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TSRIF
From Clifton Journal
Mortgage crisis creates more fear of illegal conversions
Clifton inspectors handed out 146 summonses for housing code violations and 50 violations for illegal housing the first six months of the year — and they suspect that number could go up.
The majority of offenses were found in two-family homes, said Housing Department Director Sam DeGrose. The current mortgage crisis could increase that number if owners in danger of losing their homes turn to renting, he said.
2 Rich
In Nassau county if I remember correctly there were so many illegal 2 family conversions that they made the law if they caught you the house paid commerical RE rates both for you and the next buyer.
I’d like to know what the illegal conversions look like in Palisades Park,Garfield,Lodi,Plainfield,Edison,
all wonderful NJ towns
Dollar strengthens on Trichet talk about slowing growth. Gold down, oil down.
Too bad ECB has no growth mandate. They are strictly inflation-oriented by charter, so why is Trichet talking slower growth? There’s nothing the ECB can do in this area, vis-a-vis monetary policy. And, the ECB has already acknowledged their nasty little inflation problem.
Again, I smell the PPT. Maybe Bergabe and Klink have some pictures- some nasty, sensitive pictures- that Trichet would prefer be kept under wraps.
Everything over the past week or so smells like an orchestrated effort to prop up the USD. However, the USD is the Typhoid Mary of currencies…and the disease has already been spread all over the world.
HIall. I am thinking of moving to Calif… IN NJ Pharma/ chemistry employment is dropping fast… House prices hardly moved and there is no stories of fire sales.
All people on this site do is show 200K reduction on 1.4 mil home and say WOW COmp Killer – well $uck that.
1mil home is for the rich.
600K home is for the rich. Average Income in this country is 40K for a FAMILY!!!
If you are making 100K you should be able to afford better place than newark.
I did not hear any stories like that about NJ:
http://www.paloaltodailynews.com/article/2008-8-7-foreclosures
He said a small, two-bedroom house on the 2300 block of Oakwood Drive was appraised at around $600,000 just 18 months ago. In February, Woods said it went to auction for $189,000 and didn’t sell.
On the 1100 block of Sage Street, a home that was appraised 18 months ago at about $635,000 went to auction a few months ago and also didn’t sell. The lender is now selling it on the market for $289,000, Woods said.
IN NJ we are freaking celebrating 20K drop on 600K home. Taxes are going to some ricidculous amounts, everybody driving like a$$holes (well, CA probably beats NJ there.)
But freaking local roads- NJ is a Maze!!!
Sorry, I am just pis$ed this morning as I had to wake up at 3:30am and work…..
UK home repossessions rise by 41%
http://news.bbc.co.uk/2/hi/business/7548877.stm
Clot [5],
As soon as Trichet stated that there are large and growing risks to the European economy, the barn door blew wide open.
Here we go
Georgian army moves to retake South Ossetia
http://news.yahoo.com/s/ap/20080808/ap_on_re_eu/georgia_south_ossetia
FNM dividend cut to $.05 from $.35.
2Q credit loss provision to $5bil from $434mil.
2Q loan charge-offs at $945mil.
Word on the street is that the Skyview Condos in Rahway have opened for business but that Silcon and its mortgage lender of choice have changed the terms on the down payment required. Some who put deposits down won’t be able to afford the new terms and will be forced to forfeit their deposits. Has anyone seen anything in the MSM about Silcon and the situation?
Silcon apparently isn’t budging on letting people out of their contracts but isn’t it in their best interest to help people close on their condos and move in? Or do they figure if these folks can’t afford to move in anyway, they might as well at least keep their deposits while they try to resell the unit or rent it out. Feels like that building is destined to become half rental.
FNM to eliminate acquisitions of new ALT-A business.
No surprise on that.
tosh (10)-
But hey, FNM’s just fine. They’ve just hit a bad spell, that’s all.
It’s easy to talk this way when someone else is paying for your company’s spectacular mistakes.
I’d like to mail Mr. Mudd a turd for Christmas.
Sorry about the lack of links this morning, early day to the office.
Nice weather too.
FNM sees delinquency rate of 1.36% vs. .64%.
Also says 2009 credit loss expenses will be “significant”.
two (11)-
Seems like those with deposits should be able to invoke their mortgage contingencies to get them back, should they not qualify under the new, revised terms. What you are describing really sounds like an illegal bait-and-switch.
We’ll see how well Euro Zone does as their economy slows and their central bank has it’s hands tied. Let’s check back and compare economic and socio-political situations in about 18 months. (I hope no one, even with how messed up the US is, thinks that a dozen European countries operate any better)
1987 (17)-
At least the Euro guys won’t ignore their inflation problem.
#6
AL – is this you or frank
Dollar rallying vs. yen, eur, gbp, cad, etc.
This certainly won’t help the “exports” that have been adding to GDP growth.
Gimme gold at $800 and nothing else matters
Clot [18],
What inflation?
It’s a good bet for Georgian just before the Olympic game so Russian won’t do anything major.
#9 HEHEHE Says:
August 8th, 2008 at 7:52 am
Here we go
Georgian army moves to retake South Ossetia
http://news.yahoo.com/s/ap/20080808/ap_on_re_eu/georgia_south_ossetia
#22 – BC – Interesting question. I realize you’re probably being sarcastic, but; Is it possible we’ve seen the top of the commodities price spike? Are we on a deflationary track now?
The Fed cut to %2 but it’s not getting to the consumer. If they don’t have the cash and no access to debt prices have but one way to go.
Saying this I have no idea where the floor on oil, gas, corn, rice, etc. are. I certainly don’t think oil is going to $40.
I’m really just thinking out loud here (so to speak).
Did anyone else read the Economist.com article dtd. 8/7 “Hire the A-Team?”
Greenspan is adding a little something to his paperback edition of “The Age of Turbulence” due out 9/9.
“A life-long Libertarian, Alan Greenspan does not ordinarily advocate giving the government more power. But he does so in a new epilogue to the paperback edition of his memoir, parts of which were made available to “The Economist”. The crisis of the past year has convinced him it is the lesser evil. Better someone else be in charge of bail-outs, he argues, than the Federal Reserve, which he led for 18 years.”
“Mr. Greenspan says a high-level panel of American financial officials should be given broad power to seize any financial institution whose failure threatens the entire economy, bail out its creditors and close it down. “We need laws that specify and limit the conditions for bail-outs” and do so transparently with taxpayer’s money, “rather than circuitously through the central bank, as was done during the blow-up of Bear Sterns,” he writes in “The Age of Turbulence.”
(Penquin is to release the paperback on September 9th.)
If that means the govenment has to wade in, so be it. “Our country has long since abandoned the notion that we should leave crisis to be resolved solely by the marketplace,” he says. “The critical need…is to formalise…the procedures improvised in the case of Bear Starns. This should ensure that in the future, government financial assistance to lending institutions does not impact the Federal Reserve’s balance-sheet and monetary policy.”
He says a stand-by panel, empowered by Congress, should determine if an institution’s failure is dangerous enough to require taxpayer support. It would then form a vehicle to take the firm into “conservatorship”, wipe out the equity, preferably impose a “haircut” on its debts before guaranteeing them, and sell its assets. Mr. Greenspans model is the Resolution Trust Corporation (on whose board he served), created in 1989 to take over failing thrifts, sell their assets, then close itself down. He pours cold water on a proposal by Hank Paulson, America’s treasury secretary, to give the Fed broad responsibility over market stability.
Mr. Greenspan’s proposal may be politically difficult. For years Fannie Mae and Freddie Mac, America’s mortgage giants, resisted the creation of a regulator that could close them down. With other large institutions-be they investment banks, hedge funds, or insurance companies-there might be even more of a fuss. And the Fed is not yet ready to bow out. “Unless I hear from Congress that I should not be responding to a crisis situation, I think that it’s a long-standing role of the central bank to use its lending-of-last-resort facilities,” Ben Bernanke, Mr. Greenspan’s successor at the Fed, said last month.
Anyone wonder why we haven’t heard from Mitchell in a while?
The real problem is that, there are still too much money in NJ (NY Metro) area. Those money are draining fast but not fast enough to trigger the CA type RE debacle yet. But the days are coming and when it comes it would be no less splendit than CA – just ask some old timers in this board of last NJ RE slum. The real question is when and can you hold on to see the twilight (unfortunately in reality a lot of us may not be able to make it, as we don’t buy home to speculate we really need a shelter first). I feel your pain as I may end up paying a premium soon buying into one of those Bragadoon type premium town by next summer for my two little kids.
That say, should we agree to mod any $20-30k, 5-10% ‘camp-killer’ type deal in this board? AL has a point: it’s a ma$terbation not really a camp-killer don’t kid yourself.
#6
A life-long Libertarian, Alan Greenspan
Dear Economist.com,
Libertarian doesn’t mean what you think it does.
Hugz n’ kisses
xxooxo
Toshiro_Mifune
Tosh [24],
If you could allow me to weigh in here, I think the recent sell off in gold/oil/commodities is signalling the end of 2% FFR. Sometime after the election, the Fed has to raise. They don’t want to, but they’ve got little choice. If they start a new cycle of interest rate increases, even baby 25 BP steps, gold/oil will remain under pressure and the dollar strengthen further.
I’m getting cautious here with the metals. Sorry to say it, because they’ve had a good run.
OT.
Today in AM New York, great line regarding Favre. One of the five tips for his survival in NY;
“Try the Lambeau here, you’ll get stabbed”
Mitchell didn’t say why he doesn’t post here anymore, but he sent me this recent picture.
http://tinyurl.com/6mdlog
NJ$/AL,
Yeah it’s slow, it s#cks. Just the nature of RE. From the beginning, 2005, I stated that this bust would be akin to Chinese water tortue. That said, I guarantee that I will be buying for a minimum of 30-40% off peak.
18- I’ll bet our rates will be up in 18 months, I’ll also suggest that our unemployment will be lower than Euro Zone..throughout the entire period.
What’s wrong with Palisades Park, Garfield,Lodi,Plainfield,Edison?? max you should come to my neighborhood and you’ll be eye-popped.
I’m thinking about the conversion thing too as I’m happily living one of those 2F. Everybody is doing that in my street. And I happen to have a bigger basement than everybody else!
#4 max Says:
August 8th, 2008 at 6:28 am
I’d like to know what the illegal conversions look like in Palisades Park,Garfield,Lodi,Plainfield,Edison,
all wonderful NJ towns
Which town is Brett F moving to in NJ?
John Says:
August 8th, 2008 at 8:44 am
Which town is Brett F moving to in NJ?
I would bet somewhere is Sussex, near clot, or over toward Hackettstown….unless wifey needs to be near Short Hills…..
“Which town is Brett F moving to in NJ?”
My guess would be somewhere near Cheesequake Park?
“My guess would be somewhere near Cheesequake Park?”
LOL.
6 Al
Grim, rich and others have been repeatedly posting comp killers that sold for, say, 400K and are now listed for 300K.
35 – John
I’d be surprised if it wasn’t Westfield.
/* sarcasm off
So I went over to Six Flags yesterday on the executive pass…..I rode Kinga-Ka, Nitro, and El Toro in the space of about 45 minutes. I felt kind somewhat cadish cutting 60+ minute lines for each. The penalty is that I was was psuedo-concussed for about 4-5 hours afterward…..man I am over the hill, seriously though….that was pretty rough…and I don’t just say that easily…
The park was in good condition. The bathrooms were ehh, but the crowd was very family-oriented and lots of suburban boyfriend-girlfriend stuff….better than I remembered….zero doo-rag, baggy jean, blood-crips garbage….
41 CHIFI – Come back for Frightfest and let me know if anything changes.
“The park was in good condition. The bathrooms were ehh, but the crowd was very family-oriented and lots of suburban boyfriend-girlfriend stuff….better than I remembered….zero doo-rag, baggy jean, blood-crips garbage….”
what do you mean, Chi?
“The penalty is that I was was psuedo-concussed for about 4-5 hours afterward”
sl
#27 NJ: The premium for Brigadoon is falling every day. Continued Wall St layoffs, continued decline in other employment areas, recession etc. By next Spring/Summer you should be more than fine as far as finding something affordable in Brigadoon.
“FNM dividend cut to $.05 from $.35.”
They shouldn’t have any damn dividend at all. That really frosts my a$$
“Royal Bank of Scotland reported a pre-tax loss of almost £700 million in the first half, after writing down £5.9 billion on investments hit by the credit crunch. It is one of the biggest losses in UK corporate history, compares with a profit of £5.1 billion a year ago, and is the first time that the bank has plunged into the red in its 40-year history.”
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4483130.ece
“They shouldn’t have any damn dividend at all. That really frosts my a$$”
Was thinking the same thing when I heard it on Bloomberg this morning.
crossing my fingers. lol!
#44 3b Says:
August 8th, 2008 at 9:03 am
#32 BC Bob:That said, I guarantee that I will be buying for a minimum of 30-40% off peak.
And that time is rapidly approaching. after the long initial Chinese water torture period, you are and will continue to see siginiccant reductions in price going forward.
I belive 2009 will offer significant opportunites for good deals in real estate.
#6 Al: You need to take another look. Frin An Rich have spent an exhaustive amount of time posting siginificant price decline sold/for sale listings, all over north Jersey.
#50 Sorry should be Grim and Rich
“Frin An Rich”
3b,
I know them, from Holland.
The comp killers keep me motivated to not do anything, and ground me because I have a house to sell before I can buy another. Keep’em coming!!!
NJ Foreclosures
From RealtyTrac:
http://www.realtytrac.com/ContentManagement/Library.aspx?ChannelID=13&ItemID=4983
I highly enjoy the comp killers. Plus it is a great family bonding experience to point them out my wife and say.
“Look there’s an FB who sold for 2004 prices. I guess RE doesn’t always go up.” or “Wow, I think next year we can pick up a place in a Brigadoon like town for 2002 or so pricing”
The ones that are only down 5 or 20k aren’t as enjoyable, unless they were down based off a 2003 price.
Not that I enjoy seeing other people in distress.
Favre? Westfield? Something that appears for one day every 100 years is appropriate for the Jets. Only 60 years to go until the next Superbowl.
Chi,
I am asking only because that happened to me about 5 yrs ago at my last Great Adventure outing. I had a pretty bad headache and nausea.
Problem is that you can tear bridging veins in your head on high velocity-high shearing force rides that can cause micro-bleeds.
Stay away from Advil/Motrin, Aspirin, Aleve/Naprosyn if you are having pain.
If it gets worse or even doesn’t get better within 24-48 hrs, go see a doctor.
sl
“Wow, I think next year we can pick up a place in a Brigadoon like town for 2002 or so pricing”
Wow! What a change from 2005 when I would be telling my wife that at the current pace of appreciation, our home should be worth a cool million by 2009.
Have you guys seen this Glenn Beck video where he mocks the chief economists from NAR?
I don’t remember it being posted here and I might have missed it since I generally find Glenn Beck difficult to watch.
Guess I have to bite my tongue. Sorry Georgia.
Georgia ‘under attack’ as Russian tanks roll in
http://www.cnn.com/2008/WORLD/europe/08/08/georgia.ossetia/index.html
#58 Stu
“at the current pace of appreciation, our home should be worth a cool million by 2009”
This reminds me of a conversation I had with a big boss in 1998 when he was explaining Stock options to me. He showed me a nice graph and he said those same words to me. At the rate of appreciation your options will be worth over a million dollars in 10 years. By the time they started vesting, they were already under water and the 2001 tranch is still 20% under today.
He has since moved on, I should track him down and ask him where my million is.
Re Favre:
This Michael Silver guy is a hands down tool
http://sports.yahoo.com/nfl/news;_ylt=AmBH5XsiVWQSiyB3LyGIANk5nYcB?slug=ms-favretojets080708&prov=yhoo&type=lgns
They are supposed to keep Paper Arm Pennington or rely on Clemens? Favre’s better than both of them. What a hatchet job of the entire Jets organization!
They sucked last year because they let linemen go and had an immobile paper armed QB half the season and a rookie who isn’t ready, dumbass!
Favre sucked the year before because they had no line and no running game.
What does it take to get a job at SI, just write a bunch of ignorant stupid sh*t and claim you are controversial?
I love when my new Montclair listings boast “$XX,XXX under assessed price. Won’t last at this price!” As if I should feel like I am getting a deal, just because the owner is overtaxed and too lazy to appeal his assessment.
More pain at Fannie – $2.3 billion loss
Mortgage finance giant suffers much larger-than-expected loss due to reserves for credit losses and slashes its dividend to preserve capital.
http://money.cnn.com/2008/08/08/news/companies/fannie_results/index.htm?cnn=yes
Freddie Mac posts $821M lossvideo
Freddie Mac posts $821M loss
More Videos
NEW YORK (CNNMoney.com) — Mortgage finance giant Fannie Mae reported a much larger-than-expected loss in the second quarter and slashed its dividend Friday, more signs that the problems in housing and financial markets are not over.
58 Stu – And don’t forget how you laughed at me, when I said that couldn’t possibly be.
““A life-long Libertarian, Alan Greenspan ”
What a bunch of bunk. That word has lost its meaning.
If by Libertarian you mean market manipulator, sure he’s a Libertarian.
65 Gator:
“58 Stu – And don’t forget how you laughed at me, when I said that couldn’t possibly be.”
Is it not true that at the same time I said that I would not be surprised if our house loses 25% of it’s assessed value?
Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co.
August 19, 2008 at 6 PM
New York
Mr. Dimon will share his insights from twenty-six years of experience in the banking industry, including nearly a decade of running major financial institutions. He will focus on the current state of the markets, as well as his outlook for the future. Following Mr. Dimon’s remarks, there will be ample time for Q&A.
Event Details
Date: August 19, 2008
Time: 5 PM Registration.
We will begin promptly at 6 PM; please arrive early.
Networking and cocktails prior to session
Host: JPMorgan
Location: JPMorgan Chase & Co.
383 Madison Avenue, New York, NY
RSVP: http://www.100womeninhedgefunds.org/pages/event_registration_invited.php?p=2179188
Admission is free, but there is a $25 charge if you register and do not attend, even if you cancel in advance. No-show proceeds will be donated to our 2008 beneficiary, The Harold P. Freeman Patient Navigation Institute at the Ralph Lauren Center for Cancer Care and Prevention
Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co.
August 19, 2008 at 6 PM
New York
Mr. Dimon will share his insights from twenty-six years of experience in the banking industry, including nearly a decade of running major financial institutions. He will focus on the current state of the markets, as well as his outlook for the future. Following Mr. Dimon’s remarks, there will be ample time for Q&A.
Event Details
Date: August 19, 2008
Time: 5 PM Registration.
We will begin promptly at 6 PM; please arrive early.
Networking and cocktails prior to session
Host: JPMorgan
Location: JPMorgan Chase & Co.
383 Madison Avenue, New York, NY
RSVP: http://www.100womeninhedgefunds.org/pages/event_registration_invited.php?p=2179188
This event is NOT FOR ATTRIBUTION.
Admission is free, but there is a $25 charge if you register and do not attend, even if you cancel in advance. No-show proceeds will be donated to our 2008 beneficiary, The Harold P. Freeman Patient Navigation Institute at the Ralph Lauren Center for Cancer Care and Prevention.
Light Read,
http://www.crmpolicygroup.org/
Tom (59)-
Glenn Beck is a flaming a$$hole.
Hey BI:
http://phoenixnewtimes.com/1994-09-08/news/opiate-for-the-mrs/
Favre won’t move to Westfield. Too far to FH practice facility and Meadowlands. Will likely look more toward Morristown, Hanover, FH, Livingston. If he wants more upscale, then Chatham, Madison, Summit, but he doesn’t need a train town.
Next installment of “John” deplume this afternoon, once I sanitize it some more.
still_looking Says:
August 8th, 2008 at 9:36 am
Chi, I am asking only because that happened to me about 5 yrs ago at my last Great Adventure outing. I had a pretty bad headache and nausea.
Problem is that you can tear bridging veins in your head on high velocity-high shearing force rides that can cause micro-bleeds.
Stay away from Advil/Motrin, Aspirin, Aleve/Naprosyn if you are having pain.
If it gets worse or even doesn’t get better within 24-48 hrs, go see a doctor.
sl: thank you…I think I will be OK…I am still a bit woosy, but I was never in any pain….no nausea
Economic Downturn = Increased Crime, Who Knew?
http://usmayors.org/maf/CrimeReport_0808.pdf
72 Nom – Don’t Favre and the Missus maintain a home in Mississippi? I don’t think upscale is necessarily a requirement :)
You sure he won’t move to Hoboken? All the celebs live there, ask a realtor, they’ll tell you.
First-Time Foreclosures by Borough, July 2006-July 2008
http://www.observer.com/2008/real-estate/first-time-foreclosures-borough-july-2006-july-2008
http://www.observer.com/2008/real-estate/city-foreclosures-jump-july-report-says
Does Favre trade in his John Deere for a Hummer? Maybe a few cattle for some Smith & Wesson’s?
Al 6
I don’t know if you were serious in that post or not, but I’m contemplating the same move. I’ve already put the gears in motion at my employer, and I’m waiting back to see what kind of relo package, if any, they will offer me to move to California. I may even consider moving without a package, if that’s what it comes down to.
Maybe Favre will move to Montclair? He can live in Strahan’s wive’s house.
Pretty cool new search engine:
http://www.searchme.com/
[73] Chi
Same for me after a riding the Hulk in Orlando. I was woozy for hours afterward even though I wasn’t really nauseous. Wonder if this was the reason?
[75] Gator,
I think that is right, so I would not be surprised to see him in Caldwells or Livingston or Hanover.
All kidding aside, I see that a ton of football players live in Edgewater. Since Favre will be here for one year, two tops, that’s probably were he will go.
Stu 79 – “Wive’s”? I didn’t know that Strahan was a Mormon : P
chicagofinance,
I haven’t been back to six flags since they started that cutting the line crap. I had to wait for 4 hours to get onto Kingda with hundreds of other people. When you got near there, you saw that there were about 12 kids with those passes who kept going on again and again with no line to wait in.
Chi,
Rumor has it that Hunter made some remark regarding the visitors at GA. “If this is indicative of the population in NJ, I want out?
True?
#6 Al
We just closed on a house In Union NJ near the Galloping Hill Golf Course. Really beautiful area. We got it for $320,000. We’ve been looking at houses like mad since May and i can tell you none of the houses we saw could shine this houses shoes. It also helps that the house was under priced to begin with as the seller was old and just wanted to move it fast and take the money. I can in all honesty say we got an excellent house for an excellent price. I also think we were quite lucky as well as the house is in move in condition and any other seller/realtor would have listed it for at least $375,000 and watched it slide down the price ladder. We’ll be in this house for at least 10+ years as well. I can see us staying in this house and not upgrading.
See everything.
Joey,
Congrats. Sounds like a great deal.
Congrats Joeycasz!
Anecdotally, just a cursory glance at prices in the most recent listings I’ve been reviewing reveal significantly lower prices than in the past 3 years. Additionally, bidding wars commonly drove selling prices to go for more than listed prices. This is not happening much today. Next year should be more of the same, when I plan to buy!
Thanks BC.
It had everything on my punchlist and MORE, like a full finshed basement, new roof, 3 big beds, 2 full baths a freaking backyard and FIOS :)
FIOS,
nice!
Thanks Stu. I feel like i got this house for next years prices as i truly believe it could have sold for $340,000.
FIOS is amazing. I’ve hated Comcast for years and when i found out after we bought that Union County has it nearly everywhere i jumped for joy.
Comcast= Give less than everyone, charge more.
My upload speed (5Mbps)is almost as fast as what Comcast was giving me on my download (6Mbps)
Congrats Joeycasz! Best of luck!
congrats
Joey,
3/2 and finished basement for 320K? I may have to get my boots out of the closet.
Thanks everyone. This site and everyone in it helped us tremendously and for that we are eternally grateful.
Like a lot of people we were going to buy in 2006 and because of this site we waited. Then we were looking at 2 bed 1 bath FIXER houses and small townhouses and condos. Very happy we waited;)
#97 Joey: What kind of response did you get from the Realtor, and what is the attitude of your new neighbors. I am very happy for you, but I imagine that at least some of your new nighbors must be quite depressed.
Clott,
I agree about Glenn Beck. I think his staff did the work, too bad they didn’t have them present it.
BC
The basement is quite large to. I think it’s around 550 square ft if i’m not mistaken. it also has a built in dry bar :)
The smallest of the three bedrooms is 14×15, the other two are both 18×12.
Formal dining room, formal living room, big kitchen (from the 70’s, future project) big sunporch, deck, huge backyard, gorgeous firplace.
Old man living alone that wanted to sell. Very lucky.
3b
My neighbor to my left has been there 20 years+ and was good friends with the guy that sold us the house. He is much younger than him as well (probably about 50) They are really great people. I haven’t noticed anything but warm regards. The neighbors to my right are OK. They don’t really seems to care. Everyone on the block has been super nice. The people there seem like lifers too. When i drive around my new neighborhood i don’t even see for sale signs.
Congrats Joey!
Joey [101],
Do you want to flip?
3b
The realtor seems very nice and she seemed like she knew the storm was here. They listed the house at $329,000. We came in at $315,000 and there were 3 other offers. We basically said we weren’t getting into a bidding war as we didn’t have a property to sell and nothing but time on our hands. We came in at our cut off of $320,000 and they took it.
BC [104]
I’ve been making nothing but flipping jokes since we bought. The wife just looks at me.
Where we are in Union feels like the center of the universe, it’s awesome.
Seconds from:
GS Parkway
78
22
Turnpike
Morris Ave
Exactly 21.5 miles from Times Square
I sound like a realtor now :)
i know why it is so quiet today here. everyone is holding line with his margin clerk. euro, gold, oil all down 2% and more
Joeycasz-
Congrats!
I’ll also suggest that our unemployment will be lower than Euro Zone
Comparing differently calculated stats…what’s your point?
Has anyone seen a chart comparison of OFHEO vs. Case-Shiller indexes?
“I’ll also suggest that our unemployment will be lower than Euro Zone”
There’s unemployed Americans? Does Bergabe know about this?
Joey,
Congrats!
i know why it is so quiet today here.
bi [108],
How about you are spread, short oil/long gold?
Since you are in the know, what do you know about that?
I found a discussion after seeing some traffic to my blog coming from that page. In it, one of the realtors said:
Great, it’s un-American to buy houses. I guess we should start charging people with treason. In 2002 Bush was talking about homeownership could fight terrorism.
How can all you traitor terrorist lovers not buy houses!?!?!?!?
“Has anyone seen a chart comparison of OFHEO vs. Case-Shiller indexes?”
I’d rather watch the monkeys on Career Builder.
115 in moderation please.
speaking of six flags
http://www.baltimoresun.com/business/bal-bz.sixflags07aug07,0,1410837.story
AUSTELL, Ga. – Six Flags Inc. Chief Executive Mark Shapiro looked up at Goliath, a 200-foot-tall roller coaster just outside of Atlanta, as riders roared downhill at 70 miles per hour. “Nice ride,” he noted. “But we’ll never get our return on investment with it.”
Six Flags, one of the nation’s largest amusement-park companies, is under serious financial strain. It hasn’t posted an annual profit in years. It’s weighed down by $2.4 billion of debt, and faces a $288 million payment to preferred stockholders next August.
I figured out the definition of “pristine” in a real estate ad. It means very clean, forty year old appliances, bathrooms, and windows. Thank you for keeping them very clean. But I will still need to replace all of them in the next 3-5 years.
114, its flat:
http://finance.yahoo.com/echarts?s=GLD#chart2:symbol=gld;range=5d;compare=uso;indicator=volume;charttype=candlestick;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
I had to wait for 4 hours to get onto Kingda with hundreds of other people.
I was across the street when that was going up. Given all the problems they had building it you could not pay me to ride it.
It does look like fun though.
RayC,
That reminds me of a house someone I know was interested in purchasing. It had two kitchens, one on the main floor and a summer kitchen in the walk out basement. Both were original to the house which was built around 1960.
The seller kept boasting about how the upstairs kitchen had never been used and was like brand new and didn’t need to be replaced.
The person that wound up buying the house pretty much gutted everything in the house.
toshiro_mifune,
“I was across the street when that was going up. Given all the problems they had building it you could not pay me to ride it.
It does look like fun though.”
Oh, without question, it was the most amazing roller coaster I’ve ever been on. I didn’t have a problem waiting four hours to go on it. I did have a problem with the small group of people who took the liberty of riding the thing 20 times in a row. Consequentially, this was circa 2005. I’m sure they paid the extra money with their home equity line of credit. I hope they enjoyed their roller coaster ride while it lasted.
“114, its flat:”
bi [119],
Wrong. Do your research, gold futures/oil futures. Stop with the yoo-hoo charts. Go back to 7/15 and calculate.
I thought you had a blackbox?
#119 – How’s XHB been? You haven’t mentioned it in a while.
Citigroup will be returning billions to investors
Tom [125],
Citigroup or US taxpayers are buying?
The buybacks from nearly 40,000 individual investors, small businesses and charities are not expected to cause significant losses for Citigroup;
So Citi who is well capitalized ;) will be raising more cash in a surprise announcement next week then? hurray for share dilution!
http://tinyurl.com/6kgx4a
BI:
Where were you yesterday. You are such a clown. Wait, clowns are supposed to be funny.
It’s amazing how many people at Citigroup had 50% or more of their 401k in Citi stock. They kept pointing out to Citi’s growth during the 90’s. I would ask don’t you think it’s risky having all/over half of your retirment in your employer’s stock. I would get blank looks or angry denials everytime. I guess now they have something else to be angry about.
bairen [129],
101K’s
# BC Bob Says:
Tom [125],
Citigroup or US taxpayers are buying?
Bob,
I don’t know why you have to take such a negative view implying that the taxpayers will be paying for this.
What about depositors, shareholders, and other citi credit consumers?
Geez, even the poor executives are going to have to deal with lower bonuses. Good thing they’re not trying to get previous bonuses back or they’d have to tighten their belts even more.
bairen,
I’m not sure about citi, but I know in other companies, the matching is paid in company stock and can’t be transferred until the vesting period is over.
That might play into it a bit. But you’re right.
#130 LMAO
I stuck to 10% in Citi, 90% in any international or global fund not being run SB.
The stock options were a joke. You would get 10% of your base, up to 4k in stock options. they would vest over 5 years, but then would be restricted for another 5. I left almost 5 years ago and my restricted stock is almost finshed becoming unrestricted. I worked 5.5 years there, and only got about 25 shares after I exercised my options and sold to cover. I might sell them and use the money to fund my Wii and international beer fund for the next year.
My boss (former citier) has 100% in “C”, speaking of Citi.
#129 bairen Says:
August 8th, 2008 at 1:09 pm
It’s amazing how many people at Citigroup had 50% or more of their 401k in Citi stock. They kept pointing out to Citi’s growth during the 90’s. I would ask don’t you think it’s risky having all/over half of your retirment in your employer’s stock. I would get blank looks or angry denials everytime. I guess now they have something else to be angry about.
Ramsey
Way less than 1/2% return per year, total ~2.5% over 7 years
SOLD: 25 FOX HOLLOW RD $785,000 11/20/2001
MLS#: 2802260
Orig List: $979,000 7/16/2007
SOLD: $805,000 8/7/2008
Good stuff over at CalculatedRisk. A discussion of FNM’s July foreclosures and chargeoffs ramping up and FNM pushing back the bad loans to the originators. The latter is potentially more interesting and far messier.
for NJP
http://tinyurl.com/5sqqgj
#132 Tom,
The match was a joke. 3% up to $1,500 a year. BUT they wouldn’t give you the money till April of the following year. If you left before then for any reason you got nothing.
#137 – The fail pics are ramping up to be the new lolcat.
Joeycasz
Did you buy in Union County or Union the town? Just curious.
Wow I hear $200 hundred dollar oil, $1,000 gold and Wamu going bankrupt on this site the last few months? I hope there is no turnaround in housing soon. The bulls are running wild!
Last i heard because we purchased after June 2008 we’ll get a $7500 “credit” we can claim at tax time. Is this true? What is the final verdict on this? I’ll be honest the original plan of “here’s a no interest $7500 loan…oh yeah, you have to pay it back over 15 years” didn’t really excite me and i probably wasn’t going to take it anyway.
Lost
We bought in “Union” in Union County :)
bairen,
Friend of mine also told me some of his bonuses were in stock. Forgot if there were any restrictions. You probably know better.
Maybe Brett can live in Vinnie T’s Mansion, the thing has been sitting empty for a long time.
Tosh,
there seems to be an excess of fail around lately; work with what you got , right?
#143 Tom,
I know managers, salesmen and traders got restricted stock as part of their bonus. Don’t know the percent.
ok to sum up my comment in moderation.
Some guy that sells real estate in this discussion said not buying is unpatriotic.
Some president also made a comment in 2002 that buying houses fights t e r r o r i s m.
There is that clean?
Argh. tried to clean up and repost my comment that was in moderation. No dice :(
New tradition – buy a house, host the GTG.
Late Fall Union GTG at Joeycasz’ place!!!
so why are the US and russia invovled in the georgian conflict by proxy?
geopolitical experts note that on the surface level, the Russians are backing the separatists of S. Ossetia and neighboring Abkhazia as payback for the strengthening of American influence in tiny Georgia and its 4.5 million inhabitants. However, more immediately, the conflict has been sparked by the race for control over the pipelines carrying oil and gas out of the Caspian region.
The Russians may just bear with the pro-US Georgian president Mikhail Saakashvili’s ambition to bring his country into NATO. But they draw a heavy line against his plans and those of Western oil companies, including Israeli firms, to route the oil routes from Azerbaijan and the gas lines from Turkmenistan, which transit Georgia, through Turkey instead of hooking them up to Russian pipelines.
Saakashvili need only back away from this plan for Moscow to ditch the two provinces’ revolt against Tbilisi. As long as he sticks to his guns, South Ossetia and Abkhazia will wage separatist wars.
more from the times UK
Analysis: energy pipeline that supplies West threatened by war Georgia conflict
A section of the Baku-Tbilisi-Ceyhan pipeline 30 miles south Tbilisi, Georgia, under construction in 2003
Robin Pagnamenta
The conflict that has erupted in the Caucasus has set alarm bells ringing because of Georgia’s pivotal role in the global energy market.
Georgia has no significant oil or gas reserves of its own but it is a key transit point for oil from the Caspian and central Asia destined for Europe and the US.
Crucially, it is the only practical route from this increasingly important producer region that avoids both Russia and Iran.
The 1,770km (1,100 miles) Baku-Tbilisi-Ceyhan pipeline, which entered service only last year, pumps up to 1 million barrels of oil per day from Baku in Azerbaijan to Yumurtalik, Turkey, where it is loaded on to supertankers for delivery to Europe and the US. Around 249km of the route passes through Georgia, with parts running only 55km from South Ossetia.
on cutting lines in amusement parks:
I’ve always thought that the parks should set aside a couple of days a month (maybe 1 weekend) where they cut the number of people they allow into the park but charge a much higher price to get in (thus limiting lines). They could probably make the same money they are making now with these line-cutting passes without alienating their proletariot customer base.
http://money.cnn.com/2008/08/07/news/economy/where.jobs.are.fortune/index.htm?postversion=2008080812
Where the big jobs are.
Demand for high-level talent is surprisingly robust, especially for senior managers who are willing to move.
(Fortune) — Despite the slump at lowlier levels of the job market, there’s currently a war for senior management talent. In fact, 70% of executive recruiters surveyed by networking organization ExecuNet (www.execunet.com), say there’s a shortage of people who can step in and run things.
Where is the most job growth for senior-level positions now?
The South and Southeast are No. 1, while the West placed second, according to the 2008 Executive Job Market Intelligence Report, a detailed research study from ExecuNet. In third place is the Southwest, notably Texas; followed by the Midwest; while the Northeast and New England are in fifth place. That’s a slight change from 2006 results, when the top 2 regions were the same, but the Mid-Atlantic came in third, followed by the New York City metropolitan area and the Southwest.
#148
It’ll take some convincing but hey, you never know :)
Of course you have to sell your house first before you can relocate.
#152
I expect that the shortgage of senior level people will become particularly acute in the next 5-10 yrs as baby boomers retire en masse.
skeptic,
many companies need less management, not more, the shortage may good for some.
Bear rally is all, they shoot up and then drop drop drop drop
Re the ARS settlements,
It’s too bad they didn’t sell those to widow’s and orphans. There’d have been no settlement.
#148 Nom
I’m overdue for mine. My excuse is that we are still under construction.
John [140],
Were you sleeping? Those that called 1k gold were correct. December gold has reached that level twice, last on 7/15.
Yeah Frank!
bc,
thanks for the article in my e-mail!
Unless they bought low and sold high like you did, who cares what it did. Gold is for renting not owning.
BC Bob Says:
August 8th, 2008 at 2:06 pm
John [140],
Were you sleeping? Those that called 1k gold were correct. December gold has reached that level twice, last on 7/15.
sketpic,
that’s not a bad idea. What irks me is that it was the golden rule at Six Flags that if you were caught cutting in line, they would eject you from the park. They used to have rentacops monitoring the line. They essentially through that rule out the window for anyone willing to blow money. I wouldn’t even have an issue with it if they put some sort of restriction on how many times the people who pay for these line cuts could go on a particular ride. I dunno if the system has changed since they started it. But when I was there, you couldn’t get on many rides simply because these people with the line cutting pass ran wild with it. That’s part of the reason I haven’t been back. We spent the entire day there and managed to get on 6 rides the entire day.
John [163],
All that matters is entry/exit levels. The rest is BS.
err, I meant “threw”, not “through”.
Hoboken comp killers
(All appear to be under contract this week):
MLS#80006379
Listing price: $490,000
last sale price:
06/30/06 7941 143 $497500
mls#80006191 (sky club)
Listing price: $575,000
last sale price:
08/27/05 7695 126 $635000
mls#80005009 (sky club)
Listing price: $519,000
Last sale price
08/29/05 7673 329 $595000
MLS#80002391
listing price: $497,900
last sale price:
12/27/05 7802 62 $585000
#167 stan,
That’s the California pricing system circa 2005. You list at where the bidding starts, than expect minimum bids at 15 to 30% over list.
/ off sarcasm
UBS write-down of auction rate securities:
http://www.bloomberg.com/apps/news?pid=20601087&sid=anx4QIM.BzmI&refer=home
Joeycasz Says:
August 8th, 2008 at 12:01 pm
3b
The realtor seems very nice and she seemed like she knew the storm was here. They listed the house at $329,000. We came in at $315,000 and there were 3 other offers. We basically said we weren’t getting into a bidding war as we didn’t have a property to sell and nothing but time on our hands. We came in at our cut off of $320,000 and they took it.
Did you see thouse “other” offers???
There is always other offers close or at asking….
It sounds to me from some of your posts that you are trying to justify your purchase. Don’t need to – if you like tha house and can afford it, just live in it and be happy.
Are you quoting Rock Hudson?
BC Bob Says:
August 8th, 2008 at 2:30 pm
John [163],
All that matters is entry/exit levels. The rest is BS.
Seeing that John is in the house, my next installment of Nom a la John:
So not long after graduation, my longtime friend Bob organizes his annual ski trip to Killington, which is really a drinking and sex trip, and it is called the Monster Challenge (a challenge to the female persuasion to come and ride the Monster. Kind of like LAGNAF, writ small). Bob and I knew each other since grade school, and he was the one to gave me the nickname of “The Captain” for our exploits and my willingness to assume the leadership role in most of them, which makes me wonder if I didn’t unknowingly help inspire the current Captain Morgan ad campaign. Anyway, the Monster Challenge is his annual bacchanalia, and my sister, who he was dating at the time, even made a T-shirt for it that said “Take the Monster Challenge” which really irked me because I did not want my sister acting like me in any way, but I couldn’t complain because I had not exactly been a role model for moral behavior, which was why I had all those colorful nicknames in H.S. and college. Meanwhile, my friend Raina from the sorority next door is down in the dumps about her latest breakup, and so am I after finally getting ditched by Connie, a superfreak southerner Smithie I was seeing since before graduation, and I really miss all that bourbon-fueled freaking. So Raina and I go out drinking a lot in those days (she had the better job after we graduated so she was always picking up the tab), and I invite her to the Challenge, and she is up for it. I tell Bob that she wants to come and she says, hell yes, bring her. Raina is cute, great body, athletic with a perfect ass, and a bit of a sexpot, but mental illness runs in the family, and I was just beginning to suspect that she was no exception. Still, we are tight even though I pursued a sizeable percentage of her sorority sisters with varying degrees of success, which apparently was irrelevant because the rule in that sorority, just like Mt. Holyoke, was that your friend’s BFs were fair game and no one could complain (although there was this one catfight when my punk, tattooed GF Natalie went after this freshman Amy in a MHC dining common after Amy tried to cut in after Nat and I had a spat, but more on Nat and Mt. Holyoke and her treacherous, so–called friends some other time). So we get to Killington and Bob says you two are in the next condo and I got a surprise for you there. I go over with Raina and look around and find nothing unusual except there are just us there, and eight people in the other 1 bedroom condo, and I figure out that this the surprise. But I wasn’t banging Raina, and while the thought crossed my mind more than thrice, I have a rule about getting involved with women that are a few french fries short of a Happy Meal and know my real name and address. So that night, Raina gets out of bed, comes to me and says, oh so subtly, “oh, I am so cold. Can you keep me warm?” Arrgh. Torture. I know from what she has told me and what I heard at the sorority (and I knew some of the guys she was with) that she was an absolute total freak, which would mean the best sex ever, but do I want to deal with her psycho grief later? For the first time in my life, upper head wins out over lower one and I said gee, really tired, sorry. Next day and the rest of the weekend, she is all pissed off at me, and after that weekend, I never saw her again. I find out later she pulled the same crap with one of my best friends, and for reasons I won’t get into, it was much worse for him after he backed away, so I consider myself lucky.
But it worked out well for Bob’s crazy friend Steve. Steve is a scary smart guy but really lazy, and content to work at Ken’s Steak House in Framingham making salad dressing. He is also one our less stable friends—This guy got expelled from his high school for making an explosive in chem class. He managed to get into a Mass. state college back in the 80’s but they expelled him after one week for pulling a fire alarm. He was so pissed off about it, he phoned in a bomb threat. Steve likes to shoot shotguns because they make “lots of noise and lots of damage.” His favorite thing to do is vaporize small birds with buckshot at close range because, in Steve’s words “chickadees like to die.” We would go shooting in NH, and Bob had this ATV called an Odyssey (Charlie Sheen and Michael Douglas were driving Odysseys on the beach in “Wall Street.” Basically, a one-person beach buggy with a roll cage) that Steve, Billy (who was also a bit crazy, huge, unpredictable, and looked like he lost a knife fight) and I would drive while the others shot guns. Because it had the roll cage, we always tried for big air, and I was the only one that never flipped it, even after getting it up over their heads once—very surreal feeling, coasting through the air by your friends in an ATV while looking down at them. Then you land and surreality ends real abruptly if you aren’t strapped down). Anyway, more on crazy Billy, his green Polaris, our gun outings, and the Odyssey later.
Steve is also a damned funny sh1t, and very charming, but as I said, Steve was lazy so he never liked to work very hard for his poontang and we used to tease him about it, especially the “fat, hairy, bitch” (Steve’s words) that he nailed in Bob’s car once, and how wouldn’t have anything to do with her in the party later. When she wouldn’t get a hint and leave him alone, he threatened to call the police on her—he actually picked up the phone and yelled “hello police? We got a fat, hairy, bitch here” which really pissed her off but he didn’t care. He also denied nailing her but the car smelled like fish so Bob’s “hotwire special” as we called his rusting Ford LTD because that is how he started it after the ignition broke, became known as the Tuna Boat. And I am laughing as I write this because Sis and I still piss our pants laughing about Steve and what a crazy f*ck he was, and the f*cked up sh1t he pulled. Only my frat brother DT’s friend John Meduno was crazier (in fact, he was actually certified crazy and got turned down by the Marines for being mentally unfit). More on DT and Meduno later. So Steve senses that Raina will put out and that she is pissed at me, so the coast is clear and he and Raina hook up for the rest of the weekend. Despite nailing Raina, Steve did not win the Monster Challenge, but you have to read on to learn why.
Now that Raina hooked up with Steve, I have this condo to myself so I tell my other lifelong friend Frank that he can bunk over with me, what with Steve banging Raina in a sleeping bag on the floor of the other condo, and the other meathead drunks like Belanger running around in towels, trying to get laid by any women there, it was just too f’ing crazy in the other condo for Frank. He accepts and we are off to the Pickle Barrel for the last night of drinking. Steve bets me that I won’t get up on stage between sets and sing “New York New York” (after he heard about my singing and dancing performance in the mini-Quad at Smith College in the headlights of Bux’s Duster, for which I won much acclaim, but no sex, from the women of Gillette House, but it gets you into lots of parties, from which you get, well, you get it, and more on Smith College some other time). So I get up on stage and sing until security tosses me off and I collect my winnings from Steve and try unsuccessfully for the rest of the night to hook up, all pissed off that I passed on a sure thing with Raina (for which I later considered myself lucky). Anyway, Frank is one of my many friends that seem to think I have all this mojo with the ladies, like an Italian Austin Powers with better teeth and no glasses, and that he doesn’t have any. I knew this wasn’t true because he was good looking, funny, smart, pretty well hung (he was in my gym class, okay?), and a true stud though you wouldn’t know it to look at him at first. Later, I came to notice that the women Frank dated were all pretty hot and seemed to have this glazed, well satisfied look about them, so I guess he was a porn star after all even if he didn’t know it). He asks me to bless him so that he will have my mojo and score, and so I do. Later that night, he comes up to me and says, it’s wearing off so I bless him again, and finish with “Frank, you will score.”. Right then, at that exact moment, this really cute thing grabs Frank’s arm and says “let’s dance.” I don’t see Frank again until the next morning whereupon I learn that Frank and this chick went back for more hot, incredible, all night sex on my couch than Frank ever had in his young life, and probably me too, and I cannot believe I slept through that but after all those chilled ‘buca shots and kamikazes, it’s no wonder. When I drag my ass out of bed the next day, he runs over and hugs me, and genuflects to me over and over, then tells everyone that he got laid because I blessed him. This guy is ready to carve a statue of me, he is so f@cking delerious, and he definitely won the Monster Challenge that year because that chick turned out to be one hot superfreak and according to Frank they f*cked like rabbits until dawn. I start blessing myself in the mirror because, f*ck, this sh1t actually works. Later he asked me to bless the race car he built, and it threw a rod at New England Dragway in Epping, so that ended the blessing crap for good.
Bob’s bodybuilder friend Belanger drove to the Challenge with the rest of the hardcore drunks I used to work with in Mass. Belanger has this POS fiat and he burned out the tranny on the drive up. It was yellow, with black stripes and “Rallye” written on the side (this is important). Because no forward gear worked after he burned the tranny, he drove the final miles to Killington in reverse. He isn’t gonna tow it back because it would cost more to tow it than the car is worth. So he decides to ditch it, and we pull the plates and break off the VIN tag. Belanger is training to be a cop in Mass. but didn’t know that there was a VIN on the engine block. FWIW, he really isn’t that bright—skis straight down every run because he doesn’t know how to turn and then questions the manhood of any of us who do. In fact, the dumb f*ck is lucky to be alive after calling for a group sauna on the last night of the Challenge (he thought everyone would turn out and get naked, which was idiotic because there were about six guys and two women left, and one was my sister and no way she is going down on Belanger in a sauna with me around) but no one showed so he kept drinking and passed out in the sauna. Good thing it had a timer so he woke up that morning in a cold sauna, very dehydrated instead of dead. And so I find a dirt road next to a ravine, and we start pushing and get a running start toward the ravine, but the car hangs up on the snowbank, so we had to lift it over the snowbank and it rolled into the ravine, resting on its roof. Then we get back in the remaining cars and head back to Mass. Next morning Belanger dutifully calls the Chelsea cops to say his car got stolen, and they said, no, the Vermont State Police have it, and weren’t you in Killington this weekend? I think he skated but the cops were very skeptical. So I am back in Cambridge, and I go out for a jog the next day to clear out the toxins and bad mojo from this weekend, still smarting from the Smithy dumping me and Raina dissing me for NOT sleeping with her, and I see a familiar yellow car at the end of my block, and it is a fiat with black stripes, and the word “rallye” on it, and when I look at the back, it has no license plate. And I think to myself, OMG, a f’ing ghost car!!!
“Are you quoting Rock Hudson?”
John,
Isn’t he bobbing on the river?
good job Nom(except of the di$ty words). You’re catching up on John’s hormone levels.
#178
Edwards fesses up:
http://abcnews.go.com/Blotter/story?id=5441195&page=1
Nom
Were any of these crazy girls from Utah.
http://www.guardian.co.uk/world/2008/aug/08/usa
sh$t… I’m sick to my stomach.
#181
[180]
Thanks, but this is it for me I think.
First, I am not John, nor do I care to be. Second, I get irked when this board goes way OT, so being John for a day is kinda hypocritical, and I don’t care to be wasting Grim’s bandwidth with this crap. He is good enough to host this board and I am a bit concerned that trying to out-John John (were it possible w/o delving into fiction) is a distraction.
So John Deplume is retiring. Besides any other good stories are going to be even more hormone-soaked and I am not sure I care to share.
[182] PGC
Not these girls. And you don’t get to hear any stories like that one.
Hoboken Comp Killers? I thought that was an oxymoron.
(182)-
Wasn’t she the inspiration for “Misery”?
(deleted -jb)
181 hehehe: “Edwards fesses up”
Breaking News >> Former Sen. John Edwards Reportedly Admits Having Affair, Denies Fathering Child
“Father of the Year”, awarded last year in NYC about the time when he had the affair with Rhianna, and while her wife was battling cancer. There really are Two Americas. He was right, after all. Clearly, Presidential material.
I guess National Enquirer pressure was finally enough and Edwards figured that Friday afternoon, during Olympics, and war in Georgia is the best time to come clean.
This just shows how pathetic drive-by-media has been. Everybody has known about this at least a year, only foreign media and US blogs wrote about this. Total media silence, LAT even banned its bloggers to write about this, even when Edwards was found hiding in the hotel toilet after confronted by Enquirer staff.
180#, another sad day for us. we lost another vp candidate after spitzer
[188] John
You’re right. I never did score there. Frank did but I think he was the only one.
I considered democratic party events to be target-rich environments. Those are some really good John stories, especially since some of them involve Kennedys, but I have retired now.
RPatrick, since you asked: Yes.
#183 NJl$rd,
Why are you sick? What are the odds of a politician lying and cheating?
Did you catch the part where Edwards campaign paid her 114k to do a documentary, even though she had no prior experience.
Another reason why I never donate to pols.
Joeycasz,
First, congratulations! some the realtor’s (me) may have looked you up (-: The seller was obvious smart or the agent was. I see it sold quickly. Most of the time the resistance from owners is that’s too fast I won’t take less than asking this soon. As many times as I have explained there are buyers ready and waiting and they will all be in the 1st 2 weeks if your lucky enough to get an offer or 2 work it and then take it. They mostly don’t listen.
KL
Wood Ridge Comp Killer!
SOLD: 490 MAIN AVE $550,000 12/15/2004
MLS#: 2828075 (REO)
Orig List: $629,000 12/4/2006
Last List: $579,000 7/8/2008
SOLD: $530,000 8/8/2008
Actually, I only have three Kennedy stories, the time Ted and Bobby bought me KFC after my father drove them to the US open, the time I went to Christina Lawford’s House in South Hampton and saw John John when we were playing chicken with charity bidding and almost paid 5K to play golf with a Rockafeller. I remember Susan Luchi, Darrol Hanna, Chris Lawford and John John all looking at me while it went going once, going twice and then someone out bid me. The third one is when I dated a rich girl who had a family house in Palm Beach around the time the Kennedy nephew got accused of rape and the freak had me do her in the same spot on the beach so she can say she did it where a kennedy did it, now that is freaky stuff. I guess I should have known she was freeky when she once did Peter Brady, actually it freaks me out that me and Peter Brady have that in commmon.
192: well, at least she was a woman (hmm..or at least Camilla Parker-Bowles lookalike). The woman was paid $15,000/month hush money by a 3rd party. I wonder who had the motive (and money) to hide this..and this Silky Pony had a good chance of getting elected and being blackmailed by this.
“the former North Carolina senator said he repeatedly lied about the affair during his failed presidential campaign.”
Next step is the tv show..
“Mr Edwards..You ARE the father”
Midland Park FUTURE Comp Killer!
SOLD: 60 REA AVE $397,000 6/17/2005
MLS#: 2808770
Orig List: $399,171 3/3/2008
Last List: $325,171 8/8/2008
Oakland FUTURE Comp Killer!
SOLD: 28 RIVER DELL $879,900 11/29/2005
MLS#: 2813184
Orig List: $929,000 9/26/2007
Last List: $849,000 8/8/2008
#183 NJl$rd
I am too sick,I hate to confess, while I know inately politicions are generaly not the same as the general public, I have always felt they had a stronger drive than most, and that shows up in other aspects of their lives, but having been through the tradedies I thought perhaps he was different. i still feel he would not have made a good president.
KL
#197 Rich
MLS 2551679 is still racing it to the bottom. It is a 3/2 vs the 2/2
[195] John
too rich for me. We paid $600 to play golf with one of the Boston Bruins (Gordie Kluzak, I think) at Brae Burn CC in Newton. The auction was fun—We met Paul LaCamera of Channel 5 and two of us who went to UMass just laughed at him as he kept trying to convince us that his station didn’t have a bias agains UMass. I think it was one of the last times I wore my tux, and now they are out of fashion and I probably don’t fit into it anymore anyhow.
The golf was great too. On the first tee at Brae Burn, with Gordie Kluzak I hit the longest, straightest drive I ever hit, and got some oohs from the assembled drinkers. My game went back to sucking after that. But the course was getting ready to host the LPGA championship in a few days so it was pristine. I still managed to stink it up but it was the most fun I ever had sucking at golf.
At the time, I thought $600 was a lot of money, but with what a round costs now, it isn’t that bad. And we did get a tax deduction.
about offshore drilling and how soon it can start:
Institute for Energy Research has studied this and it is pointing out some serious flaws in a widely circulated “offshore won’t help” memo by Energy Information Administration.
“EIA’s analysis assumes that leasing would begin no sooner than 2012, and production would not be expected to start before 2017. Yet, off the coast of California, some of these resources have already been leased. A report from Wall Street research house Sanford C. Bernstein says that California actually could start producing new oil within one year if the moratoria were lifted. The California oil is under shallow water and already has been explored. Drilling platforms have been in place since before the moratorium.”
http://www.instituteforenergyresearch.org/2008/08/07/offshore-oil-production-estimate-illustrates-flaws-in-eia-forecasting/
Anyone have suggestions:
i rented a beach house this summer and now the owner is coming after me for damages and cleaning bill. I wrote him back saying those damages were existing and the place was clean when we left. I’ve got my deposit back already, anything I should worry about?
RE:Where is Brett gonna live??
Please..Saddle River with Derek Jeter and Runs house..Or maybe Franklin Lakes…lots of woods/privacy. I remember back in the day when Lawrence Taylor lived in Upper Saddle River and before training camp you could find him out running the streets and hills of NW Bergen..quite a site..white powder blowing in the wind behind him…
[192] barien
How do you know when a politician is lying?
His lips are moving!
re Edwards scandal. I don’t think the real issue is the affair (and the child, which likely is his). Many politicians do that.
The real story is the massive media cover-up, despite strong evidence (easily verifiable, like the bathroom incident). Can anybody believe that media would have covered up this for some republican major presidential candidate or politician or some little known preacher from Kansas?
NYT started the front-page rumor about Mc*in’s alleged affair without a shred of evidence.
Leprechaun in Mobile, Alabama
http://www.youtube.com/watch?v=nda_OSWeyn8
“I wrote him back saying those damages were existing and the place was clean when we left.”
HP[203],
Did John rent the house before you?
Derrick Jetter lives in Harrison NY and Manhattan
Derrick Jetter lives in Harrison NY and Manhattan
BC Bob –
Funny, the place did smell like someone’s fingers were dipped in fish too long.
Sorry I butchered Derrick Jetters spelling..I’m more of a football fan than a baseball one…
Jeter lived by a friend in the Trump building by the UN. Not sure if he’s still there. I used to live right by Jorge Posada. Saw him quite a bit. I shouted at him “Hip Hip Jorge”. Never saw a guy jump into a cab so quickly.
Hip-Hip-Whore-A
It sounds to me from some of your posts that you are trying to justify your purchase. Don’t need to – if you like tha house and can afford it, just live in it and be happy.
All i can say is if you knew me you’d know that would never be the case.
I get from my posts that i’m excited about owning a home.
#193 Rhyme
Our realtor said the same exact thing about sellers not taking offers so quick as they feel they can get their asking or hope for bids to get more for it. You’re right, this guy was smart. We did talk to his realtor at closing and she said that she wanted to price it aggressivley and he thought it was the best way in this market too.
I justify purchases that i know my wife would be mad at. “Honey i’m telling you..we NEEDED this new surround sound THX HDTV system!”
hehe
Guys I am off line for a week, headed to Jersey Shore for vacation. Hope a week without my stories will make you miss me!!!
Lots of Love to all!!!~
I heard about the Edwards thing a while back from a buddy of mine who works for McCain. He said it definitely would have become an issue if Edwards became the Dem nominee. I told him that Obama also struck me as a guy who must be beating the women off with a stick, so it wouldn’t surprise me if he has a few ladies on the side. My friend said Obama is extremely careful and calculated guy. He does not have a lot of weaknesses as a politician, unlike many. It is funny that even the people way up in McCain’s campaign give Obama a lot of credit in this regard.
“i still feel he would not have made a good president.”
Really, ya think? The guy is/was a trial lawyer, how can it be so surprising that he is also a complete scumbag.
While the media cover up is the bigger story here (although not unexpected), the idea that he and his wife knew about this, and they went out and raised tons of cash for a political campaign knowing full well that this could certianly bring down a nomination in a heartbeat really reeks of arrogance and sleazyness.
I triggered the mod a minute ago– not sure why
You used the O word
(215) Joeycasz
“I get from my posts that I’m excited about owning a home.”
Me too…congratulations!
Joeycasz (215),
Me three. Congrats!
Joey,
I thought Al’s post was ridiculous when I read it the first time, pay him no mind.
Now go get that surround sound.
i am waiting his “john” story.
“When a supermarket tabloid told a version of the story, I used the fact that the story contained many falsities to deny it. But being 99% honest is no longer enough. ”
“http://www.politico.com/news/stories/0808/12405.html”
Wondering…from my AM post #25
Any opinions on forming a RTC – Resolution Trust Corporation – to handle the financial institutions facing insolvency today? It is all about Congress being involved so that’s a problem – Last one lasted from 1989 – 1995.
I read the PDF file by the FDIC (industry analysis) and in the end they had this to say:
“Perhaps a measure of the RTC’s success is that little more than a decade after it closed, this agency that provoked so much debate is largely forgotten.”
There were constant battles for funding and arguments about management/operations.
You’d think though, that a “conservator” approach would be better than leaving it to the FED. Just wondering what anyone thought..
Nom,
And if he’s quiet he’s stealing.
#205 Nom Deplume Says:
August 8th, 2008 at 4:11 pm
[192] barien
How do you know when a politician is lying?
His lips are moving!
OMG. just saw Edwards honey.
Why do the Dems have such bad taste in women?
Didn’t they read the parts in the Kennedy bio that he was cheating with models and movie stars?
joeycasz- I am late to the party, but wanted to say many congrats to you and the wife on your home! Sounds beautiful.
he cannot speak at the convention since he didn’t insist lying strong enough and long enough as clinton did.
“Edwards has told associates that when he endorsed Obama, he was promised a coveted prime-time, broadcast speaking slot at the Democratic National Convention.”
http://www.politico.com/news/stories/0808/12402_Page2.html
A long long time ago
I can still remember how that Housingused to make me smile
And I knew if I had my chance
That I could make those people dance
And maybe they’d be happy for a while
But February made me shiver
With every paper I’d deliver
Bad news on the doorstep
I couldn’t take one more step
I can’t remember if I cried
When I read about the foreclosed brides
But something touched me deep inside
The day that Alt-A died
http://globaleconomicanalysis.blogspot.com/2008/08/day-that-alt-died.html
231
Is gefukt a real German word? If it isn’t it should be.
can someone with MLS access give me address for #2833162
thanks in advanced
#218 John-
Uh-oh what part of the Jersey shore?
John (218)-
“Guys I am off line for a week, headed to Jersey Shore for vacation. Hope a week without my stories will make you miss me!!!”
That’s good, John. This will give us time to get your stories up to the English dept at Yale, so they can begin deconstructing them.
Cindy (227)-
I cut my teeth in RE during the RTC days. For a gubmint operation, they were tremendously well-run and efficient in their operations. For the most part, the people I dealt with were real pros.
However, you have to remember a couple of interesting things about RTC and the properties it was charged with dispatching:
1. The vast majority of auctioned properties were commercial and had at least the potential to throw off serious income. It was an easy bet to pick up property like this at .05/USD and sit with it a bit until it cash-flowed positive.
2. A lot of the commercial RE was prime stuff, like newly-constructed Class A office buildings and fully-finished condo complexes. Again, turn-key condition helped provide clear visibility to the day this stuff would throw off buckets of cash.
The current unpleasantness is almost entirely residential in nature (although the commercial implosion is soon to come). Also, a lot of the residential inventory is uninhabitable and located in places nobody wants to live (Cleveland, Detroit, Buffalo). There is not enough value in some of these locations to even justify a gubmint liquidator’s most minimal effort. The best thing that can be done in these war zones is to apply a big dose of bulldozer, and walk away.
Sad to say, an RTC-type solution is a tempting thought…but in the final analysis, there’s not enough value in the busted-out RE to justify it. The whole bubble was, in the end, sound and fury…signifying nothing.
That’s also what really scares me about what’s going on now. This thing is already far beyond RTC in dollars, scale and utter hopelessness. And I never thought I’d see anything that bad again in my life.
Coast (234)-
“Uh-oh what part of the Jersey shore?”
Just step outside and look for the mushroom cloud.
I think—or hope?—that John’s further south than Monmouth County.
The true beauty of his stories, imho, is how condensed they are, even though packed with detail.
John, have fun fishing in our shores I’m waiting for your new adventure stories
In addition to write back I’ll call in person to explain the situation. It sound like not a bad guy if you already have the deposit back. Most likely it is miscom.
That say, you may need to defend any evidences I a small claim court. Btw, I normally refund 2 weeks after vacating of my tenants so that I have ample time to inspect.
Watching the Olympic in jetblue right now. It’s much better than I thought. highly recommened tuning to nbc guys
Cindy it’s a good idea that hard to be implemented efficiently by any beauracracy. The complexity of today’s situation, plus the quality of today’s government (or citizens really) make another bail out such as rtc mission-impossible. It would be much more simple and effective to let mr. Market solve his mess. Mr.market will have a better shot as he has the world scale resources never in civilization before. That say, we still need to pay back the debt if we still want to maintain our empire. Entitlement is only a pipedream it’s the paytime for the fools.
#227
Clotpoll 236, thank you for a very informative and relevant post. Comparing this real estate recession to the early 1990s RTC days provides excellent perspective. What made you switch into residential?
(236) Clotpoll (242) NJL$ord
Thanks for the feedback. I see a lot of banks failing in the future and I wondered how it was going to be handled in a semi-orderly fashion.
It sounds like the residential R/E will have to be solved by Mr. Market and bulldozers.
California has dropped the prices all right but we are also losing population. It’s a death spiral deal. Lost jobs – lost house – Businesses are moving away. (Many saying Texas has a business-friendly environment.)
We have so many fiscal problems. Wait a minute – that sounds a bit like New Jersey!
Just got back from Wildwood. Seemed like every set of condos had a “for sale” sign. The complex next to ours never opend their pool. We asked the realtor who rented us our condo. He said that the place was 100% speculators, that most had stopped paying association fees and were in foreclosure. You could now pick up one of those places for 250k; 50% off the 2005 price.
Of course he then proceeded to explain how that set of condos was somehow different and everything else in Wildwood is just swell.
NNJJEFF (233),
79 COLUMBUS DR
Current Year Taxes: $9,117.36
No past sales history
Interesting, my new 2008 Subaru Legacy LSP cost me less then the 2003 Subaru Legacy LSP, after dealer & factory discounts, for same model with more standard features. It then cost me less for insurance because of additional safety/security features.
Grim,
Another report from the hinterlands…
Hunterdon County Comp Killers:
MLS#: 2527031
6 Foxwood Lane
Alexandria Twp
SLD: 10/13/04 $904,000
OLP: 06/05/08 $764,900
SLD: 08/06/08 $712,350
MLS#: 2478683
6 Smithfield Road
Clinton Twp
SLD: 04/19/05 $1,165,000
OLP: 01/21/08 $1,299,000
SLD: 08/06/08 $1,149,000
And… Hunterdon County FUTURE Comp Killers:
MLS#: 2564361
394 Rick Road
Alexandria Twp
SLD: 05/12/05 $509,850
OLP: 08/08/08 $399,900
MLS#: 2562645
52 Westgate Drive
Clinton Twp
SLD: 01/19/07 $400,000
OLP: 08/04/08 $389,900
I am rentings a condo in a building in Hoboken. Came home last night and there was a notice of a sheriff sale posted for one of the units
HEHEHE,
That’s impossible. Didn’t you hear Hoboken is immune to the housing crisis!
By the way, I ran across something interesting today, just one vote might have prevented the housing bubble.
lurk (243)-
I did the RTC thing as an investor, not as a Realtor. I actually do commercial- as well as residential- work. However, I don’t like doing commercial deals if I don’t understand the client’s industry, so it limits me.
..So this morning I decided to take the Vespa for a pre- dawn spin to the beach to watch the sunrise. I park the bike and as I’m shuffling over the bluff my foot sends a bottle spinning in front of me. I pick it up-What’s an empty bottle of JW Blue doing here? As the sun peaks over the horizon I spy one lone fisherman at the shoreline with those hipwaders on that are chest high held up by suspenders and it appears he’s got nothing on underneath ’em. In the dawn’s early light I see a king sized plaid beach blanket a few feet from the fisherman and on it lies a most luscious babe sprawled out fast asleep. She was on her back with her knees towering in the air- I swear, if she unfolded them, those legs would reach clear across to London. She had on a white lace string bikini- the bottom half had two little bows that rested on each of her hip bones and her stomach was just concave enough that a space formed between her and the bikini revealing all her glory. Long tendrils of toussled blonde hair gathered in the pass between twin peeks that the friggin’ Donner party would get lost in. The sun’s light grew brighter and I heard the fisherman cackling as he reeled in a striper the size of Jaws. The sun glistened off his rubber boots but the upper part of his waders looked different than most…strangly they looked like they were made of… crushed valor!
I think I found (my inner) John at the Jersey Shore!
Renting 246,
I am going to Wildwood myself next week -18th- I had a friend mixed up with the speculation that went on down there, the same condo would be sold 3-4 times. My own research uncovered so much fraud, I don’t know how it happened. That town was raped.
KL
To #203 -Hard Place:
Don’t worry about it. Just been thru in suing my old landlord for stealing my Security Deposit. First after consulting a trusted lawyer – he recommends always using your security deposit as part of your last 2 month rent. And this is why.
Whether is your landlord after you or you after your landlord (up to 5K). You will go to The Superior Court -Small Claim section. You are allowed to a suit for twice the security deposit.
During the opening statement of the court date the judge will explain the rules and he highly advises everyone to settle and take the money and run. Everyone has to go to mandatory arbritation with a law student/clerk. If a deal is not reached then you see the Judge later on.
I made it out with 3/4 of the security deposit in mediation. In short it is a hassle for all the parties and no one is going to recover that much period. So the thing is to make sure you get your money before hand and in your case you got it already.
This is the first time I came to this site using IE. Just noticed that the background behind the post and comments don’t show up. It’s all green in firefox.
I mean it looks fine in IE not in firefox.
254
That’s bs advice. Sec deposits are kept for a reason. They are NOT meant to be last month’s rent. I know there are some shady landlords out there, but there are as many or more dirtbag tenants.
#26 Sean
Still here just not much to post that hasn’t been said or needs to be said.
#31 Stu – LOL – Still that looks like a lot more fun than a wine tasting party to me any day.
I’m busy watching a home that is in Pre-Forclosure in my development. Its 2 story with a 3rd story bonus room and a partially finished basement. Has to be around 6,000 sq ft. 2006 they remodeled the kitchen to a gourmet top of the line everything. Nice two tier deck off the back also with a flat yard. Yard is about .33 acres. The only downside is the houses are crammed together side by side but the yard has decent length to it. Still an HOA but they have gotten a lot better recently.
Another thought is one area we contemplated moving to but didnt because of lack of jobs in the area took a beating this past two years in house values. Friend of ours recently took a high level position there and made the comment about me working there but its really the only major company to work for there without a hefty drive. Our neck of the woods has been holding its own and might have seen a very slight increase recently because some people here are over pricing their homes. So if we listed at what homes should be listed for it should sell pretty quickly at least the ones that aren’t overpriced do. Because of their decline and our holding value its crossed our minds we could jump there and buy our dream house outright and could bank some coin in the process. Reality is I think that area is going to drop another 10-15% in the next year maybe two and even if we see a decrease in my neck of the woods I think it will be less than theirs so we have plenty of time to decide.
Other than that we have just been enjoying the summer. Camping/Boating/JetSkiing on the lake. Been taking the kids to Carowinds water park since we got season passes. Little fishing and some drinking and poker with the neighbors. Just not much scuba without a 3 hour drive but if we take the equity further south now who knows I might just become a scuba instructor and go diving every weekend.
To 257/Sybarite 101X:
It’s not whether a landlord/tenant is shady. In my case they were trying to claim structural water damage as my fault.
It’s simply as I found out and any RE lawyer here will attest, the system does not value the honor of the contract. He who cheat has great chance of getting away. In short landlords have a tough time letting go of the tenant’s money – they think is theirs and will always find an excuse to take some of it. That is why attorneys recommned using it as rent in the end.
My ex-landlord a big RE managment firm (look up Goldberg Realty) was astounded that they were taken to court, and they have been pulling these stunts for years now, because they are having financial issues at least where I used to live. It was very clear to me that they have not been to sued for withholding Sec. Dep in a long time. It showed me they were getting away with it.
If I had left using my Sec. Dep as rent A) I would have had an extra $400 in my pocket & B) Would not have had the aggrevation of feeling cheated. The onus would have been up to them- the landlord to try to come after me & prove beyond a doubt in arbitration or to the judge that is was my fault.
That’s nonsense.
“In short landlords have a tough time letting go of the tenant’s money – they think is theirs and will always find an excuse to take some of it. That is why attorneys recommned using it as rent in the end.”
I’m a landlord. The security deposit money belongs to the tenant. I am fully aware of that, as are the tenants. I have never kept a tenant’s deposit for no reason. In fact, I have never deducted anything from tenant deposit’s except when they’ve pulled what you described, using the deposit as rent money.
It is far from universal, even with larger RE mgmt firms. I’m familiar with Goldberg Realty as my girlfriend lives in their apartments in Madison. They are a shady operation, in my experience from what she tells me.
My prior experience as a tenant with another large garden apartment complex, was the complete opposite of what you described. I did the walkthrough with the on-site super, and she pointed out that I didn’t clean the oven enough. I then bought some Easy-off and soaked the crap out of the over, and she was satisfied and returned my deposit 100%.
260/Sybarite 101X
All I’m saying is if you have to go the legal chasing after someone route. Whether you are the landlord or tenant plaintiff. The system is set up in the Small Claim-Landlord/Tenant Court to arbitrate a negotiated deal.
So you’ll get something, but not everything. So it’s in the interest of the party that has money at risk (ex. the tenant with this Sec.Dep) to use up the money as rent.
Whether you like it or not as a landlord that is the way of the land. Sort of like the cop’s speedtrap or the metermaid’s tickets because of the lack of a quarter.
203 Hard Place
I’m not a lawyer but I wouldn’t worry if I were you. You already have your deposit back, so unless you feel like donatating some $$$ to your landlord, he will have to take you to court. That means he will probably be paying for a lawyer and then proving to a judge that you created damage and caused a need for cleaning beyond normal wear and tear. NJ law favors the tenant, so unless he has hard evidence, it will be a tough sell.
I had a landlady 10 years ago try to hold my deposit after 7 years of tenancy because there was a falling out. She said the carpets needed cleaning and the place needed painting. I contacted a lawyer who told me that landlords cannot deduct from your deposit for rectifying normal wear and tear. He said maybe if I trashed the place but otherwise, “broom swept clean” was good enough. As far as damages, you should always protect yourself by documenting your intial and final walkthroughs with the landlord in writing and with photos.
Again, I’m not a lawyer, but a few points from other posts made me want to comment. I don’t think you should default on your last month of rent and try to use the security deposit as rent unless the landlord agrees. If you do end up in court, this move will make you look dishonest to the judge (you broke the contract). NJ law provides for double damages to the tenant if the landlord improperly withholds the security deposit beyond 30 days. Even with your attorney’s fee, you will make money on the transaction if you are blameless and your landlord is dumb enough to try to screw you.
Just my two cents.
Disclaimer: I am not a lawyer but I have been inside a number of jails and prisons. Take my advice and you risk going there too.
261
So, the lay of the land is breach of contract? I clearly state in my leases that the security deposit is not meant to be used as last month’s rent. I also clearly explain that to the tenants when I review the lease with them.
I guess I can understand if one has had a bad experience with a previous landlord trying to screw you out of money. But when you sign a lease you enter into a contract.
Sybarite101 X
I finally got an answer from DogfishHead Brewery. I am hoping it will appear in NJ again soon:
Hey Dave,
Thank you for your inquiry about Palo Santo. It was originally going to be a limited release beer but now we will be brewing it monthly.
Thank you again.
Audrey
Audrey Mackie
Sales Coordinator
Dogfish Head Craft Brewery
Phone: 302-684-1000 x202
Fax: 302-684-0541
audrey@dogfish.com
.
Name: dave
Email: withheld@yahoo.com
Subject: DFH Beer – Finding It!
Comments:
Is Palo Santo being released monthly? Retailers in NJ are claiming that it was a once yearly release. What gives?
Security deposit laws in NJ are kind of weird. I’m not sure if it’s any different for short term rentals but it basically goes like this… Some of the numbers may be off because I’m going off what I remember.
After you sign a lease and give a security deposit. The landlord is required to deposit that money into an interest bearing escrow account. They have to give you the name of the bank and the account number within a month. If they do not, you can request they return the deposit to you, with interest. I think the interest was 7% or 14% or something higher than putting it in a savings account as a punishment. Basically, if the landlord doesn’t deposit the funds, they forfeight the right to hold a deposit.
If the landlord complies with the law, he has up to a month to return the deposit to you after you move out. If there are any damages they can use the deposit for that. You cannot use the deposit as the last month’s rent if the landlord complied with the law. If you don’t pay the last month’s rent and there are damages they can come after you.
If the landlord returned your deposit and then tries to claim damages, that’s his fault for not checking before you moved out.
ww4b,
That’s awesome news; I’m going to keep my eyes open for it in the usual spots.
Thanks for inquiring!
Hi Tom,
I think most of what you wrote is true, but I never heard of the extra % penalty. Also, I’m pretty sure owner-occupied 4-unit or less properties are exempt from many of those requirements. I tried to get a copy of all of the applicable laws from NJ State, and had a difficult time getting them. I had to settle for an unofficial guide from a 3rd party site.
Sybarite,
Now you made me look it up to be sure. http://www.lsnjlaw.org/english/placeilive/irentmyhome/tenantsrights/chapterthree/index.cfm
“The Rent Security Deposit Act applies to all rental units, including tenant-occupied, single-family homes. The only exception is for rental units in owner-occupied buildings that have no more than two units other than the owner-landlord’s unit. However, the law does apply even to tenants in these small, owner-occupied buildings if the tenant sends a 30-day written notice to the landlord stating that he or she wants the landlord to comply with the law’s provisions.”
By the way, if your landlord refuses to return your deposit after 30 days, the law also says you can collect up to twice what your deposit was. So if you have to take your landlord to court remember that.
That link I provided is a good read for renters or landlords. Simple stuff but it’s good to know the laws.
265 Tom
I think the landlord just has to place the security in an interest bearing account and give proper notification to the tenant. If not, the tenant can notify the landlord to use the security as rent, plus seven percent interest. The amount of interest that the account pays is not specified, only the penalty interest (7%) is specified.
Here is a very helpful link for landlords and tenants in NJ:
http://www.lsnjlaw.org/english/placeilive/irentmyhome/tenantsrights/index.cfm
Tom,
Yep, that’s the site where I got my info from. I wouldn’t rely on it 100% since it’s not a .gov website, but it’s probably good enough.
According to that blurb, the limit is triplexes where the owner is also an occupant. I thought it applied to quad’s too, but I guess not.
269 Tom
Guess we were looking at the same link. Thanks for confirming the double damages on the non-return of the security.
Ok, here’s your .gov link http://www.judiciary.state.nj.us/civil/civ-04.htm
Last section:
“The security deposit generally must be deposited in an interest-bearing account in a bank or saving and loan association in New Jersey at the time the lease is signed. The tenant must give written notice of where the money has been deposited within 30 days of receipt by the landlord.
If the landlord does not return the security deposit within 30 days from the date the tenant moves out of the premises, the tenant may sue to recover double the amount due, plus court costs. If the amount sought is $3,000.00 or less, the tenant may sue in the Small Claims Section. If the amount sought does not exceed $15,000.00, the tenant may sue in the Special Civil Part. If the amount sought exceeds $15,000.00, the tenant must sue in the Law Division.
The landlord must notify the tenant of the amount of the security deposit being retained and the nature and cost of the repairs.
If the amount of any damage caused by a tenant plus any unpaid rent is more than the security deposit, the landlord may sue for the additional money.
If a residential building is sold, the seller must turn over each security deposit plus any interest to the buyer and notify each tenant by registered or certified mail.”
Also if you google for the Rent Security Deposit Act for NJ you should be able to find it. I did a while ago and read the law directly.
271 Sybarite101 X
I think you can trust that they know what they are talking about in landlord-tenant matters. Here’s the blurb from their homepage:
Legal Services of New Jersey (LSNJ), an independent, non-profit organization, coordinates the statewide Legal Services system. LSNJ strives to ensure equal access to justice under law to all people of New Jersey, providing free legal assistance to low-income people in civil matters.
266 Sybarite101 X
No problem. Just trying to keep landlords and tenants drinking good beer… uh, I mean maintaining good relations by being civil to each other and obeying NJ law. :)
Tom,
Thanks for the additional link. I also found a recent bulletin issued 2/2008: http://www.state.nj.us/dca/codes/lt/pdf/Secty_deposit_bultin.pdf
All of this information is consistent with what I have believed and have been practicing with my tenants.
Sybarite,
From that link saw something that applies here that I wasn’t sure about.
“Security deposit investments and deposits to a banking institution are not required for seasonal rentals. Seasonal rentals refer to properties being rented or leased for residential purposes, for a term of 125 consecutive days or less, by a person having a permanent place of residence elsewhere.”
I post this information without an agenda. I have no opinion on the subject that I will share in this forum. There is a slightly discernable bias in the reporting, but otherwise just assume that it is a summary of details. If you take offense to my posting here, I apologize in advance….
http://www.bloomberg.com/apps/news?pid=20601039&sid=agclip2V0QNk&refer=home
Thought I would share some of my recent thoughts on the NJ housing market
http://frustratednjhomebuyer.blogspot.com/
RE: Angry Home Buyer
From reading your first post, i think you need to step back and ask why the banks are looking for 20% Down? If you can’t even come up with 10% down, you shouldn’t be looking for a house. Start storing your acorns, until you have $50 to $75K, then come back to the market. We are back to good old days and that will be a good thing for you and the housing market in the long run.
This was from Friday … Clot, the only slight disagreement is on the car front (and just one brand, actually). My cousin works at Honda in Pa and said his company cannot kept Civics on the lot. They’re coming in and a day later, they’re ALL gone – like the wi fit or something.
The real reason they’re going: Trade-ins. Everyone is trading in their SUV, taking a loss, and getting a Civic.
oops, that was BC Bob’s quote.
Decline of the burbs on CBS news.
http://tinyurl.com/5rqyml
Another classic crying baby – I want it, NOW!!
#280 Angry Home Buyer Says:
August 9th, 2008 at 9:12 pm
Thought I would share some of my recent thoughts on the NJ housing market
http://frustratednjhomebuyer.blogspot.com/
s/d
Are you kidding me I’m not doing it legally. What now I have to invest money for you for free? You know what I don’t bother to have the privilege to be your landlord anymore – take your money and go somewhere else :)
I agree with ReadingtonDude.
Unless you’re combined household income is $175-200k/yr you shouldn’t be looking at homes around $600k. The sooner people realize that the sooner prices start coming down. If that’s already your income, then if you haven’t saved 100k for a downpayment you need to work on your finances.
I’m guessing your expenses would be about $2,000/month more if you own a home than if you rent based on the price range and other factors. Sounds like you have about a $30k downpayment. I’d say wait a year, save up more money and see where the market ends up before you decide. This is what I would recommend. Start putting away 2,000/mo away so you know what it’s like living without that money and building up a bigger downpayment.
Month 1: Put your current deposit savings plus 2k into a 1yr CD.
Month 2, 3, 4, 5, 6, 7: Start a 6 month CD each month with 2k.
Month 8: Roll over month 2’s CD into a 2 month CD
Month 9: Roll over month 3’s CD into a 2month CD
Month 10: Roll over month 4’s CD into a 2 month CD and rollover month 8’s back into a 2 month CD.
Month 11: Cash out the month 6 Cd and the month 2/8 CD and put them into a money market account.
Month 12: Everything into a money market account and start house hunting.
Not the greatest return, only about 3% and you’ll only gain about $1,500 but in the end you’ll have almost $48k. With the way house prices are falling, that’s going to be about a 10% down payment. Also during this period, don’t charge anything on your credit card and pay down your balances. Not with the money your saving above.
What this does is gives you a glimpse of what it’s like living on the money you’ll be living on after paying for housing expenses for a year. Then you can determine how much you want to spend on a house. Like I said, this isn’t the best return, but this is more about putting the money away where you can’t access it and seeing what living like that is like. You’ll make a little bit but at least you’re not going to lose it.
s/d
Plus, here is your security deposit plus 10% interest out of my pocket. Please sign the agreement to vacate and leave me alone. Go back to your sugar marma for your AFFORDABLE housing.
Let me tell you – I don’t get called sluml$rd for nothing!
Laughing [282],
I agree, I should have been more specific. Collapsing auto sales, US manufacturer’s, the next bailout.
Tom [287],
I agree. In this environment, don’t worry about the return on your $. Just concentrate on the return of your $.
BC Bob,
My sleeping pills must be kicking in, I had to read that twice to to see what you were saying. :)
The most important thing is to see what it’s like living with the extra expenses and determine if you can do that for at least 5-10 years before you even consider selling the house. If the people that had fixed rate mortgages that are now facing foreclosure did that, things might have been different.
Tom, you should not suggest anyone making less than $240k/yr looking at $600k house. Rule 101 of ‘The Millionaire Next Door’! (2.5x income as the standard)
#287 Tom Says:
August 9th, 2008 at 11:12 pm
I agree with ReadingtonDude.
Unless you’re combined household income is $175-200k/yr you shouldn’t be looking at homes around $600k.
NJl$rd,
I was going to go with the 2.5, but I went with a little over 3 since median house price to income ration for Bergen County was around that pre y2k.
I haven’t really thought about it but I was thinking more along the lines of your first purchase should be around 2, second 2.5 third 3. Hopefully from house to house you make enough so your debt to income is about the same.
By the way, I saw what must have been the stupidest thing on tv today.
The whole Green Channel from Discovery looks dumb. Just ways to spend money to go green. They even have a green flipping type show.
Anyway. They have this competition to compare a “green” helicopter with a traditional helicopter.
First, how many people are considering buying helicopters that it’s so important to have a comparative study over green vs traditional?
Second, how green is it to truck out a tv crew out to a site and have 2 helicopters fly around all day just to take some video?
Morons
Angry (280)-
Why is anybody in his right mind waste the gas to visit open houses? And why would anyone with more than a brain stem up top expect to find a good agent at one? Less than 1% of all the homes sold in the US sell as the result of an open house. Look at the pics and the Virtual Tours, call an agent, and let the agent burn up gas driving you around. Unless you have the sense of humor and the conversational skill of a lemur, even the worst agent will provide you some entertainment.
Did you write this? God, I hope not. If so, do yourself a favor…and rent for the rest of your life. You have no f-ing clue:
“When we attend an open house it is a two fold purpose. Our first objective is to check out the property and second is two speak with a prospective realtors who can perhaps later represent us in our home buying process. Six months into our search we have come up short on both fronts.”
(280)-
While I’m at it…why don’t you shut down your blog, too? It sucks. You can’t write.
Bernie Mac Dead?
Green helicopters for average Joe TV watcher? How the he$l it has any business with you and me (aside from >$6 jet fuel). That’s exactly why this country’s so broke.
Now it’s me need a sleeping pill.
#294
282 laughing~
Where do the suv’s go then?
Paulson’s on Meet the Press. It’s too early for popcorn.
(300) lostinny
Did I hear Paulson say he would not return in January when a new president takes office?
Cindy
Honestly, I don’t know. I zoned out.
Reuters -..lost – found it…
“U.S. Treasury Secretary Henry Paulson said in an interview aired on Sunday he had no interest in staying in his post beyond January when a new administration takes office.”
“I look forward to doing other things next year,” Paulson said on NBC television’s “Meet the Press” program. The interview was taped on Saturday in China.”
“I’m going to run right up until the end,” he said. “I’m focused on getting everything done I can get done between now and January 19th.”
Re john
Need less Hemingway, more Holden Caufield.
Disagree. I think even if you are in that range, you should put a cap at 500k. Just one man’s thought: If you buy a 600k house and put down 20%, you’re seriously looking at a 4000 mortgage each month for the next 3000 years. That’s JUST the mortgage.
This leaves very little room for error in terms of getting fired, having kids going on nice vacations, etc.
Again, one man’s opinion – we’d much rather keep our mortgage in the 2500-3000 range by putting down 40%.
Cindy
I guess he doesn’t want to help bail out the sinking ship.
OT:
Just woke up, got up had coffee after my highschool reunion….
If you guys really care about me,
please…remind me not to go to the next one whenever it is, OK?
Ugh.
sl
260 sybarite
Hate to say it, but my experience is similar to Been There’s, and we were taught a cold lesson by a large property management corp a few years back.
My last two leases were with individuals who wanted to sell following our exit. In both cases I paid through the end, but I never worried about getting my deposit back, because both parties would have found themselves on the wrong end of a lis pendens and unable to sell their homes.
I have a responsibilty to my children to prevent my family from being financially screwed.
lost, 306
More like, he doesn’t want credit/blame for the disaster that’s coming down the pike in ’09
sl
309 SL
Tomato, tomato- no one wants to take responsibility for this.
chifi, #??
I read that article. I’m waiting for when there is forced impregnation of all fertile women in the US.
Not just “let’s stop abortion”
Not just “let’s stop implantation of women who are trying to NOT get pregnant”
Let every rapist and incestuous family member feel free to propagate. Makes you wonder if they’ll be supported in court when they fight for visitation to see their kid(s) – the product of said rape.
When it’s a politician’s daughter/sister/wife who is raped, they’ll be secreted off to an abortionist elsewhere…
…everyone else, go find a closet and a coat hanger or some on-line RU486- or if it’s early enough some “Plan B” if you can get a pharmacist to sell you some (depending on their religious beliefs.)
Sorry… woke up on the wrong side of the cave this morning….. /rant off.
sl
300 lost
Paulson was stuttering like an idiot.
301 cindy
Yes, you did.
311 still
Saved me having to write all that.
Thanks
From MarketWatch
U.S. wallets to close at last
Consumer spending heading for a fall
Economist: ‘Frugality is now replacing frivolity’
With the stimulus checks just a memory, U.S. consumer spending is set to decline in the third quarter for the first time in 17 years, economists say.
The rebates were big enough to keep spending on the positive track in the second quarter, but U.S. households didn’t spend nearly as much of the windfall from Washington as Congress expected. Instead, they saved it and used it to pay down debts heading into what could be a long winter.
Economists estimate that between one-sixth and one-fourth of the money was spent.
From the Sunday NYT:
Mortgage Rates, Down for So Long, Are Creeping Back Up and Crimping Affordability
http://www.nytimes.com/2008/08/09/business/09mortgage.html?em
By TARA SIEGEL BERNARD
Published: August 8, 2008
If you are a prospective home buyer waiting for the bottom of the housing market, there is another fact you need to take into account: mortgage rates are rising.
Rates on a 30-year fixed-rate loan, which were as low as 5.89 percent in mid-April, have been climbing and now remain near a one-year high of about 6.7 percent, according to the financial publisher HSH Associates.
Here’s a good one….our soon to be ex neighbors finally sold the POS and are leaving tomorrow (tears.they were really nice) but here’s the thing…. the new owners ( a widow) looked at their house 9 times…9 times!!!! I bet they came down one morning to make coffee and she was there watching “good-morning america.”..talk about “fish or cut bait”..she wanted the other house up the street but that one sold to fast ..I wonder if she visited there 9 times too…
patient (312)-
Gotta be hard keeping all the lies straight by this point.
Hi all,
can someone please get me the info for MLS 2546421? It seems like a good deal.
Thanks
“can someone please get me the info for MLS 2546421? It seems like a good deal.
Thanks”
Strange, nothing comes up in NJMLS or GSMLS website’s fore it.
Is this one of your listings you just added to MLS and you’re trying to promote it here?
223 MAIN ROAD
Montville, NJ
TAXES: $4,952
OLP: $398,900
LP: $398,900
DOM: 33
Previously listed under 2492766
OLP: $439,000
LP: $419,900
WD: 07/08/2008
It does look pretty nice, but I don’t know the area well. Could be on a busy road.
Tom, are you kidding? I am not a realtor.
Sybarite, thanks for the info.
feeling philosophically today so i ask the following.
A functional democratic society ultimately depends upon the intellectual engagement of the majority of the citizenry. Once the majority of the citizenry have become intellectually disengaged from the politics and functioning of the nation you no longer have a truly functional democratic society. The society may still function in an approximation of the period when the citizenry were engaged. But it is different in that once the public is disengaged the society continues on only at the whim of those holding power, whether individuals or groups.
The question is how do you intellectually re-engage the public? can you do so without some form of revolution whether peaceful or otherwise, as it would require the shifting in power from those who currently hold it, back to he people?
There are many examples of democratic states fading from democracy throughout history. Are there any example of a formerly democratic state reasserting itself?
The question in terms of the USA as it exists today, is how do you get people intellectually engaged when the topics are complex and the education system has become politicized to the point that in its current form is dissuades or discourages such engagement. If anyone tries to initiate such discussions is either blacklisted from public media or written off as an extremist, how does one engaged the public? Can you you engaged the public if the have no interest in such engagement as long as the bread and circus continues?
any thoughts?
now you know what i did with my weekend :)
“Tom, are you kidding? I am not a realtor.”
No, I’m not kidding. I was curious where you saw the listing if it’s not on the njmls or gsmls sites.
I just found it on realtor.com I gues njmls and gsmls are just slow to update.
To kettle 1/#323:
Only way to re-engaged is thru suffering. At a personal level what is that builds that virtue that has always being refer to “character” – It’s usually a personal deep valley that the person goes thru and emerges succesfully from.
Same for countries. What in the past built our character was Civil War/WW1/WW2/Korea/Great Depression.
The closest thing right now to us is England circa 1953. The ruling elites/aristocracy still behaved as England ruled the world. Within the short time span they along with France & Israel attacked Egypt to retake the nationalized Suez Canal. Halfway thru the invasion they run out of money had to stop (after begging for money and being denied by Eisenhower).
Within 10 yrs England gave up all its colonies, a massive emigration ensued, match by massive immigration from its former colonies, had massive social problems and essentially it took a 20+ yrs again to rediscover itself. In that time it lost a lot of its ruling class that were from plutocratic/elitist background (favoring Emperial views) and replaced by more democratic leaning middle class.
In short we need to go thru some serious PAINS to rediscover our character – The essential Hero’s journey.
Tom, I’m glad you found the listing.
Glen,
Sorry about the accusation. Looks like a nice house.
vodka (323)-
My short answer to your question?
A good bloodletting is all that will suffice.
(323) Kettle (325) Epicurus
“In short we need to go through some serious PAINS to rediscover our character – the essential Hero’s journey.”
That is excellent – I’m drawn to the words “rediscover our character.” But everyone here is tired of hearing me run on and on about teaching character.
Kettle, I tried to find an example of a successful democracy/republic and it appears – we are it.
A few interesting notes from my reading though..apparently, Plato – the same man who gave us “Democracy passes into despotism” didn’t think much of the masses.
“The most wisdom the masses can muster is the wise choice of a ruler.” and… I liked this one from Plato….
“Good people do not need laws to tell them to act responsibly, while bad people will find a way around the laws.”
I also read some passages from Alexis de Tocqueville – “Democracy in America” written in 1831 when he visited from France for 9 months.
“In the United States the most outstanding men are rarely called upon to direct public affairs-Reasons for this- The envy which, in France drives the lower classes against the upper classes, is not a French instinct but a democratic one- Why in America, eminent men often keep away from political careers of their own volition.”
So a simple answer is that we need to vote out the idiots and find some folks with character to run the place…(Apparently, that has always been a problem…)
And it is time for Americans to pay their bills…
What sort of conversation/situation did you get into to spark this?
(328) Clotpoll –
I was typing forever and a day and just read your “short answer” – right on…
Say, some talk today about “inflation abating.” Yeah, right.
Do you think these guys might try to DROP rates?
By the way, the Meet the Press video referenced above is posted on CR for those that didn’t see it.
cindy 329
it wasnt any one thing in particular. its probably a combination of me dusting up on my history recently and the general state of things. The house is on fire and we (the public) are arguing over what TV show to watch tonight!
I have been toying with the same thought as plato
A few interesting notes from my reading though..apparently, Plato – the same man who gave us “Democracy passes into despotism” didn’t think much of the masses.
while we can be proud and heroic at moments in history, it appears that mankind tends to ride on the back of the achievements of great men. instead of taking those achievements and look for the next step forward, we seems to quickly take them for granted and then go about our lives of mainly insignificant routines.
I also wonder if group size plays a role in outcome. The larger a group becomes the less cohesive it becomes. i would posit The less cohesive a group, the more opportunity for corruption, and the greater the need for a strong central authority. the general principle being that since a group goes beyond a certain size, humans normal group dynamics cannot cope. Due to this people stop being highly involved past a certain group size and fall into herd behavior beyond this point.
not to be excessive, but are we a successful democracy? how do we account for the existence and nature of Guantanamo bay?
I am not suggested we are “failed”. But asking how do you define “success”, Failure”? a democracy is most likely similar to an organism; it is born, it gorws to maturity and then ages and dies. I suppose that success would be the production of new democratic nations that spring up in its wake, not forced into existence through military might.
While this may sound silly, i think a lot of our problems stem form the fact that the US has lost its soul. the constitution and the principles of the founding fathers are nothing more then a piece of paper and a history exam to most people.
“So a simple answer is that we need to vote out the idiots and find some folks with character to run the place…(Apparently, that has always been a problem…)”
Cidny,
Bingo! However, it will never happen. The dolts are controlled by the Fortune 100. No difference whether you are Rebublican or Democrat. Character? That goes about as far as 1st base. Sell all rallies, until further notice. That’s character!
Kettle,
Make it easy. Buy/sell or butterfly spread?
(332) Kettle
“While this may sound silly, I think a lot of our problems stem from the fact that the US has lost its soul.
Hopefully, Clot’s bloodletting will go a long way in helping folks rethink real priorities.
I have not given up. It isn’t just words on a piece of paper to many of us…don’t laugh at me but we are a relatively new nation. At this point I think we should say to the world “We screwed up!” We are working on it – Get it all out there and move on.
“I also wonder if group size plays a role in outcome. The larger a group becomes the less cohesive it becomes.”
Size? -I don’t know…China has been around with essentially the same Imperial – one ruler form of government since Qin Shi in 220BC.
It works for them…They have a sense of solidarity and unity. But who knows now that there has been such a prominent Western influence?????
As you can tell, I adore philosophical conversations…interestingly enough…there really never is an answer…
The sun will come out tomorrow, or the next day? Who could have imagined this? I guess, only those on this site.
“Efforts by the Federal Reserve, ECB and Swiss National Bank to shore up the world’s biggest banks and promote lending have had limited success. The London interbank offered rate, the basis for at least $150 trillion of financial products, is within 0.06 percent of the highest since November 1999 compared with the Fed’s benchmark interest rate. The largest financial companies have lost almost $500 billion from subprime-linked securities.”
“The key issue that has plagued money markets is the continued high level of borrowing rates,” said George Goncalves, chief Treasury and agency debt strategist in New York at Morgan Stanley, the second-biggest U.S. securities firm. “This time last year no one could have imagined the levels they are at now. We’ve seen a fundamental re-assessment of risk in this new world of tighter credit.”
http://www.bloomberg.com/apps/news?pid=20601109&sid=ahoUUgg3oMUA&refer=home
cindy,
As you can tell, I adore philosophical conversations…interestingly enough…there really never is an answer…
true, i agree
but the debate can help you develop your own point of view assuming well constructed debate.
regarding china:
my china history is weak, but the fact that more or less authoritarian dynasties have been around for a very long time suggests to me that perhaps there is an upper limit in size, where a traditional democratic state becomes ineffective and a more authoritarian model is needed for a state to prosper.
Not that i am advocating an authoritarian state, just twiddling with my mind.
BC Bob,
I rarely do things the easy way ;)
Kettle: An informed electorate is essential to democracy. Unfortunately, the American electorate has a room temperature IQ (or behaves that way anyway). Short of a huge terrorist attack I have little hope that the average American will get up off the couch and open the door to see what is going on. However, it has been our history and our tradition that we do come together as a nation in a real emergency. A slim reed upon which to place hope, but that’s all I have.
(333) BC
“The dolts are controlled by the Fortune 100.”
Well, at least now folks talk about the concept that there is no difference between Dems/Reps anymore. That’s a step in the right direction.
I have so much faith in this country of ours. We are new at this. Being around for 200 years is nothing. We do have a lot to work out.
I think our forte should be to shine a light on our shortcomings..make a movie about it! Say we screwed up. Tighten our belts. Write the stuff off. And do better…
Tom, no problem. I just drove by the place, it’s a little close to the road but definitely do-able for the price.
I can top that – buddy of mine, who has struggled carrying two mortgages, lives in a townhouse that is down 150k from when he bought it, is renting one of his places for 200 less than his monthly nut, AND has a wife who spends far too lavishly for her teacher salary – just got a comped room at the PALMS in Vegas for LABOR DAY weekend. Three nights. And he gets $100 in chips to gamble. That’s how hard-up Vegas is right now.
He is using miles for a free plane ticket.
Vegas in 2009 is going to be a wasteland.
“I think our forte should be to shine a light on our shortcomings..make a movie about it!”
Cindy,
It’s done, Next GTG, Clifton, NJ.
http://www.youtube.com/watch?v=HBo2xQIWHiM
(341) Bob – I know – have fun – Scream and shout for me too.
“Vegas in 2009 is going to be a wasteland.”
Laughing,
Not only Vegas. Take a look at the “alt-a”, “prime” adjustables, 2009-2011. These were loans given out to those that never had to verify income, nor had the ability to repay. They decided whether to pay interest only, interest plus some principle, or pay as you go. Just ingenious. The major problem for the note-holders, adjustment time, OOPS. The idiots that are s#cking wind, now determine the fixed interest rate. The barn door will be blasted open again, this time forever.
The pundits/carnival barkers think this bust was caused by the subprime. HAH, just a scapegoat. The major problems lie ahead. The IB’s don’t know if they are coming or going. That’s OK, they are about to find out. Remember, thay are just in the discovery stage. There’s a tsunami coming, the subprime will prove to be just an appetizer. 9th inning? How about 3rd? They have no idea what dominoes are falling next. This is the eye of the hurricane, and it’s about to unravel in the spring of 2009. Buckle up, we have only witnessed the opening scene.
Forget about 30-40% off peak, minimum 50% off. In our lifetime, 2005/2006 RE highs will not be surpassed.
Cindy [342],
Hop on a plane. We’ll reserve a seat.
Laughing#305
I think your numbers are a bit off. I bought a house for 645K and put 20% down with a 30 year fixed at 6.25. My mortgage is 3150.
“Disagree. I think even if you are in that range, you should put a cap at 500k. Just one man’s thought: If you buy a 600k house and put down 20%, you’re seriously looking at a 4000 mortgage each month for the next 3000 years. That’s JUST the mortgage.
This leaves very little room for error in terms of getting fired, having kids going on nice vacations, etc.
Again, one man’s opinion – we’d much rather keep our mortgage in the 2500-3000 range by putting down 40%.”
(343) Bob
“Forget about 30-40% off peak, minimum 50% off.”
Yep, we already have 50% off here in some areas. Banks are being very stubborn about taking the hit…My friend with the cash didn’t get her lowball at 50%. The bank wouldn’t take it. For us it isn’t owners who won’t drop their prices – it’s banks.
ADA,
Most mortgage payments include an escrow payment to cover taxes and insurance. For a 645k house with 20% down that’s easily and additional 1k/mo. 3,150 doesn’t include the escrow payment unless you got your humbers wrong.
Cindy,
I looked at Bay Area RE recently, and IMO it’s still overpriced.
(348) Sybarite – “I looked at Bay Area RE recently, and IMO it’s still overpriced.”
You are right. But they thought it would never, ever come down …. ever.
The CA economy is a mess just now. Folks are actually talking about a law that would withhold salaries for legislators if they don’t pass a budget on time. We are at day 41 I think..crazy.
didnt ask … but i should
really? have you no taxes to pay? i guess i should have specified taxes and mortgage
MESSAGE
California is crazy because they let the common people vote all kinds of nonsense into law and then the legislators and other government officials have to figure out how to make things work.
For example, the reason they can’t pass a budget is that they need a 2/3 majority to do so, so a few hold outs can tie up the budget process for ever.
I’ve been following this web site for about as long as my family have been on a maddening house hunt all over this state, from South Jersey, to the Jersey shore all the way up to Montclair. That would be 6 years! We made some mistakes along the way but 90% of our judgement had been spot on with regards to price and quality. Needless to say, our approach has been “thanks, but no thanks.”
This site has kept me sane and I really enjoy reading the news articles as well as the lively commentary.
My question is, I am thinking about getting back into the search in Montclair. We have stayed away from it for about 2 years now. Any insight on how agressive offers should be compared to asking prices? Previously, we were told that the market was “hot” and that buyers were only excepting near full ask. The prices do seem lower but I would like some advice on how to proceed. Also, any websites with easy to understand info that may be of help would be very appreciated.
Thanks!
Barbara
Barbara B:
As a resident of Montclair, I would say that prices have dropped around 10% from the peak. During the peak, many homes went for 10 or 20% over asking. Today houses seem to be selling for slightly under asking. The multi across the street from us could have sold for 575K at the peak. Perhaps there might have been multiple bidders (although doubtful for a multi and this one needs updating big time) and it would have sold for 600K. Today it lists for 525K and will probably go for around 500K. It’s amazing what a difference two years makes ;)
Also Barb:
You should ask this question on today’s thread as you will garner a much larger number of responses.
355. Barbara B.
Previously, we were told that the market was “hot” and that buyers were only excepting near full ask. The prices do seem lower but I would like some advice on how to proceed.
Barbara,
Find an agent who is looking out for you and will try and get you the best deal. See if your friends can recommend someone. If a house has been sitting for a while you may be able to get a better price. Don’t be afraid to make a low offer. We just had a two month back and forth before agreeing on a price with a seller. Many buyers are waiting for the market to go lower so things are slow right now.
Jim
6. AL
”
http://www.paloaltodailynews.com/article/2008-8-7-foreclosures
He said a small, two-bedroom house on the 2300 block of Oakwood Drive was appraised at around $600,000 just 18 months ago. In February, Woods said it went to auction for $189,000 and didn’t sell.
On the 1100 block of Sage Street, a home that was appraised 18 months ago at about $635,000 went to auction a few months ago and also didn’t sell. The lender is now selling it on the market for $289,000, Woods said.
”
Dude. You would fear for your life if you drove through East Palo Alto at night.
But I agree. Most comp killers posted here are a tease.