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Some nationwide real estate investors, like Cardone Capital’s Grant Cardone, have started telling their teams to pack their bags and leave New York after the verdict in former President Trump’s fraud trial.
Quote:
The business leader gained recent recognition after he posted on X that his firm would "immediately discontinue" all underwriting on New York City real estate to focus on other markets like Texas and Florida.
Cardone further claimed that New York has risks "that outweigh the opportunities" in terms of property value — and the blue state has shown its politicization when it comes to doing business.
Business unfriendly decisions will drive away businesses. What a concept!?!?!
Finance is a hyper mobile industry, but one of the things it does require is a culture of law and order, with predictable outcomes. NYC was our finance capital, because of the Dutch, and their very business friendly culture. NYC doesn't have to be the centre of finance in the US. It could be somewhere else.
O’Leary said that he has heard from peers in the business world who have pledged to shun New York, which “was already on the top of the list of being a loser state.”
“I would never invest in New York now,” O’Leary said, adding: “And I’m not the only person saying that.”
If the law decides to wake up now and go after them all, the system would crumble.
My opinion:
I think many posters fail to see that homeowners like us may end up in the crosshairs as well.
I use this example before:
I buy a home worth $500,000 but believe it's worth a million because it once belonged to
a very famous person and will sell for that price .
Bank approves loan for a greater amount. Great !
Somewhere down the road "Jesse James" and company steps in.
Sees I inflated property value. Accuse me of fraud. Sue me and fine me for fraud.
Not so great !
The case against Trump set a bad precedent.
Invest at your own risk or leave.
Guess what?
Investors are leaving.
Last edited by Mr.Retired; 02-23-2024 at 07:16 AM..
I think many posters fail to see that homeowners like us may end up in the crosshairs as well.
I use this example before:
I buy a home worth $500,000 but believe it's worth a million because it once belonged to
a very famous person and will sell for that price .
Bank approves loan for a greater amount. Great !
Somewhere down the road "Jesse James" and company steps in.
Sees I inflated property value. Accuse me of fraud. Sue me and fine me for fraud.
Not so great !
The case against Trump set a bad precedent.
Invest at your own risk or leave.
Guess what?
Investors are leaving.
Very interesting analysis and quite possible. The rule of Unintended Consequences is now in effect! I bet everyone who has recently bought a 1 or 2 family home in NYC has done something like that. So now overestimating the value of your home, which is a very subjective process, could be a crime.
I think many posters fail to see that homeowners like us may end up in the crosshairs as well.
I use this example before:
I buy a home worth $500,000 but believe it's worth a million because it once belonged to
a very famous person and will sell for that price .
Bank approves loan for a greater amount. Great !
Somewhere down the road "Jesse James" and company steps in.
Sees I inflated property value. Accuse me of fraud. Sue me and fine me for fraud.
Not so great !
The case against Trump set a bad precedent.
Invest at your own risk or leave.
Guess what?
Investors are leaving.
You think a bank just goes on your word? Lol comical. O’Leary explains in detail how every bank in the world investigates what you think your building is worth and you go back and forth until an agreement is made.
Some government person said Mar Largo was only worth $15m………why even say that high, why not say it’s only worth $100k. Thinking anything in that community is only $15m should be a crime, followed by said government person fined $354m for it.
You think a bank just goes on your word? Lol comical. O’Leary explains in detail how every bank in the world investigates what you think your building is worth and you go back and forth until an agreement is made.
Some government person said Mar Largo was only worth $15m………why even say that high, why not say it’s only worth $100k. Thinking anything in that community is only $15m should be a crime, followed by said government person fined $354m for it.
Property valuation is not an exact science.
Different people look at property and arrive at vastly different numbers.
Few assessors want to deal with property owners challenging the assess value.
Most assesors assume that when a willing buyer and seller agree on a price that is an accurate measure of property value.
What is sad is is that Banks approved of Trump properties loans. Debt paid and everybody was happy except the haters.
Those who voted for the people now in power will see more of the same.
When a watered down version is applied to every regular person like you and
me the only people laughing won't be those living in N.Y.C. Not so comical.
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