This is the kind of stuff that we’ll laugh about in a few years. Spurious logic, and a complete lack of verifiable information, but KoolAid galore. Here, forever immortalized in print for future generations to remind us just how clueless some people are:
It was with great disappointment that I read the latest Jonathan Lansner diatribe on how the sky is falling as it pertains to the Orange County real estate market ["Investment watcher predicts O.C. recession," Marketplace, April 11]. Since Lansner, CEO/Chief strategist for Ero Pacific Capital Peter Schiff, and others have consistently made similar predictions for years, during a time when property values doubled in this area, I’d have to consider their opinions at least suspect.
Both Lansner and Schiff, as well as UCLA and Chapman College representatives have all been predicting the bursting of the real estate “bubble” year after year. They have all been consistently wrong and have probably cost the would-be homeowners, who held off due to these dire and inaccurate predictions, untold thousands of dollars in returns on a sensible real estate investment, and the subsequent appreciation (not to mention the significant tax deductions.)
For those foolish enough to listen to them, and who held off purchasing a home, it may be too late. Many will probably never be able to afford a home in Orange County now thanks to the doom and gloomers. Particularly offensive was Schiff’s advice: “When everyone in real estate is waiting tables (or in jail) and your neighbors think you are crazy for even considering real estate, then it will be time to buy.” I have spent much of my life in Southern California real estate. I do my best to provide accurate advice and handle my clients with professionalism and courtesy. Schiff’s broad-brush stereotyping of thousands of hard-working real estate professionals reflects much more on his reputation than ours. I still consider O.C. real estate an outstanding long-term investment, and history unerringly proves me correct.
The primary cause of the recent (and temporary) slow down in this market, in my opinion, is due to the piling on of media and pundits that must feed the fears of their readers on a daily basis in order to stay in business. Schiff’s prediction of a 50 percent decrease in O.C. home values is beyond ridiculous. Despite what Schiff and other fear mongers predict, the law of supply and demand hasn’t stopped working and the whole world still wants to live in Orange County.
That’s how idiots get printed.
It leaves me wondering. Is it the media that is causing all of those foreclosures too? What about inventory, affordability, and job losses, is that media too? Heck, why don’t we throw in AIDS, Heart Disease, and Colorectal Cancer too?
Thanks, OC Register, you just made my day.