As everyone is reading the bad news flowing out of New York, London, Tokyo, Mumbai and every financial capital of the world, all is not bad for the consumer with cash at hand. Some of the deals I'm seeing these days is incredible. Most consumer goods are discounted 70% now online with many even upto 80-90%. Here are some links which I'm following. These are items I would never pay even the normal sale price but at 80%, I'll buy them anytime. If people have more links please post and I will compile them. I'm looking forward to a day when we can have a list of properties which are on fire-sale. It looks like that day is not far. The bigger issue which everyone needs to consider is whether their job is secure enough to pay off the house, even if it was bought at fire sale prices. How many readers think their job is secure ? I know mine is not. comments ??
Express Sale
The shoesteal.com site has reduced the discounts to 30% from 80%. I guess the 80% was the gimmick to attract page views
7 comments:
The Shoes are definitely a steal. I bought mine at 70% off and paid $120 for $400 shoes. Looks like this site has much better deals.
Maybe I'll get another pair.
Btw, US banks hit the lowest. A very shaky few weeks for the US banks. Then, one of the big 3 may file for bankruptcy in March and AIG is also toast. A massive grief is coming.
I think house prices in US will fall further 50% of their current values and in India upto 80% from their peak values.
HB
Grab as many things as you can folks! In a while (may be in Q3 of 2009), supply shock will come and prices stay high due to lower supply meeting lower demand.
Dear Vic,
I think we will experience deflationary effects of the US economy contraction for maybe 2-3 quarters and then inflation. So in the short term everything will be on fire sale. Towards the end of 09 though things might be very different and you might see rocketing inflation till 2010-11.
All the news/videos that I read from folks such as Peter Schiff or Marc Faber or others point to 2009 being very bad and massive job losses. With the demise of Bear Stearns, Lehman, Merrill, Citi broken up, Auto Sector in distress and so much more...I think no one's job's are safe. My advice would be to get out of any debt situations as far as possible and into cash. Maybe moving into Asian currencies or gold/oil might be good at this stage but definitely resist the temptation to splurge and lastly, always keep a plan B. People like Bindaas and others are like ostriches who might get their heads chopped up before they pull it out of the sand and see the disaster looming ahead..
Be Safe!
Posted: Wed, Jan 21 2009. 12:20 AM IST
Livemint article - Realtors to report sharp fall in earnings:
Net profits of around 15 listed firms expected to decline 16-61% and revenues to fall 18-20% in December quarter
Shabana Hussain
New Delhi: Property developers are expected to report a sharp slump in revenues and profits for the three months to December on weak home and office demand, and high financing costs, five brokerages have predicted.
Net profits of around 15 listed realty firms are expected to decline between 16% and 61%, and revenues between 18% and 20%, in the December quarter, against the same period in the previous fiscal, according to expectations put out by Macquarie Capital Securities (India) Pvt. Ltd, India Infoline Ltd, Religare Capital Markets Ltd, Motilal Oswal Securities Ltd and a unit of Citigroup Inc.
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Real estate prices in big cities reversed course in the last three months of 2008 after three years of a bull run as interest rates peaked mid-year because the Reserve Bank of India (RBI) raised the cost of money to dampen inflation.
The average earnings expectation for DLF Ltd, India’s biggest realtor by sales, is a 7.56% fall in sales and a 24.78% drop in net profit year-on-year (y-o-y). On a quarter-on-quarter basis, it is expected to post a 14.41% drop in sales and a 20.30% decline in net profit for the December quarter.
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I agree Bharat. Cash is king. Maybe some gold is not a bad idea and if you have a loan you atleast need an emergency fund to pay off EMI's for atleast 6-9 months.
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Hey nice post.. I love the way you presented whole story and thanks for sharing such a useful information.
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