This is so straight out of Manias, Panics and Crashes. And boy, will it all seem so funny and obvious five years from now...
I feel sick just looking at this video today. Just think how sick people feel who made the mistake of getting sucked into this epic ponzi scheme.
February 13, 2007
Pre-construction condo video: Funny to watch post-crash, like pumping pets.com stock at the peak
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12 comments:
It seemed like endless selection. I couldn't bare to watch the whole thing. Condo after condo (they are so good yet so available)!
I like how he covered his butt by saying there are no guarantees [for profit], BUT everyone else has done significantly well. Not too long ago people would only listen to the last part.
There are sooooo many gigantic condo developments in various phases of completion right now. What will become of them now that 40% of the buyers -- who were investors -- are suddenly not interested in a losing proposition?
PS -- You would think that somebody selling millions in condos would spend a few thousand on production values in that cheesey video.
I can't mahe up my mind weather to laugh, or puke!
I like the porno music in the back ground!
If I "Get in early" will I have that snappy music playing behind me when I talk on the phone ?
Wow! This is Very reminiscent of the hard sell during the final days of the Dotcom bust!
The timing of this is incredible scary too!
Did anyone else notice how this guy never showed his hands?
He is the epitomie of a "Talking Head"!
Or maybe he had his fingers crossed the whole time.
RayNLA
why wouldnt you get your financing before you put down a deposit? Do people really do that?
We are all waiting here in downtown San Diego for all of those "pre-sold" condos to hit the market in the next 90 to 120 days. . .most were sold two years ago at the peak of the market. . .now all of those people who put down 15% (often by taking out a HELOC or 2nd mortgage on their home) will need to come up the the 85% financing - sorry - the sub-prime window at Countrywide is CLOSED!!!. . .
Such an obvious scam. How did anyone fall for this? Are there people out there with no critical faculties? Perhaps that's what homedebtors are: people with no ability to think for themselves, vulnerable to anyone with a cheesy video and a mediocre line of BS.
Every time see the Nazdac hanging and hanging and hanging at @ 2500.....how many years has it been there and didn't it burst at 5000?
I'm thinking housing will implode back to ***at least** 50% it's current price and just stay there for a decade a least.
Let's face it, these homes on the market now are NOT worth HALF of the current asking price. A 50% cut and they'll still be expensive dumps.
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