Latest auction results: Harcourts sells 25 out of 45 auctioned properties

Property

Harcourts auction rooms are starting to stir after the Christmas/New Year hibernation: Results from Auckland, Hawkes Bay, Christchurch and Queenstown/Lakes

4th Feb 17, 9:11am by Greg Ninness

The auction rooms are starting to get busier as the real estate market gets back in to action after the Christmas break.

In the week ending 25 January Harcourts offered 45 properties at their major auctions around the country, selling 25 of them and those numbers should increase significantly over the next few weeks.

In Auckland prices four of the 10 properties auctioned were sold, with prices ranging from $707,000 for a two bedroom home unit in Browns Bay to $1.257 million for a house in Murrays Bay.

In Hawke's Bay nine properties were auctioned and 3 were sold, with prices starting at $380,000.

There was also a handful of auctions in Taupo but all were passed in and in Christchurch five of the seven properties offered were sold.

However Harcourts main auction activity for the week was in Central Otago/Lakes where 15 properties were auctioned with sales being achieved on nine of them.

These included a number of sections in a development at Albert Town that went for $270,000 to $285,000.

The Auckland apartment market remains quiet with just a few properties being offered, although there was extremely competitive bidding for the only apartment on offer at Ray White City Apartments' regular Thursday auction and it sold under the hammer for $423,700.

The prices achieved for individual properties sold at auction and details of those that didn't sell, are available on our Auction/Sales Results page.

You can receive all of our property articles automatically by subscribing to our free email Property Newsletter. This will deliver all of our property-related articles, including auction results and interest rate updates, directly to your in-box 3-5 times a week. We don't share your details with third parties and you can unsubscribe at any time. To subscribe just click on this link, scroll down to "Property email newsletter"and enter your email address.

We welcome your comments below. If you are not already registered, please register to comment

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

81 Comments

by CJ099 | 4th Feb 17, 10:55am 1486158921

Still really low volumes and poor sale results: "In Auckland prices four of the 10 properties auctioned were sold".
Can't see how they expect sales to start increasing when all the banks are shoving up their interest rates?

by THE MAN 2 | 4th Feb 17, 11:36am 1486161391

It is not the interest rates that is affecting the market at the moment at all.
It is the ridiculous 40 per cent deposit required for investors and that is just not on new buying but also on existing borrowings.
Believe the Banks have misinterpreted the Reserve Banks LVR requirement.

by Independent_Observer | 4th Feb 17, 12:39pm 1486165163

'It is the ridiculous 40 per cent deposit required for investors and that is just not on new buying but also on existing borrowings.'

Oh you poor darling...you might have to do something useful with your time instead of buying up the 'houses' that families would like to buy and turn into 'homes' but they've been priced out by greedy landlords...what a shame!

by keywest | 6th Feb 17, 1:28am 1486297699

shameful, interest.co.nz commentators may as well have this website name changed to: interest.tallpoppy.co.nz

by PocketAces | 6th Feb 17, 7:23am 1486318996

Landlords don't have much about them to admire anywhere in the world

by dictator | 4th Feb 17, 1:29pm 1486168185

Last year people were laughing off the 40% equity requirement. Mostly because a lot of investors easily had the equity in their portfolio. The slow down in Auckland sales just seems to be the Chinese investors unable to send money externally without big fees and risks.

If the price of houses falls that makes it easier to get the 40% together as well (assuming the investors are operating like a business). It also leads to better return on investment.

I could see speculators panicing and trying to dump properties because they will be crying over disappearing capital gains.

by Sleepydog | 4th Feb 17, 1:52pm 1486169537

Hang on, are you saying the market is affected?

What happens if values go down and then people don't have 40% equity,. do the banks ask them to get it?

by dictator | 4th Feb 17, 2:00pm 1486170014

If people look pretty safe in their position the banks will let it slide for a while. If the banks get worried they will ask for a top up or ask that the property be sold. I know investors that have been forced to sell to keep the bank happy with their position.

Unfortunately I suspect there is a problem brewing. If the Chinese money tap has been turned off that could produce cash flow problems with developers or banks.

by two otherguys | 4th Feb 17, 2:20pm 1486171255

was that recent? ... last 12 months? ... or ... earlier times?

"I know investors that have been forced to sell to keep the bank happy"

by dictator | 4th Feb 17, 7:16pm 1486188975

A few years ago now, and their position was bad.

by BadRobot | 4th Feb 17, 6:39pm 1486186747

Perhaps the RBNZ and the banks are just protecting you from your own stupidity. The banks are not bound to lend to anyone, they can make their own rules as to whom they lend and at what rate. If they don't like the risk they either don't lend to you or at a higher interest rate.

by Penguin | 4th Feb 17, 6:54pm 1486187655

The LVR is one of the best rules that has been implemented. They have taken the lead from Singapore who have smoothly and efficiently taken the heat out of the housing market without causing a bust. That seems you be what is happening here.

by CJ099 | 4th Feb 17, 8:59pm 1486195143

The UK has had LVR restrictions way before the economic 2008 crash, though they restricted most buyers to 20% deposit after the crash it's only recently that they've relaxed it a bit.

by CJ099 | 4th Feb 17, 9:30pm 1486197017

Actually 'the Boy' it isn't even that (local Investors 40% deposit) that's causing the property market to crash, it's the lack of foreign buyer since they have been locked out of the market due to China's Capital Flight restrictions which happened in November 2016. If it had been the effect of the 40 percent deposit restrictions on local Investors we would have seen the property prices fall a year ago in Auckland.

But these price falls and poor auction results happened at the same time as the clamping down on Capital Flight from China.

by keywest | 6th Feb 17, 1:25am 1486297532

CJ, stop talking about things that you don't understand...40% LVR's have choked the NZ market to unconsciousness...nifty Chinese will always get their money out no matter what big brother tells them...the Chinese (or any foreign national) now are coming in over the local investors and FHB like they always have and always will...

by Double-GZ | 4th Feb 17, 12:28pm 1486164494

CJ099 the way you're talking down the market makes me wonder if you're hoping to buy a $2m property for only $20k. Please don't keep arguing that Auckland house market will crash tomorrow.

by CJ099 | 4th Feb 17, 9:20pm 1486196415

Hey Zachary (Double-GZ), You know it's going down we can all see it. Your top foreign buyers have flown the coop, gone bye bye. I'm estimating at least a -20% drop for Auckland and a lot lower for the provinces.

And don't think that Auckland is going to be like other cities such as London where prices plateaued for a few year then climbed back up. Guess who propped up London's high prices during the GFC in 2008, yes that's right our wonderful foreign buyers.

Go and look at the graphs in the attached link - figure it out its staring you in the face! http://www.telegraph.co.uk/business/2017/01/02/fears-massive-global-pro…

And then think how much Vancouver's sales have dropped since they introduced their more harsh Foreign Buyer tax, I'll think you'll find that it's similar results. So yes mate we are slowly crashing.
This is what happens when you sell out your country quite literally to the 'highest bidder'!

by Wiseguy | 4th Feb 17, 12:35pm 1486164957

Market is starting up again, don't loose the chance, or keep waiting in hope

by Independent_Observer | 4th Feb 17, 12:48pm 1486165680

I'm not sure your name matches the quality of your opinion

by dictator | 4th Feb 17, 1:43pm 1486168993

In a sense the market is starting again. Have a look at the mortagee sale. 480 m2, 5 bedroom and apparently whoever owned it was living well beyond their means. Noted 2 SUVs in the photo, and another mortagee sale on trademe has a BMW parked under the car port.

There's nothing like borrowing to keep up appearances while your finances go down like the titanic.
http://www.trademe.co.nz/property/residential-property-for-sale/auction…

by dictator | 4th Feb 17, 1:51pm 1486169508

Now think about how these's people are having their finances cave in when we are at an all time low for interest rates. Imagine what's going to start happening as the interest rates keep rising. Extreme lifestyle creep.

by iconoclast | 4th Feb 17, 3:06pm 1486173963

Mortgagee Sale at Polo Prince Drive Alfriston Manurewa

Extreme extravagance ... foolish to live such a lifestyle where you have to go into hock for it

Breathtakingly furnished. OTT. Is that common in NZ nowadays? Is that the kiwi style?. I was away too long. I have known and been the guest in the homes of many wealthy people over the years ... but nothing like that ... just to build that would have to be near $2 million ... the furnishings and objects d'art alone must be in excess of $200,000 if not more ... window coverings $50,000 at least

What culture is that? South African?

by sharetrader | 4th Feb 17, 3:07pm 1486174027

39 listed under Mortgagee, 156 listed under urgent.
it will be interesting to watch these numbers as interest rates go up

by dictator | 4th Feb 17, 3:18pm 1486174725

I have a knack for finding the worst. The furnishings are a display of poor taste but it's uncommon in the listings I've been looking at. As more mortgagee sales come on the market we'll no doubt see many hilarious lifestyles of pure excess and financial recklessness.

It's not an example of the kiwi way. I'm assuming the car port entry was an add-on. The money from that, the tacky statues and furniture could have been poured into the mortgage, but why wait and save when you can borrow instead?

by canon | 4th Feb 17, 3:58pm 1486177132

@ iconoclast

http://www.coys.co.nz/search/?a=12+POLO+PRINCE+DRIVE+ALFRISTON+MANUKAU+…

by sharetrader | 4th Feb 17, 5:05pm 1486181103

looks like someone involved in buying and selling properties , guess we will see more of these if the market declines.
there a still property "mentors" hyping the buy revalue leverage and buy again model, which worked like a dream in double digit increases.
only problem which using leverage that cashflow does not cover expenses is when the market stop rising or decreases the model falls apart

by dictator | 4th Feb 17, 5:43pm 1486183403

Buy and revalue can work provided the property results in a profitable cash flow. Of course when things are too tight and there's no cash buffer things can turn bad quickly.

So this mortgagee sale is the end of someone's property empire they've been building for 17 years. There must have been some really bad decisions to fail at that point. No doubt there are more of these in the works.

by sharetrader | 5th Feb 17, 9:03am 1486238588

more likely started to believe all the hype and they were world renowned experts, I'm sure the RE and lenders would have been falling over themselves to sell and lend being their besties.
now they will find out who their real friends are
unfortunately they are now most likely learning about economic cycles

by iconoclast | 4th Feb 17, 5:36pm 1486182962

Indian

Initially thought Indian but there were too many Springbok's and not enough Shiva's

They've had a very good run - since 1999 - 18 years - and then blew up

by PocketAces | 4th Feb 17, 6:14pm 1486185280

India has antelope

by Wiseguy | 4th Feb 17, 1:38pm 1486168688

Time will tell ;)

by Narrabeen Boy | 4th Feb 17, 2:17pm 1486171048

just went to a few open homes in Cambridge and there seems to be quite a few more people looking now.Nothing like last year but definatly more than before x mas.One three bedroom house five years old has a contract on it around the 900k mark.So there's still people out there that have confidence in the market.I'd guess if it dosnt pick up this month it never will.

by THE MAN 2 | 4th Feb 17, 2:34pm 1486172087

Independant observer, we need investors as they provide housing for people that can't afford or want to buy.
Personally don't need to buy anymore as they already provide more than sufficient income.
The other thing at the moment in Chch is that I have never seen so many less than average clientele looking for places to rent.
You have to be on your game to make sure you do the right checks

by PocketAces | 4th Feb 17, 2:37pm 1486172256

You forgot to mention the people forced to rent as they've been priced out by investors. Didn't need them to any degree in my day.

by Independent_Observer | 4th Feb 17, 2:41pm 1486172488

Yes that's right, you guys are doing hero's work! Well done, keep doing your good deeds for society...

Pricing out families from a right to settle and own by pricing them out of the market - then saying, you didn't want to buy or couldn't afford to buy anyway.

by Independent_Observer | 4th Feb 17, 2:50pm 1486173057

Given that property investors are such good samaritans, providing housing for people that can't afford it - why don't you provide schooling and food for these same people who are clearly so poor (and stupid) that they can't care for themselves?

Now that would be beneficial. Oh but lets be clear about the truth of this - you're not really in it for the good of society. You're in for the good of your bank account. There's a significant difference.

by Sleepydog | 4th Feb 17, 3:20pm 1486174843

Sorry but no we dont need investors.

by Wiseguy | 4th Feb 17, 2:35pm 1486172118

There has always been mortgagee sales even while the market was booming, you are always going to have people who bite off more then they can chew

by Sleepydog | 4th Feb 17, 3:21pm 1486174884

has there always been so many reduced and urgent listings? serious question, some of these are advertised last year

by CJ099 | 4th Feb 17, 9:33pm 1486197229

No Sleepy there hasn't not in the last few years the market has turned and property Investors are currently ditching their stock.

by Cowpat | 4th Feb 17, 3:35pm 1486175705

Auckland , as a region has been driven by real estate. Unlike any other regional area the FIRE sectors dominate. Home sales are more important to the health of Auckland's GDP than the price. Unfortunately sales have collapsed .

by Wiseguy | 4th Feb 17, 4:16pm 1486178184

Yes there has always been urgent sales, some genuine some not, the reason your noticing it more is partly because of the slowdown and the talk of house falls, Auckland is growing to be a super city, with or with out the help of investors, sure the investors have added to this process, yes there is a slow down at the moment but rises are inevitable despite current and future restrictions, population growth will see to that. Auckland properties are still cheaper then other super cities close by.

by THE MAN 2 | 4th Feb 17, 5:05pm 1486181111

No one has said that property investors are heroes but they are needed.
People that run many rentals are running a business no different to any other business.
If you want to invest in property that gives good returns then go for it and no need to be envious of people who wish to invest, end of storey

by PocketAces | 4th Feb 17, 5:11pm 1486181513

It is not a business as any other, because of far, far more favourable lending conditions for people buying houses than people buying or starting a proper business. Level playing field and I bet there would not be such a clamour. I reckon we start with existing houses, no more investors buying them, and go from there.

by Sleepydog | 4th Feb 17, 5:25pm 1486182300

I don't think its OK for the country to be so relying on these "investors" because look at whats happening. If the price of water went up like houses have, or food...... it would be morally wrong. Well housing is a human need also, and it should not be getting to the point where families are living in cars or garages..... And part of the reason is because of speculators and "investors".

by THE MAN 2 | 4th Feb 17, 7:24pm 1486189455

Cobblers.
In NZ with its welfare system there is no need to be living in cars or garages!
If people are doing this then they have made very bad choices!
Why should the country continually subsidise people that continue to have children when they can't afford them or have medical conditions brought on by their own bad decisions?
I know there will be many that will have a go at The Man but sometimes the truth tends to hurt!
Some should have a look at overseas countries that don't have any sort of welfare system!

by dictator | 4th Feb 17, 7:28pm 1486189688

They made a bad choice not being born into a privileged position and instead being brought up in an environment of poverty. You seem to be saying that you'd change nothing and that no effort should be made to help people?

by Andrewj | 4th Feb 17, 7:41pm 1486190468

or perhaps it's a failure of welfare, people want more than a handout that locks them into a cycle of dependence.

by CJ099 | 4th Feb 17, 9:55pm 1486198509

Yeah I'm sure families love sleeping in cars and garages. Get real and stop hiding behind that bible. You know it really pains me when I see homeless people on the streets. I saw one old lady begging on Queen Street (Auckland) yesterday outside some glitzy store, when I was on my way home from work.

She certainly wasn't a druggy, she was just HOMELESS! I can tell you I was certainly welling up with tears when I gave her every bit of change I had. This situation did not exist a few years ago.

by Kate | 4th Feb 17, 8:00pm 1486191630

And let's start that welfare reform with abolishing the accommodation supplement, eh, The Man2?

https://www.workandincome.govt.nz/products/a-z-benefits/accommodation-s…

Sometimes the truth tends to hurt.

by sharetrader | 5th Feb 17, 12:57am 1486209433

the accommodation supplement is just bad policy, whilst the intention was to help those with little money to afford a roof over their heads the reality is
it has pushed rents up acting as another lever to make investing in rental housing attractive which has in turn increased demand for the lower ladder of housing pushing the prices up turning potential owners into tenants
rents are the same as everything governed by supply and demand, you can only charge what a tenant can afford, so add a supplement and you can charge more.
and as of last year it was 3 billion per year spent by our government taxes to private providers
We as a society need to redress the situation so it is easier and more attractive to be a owner occupier, sure we will need rental stock, but that only needs to be 20% of the total stock
take the 3 billion and spend on a mix of state accommodation and building low cost, cheap loans for NZ citizens FHB

by iconoclast | 5th Feb 17, 7:24am 1486232662

Is it possible?

Do you have any suggestions on how you would unwind the accommodation supplement program without being injurious to the beneficiaries

by PocketAces | 5th Feb 17, 7:40am 1486233616

Easy, no more new supplements and make the landlords go and apply for the current ones.

by sharetrader | 5th Feb 17, 8:55am 1486238135

yes it is possible , we stopped subsidies for many industries back in the day, i.e farmers, car production in NZ
there was short term pain but we are better off now
because it is complex I would phase out slowly, cap then reduce to nothing over a number of years
whilst setting up a massive building problem to supply a mixture of state and FHB homes
so the two run hand in hand.
also I would reduce immigration to a total number of 25K per year
if we leave as is the government tax spend is going to increase year on year with the benefits being received by fewer and fewer people and we could turn the clock back do we want a country with landed gentry?

by Kate | 6th Feb 17, 10:28am 1486330084

Yes, staged reduction so there is time for the market to adjust (i.e., for rents to decrease, wages to increase and property owners to relinquish non-performing assets) - a bit like the tax on smokes but in the reverse. So, the government would likely announce the intention of A/S reductions over say a three-year period - in addition to increasing existing tenancy/occupancy and rent/price protections over that period.

by mja | 6th Feb 17, 6:12pm 1486357973

Accommodation supplement was put in place to avoid situation where lower income earners with a state house were advantaged versus lower income earners who did not have a state house. Essentially situation was, if you had a state house rent was capped at 25% of income and if you didn't you had to fend for yourself. I would expect an increase in homelessness if accommodation supplement was removed as a significant proportion of the population would simply be unable to afford market rents.
Seems we have a few do-gooder types who don't live in the real world, ie they live in the world of, if we remove accommodation supplement rents will immediate fall and the world will be a better place with no collateral damage. These people are also known as IYIs (intellectuals yet idiots)

by THE MAN 2 | 6th Feb 17, 1:54am 1486299293

Kate, have got no problem if they wipe the accommodation supplement.
Don't beleive that too many of my tenants will be getting one anyway and if they were and couldn't afford the rental then they would need to find cheaper wouldn't they!

by Kate | 6th Feb 17, 10:29am 1486330151

Exactly - see above.

by Sleepydog | 4th Feb 17, 10:01pm 1486198894

Did you miss all the news items with people having to live in cars and garages in Auckland?

by Macadder | 4th Feb 17, 11:55pm 1486205731

TM2 - You are part of the problem, you took the easy route to making a buck as a property investor (speculator) then come all altruistic here on this forum as if you are doing your tenants a favour; oh they would be rotting in a camping ground or in the back of a van without my beneficence. You are one of thousands who distorted the market to no ones benefit apart from your own. Regard is best directed to those who have tried to make a go of businesses that have provided jobs for other kiwis.

by THE MAN 2 | 6th Feb 17, 1:57am 1486299458

Not part of any problem.
All of our properties we have purchased at under market value at the time and have not forced up prices of other properties at all.
If our tenants thought we were charging too much then they have the option of renting someone else's or even buying, it is their choice.

by gordon | 6th Feb 17, 9:48am 1486327705

You have to say they were bought under market value ( and of course we all believe you as you are a valuer amongst other things) as they have dropped in value since you bought them and will continue to do so as rents drop further in Christchurch and interest rates and other costs continue to rise. If you in fact own property in Christchurch and you say you are positively geared just as well as you certainly cannot rely as on capital gain to help your cause.

by THE MAN 2 | 6th Feb 17, 10:04am 1486328677

Gordon, that 100k is still on offer!
Prices haven't dropped in Chch at all.

by gordon | 6th Feb 17, 10:28am 1486330095

We all believe everything you say The Boy. You know more than valuers and agents. We all wish we had your ability.

by canon | 4th Feb 17, 9:10pm 1486195811

Spent about 5 minutes looking through Manukau / Papakura properties listed online, didn't take long to find someone that has missed the boat, asking $679k (listed in November!), bought in Aug 2016 for $685k, changing hands a total of 4 times in 24 months. I get the feeling this is the tip of the iceberg

http://www.trademe.co.nz/Browse/Listing.aspx?id=1197554576

https://www.trademe.co.nz/property/insights/address/Papakura/Papakura/V…

by Kate | 4th Feb 17, 9:38pm 1486197496

And the midpoint estimate for the property is $100K less than the asking price. Ouch.

by PocketAces | 5th Feb 17, 8:30am 1486236637

Valentine Street, since as long as I can remember was and probably still, is in the absolute worst part of town. Well over half a million, closer to 3/4 for another? Something is very, very wrong as that area still, by and large is the low end of town. You'd want to looking around the area before stumping up with that much money. This is crazy.

by Averageman | 4th Feb 17, 11:16pm 1486203387

Leverage is great on the way up, its also as relentless as terminal cancer on the way down.

The investor debt ponzi with property after property stacked on each other require one single constant - climbing equity position/values. This allows the banks to lend on the next house as overall equity rises. Take away the major catalyst of rising house prices -chinese money -what is left to pump prices...certianly not rent or return on investment ratios. Once the specuvestor has maxed their debt, they are dead in the water with nothing but increasing downside risk in their future.

Summary - the specuvestor has been a parasite enjoying the free ride of chinese buying and cheap interest rates. Looks like that free ride is over. Smart money corrected its debt/income ratios last year and is primed to ride out the next five years.

by Hellomatt | 6th Feb 17, 1:35am 1486298125

We probably have to wait till Feburary next year to have a better picture if house prices are on a decline. I think we are on a decline but it should go back up if NZ economy is healthy which I believe Auckland is flourishing at the moment.

by CJ099 | 5th Feb 17, 7:56pm 1486277765

Dream on Hellomatt, things will tumble far faster than that! China has to contend with Mr Trump now.

https://www.bloomberg.com/news/articles/2017-01-03/china-drills-down-in…

by Hellomatt | 5th Feb 17, 9:15pm 1486282516

Hi CJ099, as I said, it's too early to assume anything. It is tumbling softly now. Yes it can build momentum depending on Trump policies and gobal factors. Fact is Auckland is a city desirable international and it's growing strongly. It's a good thing CJ099. There are affordable housing for average income New Zealanders in Auckland. Be realistic and adapt :)

by sammnz | 5th Feb 17, 10:50pm 1486288213

Rathole apartments built for students made of wet paper is not what i call realistic.

by Hellomatt | 6th Feb 17, 12:45am 1486295137

It's reality mate. If they want better quality in life then they have to work smart and hard to earn it. Living in a rathole is a leverage, use that to pursue something better.

by keywest | 6th Feb 17, 12:40pm 1486338017

There is an under supply of houses, when I put my places up for rent is a very interesting exercise on who New Zealanders are: truck Drivers, retired Teachers, Engineers etc all vying for the same place, probably get 15 applications, house prices are going nowhere but up as did all my rentals last month! With interest, rates and insurances all going up higher than inflation all my rents have too...

by sharetrader | 6th Feb 17, 12:39pm 1486337949

and I bet that makes you all warm and fuzzy getting to charge your fellow citizens as much as you can

by keywest | 6th Feb 17, 12:43pm 1486338196

Haha...you must be one of my tenants...why don't you fork out $400k for a deposit, then you can live in one of villas as well all by yourself! Or better yet pay my rates and outgoings!

by sharetrader | 6th Feb 17, 2:16pm 1486343773

unlike yourself I don't have to worry about squeezing money out of tenants, my investments are in productive enterprises and have paid for my house debt free, its out goings and provides a passive income.
try it sometime, opps sorry you need skills and knowledge something out of the reach of most landlords

by keywest | 6th Feb 17, 3:49pm 1486349381

The left be strong in you, we are getting squeezed Everyday by everybody (have you met my Wife and boss and the guy that runs my corner dairy) anyhow Glad you have some rose tinted sunnies and the next time you want me to dance around the fire singing Kum Bai Ya with you just let me know, p.s if there are no private landlords where do you propose all my wonderful tenants of mine live so they can work in your productive businesses, saying a business is more productive than a house is like saying your car can go really fast without a windshield, is called a business and social Eco system, and luckily for now not one run by greedy socialists

by JetLiner | 6th Feb 17, 10:47pm 1486374451

Keywest, I sure hope you don't show this attitude to your tenants!

Of all the diverse professionals on this website, and among all the comments that I've read over the last few years, I really can't think of another profession apart from a few of the landlords who talk about their customers/clients (you know, the ones who pay the bills and provide the cashflow) with such smugness, boastfulness, thinly-veiled contempt, and pride in price gouging.

To quote Mark Baum's character in The Big Short:

Let me ask you this: What company treats its customers that sh*ttily and succeeds?

Fine... ok... Goldman...

by keywest | 7th Feb 17, 1:51am 1486385490

I am Gordon Gecko, greed is good

by keywest | 7th Feb 17, 1:53am 1486385620

Yum yum get me some more tenants...delicious, will have my cake