Ok, maybe I’m a little bit worried

From the NY Post:

Uptown rental market is so hot, this guy made $24 million flipping buildings he bought two years ago

A major New York City landlord is cashing in on the raging rental market uptown.

Treetop Development, a big uptown property owner, has flipped 12 buildings on the Upper West Side for $60 million — nearly double the $36 million it paid for them just two years ago.

Treetop CEO Adam Mermelstein, who started out prerecession building condo projects in New Jersey before investing in rental buildings in Manhattan, said he sold the properties, clustered on blocks between Columbus and Amsterdam Aves. and 105th and 115th Sts., to capitalize on the neighborhood’s rising rents.

Mermelstein made some renovations, including gutting 40 of the 152 apartments. Still, he would have achieved significant returns simply by sitting on the buildings.

Indeed, rents in the area have risen dramatically, to a median price of $1,776 a month for a one-bedroom apartment, up 7.6% from 2013. And snagging an apartment, especially a rent-stabilized pad, is trickier than ever. Less than 1% of area apartments were available in March — a low vacancy rate.

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138 Responses to Ok, maybe I’m a little bit worried

  1. Another suck ass day.

  2. Troubling to see that Gluteus showed up late last night.

    He should keep to himself and worry about Ramsey’s glass knees.

  3. I’m not too proud to live in a single-wide:

    “We can’t say this is surprising. After all, with average peasants, we mean citizens, now priced out of the domestic housing market (Zillow recently showed 1 in 3 homes are unaffordable) due to billionaire financiers and foreign oligarchs buying up all real estate in cash purchases, American serfs now will find out where the “elites” think they belong. In trailer homes, naturally. Oh, but the story gets better, a lot better. As is generally the case in the USSA these days, crony capitalist oligarchs have perfectly positioned themselves to benefit financially from the final transition of Americans to neo-feudalism.”

    http://www.zerohedge.com/news/2014-05-01/1-3-homes-unaffordable-freddie-mac-prepares-enter-trailer-home-loan-market

    Hey grim, is it still legal in NJ for car salesmen to sell trailer homes? I relish the prospect of Fraudy Mac teaming up with the auto sales force here.

  4. anon (the good one) says:

    seems that even in Nigeria Eddy is priced out

    @WSJ: See this list of the 12 up-and-coming cities around the globe: http://t.co/Pk1C1o3wtA http://t.co/0OGi9IxHoZ

  5. grim says:

    From MarketWatch:

    Many renters have enough money to buy homes

    For Rebecca Diamond, a marketing manager in Randallstown, Md. who’s getting married this month, buying a home with her new husband would seem like the logical next step.

    But she’s not even considering it.

    “No interest whatsoever. I don’t want the cost and responsibility of one right now,” she says. “Let [the landlord] have all the headaches,” adds Diamond, who rents a three-bedroom condo outside of Baltimore.

    She’s hardly alone. Just 74.4 million American households — less than 65% of the country — owned the homes they lived in during the first quarter of this year, according to a U.S. Census Bureau report this week. That was the lowest level since 1995 and a big drop from 2006, when a peak of 76.5 million households, or 68.9%, were owner-occupied.

    In fact, the National Endowment for Financial Education released a poll this week that showed only 13% of Americans considered home ownership as their “top long term financial goal,” down from 17% in 2011.

    “The American dream has long been associated with the gratification and security of a comfortable home within the picturesque borders of a white-picket fence,” said Ted Beck, president and CEO of the NEFE, which is based in Denver. “However, today the perceived importance of home ownership appears to be waning.”

    Instead, according to the poll, a whopping 50% said that their sole long term financial goal was to save enough for retirement, up from 43% three years earlier, even though most financial planners say owning a home is the best way to build wealth that can be tapped once you retire.

    Stephen Alberts, a Long & Foster realtor in Williamsburg, Va., who does many of his deals in the coastal retirement community of Virginia Beach, says his business is tougher than ever. “Even I’ve got to pound the ground,” he said. “Buyers just aren’t coming to me anymore.”

  6. anon (the good one) says:

    @vicenews: We investigate the dark side of one of the fastest growing industries in America: http://t.co/8zkWf2dZZZ

    “Temp labor is one of the fastest growing industries in the US. Increasingly, temp workers are part of a business strategy to keep costs down and profits high. From mega-retailers to mom-and-pop shops, temps are hired to do some of the hardest and most dangerous jobs. While more and more of the American workforce is comprised of temporary workers, they’re largely hidden from public view. Many of these workers stay silent, often having their livelihoods threatened if they speak out. Wanting to get a glimpse of this invisible workforce, VICE News traveled across the country, scouring warehouses, temp agencies, and temp towns in search of the people, who make our world of same day delivery possible.”

  7. grim says:

    5 – And there’s why Mermelstein can make $24 million on rental flips.

    If you’ve got enough money to buy, but rent, then clearly you have enough money to pay higher rent if you want to live here.

  8. grim says:

    From HousingWire:

    Barclays: 3 reasons the first-time homebuyer will return

    Demand for homes is stalling according to the most recent report on mortgage applications from the Mortgage Bankers Association.

    However, it may not last forever, according to analysts at Barclays (BCS).

    Equity researcher Stephen Kim just released an in-depth report titled: The Return of the First-Time Buyer.

    In it Kim gives three solid reasons potential homebuyers could enter the market.

    First the three positives:

    1. Job growth is reaching an important threshold for improved household formation

    The cumulative number of jobs created over the past several years has now reached the point where each new job will drive greater household growth.

    2. Credit availability starting to loosen

    Lenders’ willingness to extend credit to borrowers in the entry-level “sweet spot” of 600-700 FICOs is gaining momentum.

    3. Affordability still favorable

    Buying a home is still ~20% cheaper than renting, and affordability is unlikely ever to be better, given rising interest rate and home price trends.

    And here’s the BIG negative:

    1. Student debt remains a problem

    Our analysis reveals that burgeoning student debt is the thorniest problem for the industry, particularly in light of new QM regulations.

  9. anon (the good one) says:

    every other year we have the occasional teardown. this year we have like 10 which were bought for 300k last year and now are over 1m

  10. The Original NJ ExPat says:

    [7]grim – tomato, tomahto. Whether you rent from a landlord or rent from a Bank-and-municipality consortium, rent is rent. At least with a conventional lease you know the future costs and term of the agreement.

    If you’ve got enough money to buy, but rent, then clearly you have enough money to pay higher rent if you want to live here.

  11. Street Justice says:

    Get outta here! Poll says 41% of New Jerseyans would leave

    http://www.app.com/article/20140501/NJNEWS/305010083/NJ-gallup-poll

    Potholes. Jughandles. Bone-chilling cold. And don’t even mention all the reality TV shows filmed in New Jersey.

    It’s enough to make you want to flee the state. And, if they could, 41 percent would move out of the Garden State, a new Gallup Poll says.

    New Jersey ties with New York and Massachusetts for the sixth-highest percentage of residents who said if they could leave, they would.

    But they likely won’t be going to Illinois. It ranked first in the nation, with half of its residents saying they would move out of state.

    The poll was conducted from June to December of 2013 and asked at least 600 people over the age of 18 in each state the same question.

    Rounding out the top three: Connecticut at 49 percent and Maryland — apparently residents there want to be free of the “Free State” in more ways than one — came in at 47 percent.

    But why do four out of 10 New Jerseyans want to have a latitude change?

    “I would leave because the prices are too high in New Jersey,” said Delmeshia Fowler, 30, of Asbury Park. “I can’t afford to buy a house here and the crime rate is over the top.”

    Dominck Targonski said he would prefer a change of pace if he had the opportunity.

    “This is a fast-paced place. I would rather move out to the woods in the country where the pace is slower,” said Targonski, 20, of Belmar.

    However, Betty Ann Culvert, 57, who resides in both Hopatcong and Belmar, said she couldn’t leave New Jersey because she loves its food.

    “I wouldn’t move. Absolutely not. You can’t get pizza or bagels like this anywhere else. Plus, I love the Shore and the beach and Hopatcong is just gorgeous,” Culvert said.

    The poll found that people in Montana, Hawaii and Maine are the happiest with their state. Just 23 percent residents in those three states said they would move out if given the chance.

    The average for all the states was 33 percent.

    Gallup said a growing population usually means more commerce, more economic vitality — and a bigger tax base to pay for state services. A shrinking population not only hurts government coffers, but can weaken a state politically as it loses seats in the House of Representatives.

  12. The Original NJ ExPat says:

    [11] With the exception of one year in NH, those are the only places we’ve ever lived. I wonder what states place 1 through 5? Here’s my guess:

    1. Alabama
    2. Mississippi
    3. Alabama
    4. Mississippi
    5. South Jersey

    New Jersey ties with New York and Massachusetts for the sixth-highest percentage of residents who said if they could leave, they would.

  13. The Original NJ ExPat says:

    Here’s the real list:

    http://bit.ly/1nKVO4C

  14. The Original NJ ExPat says:

    “We make our livings working with systems that are difficult to understand and often output messages that make no sense, require a great deal of maintenance and frequently have to be coaxed into producing the desired results. Can you think of anyone who’d be better equipped to please a woman?”

    A poster on Slashdot.org, commenting about who makes better lovers.

  15. funnelcloud says:

    The fix has been in for a while, the “connected” bought up all the deals, These home prices and rents are now being artificially inflated by those who bought the properties cheap. They have the resources to hold out and create the market, be it high rent or higher sale prices, The little guy will NEVER get in on any of the sweet deals that you see in The SOLD sections on sights such as zillow

  16. 1987 Condo says:

    288,000 Jobs!

  17. The Original NJ ExPat says:

    288K jobs and 6.3% Unemployment rate. I work with a number of colleagues who were born in Russia, most of them are in their 40’s and 50’s. I’ve asked some of them what the internal propaganda was like in the 80’s because I was genuinely interested in what was being said and broadcast about the US, Capitalism, etc. They all had the same response. It didn’t matter what the government said. Since the 1970’s everyone in Russia had figured out that it was all lies and they simply ignored anything the government reported.

  18. JJ says:

    vacancy rate is low on NY rent stabalized apt as you would be nuts to give them up. One of my good friends who is still single who got laid off in Financial crisis sold her ho ho kus house back in Spring 2009 at a small loss, turned in her lease and found a new upperwest side rental building that was supposed to be up and running in Spring 2007 but did not get done till spring 2009. Unemployed and all she rented it and owner had to cut rent a bit to get it done. Lots of banks have minimun % rented clauses and owner and realtor said prices were going up as soon as he rented four more which he did in a week even in April 2009.

    Now that unit is rent stablized. She will be there till day she dies. Rents from April 2009 to April 2014 have shot up and she to boot got it slightly below market in April 2009.

    Even if she marries and moves to surburbs she would be nuts to give it up.

  19. Street Justice says:

    16 – Wow in an election year! What a coincidence!

  20. JJ says:

    Because small broke dick investors do Bohacks type renovations and are lousy landlords.

    Two identical units in my condo development that were always rented before sandy both flooded after Sandy were rented recently. One was owned by a Partner in a Wall Street Invesment boutique house. He did a HGTV renovation looks super amazing and was able to get a high quality single girl mercedes driving tenant in there for $2,100 a month. The other some cheap lady with no business background who never intended to be a landlord but rented it our back a few years ago when she moved down south.

    She did some handiman special using crapy that looks really sloppy. My realtor tried to rent it but it smelled of mold to boot. So she rented it for $1,650 to some broke couple with two screaming kids who live toys and stuff all over the patio in front of unit.

    Rents rise when Wall Street Types buy. Why. The Wall Street guy told me he did a showroom renovation to get more rent an extra $400, then he targeted a wealthier tenant who was a single girl so unit would stay mint. Then he said god willing no more floods the girl at higher rent and single will most likely only stay 2-3 years and then he can list it for sale while everything still looks new.

    The other unit with her crap renovation saved 20K but she is getting $450 a month less rent. With her crap materials and a whole family with kids who we all know beat the junk out of everything by the time they move on in 3-5 years the place will need to be completely redone again.

    15.funnelcloud says:
    May 2, 2014 at 8:20 am
    The fix has been in for a while, the “connected” bought up all the deals, These home prices and rents are now being artificially inflated by those who bought the properties cheap. They have the resources to hold out and create the market, be it high rent or higher sale prices, The little guy will NEVER get in on any of the sweet deals that you see in The SOLD sections on sights such as zillow

  21. Mike says:

    8 That explains the Lexus, Infiniti, Benz, & Range Rover in the garden apartment near by

  22. Fast Eddie says:

    Buying a home is still ~20% cheaper than renting, and affordability is unlikely ever to be better, given rising interest rate and home price trends.

    Every article, prognostication, prediction, forecast, hunch and conjecture means absolutely nothing for our area if that little caveat known as property taxes is not considered. When the monthly mortgage payment rivals the tax payment, the term “affordability” should be removed immediately.

  23. chicagofinance says:

    But what about the parent dropping the kid off at the Head Start program in a BMW?

    Mike says:
    May 2, 2014 at 9:10 am
    8 That explains the Lexus, Infiniti, Benz, & Range Rover in the garden apartment near by

  24. All Hype says:

    People not in the labor force up to 92 million. This employment report is really bad.

    http://www.zerohedge.com/news/2014-05-02/one-million-people-dropped-out-labor-force-april-participation-rate-plummets-lowest-

  25. Fast Eddie says:

    Here you go. Here’s your first time homebuyer affordability. A half million f.ucking dollars and another $1000 per month just so they don’t padlock the front door. After you put $100,000 down on this box, you’re left with a monthly nut of over $3000 per month. And, of course, we all know that first time buyers are sitting on 100 grand, not counting moving expenses and all the other unexpected costs that inevitably come with new ownership.

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1414806&dayssince=&countysearch=false

  26. 1987 Condo says:

    #25…my MIL pays $1,975 a month rent in Ridgewood for a 1 Bedroom…..$3,000 a month with tax breaks, maybe equity, school tuition, maybe seems par for the course…?

  27. Grim says:

    JJ has a good point – I know a guy who always rips the bathtub out of his 1 bath rentals and replaces them with a big luxury shower when he remodels units.

    He told me straight up it keeps kids out 100% and he doesn’t need to be worried about getting tagged with discrimination. Bonus is that higher income renters actually value the big elaborate showers much more than a typical tub .

  28. Fast Eddie says:

    $400,000 – being sold “as is.” Over $11,000 in property taxes. Nothing more to be said:

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1415190&dayssince=&countysearch=false

  29. JJ says:

    New York Yankees legend Yogi Berra has put his northern New Jersey home on the market for $888,000 – a price that honors the uniform No. 8 he wore during his Hall of Fame career, the New York Daily News reports.

    The 4,502-square-foot home in Montclair is where Berra and his late wife, Carmen, lived for 40 years and raised their three sons.

    The clapboard house was built in 1902 and has six bedrooms and five baths. According to the listing, special architectural details include a spacious foyer which leads to a three-story spiral staircase, French doors, and a decorative fireplace in the dining room. Views of NYC can be seen from the first and second floors.

    Realtor Julie Kemps-Rowley of Keller Williams told the New York Daily News that there will be no open houses; only appointments to see the home.

    Berra, 88, currently lives in an assisted living home.

    Read more at http://www.philly.com/philly/blogs/philadelphia-real-estate/Yogi-Berra-selling-NJ-home.html#UE33Ihh37UICd3eK.99

  30. Fast Eddie says:

    1987 Condo [26],

    We’re assuming the buyer put $100,000 down. That’s still some serious money for a first time buyer. And it’s not counting every expense that follows with the house. So, a first time buyer is using every penny they have with nothing left to do a bathroom, a kitchen, a new furnace, hot heater, nothing.

    The prices are still out of whack. It’s completely disconnected and the muppets have been brainwashed for so long that they can’t distinguish absurdity from reality.

  31. Fast Eddie says:

    Whenever I see the name “Keller Williams,” I went to wretch violently. I run from any of those listings. I remember pulling up in front of a 3/2 split with a Keller Williams sign on the front lawn. The house was in Wyckoff. It looked blah and worn on the curb appeal scale. Nothing about it was done; no landscaping and it needed a roof and siding.

    I called the number to get price and I figured it was in the 600s as this was around year 2009. Asking price? $995,000. That’s nine hundred ninety five thousand dollars. I actually hacked out loud when they said the price. I repeated the address because I thought the realtor had the wrong one. Yup, it was the right one. I hung up.

  32. Fast Eddie says:
  33. Street Justice says:

    On a related subject:

    Women Not in Labor Force Hits Record High
    May 2, 2014 – 8:53 AM
    http://www.cnsnews.com/news/article/ali-meyer/women-not-labor-force-hits-record-high

    All Hype says:
    May 2, 2014 at 9:33 am
    People not in the labor force up to 92 million. This employment report is really bad.

    http://www.zerohedge.com/news/2014-05-02/one-million-people-dropped-out-labor-force-april-participation-rate-plummets-lowest-

  34. 1987 Condo says:

    #30… that is why I am leaving the state…and quite frankly..you are getting a blessing in not finding a bigger more expensive house to burden you…I eventually added a bit of space to get by and will leave when timing is right!
    Thanks!

  35. grim says:

    34 – Where are you going that isn’t just as expensive? Alabama?

  36. grim says:

    I know someone who just relocated to Denver and paid $700k for a house that would be right at home in Bergen County, in fact, I might go so far as to say it was more expensive than the typical upscale BC towns.

  37. Fast Eddie says:

    grim [35],

    If you’re a young family, this seems pretty nice to me:

    http://www.trulia.com/property/3123973611-6326-Lewisville-Ave-Bensalem-PA-19020#photo-1

  38. Fast Eddie says:

    380K. I could almost understand this house in our area at 150K more. This house would be listed for 300K more in our area. Absurd!

    http://www.trulia.com/property/3040189791-337-Adams-Ave-Langhorne-PA-19047#photo-1

  39. grim says:

    Bensalem? That doesn’t rank near the top neighborhoods on the north side of philly.

    Let me get this straight. You are talking about towns like HoHoKus, Ridgewood, Glen Rock when talking about NJ – But f*cking Bensalem when talking about PA?

    You aren’t even remotely apples to apples. Bensalem ranks 94 out of 100 (at the bottom) for Philly Suburb schools. Perhaps you should be comparing home prices with somewhere like Elmwood Park or Garfield.

    Go for it.

  40. All Hype says:

    Stree Justice (33):

    Let’s give a shout out to the younger workers of America! No soup for you!

    http://www.zerohedge.com/news/2014-05-02/workers-aged-25-54-lost-209k-jobs-april

  41. grim says:

    So now let’s make a real comparison, top level desirable town vs top level desirable town, good schools:

    http://www.zillow.com/homedetails/606-Broad-Acres-Rd-Penn-Valley-PA-19072/9952727_zpid/

  42. grim says:

    Here you go, $600k:

    http://www.zillow.com/homedetails/152-Overhill-Rd-Bala-Cynwyd-PA-19004/9963698_zpid/

    2,300 square feet on a postage stamp 1/4 acre lot.

    Property taxes are indeed a bargain, but are $7,300 a year.

  43. grim says:

    Or perhaps this one?

    http://www.zillow.com/homedetails/269-Broughton-Ln-Villanova-PA-19085/9952964_zpid/

    3/2.5 on .44ac – $695k and $10k taxes.

  44. Fast Eddie says:

    It’s not Bensalem that I’m talking about. You mentioned Alabama and I’m saying that there are places closer than Alabama that are not pushing a line a sh1t. And what measuring stick is used to compare one school to a next? There are kids coming out of Clifton HS, going to top name schools. What’s the point? At least in Bucks County, you could almost afford to send your kid to a private or Catholic school with paying outrageous prices and taxes, if you choose.

    The “rank” stuff about suburban schools is a bunch of bullsh1t – a talking point. The teachers and parents in Haughtyville are no different than in Bensalem. You want to compare Newark to Ho Ho Kus? Then I agree. Otherwise, I’ll stick to my point: the prices and property taxes here are absurd. We can’t fix the property tax extortion but we can fix the price. We have another 10% to 15% drop to go.

  45. grim says:

    You posted Bensalem in 37:

    If you’re a young family, this seems pretty nice to me

  46. The Original NJ ExPat says:

    gary – My wife grew up in Glen Rock. Shortly after we started dating I told her that she could never afford to live in her parents’ house even if they gave it to her free and clear. She didn’t make enough money to pay for the maintenance, utilities, and taxes. That was in 1991 when the taxes on that house were more than $20K lower than they are today.

  47. Fast Eddie says:

    Yes, I posted Bensalem, that’s correct. It’s not Alabama. North Jersey in so-called better towns are absurd. It’s a ruse and a con game. That’s why there’s no inventory and people are f.ucked. They can’t sell and the greater muppet fool theory only requires one greater fool to keep it going.

    BTW, that house at 152 Overhill Road looks like a really nice house, especially at $7300 in taxes. It sold for 440K in 2008; it will sell for much less than the asking price.

  48. Fast Eddie says:

    ExPat [46],

    I’ve mentioned this before: My brother bought a house in the late 90s in Glen Rock for 235K; sold it 4 years later for 410K. That buyer sold it 3 years later for 710K. It’s absurdity that people are being convinced that things are normal.

  49. grim says:

    My point is that 95% of folks that compare NJ with other areas will do so with an unequal comparison of neighborhoods.

    In fact, most would buy in lower tier neighborhoods in a cross-state move than would ever consider buying in a lower tier that stay locally.

    I suspect those are probably the buyers that “regret” making their home purchase, especially when they realize they didn’t buy in the “right town”. You don’t think this shit goes on everywhere?

    The fact is, top tier towns across NJ are very expensive, and generally comparable despite being separated by state lines.

    Like I said, Denver post above was a great example. He thought he was going to buy some mountain mansion, and it turns out his new house is pretty much exactly the same as what he sold here. In .. Denver?

  50. Street Justice says:

    Just a thought but maybe it isn’t just a $$$ thing for some people?

    grim says:
    May 2, 2014 at 10:14 am
    34 – Where are you going that isn’t just as expensive? Alabama?

  51. Painhrtz - Disobey! says:

    ex pat said the same thing to my wife regarding West Paterson/ Woodland Park

  52. joyce says:

    http://stlouis.cbslocal.com/2014/05/01/second-grader-says-school-put-him-in-handcuffs-for-misbehaving/#sthash.6A25h3bm.dpuf

    A school’s spokesperson said the security officer followed the proper protocol to ensure everyone’s safety

  53. Bystander says:

    grim,

    I have yet to meet one man who left the area and regretted it. The problem seems to be that the wife hates being away from family and friends. I remember this poor guy at a wedding who had 20 acres near Nashville. He had ATVs, gun range, fishing streams all on his property. Taxes were 2,300 or something low. He moved back to Brooklyn bc wife hated it. The guy looked like he wanted to cry. Same money gets you a one bedroom in Bensonhurst.

  54. joyce says:

    Hammond cop abuses k9 unit and slaps dog with leash and lifts dog by throat

    http://www.youtube.com/watch?v=SR0GINOPhZw&feature=youtu.be

    K9’s are considered cops, right? So, I’m assuming this pig will be charged with battery on a police officer.

  55. nwnj says:

    I think one thing that Eddie is mistaken about is that the housing market is currently irrational, or at least that somehow it’s a local phenomenon. It’s a world wide liquidity bubble and all of that money is looking for a place to go. You won’t find many people who will try to argue that this is “normal” whatever the fvck that means.

    The high taxes, while everyone can feel entitled to bitch about them, because they essentially robbing equity from the owner, do actually act as a lid on prices. Look at the affordability in places with low or no property taxes, and it’s not better.

  56. 1987 Condo says:

    #35…depends..my son is at NC State so if he stays there, we’ll see…depends on my daughter, she may go to school south or Florida. Probably rent a few years. Right now house is paid off, taxes $700 a month, Cedar Grove looks stable, etc. Worse case if I can not sell, I guess I rent it out.

    I have zeroed out value of my house in all retirement calculations, I assume it is worth $0.00

  57. 1987 Condo says:

    #53…neither wife or I have any close friends here, I have more buds in Louisville (and Alabama as it turns out). Family is so busy we really don’t see them except for weddings and births…

  58. grim says:

    53 – I look at that and don’t even see what a valid comparison would be.

    50 acres in rural Nashville exurbs vs Bensonhurst?

    This is what I mean – this isn’t a comparison at all, these are two entirely different options, and the comparison is based on subjective preference. Not even apples to oranges, we’re talking apples to pine trees.

    I spend plenty of time in Nashville – nice areas are not cheap there either. Yes you can get a big home, but if it is in a nice neighborhood it’s going to cost you $750k.

    Or, if you live in Nashville proper, depending on your neighborhood you would be looking at prices very similar to higher end North Jersey towns, and you would need to send your kids to private school because the schools suck.

  59. 1987 Condo says:

    Agree on costs, many “cheap” states pay significant property or home insurance rates. Example, nice community outside Wilmington, NC..house still costs $350,000, taxes $2,500 but HomeOwners insurance, $2,500 plus HOA fees, etc…..no major savings…

  60. 1987 Condo says:

    I know you all are smarter than I am, but I learned my housing lesson in..oh…say 1989!

  61. JJ says:

    Folks always forget home buyers near me are usually two income younger couples with good jobs under 40 and the over 40 crowd where it is one income but wife stays home cause husband makes the same as two incomes.

    People also forget a two income couple paying for child care and trying to rush home for games, school plays, if daughter is sick will pay a huge amount of money just to shave 20 minutes off the commute.
    Also Asians, Indians and Orthodox for some reason think housing is a safe great investment and are mistrustful of stocks and bonds along with Russains and South American folks parking money.

    White folks from average colleges with average jobs with a stay at home wife are gettting priced out with the blue collar folk from Manhattan and good parts of NJ and LI.

  62. JJ says:

    How insulting, I thought we were friends!

    57.1987 Condo says:
    May 2, 2014 at 12:03 pm
    #53…neither wife or I have any close friends here, I have more buds in Louisville (and Alabama as it turns out). Family is so busy we really don’t see them except for weddings and births…

  63. 1987 Condo says:

    Plus, all my relatives have $10,000 to $15,000 a month NYC pensions….they have plenty of where with all to put me up when I visit! And I do not plan on supporting them or there NJ bretheren with my taxes!

  64. NJGator says:

    And don’t forget to budget in that extra year of payments for private school too. Red shirting is not just for Kindergarten anymore.

    http://deadspin.com/why-rich-lacrosse-parents-are-making-their-kids-repeat-1570381983/all

  65. grim says:

    And regarding property taxes, the numbers aren’t comparable across the board.

    You’ve got to look at all these things together, which is near impossible:

    Property Taxes
    Water Fees
    Sewerage Fees
    County Taxes
    City Taxes
    Septic-only
    Well-only
    Garbage Fees
    HOA/Maintenance
    Special assessments
    Mello-roos
    Impervious Surfaces Fees (yes, these really exists, this is a patio and driveway tax)
    Additional Licensing Fees (Pets, etc)
    About 100 other odd carve-out taxes and fees that are not otherwise included in the base payment.

  66. Charlie says:

    66- do not forget that some of the PA towns mentioned earlier also charge a “wage tax”….nice way to offset RE taxes…

  67. grim says:

    In many places, water/sewerage is looked at as the cash cow with average annual rates for families up near $1,500 a year.

  68. anon (the good one) says:

    @BloombergNews: Home sales over $2 million jumped 33 percent in January and February from a year earlier: http://t.co/Lhlvt3JEqP http://t.co/XkDUSc5SAC

  69. Fast Eddie says:

    In many places, water/sewerage is looked at as the cash cow…

    I just got mine recently. I forget to add this in on top of the property taxes. I suppose we’re missing a bunch of other expenses other than the maintenance and utilities as well.

    Flat salaries for over a decade, skyrocketing cost of living and decoupled taxes = not a normal market. Prices need to decrease another ~ 15% which they will when the artificial stimulus finally gives way to an overdue correction. Let the market purge and let’s stop trying to keep the body alive on a financial respirator.

  70. Michael says:

    This guy better not find me on the street with no uniform. I hate nothing more than people who bully kids and animals. Piece of sh1T!

    joyce says:
    May 2, 2014 at 11:27 am
    Hammond cop abuses k9 unit and slaps dog with leash and lifts dog by throat

    http://www.youtube.com/watch?v=SR0GINOPhZw&feature=youtu.be

    K9′s are considered cops, right? So, I’m assuming this pig will be charged with battery on a police officer.

  71. Charlie says:

    Listen to yourself…a 15% price drop and end of “artificial” stimulus…now think what that situation will do to the affordability problem you worry so much…rates move up…price lower close to a wash in P+I…RE taxes will not change (I bet)…result?

  72. Libturd in the City says:

    “See this list of the 12 up-and-coming cities around the globe:”

    I’ve been to Chennai. $40,000 for a standard 2-bedroom is not worth it.

  73. ccb223 says:

    Denver is a pretty nice place to live…and you can smoke weed there.

  74. Fast Eddie says:

    Charlie,

    You can always work with the rate. The purchase price is there forever. The debt remains the same. I’d rather pay the max on points then purchase a distorted, bloated price to bailout some stup1d, fat f.uck. I suspect the market will never be allowed to clear. We’ll stagger along for years and people will somehow struggle to keep making payments. I’m talking strictly about Northern Jersey. It s.ucks for those who purchased too high and will not be privy to any asset appreciation. At best, they’ll scratch away at some of the principal. At worst, prices will move another leg down and they’ll basically be paying rent AND maintenance/upkeep.

  75. Michael says:

    Fast eddie, are you listening? NWNJ gets it and is trying to help you. With inequality and globalization, the world real estate market changed. Places where wealthy people want to live, have gone through the roof. Look at the opening article today about nyc landlords making millions flipping houses in 2 years. I told you this already, if you bought in a good location 2 or 3 years ago, you could have flipped. You said I was crazy, and look, people making millions flipping in a so called crappy market. Real estate is complicated, but if you guys understood it, you wouldn’t make statements like stocks always beat out real estate. That’s just a dumb generalized statement. Real estate dominates when bought in the right location. Problem is, real estate is not a science, and it’s not easy to kill it in real estate, but if you know what you are doing, you can become wealthy rather quickly.

    That article yesterday about London real estate showed that. Those brothers that developed the most expensive building in the world, started out in 1997 flipping houses with a 9,500 loan from their grandmother. Obviously they were lucky, being in the right place at the right time, but in less than 20 years, they now have an apt in the most expensive building in the world, thanks to real estate investing. Don’t be so quick to say real estate is a terrible investment.

    nwnj says:
    May 2, 2014 at 11:28 am
    I think one thing that Eddie is mistaken about is that the housing market is currently irrational, or at least that somehow it’s a local phenomenon. It’s a world wide liquidity bubble and all of that money is looking for a place to go. You won’t find many people who will try to argue that this is “normal” whatever the fvck that means.

    The high taxes, while everyone can feel entitled to bitch about them, because they essentially robbing equity from the owner, do actually act as a lid on prices. Look at the affordability in places with low or no property taxes, and it’s not better.

  76. JJ says:

    In Most of U.S., Buying Beats Renting after Only Two Years
    In half of U.S. metros, buying a home is a better financial decision than renting for home buyers who plan to stay in their home for at least two years, according to the first quarter Zillow® breakeven horizon analysis.

    Among the 35 largest metro areas analyzed by Zillow in the first quarter, those with the shortest breakeven horizon were Riverside (less than 1 year), Orlando (1 year), Tampa (1.1 years) and Miami- Fort Lauderdale (1.2 years). Large metros with the longest breakeven horizon included New York, NY (2.6 years), Boston (4 years), Phoenix (3.3 years), San Diego (3.2 years), Minneapolis and Baltimore (both 3.1 years).

    “Rents keep rising, and mortgage interest rates remain very low, which is helping to skew the rent vs. buy decision toward buying for those who can afford it. Many renters may ask themselves why renew a lease, when you can break even on the same home in less time in many areas,” says Zillow Chief Economist Dr. Stan Humphries. “However, some renters still have to overcome significant hurdles before they can pull the trigger on homeownership. For those renters who can’t qualify for a mortgage or aren’t able to save enough for a down payment on a house, renting can be a more flexible, and often far less frustrating option for many people.”

    Zillow’s breakeven horizon takes into account all possible costs associated with buying and renting, including upfront payments, closing costs, anticipated monthly rent and mortgage payments, insurance, taxes, utilities and maintenance costs. It then factors in historic and anticipated home value appreciation rates, rental prices and rental appreciation rates to help calculate the point, in years, at which buying becomes less expensive than renting.

    For more information, visit http://www.zillow.com.

  77. Libturd in the City says:

    Joyce…security guards in schools?

  78. Michael says:

    Why would you want to pay higher interest? I would much rather have a higher purchase price and lower interest payment. Interest goes to the banks. Paying a higher price in a bubble market, and waiting till the price comes back up, and it will, remember inflation is a fed policy, is a much better option.

    Fast Eddie says:
    May 2, 2014 at 1:50 pm
    Charlie,

    You can always work with the rate. The purchase price is there forever. The debt remains the same. I’d rather pay the max on points then purchase a distorted, bloated price to bailout some stup1d, fat f.uck. I suspect the market will never be allowed to clear. We’ll stagger along for years and people will somehow struggle to keep making payments. I’m talking strictly about Northern Jersey. It s.ucks for those who purchased too high and will not be privy to any asset appreciation. At best, they’ll scratch away at some of the principal. At worst, prices will move another leg down and they’ll basically be paying rent AND maintenance/upkeep.

  79. Michael says:

    yes JJ!! Finally, people are agreeing with what I am saying. People should start to realize that renting is for fools unless it’s a bubble market. It’s more expensive to rent, because the landlord must profit. So unless you are buying in a bubble market, it does not make sense to rent at all.

    JJ says:
    May 2, 2014 at 2:06 pm
    In Most of U.S., Buying Beats Renting after Only Two Years
    In half of U.S. metros, buying a home is a better financial decision than renting for home buyers who plan to stay in their home for at least two years, according to the first quarter Zillow® breakeven horizon analysis.

  80. Libturd in the City says:

    Michael,

    Will you be singing the same tune when rents drop back to reality?

    Ten years ago, we rented a unit in that multi from the former landlord for 1150. Today I rent it for 2250. I fully expect the rents received to drop to 1800-2000 per month at some point over the next decade.

  81. Michael says:

    Honestly, north jersey has everything you need, why would you want to leave? What don’t you have in northern nj?

    Once you lived here, it’s kind of hard to live anywhere else. You get spoiled with the easy access to anything you need. People living here, take it for granted. They only realize it after they leave.

  82. Michael says:

    Honestly, north jersey has everything you need, why would you want to leave? What don’t you have in northern nj?

    Once you lived here, it’s kind of hard to live anywhere else. You get spoiled with the easy access to anything you need. People living here, take it for granted. They only realize it after they leave.

  83. chicagofinance says:

    Did you see the responses?

    How about this lovely condescending piece of tripe….. “It’s the wrong thing to demonize this gentleman, though. [His essay] just reveals how much work there is to be done.”

    https://shine.yahoo.com/healthy-living/princeton-student-s-essay-on-white-male-privilege-stirs-controversy-182554683.html

  84. chicagofinance says:

    BTW…in case you are not aware…GOT THAT YOU BUNCH OF FCUKWADS!
    “It’s meant to remind us that white men don’t have an inherent predilection for success — the odds have just been stacked in their favor.”

  85. joyce says:

    Libtard,
    Yup, I can’t speak for NJ but for several years now there’s been a growing trend of having 1-2 “school resource officers” on-site daily. These are fully sworn police. They’re there to help kids avoid college debt by sending them right from school to prison. No more detentions or suspensions… it’s summons and/or jail.

    78.Libturd in the City says:
    May 2, 2014 at 2:06 pm
    Joyce…security guards in schools?

  86. joyce says:

    Rents are not set on a cost-plus basis.

    80.Michael says:
    May 2, 2014 at 2:11 pm

    It’s more expensive to rent, because the landlord must profit.

  87. JJ says:

    When I rented in Manhattan most folks in building owned a home including myself at the time.

    NY with rent control, rent stabilization has a lot of renter paying below market rents. So much when they buy Hampton houses, second homes, even condos in Manhattan and rent out the actual property they own at full market price while stay in their rental at below market price.

    Honestly, I dont understand anyone who pays full market price in a rental where owner can kick you out at end of every lease. It is crazy.

    80.Michael says:
    May 2, 2014 at 2:11 pm
    yes JJ!! Finally, people are agreeing with what I am saying. People should start to realize that renting is for fools unless it’s a bubble market. It’s more expensive to rent, because the landlord must profit. So unless you are buying in a bubble market, it does not make sense to rent at all.

    JJ says:
    May 2, 2014 at 2:06 pm
    In Most of U.S., Buying Beats Renting after Only Two Years
    In half of U.S. metros, buying a home is a better financial decision than renting for home buyers who plan to stay in their home for at least two years, according to the first quarter Zillow® breakeven horizon analysis.

  88. Xolepa says:

    (86) My nephew is graduating from Princeton this month. That article could have been written by him. I remember when his father (my brother) was penniless, begging for 5 bucks a week from his grandparents. That was in the 70s. Same grandparents who escaped from Stalin and Hitler.

  89. joyce says:

    I forgot the NYC rental laws apply everything, oh wait they dont

    88.JJ says:
    May 2, 2014 at 2:39 pm

    Honestly, I dont understand anyone who pays full market price in a rental where owner can kick you out at end of every lease. It is crazy.

  90. joyce says:

    everything = everywhere

  91. joyce says:

    I made a similar comment to what I’m about to say a few weeks ago, and this is not meant to be insensitive at all…. I don’t understand the reason some people reference their parents/grandparents struggles & hardwork & overcoming obstacles etc as it relates to them personally. I didn’t read the initial “privilege” article but what does how hard he worked and is working (or is not) with what his family went through decades ago?

    89.Xolepa says:
    May 2, 2014 at 2:41 pm
    (86) My nephew is graduating from Princeton this month. That article could have been written by him. I remember when his father (my brother) was penniless, begging for 5 bucks a week from his grandparents. That was in the 70s. Same grandparents who escaped from Stalin and Hitler.

  92. chicagofinance says:

    The stunning idiocy of uttering “check your privilege” when you are a student at Princeton is beyond irony…..

    Xolepa says:
    May 2, 2014 at 2:41 pm
    (86) My nephew is graduating from Princeton this month. That article could have been written by him. I remember when his father (my brother) was penniless, begging for 5 bucks a week from his grandparents. That was in the 70s. Same grandparents who escaped from Stalin and Hitler.

  93. anon (the good one) says:

    @PeterSchiff: Seattle Mayor Proposes Phased-In $15 Minimum Wage http://t.co/LA7XpOYqil

  94. Libturd in the City says:

    I saw that Princeton kid on the news last night. He was definitely loving the publicity a little too much. Some humility would have served him well if he wanted people to back his side of the argument. Quite honestly, someone should look into his recent past as he came across sounding rather unintelligent unlike any other Princeton student that I have had the pleasure of meeting. I can almost guarantee you he paid someone to take his SATs for him.

  95. Xolepa says:

    Joyce,
    Unfortunately, you will never understand. We are from the outside looking in. We see things you never could or will – from a different perspective. I think Grim and Libtard know what I mean.

  96. Libturd in the City says:

    I just checked his FB page and he likes the Mets and is a fan of Blazing Saddles. I immediately rescind my opinion of him.

  97. Xolepa says:

    hmm. I ‘m gonna give my brother a call… Get the inside scoop. Won’t call the son. Kid has very conservative traits.

  98. joyce says:

    You’re correct in that I will never fully understand. (and again, I truly don’t mean to offend anyone)… do you think black people several generations removed from their ancestors being slaves have similar perspectives?

    97.Xolepa says:
    May 2, 2014 at 2:58 pm
    Joyce,
    Unfortunately, you will never understand. We are from the outside looking in. We see things you never could or will – from a different perspective. I think Grim and Libtard know what I mean.

  99. Ragnar says:

    I think what some people resent are various minority groups assuming that all white people grew up in the yacht and country clubs under the tutelage of Ted Knight’s Judge Smalls from the movie Caddyshack.

    Plenty of presumed “privileged” people actually did have one or more generations of non-privileged beginnings. The whole “privileged” meme is a means to tell people – “you didn’t accomplish that – you were just born lucky, or had help from other people”. Much like Obama’s “you didn’t build that” belief. Essentially eradicating the belief in individual effort, free will, while taking away the necessity of assigning praise or blame to anyone’s results in life.

    For those who believe in free will, and that success involves effort, “check your privilege” is a slap in the face, particularly if they know they rose from humble beginnings.

  100. Libturd in the City says:

    Xo…I think you might be right. My parents often had the means to give their offspring a lot more than they did, but one knew it was not out of selfishness. It was the powerful lesson that my grandparents taught my father and that my grandmother on the other side taught my mother that kept me from owning designer jeans and fancy kicks in my adolescence. My dad too had to buy his own first car and knew how hard it was to save up for one, as well as the lesson learned about taking care of something with value. And it worked. I’m still driving the damn thing.

    I guarantee you Anon and Michael are driving way more car than they need. Throwing out discretionary dollars to Toyota or Subaru that they should be saving for their own retirement. They truly believe that Uncle Sam has their back and that a depression or world war will never happen again.

    It’s funny. As a teenager, I often hated my parents for how cheap they seemed. I was absolutely astounded when I accidentally learned that my dad sold his business for well over a million dollars not to mention the millions he probably has in investment vehicles back when I was in college (which I was breaking my butt to pay for at the time). And I didn’t even have a car, the right of passage of even the poorest kids in middle class East Brunswick. Now I’m older and lots of my friends parents are retiring with way too little saved. Before too long, they will be asking their kids to help them out. Unfortunately, their kids will not be able to offer any help as they too were not taught the necessary values to have enough wealth to share. My two brothers and four sisters too, will never need a handout from mom and dad. But if we needed one, we could get one without my folks experiencing the least hardship.

    So we respect and honor the stories and lives of our past generations because they directly influence our everyday decisions. Those who choose to ignore the plights of their ancestors are way more likely to sacrifice their efforts.

    It still blows my mind that my great grandmother escaped the pogroms in the Ukraine and came here with nothing more than a pot to boil water in. Her parents died on the voyage over and she was either 2 or 3 when she was processed through Ellis Island. They gave her the birthday of 1/1/1900 and the name of Mary, even though they knew she was Jewish. Almost all Ukranian refugees were of Jewish descent at the time. Yet somehow she managed to raise nothing but successful offspring who in turn continued the tradition. And she did it with nearly no help from the government.

    I could tell you all one very funny story. When I was in college, banks started to require minimums for their savings and checking accounts. Mine required $1,000. My parents put it up for me full well expecting it back. Well, like most college kids partying their buns off during their Freshman year, I blew through all of my dough as well as their $1,000. They only found out because the dumb bank (and by extension, dumb me for not changing the account address to my dorm) sent a notice to my folks house. To this day they remind me that I can never borrow money from them ever again, even though I paid them back almost immediately. So, when I bought my Civic, I had to make my grandmother cosign for the loan (I didn’t have enough credit to my name). I also borrowed about 3K from her. I had to pay her back $250 a month for a year. That’s some tight schedule she demanded. But I can’t blame her after she heard what I did with my folks $1,000.

    Hopefully this helps explain things Joyce. It also explains why I echo some of the sentiment that that ignorant Clive on the ranch shared recently.

  101. Libturd in the City says:

    And I still believe that one can still make it here much easier than almost anywhere else in the world.

    You know, my dad had an athletic scholarship to play football at Columbia. During the Summer of his frosh year, two guys who eventually went on to play for the NY Jets, broke both of his legs (accidentally) playing football in the streets of Brooklyn. Through a lot of begging and pleading, Columbia let him convert his scholarship from an athletic to an academic if he maintained high scores. And he did, of course. He even went on to get his Masters in engineering from CU. I wonder if any college would do that today? I still think so, you better talk a good game.

  102. Painhrtz - Checking privildge, Yep don't have any! says:

    Chi most ultra libs really are a mendacious bunch of twits but then again we are subjected to it everyday here on a much small scale so I can say I’m surprised.

  103. JJ says:

    U.S. 30-year bond yields fell as low as 3.34 percent, their weakest level since June 19, 2013, after hitting session highs on the jobs number. U.S. 10-year note yields, meanwhile, slid to 2.57 percent, a three-month trough, on news about Russia and Ukraine.

  104. JJ says:

    So dramatic. You make it seem like Hitler and Stalin were chasing them with knifes and guns as they ran for the border.

    89.Xolepa says:
    May 2, 2014 at 2:41 pm
    (86) My nephew is graduating from Princeton this month. That article could have been written by him. I remember when his father (my brother) was penniless, begging for 5 bucks a week from his grandparents. That was in the 70s. Same grandparents who escaped from Stalin and Hitler.

  105. anon (the good one) says:

    so, your parents were poor and cheap, and now you are rich and cheap.

    You are a true American hero.

    but now, instead of receiving a medal, you have to put up with minorities resenting that as you moved up and became cheap and rich, they lag and remain poor.
    a couple of centuries of slavery and no civil rights until the 1960’s, notwithstanding.

  106. Michael says:

    Only for idiots. People need to do their hw before they decide to buy a rental property and become a landlord. No idea how people lose money on rental units, oh yea, I forgot, they lack basic math skills.

    joyce says:
    May 2, 2014 at 2:37 pm
    Rents are not set on a cost-plus basis.

    80.Michael says:
    May 2, 2014 at 2:11 pm

    It’s more expensive to rent, because the landlord must profit.

  107. Michael says:

    Since we are on the topic of hardships from European grandparents. Take my grandma for example. She was poor and one of the hardest workers I know. This is why I hate when you guys call poor people lazy. It’s far from the truth. My grandma was forced to marry my grandfather because his wife died. She had to help take care of his two kids, along with the 6 kids she had with him. That’s a total of 8 kids. So they immigrated to the United States, where they went to live on a farm in Sussex. My grandfather died from cancer, and left my grandmother to raise 8 kids in a new country. Talk about screwed. They moved to passaic, she took on the immigrant jobs and somehow was able to take care of her family and buy a house in clifton. In clifton, over the years, she was able to purchase multiple properties, one of which I bought from her.

    I’m telling you right now, if my grandmother came over today in that same situation, she would have no chance. I’m sorry, there are not opportunities today for lower class people willing to work hard and get ahead. Now you are stuck in quick sand. Good luck immigrating to this country and expecting to find solid opportunities. Way different times. She would be absolutely screwed today with no college degree.

  108. Michael says:

    109- Also, if she wanted to start a business, what business could she start today? The lack of business opportunities is disgusting. It’s all service bs.

  109. Ragnar says:

    Anon is a nihilist who hates the achievement of human values.

    This description fits anon perfectly:
    “They do not want to own your fortune, they want you to lose it; they do not want to succeed, they want you to fail; they do not want to live, they want you to die; they desire nothing, they hate existence, and they keep running, each trying not to learn that the object of his hatred is himself . . . . They are the essence of evil, they, those anti-living objects who seek, by devouring the world, to fill the selfless zero of their soul. It is not your wealth that they’re after. Theirs is a conspiracy against the mind, which means: against life and man.”
    Ayn Rand

  110. JJ says:

    If I could teach burgers to flip themselves I would be rich and unemployment would double.

  111. All Hype says:

    Anon (107):

    You are a trip. You turn a stories of sacrifice and frugality and try to spin it as a negative life lesson.

    Hey Lib, just do what Anon asks and spend all of that hard earned money and just go broke helping out the less fortunate. The gubbmint will have your back, NOT!

    Check your privilege Lib, please ensure that Gator gives back that scholarship $$$ she got from U of F.

  112. JJ says:

    Anyone with 8 kids has been screwed plenty

  113. Xolepa says:

    (107) JJ. please don’t be so ignorant. My father’s best friend was shot dead by Communists just because he was neutral. Not a Nazi. Not a partisan. That’s how it was. Yes, they literally chased you and shot you down. My oldest’s Godmother’s grandfather (got that?) stabbed a communist camp guard to death because they captured all the men in the small village, except him, and were going to execute them the next morning. He returned to that village 45 years later and was told to get out by night, as the Soviets were looking to get him again, the next morning.
    The Nazis did their part to my father too, hunting him in vain for two days because he abandoned his water pumping duties at a train station.
    I will never understand the petty nonsense that goes on in this country about rights. There are no rights when you are dead.

  114. Michael says:

    JJ, I don’t care what anyone says. You are the man!! Def the life of the party!! Thanks for the laugh

    JJ says:
    May 2, 2014 at 4:49 pm
    If I could teach burgers to flip themselves I would be rich and unemployment would double.

  115. Michael says:

    Lol… Even better than the last one.

    JJ says:
    May 2, 2014 at 4:51 pm
    Anyone with 8 kids has been screwed plenty

  116. Libturd stuck in Nj Transit (socialized) delays says:

    That’s the best you’ve got Anon? PT Barnum would have had a field day with you.

  117. chicagofinance says:

    I think what irks me is that the “check privilege” crowd at these universities are essentially banishing themselves to a certain life, lifestyle, and/or career track. Then when the real world slaps them in the face, they decry the fundamental indecency of our economic system and the prejudice that exists. These provocative attitudes fostered by the ivory tower (i.e. thinly veiled hate speech/half-step to anti-semitism). Once these people are out in the real world, their ability to network and build a career is neutered. They are sold a bill of goods…..

    Painhrtz – Checking privildge, Yep don’t have any! says:
    May 2, 2014 at 3:51 pm
    Chi most ultra libs really are a mendacious bunch of twits but then again we are subjected to it everyday here on a much small scale so I can say I’m surprised.

  118. Libturd stuck in Nj Transit (socialized) delays says:

    It’s ironic. Anon calls me cheap and simultaneously spreads the gospel of expanding the government trough.

  119. Michael says:

    One of the rules my grandmother taught me was to never charge top dollar, unless you want a revolving door of people that will never stop bothering you. Know the competition in your neighborhood and go 50 to 100 dollars cheaper and it will save you a huge headache. The tenants will respect you because they think they are getting a good deal and don’t want to ruin that. They will also respect you and your property more, which makes life a lot easier for you.

    Libturd in the City says:
    May 2, 2014 at 2:16 pm
    Michael,

    Will you be singing the same tune when rents drop back to reality?

    Ten years ago, we rented a unit in that multi from the former landlord for 1150. Today I rent it for 2250. I fully expect the rents received to drop to 1800-2000 per month at some point over the next decade.

  120. Michael says:

    121- my second floor tenants have been there since the 90’s, when my grandmother owned it.

  121. chicagofinance says:

    The End Is Nigh (Ruptured Crown Jewel Edition):

    New Mexico law student say he lost testicle after police kneed him

    Jeremy Martin, 24, forced to undergo emergency surgery after traffic stop. Albuquerque cop slams knee into his groin, shattering testicle, Martin alleges.

    New Mexico law student Jeremy Martin, seen here with bloody facial cuts in his booking photo last week, claims an Albuquerque cop kneed him so hard, his testicle exploded.

    A first-year law student at the University of New Mexico was rushed into emergency surgery to have a testicle removed after it was shattered by a cop who pulled him over for running a stop sign, the man alleges.

    Jeremy Martin, 24, claims an Albuquerque police officer kneed him in his private parts after telling him to go sit on the curb.

    The student was driving with friends shortly after midnight last Friday when he was pulled over for failing to stop, his attorney, Sam Bregman, said.

    The officer, identified in a police report as P. Padilla, said he gave the man a field sobriety test because he appeared to be under the influence.

    Martin admitted to having consumed three beers, the report said, according to KOB-TV.

    “This officer felt the necessity to knee him so directly and with so much blunt force that it shattered his testicle,” Bregman told the station.

    Bregman said he is preparing a lawsuit against the department. The U.S. Justice Department recently reported the force has engaged in a pattern of excessive force.

  122. Michael says:

    “So how are the rest of us doing? Median U.S. household income has risen a mere 10% since 1981 on an inflation-adjusted basis — and is down over 8% from its 2007 peak, according to the U.S. Census Bureau.

    Rewarding Failure: Cheniere Energy CEO Charif Souki received a whopping $142 million last year, the largest pay package for an American CEO, according to Equilar. To be sure, Cheniere Energy shares more than doubled in 2013 but the company has lost money every year since its founding in 1996, The WSJ reports, and hasn’t yet reached its goal of exporting U.S. natural gas. Can you imagine what Souki’s pay will be when they do?”

    http://finance.yahoo.com/blogs/daily-ticker/the-excess-files–152537791.html

  123. anon (the good one) says:

    “Rand’s 1957 novel Atlas Shrugged was widely reviewed, and many of the reviews were strongly negative.[6][145] In the National Review, conservative author Whittaker Chambers called the book “sophomoric” and “remarkably silly”. He described the tone of the book as “shrillness without reprieve” and accused Rand of supporting a godless system (which he related to that of the Soviets), claiming “From almost any page of Atlas Shrugged, a voice can be heard, from painful necessity, commanding: ‘To a gas chamber—go!'”[146] Atlas Shrugged received positive reviews from a few publications, including praise from the noted book reviewer John Chamberlain,[145] but Rand scholar Mimi Reisel Gladstein later wrote that “reviewers seemed to vie with each other in a contest to devise the cleverest put-downs”, calling it “execrable claptrap” and “a nightmare”; they said it was “written out of hate” and showed “remorseless hectoring and prolixity”.[6]

    Author Flannery O’Connor wrote in a letter to a friend that “The fiction of Ayn Rand is as low as you can get re fiction. I hope you picked it up off the floor of the subway and threw it in the nearest garbage pail.”[147]

  124. grim says:

    It’s just amazing, the harder I work, the more privileged I become.

  125. anon (the good one) says:

    clot, the problem with anarchy is that there’s no way to stop a group of people to get up and form a government

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

    [127] anon

    But what if they go all 1776 or something and create limited government that doesn’t unduly restrict liberties, protects rights from tyranny of the majority, and respects private property ownership? Then you’ll have to start all over again.

  127. Ben says:

    lol, the town home complex I moved out of is trying to keep $2k of my security deposit. I guess it’s time to go back to court.

  128. Ragnar says:

    Based on their frequency of appearance in the NY Times weekend real estate section, about 50 percent of the couples looking for apartments in NYC are male couples. Reality or bias?

  129. Juice Box says:

    House behind me for sale about 2 weeks now is under contract. Absolutely no updates and I would think sales price will close near ask of $500k. Lot is small and the house was not blown out only 3 bedroom as well. Only inventory is on the busy road.

  130. chicagofinance says:

    The End Is Nigh (RV Edition):
    A dozen friends heading to the Kentucky Derby for a bachelor party discovered a dead body en route to the Run for the Roses.
    The group was headed to Churchill Downs Thursday when they stopped off in Winona, Minn., and made the grim discovery, the Minneapolis Star Tribune reported.
    The groom and his pals had started out in the Twin Cities and stopped off in Winona to pick up a few more partygoers when they found a body in an exterior compartment of the RV they had rented.
    Jake Wanek, of Minneapolis, told the newspaper the first hint of trouble came when someone opened one side of the compartment and there was a foul odor. He said when someone opened the other side he saw the body. It “didn’t look fresh. Let’s put it that way,” he said.
    The body has since been identified as 22-year-old Kevin Casserly of Anoka, Minn. Casserly had been missing since November.
    No information on the cause of death has been released.
    A member of the group, John Kirk, told the Star Tribune that the RV’s owner had cautioned against opening the front compartments because they didn’t work.
    Groom-to-be Dan Trainor, of Rochester, told the newspaper that the whole episode “was like we were in the middle of a movie.”
    The friends made new plans to return to Minneapolis to watch the Derby on TV at Canterbury Park.

  131. chicagofinance says:

    Efrem Zimbalist Jr. < Vigoda

  132. Juice Box says:

    First I must check my privilege. OK done, I am shanty Irish born in the boogie down, where I escaped a possible death by drugs or guns and was born to parents who arrived here by boat and plane with no inheritance.

    So what other privilege? White skin that does not tan? I would say that is not a privilege, however I have blue eyes. Is that an offset to my lack of pigment?

    So I have checked my privilege, and now I have a question for the diverse community of njrereport.com

    Anyone here have a pool with a heater? I want to install a heater. Deciding between heat pump and gas. I like the idea of the heat pump just not the cost. So my quesiton is would it be PC to steal someone else’s heater and install it in my pool?

    Nevermind, I will go another year swimming in the frigid water unlike my ancestors who never ever had a pool or land and surely could not swim.

  133. gary (31)-

    So you are against God (the King James version), Amerika, puppies, the promise of homeownership, apple pie and grinding, gut-searing debt?

    “Whenever I see the name “Keller Williams,” I went to wretch violently. I run from any of those listings.”

    Keller-Williams is a pyramid scheme and a borderline cult, preying upon dumbasses who are susceptible to “God, country, family” come-ons.

  134. FWIW, I would rather live in Bensalem, PA than pretty much any shitpile Bergen town. I know Bensalem pretty well- having friends there with HS age kids- and it’s very nice.

    The skool ratings that show their HS at the bottom are completely full of it. That skool is better than the “Blue Ribbony” one to which I sent two of my own.

  135. grim (58)-

    In Memphis, you’d also need a private militia. So, Nashville is the better town.

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

    [136] clot,

    while Bensalem doesn’t suck all that much, the schools aren’t that great. In fact, Bucks probably has, on average, the crappiest schools of the Philly suburbs.

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