NYC buyers rush in as rates increase

From Bloomberg:

Manhattan Home Sales Rise to Year-End Record in Buyer Deal Rush

Manhattan apartment sales surged in the fourth quarter, setting a record for year-end transactions, as the prospect of rising interest rates and prices pushed buyers to make deals before purchases became costlier.

Sales of condominiums and co-ops jumped 27 percent from a year earlier to 3,297, the highest fourth-quarter total in 25 years of record-keeping, according to a report today from appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The previous record was set in 2012, when sellers sought to finish deals before an expected jump in capital-gains taxes.

Buyers are rushing into Manhattan’s market after a jump in mortgage rates since May, heightening competition for properties at a time when supply is dwindling. The inventory of homes for sale at the end of December fell 12 percent from a year earlier to 4,164, the lowest since Miller Samuel began tracking that data 14 years ago. Demand is pushing values higher, with the median price for a condo reaching a record.

“There’s a concern that homeownership will be more expensive and therefore the time to act apparently is now,” Jonathan Miller, president of New York-based Miller Samuel, said in an interview. “It’s a combination of rising mortgage rates and concern that prices are going to rise.”

The median price of Manhattan transactions that closed in the fourth quarter climbed 2.1 percent to $855,000, Miller Samuel and Douglas Elliman said. Buyers agreed to pay the asking price or more in 43 percent of all sales, compared with 12 percent a year ago.

Condo prices rose 14 percent to a record $1.32 million in the quarter. The surge was propelled by a 27 percent increase in the price of apartments in newly constructed developments, to $1.73 million. Properties built and completed since the recession tend to have larger units and are tailored to luxury buyers, which accounts for some of the price jump, Miller said.

He expects that inventory could decline further in 2014 while prices continue to rise. Homeowners are hesitant to list their apartments for fear they will have nothing to buy once they sell, while limited new development activity is focused on high-net-worth buyers, he said.

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82 Responses to NYC buyers rush in as rates increase

  1. AG says:

    Early bird gets the worm. First bitchez!

  2. grim says:

    Very cool info graphic from Vizynary, hat tip to Ritholtz:

    http://vizynary.com/2013/11/18/restless-america-state-to-state-migration-in-2012/

  3. grim says:

    From the NYT:

    Paying for Foreclosure Delays

    The long foreclosure timelines in New York, New Jersey and Connecticut may translate into slightly higher borrowing costs for consumers in those states.

    The Federal Housing Finance Agency announced last month that, because the stress in housing markets has eased, it was eliminating the across-the-board adverse-market fee instituted in 2008 to help cover the costs of high rates of delinquencies. The fee, applicable to all mortgages bought by Fannie Mae or Freddie Mac, is 25 basis points, or 0.25 percent of the mortgage loan amount.

    But the agency, citing the “significantly greater costs” associated with much longer foreclosure timelines in the tristate area and in Florida, said the fee would remain in place in these four states.

    The fee isn’t onerous — an added $5.95 a month, for example, on a 30-year loan of $200,000 at a rate of 4.5 percent. And it isn’t a closing cost, noted Jordan Roth, the senior branch manager of the Manhattan office of GFI Mortgage Bankers. “It is a fee that gets added into the rate or, as we like to say, baked into the rate,” he said.

    Still, the singling out of states that take a long time to process foreclosures through their judicial systems does represent a shift in regulatory thinking. “It’s effectively a recognition that the cost to lend in a market that has long judicial foreclosure timelines needs to be accounted for,” said Mark Fleming, the chief economist for CoreLogic, a real estate data service. “If it takes two years to get through a foreclosure, time is money.”

    A study conducted last year by the Federal Housing Finance Agency estimated the length of time to complete a foreclosure at 820 days in New York, 750 in New Jersey, and 690 in Connecticut. Florida was 660. By comparison, the national average was 405 days.

    The study concluded that “the dramatic increases in timelines seen in certain states have created fundamentally unfair cross subsidies between borrowers in different states, because the current pricing regime fails to account for the material difference in the risk of loss across states.”

  4. 1987 Condo says:

    Here is news from across the pond: Equity Release!

    Rise in the number of over-50s taking out lifetime mortgages to help their kids get on the housing ladder
    By Adam Uren

    More people over the age of 55 are taking out ‘lifetime mortgages’ on their properties in order to help their children get on the housing ladder, a survey has found.

    A study by equity release provider Stonehaven found that giving children and grandchildren a financial boost is now the third most popular reason for releasing equity, after a survey of financial advisers.

    With many young workers still finding it difficult to save the money they need for a mortgage deposit, the over-50s are unlocking cash in their own properties to give them a helping hand, knowing the debt won’t be repaid until after they’ve died.

    Georgina Smith, managing director of Stonehaven, said: ‘At a time when the younger generation are struggling to get on a foot on the housing ladder, lifetime mortgages are providing an effective way for parents to help their children or grandchildren get started and ease life’s financial pressures.
    More…
    From childcare, to home deposits and even a pension for the kids, now it’s the Bank of Gran and Grandad helping out.
    Retirement rental hotspots: Pensioners renting in big cities after being priced out of property market

    ‘In recent years, equity release has become an increasingly innovative and flexible solution for older homeowners, who are looking to unlock cash from their properties to provide support for their families.

    ‘We find that in many cases, choosing to take out a lifetime mortgage becomes very much a family decision.’

    Equity release sees either a lump sum or a monthly income being taken out against the equity in a property. It is then paid back, with interest, upon the homeowner’s death.

    There are also products available that allow people to pay off the interest as they go so it doesn’t mount up, protecting more of the value of their property so their children can benefit when they die.
    The most popular reason for taking out equity release product among the over-50s is to pay off their mortgages, in effect taking out another mortgage on their property to pay off their first one.

    Eighty per cent of financial advisers said they their clients had used equity release for this reason.
    The second most popular option is using it to fund home improvements. In this instance the impact of taking out such a product may be softened by the potential value added to the property.

    Stonehaven said that in many cases where children benefit from their parents’ equity release, they often agree to make the interest payments on the loan in return.

    This is Money obtained figures from Stonehaven in September that showed paying just £100-a-month in interest on a £50,000 equity release loan could leave an extra £63,000 of value in property that could be inherited.

    http://www.dailymail.co.uk/money/mortgageshome/article-2532600/Over-50s-using-equity-release-help-kids-buy-house.html

  5. Juice Box says:

    Who is working today?

  6. Comrade Nom Deplume, a.k.a Captain Justice says:

    [5] juice

    Not me. Stuck at home with two kids. Grim, I could use that booze right about now.

  7. Fast Eddie says:

    Who is working today?

    The sad cl0wns taking the Main line in from Ridgewood to pay for the over-priced house and the Audi lease. ;)

  8. charlie says:

    I am not a farmer. Broadband is up…I am working

  9. Good morning for drinking whiskey.

  10. relo says:

    To the Cognoscenti,

    Apologies in advance for the cryptic nature of the proceeding, but due to the years of enjoyment provided and having benefitted by the collective discourse of this board I feel compelled to post the proceeding. At least I’ll keep it brief.

    I’m certain most of you have addressed the following, at least to a degree, but if Long Term Disability and related are not a part of your current overall financial planning, perform your due diligence. Even if you’ve checked the box from your employer, know precisely from an occupational standpoint, waiting period, underwriting, etc. perspectives what you are paying for. Trade groups, if eligible, such as AICPA may be a good place to start if supplementing works for you.

    I’m not inclined to share more of the personal circumstances, so thanks in advance for respecting privacy, and appreciate any kind thoughts.

    Also, any segue into the regularly scheduled death panel conversation will not be considered patently offensive.

  11. Juice Box says:

    Well we have a new clown running our office and we are open late today apparently. My kids are home and my street isn’t plowed. I guess I will just take a vacation day. Fcuk da police.

  12. 1987 Condo says:

    Same complex as my original unit:

    BELLEVILLE 666 Mill St Unit C-2. . . $150,000 (Closing date 11/15/2013)

    Approx. prices in complex over the years:

    New in 1985 at $85,000
    1987: $130,00
    1999: $92,000
    2006: $240,000
    2013: $150,000

    Timing of purchase is crucial!!

  13. Fast Eddie says:

    Here you go folks. Here’s the median salary entrance to haughtyville:

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1337425&dayssince=&countysearch=false

  14. Fast Eddie says:

    1987 Condo [12],

    Go figure. Multiply that be a few thousand souls and we have the reason why very few can sell. They’ll be slaving for years. Next obstacle? Higher interest rates.

  15. JJ says:

    I am at work!!! You dont keep a corner office by sleeping in cause of a few snowflakes, the tree outside New York Stock Exchange looked great in all the snow today

    Juice Box says:
    January 3, 2014 at 8:08 am

    Who is working today?

  16. JJ says:

    Now inflation adjust it.

    1987 Condo says:
    January 3, 2014 at 8:57 am

    Same complex as my original unit:

    BELLEVILLE 666 Mill St Unit C-2. . . $150,000 (Closing date 11/15/2013)

    Approx. prices in complex over the years:

    New in 1985 at $85,000
    1987: $130,00
    1999: $92,000
    2006: $240,000
    2013: $150,000

    Timing of purchase is crucial!!

  17. grim says:

    Low 3 handle in Ridgewood and it doesn’t require a wrecking ball? Sorry, I don’t think that’s a terrible deal. It was previously rented for $1,800 a month. While not an appealing location for a Ridgewood native, for someone moving out from the city – it’s in a very walkable location. Hell, it is a 15 minute walk to the train, and 2 minutes to downtown. Hell, you could walk to the whole foods.

    PITI on this would be $2k/mo with 20% down – at asking price. Given that it rented for $1,800???

  18. Fast Eddie says:

    JJ,

    Now inflation adjust it.

    When you inflation adjust the house price, don’t forget to inflation adjust the salary and the property taxes as well.

  19. grim says:

    I remember back in 2004/2005 – consensus was that you would NEVER see a 3 handle in Ridgewood.

  20. Not Relo says:

    Re #10:

    Perform due diligence you are hell right.

    I had 2 different policies since the mid-90’s with employment related association. They all use the same somewhat standardize 30/60/90 days waiting period and what % of income you want cover.

    HOWEVER!. – what I noticed was one by one (their were underwritten by big reliable comapnies like US LIFE and MET LIFE) and you really had to read the fine print and go back and forth in different sections of the contract is how many obstacle they put in your way to be able to collect.

    On both the changes happened alike. First, the policy underwriting company official address and obviously insurance regulators that oversee it moved from NY State to Texas. Texas is well known for having very pro-insurance company regulators.
    Then you get an “update” contract with your renewal and there is the devil’s details.

    Both policies went from covering me after the set times I picked and the claim process just requiring a physician’s note/supporting documents stating I was disable and could not work in my field and would continue to pay my percentage amount I bought based on my professional income for as long as I was disable for up to 65; to policies that required me to prove with the claim that – I had filed for Social Security Disability and if denied I had appealed, I had filed with Worker’s Comp if applicable and if denied I had appealed, I had filed legal claim against insurance or lawsuit if so required against party that my had caused disability if determined by them that toher party caused disability; my disability payment was to be reduced by any income received from Social Security, Worker’s Comp, Lawsuit-Insurance Windfall; finally for disability payments to continue past 2 yrs, I would have to prove I could not work at all, not just in my field.

    In short – Short term/ Long term disability insurance USED TO BE a good financial planning tool. Now is just one big scam. Just max out your 401k/IRAs and if anything happens you can take out of there. Finally, watch out for any insurance company that moves to Texas, it means you are going to be screwed.

    #10 Relo

    I’m certain most of you have addressed the following, at least to a degree, but if Long Term Disability and related are not a part of your current overall financial planning, perform your due diligence. Even if you’ve checked the box from your employer, know precisely from an occupational standpoint, waiting period, underwriting, etc. perspectives what you are paying for. Trade groups, if eligible, such as AICPA may be a good place to start if supplementing works for you.

  21. JJ says:

    Coops and Condos property taxes did a lot better than houses since 1987 however the maintenance shot up in most developments.

    The condo I bought the land is missing. A NYS oddity. So the condo development does not pay real estate taxes as it technically owns no real property. The condo units own their own units and a percentage of the land split evenly.

    However, my building was originally built as a rental property. Garden Apt style so owner at time made them all two bedrooms but in reality the lower units have no access to grass and share a deck with the adjacent units. The upper units magically have access to the attic space for storage through a pop up hole. But magically that is not in their taxes as technically it is joint property. All units have access to the basement bike room where hot water heater is also kept but magically that is not taxed. Then finally my unit has grass in front where my kids if I lived there could play and run and I could set a table up for a party. But some other units face a parking lot

    Condos are a mystery in taxes as you are not taxed on the basement or attic square footage even though I can use them nor am I taxed on my lawn area or fact I have two parking spots.

    Big article in Wheschter NY some new home developments where they are really single family homes in a HOA are on purpose condos as the tax laws in NY makes all the land and amenities disappear and property taxes are half. Single family homeowners are pissed.

    Fast Eddie says:
    January 3, 2014 at 9:28 am

    JJ,

    Now inflation adjust it.

    When you inflation adjust the house price, don’t forget to inflation adjust the salary and the property taxes as well.

  22. Charlie says:

    Chinkbots work in the snow too

  23. chicagofinance says:

    I have too much year-end work to take off…..as soon as the street plowing is done, I am changing desk tops…..this weather is no big deal…..most of January and February in Chicago from a temp standpoint. The snow is not much.

    Juice Box says:
    January 3, 2014 at 8:08 am
    Who is working today?

  24. chicagofinance says:

    Based on the material that we have all reviewed, I think it makes sense that these outcomes are possible. It is a redistribution scheme. So the logical conclusion is that your particular company employs people that are older and more heavily use medical services and drugs. To some extent you can visually confirm that fact in your workplace. However, what you cannot know is the overall cost of the services that your pool is incurring. I work in an office where I am 45 and the youngest. We have the walking wounded in our pool, and even though we are healthy, I am on a family plan and pull down a lot of services. I may or may not get screwed…..we’ll see.

    ccb223 says:
    January 2, 2014 at 5:20 pm
    For what it’s worth, Obamacare improved our insurance rates (40 person private company in NY…we just had a firmwide meeting about it a few weeks ago).

  25. Fabius Maximus says:

    #135/136 (previous) Eddie Ray

    “or, the sixth question I forgot earlier ” introducing new ion rebuttal, I thought that was frowned upon in your profession.
    The real problem that you (and Chi) have is, that you don’t know enough about me to back up the allegations and assumptions that you make.
    “So you are either lying, prevaricating, or hit the Obamacare lottery with an outlier deal. ” This leads the question, based on what evidence?

    The reality is that my employer like many large companies is self insured. To comply with ACA they had a full review of their health care offering. They changed the model to make the plans better. All preventive is now free. No more copays as copays on top of co-insurance is pointless. The upped the deductibles to HSA limits, but then funded a HSA to match the increase.

    ACA forced the review and my company stepped to the plate embraced it. End result is that I my overall premiums are now 43% of last years and I have a HSA that was just funded with my first paycheck of the year that now has more in it that I spent out of pocket last year.

    The reality is that Heathcare reform is working. Preexiisting conditions covered, college kids on their parents policies. The exchange enrollment numbers are heading up. Insurance companies are dumping crp policies. Are their outliers of people paying more. Yes, is there a subset of that number getting better coverage., yes again.

    Roll on single payer, I welcome it with open arms.

  26. 1987 Condo says:

    #21…not so much in NJ…that condo at $150k is paying $6,000 taxes, when I vought in 1987 (25 years ago) they were $3,300…by 1990 they were at $5,400…do inflation from that!!!!!

    We did a large lawsuit (130 units) in the early 1990s and got the tax down to $2,200.

    Townhomes and condos in my town are paying north of $10,000

  27. Fabius Maximus says:

    Law news of the day

    Illegal immigrant Sergio Garcia gets California law licence
    http://www.bbc.co.uk/news/world-us-canada-25583019

  28. Comrade Nom Deplume, a.k.a Captain Justice says:

    [26] Fabian,

    So your employer changed the model. Technically you didn’t lie, but you did previously deny prevaricating, which you’ve now just demonstrated you were doing.

    Just like your hero, you “win” by playing hide the ball.

  29. Fast Eddie says:

    Roll on single payer, I welcome it with open arms.

    It’s so sad for me to read this statement. I inwardly apologize when I look into my child’s eyes because I can’t explain the enormous damage created by progressive failures nor do I feel that I can stop it. I can only hope for a massive reversal but I witness the simple mentality of this nation and I become skeptical and frustrated. This isn’t my fathers nation any longer. It’s rapidly becoming a place I don’t recognize run by people I’m powerless to stop.

  30. Juice Box says:

    Anybody have one of these small electric Snow Blowers? I am thinking of picking this one up.

    http://www.homedepot.com/p/Toro-18-in-Power-Curve-Snow-Blower-38381/202218973?N=bxc5Z1z0zb9q#

  31. Street Justice says:

    Juice, don’t bother with anything that isn’t a two stage gas snow thrower. Preferably one with a metal chute. The plastic ones are prone to breakage.

    http://www.youtube.com/watch?v=FI-AFIA56yo

  32. grim says:

    31 – would have worked brilliantly this morning, but only because the snow was light and dry. Heavy wet snow, that thing won’t handle more than a half inch.

    I’ve got a 13hp 33″ monster, made quick work.

  33. chicagofinance says:

    We need leaders such as this……clot – where are you? where is the applause?

    Forget the hangman’s noose, the firing squad or lethal injection: North Korean leader Kim Jong Un executed his uncle and a handful of the man’s aides by feeding them to a horde of 120 starving dogs, according to a shocking (but unconfirmed) account.

    Jang Song Thaek, the former No. 2 official in the secretive regime, was stripped naked and tossed into a cage along with his five closest aides.

    “Then 120 hounds, starved for three days, were allowed to prey on them until they were completely eaten up. This is called ‘quan jue’, or execution by dogs,” according to the Straits Times of Singapore. The daily relied on a description of the execution in a Hong Kong newspaper that serves as the official mouthpiece of China’s government there. More established outlets in mainland China have not repeated the account.

    “The entire process lasted for an hour, with Mr. Kim Jong Un, the supreme leader in North Korea, supervising it along with 300 senior officials,” the Straits Times said in a piece published Dec. 24, 2013, but only now getting traction in the United States. Two American national security officials contacted for comment said they had not heard that account, which first appeared in the Wen Wei Po newspaper on Dec. 12, 2013, and declined to vouch for its credibility.

    Over the years, some North Korean defectors have reportedly told (also unconfirmed) stories of specially trained dogs used to maul prisoners. But the description is at odds with numerous other accounts that Jang was shot dead. And the Washington Post published a warning against taking the report at face value.

    While China acts as North Korea’s patron, relations between the two have been strained. The United States wants Beijing to take a more active role in pressuring Kim’s Stalinist regime in Pyongyang to give up its nuclear weapons. The Straits Times suggested that China’s government leaked the account of the December execution to signal its anger at Kim’s government.

    The United States has labored to get a grip on what kind of leader Kim Jong Un will be, amid worries in Washington that he is more reckless than his father, Kim Jong Il, whom he succeeded as supreme leader in December 2011.

  34. chicagofinance says:

    The new benchmark for executions!

  35. grim says:

    How does Dennis Rodman not shit his pants every time he goes over there?

  36. Juice Box says:

    I want this remote controlled snow blower.

    http://www.youtube.com/watch?v=F29XU0aYA_E

  37. Street Justice says:

    33 – when my Dad moved to Florida he gave me his totally abused single stage, two cycle Craftsman. The handles were bent from pushing so hard, the plastic chute was broken, and the electric starter was burned out. Got it working by repairing the handles with some hose clamps, changing the spark plug, fresh gas, and lining the old chute with some metal hvac duct work.

  38. Fast Eddie says:

    A collective societal attitude is a sign of weakness. It means one cannot breathe on their own. It also means that one has nothing left to lose. I’m going to refrain any further because I may start saying things I don’t want to say. I’m taking my child out.

    I will say this though: If it comes a time when this country, MY country, breaks out into another civil war, I will not hesitate to give my life to fight for what I believe in, nor will I hesitate to take another’s in defense.

  39. chicagofinance says:

    x

  40. chicagofinance says:

    The issue is that you do not argue in good faith.

    I can disagree with your opinions, but it is worthless debating things here with you because: #1 I really don’t care that much; #2 you put forth way to much effort and it requires counterbalancing work; #3 you don’t discuss things in good faith (i.e. nom’s prevaricating). So it the final analysis, you are a western european, soc!alist, anti-semite, limousine liberal and hypocrite.

    Fabius Maximus says:
    January 3, 2014 at 11:13 am
    #135/136 (previous) Eddie Ray
    The real problem that you (and Chi) r, the sixthave is, that you don’t know enough about me to back up the allegations and assumptions that you make.

  41. JJ says:

    The new mayor of NY must also be anti-semite,

  42. Fabius Maximus says:

    So, I say as a result of ACA I’m now getting significant saving. You say in your big Oz proclamation. “You must be one of these 5 groups!” When I say No to all the above that is not prevarication, that is bad questioning. You made assumptions that were wrong and you jumped to the wrong conclusion.

    As a certain Eddie Ray said to me once. “its not my job to make your argument”.

  43. Fabius Maximus says:

    #30 Fast Eddie

    Did you tell her, “Honey, we’re Canadian!”

  44. Fabius Maximus says:

    #31 Juice

    My buddy bought one and found out that the end of the drive was more than 50ft from the outlet. He put two cords together and after the GFI stopped tripping he found out the end of the sidewalk he is responsible for is more than 100ft for the outlet. He took it back and bought a real snow blower.

  45. D says:

    Juice, we have had one of those for years & it works great & we live in Sparta; you just have to watch the end of the driveway. For deep snows, husband may do the drive 2x-one early, and again when the snow stops.

  46. D says:

    No problem with an extension cord either. Apparently, YMMV, but our electric snow blower is light enough for my teenage daughter to use on her own.

  47. daddyo says:

    A few years ago I bought a Honda single-stage HS520a off craiglist in the middle of the summer for $250 – about $650 new. That thing would throw 12″ of soaking wet snow 20′. And you could clear any surface in about half the time of a two-stage because you could walk as fast as you want. Due to the nature of the property I occupied at the time, and a particularly bad winter, I upgraded to a two-stage Ariens and gave my Honda to a friend.

    I still miss it for anything less than a wet foot of snow.

  48. chicagofinance says:

    from Noonan:

    An inaugural address is a big thing. It declares an agenda but also sets a tone. An attitude. The tone Mr. de Blasio set was that of a divider.

    A uniter’s approach would have been one that was both more morally generous and more honest. It wouldn’t set one group against the other, it would have asserted that all New Yorkers are in this together. Something along this approach: “To those who earn half a million dollars or more a year, we know and understand that your weekly paycheck is already subject to federal, state and city taxes. Which means we know you already contribute a great deal, and not only through taxes. So many of our citizens are deeply civic-minded. They give their time and effort to helping their local churches and synagogues; to building civic organizations; to raising funds for the poor and the hungry; to volunteering for literacy programs; and donating their wealth to keep the arts and the museums going. In our town, much has always been asked of those to whom much has been given—and they have come through. They have helped build a ladder. And now we are going to make that ladder sturdier, stronger, higher and wider so more of our young can use it.”

    What was absent in Mr. de Blasio’s remarks was a kind of civic courtesy, or grace. The kind that seeks to unite and build from shared strength, the kind that doesn’t demonize. Instead, from our new mayor we got the snotty sound of us vs. them, of zero-sum politics.

  49. JJ says:

    Wow so many fruit looks and Mama Boys on this blog today.

    This morning I just grabbed a cup of day old coffee used something called a shovel dug out my Rear Wheeled Drive Caddie then shoveled driveway and sidewalk and off I went.

    Snow blowers and four wheel drive vehicles for this dusting of snow today? Pleazze.

    Funny part when I was at the train this morning to go to city nearly everyone was over 45 and plenty of plain old cars in parking lot.

    Drove by plenty a 30 something house sound asleep at 7am with a 4×4 in driveway “telecommuting” meanwhile they will march into their bosses office in like two weeks at comp time and demand more cash.

  50. JJ says:

    Chifi years ago when NYC had a high income tax rate back in the 1980s when wall street was booming half the trading desk was using their Hampton house as the primary address.

    Back then lots of them had rent stablized apartments in the city so why not use your hampton home as a permanent address.

    I knew this hot single Italian secretary who lived in Hoboken at the time when hardly anyone in their right mind who made six figures would live there. She had like four or five W-2s sent to her house for the younger traders from out of state who could not use their parents address or their hamptons address.

    He will just lose all these folks. Towns like Great Neck Long Island and Rockville Centre as well as Hoboken will get more 500K and over people who want to be as close as possible to city without getting hit on the taxes. They can still rent a little pied a tier of they want for weeknights.

  51. Fabius Maximus says:

    #41 Chi

    And again it comes down to being asked to take every thing you and some others in her say on face value and god forbid anyone else should have an opinion that differs from the circle jerk.

    As for your personal attacks, you get a big whatever. Although a picture is worth a thousand words, and here is one that should dispel one of them. I even put your post in so you can’t accuse me of faking (not that you would).
    http://www.flickr.com/photos/77232795@N08/11734498313/

  52. Juice Box says:

    Thx for the advise, my front walkway is something like 150 ft , going for the 2 stage.

  53. grim says:

    39 – Having dealt with two insurance companies with a combined set of claims in excess of $1,000,000 has left me with the feeling that the entire US healthcare machine is completely dysfunctional. It is completely broken, a nonsensical Rube Goldberg device. The entire system is architected to f*ck over the patient, no one is an advocate. God help you if you don’t have the balls to fight, you will be f*cked.

    You are saying we should be defending this system? I’ve been so torn up by the insurance machine that I’m not so sure single payer is such a bad idea.

  54. Ragnar says:

    34,
    Did Dennis Rodman get to watch the dogs kill in North Korea?

  55. Ragnar says:

    Here’s Nietzsche on The State:

    11. The New Idol

    Somewhere there are still peoples and herds, but not with us, my brethren: here there are states.

    A state? What is that? Well! open now your ears unto me, for now will I say unto you my word concerning the death of peoples.

    A state, is called the coldest of all cold monsters. Coldly lieth it also; and this lie creepeth from its mouth: “I, the state, am the people.”

    It is a lie! Creators were they who created peoples, and hung a faith and a love over them: thus they served life.

    Destroyers, are they who lay snares for many, and call it the state: they hang a sword and a hundred cravings over them.

    Where there is still a people, there the state is not understood, but hated as the evil eye, and as sin against laws and customs.

    This sign I give unto you: every people speaketh its language of good and evil: this its neighbour understandeth not. Its language hath it devised for itself in laws and customs.

    But the state lieth in all languages of good and evil; and whatever it saith it lieth; and whatever it hath it hath stolen.

    False is everything in it; with stolen teeth it biteth, the biting one. False are even its bowels.

    Confusion of language of good and evil; this sign I give unto you as the sign of the state. Verily, the will to death, indicateth this sign! Verily, it beckoneth unto the preachers of death!

    Many too many are born: for the superfluous ones was the state devised!

    See just how it enticeth them to it, the many-too-many! How it swalloweth and cheweth and recheweth them!

    “On earth there is nothing greater than I: it is I who am the regulating finger of God.”—thus roareth the monster. And not only the long-eared and short-sighted fall upon their knees!

    Ah! even in your ears, ye great souls, it whispereth its gloomy lies! Ah! it findeth out the rich hearts which willingly lavish themselves!

    Yea, it findeth you out too, ye conquerors of the old God! Weary ye became of the conflict, and now your weariness serveth the new idol!

    Heroes and honourable ones, it would fain set up around it, the new idol! Gladly it basketh in the sunshine of good consciences,- the cold monster!

    Everything will it give you, if ye worship it, the new idol: thus it purchaseth the lustre of your virtue, and the glance of your proud eyes.

    It seeketh to allure by means of you, the many-too-many! Yea, a hellish artifice hath here been devised, a death-horse jingling with the trappings of divine honours!

    Yea, a dying for many hath here been devised, which glorifieth itself as life: verily, a hearty service unto all preachers of death!

    The state, I call it, where all are poison-drinkers, the good and the bad: the state, where all lose themselves, the good and the bad: the state, where the slow suicide of all—is called “life.”

    Just see these superfluous ones! They steal the works of the inventors and the treasures of the wise. Culture, they call their theft—and everything becometh sickness and trouble unto them!

    Just see these superfluous ones! Sick are they always; they vomit their bile and call it a newspaper. They devour one another, and cannot even digest themselves.

    Just see these superfluous ones! Wealth they acquire and become poorer thereby. Power they seek for, and above all, the lever of power, much money—these impotent ones!

    See them clamber, these nimble apes! They clamber over one another, and thus scuffle into the mud and the abyss.

    Towards the throne they all strive: it is their madness—as if happiness sat on the throne! Ofttimes sitteth filth on the throne.- and ofttimes also the throne on filth.

    Madmen they all seem to me, and clambering apes, and too eager. Badly smelleth their idol to me, the cold monster: badly they all smell to me, these idolaters.

    My brethren, will ye suffocate in the fumes of their maws and appetites! Better break the windows and jump into the open air!

    Do go out of the way of the bad odour! Withdraw from the idolatry of the superfluous!

    Do go out of the way of the bad odour! Withdraw from the steam of these human sacrifices!

    Open still remaineth the earth for great souls. Empty are still many sites for lone ones and twain ones, around which floateth the odour of tranquil seas.

    Open still remaineth a free life for great souls. Verily, he who possesseth little is so much the less possessed: blessed be moderate poverty!

    There, where the state ceaseth—there only commenceth the man who is not superfluous: there commenceth the song of the necessary ones, the single and irreplaceable melody.

    There, where the state ceaseth—pray look thither, my brethren! Do ye not see it, the rainbow and the bridges of the Superman?—

    Thus spake Zarathustra.

  56. Phoenix says:

    A campaign address is a big thing. It declares an agenda but also sets a tone. An attitude. The tone Romney and Ryan set was that of a divider.

    Anyone over the age of 55 gets traditional medicare.
    Anyone under that age gets a voucher.
    Does not get any more divided than that.
    2 classes divided by age alone and nothing else.
    If are 54 7/8 was that a good deal for you?
    Or could you get all of the 55/ over crowd to accept the same voucher?
    If not, are senior citizens “entitlement hogs?” Or did they just pay their “fair share”, more than a guy 54 years old?

    All politicians are guilty of pandering to their base. Just par for the course.
    There are many young people where I work and for them this was a huge sticking point and probably a major factor in bojangles win.

  57. Fabius Maximus says:

    #50 JJ

    After Sandy a lot of companies reworked the BCP plans. Today is a great day to road test the new plans. It is a quiet day on the market so low impact if anything goes wrong. The only ones really shafted are the accountants doing year end. Now on days like this, the recommendation is that you stay at home and telecommute. During Sandy our building was functional, but the Jersey City curfews meant that no one could drive to it.
    Now I must get another cup of coffee and watch Mrs Fab clear the driveway. I love that woman.

  58. Ron Jermany says:

    54:

    This is the crux of life.

    God help you if you don’t have the balls to fight, you will be f*cked.

  59. Fabius Maximus says:

    So I don’t know which is worse,
    CC calling a state of emergency before barely a snow flake had fallen.
    Our School superintendant calling a snow day 10 minutes later.
    CC taking over Cory Bookers Tweeting crown.
    http://www.nj.com/politics/index.ssf/2014/01/snow_day_chris_christie_tweeting_weather_warnings_and_answering_nj_residents_questions.html

  60. joyce says:

    50
    JJ,
    Should we go back to last winter when you bragged about drinking coffee while you paid someone to shovel your driveway… so which one is being less of a man? On second thought, maybe I should ask a real man to answer it, not you.

  61. joyce says:

    Wake me up when hospital aspirin doesn’t cost $400 and a simple X-ray is down to $10. Reforming the system will be judged on lowering prices. That is the monumental task needed in order for everyone to afford to pay for their healthcare as well as afford an actual insurance plan for emergencies. Simply forcing the coverage of more people in this broken system of (non) insurance and it’s exorbitant non-transparent prices is not something to be applauded.

    Fabius Maximus says:
    January 3, 2014 at 11:13 am

    The reality is that Heathcare reform is working.

  62. Street Justice says:

    One of the benefits of being the staff employee is telecomuting. On the other hand, the boss had better get his fat overpaid a$$ to the office to justify his bloated paycheck.

    Nothing wrong with telecomuting. Work smart not hard.

    50.JJ says:
    January 3, 2014 at 12:32 pm
    Wow so many fruit looks and Mama Boys on this blog today.

    This morning I just grabbed a cup of day old coffee used something called a shovel dug out my Rear Wheeled Drive Caddie then shoveled driveway and sidewalk and off I went.

  63. JJ says:

    Last winter out of blue I actually had a hip injury. So first time in life I could not shovel. Turns out I just need PT for a few weeks and it went away.

    Anyhow I was about to take kids and wife outside so we could do it together and a mexican rang my bell and did it cheap.

    With Sandy Mexicans have tons of cash they aint looking for work. Plus they dont show up till later in the day. Last year was a non work day. Today I was outside at 6:30 am and they are still asleep

    joyce says:
    January 3, 2014 at 2:01 pm

    50
    JJ,
    Should we go back to last winter when you bragged about drinking coffee while you paid someone to shovel your driveway… so which one is being less of a man? On second thought, maybe I should ask a real man to answer it, not you.

  64. JJ says:

    The DR-BCP team has the badge swipe list. Who made it in.

    Honestly, most bosses dont mind coming in on bad days. I get to clean up office and emails without staff interuping my blogging

    Street Justice says:
    January 3, 2014 at 2:37 pm

    One of the benefits of being the staff employee is telecomuting. On the other hand, the boss had better get his fat overpaid a$$ to the office to justify his bloated paycheck.

    Nothing wrong with telecomuting. Work smart not hard.

  65. JJ says:

    We do an annual everyone work from home day which I participated in. At banks or broker dealers someone has to be in in case a regulator or public accountant is doing something or a systems outage occurs or something with the building. That is when the generals leap into action. Of course 95% of folks cant leap into action so being here is pointless.

    Plus being home with muliple kids off from school trapped in snow or sitting in my office eating a nice burger?

    Fabius Maximus says:
    January 3, 2014 at 1:08 pm

    #50 JJ

    After Sandy a lot of companies reworked the BCP plans. Today is a great day to road test the new plans. It is a quiet day on the market so low impact if anything goes wrong. The only ones really shafted are the accountants doing year end. Now on days like this, the recommendation is that you stay at home and telecommute. During Sandy our building was functional, but the Jersey City curfews meant that no one could drive to it.
    Now I must get another cup of coffee and watch Mrs Fab clear the driveway. I love that woman.

  66. FRTR says:

    Heavy duty two stage gasoline powered snow blower is the only thing that can handle the job, EVERYTIME.

    Told my boss I’d be taking a PTO day today, yesterday morning. Figured half the office would be out…was right.

  67. grim says:

    Snow days, Friday after Thanksgiving, Christmas Eve, New Years Eve – Always my most productive days, amazing what you can get done without dozens of interruptions. Hell, I occasionally take a PTO day to try and do work without interruption, those aren’t as good, taking a vacation/sick day is not a reason not to call or email, really only works when all the slackers are gone.

  68. Juice Box says:

    Not a snow blower to be found for miles, not even a shovel, all Home Depot had was salt. Looks like I will be shoveling tonight if nobody rings my bell offering to shovel for me.

  69. xolepa says:

    I sold my newer Arien 724 2 years after I moved to my current home. That was almost 20 years ago. The drifts and street plowers made the snow over 4 feet high where the driveway meets the road. The blower bogged down and started slipping its belt. Ever since, went and hired plowers. Average plow is still around $35-40. Even for my 4000 sqft driveway.

    Doesn’t pay.

  70. Comrade Nom Deplume, a.k.a Captain Justice says:

    [43] Fabian,

    You’re correct, I should have asked better questions. My level of effort reflects the interest I have in your situation. (Which I wouldn’t reply to but for voice recognition software).

    But now the facts are known, and I really do not feel you appear to be a winner for the way you advanced your argument. If you feel as if you won, good for you, but I’m guessing that you are the only one if not one of a very few. I may be wrong about that, but as I’ve said before, it’s not my job to convince you, it’s my job to convince everyone else.

    As a final aside, one of the goals of Obamacare was to limit use and attractiveness of HSAs. In fact, liberals generally dislike HSA’s because they tend to limit the amount that healthy people pay into the insurance system. Some on the left have called for their abolition altogether. So I find it ironic that you are crowing about participating in an HSA plan when those are disfavored by the left and by Obamacare.

  71. AG says:

    How come bill deblasio isn’t shoveling my sidewalk? A real dad would have that degenerate son of his shoveling the snow.

  72. JJ says:

    Bills Deblasio’s son is really helping out, I used his brillo head to clean out my storm drain this morning.

  73. xolepa says:

    And the funny thing is, because of who he is, he will be getting his Harfaad edumacation.

  74. Grim says:

    Will I be able to buy real fireworks in Chinatown now?

  75. Comrade Nom Deplume, a.k.a Captain Justice says:

    Fabian wants single payer. That’s hardly news, so do the dems and they have since the beginning.

    http://www.realclearpolitics.com/newsletters/the_daily_debate/2013/10/23/index.html

    Ironically, there is nothing new in this analysis. This board vetted the very same view years ago.

    But insofar as private insurance, group and individual, aren’t going away, the questions are this: First, given the choice, would Fabian forego private insurance and take the gov plan? Second, assuming answer to first is yes, does he call for the abolition of private insurance so that no one else has a better plan than him? Finally, does he support regulation and criminal laws to prevent providers from accepting private, cash-paying patients?

  76. Libturd at home says:

    http://www.homedepot.com/p/Honda-20-in-Single-Stage-Electric-Start-Gas-Snow-Blower-HS520AS/203213614

    This is what I’ve been using for the last two years, mainly after my tenants ruined my $1500 two stage. Yes, they seized the engine on the first snow after I moved out. They smartly checked the oil and stupidly, forgot to put the cap back in place. How they didn’t see the oil pulsing out, I have no friggin’ clue.

    Mainly, I needed something that I could easily lift and place into the rear of my SUV. The snow thrower appears to be exactly what the doctor ordered. It is really fast and works extremely well, so far in mixed conditions. I’ll go out multiple times during a big snow as they seem to max out their ability to blow in snow about 8 or 9 inches deep. Plus it’s so easy that it’s really no big deal to rub out and do a once over. Only real annoying part is having to manually swing the chute around after each stripe as my driveway runs past the side of my house to my detached garage far in my backyard so I blow all the snow to one side. Old 2-stroke had a crank to rotate the chute, which was much easier. I think the whole thing weighs 75 pounds, which is an easy heave into my hatch and one bungee cord and I’m good to go. don’t even have to put the 2nd row of seats down. Plus, less maintenance than 2-stroke. Also, it’s way more maneuverable.

    If you have a highway instead of driveway, then the 2-stroke may be worth it. For the other 99%, this snow thrower is a thing of beauty. The price is nice too. There are some non-Honda knock-offs that look exactly the same, but of course, lack the Honda engine which will work forever.

  77. Comrade Nom Deplume, a.k.a Captain Justice says:

    [71] redux

    I should be more specific. HDHPs are used in conjunction with HSAs. The HDHPs reduce insurance spending by healthy people; HSAs permit higher earners to shelter more income from taxes than the poor. For these reasons, both are disfavored by the left, and HDHPs were among the plans targets for elimination by Obamacare as being “substandard”.

    If you go back to the speeches from Obama and others, they suggest that people using the HSA/HDHP scheme were evaders, skirting their fair share, just like someone using an aggressive tax avoidance scheme or exploiting a loophole to avoid paying their “fair share.”

  78. sven says:

    Wow. Wow…You may not care about the guy, but looks like he touched a nerve…was the above using your “voice recognition software” or were you prevaricating about that? In any case, funny you said that: when I read your cr@p, it sounds in my mind in Stephen Colbert’s voice…

  79. Not Comrade Justice says:

    79 -Comrade:

    You also have to see the HSA Plan Account have become fee-ridden rip-offs.

    Going back 10 yrs or so, when I first saw it offered by my employer as an option; Aetna offered one with a Vanguard Money Market/Bond Fund options with $0 fees -except the ATM fees charged by a bank.

    Same offering now – They have some crappy bank with a lots of fees. It has $30 annual fee/ monthly fees / per check cleared fees/ atm fees /pos transaction fees. The bank account option pays 0 interest and the mutual funds are all high fees (1%+).

    The only people pushing for these account now are the financial companies receiveing all the fees and Aetna receiving their kickback fees. It makes no sense for even a high income tax bracket individual to sign up for them, because the gains a few thousand a year that they my put away tax deferred into those account are going to the Banks/Mutual Funds/ Aetna, not to him.

  80. Comrade Nom Deplume, a.k.a Captain Justice says:

    [80] not me

    Well aware of the fee issue. Was hoping wider adoption and competition would have cured that by now but Ocare pretty much reshuffled everyone’s decks.

  81. Comrade Nom Deplume, a.k.a Captain Justice says:

    Sven

    I used the software. It makes it a lot easier to do this on a iPad. Otherwise, I might not find it worth the time.

    In fact, I’m using it to dictate this. Capisce?

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