Overheard recently at Starbucks.

Exasperated Buyer (loser of 8 bidding wars): I’ve had it. My wife is 7 months pregnant and I am sick of spending every Saturday with you. I want to bid $1.8 on the semi on Prust Ave.

Well Meaning (but increasingly desperate) Agent: You mean the one listed at $1.2, with the leaky basement and knob and tube??

Exasperated Buyer (loser of 8 bidding wars): Yep, that’s the one.

Well Meaning (but increasingly desperate) Agent: Ok. But you know, there were some recent changes to the industry that I should probably tell you about.

Exasperated Buyer (loser of 8 bidding wars): Oh yeah, like what?

Well Meaning (but increasingly desperate) Agent: Well, to name a few…

There is now a 15% Foreign Buyer Tax and they are cracking down on “speculative flippers”.

The have expanded rent control for all buildings, including post 1991, and there are new initiatives to stimulate the construction of rental buildings.

And best of all, they are going to take a hard look at “realtor practices”, which will involve the tarring and feathering of douchebag agents that continue to list houses at $699k when they know they will sell for over a million.

Isn’t this great?

Exasperated Buyer (loser of 8 bidding wars): Dude, aren’t you listening to me? I don’t give a rat’s ass about foreign buyers looking to jack up rents. I want to bid $1.8 on the semi on Prust Ave listed at $1.2.

Well Meaning (but increasingly desperate) Agent: Great, let’s do it!

And the market will bravely march forward unchanged. Have fun house hunters.