Wed 4 Jun 2008
From MarketWatch:
There’s a big, annoying ad campaign for a popular insurance company where the punch line of every commercial is “I saved a bundle on my car insurance.”
If people actually behaved like the actors in the commercials, you might soon hear some of your friends and neighbors saying “I saved a bunch on my real estate commissions.” And after that it could be “I saved a bundle on my financial planning.”
…
The proof may have come last week, when the Justice Department reached a tentative settlement with the National Association of Realtors that essentially forced traditional real estate brokers to give Internet-based agents access to home-listing information that they had previously been denied.Online real estate agents often charge discounted commission fees and let buyers review listings at their own pace, but for years those Internet-based brokers in many parts of the country could not access more than 800 Multiple Listing Services nationwide affiliated with the national Realtors group. An MLS is a database of regional properties for sale.
The traditional argument against opening the MLS system to online brokers was that it would result in a significant cut in commissions for traditional real estate agents. Indeed, that’s precisely what government officials wanted.
…
In the fall of 2005, government lawyers filed suit against the national Realtors group, saying that the lack of access amounted to discrimination against online brokers. Last week’s settlement, filed in Chicago, opens the listings databases to traditional and online property agents, which should effectively allow brokers to decide exactly how they want to compete in the marketplace.
Last year, the Justice Department and Federal Trade Commission found that home buyers and sellers were missing out on the kinds of cost savings and benefits that consumers in other businesses have reaped as a result of Internet technology. The main stumbling block was perceived to be the access issue.Whether the settlement — which is likely to take effect in late summer or early fall, 60 days after final approval, and which will be in place for 10 years — actually gets the job done and lowers commissions remains to be seen.
In Delaware, for example, the two listings services — including one that extends into southern New Jersey and eastern Pennsylvania — never barred access to online agents, so long as those brokers were properly licensed.
…
That schism is where consumers can potentially make some money. In a real estate market that has significantly slowed in most parts of the country, there’s nothing wrong with demanding the services you need, and paying only for what you use. Rather than lose your business — something a broker might have done a few years back when they were flush with clients — you may find that you can get both traditional and online agents to give you the best of both worlds.
From the WSJ:
Ed McMahon May Lose Beverly Hills Home
By JAMES R. HAGERTY and GLENN R. SIMPSON
June 4, 2008; Page A3
Ed McMahon, the longtime sidekick to television star Johnny Carson, faces the possible loss of his Beverly Hills home to a foreclosure action initiated by a unit of Countrywide Financial Corp.
Howard Bragman, a spokesman for Mr. McMahon, said late Tuesday that his client is having “very fruitful discussions” with the lender and hopes to find a resolution. It isn’t clear whether that would allow the 85-year-old Mr. McMahon and his wife, Pamela, to remain in the six-bedroom home.
…
A Countrywide spokeswoman said the lender couldn’t comment in such cases “due to privacy issues.”
…
ReconTrust, a unit of mortgage lender Countrywide Financial, on Feb. 28 filed a notice of default on a $4.8 million Countrywide loan backed by Mr. McMahon’s home. The notice was filed with the Los Angeles County Recorder’s Office but hasn’t previously come to light. According to the filing, Mr. McMahon was then about $644,000 in arrears on the loan. It isn’t clear whether Countrywide still owns the loan or is acting on behalf of investors who acquired it. Public records also show that Mr. McMahon had a separate home-equity line of credit from Countrywide of up to $300,000 secured by the same house.
Mr. McMahon’s home has been on the market for about two years, his real-estate agent Alex Davis said. Mr. Davis said the price had been reduced, but he couldn’t immediately provide details. The Christie’s Great Estates Web site, which includes homes listed by Mr. Davis, lists the asking price at $5.75 million and says it has a canyon view and a master-bedroom suite with his and her bathrooms.
From Bloomberg:
Derivatives Traders Signal Bank Woes Likely to Worsen
Interest-rate derivatives traders are betting banks’ difficulties obtaining cash to fund holdings and shore up balance sheets will worsen.
The difference, or spread, between the three-month dollar London interbank offered rate, or Libor, and the overnight index swap rate, traded forward three months, is greater than similar spreads expiring this month, according to data tracked by Credit Suisse Holdings Inc.
“The movement in the forward Libor-OIS spreads is telling you that the market is concerned that things can get even worse before they get better,” said Carl Lantz, an interest-rate strategist in New York at Credit Suisse. “Until all banks’ balance sheets are cleaned up and they’ve re-capitalized, there is going to be funding pressure.”
From the WSJ:
State Sues Option One
By RUTH SIMON
June 4, 2008
Massachusetts’ attorney general filed a lawsuit alleging that subprime lender Option One Mortgage Corp. and its parent company, H&R Block Inc., discriminated against black and Latino borrowers.
The suit, filed by Attorney General Martha Coakley in Suffolk Superior Court, also alleges that Option One engaged in “unfair and deceptive lending practices” by selling extremely risky mortgages that were destined to fail and that it “continues to engage in additional and unfair and deceptive acts and practices as the servicer of these same loans.”
The attorney general is seeking a preliminary injunction that would restrict the company’s ability to foreclose on Massachusetts borrowers, as well as civil penalties and restitution.
“We are trying to provide some relief to homeowners, many of whom could, if they were able to get the attention of mortgage servicers and investors, restructure their loans,” Ms. Coakley said in an interview. In a separate case filed against subprime lender Fremont Investment & Loan, the attorney general’s office in March obtained a preliminary injunction saying that the Fremont General Corp. unit couldn’t foreclose on mortgages in the state without checking with the attorney general.
From the Philly Inquirer:
Shutoffs of utilities up dramatically from 2007
There were increases in terminations for all of the state’s major electric companies from April 2007 to April 2008, according to the PUC report.
Peco, which serves 1.6 million electric customers and 480,000 natural gas customers, saw terminations spike 55 percent.
PGW, which has 500,000 customers in the city, recorded a 91 percent jump in terminations. Meanwhile, PGW reconnections - where service is turned back on - decreased 17 percent.
…
New Jersey is also seeing an increase in the number of customers experiencing high energy costs and shutoffs.
Electric shutoffs went from 146,578 in 2004 to 175,581 last year, according to the New Jersey Board of Public Utilities, which regulates the state’s utilities. Gas terminations shot up from 17,638 in 2004 to 20,316 last year.
PSE&G of Newark, which services about 1.6 million gas and 1.9 million electric customers in New Jersey, saw terminations go from 24,400 in the first quarter of 2007 to 26,200 for the first quarter of 2008, an increase of 1,800 cases.
From Bloomberg:
Deutsche Bank’s Jain Says Financial Crisis May Not Be Over
Deutsche Bank AG’s co-head of investment banking, Anshu Jain, said it’s too early to conclude the financial crisis is over as U.S. housing prices fall and banks digest securities backed by residential mortgages.
“Is the crisis behind us? Market indicators point to different conclusions,” said Jain, the head of global markets, in remarks prepared for a presentation at a banking conference in Frankfurt. There has been “some normalization” in May “but there are conflicting indicators.”
From Reuters:
Major rating agencies near deal on reforms-reports
The three major credit rating agencies are near a settlement with New York Attorney General Andrew Cuomo to reform some of their core business practices, including how they collect fees, the Wall Street Journal and the New York Times said Wednesday, citing people familiar with the matter.
…
In 2002 and 2003, Spitzer pushed the financial services industry to separate analyst research from investment banking activity. This has resulted in stock research analysts becoming much more likely to assign hold and sell ratings. In the wake of the U.S. subprime mortgage crisis and ensuing global credit crunch, investors, regulators and politicians have criticized the agencies for failing to properly analyze securities backed by mortgages before assigning top ratings.
Agencies have been criticized for feeding the U.S. housing slump and credit market problems by long assigning high ratings to securities they should have known were risky, and then downgrading them quickly once the risks surfaced.
Under the proposed settlement, a rating agency will charge fees in stages for various analytical tasks, disclose every three months all transactions they were asked to rate and actually do rate, the Times said.
“I just saved a bundle on my real estate commissions!”
interesting article from Marketwatch.
I know we like to bash RE agents alot on these boards (and 9/10 they deserve it).
But for you blokes selling a home right now and plan on doing the “For Sale by Owner”, and have never sold RE before, you may want to think twice and find an agent with a good reputation.
Just 2 cents.
SAS
From CNBC:
Credit-Card Use Is Surging, Risking Another Debt Crisis
Cash-strapped Americans are ringing up more and more purchases on their credit and debit cards, and there could be a steep price to pay ahead.
Though the trend is a boon for the companies that issue the cards, analysts worry that there could be long-term problems not only for consumers but also for the anemic economy and the already-troubled banks that will be underwriting all that risky debt.
“Right now what we’re seeing is the US consumer losing their disposable income as they have to spend more and more on necessities because of higher prices for gas and food,” says Ron Ianieri, a market strategist and co-founder of the Options University investor education center. “Normally when you have a certain budget and you can’t keep up with the budget one of the easy steps is to extend that budget using credit.”
One of the main problems with that is US consumers—and their counterparts in Europe as well—already are delinquent on their credit card payments in numbers not seen in six years. The Federal Reserve last week said credit card delinquencies hit 4.86 percent in the first quarter in 2008, while revolving debt—or the type used in credit purchases—hit $957.2 billion in March, a 7.9 percent increase.
As all that risky, high-interest debt keeps accumulating, consumers will find themselves deeper in a hole that threatens to keep the economy in its sluggish state. Economists worry that the problems are being exacerbated by consumers using credit not only to buy big-screen TVs and patio furniture, but also to pay their mortgages and shop for groceries.
“There’s a significant risk to people who are using credit cards to help them try to bridge the gaps that they’re facing,” says Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness. “The reality is the economic picture isn’t going to clear up instantaneously.”
“Credit-Card Use Is Surging, Risking Another Debt Crisis”
not good, not good at all.
people, put down the fatburger, set up a budget and get out of debt. now!
SAS
“It isn’t clear whether that would allow the 85-year-old Mr. McMahon and his wife, Pamela, to remain in the six-bedroom home”
I wonder who sleeps in the other 5 bedrooms?
Always a good idea to keep an eye on those rich foreigners.
From MarketWatch:
Homebuilders fall in London, UBS says prices could drop
Homebuilders fell in London on Wednesday after UBS analysts said that they believe house prices in the U.K. could decline by between 15% to 20%, given the current severe lack of mortgage availability. “With volume likely to be down by around 30% at least, sector profitabilty could be put under extreme pressure,” the analysts said.
SUV owners,
Menu for the day:
breakfast-oatmeal
lunch-oatmeal
dinner-Spam w/ a side of oatmeal
sorry, I couldn’t pass that one up;)
he he.
SAS
I lost my shirt on a flat I use to own in London.
I too have lost money on a RE transaction because I was telling myself “its worth more”.
SAS
From Reuters:
Hovnanian reports 2Q loss grows tenfold
Homebuilder Hovnanian Enterprises Inc. on Tuesday evening said second-quarter losses grew tenfold from a year earlier as it reported its seventh consecutive negative quarter.
Red Bank-based Hovnanian blamed a “persistently challenging market environment” but said it has “ample liquidity to weather the current downturn.”
…
“We expect to persevere through the current downturn and we will be in position to thrive again once the housing markets begin to recover,” President and CEO Ara K. Hovnanian said in a statement.
After paying preferred stock dividends, the company reported a net loss of $340.7 million, or $5.29 per share, for the quarter that ended April 30. This compared with a loss of $30.7 million, or 49 cents per share, for the same period a year ago.
…
The company said its net contracts for the second quarter, excluding joint ventures, declined 29 percent to 2,226 homes. Its average home price fell nearly 17 percent to $290,556 from the same period of 2007.
It’s amazing when you talk to some real estate agents. They really knock online real estate sites. They act as if online services are worthless and the internet is just a fad.
Some have embraced the internet and have done well because of it. I hope this ruling is a wake up call to the rest.
What are folks favorites websites for searching for properties? We’ve recently relocated to Princeton and I have been using realtor.com, Trulia, and NJMLS.com. They do not appear to contain all the listings that are on the market. Is this normal for a market that does not allow internet competition? Thanks in advance.
oh no…
Biting the bullet: Ammo prices surge
Ammo bubble??? ;)
have the Nj report members been artificially driving up the price of ammo by speculating that clot and i may try to buy it all?
Lehman denies liquidity problems
Lehman Brothers headquarters in New York
Lehman’s shares closed at their lowest level for almost five years.
Lehman Brothers, one of America’s largest investment banks, has denied rumours it is facing funding problems.
The firm told investors that it had not borrowed money from the US Federal Reserve on Tuesday and had liquidity of “well above” $40bn (£20.4bn).
The denials, however, failed to reassure the market, as Lehman Brothers’ shares closed down 10%.
There was also speculation the bank would have to raise up to $4bn in additional capital from investors.
In March, Lehman Brothers raised $3bn from shareholders to bolster its balance sheet.
At that time, it had to counter reports it was suffering from similar problems to Bear Stearns which collapsed after confidence in the bank failed and clients withdrew funds.
“We did not access the primary broker-dealer facility,” said Lehman Brothers Treasurer Paolo Tonucci, speaking about a US Federal Reserve lending facility available on Tuesday.
“The last time we accessed the facility was on 16 April for testing purposes. We ended the first quarter with liquidity of $34 billion and finished the second quarter with well over $40 billion,” he said
http://news.bbc.co.uk/2/hi/business/7434776.stm
for comparison
March 10 (Bloomberg) — Bear Stearns Cos. Chief Executive Officer Alan Schwartz denied that the firm lacked sufficient capital after speculation about a liquidity crisis pushed the stock down the most since the 1987 stock market crash.
Bear Stearns, the second-biggest underwriter of mortgage- backed bonds, said in a statement that “there is absolutely no truth to the rumors of liquidity problems” and Schwartz said the company’s finances “remain strong.” The shares declined $7.78, or 11 percent, to $62.30 in composite trading on the New York Stock Exchange, the lowest level since March 2003.
http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=ah_wFlHpWUAo
From MarketWatch:
Mortgage applications fell 15.3% last week: MBA
Mortgage applications filed last week fell a seasonally adjusted 15.3% compared with the week before, mainly due to a decrease in refinance applications, the Mortgage Bankers Association reported on Wednesday.
Compared with the same week in 2007, applications were down 20.3%, the MBA said.
Applications to refinance an existing mortgage were down 25.7% during the week ended May 30, compared with the previous week. Home purchase applications were down a seasonally adjusted 5.4%. The numbers were adjusted to account for the Memorial Day holiday.
The four-week moving average for all mortgages was down 6%.
From CNBC:
Merrill Sees Countrywide Losses Up to $12 Billion
Countrywide Financial’s cumulative losses are likely to rise to between $10 billion and $12 billion, causing mark-to-market writedowns for the same amount for buyer Bank of America, Merrill Lynch said in an analyst’s research note Wednesday.
“Declining home prices should continue to push CFC’s credit losses higher,” the note said.
…
“We estimate cumulative losses on CFC’s pay option ARM, first lien mortgage, and home equity portfolios could be in the 13 percent range, which could produce about a $10 billion - $12 billion purchase accounting mark-to-market,” the note said.
From CNBC:
Mortgage Applications Index Hits 6-Year Low
U.S. mortgage applications fell for a third consecutive week, reaching its lowest level in over six years as demand for home refinancing loans plunged, an industry group said Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended May 30 dropped 15.3 percent to 502.3 — its lowest level since the week ended April 19, 2002.
The U.S. housing market is suffering one of the worst downturns in its history.
Significantly tighter lending standards and an unwieldy supply of homes for sale are just some of the factors preventing the U.S. housing market from recovering from its two-year-long slump.
The souring of demand for home loans last week may be tied to sharply higher interest rates on mortgages.
From The Record
N.J. bankruptcies soar
Bankruptcy filings by New Jersey businesses soared 69 percent to 560 in the 12 months ended March 31, according to new government statistics.
Total filings including those brought by individuals — which are always far greater in number — climbed 33.3 percent to 21,191 in the Garden State and 29.7 percent to 901,927 nationwide, the Administrative Office of the U.S. Courts reported Tuesday.
More at the link above
From Bloomberg:
U.S. Mortgage Applications Decline 15.3% to the Lowest Level in Six Years
Mortgage applications in the U.S. last week dropped to the lowest level in six years, reflecting less refinancing as interest rates jumped.
The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan fell 15 percent to 502.3, the lowest level since April 2002, from 593.3 the prior week. The group’s purchase index decreased 5.4 percent and its refinancing gauge dropped 26 percent.
The housing market faces decreasing demand as prospective buyers wait for prices to stop falling and additional foreclosures force lenders to tighten rules for mortgage applicants. The real-estate slump will probably weaken the economy for the rest of 2008.
“We continue to view the residential real-estate crash as the most important factor underlying current recessionary conditions in the U.S.,” said Maury Harris, chief economist at UBS Securities LLC in Stamford, Connecticut, in an e-mail note to clients. “Home prices are falling at a faster rate, a signal of worsening supply/demand imbalance.”
I thought NJ was where the best and brightest lived?
“Lehman denies liquidity problems”
Like a baseball manager getting a vote of confidence
From the WSJ:
ResCap Extends Deadline for Bondholders
By DONNA KARDOS
June 4, 2008 7:25 a.m.
Residential Capital LLC announced a nine-hour extension of the deadline for holders to exchange $14 billion in notes so it can restructure its obligations and avoid a bankruptcy filing.
The new deadline is 9 a.m. EDT and was changed “to coordinate the expiration of the offers with the overall closing of the refinancing of ResCap’s credit facilities.” Watchers have been looking for whether the beleaguered mortgage lender’s parent, GMAC LLC, would extend a $3.5 billion credit facility to ResCap.
…
But the tender offer results had elicited only a muted reaction in the high-yield market last month, as ResCap bond prices and the cost of insuring those bonds have continued to reflect an extremely high perceived risk of default.
…
After being hobbled by the sharp downturn in housing and mortgage markets, ResCap must be able to secure the new, $3.5 billion credit facility on acceptable terms from GMAC in order to make an exchange that would help keep it out of bankruptcy.
“to coordinate the expiration of the offers with the overall closing of the refinancing of ResCap’s credit facilities.”
Creative, I like that.
Translated:
“Nobody took the deal, we’re going under. We need a few more hours to clean out our desks.”
From CNBC:
Layoffs Rise 15% in May from April
U.S. companies’ planned layoffs rose 15 percent in May from April to the highest monthly total since December 2005, a report showed on Wednesday.
Planned job cuts in U.S. companies totaled 103,522 in May, up from 90,015 in April, employment consulting firm Challenger, Gray & Christmas Inc. reported.
May’s total was 46 percent higher than the 71,115 planned layoffs in the same month last year.
NJMLS Bergen County Sold & Under Contract (Pending) Data for May
Year #Sold #U/C
1991 710 924
1992 679 792
1993 598 961
1994 728 935
1995 613 909
1996 687 1042
1997 765 942
1998 772 1040
1999 743 999
2000 786 977
2001 736 1075
2002 847 1022
2003 713 1030
2004 807 1072
2005 873 1149
2006 808 1050
2007 824 964
2008 528 772
Inventory
Month 2004 2005 2006 2007 2008
May 3,546 3,567 5,809 5,972 6,356
June 3,932 3,913 6,350 6,248 6,466
Currently: 6,478
I think it would be quicker to find Bin Laden and the Loch Ness Monster than to find a Real Estate Agent with a good reputaton.
“But for you blokes selling a home right now and plan on doing the “For Sale by Owner”, and have never sold RE before, you may want to think twice and find an agent with a good reputation.”
An anecdotal report from a friend who lives in the Siena, Montclair’s new high end Condo building right near Church Street.
After getting a price reduction after contract from the builder, my friends closed and moved in a few months ago. There are still plenty of vacant apartments in the building.
They just got a call from the building’s sponsors informing them that they are offering a $5,000 bonus to tenants who bring in a buyer who closes a deal on an apartment; however, she also told them that they were combining the remaining units - where possible - to create 3-5000 sq. Ft. “homes” to “keep the value up in the building.”. She mentioned that the only segment of the market that is still moving in Montclair are “the over $1 million segment.”
Hey Folks,
It’s been a while. I was just out in Vegas for the ICSC ReCon Conference and here are some quick notes (mostly obvious ones).
- The ‘burbs are for sale. I could not believe the amount of strip malls for sale across the country. Think about your favorite Bestbuy, Target, Bed Bath Beyond complex….it’s for sale.
- Not as much European influence as I would suspect. Asia, however is a different story.
- The 1 Institutional Wall Street Firm representing itself at the conference……Lehman Brothers.
- NJ towns representing themselves. Edison, Patterson and Newark. Only the best!
- The Xanadu project model was the most embarrassing showcase on the floor. The only notable attraction was the Pepsi ferris wheel. The rest of the model was a a combination of windowless low level buildings. However, they set up about 6 flat screens around their booth looping a video of the artists rendering.
- Westfield and Simon malls are dealing with rapid vacancy growth due to failed retailers. Many “Coming Soon” signs to be seen at your favorite Mall.
- Not as bad as Miami/South Beach but cranes and unfinished projects were about as pervasive as the women of the night.
- City with the most positive growth in terms of expanding retail, mix use residential and city sprawl. Washington, DC.
United Airlines says it will ground 100 planes and cut up to 1,600 jobs due to ‘unprecedented’ fuel crisis.
Hybrid SUV owners,
Menu for the day:
Continental breakfast
Surf and turf well done.
Lobster
he he.
United Airlines says it will ground 100 planes and cut up to 1,600 jobs due to ‘unprecedented’ fuel crisis.
oops
I’m slower than your average rebear.
Rich In NNJ Says:
June 4th, 2008 at 7:59 am
NJMLS Bergen County Sold & Under Contract (Pending) Data for May
Rich or Grim,
I would like to post these numbers for Union County. I have access to gsmls but don’t really know my way around it. How can I quickly run these numbers?
John (31)-
When you expect the worst, you tend to be able to find it.
Technology and the Real Estate profession? All I know is that the search function on realtor.com stinks. They need to be able to keyword neighborhoods. Who wants to sift through the hundreds of results……when you know where you want to be. That alone is worth their demise.
BTW, John, you might be surprised to find a good agent wouldn’t take you on as a client in a month of Sundays.
“- The Xanadu project model was the most embarrassing showcase on the floor.”
Why am I not suprised??
Secondary Market: What stores were listed at the Xanadu display besides Cabellas?
I heard Virgin Megastore backed out.
sas Says:
June 4th, 2008 at 6:21 am
SUV owners,
Menu for the day:
breakfast-oatmeal
lunch-oatmeal
dinner-Spam w/ a side of oatmeal
sorry, I couldn’t pass that one up;)
he he.
SAS
GET AN SUV, GET FIT. SUV owners are healthiest amongst car owners!!!!
About offce vacancies:
I was saying it for 2 years - i P-Way Centennial drive - ther are 10’s of huge office buildings for rent for over 2 years not. really - drive it - almost every Office building is for rent.
I do nto knwo what is going to happen to them, but unless Wall Street decide to move to P-way they will bot be filled.
Downsizing the American home
During the housing bubble, KB Home priced out first-time homebuyers by building bigger. Its new, more modest model provides a glimpse of what the return of the housing market may look like.
http://money.cnn.com/2008/06/02/real_estate/Downsizing_American_Home_Tully.fortune/index.htm?postversion=2008060407
From MarketWatch:
Private sector adds 40,000 jobs in May, survey says
Companies in the U.S. private sector added 40,000 jobs in May, according to the ADP employment report released Wednesday.
The report, based on a sampling of payrolls administered by Automatic Data Processing Inc., comes two days before the Labor Department reports on nonfarm payrolls for May.
Adding in about 20,000 jobs typically created by government, the ADP report suggests nonfarm payrolls rose by about 60,000 in May, compared to a drop of 50,000 expected by Wall Street economists. The ADP data have overshot the employment report in recent months.
The estimated change in employment for April was revised to a gain of 13,000 from a prior estimate of a 10,000 increase.
“Though May’s estimate for a moderate increase in employment is above consensus forecasts of an outright decline, it nevertheless suggests continued weakness in employment,” the report said.
http://dailybriefing.blogs.fortune.cnn.com/2008/06/04/lehman-on-the-block/
Lehman may be forced to sell all or part of itself.
Denial ain’t just a river in Egypt.
43: Secondary Market: What stores were listed at the Xanadu display besides Cabellas?
I heard Virgin Megastore backed out.
Honestly, I don’t recall but they had images of an indoor ski slope. Rofl!
Hey Grim (or anyone else)–
Would it be possible to find out more about MLS #2500455? They just lowered their price, but I’d be curious about any previous relistings and/or recent sales of this house.
Thanks!
–Ben
Saw a new billboard campaign for realty on a road trip through PA. I feel that it wrongly targets the sideliners’ intelligence. The campaign had different first sentences, but always the same last sentence:
i.e.
“Someone is Loving your rent” (Forgot the other leading sentence)
“Smart People are buying now” (The tagline)
I guess that means that I must be stupid.. Maybe I should go buy a house I can’t afford for an inflated price that will lose value immediately so I can feel “smart”.
NEW YORK (Reuters) - A “credit recession” sparked by a downturn in the U.S. housing market and excesses in structured finance may last more than two years, and the financial sector may undergo “massive consolidation,” according to two leading Wall Street strategists.
The downturn may last for “two, two and a half years” which may help lead to a healthier market, Jack Malvey, Lehman Brothers’ (LEH) chief global fixed income strategist, said during a conference in New York.
“Structured finance is not new. It is the case in credit that (the market) hungered to get in this space 20 years ago,” Malvey said. “This is the biggest blowup that we’ve had.”
Dear Realtors:
The Justice Department reached a tentative settlement with the National Association of Realtors that essentially forced traditional real estate brokers to give Internet-based agents access to home-listing information that they had previously been denied.
Anth, same thing about those Toyota commercials I hear on the radio
“Why do smart people buy cars in the winter?”
“toyota - a smart way to keep moving forward”
ugh
Frank,
Hybrid SUV owners,
Menu for the day:
Continental breakfast
Surf and turf well done.
Lobster
he he.
I didn’t know they served that at the hospital after you have been put in a full body cast for getting T-boned:)
Note: Owner of a Jeep Grand Cherokee 5.7L Hemi & Work in Progress fully electric Jeep Cherokee
Where is BC Bob?
A good reputation for a real estate is impossible. The one in my town who moves the most homes does it flat fee and literally forces sellers into all types of concessions and price cuts and troubles or she drops you like a hot brick. She is great for buyers.
The one that gets the best price, works like a dog, spends tons of money on ads, pushes her lawyer, her subprime mortgage broker and home inspectors on clients. She is great for sellers.
Either case 50% of people hate these two realtors. The sellers hate the first realtor and the buyers who overpaid hate the second realtor. When done right it is harde to walk away from a deal with both sides happy. How can you always sell houses where the seller feels he got top dollar and the most possible for his house and the buyer feels like he got it below market and for a steal?
GTG: Saturday, June 14th, correct? And the place to meet was???
Ben Says:
June 4th, 2008 at 9:36 am
Hey Grim (or anyone else)–
Would it be possible to find out more about MLS #2500455?
LIST 09/06/06
OLP 524,900
LP 514,900
DOM 181
EXPIRED
LIST 09/21/05
OLP 529,900
LP 529,900
DOM 131
EXPIRED
LIST 01/31/06
OLP 529,900
LP 529,900
DOM 150
EXPIRED
LIST 03/20/08
OLP 549,900
LP 524,900
DOM 76
ACTIVE
Ridgewood ACTIVE Comp Killer!
2507787 Sold
SLD 759 BRUCE ST $560,000 10/21/2005
2818724 Active
ACT 759 BRUCE ST $588,000 5/6/2008
PCH 759 BRUCE ST $558,000 6/3/2008
57…the only way for a mutually beneficial transaction to occur would be for both parties to walk away with what they need…and that is not impossible.
I agree with the idea that ‘if’ you overpay….you are likely to carry along a certain disdain for the realtor….but you can really only blame yourself.
#62 essex:but you can really only blame yourself.
And who does that today?
Almost there…
Upper Saddle River
2614357 Sold
SLD 11 PHARIS PL $1,700,000 8/30/2006
2814923 Active
ACT 11 PHARIS PL $1,798,000 4/11/2008
PCH 11 PHARIS PL $1,775,000 5/4/2008
PCH 11 PHARIS PL $1,710,000 6/3/2008
Elmwood Park Comp Killer!
2620650 Sold
SLD 176 PHILIP AVE $340,000 9/22/2006
NEW WINDOWS,NEW SIDING,NEW FRONT,BACK AND BSMT DOORS
2736869 Expired
ACT 176 PHILIP AVE $365,000 9/10/2007
PCH 176 PHILIP AVE $355,000 10/30/2007
EXP 176 PHILIP AVE $355,000 1/11/2008
2805985 Sold
ACT 176 PHILIP AVE $349,000 2/12/2008
PCH 176 PHILIP AVE $339,000 3/27/2008
ACT* 176 PHILIP AVE $339,000 4/3/2008
U/C 176 PHILIP AVE $339,000 4/8/2008
SLD 176 PHILIP AVE $330,000 6/3/2008
Thanks, Young Buck!
So that means these same people have owned the house and listed in 4 times in the past 2 1/2 years…and it never occurred to them to do a serious price reduction? I wonder if there’s something seriously wrong with the place (other than small lot and no basement).
The house is currently vacant…I further wonder how much its costing them to maintain the fantasy that they’re going to get the asking price they couldn’t get the first three times.
Question to realtors Grim, Clot etc.
do realtors require a verbal approval on an offer to enter the paperwork and good faith check? Or can you just present the offer in writing regardless?
We have a winner! Well, if a brand new kitchen and appliances cost less than $10k and you don’t factor inflation and commision and realty fee…
Hillsdale
2503368 Sold
SLD 200 KNICKERBOCKER AVE $520,000 6/29/2005
2805827 Sold
ACT 200 KNICKERBOCKER AVE $569,000 2/11/2008
ACT* 200 KNICKERBOCKER AVE $569,000 3/20/2008
U/C 200 KNICKERBOCKER AVE $569,000 4/3/2008
SLD 200 KNICKERBOCKER AVE $530,000 6/3/2008
Midland Park Comp Killer!
2503849 Sold
ACT 32 2ND ST $889,000 2/11/2005
ACT* 32 2ND ST $889,000 2/15/2005
U/C 32 2ND ST $889,000 2/28/2005
SLD 32 2ND ST $889,000 4/29/2005
2804254 Sold
ACT 32 2ND ST $939,000 1/31/2008
PCH 32 2ND ST $889,000 2/19/2008
PCH 32 2ND ST $869,000 3/10/2008
PCH 32 2ND ST $819,000 5/1/2008
ACT* 32 2ND ST $819,000 5/14/2008
U/C 32 2ND ST $819,000 5/19/2008
SLD 32 2ND ST $780,000 6/3/2008
#68 Rich: Back to 05, 04 prices? Imagine that, prices DO go down.
#70 Rich: 03 prices?
Wyckoff Comp Killer!
2621345 Sold
SLD 334 SUNSET BLVD $830,000 9/15/2006
2807877 Sold
ACT 334 SUNSET BLVD $829,900 2/27/2008
PCH 334 SUNSET BLVD $799,900 3/12/2008
ACT* 334 SUNSET BLVD $799,900 3/31/2008
U/C 334 SUNSET BLVD $799,900 4/14/2008
SLD 334 SUNSET BLVD $775,000 6/2/2008
3B,
I’d say we’re between ‘04 - ‘05 prices.
#74 Rich: Well another year and there is no reason why we could nto see 02 -03 prices, perhaps lower.
I think that the end of this selling season which will come to a close right before the 4th of July (if it has not already), those who have not sold, will hopefully finally get the message, and start dropping prices substanially.
I opened a bunch of listings last night and once again, I sat there in total amazement wondering what type of blunt force trauma the sellers had to endure when coming to the decision to “sell” their house. Without a doubt, these people would rather go through an agonizing death than sell for a price dicatated by the market. I have no idea what they’re reading or where they’re getting their advice from. A two bedroom cape with an attic that they try to pass off as two additional bedrooms with no C/A, little to no updates and $9,000 in taxes should not be listed at $649,000.
Do these stupid, f*cking dolts understand that they’d be better off not listing the house in the first place? Why f*cking bother? All you’re doing is announcing that you have a desire to move. That’s it. Do you see the recent comps? Perhaps that should give you a clue, Homer? Do you live under a f*cking rock or is your IQ hovering around 78?
And what is it with Fairfield? Ranches and bi-levels in the upper 600s to the high 700s? Are you f*cking kidding me? Has the mosquito infested swamps or the toxic goo that was dumped there infiltrate your cranium? A bi-level on the market for $799,000 was just reduced to $795,000 after 38,000 days on the market. Good f*cking luck.
75 gary
you’re gonna have to switch to decaf…
jlx,
lol! Amen. I haven’t been on a soapbox in a while. :) These people kill me, though. If one is intelligent enough to be qualified to buy at that price, they’re certainly not considering a POS, over-priced bi-level.
The menu for those of us taking NJ transit to work, in place of our Jeep Wranglers:
Coffee
Beer
Beer
Beer
Beer!
#75 Gary,
I hope you are not a postal worker.
Speaking of NJ Transit and beer, I’m assuming that we are a go for Saturday, June 14 for the next NJ Real Estate, Stroller, Vehicle, Alternative Energy, and Water Heating & Filtration GTG.
RIGHT?!
Should we start throwing out times, venues and a “role call”?
I’m in.
Since it’s a Saturday, maybe we can meet earlier in the evening?
Grim Wins!!!
From the FHA Blog:
“The popular vote winner is NJ Real Estate Report. This was a tight race between first and second but as of Sunday, June 1 at 12:00 A.M. NJ was in the lead. James, the author of NJREreport.com, has graciously asked us to send his $500 prize to the Newark Chapter of Habitat for Humanity.”
i feel the same way as you gary, but i’m not as vocal… i’m just happy i own a place right now and can wait out the sellers… my target right now is 4q next year…
my prediction is that it’ll be about 10-15% lower than today’s prices… then after i buy it’ll continue to decline about an additional 10-15% over the next two years… then it’ll decline an additional 10% for the next eight years…
but that’s ok tho… by 2018 my house won’t be underwater anymore and we’ll have that bounce we heard about…
where will we all go for entertainment when we aren’t compelled to flock to this blog daily/hourly?
jlx,
I own also and will wait it out as well. Late this year or early next will tell us more. Yes, I can be vocal. :)
GTG is Saturday the 14th at 5pm in Hoboken. Venue is yet to be determined, but will be a walkable distance from the Path. Early time so that folks can make arrangements for sitters and get back home at a reasonable time.
bairen,
LOL! Nope, not a postal worker.
Speaking of philanthropy, what are some reputable organizations dealing with childhood cancer? St. Barnabas comes to mind, but I am sure there are more…
#77 Gary:
I feel your passion when you go on your rants on home sellers and realtors (not all) who are in home pricing denial. Rock on!!
James (81 & 84)
Cool!
grim,
Congratulations on the win! You rock, this blog rocks and 10,000 f*cking realtors crying in their cup-o-soups know it rocks!
Any info on this house. I know it’s a short sale Lender’s approval and if all goes well we may put in an offer.
MLS# 2520089
Congratulations grim.
Congrats Grim and nice one on the donation!
Congratulations Grim and thank you all the IP boosters!
organizations dealing with childhood cancer?
One of my fa-VOR-it topics, Boo-Boo.
Did a lot of time in children’s ICU the first year I was getting my MBA, and really appreciated what this one did:
http://www.geisinger.org/services/pediatrics/child_life/wish_list.html
Grim - you’re an upstanding individual.
Now as for RE…
After looking at my towns on the GSMLS, based on the average prices people are asking I would consider bidding after a 20% reduction on current ASKING prices. Either that or I’m collecting interest and gaining on my investments for another three more years, while these houses sit with no appreciation. I may be paying rent, but I’m enjoying life just as much and living below my means. I also don’t have to worry about taxes, upkeep, heat/water bills or making my mortgage payments. Life is good as a renter!
Congrats Grim, and nice job with the donation.
Joeycasz Says:
June 4th, 2008 at 11:08 am
Any info on this house. I know it’s a short sale Lender’s approval and if all goes well we may put in an offer.
MLS# 2520089
689 PINEWOOD RD
LIST 08/11/04
OLP 338,500
LP 338,500
SP 340,000
DOM 48
SOLD 12/14/04
LIST 05/21/08
OLP 299,999
LP 299,999
DOM 14
ACTIVE
LIST 08/15/07
OLP 410,000
LP 399,000
DOM 228
EXPIRED
# 84 YAY!! we will be there! Gonna arrange for a sitter!!
sl
All-Hype: going??
grim,
Congratulations!! Kudos to you and your philanthropy! What a great choice of a local charity.
You’re cool :-)
sl
Congrats! And where is BC bob?
Joeycasz,
That Pinewood Rd house is in the Battle Hill section of Union — one of the better sections of town. It’s a nice area, quiet and the Battle Hill school is good if you have kids.
I’ve heard three different financial commentators reference the Fed’s commitment to the dollar.
Has anything happened other than Bernanke’s speech?
The realtor for the owners of the house we are renting in Harding called to see if we were potentially moving again and if the owners could put the house on the market (I had told them that I might have to move for my job). After telling him not at the moment, I said, I guess that they would like to get it on the market now rather than in 10 months when the lease is up as the market is getting tougher. His response- houses in Chatham, Summit, Madison and Basking Ridge have as many buyers as sellers and inventory is flat. I have a suspicion that he is still trying to be a cheer leader but he claims that houses are selling well. Anyone have any stats on these areas? In Harding the prices are insane (people behind us want $1.2MM for a teardown) but turnover does not seem to bad. They want $1 M for the 3 bed 1972 colonial that we are renting (orig kitchen and appliances etc).
Buy one, get one free
http://www.signonsandiego.com/news/metro/bell/20080603-9999-1m3bell.html
I would like to add my congrats to Grim and all those who contribute to NJReport. It’s an excellent blog.
Thanks Youngbuck #97 and Pattimak #101
We’re looking in that section (Only half a mile from Springfield too!) and near Shering Plough. Both sections are very nice and the schools like you said are very good. We’re looking at 7 more houses and will make an offer if we can on Pinewood if all goes well.
Big window,
There is also Children’s Specialized Hospital. I don’t know if they deal with cancer specifically.
If you want to go further abroad, CHoP is one of the leading children’s hospitals in the country. A world class institution; made me feel safe knowing I could see it from my house when I lived in Philly.
[17] Kettle,
Make sure you save some 9×18mm for my Makarov
John (57)-
Stick to bean-counting. You don’t have a clue about RE.
Hunter (67)-
In my book, if it ain’t in writing, it doesn’t exist. Personally, I do not negotiate, discuss or entertain verbal offers. Talk is cheap.
#86 Childhood cancer philanthropy suggestions.. Any program that improves the quality of life of the child during hospitalization. Clowning programs, pet therapy, music and arts, movies and pizza parties, craft rooms and libraries. Also volunteer programs - where volunteers keep the child company. Many parents work thru their childs hospitalizations, or have siblings at home and can’t be with their sick child 100%. Or, the parent takes a much needed break (a shower, a meal, a few minutes to restore ones spirit before going thru the next round, a quick nap, running and doing their laundry). It’s so reassuring to know your child has company, and someone to help keep their spirts up.
Most importantly, it’s really important for kids to still be kids. Medical procedures and the medical environment take so much of that away from them. Whatever can be done to maintain the sense of play and wonder is treasured.
Another great idea would be a way to help parents pay down debt for medical treatments that are part of the portion NOT covered by insurance. You know, that nagging 20% that is your responsibility. (I’m paying off 25K from 1 procedure, and have 2 or 3 more procedures in the years to come!).
We were happy with Morgan Stanley Children’s Hospital NYC (issues other than cancer, my dc has cp).
“James, the author of NJREreport.com, has graciously asked us to send his $500 prize to the Newark Chapter of Habitat for Humanity”
nice.
I thought for sure the check would go to Hudson County.
Joey,
i wouldn’t place too much value on being close to Schering Plough. Many employees will be laid off from that site in the coming months.
107 nom
“A world class institution; made me feel safe knowing I could see it from my house when I lived in Philly.”
I second that motion.
Didn’t know you lived in Philly, nom.
I miss that town.
10 Nom - Not sure if Children’s Specialized does Cancer Care, but their independent Child Study Team is fantastic. I am a CASA advocate and Educational Guardian for an Special Needs Foster Child in Essex County and the first thing I got the court to order DYFS to do was get my kid evaluated there. The Newark Schools provide terrible services for the kids that don’t have an effective parental advocate. That’s even more criminal given how much of our tax dollars are going into that city to “improve the schools”.
Nom (and others on the blog…)
One of my nurses is looking at houses in Philly. I’m hoping he will post his question as it really has some interesting points to it.
I don’t want to steal his thunder (in asking for him) or to post it without his consent, so I am hoping you’ll be on the lookout for it when (if) he posts.
Hopefully he’ll see this and it will prompt him.
Thanks,
sl
BTW,
For those who might recall… (ie Pat, PGC, etc)
My SIL did submit application for the buyout from UBS. Will keep you posted.
sl
From MarketWatch:
Moody’s may downgrade MBIA, Ambac on concerns
Moody’s Investors Service said Wednesday it may downgrade the Aaa insurance financial strength ratings of MBIA Inc.’s and Ambac Inc.’s insurance units. Also, Moody’s said it may downgrade Ambac Financial Group’s Aa3 debt ratings, and the Aa2 surplus note rating of MBIA Insurance Corp. and the Aa3 ratings of MBIA Inc. The moves reflect Moody’s growing concern that MBIA’s and Ambac’s credit profile may no longer be consistent with current ratings given the diminished new business prospects and financial flexibility of the companies.
Our neighbors across the pond are finally at the precipice…
The extent of this RE bubble is truly unprecedented. It could get real ugly if the aftermath is as well.
London Luxury-Home Prices Drop Most Since 1992 in May (Update2)
http://www.bloomberg.com/apps/news?pid=20601110&sid=aHKwTEFjIu3g
sl, I’m glad. Some folks I’m hearing about were canned at Wach and got a rock.
They had great packages prior to recent takeovers, and never bothered to prepare for the worst.
From Reuters:
Subprime debacle may spark 2-year credit recession
A “credit recession” sparked by the U.S. housing market downturn and excesses in structured finance may last more than two years, and the financial sector will undergo “massive consolidation,” leading Wall Street strategists said on Wednesday.
The fallout from deteriorating subprime mortgages and the broader housing and credit crisis will eventually lead to a healthier market, but not until after a prolonged purging process, Jack Malvey, Lehman Brothers Holdings Inc’s chief global fixed-income strategist, said in New York.
117. I live in Philly and would be happy to help if I can.
123 Secondary
Where in Philly? (not asking for an address, of course, but just neighborhood or town (if you are meaning philly area)).
Renting?
SecMar, Thanks! I am hoping he will post his question when he wakes up (he worked overnight last night!)
sl
121 Pat,
Thanks! She and hubby think it is for the best too. They are financially sound and my SIL is a smart lady! I know she put a lot of thought into it
Thanks again for your input, I feel better knowing that it’s an informed decision.
sl
Joeycasz,
106. Good luck on your house hunting and hope you get a great lowball deal.
#124
NJP,
I live in Old City, happily renting a great 2 bed 2 bath brownstone for $1,650 (just my wife and I). Across the street is a shiny new condo complex where the same apartment would cost 550k. Stainless and Granite has never been so unappealing before.
http://www.nytimes.com/2008/05/31/business/yourmoney/31money.html?ei=5087&em=&en=f5c8c46000f69b78&ex=1212724800&adxnnlx=1212599487-mMTtOW0cAZQ%20T3ceoihweQ&pagewanted=all
A few years ago, when multiple bidders would show up at a real estate open house, the truly desperate resorted to writing love letters to the sellers.
Their plaintive scribblings painted a picture of first-time buyers chasing the American dream or growing families hungry for more space. The letters dripped with compliments for the property and ended with a plea for mercy (and a signed contract).
Today’s real estate market, however, calls for a different kind of letter, less a fuzzy valentine and more like a cold splash of water.
[snip]
Joeycasz,
Lowball them and know that in the end you can just walk away as other houses will be available. The best negotiating tool you have.
Mitchell 197 (yesterday)
The two use tankless will run you about $1,000. I got the kind with a pilot, so there was no electric to run. Since the tankless requires a wall, I had to frame up something to hang it on. If you have a wall near your hot water tank, you may not need this. The hardest (for me) was running the flue, as I had to reroute it from where the original tank was. My biggest frustration was sweating all the copper, then finding a leak, and having to redo it. The steps for install are roughly similar to installing a tank water heater. It is not rocket science, and if you are comfortable working with gas pipes and plumbing, you should be OK. Follow the instructions to the letter, and make sure you have a big enough diameter gas pipe, as these things suck much more gas when they are on than the tank does. I am not a tradesman, but I do most of my own handyman work, and this was not technically difficult, just tedious. For $300 bucks, I would have paid someone, but I was also quoted over $1,000 for installation, so I did it myself. I also put a CO detector in my basement and was careful to check for gas leaks. If you are careful, take your time, you should be OK. You will make several trips to the hardware store, though. Good luck!
Mitchel said: “I’m seriously considering doing the same but want to get a gas one that you can do dishes while taking a shower. What was the most difficult part in installing the tankless system?”
#81- Congrats Grim!
“James, the author of NJREreport.com, has graciously asked us to send his $500 prize to the Newark Chapter of Habitat for Humanity.”
I’ve volunteered with Newark Habitiat. It’s been a few years, but they were a great group of people, doing good work.
Nice gesture on your part,
JM
128 secondary
Old city brownstone.
Lucky stiff. What a life.
Well guys thanks for the support but it ain’t happening. Apparently they “underpriced” the house and i assume people are buying it as there are 5 bidders and the current price is now up to $325,000. As good a shape as the house is in i wouldn’t bid that high or higher. It’s a 3 bed 1 bath cape! This is like the 4th house we’ve missed. Oh well, the wife is not happy :)
wandering around Old City in Philly on Halloween is a wonderful thing - folks out on their stoops with jack-o-lanterns watching the people go by and the children trick-or-treating - it’s like being in a small town, except there are more genuine ghosts in that neighborhood than most other places I know.
133.
Ha. It took living in a 5 story walk up in Weehawken to get here. We feel vindicated.
could you describe the chage of living style
in old city ,,, /weehawken
Wednesday, June 4th, 2008
First of all, thanks to everyone who voted or entered a blog in the contest. It was a definite success and was a great way to connect with other professionals in the real estate industry. We look forward to running it again next year. Without any further ado, the winners are below!
We used a random number generator and the lucky winner of the $500 participation prize is Peter Toner and his San Diego Real Estate blog.
For editor’s choice, the prize goes to Rich Rosa of the Massachusetts Home Buyer Guide. We really like Rich’s mix of analytical market related posts and local interest pieces.
The popular vote winner is NJ Real Estate Report. This was a tight race between first and second but as of Sunday, June 1 at 12:00 A.M. NJ was in the lead. James, the author of NJREreport.com, has graciously asked us to send his $500 prize to the Newark Chapter of Habitat for Humanity.
Five Things You Need to Know: Pulte Homes, “The Problem Is Demand”
http://www.minyanville.com/articles/AXP-C-citigroup-jpm-Credit-tol/index/a/17429
137.
I feel they are incomparable to be honest. In Old City I can walk out of my door to countless restaurants, art galleries, cafe’s and amazing historical sites like the Betsy Ross House, Independence Hall, Liberty Bell etc.
In Weehawken, despite the amazing views on Blvd. East I would have to walk through the Pathmark parking lot to Park Ave. to get to the one nice restaurant, Paula at Rigoletto. I really never felt the sense of community there. It was very transient in terms of the NYC commuters and the owners of the beautiful Victorian homes only left the house to sweep the side walk and get the paper.
The list goes on but no dog parks, disconnected city layout with Union City running through Weehawken and you basically have to hop in your car to do anything. Not exactly the urban lifestyle one looks for.
Granted, NYC is a stones throw but waiting 30 minutes for an illegal jittny bus gets old fast when you have to sit in 45 minutes traffic in the Lincoln tunnel.
Congrats Grim! Keep up the good work.
Bloomberg.com - MBIA, Ambac Credit Ratings Under Threat at Moody’s (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aAS6o7QliF8U&refer=home
Once this happens, expect more writedowns, more losses on mortgage portfolios as those who have not marked their MBIA/Ambac guaranteed positions down already.
Than when trading revenues get hit again, expect another thinning of the ranks…
Patient,
I am sure you do, considering you were also nearby. Bet I used your library more though.
Someone above asked about Philly, and I can speak to Center City on the west side (Rittenhouse/Fitler/Schuykill areas); someone else weighed in on Old City, which I know little about.
Congratulations Grim on FHA win
Credit crunch victims await final bill …
http://newsvote.bbc.co.uk/mpapps/pagetools/print/news.bbc.co.uk/2/hi/business/7431310.stm
The triumph was short-lived. She thought she was buying a newly-renovated home. Instead, she got an overvalued dump.
There’s asbestos in the basement and dangerous wiring. The walls are crumbling because of leaky windows and bad plumbing.
It’s a nightmare and an expensive one. She borrowed 12 times her salary of $25,000 for the wreck.
….
patient,
hope the lil’ patients were never actually patients there, though. Nothing more frightening, I can assure you.
Worst memory was when the Nomette needed stitches in her chin–they papoosed her and she went nuts. Was breaking my heart trying to console her while she shreiked away. Has been afraid of hospitals ever since.
HEHEHE,
Interesting comment in that minyanville article…
“Richard Dugas, PHM CEO, said he believes it is a mistake to believe the new housing market can correct without the resale market also correcting. This is an important point of distinction. New homes are now selling at a 10% to 15% discount to resale in most areas of the country. Historically, that ratio has been reversed.”
This is my stream of consciousness opinion on that article. So if that ratio is typically reversed that means homes up for resale are 20-30% overpriced based on new housing market sales prices. In a community where there are both new homes and existing homes for sale, the buyers more likely would buy an new discounted home that is comparable, leaving the existing homes to stay stale on the market until the existing homeowners cut price to below new home sales to reflect the discount of owning a used home. However in much of the Northern NJ, we probably have more existing homes for sale so since there is less competition and less inventory of new homes that need prices slashed, the prices do not decline as much.
To add on to above…
This is probably why homes in the outer reaches of NJ have experienced more of a decline than the older more established neighborhoods. Eventually those older neighborhoods will reflect the vagaries of the entire RE market when either job cuts hit or there is a larger mass of price reductions in the surrounding areas.
Congrats JB on a job, done. I keed, I keed. You rock. Excellent decision to donate to HFH.
“We used a random number generator and the lucky winner of the $500 participation prize is Peter Toner and his San Diego Real Estate blog.
For editor’s choice, the prize goes to Rich Rosa of the Massachusetts Home Buyer Guide. We really like Rich’s mix of analytical market related posts and local interest pieces.”
The Toner one is to be expected - a Pimp My Condo/Fluff My House type blog, but the MA Home Buyer Guide is actually pretty interesting - run by a guy who has a lawyer/broker business that represents only buyers. Wish there were more of those around.
145 nom
“Has been afraid of hospitals ever since.”
Mine weren’t around yet back when I was in the nabe, but they’re none too fond of hospitals either.
I know that real estate is the third largest asset class in the world.
I know their is no realistic mechanism in place to hedge real estate.
I know that in the first and second largest asset classes registered reps have thin margins and suitability requirements.
Real Estate Brokers insert themselves in the middle of a transaction at a hefty fee and without suitability or margin concerns sell a product that is so expensive that it equals most peoples entire life savings. It is a product that has little liquidity and is almost impossible to hedge. Yet the mantra that it is always a good time to buy and the you can’t lose in real estate is always thrown around without the downward risks being explained. In commercial real estate due diligence is performed by the buyer, in residential real estate the poor buyer mistakenly thinks the sellers broker is his friend and takes the bad advice. Legally the broker profits from the transaction but not morally. I guess taking advice from a middle aged man in a gold jacket with a comb over you should deserve what you get but that is not fair. Hopefully one day the market will move into the 21st century and RE brokers to our children’s children will be something they look up on wikipedia along with token clerks, western union messengers and the pony express.
Clotpoll Says:
June 4th, 2008 at 12:15 pm
John (57)-
Stick to bean-counting. You don’t have a clue about RE.
Congrats Grim! And good call on giving the prize to Habitat. HP Keith probably would have spent it on anger management therapy.
BTW where is Pret these days?
140 secondary
That description stirs the soul. Can’t wait to move back to that neck of the woods.
For those with kids, the Philly Zoo is great, and the Camden aquarium is a short, fun ferry ride across the river from Old City, and is a terrific aquarium.
Sec, have you been to Azafran (restaurant just off South St)? The Yucca fries are incredible.
Also, if you haven’t yet, take a walk over toward Rittenhouse and go to Monks for lunch someday. Great mussels, great fries with Belgian mayo dip that will kill you (but you’ll die happy) and the best beer menu in America.
Re 144 - I like the line about the real estate broker
Taken advantage of
The triumph was short-lived. She thought she was buying a newly-renovated home. Instead, she got an overvalued dump.
There’s asbestos in the basement and dangerous wiring. The walls are crumbling because of leaky windows and bad plumbing.
It’s a nightmare and an expensive one. She borrowed 12 times her salary of $25,000 for the wreck.
“They lied to me - the attorney that was supposed to be representing, my real estate agent, the man at the bank.
“They said, ‘Don’t worry, you’ll get a loan, your credit will look great after a year of payment, your credit will shoot through the roof,’ and I said really, like a kid in the store.”
She says she didn’t know better and the money-men took advantage of her naivety and ignorance.
njpatient Says:
June 4th, 2008 at 1:22 pm
123 Secondary Where in Philly? (not asking for an address, of course, but just neighborhood or town (if you are meaning philly area)).
njp/sm: my first official date with my wife was here….
http://www.rosetattoocafe.com/homepage.html
Favorite story was going to a diner on 18th & Spruce right off Rittenhouse. It is now a trend-oid version of its former self. It used to be more of the upscale greasy-spoon variety.
Anyway, I order an omlette and coffee, and the waitress says to me “teh-st”? …….I look at her completely blankly….she said again a little impatiently “teh-st”? I am silent. I have no idea WTF she is saying.
“White? Rye? Wheat????!!!???”
John,
Are you coming next saturday?
Congrats on the win.
While a few free rounds at the next GTG (I’m going to try to make it) would have been better, at least I can take solace in the fact that your contribution to HFH will increase the aggregate supply of housing units in NNJ.
Just kidding, I think the donation is an excellent use for the winnings.
From Wiki
Cheesesteaks elsewhere
In other parts of North America, many sandwich shops offer their own versions of the cheesesteak. However, according to Pennsylvania Governor and former Philadelphia Mayor Ed Rendell, cooks outside Philadelphia can’t produce an authentic Philly cheesesteak because, “first, they use good meat. You need the fattiest, stringiest meat to get a proper taste… The second mistake is, they use real cheese. Real cheese doesn’t melt like Cheez Whiz… And third, when they fry their onions, they actually drain off the grease. You can’t do that.”[27]
Another missing element in most cheesesteaks outside Philadelphia is the use of Vilotti-Pisanelli or Amoroso’s rolls, which are used by most cheesesteak places in Philadelphia.[3] There are, however, some restaurants outside of Philadelphia that have Amoroso rolls or dough shipped to them.
#159
And wasn’t Philly voted America’s Fattest City in recent years?
Sounds about right…
Pat:
Isn’t the Langhorn location in your bailiwick?
http://stevesprinceofsteaks.com/
What is the inside poop?
Anyway, I order an omlette and coffee, and the waitress says to me “teh-st”?
I ordered a cup of coffee at a trendy place in South Beach last month. The Waiter asked my if I wanted to try their “special” coffee for $40. I asked why it cost $40. He said that a marsupial (that looks like a chipmunk) eats the beans, partially digests them and s**ts them out, from which the beans are harvested.
My drunk friend offered to sell them his special corn and peanut dish.
njpatient … yesterday you mentioned growing up in manhattan - east side or west side? I went to HS on the east side - we might know some of the same people.
try emailing me offline at jmacdaddio at gmail dot com if you feel like playing the did you know so-and-so? game.
Secondary - Isn’t it funny how things turn out? Sounds like everything has come up roses since you were laid off. Glad for you.
Between your posts and patients reminiscing it makes Philly sound awesome. I’ll need to take a couple of trips down. My experience really only extends to the Terminal, the historical sites and a couple of coffee shops.
I would like to go but the real estate agents would beat me to death with their 2006 era million dollar club trophies.
Sybarite Says:
June 4th, 2008 at 3:07 pm
John,
Are you coming next saturday?
Fort Lee ACTIVE Comp Killer!
2407794 Sold
SLD 1026 HARVARD PL $560,000 6/8/2004
2702021 Expired
ACT 1026 HARVARD PL $729,999 1/15/2007
PCH 1026 HARVARD PL $699,000 1/28/2007
PCH 1026 HARVARD PL $545,000 6/4/2007
ACT* 1026 HARVARD PL $545,000 6/7/2007
ARR 1026 HARVARD PL $545,000 6/26/2007
PCH 1026 HARVARD PL $625,000 6/26/2007
EXT 1026 HARVARD PL $625,000 7/10/2007
EXP 1026 HARVARD PL $625,000 8/16/2007
2822727 Active (Bank owned)
ACT 1026 HARVARD PL $419,900 6/4/2008
Lisoosh, yes! It has and for the first time in my life I can honestly believe in the saying “things happen for a reason”. It certainly has been a great turn of events.
NJP: I’m a fixture at Monks. However, now that Eulogy, a similar Belgian bar is in Old City, I can walk 3 blocks and belly up to the bar for a Kwack or Hoegaarden.
ChiFi: I vote for Tony Luke’s. Always.
John,
I promise that will not happen. Your wife can watch the kids for a few hours. I’ll buy you a drink.
<Whoa
Oradell ACTIVE Comp Killer!
2433467 Sold
SLD 625 LAKE AVE $875,000 11/18/2004
2816031 Active
ACT 625 LAKE AVE $899,000 4/19/2008
PCH 625 LAKE AVE $799,000 6/4/2008
#165
I would have though all your straw would provide camouflage among the Gold coats.
161 chicagocheesesteak
Why, I’ve never tried StevesPrinceofsteaks. I do believe I shall.
I’m a Rick’s gal from years of greasy spoon lunches at Reading Terminal Market.
lisoosh Says:
June 4th, 2008 at 3:21 pm
Secondary Between your posts and patients reminiscing it makes Philly sound awesome. I’ll need to take a couple of trips down. My experience really only extends to the Terminal, the historical sites and a couple of coffee shops.
l: Leave the kids with grandparents or other trusted party. Get a room at one of the CC hotels, and make a reservation at one of the Walnut Street/Rittenhouse restaurants. A civilized Saturday evening to clear the mind, and the wallet.
REALOGY CORP SR SUB 12.37500% 04/15/2015
Basic Analytics
Price (Ask) 55.875
Yield to Worst (Ask) 26.715%
I keep hearing conflicting stories about AMT and property tax. Are you able to deduct any of your property tax on primary residence under AMT?
Does being above the point at which income exemption reduces to zero, make a difference?
chicagofinance Says:
June 4th, 2008 at 3:52 pm
“l: Leave the kids with grandparents or other trusted party. Get a room at one of the CC hotels, and make a reservation at one of the Walnut Street/Rittenhouse restaurants. A civilized Saturday evening to clear the mind, and the wallet.”
I WISH! All the grandparents are 3,000-6,000 miles away and my trusted party just had her 4th, so overnights just ain’t happening for now. Maybe next time someone comes to visit.
Summer vacation involves visiting ALL of the relatives over 2 continents. Lets just say that I have lots of plans and have warned people that I expect lots of babysitting.
Philly has Belgian bars? With mayonnaise-y fries? Would there be some Trappist to go with that?
#40
“All I know is that the search function on realtor.com stinks. They need to be able to keyword neighborhoods. Who wants to sift through the hundreds of results……when you know where you want to be. That alone is worth their demise.”
that is the #1 problem with searching for RE online– inability to see location in many cases. I guess realtors think that if you can’t see the location yourself, you have to hire them. but all you have to do is call the listing agent and find out yourself. it is just a waste of time for everyone concerned and does not do the realtors any favors
“Fort Lee ACTIVE Comp Killer!”
thats a hell of a comp killer.
SAS
Never seen titles like this:
‘Rolled back to 2004 pricing’
http://newjersey.craigslist.org/rfs/683103104.html
Take a look at the crap on the tables, esp like the dog
As for the philly cheesesteak, they are quite good, but cheez wiz is nasty stuff, a real cheesesteak is made with provolone, and the philly bread, they can keep it as it does not hold a candle to NY bread. It is a heart attack on a roll.
Philly is a good city very reasonable compared to NYC, but the city tax is bad and the crime rate in that city is terrible.
176. No Munks but plenty of Trappist beer.
Njkiwi, someone needs to beat the ugly out of that house 1m in mahwah and it looks like that!! Yeah right 1m.
Jafo,
If you are subject to AMT then you cant deduct your property taxes but you can still deduct mortgage interest.
#169 Rich OMG!!! In prestigious, blue ribbon, close to NYC, train town, Oradell!!!
AMT sucks…..it has nailed us every year for ages….oh I wonder when congress will decide to act on that one….
182 jcer,
nothing my 18 month old boy couldn’t fix on a walk through…….
We need to rattle the sabers on AMT!!! I’m not a homeowner, but I already get squeezed by it. This is another squeeze for the heavily taxed NE region.
“Philly has Belgian bars? With mayonnaise-y fries? Would there be some Trappist to go with that?”
Oh my yes, ’soosh.
j-mac - I’ll have to circle back to you on that. I went to a certain artsy school on East 78th Street.
“We need to rattle the sabers on AMT!!!”
Agree. Thanks to the AMT, I got hit with massive tax increases over the past three years.
njwiki, #179
It’s the snow in the background that’s telling.
I always wonder why the agents don’t update the photos.
If a house has Halloween or Christmas decorations up, but it’s July, that’s a dead tip-off that the house has been on the market for a while.
“White? Rye? Wheat????!!!???”
LOL
179 njwiki
The decor!!
Oh my bleeding eyes!!!!!!!
#187
Have you seen the government projections for AMT over the next 5-10 years? Believe me, there are already plenty of rattlers and there will be millions more very soon. What the govt wants is a way to protect the current $$ they get via AMT but also somehow rig it so millions don’t get hammered in the years to come. No easy task. Flat tax anyone?
NJpatient, I am confused. Are you still in Old City and working in NYC?
I probably saw you on the platform at 30th St. every day. Unless you took the Chinatown bus.
NJP
I take that back. You told me where you are now.
NJP. I know you’re 19 months from moving back but I’d be more than happy to have a GTG / Belgian Bar Hop with ya.
We have 4 now:
Monks
The Belgian Cafe
Eulogy
The Beneluxx Tasting Room
http://www.theurbangrind.net/wp-content/uploads/2008/06/michelle-obama-teenager1.jpg
Our new first lady
Secondary,
Ever get up to the Bishops Collar on Fairmount?
So, John, I’m not clear … are you coming to the GTG?
Nom,
Been there once for a night cap, Guinness (but don’t remember much). Should I go back?
where is the GTG?
They didn’t decide yet on a place for the GTG.
Still TBA.
I’m liken Carl Icahn these days.
SAS
John, stop evading.
cheesewhiz is nasty. shaved ribeye, sharp provolone, caramelized onions
if I remember correctly….
I owe somebody a ride in M5?
SAS
SMG or 6SPD?
actually,
who ever that was..(maybe it was Grim or BC) if we goto the GTG, I can always bring my favorite car and we can whip some major cookies in the safeway parking lot.
I used to whip cookies in the church parking lot till that preecher mont senior chased me out and called the cops.
yeah man, what a blast dadio!!
SAS
On, AMT. So, everyone’s experience appears to be similar to what I read. However, I got folks who make significantly more than me in W2, saying they are able to deduct prop tax on primary properties. I am a single a filer, they have wives/kids. However, they say pay AMT and combined incomes are above phase out for even joint filing. So, what gives?
njpatient
I went to school on 84th st (class of ‘81). So, did your school date DA girls? Did you waste the afternoons away at Schubert Hall? Did you get St. Pat’s Day off because no one (teachers) wanted to go to that neighborhood sober as the parade ended and the fights began?
those broker/lawyers are smart. I have also seen broker/lawyer/engineer combos that do everything from the transaction to house inspection. with brokers losing their lock on information going forward, I think more and more people are going to start questioning many agents’ worth. these people who can present themselves as one-stop shops in the home buying process should be in a good position
HardPlace,
The article makes me think of Hoboken. There’s definately a lot of new vs resale going on and if conditions continue to deteriorate it will be interesting to see how it plays out. The builders are still building. It would be easier for Toll to take a 20-30% cut to dump some unwanted units than some yuppie couple.
ok, time for a rare move on my part and come to the defense of RE agents.
I think alot of you blokes don’t realize a RE agent can be very valuable and you the seller or buyer are not as smart/savy as you think you are(no, I am not pointing fingers here, just a general statement).
yes, shop around & look for recommendations by word of mouth, and as always look for someone bullshiting you.
I think these boards are a little too quick to assume agents are totally worthless (I know, I am guilty too).
but yes, there are plenty of agents not worth a dime.
SAS
RE: Philly
Lived there for 5 years (Far NE) and went to grad school at Temple (Go Owls), although not at the same time (its a long story).
Cheesesteaks: IMHO - Chubby’s on Henry Ave right down the street from Textile, ahem, Philadelphia University. I think they were Best of Philly once or twice…
Lots of great beer in Philly. Just missed the Philly craft beer festival in March but its on my list for next year. And I love Trappist ales.
Mrs Beer used to work in Olde City but she never liked Philly. We live in the sticks now and Mrs Beer is much happier.
Any advice would be appreciated:
If I put up money to buy a cash-only house with no COO, and then make the repairs to obtain the COO, how difficult would it be these days to get my money back via home equity loan or line of credit? And how do those rates compare to standard mortgage rates?
if you really want to know someone who is putting you over the coals, its probabley your dentist.
SAS
I would come only if Clotpoll is checked for guns and other violent objects at the door and renounces violence.
RayC-
I went to school on E. 84th St (class of 91). I was too busy hitting the books to date DA girls. My year was one of the first to not have mandatory Latin courses. We also didn’t have to wear uniforms because too many of our kids were getting beat up on the subways - we had to follow a dress code that would be considered corporate casual today. I woudn’t be surprised if we had a lot of the same teachers.
for the record, I am not criticizing all RE agents.
#131 Thanks CB and good thinking on the CO detector. I will tackle this pre-fall it sounds exactly as I thought it would.
Not surprised you got similar quotes from plumbers to do this. Going green seems to just be giving Greenbacks to the installer.
Similar scams going on in solar panels they jack up the install price and try to sell you on the idea of a tax rebate.
“As for the philly cheesesteak, they are quite good, but cheez wiz is nasty stuff, a real cheesesteak is made with provolone, and the philly bread, they can keep it as it does not hold a candle to NY bread.”
Cheez wiz is the best thing to have on a cheese steak.
This is how you know you’re getting a good cheesesteak.
1. While you’re looking for street parking you wonder if you’re car will be there or if you’ll get mugged walking back to it.
2. As you’re walking towards the joint you see a long line. Then you look down the street and see another line at another place and wonder if you should try that one.
3. With every step you take on line you worry you’re going to slip and fall because the sidewalk feels funny.
4. You’re hope you’re going to order it right as you read the sign and wonder if wit means onions in italian or something.
5. When you pass the condiments area you check to make sure nobody is spitting in them and try and figure out what those big green things are and taste like.
6. As you get closer and see the grill you can’t quite figure out exactly what kind of meat that is.
7. You try and figure out if every morning some poor guy has to spray dozens of cans of cheese into the bucket or if he cuts open the can.
8. Now that you got your meal and drink you realize you don’t have any hands free to break your fall if you slip so you take very small steps.
9. You learn about the joys of getting piping hot greese and cheese-like substance on that flap of skin between your thumb and forefinger. Quickly looking around you adopt the hunchback, overhand technique of the regulars.
10. Finaly, you wonder if people will judge you because you want to get back online for more.
skep-tic,
I was just maken a general statement to the boards.
SAS
Mitchell,
Also keep in mind that if you’re changing your gas water heater to a gas tankless, the tankless water heater typically requires more gas coming to it. You need to make sure you have the appropriately sized pipe leading to it and that it’s not going to cut off gas from other appliances.
This is what I was reading when I was thinking of going tankless and trying to figure out why the installs were so high. Sometimes installers need to run a new gas line from the meter.
#198 - John
Never happen.
re# 84 Grim
Since Hoboken is you choice for the GTG next Saturday the 14th, I would recommend two places.
1) The Brass Rail - close to path on 2nd and Washington, lots of space parking nearby and decent food and drinks.
http://www.thebrassrailnj.com/
2) The Quays - close to Path and on the waterfront, 3rd and Sinatra Dr,several parking garages nearby, lot of space and if you hang out late to experience the Jersey fist pump will be in full force around 11PM.
http://www.thequayshoboken.com/
Grim #226 is in Moderation re: GTG
Booyaa
http://www.nypost.com/seven/06042008/news/nationalnews/capt__kirk_out_113861.htm
unfortunatly i will not be able to make the GTG and regale everyone with stories of how the world will end :( But please feel free to speculate amongst yourselves, most of the regulars should have a few good ideas from listening to me and clot bable on
jmacdaddio Says:
June 4th, 2008 at 5:25 pm
RayC - I went to school on E. 84th St (class of 91). I was too busy hitting the books to date DA girls.
jmac: I went to school on 94th and Madison (i.e. the Brick Prison). Class of ‘86. I met the prettiest Spence girl only after graduating and visiting my brother at Princeton. I was a really tee-shirt/flannel shirt and jeans guy. I had no idea until many years later than I had many fans that were 2-3 years younger than me (both sides of the fence).
228 Kettle
I don’t think I’m going to be able to make it either. I was so looking forward to it. Booo.
I’ll join in the Belgian Bar Hop. Netherlands, town squares, flea markets, sunshine, Tappist (just a touch of cassis).
Summer 1989
Lambics are very nice, but I like the Trappist tripels better…
#114
Sybarite Says:
June 4th, 2008 at 12:33 pm
Joey,
i wouldn’t place too much value on being close to Schering Plough. Many employees will be laid off from that site in the coming months.
I only mention and are looking there because the area is beautiful, not because i expect the house i buy to be worth more because i live there.
From MarketWatch
MBIA under pressure to send $900 mln to insurance unit
New York State Insurance Commissioner Eric Dinallo said late Wednesday that he’s in active talks with MBIA Inc about the company’s commitment to funnel $900 million in capital to its main bond insurance unit by next week. “We are in active discussions with MBIA regarding the company’s fulfilling its existing publicly announced commitment by the stated June 11 deadline,” Dinallo said in a statement. MBIA said earlier on Wednesday that it had decided not to send the money to the subsidiary. On May 12, MBIA said it planned to “downstream” the money within the next 10 to 30 days.
Per Calculatedrisk; Accredited Home Lenders is shutting down 4 operations centers today including the one in Woodcliff Lake.
Accredited had been quiet for so long I almost forgot about `em. No ideas of the numbers in the Wodcliff Lake officeabout to be laid off.
http://calculatedrisk.blogspot.com/2008/06/accredited-home-lenders-closes-offices.html
110 Clot, thanks I think paper and check are best! He asked we get pre-approved as well, we have been holding off on that as we are still in the hunting phase…
Grim, congrats on the win, thanks for all of your hard work on the site!
Secondary,
No, just asking. I seemed to recall that they had a decent beer list but that was long ago.
I never had the time to get out much in Phila anyway. Practically lived next to Doobies and never went in for four years b/c I had no time.
Did haunt the bar a bit at Seafood Unlimited on 20th, but ITIO full disclosure–the owners were my neighbors.
D Minus :216
If you have a signed C of O on the property and have passed all inspections, you can get a First Mortgage on the property.
Depending on your credit scores and LTV, you should get the going rate. You would get a better rate if the property were Owner Occupied.
#224 Tom. Interesting I didnt read that anywhere but it makes sense. Sadly the quotes I received on a tankless water system were over the phone they never made the trip but I hear you. We had Dumb and Dumber install our first sprinkler system and they used 1/2″ tubing running off the main before it split and they wondered why they werent getting the water pressure they should. The second company that came out immediately replaced with 3/4 and of course major improvement in the throw of the heads. Good thinking Tom sounds logical since I am looking for a bigger than larger use unit.
I will call the manufacturer to see what they recommend.
Housing affordability back to pre-bubble levels
Voila !!!
The Deflating 21st Century Housing Bubble
Bernanke Blames Saving Glut For Housing Bubble
Another Bubble Bursting?
20 reasons new megabubble pops in 2011
Rant: The War on Renters
Home economics:
Commentary: Housing market may turn more quickly than you expect
Home prices drop and buyers descend
Joeycasz:
Tell the wife don’t worry.
It *ALWAYS* works out for the best.
The houses you missed? She may be upset now, but it’s only because you haven’t yet seen the house you will own, which will be better than the ones you just “lost”.
We submitted offers on 4 houses and were outbid on all; we bought during the frenied beginning of the runup. We overbid one property by 30K and STILL lost it.
The house we bought was a near tear-down. A “might as well live here instead of under the overpass” kind of place…
We’ve made it beautiful and have exposed 2 centuries of charm. We recently had a guest who told us our property and house are like a fairytale… now suffice it to say we would have worked hard with any property we bought, so yes, anything we had put an offer on would be nice today, but the house we *did* get (this one) was the only one that had the “bones” to become such a wonderful place.
The other places could never have housed our horses, chickens, etc. So, although we THOUGHT we were losing awesome properties, it turned out the one we “got stuck with” is a diamond that now out-sparkles anything else we had placed offers on.
SG 244
The problem with viewing gas prices as a bubble is that china and india consume any slack in oil consumption that occurs due to reduced american consumption. So we can conserve and be as green as we want but it will not free up supply. and the issue is only going to get worse as china is currently projected to consume a significant amount of its natural coal reserves over the next 15 yrs. at the same time that all of their shiny new coal power plants are coming fully on line
regarding 245,
perhaps that will be the bursting of the credit card bubble that is currently inflating. If thats the case maybe i should max out all of my credit cards while banking the cash and wait for the bailout like a good little consumer!
“perhaps that will be the bursting of the credit card bubble that is currently inflating. If thats the case maybe i should max out all of my credit cards while banking the cash and wait for the bailout like a good little consumer!”
Unfortunately it usually doesn’t work out that way. The consumer doesn’t get bailed out, the bank does. You’ll still have negative effects from doing that.
Tom,
generally ture, but consider the recent change in tax law that allows people who have home loans forgiven to not be taxed on it. Thats a nice perk. All i would ask for is a new law that made Credit card debt unsecured and allow me to walk away from it. thats not asking to much. Its not like i am asking to trade in worthless “assets” for a few billion in cash!
HEHEHE,
That’s true. Hoboken, Manhattan and all the outer boroughs where they have all those condo developments will probably suffer that fate. Good point. That’s probably why the city took a fairly large hit during the last construction boom, while the outer burbs took a smaller hit. I’ll be looking to get a city investment property if things take a sharp dive.
Any idea of how much they have sold out on the Maxwell Place development. I haven’t looked at that area since they quoted the first obscene $/sqft amounts for first orders. How much of the project is built and how much of existing inventory is still unsold? I probably wouldn’t consider it now, since my situation has changed some w/ two kids. But just for curiosity sake.
Hind sight is 20/20, but consider what you could have done if you had a good idea of house the housing mess would turn out.
buy a house in 04 for 0 down w/ a ninja loan. wait a year then heloc for every penny you can. quietly deposit the majority of the heloc money nto various foriegn accounts or perhaphs buy a bunch of gold and silver. then default on the home loan and walk away after living in the house for atleast a year mortgage free before the bank has the sheriff kick you out.
1. buy home, 0 down Ninja loan
2. wait
3. Heloc for every penny. Hey that new bidet in the master bath made my house worth an extra 100K!
4. “spend” heloc money
5. stop paying mortgage and dump money in savings/investments instead
walk away with ablack mark on your credit and a chunk of change in your pocket!!!!
#247 SG: And the writer claims that incoems are rising? Gee, I must have missed that story.
Hard Place,
I don’t have any numbers on Maxwell Place but they still aren’t done with the main building. I saw somebody posted an add from Craigslist showing somebody advertising a short sale at Maxwell. I think Kannket has a seperate message board for Maxwell but you can never tell what’s real on there or what’s Hoboken RE Agent BS.
repost without the links.
re# 84 Grim
Since Hoboken is you choice for the GTG next Saturday the 14th, I would recommend two places.
1) The Brass Rail - close to path on 2nd and Washington, lots of space, parking nearby and decent food and drinks.
check thebrassrailnj dot com
2) The Quays - close to Path and on the waterfront, 3rd and Sinatra Drive ,several parking garages nearby, lot of space and if you hang out late you get to experience the Jersey fist pump in full force around 11PM.
thequayshoboken dot com
Sean,
Does the brass rail have a conversation-friendly environment?
re #259 Sybarite
not a problem for this crowd, no fist pumps, no lack of top shelf, and no lack of conversation space.
Brass Rail looks to be a good choice.
I 3rd the brass rail. Decent eats and no fist pumpers. They used to coupon as well ;)
The Brass Rail looks to be a damn good choice.
Ok, it’s the decent bourbon that got me. It could use a little help in the gin and rum department and I’m hoping they have Campari as well.
But… uh, it’s not about the booze. It’s about… strollers and tankless water heaters!
Holy crap, 93 degrees on Saturday
where’s my damn recession?!?!?!
“Decent eats and no fist pumpers.”
Kinda place I could bring three little girls for an early dinner?
It’s a coming.
It better be cause most of my investments are either in bonds or ultra shorts.
NJP:
Absolutely.
Folks,
Strollers and family is the norm in Hoboken especially early.
I can make a call a reserve a room. Is it needeed?
The Brass Rail is on the pricey side. Those of us going to the GTG might want to heloc their homes before attending.
Unfortunately I can’t make it. I get to go to a wedding.
Fist pump????
While I hope people click on my name and visit my site I’m really not here to pimp my site but to participate in the discussions so I kinda feel weird about posting this but I’m really excited about find this and thought you all might be interested too.
A couple years ago I read about this mortgage scheme around here and the owners skipped town. The article disappeared but I’ve been keeping an eye out for news and I found some updates. The owner of the mortgage co was caught and a total of 20 people, including clients, were indicted for fraud.
I searched for the defendant’s names against my database and I believe I found a matching property up for foreclosure. There’s a link to the foreclosure details towards the bottom of the blog. The house was used to secure close to $2mil in credit and the judgement is only around $300k.