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Old Posted Jun 2, 2018, 3:39 PM
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10023 10023 is offline
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Originally Posted by left of center View Post
^ I wouldn't worry too much about the approval process. The real ticking time bomb is the maturity of this very long lasting bull market, and how many of these proposals can secure financing and begin construction before the housing market implodes in the next year or two, and which will have to wait until after.
Or which developers are willing to take a punt on timing the delivery of units with the eventual recovery. Even if we had a brief recession in 2019 (say over 4 quarters), none of these would be ready to close sales before things started heading up again. So unless something happens to change the medium-term thesis, a recession doesn’t really matter as long as they don’t have too many balls in the air. The 2008 crash was different because you actually had major banks struggling with solvency; no one could place a bet on anything.

But I think what he meant is that, if Amazon chose Chicago, the local high-end condo market would probably grow through any national recession anyway, whether it was actual amazon employees or just speculators looking to flip to them. Hell, if Amazon chose Chicago then I might look for a 2-bedroom to buy quickly at the right price.
There is a cult of ignorance in the United States, and there always has been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that "my ignorance is just as good as your knowledge." - Isaac Asimov
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