's money (via enterprises that create jobs, and taxes that create every "public" benefit, such as public housing) - and then blame the entrepreneur for pursuing enterprises that create that money? Or for not giving away 100% of money earned by his/her efforts and risk-bearing, and for daring to keep some of his/her earnings for himself/herself/the kids?
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Old 07-13-2019, 11:39 AM
 
Location: Staten Island, NY
8,750 posts, read 7,122,619 times
Reputation: 8242
That’s leftists, what else to say?
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Old 07-13-2019, 11:40 AM
 
6,246 posts, read 6,388,098 times
Reputation: 2866
The islands are northeast of Manhattan.
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Old 07-15-2019, 06:43 AM
 
Location: NY
3,895 posts, read 993,624 times
Reputation: 2261
Quote:
Originally Posted by Airborneguy View Post
It takes a buyer to agree to whatever the asking price is to make this "masquerade" work. Real estate is mostly a free market. If the seller is asking more than the property is worth, the buyer should be smart enough not to buy it. If they really, really want THAT property, then it holds extra value to that particular buyer, which affects the value. It's all pretty simple.
Opinion:

In theory it works but not in the real world.
Free markets such as the over exploitation of natural resources now result in environmental harm.
When the Real Estate Market has gone out of control as it did in N.Y. ( due to nothing more than greed)
then Federal Regulation is an unfortunate solution. Properties only doubled in price after 20 years.
Now flippers are expecting same in as little as 5 years without dropping one red cent into the investment.
pushing the middle class closer to the poverty lines than ever before propping them up against a wall with little choice.
One can only stand out in the rain for so long before he buys an umbrella from a street vendor at any price.
Nuff said.............
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Old 07-15-2019, 06:57 AM
 
Location: Manhattan
21,506 posts, read 28,411,258 times
Reputation: 9763
The seller of this "island paradise" made the mistake of advertising quite publicly by living there for only a single day that such a life is a nightmare.


Add that to the fact that Consumer Reports has always asserted that you NEVER get back what you put in improvements. Only HGTV asserts that you get double back for improvements. I believe COnsumer Union.


Thus it is clear he is WAY overpriced. He will never get back what he put in, i.e., threw away.

How is he going to hawk the property? By advertising: "You will LOVE it, even though I HATE it."
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