Secret listings, secret sales, do buyers have any chance?

From CNN Money:

Secret ‘Pocket Listings’ Return in Hot Housing Markets

The housing rebound has given new life to an old, but little-known sales practice called “pocket listings,” where agents reserve homes for serious buyers only. Most homes that are put up for sale are posted on databases called multiple listing services, on which agents share information with one another in order to find buyers. There are open houses on Sunday afternoons and MLS listings posted on real estate websites.

But with pocket listings, properties are kept under wraps and brokers only show them to people they expect will put money down if the property and the price are right, said Richard Smith, CEO of Realogy, the parent company of Coldwell Banker, Century 21, Better Homes & Gardens and other real estate brokerages. Ideally, the buyer has deep pockets and is willing to pay in cash, fast.

“High-end sellers often don’t want to have the world coming to their property,” said Michael Izquierdo, a Los Angeles-based real estate agent and acquisitions manager for LAPocketListings.com. “When it’s put on the MLS, sometimes the next morning you see people standing outside the property, hoping to talk to the sellers.”

When Izquierdo gets a pocket listing, he combs his client list for good fits. If he can’t find one, he contacts colleagues to see if they have potential buyers. If the home is overpriced, the seller and agent will find out quickly, said Alex Clark, founder of pocketlistings.net. “I put in the email, ‘Not listed on the MLS,'” he said. “If it’s priced right, there’s a really good chance you can sell it as a pocket listing.”

If it doesn’t sell, then Clark tries to convince the seller to readjust the price and list it publicly on the MLS. Some sellers, however, aren’t interested in going public. They are purely using the pocket listing to fish for a “make-me-move” deal. “These are not motivated sellers. They’re saying, ‘Get me a good price,'” said Manhattan real estate agent Wei Min Tan.

In some cases, agents may try to convince sellers to use pocket listings in order to double their commissions by acting as agent for both the buyer and the seller. “That’s where it starts to get into the gray area,” said Garfinkel. “If an agent is putting their own economic interest ahead of the seller’s, it’s a violation of state law.”

The National Association of Realtors does not have an official policy on pocket listings, according to spokesman Walt Molony. But most agents, like Graham, profess that sellers are almost always better off getting as many bids from as many potential buyers as possible.

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144 Responses to Secret listings, secret sales, do buyers have any chance?

  1. Essex says:

    TGIF

  2. DL says:

    I’m a (potentially) all cash buyer. Still waiting for my phone call.

  3. The rest of the necronomy has moved to rewarding only insiders and first-movers. Why should housing be any different?

    It all works. Until it doesn’t.

  4. Essex says:

    I like it. It essentially shuts out the “Gary’s” of the world. You know the one who thinks everything is overpriced regardless. Basically a pre-qualified list of buyers/suckers and/or people with money to spend as opposed to people with money to save.

  5. Essex says:

    When I sell I would love to keep out the hysterical a**holes who are there to simply undercut the asking price. F’ Em. Let them buy something else. Let them do the windows, water heater, roof, electrical, floors, walls, ceiling. In fact if a “gary” showed up at my open house I’d simply say gtfo buddy. If ChiFi showed up I would kick him in the nads with a steel toed boot. It’d be good fun. Country style.

  6. Essex says:

    3. True. It does work until it doesn’t — and for those rooting for the USA to fail and dive into a cesspool of violence and revolution I say…..Meh. Lot’s of people have lost that bet over the years. USA ! USA! USA!!

  7. Juice Box says:

    Essex you must be about 5’2″ tall.

  8. grim says:

    I wonder what percentage of the overall demand for “done”, “finished”, “remodeled” homes are folks who are looking for that out of sheer convenience, versus those who simply don’t have the free cash to remodel after purchase. Not quite as easy to finance a remodel as it is to finance a home, so generally, you’ll need to outlay almost 100% of the funds, cash. In addition, you’ll likely need to fund two residences during the construction period, etc. Not saying it has to be an astronomical sum, but if you are having problems scraping together a down payment, you have no chance at all of funding an extensive remodel.

    Just guessing wildly, I think the second case will outnumber the first case by at least 10 to 1.

    Given the significant premium demanded by these “finished” properties, it almost makes no sense at all, if you have the cash to manage a remodel, to buy one. I look at this premium as compensation to the owner/builder for fronting the capital, bearing the risk and inconvenience, but mostly, for having the money to do it. If you’ve got the money, why pay the premium?

  9. Essex says:

    6’3″ — 225 — thanks for playing jughead.

  10. Essex says:

    7. I have met a few really short guys in my time in NJ and they are pretty entertaining. Do you prefer short men to tall men? Are you looking for a companion? I personally dig wimmen. But that is just me.

  11. Essex says:

    8. Selling anything is about “fit” — finding the right client etc. etc. If selling were easy everyone would do it. As for remodeling it is very expensive and time consuming. If I have taken the hit I am going to price that into the sale price. Sorry Gary.

  12. “In an analysis of the presidential diary and newspaper reports, the Government Accountability Institute found that Mr Obama has spent 976 hours since his January 2009 election on holiday and playing golf.

    In contrast, he has only spent 474.4 hours in economic meetings.

    “As a government watchdog group, we just tabulate the numbers and let others decide how to interpret them,” said Peter Schweizer, president of GAI, which compiled the report.”

    http://www.zerohedge.com/news/2013-05-02/22-facts-prove-bottom-90-america-systematically-getting-poorer

  13. Jason says:

    With ever higher property taxes, do owners have any chance?

    No.

  14. grim says:

    Jobs numbers in 25 minutes…

    I believe 140k is consensus.

    Over? Under? Predictions?

  15. 1987 Condo Buyer says:

    121

  16. grim says:

    155

  17. Whatever the number is, it’s a complete lie.

  18. anon (the good one) says:

    @billmaher: Did you know the old Tsarnaev was on welfare? You think Republicans hate him for terrorism, wait till they find out he was a taker!

  19. grim says:

    blowout numbers and huge upward revisions

  20. grim says:

    U.S. economy adds 165,000 jobs in April
    March job gain revised up to 138,000 vs 88,000
    February job gain revised to 332,000 vs 268,000
    Unemployment rate drops to 7.5% from 7.6%

  21. anon (the good one) says:

    and Walmart still unwilling to hire ppl for political reasons. a few more points will drop once they hire again

  22. 250k says:

    Labor force participation lowest since ’79 but I guess all that “participation” was coming from the wives who didn’t really need to work anyway? That must be it.

    Read somewhere its costing over $550,000 per job if you make up a formula to connect QE to job creation. Full of holes of course but fun with numbers.

  23. JJ says:

    You are right. Tons of women I know who are between 35-45 have been working since they have kids mainly due to 2008-2012 thin job market. Many bought overpriced homes or lost in stocks too, or husbands who lost jobs or pay raises.

    Since January Bonus time I have seen a decent amount of women with 2-3 kids finally leaving the work force. Refinancing of homes, stocks rising and hubbies finally back at work getting raises and bonus with some job security are allowing them to finally call it a day and they are leaving the work force. One good part is a lady who had her first kid Spring 2008 who instead of quiting came back from maternity leave as economy worsened who stuck it out and had two more kids since then who is finally calling it quits now has an amazing 401K. Instead of quiting May 2008 by quiting May 2013 she bought fives years worth of stocks in 401K at an all time low. Plus got some great stock grants in 2009, 2010 and 2011 that all vested in the black.

    People leaving work force is a good thing. Folks over 60 retiring early as stocks and bond portfolio way up and ladies with 2-4 kids finally getting to stay home as hubbies is working again is a good thing.

    Lets all take a deep breath and look at our 401K statements this weekend and then praise the almighty Helocopter Ben for bailing out an entire generation.
    250k says:
    May 3, 2013 at 8:49 am

    Labor force participation lowest since ’79 but I guess all that “participation” was coming from the wives who didn’t really need to work anyway? That must be it.

    Read somewhere its costing over $550,000 per job if you make up a formula to connect QE to job creation. Full of holes of course but fun with numbers.

  24. Libtard in Union says:

    DOW 15K today. Melt up continues. Bubble Blog correct, as par usual.

  25. chicagofinance says:

    Trust preferreds are now being phased out. Citigroup retired $3 billion of 6.5% to 7.125% trust preferreds on April 16. J.P. Morgan recently announced a plan to redeem $5 billion of trust preferreds next Wednesday. Bank of America Corp. said it would redeem $5.5 billion of preferreds in two stages this month.

    By KATY BURNE
    Big banks are rushing to fill a capital hole dating back to the financial crisis with an instrument that appeals to investors hungry for income.

    This year, companies have sold $13.6 billion of preferred shares in the U.S., the fastest clip since 2008, according to data provider Dealogic. Financial firms have been responsible for 88% of that sum, with the year’s largest deals coming from banks including J.P. Morgan Chase JPM +0.15%& Co., Citigroup Inc. C +1.46%and Goldman Sachs Group Inc. GS +0.74%
    Enlarge Image

    CloseClaudio Papapietro for The Wall Street Journal

    Citigroup retired $3 billion of trust-preferred shares last month.
    .Preferred shares got their name because investors holding them sit ahead of common shareholders, but after creditors such as bondholders, in the repayment pecking order. The shares pay investors income like a bond, typically via a fixed quarterly dividend payment. Unlike most bonds, which mature in a stated number of years, some preferred shares can remain outstanding in perpetuity.

    For banks, preferred shares have two advantages: They bolster balance sheets hit in the 2008 crisis by adding permanent capital without harming existing shareholders, and they are cheaper than some other fundraising methods because ultralow interest rates are pushing investors toward higher-yielding securities.

    The Federal Reserve last June made preferred shares more attractive for banks by proposing rules recognizing certain preferred shares as the highest grade of loss-absorbing capital, known as Tier 1.

    Adding to the appeal for banks, a bond-market rally has reduced the rates they must dangle before buyers. J.P. Morgan, Citigroup and Goldman Sachs last month issued preferred shares paying annual dividend rates just above 5%.

    Enlarge Image

    Close.On Thursday, PNC Financial Services Group Inc. PNC +0.01%issued $500 million of preferred shares at an initial dividend of 4.85%, according to Dealogic, underscoring the demand for such deals. The record low was 4.61% set in June 2003 on preferred shares issued by a unit of HSBC Holdings PLC. HBC +0.90%
    “It is a sign of the healing that has taken place,” said William Scapell, portfolio manager at Cohen & Steers, who oversees $7 billion of preferred shares in several funds. “Investors are investing in preferred securities of banks again and are accepting much lower yield levels.”

    Some investors said preferred-share prices could rise, despite a considerable run-up already. A Bank of America BAC +0.41%index tracking the performance of U.S. dollar-denominated, fixed-rate preferred shares has posted a total return, which includes dividends and price appreciation, of 4.1% this year and 218% since March 2009.

    Banks’ improved health and the shares’ yield “make them a compelling investment,” said Douglas Baker, who oversees $3 billion of preferred securities at Nuveen Asset Management. He said it was “one of the rare opportunities in today’s market” offering income and upside potential. The average yield on U.S. preferred shares is 4.56%, Bank of America index data show. The yield is lower than the 5% or more of dividends promised when the securities were sold because the securities are trading at prices higher than their face value. As prices rise, yields fall.

    Comparable yields are just 0.89% on an index of Treasurys, 2.2% for municipal bonds, 2.39% for mortgage bonds and 2.76% for highly rated corporate bonds, according to Barclays BARC.LN +1.28%data as of the end of the first quarter.

    To be sure, if rates rise, prices on some preferred shares could fall along with fixed-rate bonds, sticking investors with losses, said Josh Peters, director of equity income strategy at researcher Morningstar Inc. MORN +0.21%
    And while volumes of preferred securities are at a postcrisis high, they are still dwarfed by bank bond issuance. This year, banks have sold $124 billion of bonds in the U.S., versus $7.4 billion of preferred shares. An additional $4.5 billion of preferred shares have been issued by nonbank financial firms.

    Still, the structure is attractive to both issuers and investors, thanks in part to rule changes. After several large banks failed in the financial crisis, a previous incarnation of bank-friendly preferred stock, “trust preferreds,” was viewed as problematic by regulators. As a result, those shares will lose their eligibility as Tier 1 capital. The structure exacerbated overleverage, or excessive debt, in the financial system, regulators concluded.

    “Banking organizations that issued these instruments were weaker…took more risks, and failed more often than those that did not,” the Federal Deposit Insurance Corp. said in a 2010 publication.

    Regulators said a certain portion of banks’ funding had to be in new securities like perpetual preferreds.

    Trust preferreds are now being phased out. Citigroup retired $3 billion of 6.5% to 7.125% trust preferreds on April 16. J.P. Morgan recently announced a plan to redeem $5 billion of trust preferreds next Wednesday. Bank of America Corp. said it would redeem $5.5 billion of preferreds in two stages this month.

  26. grim says:

    Wasn’t the decline in participation rate largely expected to coincide with the retirement of the boomers?

  27. grim says:

    Where is Kettle, how much of the overall decline in participation rate is driven by the prime boomer retirement age group participation rate declining?

  28. JJ says:

    For The Record, Another Junk-Bond Record: 5.124% Avg Yield
    By Michael Aneiro
    Just getting standard weekday morning points of order out of the way: junk bonds have set yet another all-time record yet again, with the market’s average yield falling to 5.124% from the previous record low of 5.178% set a day earlier, which had broken the previous all-time record also set this week, all a part of the high-yield market’s ongoing pattern of setting new all-time records on a daily basis, all thanks to the Fed’s zero-interest rate policy driving investors into the highest yielding investments around. Which, sadly, means 5.124% these days, even for the riskiest corporate credits out there. The average bond price hit a new all-time high 106.72 cents on the dollar, up from the previous all-time high 106.58 seen yesterday, per a benchmark Bank of America Merrill Lynch index.

    This market has now returned 5.2% in 2013 to date. It started the year yielding just over 6% Yes this is all quite ridiculous, but it doesn’t mean it has to end anytime soon. And it almost certainly won’t be ending today, after an unexpectedly robust April jobs report should fuel Friday gains in risk assets like stocks and junk bonds.

  29. JJ says:

    chicagofinance trick with TRUPS is to find them from banks like BPOP where they dont have enough access to capital to start calling them all but at same time are a member of TBTF so no BK, kinda half art half science

  30. DL says:

    Re: 8. There’s one house we looked at that sold for 465k in 2006 and it looks like the owners spent a significant amount on remodling new kitchen and baths plus refreshing the entire interior. Now listed for 895k. I’d love to see what they spent on the remodel, deduct the market drop from the 2006 price, and add the remodel to the reduced number.

  31. DL says:

    Re: 8. There’s one house we looked at that sold for 465k in 2006 and it looks like the owners spent a significant amount on remodling new kitchen and baths plus refreshing the entire interior. Now listed for 895k. I’d love to see what they spent on the remodel, deduct the market drop from the 2006 price, and add the remodel to the reduced number.

  32. Fast Eddie says:

    But with pocket listings, properties are kept under wraps and brokers only show them to people they expect will put money down if the property and the price are right, said Richard Smith, CEO of Realogy, the parent company of Coldwell Banker, Century 21, Better Homes & Gardens and other real estate brokerages.

    Any questions?

  33. All Hype - Mr. Oil, Mr. Gas, Mr. Coal says:

    I see this report as being pretty bad for the people and good for corporations. 165k jobs added is a drop in the bucket when you realize there are 100+ million work age people in the country.

    Call me crazy but the way I see it is companies are earning higher profits with less people so why bother hiring employees. Wall street knows this and the market goes higher. Combine that with 85 billion/month free money and we have have a melt up in the markets.

  34. grim says:

    Now listed for 895k. I’d love to see what they spent on the remodel, deduct the market drop from the 2006 price, and add the remodel to the reduced number.

    Impossible to tell without seeing the details, but I’d wager a guess and say $700k plus or minus.

    Would they sell for that amount? Probably not.

    You could do the same thing, and save yourself $200k.

  35. JJ says:

    Every great realtor has a few good clients. One of my realtors has an orthodox Jew who is a vulture investor. Every good priced distressed home sale he gets to see from his broker before it goes on MLS, he buys maybe 25% of them. He is loyal to one agent as she does him a solid, the agent prices home maybe 40K off, but who cares she lists and sells on same day and seller most of time is hard up for cash. In most cases is better off getting cash check and getting out of dodge.

    By buying one place cash I get some street cred. A few realtors told me until you have street cred you aint getting no real good pocket deals just the left over pocket deals.

    Now in this area I told realtor, short sales, bks, foreclosures, divorces, estate sales any new listing under 500K you call me first. She agreed. Trouble is everyone has cash now so hard to be a winner. 2009-2011 was the cash is king golden era

    Fast Eddie says:
    May 3, 2013 at 9:20 am

    But with pocket listings, properties are kept under wraps and brokers only show them to people they expect will put money down if the property and the price are right, said Richard Smith, CEO of Realogy, the parent company of Coldwell Banker, Century 21, Better Homes & Gardens and other real estate brokerages.

    Any questions?

  36. Libtard in Union says:

    We did a total of about 75K worth of work on our GR home. Maybe a hair or two less. Appraisal will come in on Monday. Will be interesting to see what kind of a return it would be worth if we were going to sell.

  37. Fast Eddie says:

    In some cases, agents may try to convince sellers to use pocket listings in order to double their commissions by acting as agent for both the buyer and the seller.

    Ya don’t say?

    “If an agent is putting their own economic interest ahead of the seller’s, it’s a violation of state law.”

    A Realtor would never compromise integrity. (cough!)

    The National Association of Realtors does not have an official policy on pocket listings.

    Any Questions?

  38. All Hype - Mr. Oil, Mr. Gas, Mr. Coal says:

    250k (22):
    Seems like women are finding more jobs right now. What should concern you is that most of the jobs that were added were to 20-24 years olds and they happen to be the lowest paying jobs.

    http://www.zerohedge.com/news/2013-05-03/jobs-breakdown-age-and-gender-or-no-country-prime-aged-male-workers

  39. JJ says:

    You need to read into it. Places like Goldman, Morgan, Chase, etc. Know less people more profits mean MO MONEY.

    Which in turn means bonus pool up. On wall street we would rather fire 20% of people give remaining 80% of people a 10% bonus increase and increase profitability at the same time. Remember we are all ego driven. I recall once in an interview when I was old he was only hiring 10 out of 800 people and I said those are tough odds only 9 jobs for 799 people after you hire me. My balls were so big they knocked the guy out of his chair. But really if you told folks at GS if we fire 50% of folks we would double the remaining folks salary 100% of people would vote for it as we all think we are number one. Go into teaching or pharma is you want to be a communist. Wall Street is free market capitalism at its best and you get to eat what you kill.

    All Hype – Mr. Oil, Mr. Gas, Mr. Coal says:
    May 3, 2013 at 9:23 am

    I see this report as being pretty bad for the people and good for corporations. 165k jobs added is a drop in the bucket when you realize there are 100+ million work age people in the country.

    Call me crazy but the way I see it is companies are earning higher profits with less people so why bother hiring employees. Wall street knows this and the market goes higher. Combine that with 85 billion/month free money and we have have a melt up in the markets.

  40. JJ says:

    Does the dollar amount mean much or is it work performed. I did my recent renovation at 1/3 the cost of neighbors with insurance does that make it worth less.

    It is how you spent the 75K.

    Libtard in Union says:
    May 3, 2013 at 9:32 am

    We did a total of about 75K worth of work on our GR home. Maybe a hair or two less. Appraisal will come in on Monday. Will be interesting to see what kind of a return it would be worth if we were going to sell.

  41. JJ says:

    Where is my DOW 15,000 Hat!!!!

  42. Fast Eddie says:

    They may, for example, steer the deal to a buyer they represent even though another broker’s buyer put in a higher bid. “Most of the time, pocket listings are done ethically and fairly,” said Betty Graham, president of Coldwell Banker Previews International/NRT, Realogy’s luxury brand.

    I have no further questions, your Honor.

  43. All Hype - Mr. Oil, Mr. Gas, Mr. Coal says:

    “Go into teaching or pharma is you want to be a communist”

    I work in pharma, what is so communist about it? Look clown, just because you are sucking off the gubbmint teat for the past 5 years and would sell your own wife and children for a 1% increase in junk bond yield does not make you the stud and clever man you think you are. I work just as hard or maybe harder than you as evidenced by the number of times you post on this board. As an owner of JPM stock I would love to know who you are and tell your supervisors about your superior intellect and blog posting abilities.

  44. 30 year realtor says:

    Pocket listings restrict the market and do not benefit sellers. If NAR had any morals they would take a stand against pocket listings.

    I am always amazed at sellers who consent to pocket listings because they feel there is a benefit to them. The only benefit is to the listing agent.

  45. JJ says:

    I have a six figure position in JP Morgan Stock. It is under performing, I would welcome any suggestions you have on how to improve its stock price.

    All Hype – Mr. Oil, Mr. Gas, Mr. Coal says:
    May 3, 2013 at 9:41 am

    “Go into teaching or pharma is you want to be a communist”

    I work in pharma, what is so communist about it? Look clown, just because you are sucking off the gubbmint teat for the past 5 years and would sell your own wife and children for a 1% increase in junk bond yield does not make you the stud and clever man you think you are. I work just as hard or maybe harder than you as evidenced by the number of times you post on this board. As an owner of JPM stock I would love to know who you are and tell your supervisors about your superior intellect and blog posting abilities.

  46. All Hype - Mr. Oil, Mr. Gas, Mr. Coal says:

    I have a six figure position in JP Morgan Stock. It is under performing, I would welcome any suggestions you have on how to improve its stock price.

    Wow, I have that much stock too! Holy dog sh!t JJ, a communist pharma employee has just as much invested in your company as you do. Wanna increase the stock price, how about you fire yourself, one less bloated salary to worry about. Now get off the board and use that free gubbmint money to buy some Netflix stock.

  47. JJ says:

    JP Morgan was my client for a long time. I dont work there. Although the damm CFO leveraged her way to the top on the back of my awe inspiring powerpoints.

    Brilliant move I did to convert them all to Black and White and two sided to show Jaimie Dimon how I am saving on ink and paper, I also did “blackberry screen sized” daily updates to traders to save them form scrolling down. The cost per hour per employee to scroll down is huge. I did a 250,000 all employee one once where I got it down to one screen which saved five seconds per employee times 250,000. WOW my abilities are amazing. I also was able to summarize a 3,000 page document into one powerpoint slide for Jaimie.

    Then again if Jaimie asked me to sumarize entire bible I would text him, God Good, Devil Bad.

  48. joyce says:

    If that’s true and if the economy is recovering, shouldn’t the decline be offset or even eclipsed by the larger generation (Gen Y) in the next handful of years?

    26.grim says:
    May 3, 2013 at 9:04 am
    Wasn’t the decline in participation rate largely expected to coincide with the retirement of the boomers?

  49. joyce says:

    48

    You could at least spell Jamie Dimon’s name correctly in your fantasy posts.

  50. I got yer listing in my pocket, bub…

    Sounds to me like the pocket listing phenomenon is a matching of sheep ready for slaughter to sellers who might be less than qualified.

  51. 250k says:

    Americans of prime working age — 25 to 54 years old — are dropping out of the workforce. Their participation rate fell to 81.1 percent last month, tied with November for the lowest since December 1984.

    Yes, boomers retiring, sometimes early, brings participation rate down but it doesn’t explain the dramatic drop as much there are not many real jobs out there. In my sphere I am hearing that even when you go through the entire multi-interview process, you just never hear back. No yes, no no. Just crickets.

    Anyone reading this can easily see for themselves what the real situation is like. Simply find a job posting for which you are a perfect match based on the skills and job description. Send in your credentials. I bet 99% of you never hear back beyond an automated acknowledgement. Yes, online postings are mostly BS but try even working with a headhunter. Hell, talk to your headhunters. Ask them how busy they have been.

  52. Wait until the blue ribbony towns are ablaze and snipers make them feel like Sarajevo in the early ’90s.

  53. I currently employ an attorney, an architect, two soci@l workers with masters degrees and a recent honors college graduate. All of them are constantly looking for work in their fields. Only the soci@l workers have other steady jobs…natch, both paid by the gubmint.

    Any questions?

  54. Fast Eddie says:

    If NAR had any morals they would take a stand against pocket listings.

    When he11 freezes over.

  55. JJ says:

    BTW it is Joyce, not joyce

    joyce says:
    May 3, 2013 at 10:09 am

    48

    You could at least spell Jamie Dimon’s name correctly in your fantasy posts.

  56. JJ says:

    If you were required to list everything on line, let free market bids decide highest price it would just be ebay and all the agents would not be needed

    Fast Eddie says:
    May 3, 2013 at 10:21 am

    If NAR had any morals they would take a stand against pocket listings.

    When he11 freezes over.

  57. Jill says:

    #50: He’s getting the bankster confused with Jaime Lannister the Kingslayer.

  58. Juice Box says:

    Essex if you are 6’3 and 225 then you must be hypertensive with all of that fat and anger. What kind of statins are you on?

  59. Comrade Nom Deplume, Bostonian says:

    Dow crosses 15k. Scrapple dusting off his Dow 10k hat

  60. Comrade Nom Deplume, Bostonian says:

    [34] hype,

    Perelman was saying essentially the same thing on CNBC yesterday.

  61. Comrade Nom Deplume, Bostonian says:

    [59] juice

    I’m pretty sure those little pills aren’t statins.

  62. Bystander says:

    Fast,

    I am still waiting on this hot RE market to produce one seller who is raising their price based on demand. Only one noticed and it was only 1k..more like a stance that they won’t accept all these lowballs..or marketing ploy. Lots of bagholders rushing to sell in last week. Too late. Spring season is almost over. Early Sept. should be a fun time to make an offer.

  63. JJ says:

    I think it is a typo. He is six feet tall with a three inch schlong

    Juice Box says:
    May 3, 2013 at 10:37 am

    Essex if you are 6’3 and 225 then you must be hypertensive with all of that fat and anger. What kind of statins are you on?

  64. Libtard in Union says:

    Essex only gets angry when you point out to him the farce that is the public worker. Otherwise, he’s okay when he blabs on about guitars and stuff.

  65. Fast Eddie says:

    Bystander [63],

    Good stuff, isn’t it? We’re wrong… until we aren’t. Then, we’re told we’re wrong again, until we aren’t. Rinse and repeat. The number of bagholders hanging on by fingernails is s-t-a-g-g-e-r-i-n-g!

  66. Comrade Nom Deplume, Bostonian says:

    [63] bystander,

    I’m with you there. Gonna look to make serious offers in June or July, and that also gives me leverage or downward price adjusts because they will have lost the market.

  67. Juice Box says:

    Down 15k and I have a boat load of stocks to sell too, you know to fund my boat. If things keep going up I am buying a bigger boat. I am going to call it the SS TBTF

  68. Essex says:

    59. I’m a Crestor man — I love red meat.

  69. Juice Box says:

    Where is Booya Bob to tell us about the PPT? Are they leaving early for the weekend?

  70. Comrade Nom Deplume, Bostonian says:

    [70] Sx

    Mmmmmm, meat.

  71. Juice Box says:

    I haven’t seared a good steak in a while since wife and I are on a new diet.
    No soy, so gluten, no sugar, no salt, no cheese, no milk products in general, no chocolate.
    Alcohol intake cut in half as well.

    My intake consists of smaller portions of everything too, and I have dropped a few pant sizes. By July 4th it I might buy myself a speedo for the beach.

  72. Ragnar says:

    Scrapple 14,
    Be thankful Obama spent less time on economics than golf. The more economic intervention he does, the worse things will get.

  73. Ragnar says:

    Juice Box,
    Try paleo instead. Sounds similar to what you are doing, except you get to eat salted steaks and such.
    If you stick with 85% or higher dark chocolate, you should be ok.
    If you cut out the junk food, salt shouldn’t be problematic. Unless you have high blood pressure, salt is unproblematic.

    I did great with it for about a year, then my wife and daughter came back from a year-long assignment in China, and the crap food returned to the house, and I just cannot resist it all the time. It’s much easier when everyone in the house is on the same gameplan.

  74. Statler Waldorf says:

    I’m seeing Toll Brothers raise prices.

    “I am still waiting on this hot RE market to produce one seller who is raising their price based on demand.”

  75. Juice Box says:

    Rag – Only crap I eat is the occasional Doritios I steal from my kid, we literally have no crap food in the house. I was never the one to buy the crap food anyway. I am a minimalist when it comes to shopping for food, I never load up the cart.

    If I keep it up I might live to be the guy on the billboard you know the one that lived to 150.

  76. Juice Box says:

    Rags – Virgin diet basically food intolerance is the cause of weight gain. So we gave up everything we liked, steak is on of those foods. :)

  77. Essex says:

    72. And Bacon… Bad Jew!! I love bacon.

  78. JJ says:

    Lucky for me my body processes food like a sewerage plant.

    Juice Box says:
    May 3, 2013 at 11:32 am

    Rag – Only crap I eat is the occasional Doritios I steal from my kid, we literally have no crap food in the house. I was never the one to buy the crap food anyway. I am a minimalist when it comes to shopping for food, I never load up the cart.

    If I keep it up I might live to be the guy on the billboard you know the one that lived to 150.

  79. Essex says:

    My biggest risk is probably stroke. I need to meditate.

  80. Essex says:

    80. I’m super efficient. Garbage In Garbage Out!

  81. JJ says:

    I used to love yelling Free Bacon outside the Temple

    Essex says:
    May 3, 2013 at 11:37 am

    72. And Bacon… Bad Jew!! I love bacon.

  82. Juice Box says:

    No bacon either…. now I am depressed where are my carrot sicks?

  83. JJ says:

    Germany’s Benchmark DAX Index Advances to All-Time High

    YAAA – I also threw 100K into this two years ago as Krouts always rise up again

  84. Brian says:

    NJ RE sellers probably read this board and would do anything to avoid having Gary at their open house. You’re probably better off having the NJDEP after you for your leaky underground oil tank than you are having that guy at your open house.

    45.30 year realtor says:
    May 3, 2013 at 9:44 am
    Pocket listings restrict the market and do not benefit sellers. If NAR had any morals they would take a stand against pocket listings.

    I am always amazed at sellers who consent to pocket listings because they feel there is a benefit to them. The only benefit is to the listing agent.

  85. chicagofinance says:

    The End Is Nigh (Melamine and Cardboard Edition):
    BEIJING (AP) — Chinese police have broken up a criminal ring accused of taking meat from rats and foxes and selling it as lamb in the country’s latest food safety scandal.

    The Ministry of Public Security released results of a three-month crackdown on food safety violators, saying in a statement that authorities investigated more than 380 cases and arrested 904 suspects.

    Among those arrested were 63 people who allegedly ran an operation in Shanghai and the coastal city of Wuxi that bought fox, mink, rat and other meat that had not been tested for quality and safety, processed it with additives like gelatin and passed it off as lamb.

    The meat was sold to farmers’ markets in Jiangsu province and Shanghai, it said.

    Despite years of food scandals — from milk contaminated with an industrial chemical to the use of industrial dyes in eggs — China has been unable to clean up its food supply chain.

    The announcement came as China’s top court on Friday issued guidelines calling for harsher punishment for making and selling unsafe food products in the latest response to tainted food scandals that have angered the public.

    The Supreme People’s Court said the guidelines will list as crimes specific acts such as the sale of food excessively laced with chemicals or made from animals that have died from disease or unknown causes.

    China’s penal code, which forbids unsafe and poisonous food, does not specify what acts are considered in violation of the law.

    Adulterating baby food so that it severely lacks nutrition is also punishable as a crime under the guidelines. Negligent government food inspectors are also targeted for criminal punishment.

    The supreme court said 2,088 people have been prosecuted in 2010-2012 in 1,533 food safety cases. It said the number of such cases has grown exponentially in the past several years. For example, Chinese courts prosecuted 861 cases of poisonous food in 2012, compared to 80 cases in 2010.

    “The situation is really grave and has indeed caused great harm to the people,” Pei Xianding, a supreme court judge, told a news conference.

    “We cannot tolerate it any longer. We must punish the criminals severely, or we cannot answer to our people,” Pei said.

  86. JJ says:

    Like that basketball player who came out of closet I wonder if there are folks who went to all cash in March 2009 in a panic who are still in cash?

    That would be a tough come out of closet move. Oh honey, we had one million December 2007 and in a panic I hit sell at 500K and never went back in. All our friends are not doing early retirement and booking vacations and buying new cars cause their husbands were not so stupid to hit sell and then be too chicken to get back in.

    Even better I may jump in now at this peak and guess what in crash in three years I may hit sell again

    Gots to be people.

  87. Juice Box says:

    Chi – you can get rat on a stick on nearly any NYC Street corner.

  88. Fast Eddie says:

    Brian [86],

    Please explain.

  89. JJ says:

    Go suck on your organic powder shakes made with bottled water. I will be over in Harrys with a fat steak celebrating Dow 15k.

    Juice Box says:
    May 3, 2013 at 11:55 am

    Chi – you can get rat on a stick on nearly any NYC Street corner.

  90. Libtard in Union says:

    Got some Porterhouses and New York Strips at Fairway recently when they were on mega sale. Man that place sells quality steaks. They seriously came out better than any steak I’ve ever had at even the best steakhouses. Not bad for $11 a pound. Just added a little high quality olive oil, and fresh ground salt and pepper. Unfortunately, this is a very rare treat. Very rare!

  91. Essex says:

    Best meat= Costco

  92. Brian says:

    Scrapple is one of those prepper guys. He prefers his meat in the can.

  93. Comrade Nom Deplume, Bostonian says:

    [73] juice,

    If you don’t kill yourself first.

  94. Comrade Nom Deplume, Bostonian says:
  95. grim says:

    Restaurant Depot sometimes has some very good deals on top end meat. You’ll be buying a lot of it though.

    That is probably my favorite new food store. If you’ve got a business tax id, I’d recommend checking it out.

  96. JJ says:

    The stock had a big pop in IPO a few weeks ago

    Libtard in Union says:
    May 3, 2013 at 12:09 pm

    Got some Porterhouses and New York Strips at Fairway recently when they were on mega sale. Man that place sells quality steaks. They seriously came out better than any steak I’ve ever had at even the best steakhouses. Not bad for $11 a pound. Just added a little high quality olive oil, and fresh ground salt and pepper. Unfortunately, this is a very rare treat. Very rare!

  97. Comrade Nom Deplume, Bostonian says:

    [93] Sx

    What I’ve had at Costco is good but it’s feedlot meat. When I can, I go to the halal shop in Philly near my old place. Cheap and their meat doesn’t come from the commercial feedlot operators. Also, when they have a great sale, whole foods is competitive.

  98. JJ says:

    Who the heck goes to supermarkets? Men make the bacon they dont shop for it.

    Comrade Nom Deplume, Bostonian says:
    May 3, 2013 at 12:43 pm

    [93] Sx

    What I’ve had at Costco is good but it’s feedlot meat. When I can, I go to the halal shop in Philly near my old place. Cheap and their meat doesn’t come from the commercial feedlot operators. Also, when they have a great sale, whole foods is competitive.

  99. grim says:

    Did someone say PPT? They’ve been on the beach drinking rum swizzles for months, you should see the tans on those guys.

  100. chicagofinance says:

    Those kebabs are a weakness……with that crap BBQ sauce…..$3-$4…worth the ptomaine poisoning….

    Juice Box says:
    May 3, 2013 at 11:55 am
    Chi – you can get rat on a stick on nearly any NYC Street corner.

  101. Libtard in Union says:

    Costco is good for the cost. Chopped meat, pork chops, chicken breasts and other common pauper meats are fine. But I wouldn’t buy a Costco Steak if you paid me to. Whole Paycheck does have good steak, but it is way, way, way overpriced. If I can get a steak cheaper at a restaurant (and I’m not talking Vegas specials) than at Whole Foods, there’s something wrong. Last I looked, they charged like $2 an oyster. That’s ludicrous.

  102. 1987 Condo Buyer says:

    Need thoughts on railings for my front steps…any names come to mind?

  103. joyce says:

    JPMorgan Caught in Swirl of Regulatory Woes

    http://dealbook.nytimes.com/2013/05/02/jpmorgan-caught-in-swirl-of-regulatory-woes/?hp

    “swirl of regulatory woes” … is that what we’re calling it now?

  104. Libtard in Union says:

    Swirl. Nice.

  105. Juice Box says:

    re# 105 – swirl – I guess Dimon may regret not backing O for reelection. Also Blythe Masters – sounds like the name of a Harry Potter villain.

  106. Libtard in Union says:

    One scoop of regulatory swirl please.

  107. Jill says:

    #104: SVF Railings in Washington Township. http://svfrailings.com/

    Put a nice new white aluminum railing on my front steps, patched the stone where the original railing was put in the wrong place. Nice guy, reliable, and the railing looks really nice.

  108. Jill says:

    Libtard: Agreed 100% on Fairway steaks. Buy ’em when they’re on sale for $5.99. You won’t get a better steak this side of Peter Luger’s.

  109. Brian says:

    I second that. Aluminum is the way to go. I used Iron and they rusted pretty quickly. Aluminum looks just as good and they rusted pretty quickly.

    109.Jill says:
    May 3, 2013 at 2:35 pm
    #104: SVF Railings in Washington Township. http://svfrailings.com/

    Put a nice new white aluminum railing on my front steps, patched the stone where the original railing was put in the wrong place. Nice guy, reliable, and the railing looks really nice.

  110. Brian says:

    Sorry, meant to say Aluminum won’t rust. Friggin work is distracting me from my blogging today. Chr1st.

    Aluminum looks just as good and they rusted pretty quickly.

  111. Libtard in Union says:

    Yes…powder coated aluminum is the shiznit. Just don’t lean on it too much. :P

  112. xolepa says:

    Restaurant Depot is best for shellfish, if you can eat alot. 15 count shrimp at 7.99. 10 lbs of mussels for 10 bucks and my favorite, 100 oysters in the $35-40 range. My wife picked up some superfresh halibut at Costcos today. Yum, yum, yummie.

  113. 1987 Condo Buyer says:

    Thanks!

  114. JJ says:

    When rates rise like 1994 Grandpa will be crying in his soup after reaching for yield

    Total return in 1994

    Long-term Treasuries -7.6%
    Municipal bonds -5.2
    Intermediate-term corporates -2.7
    Intermediate-term Treasuries -1.8
    High-yield bonds -1.0

  115. Grim says:

    Ask for commercial when you get aluminum railings, tubing and rails are larger diameter and thicker walled. Much more rigid, little to no flex.

  116. Comrade Nom Deplume, Channeling Scrapple Cannon says:

    [87] chifi

    One really cool thing about crimes like that in the PRC is that they will execute people for that.

    Scrapple would love it there.

  117. Fast Eddie says:

    JJ,

    Went balls in at DOW 9000. I should’ve at 8000 but was waiting a little longer. Gee, maybe I’ll be worthy of one of those “pocket” listings now.

  118. chicagofinance says:

    Whole Foods has kind of jumped the shark in my household….it used to be the major destination, but now we only use it for the butcher and selected other items…..what they have done in there borders on being insulting. Basically on almost every item in the store, they keep raising the price until everything sits on the shelf, then the back down off that price one raise and leave it there…..it’s pervasive across almost everything….there are alternatives out there and they cost 20-40% less…..except the meat….it is really difficult to find a pure substitute for their products……

    Libtard in Union says:
    May 3, 2013 at 12:55 pm
    Whole Paycheck does have good steak, but it is way, way, way overpriced. If I can get a steak cheaper at a restaurant (and I’m not talking Vegas specials) than at Whole Foods, there’s something wrong. Last I looked, they charged like $2 an oyster. That’s ludicrous.

  119. Ragnar says:

    Scrapple would already have been jailed in the PRC, and this website shut down.
    One of the few principles America is sticking with, for the most part, is freedom of speech.

  120. Statler Waldorf says:

    I’ve seen 40-year-old iron railings that look and work fine. Aluminum for a railing? It’s the front of your house, splurge a little:

    http://www.walpolewoodworkers.com/wood-railings.aspx

  121. JJ says:

    NICE!!!!!!! I only went shaft in but still good, damm men like you who went pube deep at 8K DJIA should be given statues and monuments for christ sakes, JC someone pin a medal on this man asap

    Fast Eddie says:
    May 3, 2013 at 3:25 pm

    JJ,

    Went balls in at DOW 9000. I should’ve at 8000 but was waiting a little longer. Gee, maybe I’ll be worthy of one of those “pocket” listings now.

  122. Essex says:

    So the Costco stuff is laced with steroids or something….that must be what gives it that wonderful flavor. Seriously. Living in the NJ area and even worrying about crap like that is hilarious. This place is a cancer cluster, toxic wasteland, and powerline kingdom all rolled into one. Good luck kids! You are gonna need it.

  123. Essex says:

    I grew up in central Illinois and lemme tell you what. That ‘s where strong healthy folks come from. You east coasters would love to have our corn fed / red meat eating bodies and DNA…..this cesspool is good for one thing. Making money and leaving.

  124. JJ says:

    I have no rails in my house. People fall off they fall off, that is what homeowners is for, plus I cant push the mormans and salespeople over if I have a railing

  125. Ragnar says:

    I like the Costco prime steaks. A couple of weeks ago they were selling prime ribeyes and NY Strips for under $10/lb and I bought several packs. A couple months earlier they were around $13, too high for me, so stuck with choice, which aren’t as good.
    I use a cast iron pan and the oven. Heat up the oven with the pan inside, about 475. Kosher salt and pepper both sides. Some like Mrs Dash garlic pepper seasoning or that Montreal steak stuff too. Put the hot pan on a gas stove burner on high, put the steaks on one minute each side to sear, then put in the oven 3 to 4 minutes, flip, oven 3-4 more minutes. Let rest 5 minutes on a covered plate, then serve. Preheating the oven is the most time consuming part, only takes about 15 minutes after that. Better than restaurant steaks, and really easy once you get the hang of it.

    Dont forget to wear thick oven mitts or you cook your hand if you accidentally touch the cast iron pan.

  126. Ragnar says:

    Is there anywhere one can get aged prime steak at a good price? I’ve tried John’s in Scotch Plains, it was good, but not good enough to pay $20/lb, double the Costco prime price. I see Wegmans also tries to sell for over $20/lb, but haven’t tried it.

  127. Juice Box says:

    Rags — Here is the slaughterhouse that sells to the public in Madison NJ.

    Green Village Packing Co.
    68 Britten Road
    Green Village NJ 07935
    (973) 377-0875

    Open to the public Thurs/Fri, 8 – 5:30 and Saturday 8 – 3:30

    http://www.greenvillagepacking.com/about-us

  128. Bystander says:

    JJ knows where to put his fat stacks..on primo steak. God knows he does not spend it anywhere else. JJ-gotta be some good stories on where you buy your clothes. We all know its not retail from Ralph Lauren. My guess is funeral homes around Old Brookville. Slip the director $100 and get Armani suit for nothing. Those old dead bankers don’t need them. Family grieving too much to notice the switch.

  129. chicagofinance says:

    I agree….the women are certainly corn fed…..

    Essex says:
    May 3, 2013 at 3:53 pm
    I grew up in central Illinois and lemme tell you what. That ‘s where strong healthy folks come from. You east coasters would love to have our corn fed / red meat eating bodies and DNA…..this cesspool is good for one thing. Making money and leaving.

  130. chicagofinance says:

    For the record….I will never set foot in the Capital Grille again…….I always feel as if I just drank a gallon of MSG when I walk out of there……

  131. chicagofinance says:

    BTW….regretfully, this place was a fail too…..the prices were not out of control, but the portions were insulting…
    http://www.restonyc.com/images/uploads/menus/Cannibal_Dinner_04.11.13.pdf

  132. JJ says:

    I don’t buy clothes, that’s ladies work. When the wife is doing laundry for most men and things start to look old they go to store and replace them. If you dont like just tell her to return it.
    Really groceries and clothes shopping is not for men. I guess if you cant keep them happy in the bedroom maybe. Steaks I know good meat when I eat it. Could care less where it comes from. I got football, stocks, bonds and real estate and supermodels in my head, no room for grocery lists

    Bystander says:
    May 3, 2013 at 4:29 pm

    JJ knows where to put his fat stacks..on primo steak. God knows he does not spend it anywhere else. JJ-gotta be some good stories on where you buy your clothes. We all know its not retail from Ralph Lauren. My guess is funeral homes around Old Brookville. Slip the director $100 and get Armani suit for nothing. Those old dead bankers don’t need them. Family grieving too much to notice the switch.

  133. The Original NJ ExPat says:

    When it comes to steaks, I switched to grass-fed beef several years ago. I think my wife gets them at Whole Foods and I might recall that they come in every other Thursday. I’ll still eat a burger made from “regular” beef and my wife will make Lasagna, etc. with same, but I don’t think I’ve had a steak out since I can’t remember when, just the grass-fed cuts my wife makes me at home. Interestingly, she doesn’t like the taste of the grass-fed beef, so she hasn’t had a steak herself in years.

  134. Juice Box says:

    Just bargained down my rate to 3.5% for my 30 year, anyone do better?

  135. Grim says:

    Not after today, +11bps on the 10 year. I bet every mortgage company repriced up this afternoon.

  136. Juice Box says:

    Good to know Grim, that extra $30 a month will allow me to buy a Ferrari.

  137. Grim says:

    Bourbon is a better investment

  138. Libtard at home says:

    Ragner…Check the weekly advert at Fairway. Trust me, I’m no sucker for a name. I’ve been to Wegman’s, Whole Foods, etc. Their produce is slightly better but a lot of their stuff is the same thing you can get at Shoprite. They do sell dry aged beef. And it’s really prime.

  139. AG says:

    Lmao at the banter in here today. I think public workers should have SoS tatooted to their foreheads after hire. Sack of sh-t. Maybe even replace their house number with SOS2. Sack of sh-t 2 lives here.

    If it’s not in your hand you don’t own it. Happy house hunting.

  140. AG says:

    Received a sign up sheet for the NRA today. I think God would appreciate my contribution. Gun grabbers lol.

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