The double-underlined takeaway from this article is how tech stock valuations are dropping off cliffs, leading to job and financial insecurity among the fast-company young.
Confident Masters from Tech Land now feel hesitant, skittish, and afraid as their options lose value.
The Fed’s Quantitative Tightening smacked these naifs with a newly rotten share price, like a dead mullet to the face, and the smell of capitulation in former “to the moon” stocks and Silicon Valley businesses brought them to their senses.
These are the real “newly woke” who finally see the changing landscape in Late Stage Capitalism. Years of moving fast and burning anything in your way built up cataracts around your mind’s eye, Kids. Now you got Mullet-Vision™ to help you spot the sociopaths and frauds. Use it, don’t lose it!
Vice headline: ‘There’s a Recession Coming’: The Rich Rush to Offload Luxury Properties
Sub-headline: The rich are now paying attention to prices and their income, lament high-end agents in hotspots like Miami and San Francisco. “It’s pretty sudden,” one said.
By Maxwell Strachan
July 22, 2022, 9:00am
https://www.vice.com/en/article/epzx5j/theres-a-recession-co…
"After a decade of feeling invincible, the tech industry is suddenly facing something new: financial insecurity. Valuations are down, layoffs are up, startup funding no longer feels limitless, and an air of fear has started to permeate the sector, as bosses and workers alike adjust to a harsher version of reality.
In cities like San Francisco, New York, and Miami, luxury real estate agents are starting to notice the effects of the tech downturn on their business, they tell Motherboard, as wealthy tech clients grapple with the fact that raises, bonuses, and job offers no longer seem as inevitable as they did a few months ago.
“The elephant in the room these days is that there’s a recession coming,” said Karley Chynces, a blockchain-focused real estate agent at Sotheby’s International Realty in Miami."
Further down in this long piece, a luxury Realtor out in San Francisco details how luxury real estate sellers have quickly abandoned their former ask prices in just one week. This is exactly what I am seeing in the Keys with $1,000,000+ homes: the closer to the water, the quicker the fall in asking price and the proliferation of actual sales closing below the former asking price. And I’ll mention this again: many of these homes can no longer be insured. Double Whammy in the Keys.
"Talk of a potential recession has only added to the sense of fear, and Rose is starting to notice it start her business recently. “It’s pretty sudden,” she said.
She has only received one phone call about a new $3.5 million condo in a luxury penthouse she listed two weeks ago. Where 20 parties might have come to an open house before, Rose now hopes to get five. With fewer people looking to buy, she’s never had more listings available in July, she said.
Rose has had to speak with her clients repeatedly to help them understand the new reality, and asking prices have recently started to drop, adding that half of active listings had reduced their asking price in the seven days before she spoke with Motherboard—“I’ve done two myself in the last 48 hours,” she added—and that some houses are selling for less than their list price."