South Jersey Foreclosures

From the Press of Atlantic City:

Sheriff’s sales struggle to unload foreclosed properties

The amount of distressed real estate is expected to increase as unemployed workers who lost jobs in 2014 fall behind on mortgage payments — and as the state’s six months of unemployment benefits run out.

Employment in Atlantic County dropped 8,400 from December 2013 to 126,100 in December 2014, according to seasonally adjusted figures from the Federal Reserve Bank of Philadelphia.

Area economies in South Jersey had lost thousands of jobs before 2014.

Daren Blomquist, vice president of market research firm RealtyTrac, said what’s happening in South Jersey is happening in New Jersey as a whole, only more so.

In one year, 2014, foreclosure filings in Atlantic, Cape May, Cumberland and Ocean counties rose 94 percent, 85 percent, 97 percent and 79 percent, respectively, California-based RealtyTrac says.

This includes initial filings, notices of sale and bank repossession.

The state average increased 70 percent. Nationally it dropped 18 percent.

But Blomquist expects foreclosure activity in the area to rise from job losses last year.

“We haven’t seen the full impact of those on the foreclosure numbers yet, and, yes, unfortunately that means it’s probably going to get worse before it gets better,” he said.

Foreclosures take a long time in New Jersey, a judicial foreclosure state, where it takes more than 1,000 days, second only to Hawaii, Blomquist said.

Short sales in Atlantic County represented 11 percent of all sales from January to October 2014, Blomquist said, an increase of 2 percentage points from that period a year ago. In a short sale, the lender agrees to retire the mortgage for an amount less than the principal still owed.

Blomquist said such data may indicate banks are more willing to work with short sales in harder-hit real estate markets.

This entry was posted in Foreclosures, Shore Real Estate, South Jersey Real Estate. Bookmark the permalink.

87 Responses to South Jersey Foreclosures

  1. grim says:

    Need to take out a second mortgage so I can buy a gold apple watch.

  2. anon (the good one) says:

    @tim_cook:
    Got some extra rest for today’s event. Slept in ’til 4:30.

    grim says:
    March 9, 2015 at 8:45 am
    Need to take out a second mortgage so I can buy a gold apple watch.

  3. JJ says:

    Thing I dont get about Apple Watch is it is very expensive. The demographic group with highest incomes and highest amount of disposable income is the 45 and over set.

    As you approach 50 you see folks start buying the larger screen Apple phone or Samsung. Folks eyes start to go and need reading glasses etc. I dont get how folks are going to be able to read or see anything on the little watch.

  4. grim says:

    I’m still wearing my Casio Databank from 1989.

  5. chicagofinance says:

    This was cutting edge at the time…..all the rage in the halls at my high school…
    https://www.youtube.com/watch?v=sRwADZ_5Pm4

  6. I wonder if the Apple Watch may just be the inflection point for Apple.

    Back in 1996 or so the Microsoft haters were screaming their heads off because Microsoft owned the PC software world and were rolling out their own ISP, MSN. The fear was that Microsoft was going to end up owning the internet. What actually happened is that not many people went for MSN as their AOL, Earthlink, or AT&T Worldnet alternative. I think the public just kind of voted, “Yeah, I’ve bought enough from Microsoft.” It could happen to Apple just as suddenly.

  7. grim says:

    7 – Everything is hinges on the implementation. Clearly they were not the first mover in the space, in fact they are lagging the “watch” market by 2 years now. Probably longer if you expand that to the connected wearables market that includes the fitness trackers.

    Question is, can they do it better? History shows that when they release as a laggard, they usually jump the existing competitors on a functionality and user experience basis, and the jump is usually more than just the next product cycle’s worth of features. So they’ve got that going for them. If it’s an iPod on a wrist band, it’s going to be a huge flop.

    I’m a skeptic, I think the wristwatch is a dead format. Apple could have reinvented it, but they went with a traditional format approach. Frankly I think the traditional format is a risk. And even more frankly, the thing is just plain ugly. I’ve been a watch guy for years, I have lots of watches. This is not the format an wristwatch enthusiast is going to embrace. These are the folks that won’t think twice about dropping this kind of money, and they won’t. For $10k? I’d pick up a Rolex that will have guaranteed resale value in 20 years. Hell, I’ve made money on every Rolex I’ve bought and sold. I seriously doubt the high end Apple watch will retain anything but scrap value, and that’s the gold one. The others? Zip. You can’t market into high end watches category without resale. The product just won’t be able to age well.

  8. grim says:

    The only chance at long-term lifespan would be to build a smart watch that is basically nothing but a VDI – a remote virtual “desktop” err “wrist top”, powered by the computing power of the phone. This way, you can push for a significantly longer usable product lifespan. As the user upgrades their phone hardware over time, the wearable gets the benefit of the enhanced functionality. Strip down the device such that battery life could be expanded as much as possible.

    If I ran Apple, this is what I would have done.

  9. Liquor Luge says:

    How long until you can buy a fake Apple watch on Canal St?

  10. Fast Eddie says:

    Need to take out a second mortgage so I can buy a gold apple watch.

    Buy now or be priced out forever. :)

  11. Juice Box says:

    At $350 a piece margin on the iWatch must is enormous, it does not have it’s own internal hardware ability to make calls and must be connected to an iPhone to do 99% of what it is supposed to do.

  12. grim says:

    At a minimum you know it’ll surpass the Samsung, Sony, and Motorola smartwatches. Apple would have never released it otherwise.

  13. grim says:

    And based on the sales figures of the other devices, you know it’s good for a couple million unit sales in 2015.

  14. Juice Box says:

    re: #14 – pure fanboy play. No real need for another expensive iGadget.

  15. grim says:

    15 – Funny, I think fangirl would be a stronger component of their market.

  16. FKA 2010 Buyer says:

    Real Estate: Why falling prices in Atlantic City could be a good thing

    The housing market is very busy right now because interest rates are still low. People are selling their homes because they’re either moving out of the state and downsizing or because they’re “upside down” on their homes,” said Nancy Van Riper of Keller Williams Realty, meaning people owe more than their house is actually worth.

    Having low interest rates is a positive thing since people can buy houses at a cheaper price and move into the Atlantic County, Van Riper said. Investors are also buying up the cheap houses, renovating them and either selling or renting them.

    “Our taxes are still very high, so that’s not a good thing,” she said. “However, the price of the house has decreased so much that it’s within reach for people.”

    About eight years ago, during the height of the market, houses worth $150,000 were selling for twice the amount, Van Riper said. Now, buyers can buy houses worth up to $600,000 for half the price.

    http://www.bizjournals.com/philadelphia/news/2015/03/06/real-estate-why-falling-prices-in-atlantic-city.html

  17. jj says:

    Apple Watch = Betamax

  18. FKA 2010 Buyer says:

    Today’s Privilege News: Reminding everyone that past performance is no indicator of future (success). Now pay me. Great movie btw.
    ——
    ‘I don’t see how what I did 25 years ago has to do with what I do today’

    The real-life Wolf of Wall Street has defended his upcoming Masters of Wealth speaking tour where he will teach Australians how to ‘ethically’ make money – while he is still paying back more than $98 million he owes to investors.

    Jordan Belfort, whose debaucherous rise to riches at the helm of stockbroking firm Stratton Oakmont was portrayed in the 2013 Martin Scorsese film, is preparing to run a series of workshops in Sydney and Melbourne in March.

    These include one day talks and a $2497 three-day boot camp teaching wealth-seekers the secrets of persuasion and success.

    http://www.dailymail.co.uk/news/article-2982157/I-don-t-did-25-years-ago-today-Wolf-Wall-Street-defends-upcoming-speaking-tour-teach-make-money-ethically-owes-investors-98-million.html#ixzz3TtiHQhqY

  19. grim says:

    The other very interesting part of the strategy, is the fact that the watch will not be available through big box/e-retailers. And in Europe, they’ve made plans to partner with high-end retailers (Selfridges, etc). Would think this is a massive snub to their existing retail partners. Compare this to the others in the space, that just dump them on a shelf and expect the consumer to buy.

  20. Juice Box says:

    re # 16 – perhaps but it is only a few points two for gender of the rich white folks who own the iPhone 6. We shall see which luxury shoppers show up for the iWatch. I have my doubts without lots of celebutard endorsements. My understanding is they are signing up male professional athletes to endorse the iWatch. There is supposed to be a smaller screen version for women..

  21. Fast Eddie says:

    Nail a rock to a stick, create a frenzy and watch the muppets pay top dollar to belong. Hey, I just keep watching my investments grow, not complaining but at some point, does the light go on for any of these folks?

  22. grim says:

    22 – C’mon, Ive is one of the best designers in the tech world, period. I think Jobs was a piece of shit that stepped in shit, but Ive I will give credit to.

    I’ve got a Reinhold Weiss/Deiter Rams Braun HL1 Desk Fan right next to me, which makes me suitably qualified to make that statement.

    But really, give the guy some credit, his designs aren’t even remotely “nail a rock to a stick”.

  23. Fast Eddie says:

    My point is that proper marketing (brainwashing) will convince the plebs to buy or commit to anything. Whether it’s a transporter machine or a twig or a tulip bulb, create hysteria and watch the crowd swell in one direction.

  24. grim says:

    Rams’ 1958 Braun T3 Pocket Radio is the inspiration for nearly every recent Apple product.

    http://www.moma.org/collection/object.php?object_id=4134

  25. Juice Box says:

    Apple newest product in 5 years, and for reference the iMac was released 16 years ago. Now they are going all Haute Couture and carving out space in their stores for a fancy watch, and don’t call it the iWatch. Overall worldwide business for $350 and up watches is what low billions? If they move 10 million units year one that would be a massive chunk of luxury watch sales.

    Pure Fanboy move this time without the cell phone carriers subsidizing the payment plan.

  26. anon (the good one) says:

    ….or war in Iraq

    Fast Eddie says:
    March 9, 2015 at 10:48 am

    My point is that proper marketing (brainwashing) will convince the plebs to buy or commit to anything. Whether it’s a transporter machine or a twig or a tulip bulb, create hysteria and watch the crowd swell in one direction.

  27. grim says:

    I actually haven’t worn a watch in more than a year now. I actually feel more productive without it.

  28. Juice Box says:

    re # 27 – yeah your girl did a great job brainwashing the plebes for that one.

    https://www.youtube.com/watch?v=DkS9y5t0tR0

  29. Juice Box says:

    Who still uses one of these?

    Day-Timer®

  30. The Great Pumpkin says:

    Granted, it would be really hard, if not impossible, to roll back the cuts completely. But at the very least, we should take steps to pause their phase-in. Don’t let them tell you we’re the highest taxed state in the nation. When it comes to combined state and local taxes as a percentage of personal income, New Jersey ranks 11th, according to the respected Tax Policy Center — not great, but not the worst, either.

    And cutting business taxes doesn’t get to the core tax problem in New Jersey. The real scourge is property taxes, and their toll on middle and lower income people.

    Under Christie, tax cuts have gone to the business community and wealthy households. But where’s the evidence that this trickle-down theory has actually worked for New Jersey?

    http://www.nj.com/opinion/index.ssf/2015/03/with_the_state_in_budget_crisis_christie_touts_tax.html#incart_river

  31. The Great Pumpkin says:

    33- Scene: Opening day at Yankee Stadium, it’s a capacity crown, the fans are excited and cheering, a booming voice sounds over the PA system.

    Announcer: Welcome to Yankee Stadium for the 2015 season opener! (the fans roar with approval) Yankee’s General Management is proud to announce that ticket prices will be cut this season! (crowd roars with jubilation). Yes, our skybox seat prices will be cut by 50%!! (There is a stunned silence in the audience; and then a few angry murmurs begin to swell into a chorus of rage. Seats are torn from their bolts and hurled onto the field. The crowd bursts onto the field and begins round the bases with glee. The sky becomes dim because thousands of hotdogs, sandwiches, slices of pizza, and bottles and cans of beer are tossed from every corner of the field into the roaring crowd. The game is cancelled due to a torrential rain of suds and soda.)

    Welcome to the new America where tax cuts really don’t mean tax cuts.

  32. grim says:

    Think somone put the decimal point in the wrong place.

  33. Comrade Nom Deplume, the anon-tidote says:

    [5] grim

    “I’m still wearing my Casio Databank from 1989.”

    Got that beat. Still have my Timex from the early 70’s and my grandfather’s gold pocket watch from the turn of the century (the prior century).

  34. Ragnar says:

    All taxes are too high in NJ, and all levels of public spending are too high in NJ.
    If you want investment in infrastructure, privatize the assets. Hilarious that the NJ.Com editorial board thinks NJ is pursuing “trickle down” economics by only having a 8.97% top state income tax. Is NJ actually “throwing money” at businesses? Besides to the firms of the politically well-connected? NJ is still near the bottom of the pack in terms of business friendly states.

    I just heard a story last week of the multitudes of mandates required of investment managers to manage money for NJ state pension plans. So numerous and arbitrary that most decent investment managers would simply refuse. And a bunch of them are basically just throwing high paid make-work consulting to someone’s friend. I don’t know what kind of firms are actually managing money for NJ, but suspect they are politically-connected folks who don’t win much business in a fair market place. I also suspect performance hasn’t been great.

  35. Comrade Nom Deplume, the anon-tidote says:

    [29] juice

    “re # 27 – yeah your girl did a great job brainwashing the plebes for that one.”

    Abusing anon. More fun than shooting fish in a barrel, though its pretty much the same thing.

  36. Fast Eddie says:

    Liberals have as much vision as a dead mole laying at the bottom of the Mariana Trench.

  37. Comrade Nom Deplume, the anon-tidote says:

    [38] eddie,

    I disagree. They have plenty of vision. Or should I say visions? And with all the states legalizing pot and soon other drugs, they will be having a lot more.

    Liberalism belongs in DSM-V.

  38. Comrade Nom Deplume, the anon-tidote says:

    Dumb Criminal Tale of the Day:

    Seems that one of my daughter’s teammates had her credit card info stolen by the hotel staff where she stayed in PG county, MD (a county that makes NJ look positively squeaky clean).

    The perp used her credit card to pay off utility bills.

    I think even anon would agree that was moronic. Okay, footrest wouldn’t but only because he doesn’t think it should be a crime.

  39. Libturd in Union says:

    Anon,

    That old lady you love, with the AOL account and who looks like a prune, voted in support for the invasion of Iraq. 12 years later, you are still ripping Bush. You need to see a shrink.

  40. Libturd in Union says:

    Apple watch is the flavor of the month.

    If Jobs was still there, he would have designed his own Set Top Box that would have integrated seamlessly with all of the other Apple products. He would have marketed it to the cable companies much like he sold the iPhone exclusively through Verizon/AT&T and would have bought out Netflix which he would have only been made available through HIS box.

  41. Jason says:

    I fear that sometime in the not too distant future, these so-called “wearable technologies” will be made mandatory to wear. What a great way to monitor the “sheeple”. It’ll start in the schools as a way to “keep kids safe”.

  42. Juice Box says:

    re # 42 – and yet they still have a 742 Billion dollar market cap for building the better Blackberry?

  43. Libturd in Union says:

    “I fear that sometime in the not too distant future, these so-called “wearable technologies” will be made mandatory to wear.”

    Sort of redefines the iPad.

  44. The Great Pumpkin says:

    It’s pretty weird that almost every state with a large economy is ranked at the bottom of this list.

    http://taxfoundation.org/article/2015-state-business-tax-climate-index

  45. The Great Pumpkin says:

    Not all tax experts agree that The Tax Foundation’s description of what makes a good business tax climate fairly reflects the attractiveness of a state for companies. Speaking to 24/7 Wall St., Matthew Gardener, executive director of the Institute on Taxation and Economic Policy, described fiscal policy as a two-sided coin. For fiscal policy, “the taxes we collect is on one side of the coin, but the public investments — the spending areas that taxes pay for — are on the other side.” Gardner asserted that The Tax Foundation’s approach considers only one side of the coin.

    In fact, some of the states with favorable climates may offer residents fewer government benefits as a result of their low taxes. Gardner also added that states like Wyoming and Alaska have favorable tax climates for business because they can afford to do so. These states are able to raise huge sums of money through taxes on their large natural resources industries, and therefore do not need to collect as much tax revenue from incomes or sales

    Read more: Most and Least Tax-Friendly States for Business – 24/7 Wall St. http://247wallst.com/special-report/2014/11/03/most-and-least-tax-friendly-states-for-business/#ixzz3TuMpS1ZV
    Follow us: @247wallst on Twitter | 247wallst on Facebook

  46. FKA 2010 Buyer says:

    At first glance, I like the idea of a Housing Savings Plan (like a 529 plan for a dp). I think it would help out a lot of young kids today. Although now they would have to worry about whether to fund their 401K, 529, or whatever this is called.
    ——-

    US Housing Policies No Longer Reflect Reality

    There is a problem with the U.S. housing market that few are willing to admit.
    The country is experiencing job growth, unemployment rates have dropped and hourly wages have started to increase for lower-income workers. The overall U.S. economy has mostly recovered from the 2007-2009 recession. The housing sector has not.

    U.S. housing policies focus almost exclusively on increasing sales of single-family homes. Homeownership-focused housing policies are based on the unrealistic assumption that young adults will graduate from college, get a full-time job with secure and stable income, marry, save for a down payment, have kids and then buy a house.

    A new housing conversation would explore alternative housing options, like community land trusts or shared equity plans that help lower- and middle-income renters buy homes and split the home’s appreciation with a trust or other entity. Likewise, a conversation that is not anchored to single-family homeownership would explore the feasibility of rent-to-own or other collaborative homeownership options.

    Homeownership options that are different than those we have grown accustomed to seeing can allow lenders the leeway needed to rekindle the creativity that was lost during the financial crisis and post-Dodd-Frank environment. Financing models that make sense for a group of owners, but that would be inappropriate for the traditional single-family buyer, for instance, could breathe new life into an industry struggling under the weight of new and heavy regulations.

    Allowing financial services providers to join new conversations about how to help people find the housing solution of their choice could yield answers to some of housing finance’s biggest questions – such as what can replace the mortgage interest deduction. There has been a significant increase in the number of renters overall, and especially in major U.S. cities. Young adults are not buying homes because they lack savings and have too much debt. Rising rents also make it harder for them to save for a down payment.

    A new, even bolder, housing conversation would encourage employers to offer housing savings plans that let renters save for security deposits or homeowners save for down payments, just as employers offer tax-favorable retirement savings plans. More realistic housing policies would also let renters save tax-free for housing (rented or owned) just as families now save for their children’s college education in 529 savings accounts.

    http://www.housingindustryforum.com/industry-newswire/national-mortgage-news/us-housing-policies-no-longer-reflect-reality

  47. JJ says:

    I have a 1987 Sharp PC-5000 Laptop, have original box it came in, owners manual and discs.

    It had basically ran on Dos and you could not save anything to the laptop. So it had two disc drives. In top disc drive you put in the disc for Lotus 1,2,3 or Wordstar or Wordperfect. Then bottom disc a blank disc. You type your letter etc. on line then save it to the second disc.I would then pull out the disc. I bring it to work or computer lab and print out. I could also print out with my big HP printer I got used but easier to hand it to secretary.

    I actually brought it to work in the late 1980s and I sat near the IT department. I was typing a paper for school at lunchtime. All the IT folks gathered around as many never say a Laptop. It was all IBM mainframe and Y2K and Windows 95 did not yet exist.

    I bet if I brought it to work today, it sill works I would have even more IT folks gathered around as many have never seen a laptop from the Pre-Apple days, let alone a 30 year old laptop that still works

    http://en.wikipedia.org/wiki/Sharp_PC-5000

    Comrade Nom Deplume, the anon-tidote says:
    March 9, 2015 at 11:47 am
    [5] grim

    “I’m still wearing my Casio Databank from 1989.”

    Got that beat. Still have my Timex from the early 70′s and my grandfather’s gold pocket watch from the turn of the century (the prior century).

  48. grim says:

    Jeez, 13mm thick laptop, that’s just silly.

  49. 1987 Condo says:

    Still looking for some recommended painting contractors? Thoughts?

  50. Juice Box says:

    I lie this 60s ad for a home computer from the Neiman-Marcus Christmas Catalog. The cover of its 1969 Christmas catalog featured the Kitchen Computer. For $10,600 you got the computer, a cookbook, an apron, and a two-week programming course.

    http://www.computerhistory.org/revolution/minicomputers/11/362

  51. grim says:

    Wow, new Macbook $1299. Unbelievable.

    They’ve just killed every other manufacturer.

  52. Juice Box says:

    No USB?

  53. grim says:

    usb-c

  54. Juice Box says:

    USB-C now, all your old cables are now obsolete. Pony up!

  55. grim says:

    Kristy Turlington pimping the watch, told you that the market wasn’t men.

  56. Juice Box says:

    Yikes…USB-C Power Delivery up to 100W?

    2.0 is 2.5 watts, 3.0 is 4.5 watts

    20 times the power output of current USB 3.0 ports, make sure your kids don’t put that in their mouth.

  57. anon (the good one) says:

    funny

    @pourmecoffee:
    Impossible to blog about income inequality on anything less than new 24% thinner gold Apple MacBook with ForceTouch and retina display.

  58. Juice Box says:

    They did a demo of WeChat? Zuckerberg must have POed somebody.

  59. grim says:

    Gold starts at $10k … starts.

  60. grim says:

    Is that Al Gore in the audience?

  61. grim says:

    HBO inks exclusive contract with Apple for streaming?

  62. Juice Box says:

    re $ 64 – Makes sense with Net Neutrality changes. The cable and fiber common carriers won’t be able to stop them. I believe I am spending $20 a month now on HBO via FIOS. I don’t even watch it, I could save $5 a month by changing to this new HBO streaming plan.

  63. grim says:

    Opps, $17k – They are honestly charging a $7,000 premium for a leather band and gold buckle?

  64. Statler Waldorf says:

    This is also ruining cars. Today everything revolves around a phone, and in 24 months that $100K German luxe ride is an obsolete junker. A vehicle lifecycle should not be tied to a ‘tech gadget’ lifecycle. The Jaguar E-type is highly desirable, and everything still works. Good luck getting a high-end car made today to work in 20 years.

    Also, now you can “facebook” and “twitter” with your car, but you can’t pull up service records from all prior dealer visits. Absurd.

    “You can’t market into high end watches category without resale. The product just won’t be able to age well.”

  65. jcer says:

    I agree about the watch resale thing, my watch is 5 years old and retained 85% of it’s value. I don’t think I’d want to spend 17k on something that will be obsolete in 2 years, that would need to be a watch for life. On the other hand as a status symbol, apple might sell a few to the extremely rich and make a tidy profit. Anybody but the disgustingly wealthy aren’t buy a 17k throwaway watch. All the rappers will be wearing one!

  66. grim says:

    Playa don’t rock no off the shelf watch. Iced out apple watches are going for $75k.

  67. Anon E. Moose says:

    Real Estate, chaps… real estate.

    CNBC reports uptick in 2d-time FK losers. I guess is wasn’t their fault — again.

    http://finance.yahoo.com/news/housings-worry-repeat-foreclosures-return-150124380.html

  68. grim says:

    If you were able to ride an FK out for 4 years without making a payment, and someone was dumb enough to sell you another house, wouldn’t you just do the same again?

    Who is the sucker?

  69. Fast Eddie says:

    With the entry-level model starting at $349, a midtier watch with a stainless steel case will start at $549. Models with slightly larger screens will cost $50 more at both tiers.

    Please don’t mention another word about income inequality or evil corporations on this blog ever again. If I even need to explain, then you’re a m0ron.

  70. Ragnar says:

    Every watch is obsolete. Just check your phone if you want the correct time. The more expensive the watch, the worse it is at keeping time. Fancy watches are wrist jewelry.
    A watch that lasts 18 hours per charge is way too high maintenance for me.

    I’m very satisfied with my Citizen Eco-Drive World Time watch. It sets itself to an atomic clock daily, doesn’t need batteries or winding, and adjusts easily to new time zones. Just this weekend it set itself for DST on its own. I don’t have to do anything but put it on.

    Meanwhile the apple devotees will be twittering and facebooking for the next year about how their new watch has transformed their life, and will undoubtedly be keeping me informed of its every little thing it does for them or doesn’t do for them while they keep staring at their wrists and phones and laptops all day.

  71. Libturd in Union says:

    My first laptop from 83 (they called it a portable back then).

    http://oldcomputers.net/kayproii.html

  72. Libturd in Union says:

    I buy Seiko’s for about $50. They last me forever.

  73. The Great Pumpkin says:

    I read that the apple watch will keep track of all your health vitals. It will sell due to this. It’s like a 24/7 data tracker for your doctors. Health industry is about to change drastically in the coming years.

  74. Juice Box says:

    re # 77- sure it will once you flat-line it will call the undertaker for you too.

  75. Statler Waldorf says:

    Word of the day: fadget

  76. jcer says:

    Ragnar the difference being the last big “Innovation” in mechanical movements was the coaxial escapement and that was like 20-30 years ago and only Omega builds watches with it. With smart watches every 18 months they’ll get more processing capacity and better battery life. Watches are more for fashion and they are a relic of rather advanced technology from a different time. You cannot deny there is something really cool about a mechanical device that keeps time within a couple of seconds a day with only the kinetic energy of your movements. Apple watches have an OS for cripes sake, oh your 17k watch doesn’t support the latest OS so this app won’t work…really. At $500 or $1000 people might accept that at 17k you are keeping that item for a very long time, that’s a sub compact car!

  77. chicagofinance says:

    Comrade Nom Deplume, the anon-tidote says:
    March 9, 2015 at 11:47 am
    Got that beat. Still have my Timex from the early 70′s and my grandfather’s gold pocket watch from the turn of the century (the prior century).

    https://www.youtube.com/watch?v=I1ukjdwLAIc

  78. ccb223 says:

    Grim – agree that Jobs with a d*ck but gotta give the guy some credit, he was quite the visionary. Ahead of his time on aesthetics and identifying what the consumer wanted before they even knew they wanted it. Putting that whole thing together required much more effort than just “stepping in sh*t” … as did coming back after being ousted and helping to get it to the point it is at now, which is basically one of, if not the, biggest and most reputable/succesfull companies in the world. Tighten up bro!

  79. Juice Box says:

    New USB-C cable for the Mac costs $80!

  80. Essex says:

    Apple has so much $$$ this watch could fail and it’d mean what?

  81. The Great Pumpkin says:

    “For now, the power divide between the public and private sectors is only growing. The public sector holds most of the world’s debt, as well as responsibility for the welfare of those who are being “disrupted.” Big Tech has the profits but could stand to do some creative thinking about how better to share–or at least account for–the rewards of innovation. Otherwise it risks breeding a whole new generation of Luddites”

    http://time.com/3733113/hard-math-in-the-new-economy/

  82. The Great Pumpkin says:

    86-

    “Which underscores a disturbing truth about the new economy: it’s all on you. People who are smart, well educated and entrepreneurial may well do better in this paradigm. But what about those who aren’t as well positioned or at least need help in tooling up?

    The obvious answer is for government to provide more help through a reformed educational system, workforce training and a social safety net to pick up slack. That’s what I consistently hear tech titans and other CEOs calling for. The hitch is that they are calling for it even as they pay a smaller share of the tax pie to fund it all. (About a third of all the corporate profit sitting in overseas bank accounts is from technology-driven firms.) Certainly some companies are making big private contributions to educational reform; Google, Microsoft and IBM are prime examples. But more will be needed.”

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