Fourth of July Weekend Comp Killer!

148 Responses to Fourth of July Weekend Comp Killer!

1. dentss says:

   July 4, 2009 at 6:30 am

   foist !
2. dentss says:

   July 4, 2009 at 6:30 am

   Happy 4th too
3. SG says:

   July 4, 2009 at 7:11 am

   Happy 4th

   OT: Does anyone has recommendation on Beach Fireworks? Out large group of friends want to spend half day at beach and see firework afterwards. How is Bradley beach? or any other recommendations.
4. me@work says:

   July 4, 2009 at 7:26 am

   YIPPEEE! Comp Killerz!!
5. CAIBC says:

   July 4, 2009 at 7:43 am

   grim, if you have some time today….morris county comp killers? would really make my 4th of July…

   thanks
6. grim says:

   July 4, 2009 at 7:44 am

   I’ll do Morris later, followed by Essex.
7. grim says:

   July 4, 2009 at 7:46 am

   Crazy Wyckoff Comp, I won’t post it in the list above, but worth listing.

   381 Godwin Ave

   2001 sale price: $325,000
   2009 sale price: $376,000

   2% appreciation trendline from 2001. What bubble?

   After adjusting for inflation, this place was cheaper in 2009 than it was in 2001.

   Wow.
8. CAIBC says:

   July 4, 2009 at 7:55 am

   so are we going back to 01 – 03 prices?
9. grim says:

   July 4, 2009 at 7:59 am

   CAIBC,

   Look at this one posted above:

   724 Jane Dr, Franklin Lakes NJ
   Purchased: 8/27/2002
   Purchase Price: $1,300,000
   MLS# 2830616
   Listed: 9/19/2007
   List Price: $1,750,000
   Sold: 6/24/2009
   Sale Price: $1,155,000
   11% under 2002 sales price
10. leftwing says:

    July 4, 2009 at 8:07 am

    SG

    Which beach depends the atmosphere you want – 20 somethings boozing it up, friends with family?

    I think Pt. Pleasant Beach has some of the best fireworks.

    If you want 20 something singles go to the main beach at PPB off the Boardwalk. Numerous bars, etc.

    If you’re looking for something more laid back and family oriented in PPB, from the Boardwalk head down Ocean Ave. to Carter St. (right before Ocean merges with 35, if you hit 35 you missed it). There’s one of those small beaches that is technically a private association (ECA) but has been forced by the AG to permit outsiders. Mostly 30 and 40 somethings with kids, beach is alcohol and cooler friendly. Come nighttime everyone migrates back for fireworks, neighbors will give out glowsticks to the kids, etc. There is no boardwalk or food at this beach but in PPB there are tons of restaurants a few minutes away that will take you right off the beach. Look to the north end of town by the Inlet and there are places like Red’s Lobster and the Seafood co-op that get the fish and shellfish right off the boat and are BYOB. Red’s is VERY laid back, picnic tables next to a shack. No problem showing up from the beach. Between the Inlet and Broadway (a mile strip going back to 35) there are a number of restaurants as well. One I can’t remember but you can’t miss, pretty large, right on the Inlet, bar, music sometimes, boats dock and eat. Again very casual and taking people right off the beach.

    Hope it helps. Good luck and Happy 4th.
11. veto that says:

    July 4, 2009 at 8:18 am

    sweet, comp killers.
    thanks grim.
12. veto that says:

    July 4, 2009 at 8:19 am

    i keep trying to tell you guys.

    prices are going to zero.

    but you laugh.

    we’ll see.
13. CAIBC says:

    July 4, 2009 at 8:20 am

    prices to zero….hahaha….i was thinking more like our prez is going to give us houses….
14. grim says:

    July 4, 2009 at 8:20 am

    When a town like Ridgewood has 4 comp killers over the course of a single month (these are June only), believe me when I say places like Lodi, Hackensack, Elmwood Park, etc are being decimated.
15. Longtime Lurket says:

    July 4, 2009 at 8:23 am

    Grim, like the comp killers…if you have Somerset county (esp. Bridgewater), please post them.
16. yo'me says:

    July 4, 2009 at 8:24 am

    Borgata fireworks starts at 9pm.
17. grim says:

    July 4, 2009 at 8:25 am

    Just an example (or two)…

    115 St Joseph Blvd, Lodi NJ
    Purchased: 12/18/2003
    Purchase Price: $360,000
    Sold: 6/10/2009
    Sale Price: $235,000

    We’re talking 35% below a 2003 purchase here, more than half off what they originally listed it for in 2006.

    493 W Anderson Ave, Hackensack NJ
    Purchased: 4/25/2007
    Purchase Price: $300,000
    Sold: 6/19/2009
    Sale Price: $170,000
    43% below the 2007 purchase price
18. yo'me says:

    July 4, 2009 at 8:27 am

    Do you have anything in the Edison area?
    thanks.
19. willwork4beer says:

    July 4, 2009 at 8:46 am

    Thanks for the comp killers, Grim. Sure wish I still had GSMLS access, I would love to research and report on Hunterdon.

    Happy 4th everybody!
20. grim says:

    July 4, 2009 at 8:52 am

    Would be much easier as a group effort.

    Bergen took me 2.5 hours to compile, and NJMLS makes it easy to do. GSMLS doesn’t provide any easy way to get the full property history without having to close reports and go to a different set of screens. Easily takes twice as long to do on GSMLS.
21. Pat says:

    July 4, 2009 at 8:53 am

    You made me giggle in my coffee. Butler.
22. willwork4beer says:

    July 4, 2009 at 9:00 am

    # 20 Grim

    I remember having to go through that process when I had access. I would gladly pay double the membership fee for GSMLS for access but they won’t let me join at any price because I’m not an agent.

    Fascists…
23. grim says:

    July 4, 2009 at 9:01 am

    Interesting trend..

    From the NYT:

    The New County Squires

    LIKE other property-hungry renters in New York City, Janet Hicks recently decided to take advantage of the weak real estate market and buy her first home.

    But instead of getting an apartment in the city, she chose to become a first-time buyer in a second-home market.

    While keeping the one-bedroom rental she shares with her boyfriend in Park Slope, she moved last month into a historic house in Kingston, a quiet city on the west bank of the Hudson River with a growing weekender population.

    “You just get so much more for your money up here,” she said. For less than $300,000 — an amount that would have barely secured a tiny studio in Brooklyn, she bought a three-story 1790 brick house on half an acre of land.

    Real estate agents throughout the Hudson Valley and in other second-home markets, including the North Fork of Long Island and the Jersey Shore, say that sales have picked up recently, as New York City renters came shopping for homes. Many of these renters are convinced that now is the time to buy, because prices and interest rates are down. But since New York City real estate is still out of reach for them, they are heading north, south and east.

    People willing to go more than two hours outside of the city might also look in the Poconos, the Berkshires or in eastern and northern Connecticut.
24. yo'me says:

    July 4, 2009 at 9:02 am

    You welcome mom :)
25. grim says:

    July 4, 2009 at 9:03 am

    ww4b,

    check your email
26. watergapnomad says:

    July 4, 2009 at 9:06 am

    grim – could you get some Essex County comps, esp. Nutley, Cedar Grove, and Fairfield?

    Thanks
27. yo'me says:

    July 4, 2009 at 9:08 am

    Grim south jersey is not bad too,except for the New jersey taxes,you can get a brand new house for(for those that want a new home) 4 BR 2.5 Baths for under 300k.Egg harbor township as an example an hour from Phillie 2 hours to NY.
28. yo'me says:

    July 4, 2009 at 9:10 am

    My 2nd home here is 6 miles away from Margate water.Close to everything Atlantic city is 8 miles away.
29. yo'me says:

    July 4, 2009 at 9:12 am

    I guess i am not really that poor.
30. NJCoast says:

    July 4, 2009 at 9:16 am

    SG-

    Asbury Park has great beaches, especially north of Convention Hall where it is much quieter. There are several restaurants to choose from. Langosta Lounge gets my highest rec. The Adriatic is an original goody- around since the 60’s.

    Fireworks start at 9:00PM. The boardwalk area is very safe. Just don’t wander westward.

    Avon is a very popular family friendly beach. Nice snack/restaurant on the boardwalk.

    Allenhurst Beach is open to the public. The day passes are $8.00. There are bathroom facilities and a shower. There is no access to the club facilities- pool, snack bar, cabanas, lockers but you can bring your own food and liquor on the beach. Asbury fireworks can be seen from the beach which is open till 11PM tonight. There is a band and bonfire tonight as well.There are limited day tickets sold so get there early.

    Spring Lake has pretty beaches but no food or drink is allowed on the beach. Same with Belmar, Avon,Bradley Beach.

    Deal Beaches are free except for the Deal Casino and Phillips Ave. The beach at Deal Esplanade is very popular among locals. There are no facilities and swimming is prohibited but everybody goes in the water anyway.

    Belmar beach- don’t forget your gold chains!

    Enjoy your 4th everybody!

    For me it’s steamed lobster (special at ShopRite $5.99 Lb),martinis and fireworks on the beach!
31. Orion says:

    July 4, 2009 at 9:22 am

    Comp killers & belgium waffles, Yuuummmmy.
    Thanks, Grim. Happy Independence Day to all!
32. Fiddy Cents on the Dollar says:

    July 4, 2009 at 9:32 am

    NJCoast –

    Be careful about sending into Asbury Park anyone unfamiliar with the area. One wrong turn and you are in the jungle.

    The rest of your list is fine, but Asbury doesn’t belong on that roster these days. Everyone who grew up in Jersey has a childhood picture of themselves on the boardwalk rides. What they’ve done to that town over the recent years is criminal, and will be a textbook case of Urban Decay.

    For fireworks on the 4th, I would suggest Atlantic Highlands. Great restaurants aplenty, and their Fireman’s Fair is in full swing this weekend. Around 9PM, pick a spot on the hillside and you can see fireworks of ALL the towns along the bayfront.
33. SAS says:

    July 4, 2009 at 9:45 am

    ” I say places like Lodi, Hackensack, Elmwood Park, etc are being decimated”

    Lodi being decimated? no way. tinfoil hat stuff.

    we use to say Lodi (lots of dumb Italians).

    lol
    SAS
34. Kettle1 says:

    July 4, 2009 at 9:56 am

    Veto

    people forget that while not common, housing can be worth LESS then 0……

    There are homes for sale for $1 on detroit and in parts of ny state and they still don’t sell partillu due to the huge tax bill associated with the homes. Negative value
35. veto that says:

    July 4, 2009 at 10:02 am

    Kettle,
    $1 is too much.
    Im waiting for $0.00.
    in westfield.
36. frank says:

    July 4, 2009 at 10:09 am

    #23,
    “Many of these renters are convinced that now is the time to buy, because prices and interest rates are down.”

    Housing recession is over, buy now before prices get pushed up by renters.
37. hughesrep says:

    July 4, 2009 at 10:11 am

    10

    I think you are thinking of Patio Bar? Wharfside and Lobster Shanty are also part of the property, all part of Jack Baker’s group. Patio bar upgraded last year or the year before. Much nicer now, good spot for beers right after the beach. The other two are sit down restaurants, just OK.

    If you are in Point and want a bite to eat while watching the fireworks and sitting on the beach go downtown to Joe Leone’s deli. It’s on 35 S just as you get into the main part of town from the north. Everything is to go, and real good. They have a small spot in Sea Girt too.

    After giving the homeowner a Sunday deadline, I got a counter offer pretty quick. I love the smell of desperation in the morning.
38. Jim says:

    July 4, 2009 at 10:15 am

    28. yo’me

    We also have a second home in South Jersey- 45 minutes from Philadelphia, a little over an hour to the shore, and less than two hours to NYC. As you say, the bad part is property taxes. We are poor but we are rich in houses.
39. veto that says:

    July 4, 2009 at 10:28 am

    India Joins Russia, China in Questioning U.S. Dollar Dominance

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aR7yfqUwTb4M
40. yo'me says:

    July 4, 2009 at 10:54 am

    Economic recovery faltering.

    Frank just when we hope it is getting better.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aYvKkO4t5tCc
41. SAS says:

    July 4, 2009 at 11:02 am

    “India Joins Russia, China in Questioning U.S. Dollar Dominance”

    more reasons for wars. USA would want to prevent an economic bomb. You better believe things are being done behind the scenes to make sure dollar dominance stays in tact.
    one would be, covert operations and use of hi tech weaponary.

    SAS
42. Greg says:

    July 4, 2009 at 11:05 am

    I wonder how those Mcmansions will fare when the cost to heat and cool them skyrockets due to cap & trade? Its not unusual in NJ to have $1500+ per month utility bills. Any thoughts?
43. Jim says:

    July 4, 2009 at 11:16 am

    42. Greg
    Due to the poor quality of much construction during the boom I don’t think they will hold up well at all. They are big but they aren’t built like a proper house from 100 years ago. I would think they would deteriorate quickly.
44. Mikeinwaiting says:

    July 4, 2009 at 11:39 am

    Greg 42 It is a death sentence for these types of homes. The 3800 to 5000 sq ft behemoth is doomed. I should know I live in one (rent)heating is insane. Those 30ft ceiling don’t work so well in the winter. I have propane to make matters worse.It will take time but these homes will become multis or be vacant.
45. Greg says:

    July 4, 2009 at 11:46 am

    Mikeinwaiting – I thought the Real Estate lobbyists would catch on to this. This could be a huge negative for real estate in the North East.
46. frank says:

    July 4, 2009 at 12:27 pm

    “India Joins Russia, China in Questioning U.S. Dollar Dominance”

    Let them come up with something better. How about they start using Mexican Peso or Russian Ruble for currency reserves and lets see what they are going to do when they devalue the currency.
    There’s a reason people use dollar.
47. frank says:

    July 4, 2009 at 12:31 pm

    “Economic recovery faltering.”
    Because of Omama and many Corzines you are not going to see a 3.5% GDP nor 4% unemployment any time soon, but home prices have hit a bottom in many places and the economy is starting to recover. It’s going to take many years to get back to the 2005-2007 wealth levels, thanks to the Democratic party.
48. kettle1 says:

    July 4, 2009 at 12:31 pm

    Clot,

    Merry Xmas from the SEC….

    S.E.C. May Reinstate Rules for Short-Selling Stocks.

    http://www.nytimes.com/2009/07/03/business/03shorts.html?_r=1

    as BC has pointed out, what happens when you insitiute an artificial floor.?.?.?..
49. frank says:

    July 4, 2009 at 12:33 pm

    “S.E.C. May Reinstate Rules for Short-Selling Stocks.”

    I see SRS @ 10 and FAZ @ 3 in the near future. Xmas in July.
50. kettle1 says:

    July 4, 2009 at 12:43 pm

    SAS et al

    Re Cap&Trade

    Cap&Trade could be one of the US and EU’s best economic weapons if the can push it through in the US and EU.

    Consider that such a move could allow the governments of both to remove the manufacturing advantages that developing nations have in the form of cheap labor and lax environmental laws.

    The WTO ruled recently that the US or EU applying tariffs as a carbon equalization tool would not violate WTO regulations.

    At that point china and India are hosed. They would either have to institute similar environmental laws which would remove their competitive manufacturing advantage, or their products get taxed to a degree where its cheap to manufacturer in the US/EU

    The US and EU then have the power to crash economies in developing nations by negotiating behind the scenes to tariff products from these nations unless they play pall with EU/US demands.

    China, may have more money and a a larger army in #’s, but if Cap&Trade is used properly, it could be a very strategic tool to box them in an neutralize some of their key advantages.

    SAS:

    CAP&TRADE Economic warfare at its best!!! And its great for western banks to pump a few more bubbles before it all hits the wall.
51. kettle1 says:

    July 4, 2009 at 12:46 pm

    frank,

    I am a patient fellow. SAS is yet to see its prime

    http://tinyurl.com/5k2xbc
52. kettle1 says:

    July 4, 2009 at 12:46 pm

    oopps,

    SRS…
53. grim says:

    July 4, 2009 at 12:50 pm

    but home prices have hit a bottom in many places and the economy is starting to recover.

    Really Frank?

    I’m in the trenches every day, and I don’t see it. Maybe out West, the sand states, or somewhere out near Detroit, but not here.

    Believe me, I’ve got an itchy trigger finger and I’ve been waiting to call bottom. But I don’t see it yet.

    As for a recovery? The best scenario I can come up with is prices tracking inflation for a half dozen years or so once prices do hit bottom. If you are looking for another bubble in real estate, you are wasting your time. Look for your bubble somewhere else.
54. frank says:

    July 4, 2009 at 12:54 pm

    #53,
    I hope you are correct so I can buy some, but at the same time, I am seeing a lot of bidding wars on homes priced correctly. Out west, in FL and in Queens, NY.
55. grim says:

    July 4, 2009 at 12:57 pm

    Yeah, I see multiple bidding situations all the time.

    But this isn’t the same kind of bacchanalian orgy behavior we saw back in oh-five. People aren’t lining up 10 deep to promise to feed the squirrels.

    What is it? Smart sellers and smart agents pricing right, to attract multiple bidders, guaranteeing the highest price for the seller.

    But even these “high” prices are showing declines from peak.
56. safeashouses says:

    July 4, 2009 at 12:59 pm

    #54 frank

    I’m seeing more houses listed as short sales. I’m even seeing houses bough in 2004 listed as short sales (don’t know if they were heloc)

    I’m hoping for another 10 to 15% off so we can skip the starter home/buy a pos and renovate house and go right to a house to live in for the next 15+ years.
57. frank says:

    July 4, 2009 at 1:10 pm

    #55,
    oh-five is not coming back any time soon, you can forget it, but at the same time homes in NY/NJ are not falling to 1998 levels like in CA or FL. So it’s a good thing, now an average family can finally afford a place to live, renting or buying.
58. veto that says:

    July 4, 2009 at 1:20 pm

    ‘I wonder how those Mcmansions will fare when the cost to heat and cool them skyrockets due to cap & trade?”

    Greg, This makes you wonder.
    How many people can you fit into a mcmansion?
59. THiddy03 says:

    July 4, 2009 at 1:28 pm

    Can’t wait for the Essex County comps. Can you do Newark in those comps? There are some jewels I have my eye on.
60. frank says:

    July 4, 2009 at 1:29 pm

    Cap & trade will raise gas prices by 77 cents, thanks to Omama and Co.
61. veto that says:

    July 4, 2009 at 1:31 pm

    Frank,
    Forget 98.
    if we go back to 2000 prices, thats a 55% drop from peak.

    Total devastation.
62. yo'me says:

    July 4, 2009 at 1:46 pm

    Consider that such a move could allow the governments of both to remove the manufacturing advantages that developing nations have in the form of cheap labor and lax environmental laws.

    Goods will get more expensive to equal the increase due to tariff.Either the goods is made in the US or 3rd world it will not make a difference.No?

    We will still be in a disadvantage on labor cost.
    I think what the cap and trade will create is more poverty.

    Back to my hole.

    .
63. Hard Place says:

    July 4, 2009 at 1:46 pm

    Happy 4th, blog brothers & sisters.

    Frank – we may not get down to Cali and FL levels, but they went way off the deep end there. We will see an overall correction because there is an overabundance of supply, though. In downtown NYC I still see buildings being completed, but I don’t know who will be buying. I’m only going in once levels hit below 50% of peak on inflation adjusted basis. Biding my time for now, maybe old & gray before that happens, but renting is not the worst alternative.

    I’m currently in Loudon County in Virginia, visiting friends and they are currently seeing 40-50% off peak prices here. I think we will see those type of numbers as well. Trying to figure a way out to talk to a friend who is currently well upside down and a bit overstretched. That will be an interesting conversation.

    Enjoy everyone. I’m going to go get some steaks off the grill and grab a brew.
64. Jay says:

    July 4, 2009 at 1:47 pm

    Hey all you old hippies!

    Free Richie Havens concert, arts & crafts fair, fireworks at Finch Park, Ramsey

    GUITAR~B~Q & VENDORS VILLAGE OPEN AT 5PM
    come down early to sample the great food featuring……

    Muddy Water Dogs (served by 3 Dog Knights)
    Elvis Pretzlies
    Paul Butterfield Blues Burger
    John Lennonade
    Pig Pens Pulled Pork Sandwich
    Jimi Hendrinks
    Country Joe McDonalds Chicken Tenders
    Crosby, Stills and Nashgrille Chicken Sandwich
    Max Yasgurs Farm Green Salad (magic Mushrooms extra)
    Freaked Out French Fries w/ Wavy Gravy
    and shop at over 25 vendors for homemade jewelry, pottery, handcrafted instruments, old fashioned kettle corn, clothing
    and more.

    CONCERT BEGINS AT 6pm

    THE BAND band
    a tribute to the music of The Band

    Lottie Porch Performance Poetry

    RICHIE HAVENS
    Richie Havens is a master of bringing together rich melodies, powerful lyrics, pre-punk acoustic guitar and a touch of jazziness for a liberating aural experience. Combining Bob Dylan’s lyrical skills with an earthy vocal prowess, Havens reaches near-orgasmic heights in each energetic composition. His 1967 outing Mixed Bag best exhibits the duality of Havens’ playing: on the one hand, you have sunshine-filled jazzy folk such as “Morning, Morning”; on the other hand you’ve got electrically charged pieces such as “High Flying Bird.” The high point of Havens’ long career remains his electrifying performance at Woodstock, where he equaled the mighty roar of Hendrix’s screaming Fender Stratocaster with his deep, growling vocals and vigorous, finger shredding acoustic guitar strumming.

    Ramsey Wind Symphony

    FIREWORKS AT DUSK

    __________________________________________________________

    RICHIE HAVENS WILL PERFORM ON JULY 4 – RAIN OR SHINE

    IN CASE OF RAIN ON THE 4TH, RICHIE HAVENS WILL BE MOVED INSIDE TO THE RAMSEY HIGH SCHOOL AUDITORIUM. CONCERT WILL BEGIN AT 8PM. Seating on a first come, first served basis.

    IN CASE OF RAIN ON THE 4TH, the fireworks, the THE BAND band and the Ramsey Wind Symphony will perform at Finch Park on July 5
65. yo'me says:

    July 4, 2009 at 1:50 pm

    What will be a fair bottom to Median RE compare to median income?
    Please give a explanation.
66. ruggles says:

    July 4, 2009 at 1:54 pm

    Nom-that was being jacked up and pistol whipped? You make Westfield sound like a wannabe with an inferiority complex.

    The slummit and slumfield monikers must have come from somewhere. If you’re truly so defensive about Westfield vs. the World, which I doubt, why didn’t you chastize Grim for mentioning them?

    Perhaps Westfield has a better attitude than Summit and Chatham. Doesn’t matter, shopping at TJs and driving across the Scotch Plains border past 5 cop cars sitting on the sidestreet (and no I’ve never gotten a ticket) tells me all I need to know about the character of the town.

    Anyway, all the fancy NJ towns suck equally to me. I was laughing at the half joking suggestion that north Westfield is better than south Westfield when the bigger argument is that fancy towns north of 78 look down on those (I guess Westfield is the only one, maybe Mountainside and Clark too) south of it. hence slumfield.

    I grew up in New England so I prefer small towns and open space so I moved out of the boring train towns years ago. Now I live in Podunk, NJ where the people, myself included, are too ignorant for attitude. And the few in the area that have it are too far away to matter.
67. GerryAdams says:

    July 4, 2009 at 2:39 pm

    Those River Edge comps must bring a tear to 3b’s eyes.

    Grim, Email me.
68. penny stock pick says:

    July 4, 2009 at 2:51 pm

    Do you take donations or is this free like some of the penny stock pick site I know that take donations?
69. Looking says:

    July 4, 2009 at 3:19 pm

    “Would be much easier as a group effort.

    Bergen took me 2.5 hours to compile, and NJMLS makes it easy to do. GSMLS doesn’t provide any easy way to get the full property history without having to close reports and go to a different set of screens. Easily takes twice as long to do on GSMLS.”

    How do I get full access to GSMLS or NJMLS? With all the addresses and sales information… I want to do my own comp killer of Essex County to see what is happening.
70. Kettle1 says:

    July 4, 2009 at 3:20 pm

    Yome

    If cap&trade equalize cost the incentive to offshore disappears
71. calitransplant says:

    July 4, 2009 at 3:23 pm

    Love the comp killers! Grim-would be great to get some Union Co. comp killers on there, too–(I realize I’m in a long line behind Essex, Morris, Somerset, etc.,)

    Any thoughts on the starter home market picking up in the next few months??—I have a feeling that 1st timers will start buying since their tax credit deadline is looming, thus stunting any decline I am hoping for!

    Happy 4th!
72. Seneca says:

    July 4, 2009 at 3:36 pm

    I can only imagine how difficult GSMLS makes it to pull the data. I would volunteer my time to help but alas, that might require sharing MLS access and no Realtor would ever do something unethical like that.
73. Ellen says:

    July 4, 2009 at 3:47 pm

    #42 Greg
    re: Heating a McMansion

    I don’t live in a McMansion but here’s our experience with new construction. Our original house, built in 1947 was just under 1300 square feet. We put on a huge addition (with separate HVAC)in 2002 which about tripled our home in size. Our kitchen has a vaulted ceiling.

    Unless we’re entertaining, pretty much the only part of the old house that gets used is the kids’ bedrooms and bath. And basically those are only used at night so they require less to heat and cool them.

    No kidding, our combined gas and electric bill is half what it used to be. Now, there is no wall insulation on the old side. But also helping out is the gas fireplace in the greatroom. It can heat the main living area of the house during the day so we’re not paying much to heat the upstairs at all. And the higher ceilings in the great room allow for ceiling fans which run all summer and keep the AC from cycling on too much.

    I can’t really speak about shoddy construction so I don’t know how much that factors into utilities. But as well built as I believe our addition to be, I suppose the brick covered cinderblock and plaster walls of the old house is sturdier. But for us, at least, old construction is definitely more expensive to heat and cool.
74. Shore Guy says:

    July 4, 2009 at 4:14 pm

    We have decided that 2010 is the year to buy another place. It must be either an easy walk to the ocean, be lakefront with a good 150 feet of lakefront, or acreage overlooking a lake. As of now, we are writing off NJ and NY, as the fiscal mismanagement persuade us that there is an unacceptable risk of runaway tax increases.

    That has us thinking of NH, VT, RI, VA, NC, SC, and PR. What are the negatives of each of these places?
75. Jim says:

    July 4, 2009 at 4:33 pm

    Shore,
    What fiscal mismanagement?
76. Jim says:

    July 4, 2009 at 4:50 pm

    Shore,
    I think I found your fiscal mismanagement. Reality sets in a little too late for Colin Powell…
    —

    Colin Powell, who broke ranks with the
    Republican Party last year to endorse Barack Obama, now worries that the president’s agenda is increasing the size of government and the federal debt to alarming levels.

    http://www.foxnews.com/politics/2009/07/04/supporting-obamas-campaign-powell-skeptical-presidents-spending-priorities/?test=latestnews
77. grim says:

    July 4, 2009 at 5:02 pm

    From the NYT:

    Tax Bill Appeals Take Rising Toll on Governments

    Homeowners across the country are challenging their property tax bills in droves as the value of their homes drop, threatening local governments with another big drain on their budgets.

    The requests are coming in record numbers, from owners of $10 million estates and one-bedroom bungalows, from residents of the high-tax enclaves surrounding New York City, and from taxpayers in the Rust Belt and states like Arizona, Florida and California, where whole towns have been devastated by the housing bust.

    “It’s worthy of a Dickens story,” said Gus Kramer, the assessor in Contra Costa County, Calif., outside San Francisco. “These people are desperate. They know their home’s gone down in value. They’ve watched their neighborhoods being boarded up. They literally stand in there and say: ‘When can I have my refund check? I need to feed my family. I need to pay my electric bill.’ ”

    The tax appeals and reassessments present a new budget nightmare for governments. In a survey conducted by the National Association of Counties, 76 percent of large counties said that falling property tax revenue was significantly affecting their budgets, said Jacqueline Byers, the association’s research director.
    …
    The call for counties to acknowledge the falling price of homes is loudest in states where taxes are highest, or the housing crisis has hit the hardest.

    “We’ve been absolutely getting killed,” said Robert W. Singer, the mayor of Lakewood Township, N.J., and a state senator, whose town is setting aside $2 million to pay tax refunds to homeowners. “We’ve never had this before. Usually they’re undervalued. Now, everyone’s overvalued.”

    The appeals are not just coming from individual homeowners. Condominium associations and entire subdivisions are pushing for new tax assessments, as are companies that own office towers, industrial parks and shopping malls.

    New Jersey, which has the nation’s highest property taxes, has been besieged by tax appeals from homeowners like Peggy Tombro, whose rambling home in Bound Brook is assessed at a value of $1.8 million but is languishing on the market with an asking price of $1.3 million. Her taxes are increasing to $53,000 a year.

    “I don’t know what else to do,” said Ms. Tombro, 63, who has gone back to work selling antiques to pay her tax bill.
78. Pol Clot says:

    July 4, 2009 at 6:13 pm

    vodka (48)-

    I saw that on release yesterday, thanks.

    Monday, I will be bolstering a wide variety of short positions. The fireworks from this manipulation will make last Fall seem like a dress rehearsal.
79. Fiddy Cents on the Dollar says:

    July 4, 2009 at 6:54 pm

    Shore Guy :73

    You were asking about info on various retirement destination states.

    Your first order of business should be to assess the tax situation in each of these states. Do they tax pensions, what’s their real estate tax, sales taxes, etc.

    This link is a good place to start….

    http://www.retirementliving.com/RLtaxburdens.html
80. Shore Guy says:

    July 4, 2009 at 6:55 pm

    Comp killer? Real killer (from LA Times):

    Steve McNair, a former NFL co-most valuable player, was found dead with a gunshot wound to the head today in downtown Nashville, police said.

    An unidentified female victim was also found with McNair, who was 36.

    A 13-year NFL veteran who retired after the 2007 season….”

    snip
81. Shore Guy says:

    July 4, 2009 at 6:57 pm

    Fiddy,

    It was not so much for retirement, as for occasional use, but it could become a retiremet place in time.

    Thanks for the link.
82. Fiddy Cents on the Dollar says:

    July 4, 2009 at 7:02 pm

    I’m a little closer to retirement than you are, I guess. Those kinds of questions are among the very first that I ask as I’m talking to locals when on vacation.
83. Shore Guy says:

    July 4, 2009 at 7:03 pm

    From Reuters:

    North Korea Marks July 4 with Missile Launch
    SEOUL (Reuters) – North Korea fired seven ballistic missiles on Saturday, South Korea’s defense ministry said”

    At least there were no “fireworks” attached.
84. Shore Guy says:

    July 4, 2009 at 7:05 pm

    Fiddy,

    It is a very wise consideration. For an asset one may need to hold for 20-30 years, it makes sense to look at all aspects.
85. leftwing says:

    July 4, 2009 at 8:05 pm

    “If cap&trade equalize cost the incentive to offshore disappears”

    Except for taxes. Goodbye Carribean, hello Switzerland.
86. leftwing says:

    July 4, 2009 at 8:07 pm

    Hughes: Good luck on landing this one. be tough!

    Chi: Currently sitting far above Cayuga’s waters watching a great sunset from the Statler. Had a couple of beers and a deep dish at the Nines. Quick trip, came up today, back early Monday.
87. ruggles says:

    July 4, 2009 at 10:05 pm

    73 – I grew up in RI and I loved it so much its a possibility that I’d move back (if I don’t move perm to PA). My whole family’s still up there and in Mass.

    The negatives are: The ocean is always cold. It warms up maybe by late september.

    It is incredibly provincial. Most people don’t even bother going to Boston, let alone Manhattan. Aside from Newport, Watch Hill, Block Island, Jamestown, the East Side and Little Compton (and maybe a few more pockets), you will not find terribly sophisticated people even in the fancy towns like East Greenwich, Cranston, and Barrington. This is Christmas Tree Shop territory.

    Western RI is downright scary, like the Pine Barrens, especially Coventry and Burrillville but that’s where most of the lakes are. Foster and Gloucester (aka Fosta/Glosta) on the western side are a little nicer–like what you think of New England, esp around Chepachet. Situate (we used to live there) is also lovely but I don’t think you can go in the reservior.

    You will have to learn a different language–I have trouble understanding people since I left 20 years ago.

    Everyone complains about the taxes and I guess they’re high for New England, (they seem higher than PA) but a $500k house will generally have taxes of maybe $5k to $8k/year tops.

    Everyone complains about commuting. My parents live 8 minutes from downtown with no traffic and they complain when it takes 20.

    Along the ocean, Westerly is half honky tonk (Misquamicut) and half Hamptons (Watch Hill). Charlestown is the quietest and prob nicest (thats where the 100’x100′ nude beach/bird sanctuary is). South Kingston has wonderful back roads and URI (and its villages are revitalizing) but its busier and has higher taxes. Narragansett is similar to the jersey shore. The Pier section is a tiny tiny bit like Spring Lake and the Scarborough section is like Belmar.

    The quietest and most New Englandy part of the oceanfront is Tiverton/Little Compton. There is nothing to do there but drive the country roads, eat ice cream at grays or drink wine at sakonnet. Its too rocky to get to the ocean tho, you have to drive to mass.
88. chicagofinance says:

    July 4, 2009 at 10:39 pm

    left: good for you dude……..please pick me up some high-ball glasses at the store; just cracked one….

    also give my regards to 524 E Buffalo Street….that fcuking hill….the sh!t a boy does for good nookie….
89. chicagofinance says:

    July 4, 2009 at 10:44 pm

    the end is nigh…..
    http://www.nypost.com/seven/07042009/news/regionalnews/brooklyn/eaters_compete_in_hot_dog_contest_177581.htm
90. Shore Guy says:

    July 4, 2009 at 11:12 pm

    Buffalo! Nothing like going up with a standard shift and having to stop halfway up. Uggghhh.
91. Shore Guy says:

    July 4, 2009 at 11:17 pm

    Chifi,

    Did you stop in at Buttermilk Falls?
92. Shore Guy says:

    July 4, 2009 at 11:18 pm

    Leftwing, that is, not Chi.

    The old eyes misread who said what.
93. kareninca says:

    July 5, 2009 at 3:00 am

    Mr. Mortgage (field check group) has put up a new posting. high end in CA starting to capitulate.

    I want my CA tax refund (still waiting) in the form of Green Stamps.

    Shore Guy, you have too many options. like folks who can’t decide between 27 types of blueberry jam (they’re all good!). why not NE CT if you want a lake, or SE CT if you want oceanfront. cheap, beautiful, entirely safe, relatively low taxes, near to Boston (NE CT) or to NY train (SE CT). Tolland or Windham counties (for lakefront) or New London County for oceanfront (Mystic is very nice; tons of stuff on the market).
94. freedy says:

    July 5, 2009 at 9:49 am

    i was looking at the comp killers
    Bergen holding up? i though the tony
    county held up under all this
95. 3b says:

    July 5, 2009 at 10:22 am

    We were in Spring Lake yesterday. Everyhting seems to be for sale. On one part of Ocean Ave alone, 4 of those large houses for sale in a row, and lots of unfinished new construction, just sitting there. For sale signs up and down every block.
96. freedy says:

    July 5, 2009 at 10:39 am

    LBI ,, many for sale signs.

    everything seems to be for sale
97. Shore Guy says:

    July 5, 2009 at 10:47 am

    3b,

    Some of those places have been for sale for YEARS..
98. 3b says:

    July 5, 2009 at 10:52 am

    #97 shore: I know, but more are added every year.
99. Shore Guy says:

    July 5, 2009 at 10:53 am

    Karen,

    Frankly, I have just never thought about CT and what thoughts I have had were that it was overpriced, but not based on data. My experience there has been abysmal roads, but I have just never given it any real thought. I will need to give a look, for occasional use it might work.
100. 3b says:

     July 5, 2009 at 10:56 am

     For the 4th of July I offer this. The America I wish to remember, not what we have become nowIMO.

     http://www.youtube.com/watch?v=7HHQ7kMXl7M&feature=related
101. Shore Guy says:

     July 5, 2009 at 10:59 am

     3b,

     A few years back, I met a banker who provided financing for one of those places. The builder borrowed a few million to buy a perfectly nice and sound oceanfront home, tear it down, and build new. I can’t remember the details now but his interest payments were something like $30,000/month. He refused to budge from an asking price of something like $9-12 mm. Whenever I drive past the place, I wonder what it feels like to spend apx $400,000 a year in interest on an investment that will not pay off.
102. kareninca says:

     July 5, 2009 at 11:22 am

     Shore guy – eastern CT is *not* overpriced. Mystic is, actually, but it’s going to go way down. all along the shore *east* of the CT river there are wonderful areas. note the EAST of the CT river. the roads in western CT are gross. the roads in eastern CT are nice. two entirely different worlds. it’s practically like the difference between the NYC area and upstate NY. big difference in population density. horrible job market, ever since I grew up there in the 70s; not much has been built since I left in 84!

     NE CT is really cheap; stunningly beautiful old farmhouses, in perfect shape, with a fair bit of land, for great prices (not upstate NY prices, but way, way less than you’d think).

     the other nice thing about *eastern* CT is how cheap it is to get a house on a river. there are loads of rivers.

     NE CT would be perfect for a nompound. and it is still so rural; I was able to look at ALL of the houses for sale in Tolland and Windham counties on the MLS in a few hours.

     RI is very beautiful, and very depressing. read an economic history of the state before buying there.

     back to bed
103. New in NJ says:

     July 5, 2009 at 12:00 pm

     #74 Shore:

     It’s almost too obvious to say, but the hurricane threat must be seriously considered when buying along the southern coasts. The barrier islands are especially vulnerable.

     I lived near Raleigh, NC some years ago, and I absolutely loved visiting the NC beaches. The upside is that the beach season can start as early as March and can last well into October or even early November.

     But while driving from Raleigh to Charlotte a couple of weeks after Hurricane Hugo I witnessed the devastation that it caused. Even 100 miles inland the destruction was amazing.

     Of course, hurricanes are predicted to get even stronger and more frequent in coming years due to climate change.

     Almost as bad are the brutal nor’easters. While they are not as intense as hurricanes, they often move much more slowly than hurricanes. Two or three days of 50+ mile per hour winds and high tides are not that unusual. The total amount of near-shore damage from these storms can be equal to that of a moderately strong hurricane.
104. still_looking says:

     July 5, 2009 at 2:01 pm

     http://www.rollingstone.com/politics/story/28816321/the_great_american_bubble_machine/#

     Rolling Stone link to Matt Taibbi’s article on Goldman Sachs.

     Great read, bring Tums.

     sl
105. x-underwriter says:

     July 5, 2009 at 2:29 pm

     5 Housing Markets That Have Further to Fall

     http://tinyurl.com/p43kph

     2) New York City
     Anyone who was hoping to see Wall Street suffer from the financial crisis can relax. New York may have avoided the nationwide implosion in home prices early on, but the city saw its largest-ever monthly decline in March, at 2.5%.

     “New York may not be out of the woods,” Maitland says. “Because of what’s going on with the financial markets and the layoffs on Wall Street, New York may be one of the last places to turn around.”
106. chicagofinance says:

     July 5, 2009 at 4:02 pm

     The legend returns…..

     FORMER D.C. MAYOR MARION BARRY CHARGED WITH STALKING

     ASSOCIATED PRESS

     July 5, 2009 —
     Police say former Washington Mayor Marion Barry has been arrested and charged with stalking a woman.

     The United States Park Police said Barry, a current D.C. Council member, was arrested Saturday in Washington after a woman flagged down an officer and complained that Barry was stalking her.

     Barry was charged with misdemeanor stalking and released.

     A message left seeking comment from a spokeswoman for Barry wasn’t immediately returned early Sunday.

     Barry served four terms as mayor. In his third, he was videotaped in 1990 in a hotel room smoking crack cocaine in an FBI sting. He served six months in prison and in 1994 regained the mayor’s office.
107. chicagofinance says:

     July 5, 2009 at 4:04 pm

     Booya…
     These are actual quotes taken from Mayor Marion Barry, of Washington, D.C.

     “The contagious people of Washington have stood firm against diversity during this long period of increment weather.” — M. Barry, Mayor of Washington, DC

     “I promise you a police car on every sidewalk.” — M. Barry, Mayor of Washington, DC

     “If you take out the killings, Washington actually has a very very low crime rate.” — M. Barry, Mayor of Washington, DC

     “First, it was not a strip bar, it was an erotic club. And second, what can I say? I’m a night owl.” — M. Barry, Mayor of Washington, DC

     “Bitch set me up.” — M. Barry, Mayor of Washington, DC

     “I am clearly more popular than Reagan. I am in my third term. Where’s Reagan? Gone after two! Defeated by George Bush and Michael Dukakis no less.” — M. Barry, Mayor of Washington, DC

     “The laws in this city are clearly racist. All laws are racist. The law of gravity is racist.” — M. Barry, Mayor of Washington, DC

     “I am making this trip to Africa because Washington is an international city, just like Tokyo, Nigeria or Israel. As mayor, I am an international symbol. Can you deny that to Africa?” — M. Barry, Mayor of Washington, DC

     “People have criticized me because my security detail is larger than the president’s. But you must ask yourself: are there more people who want to kill me than who want to kill the president? I can assure you there are.” — M. Barry, Mayor of Washington, DC

     “The brave men who died in Vietnam, more than 100% of which were black, were the ultimate sacrifice.” — M. Barry, Mayor of Washington, DC

     “I read a funny story about how the Republicans freed the slaves. The Republicans are the ones who created slavery by law in the 1600’s. Abraham Lincoln freed the slaves and he was not a Republican.” — M. Barry, Mayor of Washington, DC

     “What right does Congress have to go around making laws just because they deem it necessary?” — M. Barry, Mayor of Washington, DC

     “People blame me because these water mains break, but I ask you, if the water mains didn’t break, would it be my responsibility to fix them then? WOULD IT!?!” — M. Barry, Mayor of Washington, DC

     “I am a great mayor; I am an upstanding Christian man; I am an intelligent man; I am a deeply educated man; I am a humble man.” — M. Barry, Mayor of Washington, DC
108. yikes says:

     July 5, 2009 at 5:41 pm

     to the guy who was in Spring Lake this weekend … did you cross-ref any of those homes for sale on zillow? we saw them all, and then checked zillow … you can’t find a place for under $1 mil in Spring Lake.

     overpriced? a wee bit.

     question: if you own in the town, do you have to pay the silly $8 charge to go on the beach? As someone who didn’t grow up in NJ, i find it an absolute joke that one has to pay to go on the beach.

     safe to assume that’s going to be $10 a pop in 5 years? $20 in 10-15 years?
109. 3b says:

     July 5, 2009 at 5:50 pm

     # 108 yikes: You can’t find a place for under $1 mil in Spring Lake.

     It was me. And as far as finding a place for under one million, that makes no sense, as it means nothing if they are all just stting there on the market.

     You can ask what you want, what you get is a completely different thing.
110. Sean says:

     July 5, 2009 at 6:04 pm

     3b – I was down in Spring Lake all weekend, I spent a good part of our weekend touring neighborhoods in Ocean and Monmouth looking at what was for sale in the better neighborhoods. Next time you are down there take a drive around at night, there are allot of empty properties judging by the fact that many had no lights on whatsoever besides the glow of the doorbell at 9:30 PM and no cars in the driveway. I think the banks are sitting on allot of inventory down there.
111. Shore Guy says:

     July 5, 2009 at 6:49 pm

     Sean,

     As hard as it is to believe, many of the oceanfront and near-oceanfront places from Ocean Grove down to Spring Lake and Sea Girt and down to Bay Head and Mantoloaking are occasional-use places. One cannot read too much into lack of light at night.
112. 3b says:

     July 5, 2009 at 7:09 pm

     #111 shore: True to a point. But 4th of July weekend would appear to be the perfect opportunity for an occasional use place.
113. Pol Clot says:

     July 5, 2009 at 7:29 pm

     American Dream = giant con job.

     Turns out the American Dream didn’t entail anything more than committing gubmint-abetted mortgage fraud, so that some bankster could securitize all the liar loans and collect a big commish. After the party ends and the hangover subsides, all we get is the gubmint then walking in, taking over everything, usurping our liberties, blocking out the sun and quietly gaining control of our lives.

     Not that most of us are capable of running our own lives, anyway.

     Rev. Wright had it right. God bless America? God bless us all; we should bend over and kiss it goodbye.

     Get this silly holiday over with. Can’t wait ’til tomorrow morning. Get back to work, trying to tame the 12-headed hydra of the misery induced by complete financial ruin.
114. Pol Clot says:

     July 5, 2009 at 7:30 pm

     BTW, I hope the SEC just bans the shorting of stocks, period.

     Let’s get the Dow down to about 4,000 nice and quick…skip the f0replay.
115. chicagofinance says:

     July 5, 2009 at 7:48 pm

     108.yikes says:
     July 5, 2009 at 5:41 pm
     to the guy who was in Spring Lake this weekend … did you cross-ref any of those homes for sale on zillow? we saw them all, and then checked zillow … you can’t find a place for under $1 mil in Spring Lake.

     overpriced? a wee bit.

     question: if you own in the town, do you have to pay the silly $8 charge to go on the beach? As someone who didn’t grow up in NJ, i find it an absolute joke that one has to pay to go on the beach.

     safe to assume that’s going to be $10 a pop in 5 years? $20 in 10-15 years?

     yikes: I’m sure that someone can correct me, but two things:
     (1) the charge for the beach is solely for the upkeep of the beach, so it is not some extra pick-pocketing being done by the munis;
     (2) it does a really good job of allowing you to select exactly what kind of beach experience you want….if you take serious umbrage with fork out coin, there are plenty of free places to go. Don’t like who hangs out at the free/cheap places? Well, neither do the people who cough up the coin….
116. chicagofinance says:

     July 5, 2009 at 7:58 pm

     WSJ
     JULY 6, 2009
     FUND FIEND

     Far From Vanilla: Some Booming ETFs Need More Scrutiny

     By  TOM LAURICELLA
     Regulators last month came out with a warningabout some high-risk exchange-traded funds. Even more scrutiny is needed.

     For the most part, plain-vanilla ETFs have proved to be simple, effective, low-cost investments. But here’s how Bizarro World the complex offerings are: For the six months ended June 30, some pairs of funds that were designed to profit from opposite moves in markets had both either risen or fallen.

     The Journal Report
     See the complete Investing in Funds: A Quarterly Analysis report.
     .Case in point: ProShares Ultra Real Estate, which aims to double the daily performance of the Dow Jones U.S. Real Estate Index, was down 45.7%. ProShares UltraShort Real Estate, designed to deliver twice the inverse of the index’s daily rise or fall, lost 64% over the same period. (The index was down 12.2%.) It’s become a popular trade on Wall Street to bet that both ETFs would fall.

     The Financial Industry Regulatory Authority, the brokerage industry’s self-regulatory group, warned in June that because such ETFs track daily index moves, they may not suit investors who own them for longer periods. Michael Sapir, chief executive of ProFund Advisors LLC, says there’s a “high probability” of the firm’s funds coming “close” to the target multiple of an index’s performance for periods as long as a week and longer in less volatile markets.

     At the very least, regulators also should look at whether truth-in-labeling rules require the funds to use the word “daily” in their name so there is no confusion among investors who are unlikely to read a prospectus.

     Among commodity ETFs, there are concerns about risks posed by their size compared with often small commodity markets. The United States Natural Gas fund earlier this year held the equivalent of 20% of all natural-gas futures contracts. ETF firms such as United States Commodity Funds LLC say their funds aren’t affecting prices. But a Senate panel reported in June that commodity index strategies, which include ETFs, appear to be resulting in “unusual, persistent, and large disparities between wheat futures and cash prices.”

     Meanwhile, many commodity funds invest in contracts in which a company promises to deliver returns related to moves in commodity prices. Unlike holding commodities, these introduce the element of counterparty risk should one side default on the contract.

     During the financial crisis, there were scattered problems involving defaults, such as with exchange-traded notes issued by Lehman Brothers. Aside from investors who were directly affected, there wasn’t much of a ripple in the markets. But the dollars involved were limited.

     As money pours into commodity ETFs, regulators should consider stress-testing these funds, as well as the markets, to see how well they could handle a problem at a major ETF. After all the tumult of the past year, it’s better to be safe than sorry.
117. chicagofinance says:

     July 5, 2009 at 7:59 pm

     grim unmod
118. chicagofinance says:

     July 5, 2009 at 8:00 pm

     .Case in point: ProShares Ultra Real Estate, which aims to double the daily performance of the Dow Jones U.S. Real Estate Index, was down 45.7%. ProShares UltraShort Real Estate, designed to deliver twice the inverse of the index’s daily rise or fall, lost 64% over the same period. (The index was down 12.2%.) It’s become a popular trade on Wall Street to bet that both ETFs would fall.
119. chicagofinance says:

     July 5, 2009 at 8:01 pm

     from mod
120. sas says:

     July 5, 2009 at 8:01 pm

     Pol Clot,

     I’ve said before on these boards,

     without any financial sovereignty or information sovereignty, do you even have a government?

     SAS
121. chicagofinance says:

     July 5, 2009 at 8:02 pm

     Note: I am quoting objective information…I offer no commentary so please do not assume any….
122. Qwerty says:

     July 5, 2009 at 8:19 pm

     RE: “she bought a three-story 1790 brick house”

     1790? That’s a giant sucking hole of a money pit. You can lose $100K in there easier than losing a penny in the wash.
123. Sean says:

     July 5, 2009 at 8:57 pm

     more scandals

     Companies:Goldman Sachs Group Inc
     By: Reuters | 05 Jul 2009 | 04:14 PM ET
     Text Size

     Did someone try to steal Goldman Sachs’ secret sauce?

     While most in the United States were celebrating the Fourth of July holiday, a Russian immigrant living in New Jersey was being held on federal charges of stealing secret computer trading codes from a major New York-based financial institution. Authorities did not identify the firm, but sources say that institution is none other than Goldman Sachs

     http://www.cnbc.com/id/31750907
124. dentss says:

     July 5, 2009 at 8:58 pm

     I can remember when Spring Lake’s beaches were for the residents only ,The one public beach was at the south end ! anybody remember Jack Sullivan’s
125. yikes says:

     July 5, 2009 at 9:02 pm

     (1) the charge for the beach is solely for the upkeep of the beach, so it is not some extra pick-pocketing being done by the munis;
     (2) it does a really good job of allowing you to select exactly what kind of beach experience you want….if you take serious umbrage with fork out coin, there are plenty of free places to go. Don’t like who hangs out at the free/cheap places? Well, neither do the people who cough up the coin….

     Ok, i’ll give you ‘keep the riff raff out.’

     but why no coolers? they make you keep them on the boardwalk and go up and get your drinks when needed.

     lame
126. yikes says:

     July 5, 2009 at 9:04 pm

     also – if you want to keep the riff raff out, i’m all for that. but if you pay for a weekend at a B&B in spring lake, why not give out badges to those who are forking over $250 (or whatever) per night?

     and i’m still curious – if you live there and pay taxes, must you still fork over the $8 to go to the beach?

     bueller?
127. Fiddy Cents on the Dollar says:

     July 5, 2009 at 9:14 pm

     Re: Spring Lake Beach Badges –

     Residents can buy a season pass for $100 or a half season for $60.

     Concerning recent sales in town…since 1/1/09 there were 19 total sales with 11 of these over $1M. The highest sale year to date was $4.1M for a 5200 sq ft, oceanview. Taxes on this little beauty are $26,835 per annum.

     Badges….we don’t need no stinkin’ badges !!
128. Stu says:

     July 5, 2009 at 9:15 pm

     I’m baaaaaaaaaaaaaaccccckkkkk!

     As retailers cut back cities confront ‘ghostboxes’

     http://finance.yahoo.com/news/As-retailers-cut-back-cities-apf-1069919514.html?x=0&sec=topStories&pos=4&asset=&ccode=

     “We are handing in excess of 2,000 locations for some 50-odd retailers, said Michael Burden, a principal with Excess Space Retail. “The square footage is in the tens of millions.”
129. Alap says:

     July 5, 2009 at 9:22 pm

     I have decided I am going to make an offer on a townhouse I saw in Piscataway recently. It is a short sale. I will be offering more than 30% off its 2006 sales price. (It is listed for about 20% off).

     We shall see what happens.
130. Alap says:

     July 5, 2009 at 9:25 pm

     Grim: 129 in mod
131. chicagofinance says:

     July 5, 2009 at 9:38 pm

     125.yikes says:
     July 5, 2009 at 9:02 pm
     but why no coolers? they make you keep them on the boardwalk and go up and get your drinks when needed. lame

     Because people hide alcohol in them, also, people are slobs….
132. Mikeinwaiting says:

     July 5, 2009 at 9:44 pm

     Stu, Check your email @ work tomorrow.
     M
133. SG says:

     July 5, 2009 at 9:45 pm

     
     5 Housing Markets That Have Further to Fall

     Think twice before buying a house in these cities any time soon.

     NYC is in 2nd place.

     2) New York City
     Anyone who was hoping to see Wall Street suffer from the financial crisis can relax. New York may have avoided the nationwide implosion in home prices early on, but the city saw its largest-ever monthly decline in March, at 2.5%.

     “New York may not be out of the woods,” Maitland says. “Because of what’s going on with the financial markets and the layoffs on Wall Street, New York may be one of the last places to turn around.”
134. Mikeinwaiting says:

     July 5, 2009 at 9:50 pm

     Well folks things out here in hinterlands are really getting ugly, looked at place 2 years ago 220 now 179 3rd party approval. Brand new bi-level 189. Oh boy in 1 more year it will really be a buyers market. I sit like a spider.
135. Mikeinwaiting says:

     July 5, 2009 at 9:52 pm

     Stu 128 SRS anyone.
136. Pol Clot says:

     July 5, 2009 at 10:11 pm

     Mike (135)-

     Ohh nooo! We can’t buy SRS…it’s subject to volatility erosion, tracks only daily performance and is not at all suited to individual investors such as us.

     Please, master, may I have some more GE?

     Sheesh.

     Frankly, at this point, the best investment in the US is to walk into your neighborhood casino and put it all on the pass line.
137. Stu says:

     July 5, 2009 at 10:13 pm

     SRS:

     Annoying ETF. The leak has something to do with its bad performance over time, but not quite as much of the impact of rebalancing the REITs it is shorting. As many REITs have pooped the bed, SRS is quick to replace those shorted shares with that of the best performing REITs. This is the true SRS killer.

     I still hold all mine (banks money, which I used to have quite a bit more of). It could easily come back, but admittedly, the odds are not exactly improving at this time. Of course, we went through this about a year ago when I doubted it and it went straight to the moon. Either way, it could still make a nice shorter term trade. Unfortunately, that is not my best game. I still think the big one is gonna be playing the deflation now inflation later scenario, which could take a decade or two to play out.
138. Stu says:

     July 5, 2009 at 10:15 pm

     Clot…slightly better to play the don’t pass line. And with 100 times odds, the casino’s advantage is a mere .02%!!! Of course, you won’t get rated on it.
139. NJCoast says:

     July 5, 2009 at 10:16 pm

     This weekend was one of those that make it all worth it. All the taxes, corruption and shenanigans of the NJ policians could not spoil it.

     Riding the Vespa to the beach, boogie boarding at low tide, watching fireworks simultaneously from Asbury Park, Bradley Beach, Long Branch and NYC, while sitting at a beach bonfire, with lobsters and martinis. Four generations of families together sharing all the shore has to offer. Poker games under umbrellas on the sand. Hors d’oeuvres and drinks with lifelong friends on the beach at sunset.

     Every time I ask myself what am I doing in NJ a weekend like this comes along and reminds me why I’m here.
140. Pol Clot says:

     July 5, 2009 at 10:19 pm

     Stu (137)-

     I like the rebalancings. Just like bringing fresh meat to a pack of lions. All those REITs suck, and they’re all going to get whacked before this is over.

     Like what else would we buy, anyway? Some friggin’ hotel REITs. Yeah, right. I’d rather saw off my fingers with a steak knife:

     http://globaleconomicanalysis.blogspot.com/2009/07/hotels-feel-pain-of-glut-of-empty-rooms.html

     “This is indeed the tip of the iceberg. Moreover, places like Phoenix where no one in their right mind would want to go in the Summer, Spring, Winter, or Fall are going to be especially hard hit.

     Yes, I am biased against Phoenix. I am not fond of dust storms, blazing hot treeless conditions, flat barren desert, or any other Phoenix attractions except when there are Spring rains every 5th year or so and the desert blooms.”
141. sas says:

     July 5, 2009 at 10:19 pm

     ” at this point, the best investment in the US is to walk into your neighborhood casino and put it all on the pass line”

     wow bloke, chin up. i don’t like the one arm bandits.

     best investment is family, health, education (real edu not sap university or govt brain washing public school), and food & seeds.

     oh yeah, there is always my favorite cash crop…free markets still exist, just gotta know where :)

     SAS
142. sas says:

     July 5, 2009 at 10:22 pm

     hell, cash crops brings better return than the metals.

     *disclaimer: My name is SAS and don’t listein to me cause everything I say is not true.

     :P
     SAS
143. Pol Clot says:

     July 5, 2009 at 10:23 pm

     sas (141)-

     Cannabis?
144. Pol Clot says:

     July 5, 2009 at 10:32 pm

     Rut roh:

     “…do Goldman and the NYSE not have a fiduciary responsibility to announce to both shareholders and any interested parties if there has been a major security breach in their trading operations? Certainly this seems like a material piece of information: given that program trading accounted for 49% of all NYSE trading last week, and Goldman as recently as one week ago represented about 60% of all principal program trading, will this be called an issue threatening the National Security of the United States. Shouldn’t all market participants be aware that there is some rogue code in cyberspace that can be abused by the highest bidder, who very likely will not be interested in proving the efficient market hypothesis? What will happened when said bidder goes about trying to front run none other than the “Financial Institution” [GS]?”

     http://zerohedge.blogspot.com/2009/07/is-case-of-quant-trading-industrial.html
145. safeashouses says:

     July 5, 2009 at 11:47 pm

     Potential nompound/shorepound?

     http://www.realtor.com/realestateandhomes-detail/179-Steinmetz-Rd_Schwenksville_PA_19473_1110097619
146. kareninca says:

     July 6, 2009 at 12:09 am

     RI is unbelievably beautiful. if, like ruggles, I were from there, I’d feel compelled to go back. I’m actually relieved that I’m from just across the border, even though RI is way prettier. for some reason eastern CT (which is no great shakes economically) doesn’t have some of the truly brutal rural poverty that parts of RI have. my mom’s cleaning lady (really, her friend at this point) is from one of those families. she’s my age (45) and when she was little her parents had a system. her father had custody, and he would beat her until she needed to be hospitalized. then her mother would pick her up at the hospital, and bring her back to the father’s house. my mom – whom she looks a lot like; they both have blonde hair and blue eyes – tries to keep her patched together, since she is a really, really, really nice person. multiply *that* – and you get a chunk of RI. don’t get me started on the social pathologies of Westerly (which is beautiful, too); it’s a small enough place that even unnamed suicides would be recognized. strange how such decent and responsible people come out of these messes.
147. kareninca says:

     July 6, 2009 at 12:11 am

     yes, potential nompound
148. Southend on Sea Essex says:

     July 23, 2009 at 3:55 pm

     The UK on, which case In?Stand strong in, hormone known as.Youll deepen the, in and repay.Started with you Southend on Sea Essex, class of herbs your own webpage.And you still, Every dog owner.,

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