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 Post subject: Re: Irish Times admit Canny was suckered in foreign property
PostPosted: Thu Sep 18, 2008 11:36 pm 
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Of Systemic Importance

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Leave it out lads - he might read the PIN

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 Post subject: Re: Irish Times admit Canny was suckered in foreign property
PostPosted: Thu Sep 18, 2008 11:38 pm 
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Location: Over Macho Grande? I don't think I'll ever be over Macho Grande...
I could forgive it all but the jumper... Mind you, I had a pair of dockers that got a splash of bleach on them about one week after I bought them and still resolutely wear them from time to time, could have been a similar situation! But a photocall?!? :lol:

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 Post subject: Re: Irish Times admit Canny was suckered in foreign property
PostPosted: Fri Sep 19, 2008 12:33 am 
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Joined: Jan 3, 2008
Posts: 319
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1084569

(Great site for browsing NYC property BTW, and many times I have looked over Tony Montana mansions in Miami!)

They list the monthly payments as such:
Code:
Mortgage Amount: $702,000.00
Down Payment : $78,000.00
Mortgage Payment: $4,437.00 per month 
Total Monthly Payment: $5,098.00 (with maintenance & taxes)


Property tax is $663/month. That is with 10% down.

Here are the current rents for 13 studios in the Financial District:
http://www.corcoran.com/property/search.aspx?Region=NYC&RentSale=RU

So at best he could get $3k/month. That's a big shortfall of ~€1400/month = a lot per year!

With such a big downturn now, this is a very different situation to paying up €400/month for a flat in Sunny Beach, which won't sell or rent (or hopefully fall over). I don't know a lot of people that could cover the guts of €30k/year of gross earnings to support a rented flat in the US for 30 years.


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 Post subject: Re: Irish Times admit Canny was suckered in foreign property
PostPosted: Fri Sep 19, 2008 12:53 am 
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Old Time Landlord
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Posts: 391
Ah jesus love him, they're chatting about him here too: http://www.streeteasy.com/nyc/talk/discussion/4116-manhattan-rents-are-going-to-fall - I'm mortified for the poor bugger :oops:

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 Post subject: Re: Irish Times admit Canny was suckered in foreign property
PostPosted: Fri Sep 19, 2008 1:52 am 
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oh man. The poor guy prolly thought that NY was like Dawson St, where the stockbrokers would head next door to Cafe Insane or Ron Blacks to wind down after making a killing or two in the sales pits.

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 Post subject: Re: Irish Times admit Canny was suckered in foreign property
PostPosted: Sun Sep 21, 2008 9:54 am 
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Posts: 146
Maybe it was an xmas gift!

Image


:x

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 Post subject: Re: Irish Times admit Canny was suckered in foreign property
PostPosted: Sun Sep 21, 2008 11:03 am 
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Speculator

Joined: Dec 30, 2007
Posts: 427
Quote:
Ah jesus love him, they're chatting about him here too: http://www.streeteasy.com/nyc/talk/disc ... ng-to-fall - I'm mortified for the poor bugger

He could be the next star wars kid.


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 Post subject: Re: Irish Times admit Canny was suckered in foreign property
PostPosted: Mon Sep 22, 2008 9:10 am 
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Of Systemic Importance

Joined: Nov 7, 2007
Posts: 5669
As suggested earlier the american investment was perhaps less risky than a similar BTL in Ireland.

Keys back to bank.

Cheerio.!!!!! Would it almost certainly be financed by a us bank?

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 Post subject: Re: Irish Times admit Canny was suckered in foreign property
PostPosted: Mon Dec 08, 2008 4:44 am 
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Posts: 404
Thought you might like an update on the orange-jumpered one and his $760,000 Manhattan studio.

The first resales and rentals of this newly-completed building have hit the market. It's hard to get exact comparables but a same sized 550sq ft studio on a similar high floor is selling for $660,000. After buying and selling closing costs, 6% broker fee, property transfer taxes and carrying costs, I reckon Kenny would be out about $180,000 if he had to sell today.

As far a rent goes, an Irish Times article said he was told he should get $3,500-$4,000 a month for it. Well guess what there is a colossal glut of new construction in the financial district and rent was never going to be anywhere near that amount. Here is a similar unit in the same building for rent at $2,300 a month. From this you have to deduct $660 monthly common charge and 10% managing agent fee leaving you with about $1,400 a month net to cover your $3,000+ interest only mortgage, presuming you can even rent it.

What pisses me off is that the IT article was only written in April yet it couldn't be more bullish and makes out like the guy is on to a sure thing!!

So he's in the unenviable position of taking a six-figure hit now or trying to wait for a recovery while sinking another $1,600+ every month in to the apartment. Savvy indeed.


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 Post subject: Re: Irish Times admit Canny was suckered in foreign property
PostPosted: Mon Dec 08, 2008 9:06 am 
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 Post subject: Re: Irish Times admit Canny was suckered in foreign property
PostPosted: Mon Dec 08, 2008 11:53 am 
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Old Time Landlord
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why was my post deleted?


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 Post subject: Re: Irish Times admit Canny was suckered in foreign property
PostPosted: Mon Dec 08, 2008 11:59 am 
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Location: Over Macho Grande? I don't think I'll ever be over Macho Grande...
Partizan wrote:
why was my post deleted?


Glee. And have a yellow card for your troubles.

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 Post subject: Re: Irish Times admit Canny was suckered in foreign property
PostPosted: Mon Dec 08, 2008 7:36 pm 
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Too Big to Fail

Joined: Mar 2, 2007
Posts: 4168
two_scoops wrote:
Thought you might like an update on the orange-jumpered one and his $760,000 Manhattan studio.

The first resales and rentals of this newly-completed building have hit the market. It's hard to get exact comparables but a same sized 550sq ft studio on a similar high floor is selling for $660,000. After buying and selling closing costs, 6% broker fee, property transfer taxes and carrying costs, I reckon Kenny would be out about $180,000 if he had to sell today.

As far a rent goes, an Irish Times article said he was told he should get $3,500-$4,000 a month for it. Well guess what there is a colossal glut of new construction in the financial district and rent was never going to be anywhere near that amount. Here is a similar unit in the same building for rent at $2,300 a month. From this you have to deduct $660 monthly common charge and 10% managing agent fee leaving you with about $1,400 a month net to cover your $3,000+ interest only mortgage, presuming you can even rent it.

What pisses me off is that the IT article was only written in April yet it couldn't be more bullish and makes out like the guy is on to a sure thing!!

So he's in the unenviable position of taking a six-figure hit now or trying to wait for a recovery while sinking another $1,600+ every month in to the apartment. Savvy indeed.


Wonder what 2gaffs would make of this.


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 Post subject: Re: Irish Times admit Canny was suckered in foreign property
PostPosted: Mon Dec 08, 2008 8:41 pm 
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Posts: 2722
Location: Oighearland
Pill wrote:
Wonder what 2gaffs would make of this.


he would say: consolodate all mortgages on rental properties on a 100% interest only mortgage and put the rent into a high yielding 8% geared fund.

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 Post subject: Re: Irish Times admit Canny was suckered in foreign property
PostPosted: Mon Dec 08, 2008 9:21 pm 
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Joined: Jun 7, 2008
Posts: 2622
two_scoops wrote:
So he's in the unenviable position of taking a six-figure hit now or trying to wait for a recovery while sinking another $1,600+ every month in to the apartment. Savvy indeed.


It's America, so he can probably just walk away and let the banks foreclose.


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