Weekend Open Discussion – Part II

Posted on May 3, 2008 by grim

Now Open, Part II!

Prior weekend thread closed due to comment overflow

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157 Responses to Weekend Open Discussion – Part II

grim says:

May 3, 2008 at 6:35 am

From the Daily Record:

North Jersey air gets an “F”

North Jersey flunked in the latest nationwide report card on air pollution.

Bergen, Passaic and Morris counties received F’s for bad air that can cause severe health problems, according to the American Lung Association’s report “State of the Air: 2008.”

It wasn’t much better elsewhere in the state. The lung association graded sixteen of New Jersey’s 21 counties – and 13 got Fs.

“More than 8 million New Jerseyans – 95 percent of New Jersey’s population – live in metro areas or counties that received failing grades,” said Kevin Stewart, director of environmental health for the lung association.
grim says:

May 3, 2008 at 6:38 am

From the Courier Post Online:

N.J. OKs family leave; benefits to start in ’09

New Jersey became the third state to provide paid family leave Friday, as Gov. Jon S. Corzine signed into law the program allowing workers in the state to take paid time off to care for a newborn child, newly adopted child or sick relative.
…
The leave program will allow workers to take up to six weeks of paid leave starting in July 2009. Workers on paid leave would receive two-thirds of their pay, up to $524 a week. The program will be employee-funded through a new payroll tax that will begin to be collected in January that goes into an insurance fund workers can tap, at an estimated cost of $33 a year for most employees.
grim says:

May 3, 2008 at 6:40 am

From the Daily Record:

Alcatel-Lucent to shut campus in Hanover, move 2,500 jobs

Alcatel-Lucent officials plan to close their 1.4 million-square-foot facility in the township by the end of next year and move its 2,100 workers to the telecommunication company’s North American headquarters in Murray Hill.
…
Township officials said they already have received calls from developers interested in the 140-acre site at Whippany Road and Route 10. They said they would be open to a change in zoning for the site, zoned for office use, because of a glut in the office market.

“There’s no real market for office space today,” said Hanover Mayor Ron Francioli. “Retail would make some sense, but we would have to sit down and talk about it. … We are going to be looking at high-quality ratables.”
grim says:

May 3, 2008 at 6:42 am

From the NY Times:

New Jersey’s Timid Legislature

Gov. Jon Corzine of New Jersey has thrown in the towel in his four-month effort to persuade the State Legislature to reduce his state’s colossal debt by sharply raising turnpike and parkway tolls. The Legislature, which does not share his sense of urgency, gave him no choice. Despite its merits, the plan had little support from Republicans or the Democrats, who control both legislative houses.

Though the fiscal mess is not of Mr. Corzine’s making, he must come back with an alternative. Our own suggestion is that he reconsider his opposition to raising the state’s gas tax. This may seem counterintuitive with gas prices climbing and politicians everywhere talking about lowering gas taxes, but New Jersey’s levies are among the country’s lowest.

Many states, including New York, are facing budget shortfalls. A long history of irresponsible borrowing and spending by previous governors and legislators has left New Jersey in a particularly perilous position. Its debt is now $32 billion, and the interest payments alone prevent the state from meeting its obligations in health care and other crucial areas.
grim says:

May 3, 2008 at 6:45 am

From the WSJ:

Downgrades Show Storm Isn’t Over
Lenders ResCap,
Countrywide Fall
Into Deeper Hole
By SERENA NG and CYNTHIA KOONS
May 3, 2008; Page B1

Financial markets have been on a winning streak lately, but land mines lurk.

Two of them resurfaced Friday, when credit-rating services downgraded the debt of a pair of big of mortgage lenders, Residential Capital LLC and Countrywide Financial Corp.

ResCap’s credit rating was cut deep into “junk” territory after it unveiled plans to restructure $14 billion of debt and possibly borrow billions more from its parent, GMAC LLC.

Countrywide’s debt rating was slashed to junk from investment grade by Standard & Poor’s after Bank of America Corp. said it isn’t sure it will stand behind roughly $38 billion of Countrywide debt.

Credit markets have become substantially calmer since the Federal Reserve helped avert a complete collapse by Bear Stearns Cos. in March. Friday’s downgrades were a reminder that other big financial institutions are still struggling under the weight of problem mortgages.
grim says:

May 3, 2008 at 7:09 am

2002 prices for Franklin Lakes?

701 Sneider Lane, Franklin Lakes NJ

Purchased: 5/20/2002
Purchase Price: $750,000

MLS 2734978
Original List Price: $1,099,000
Sold: 4/30/2008
Sale Price: $760,000
NJCoast says:

May 3, 2008 at 9:27 am

Closed sales for Monmouth County SFH for April
according to the Monmouth County MLS as of today.

2002- 497
2003- 445
2004- 538
2005- 457
2006- 423
2007- 368
2008- 320

Under Contract for April

2002- 733
2003- 662
2004- 817
2005- 824
2006- 628
2007- 535
2008- 470
cooper says:

May 3, 2008 at 9:34 am

grim mls 2748008
716 sneider lane F.Lakes – estate sale
OLP-945,000 on 6/18/07
sold 610,000 on 4/11/08
2.5 acres

prior to this they accepted 600 but the deal fell apart due to structural integrity probs
Orion says:

May 3, 2008 at 9:47 am

Job Losses

From NY Times:

http://www.nytimes.com/2008/05/03/business/03econ.html?_r=1&th&emc=th&oref=slogin
bairen says:

May 3, 2008 at 9:48 am

#1 grim,

I thought a lot of the air pollution in NJ was caused by the power plants and factories of the rust belt and mid west?
bairen says:

May 3, 2008 at 9:50 am

#3 Just what we need, less office space and more retail.

/ sarcasm
Orion says:

May 3, 2008 at 9:52 am

njcoast (7)

Thanks for the update/info.
lisoosh says:

May 3, 2008 at 9:55 am

bairen Says:
May 3rd, 2008 at 9:50 am
“#3 Just what we need, less office space and more retail.”

Hard truth that mayors seeking ratables don’t want to consider is that we don’t really need either.
lisoosh says:

May 3, 2008 at 9:57 am

#13 – Can’t get rid of our precious little fiefdoms though, so lets just plaster the state with half empty strip malls and office buildings.
alia says:

May 3, 2008 at 10:00 am

paying some bills this morning, it occurred to me: the forever stamp is a hedge against inflation. forget gold, buy stamps!

;)
Orion says:

May 3, 2008 at 10:03 am

(2) Family Leave

“The program will be employee-funded through a new payroll tax that will begin to be collected in January that goes into an insurance fund workers can tap, at an estimated cost of $33 a year for most employees.”

Just what NJ workers need now, a new f***kin’ TAX!!!

“Insurance fund” my a**.
Just another coffer for state gov’t to draw from.
Orion says:

May 3, 2008 at 10:06 am

Mac users

How do you get italics on this site? Thanks.
RaggedJohn says:

May 3, 2008 at 10:15 am

If I remember correctly, the American Lung Association gives the F grade to pretty much every large American city, making it hard to differentiate between them.

I am an asthmatic, and the difference between the tri-state area (generally pretty good) and metro Philadelphia (horrible) is significant for me.

Back to real estate news, the GSMLS inventory number is on its way back towards cresting 36000 after April contract expirations…
3b says:

May 3, 2008 at 11:07 am

Getting back to yesterday’s job’s #’s. We have 1 month of job losses that were less thn anticipated, and already some of the talking heads are saying this indicates a short and shallow recession.

1. So we are now in a recession? I thought we were satill debating that.

2. More imoprtantly should we not wait for say 3 months worth of numbers before we proclaim the recession that is not a recession is going to be short and mild?
One better than expected month, and we have the all clear signal?
BC Bob says:

May 3, 2008 at 11:19 am

3b [19],

Pick up Barron’s and read Ableson regarding yesterday’s BS #’s, I mean BLS #’s. Birth/death created 267K jobs! Look at the # of part time workers, yoy increase. Yes, part time because they have exhausted all possible avenues trying to find full time employment. When you read the details of the report, it’s abysmal.

When will CNBC invite Abelson to be their guest host?
BC Bob says:

May 3, 2008 at 11:21 am

3b,

Also, when you move the off balance sheet unemployed back to the balance sheet, our umemployment rate is over 9%.
electricsheep says:

May 3, 2008 at 12:01 pm

71 Montclair Avenue in Montclair is under contract … looked at that house a few weeks ago. Although according to the realtor, it has been under contract twice already and something fell through.
sas says:

May 3, 2008 at 12:09 pm

“JPMorgan says no near end to financial crisis: report”
http://www.reuters.com/article/ousiv/idUSL0353675920080503
sas says:

May 3, 2008 at 12:10 pm

inside skinny from Citi board leaks;
“we still have no idea how much money we lost”

i am damn close to calling the collapse of Citi this year or next.

SAS
njrebear says:

May 3, 2008 at 12:23 pm

About 1.4 million persons (not seasonally adjusted) were marginally attached to the labor force in April.
.. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.

http://www.bls.gov/news.release/pdf/empsit.pdf
BC Bob says:

May 3, 2008 at 12:24 pm

SAS [24],

That would only occur in a capitalistic society. Bergabe has drawn the line in the sand. Screw the future generations.
grim says:

May 3, 2008 at 12:29 pm

Way to go Sam, super piece.

From the Star Ledger:

Bigwigs’ predictions have analysts scratching their heads

Asking the titans of Wall Street if the financial crisis is over is a lot like asking a barber if you need a haircut.

Of course the answer is going to be “yes.”

Many of Wall Street’s best and brightest are now proclaiming the worst of the credit storm may have passed. Their comments have come even as many Wall Street firms have announced eye-popping billion-dollar losses on subprime mortgage investments.

One of the more bullish comments came last month from Morgan Stanley Chief Executive John Mack, who assured investors the subprime problem was “in the eighth inning or maybe the top of the ninth.”

But even some of his own employees don’t seem to agree.

In a research note April 28, Morgan Stanley analysts Betsy Graseck, Cheryl Pate and Justin Kwong said they think the credit markets are only in the “third inning” of the crisis.

Mack isn’t alone in his optimism. During the past month, JPMorgan Chase’s Jamie Dimon, Goldman Sachs’ Lloyd Blankfein, Lehman Bros.’ Richard Fuld and Citigroup’s Vikram Pandit have piped in with similarly upbeat assessments.

Who knows — maybe they’re right.

But aren’t these the same guys who didn’t see the subprime crisis coming in the first place? The same ones who desperately clung to the notion the carnage would not spread?
njrebear says:

May 3, 2008 at 12:30 pm

from 25]

In April, the number of persons working part time for economic reasons increased by 306,000 to 5.2 million.
This level was 849,000 higher than in April 2007. These individuals indicated that they were working part time because their hours had been cut back or because they were unable to find a full-time job.
BC Bob says:

May 3, 2008 at 12:31 pm

bear [25],

Spot on. In addition to this, yoy, there is a 20% increase in the # of part time workers. This was a result of either their hours cut back or unable to find full time employment. If you are one of these 5M workers, you’re screwed. If you are WS, you break out the champagne.
BC Bob says:

May 3, 2008 at 12:32 pm

Bear beat me to the punch.
njrebear says:

May 3, 2008 at 12:37 pm

Bob,
It really scares the sh*t out of me. I hope my company has enough to pay my severance. They borrowed a load of green to fund a stock buy back!
BC Bob says:

May 3, 2008 at 12:43 pm

“and investors are more confident that someone — namely, the Fed — is finally steering the ship.”

From #27,

Comforting, the fed is finally steering the ship. Hopefully, when they trade cash for trash, at the window, they also include a boat load of life preservers.
chicagofinance says:

May 3, 2008 at 12:52 pm

Looking for that perfect gift for your NJ RE Report friends?

http://www.perpetualkid.com/index.asp?PageAction=VIEWPROD&ProdID=2140
BC Bob says:

May 3, 2008 at 1:08 pm

Bear,

What industry are you in?

Chi,

Maybe 50.5 will buy one for each of us?
BC Bob says:

May 3, 2008 at 1:11 pm

“Buffett loses $1.6bn on derivatives”

http://www.ft.com/cms/s/0/c5c77212-1892-11dd-8c92-0000779fd2ac.html
BC Bob says:

May 3, 2008 at 1:15 pm

Everything that dies, someday comes back.

“Camel demand soars in India”

http://www.ft.com/cms/s/0/92da4324-1870-11dd-8c92-0000779fd2ac.html
njrebear says:

May 3, 2008 at 1:30 pm

Bob,
Software.
njpatient says:

May 3, 2008 at 1:40 pm

19 3b

In 1, if, by “we,” you mean pret, then yes, we are.
bi says:

May 3, 2008 at 3:06 pm

here are my weekend investment ideas again. long: gold mining and food. cash out: s&p 500 espcially financials and energy stocks.
my view is broad market will trade in range at best in next few months but i will not be surprised to see dow down 500 pts. in one day before summer.

all disclaimers apply.
NJGator says:

May 3, 2008 at 3:08 pm

electricsheep #22 – There’s another house on that block that had also returned to market because the deal fell through due to “buyer non-perofrmance”. I’ll be curious to see what 71 Montclair eventually goes for. That house sold last year for $560k before improvements and was the primary reason we won our tax appeal.
Sybarite says:

May 3, 2008 at 3:18 pm

#39

Bi; no disclaimers needed with your posts. This is disclaimer enough:
“bi Says:
May 3rd, 2008 at 3:06 pm “
electricsheep says:

May 3, 2008 at 4:37 pm

njgator:

we saw the other montclair ave house as well. I love that street.

We had friends who bid on 252 Valley Road. It was listed at $595 and went for $626! Insane. It was a nice house, but right on valley road. A lot of the nicer/updated homes are still going the first weekend in Montclair.
bairen says:

May 3, 2008 at 4:43 pm

One of my coworkers quit to go back to being a full time real estate agent. He had been doing it as a side line for the last year. He said he has been getting lots of calls the last few months.
njpatient says:

May 3, 2008 at 4:45 pm

42 electric
I think Bruce Hornsby wrote a song about that house.
njpatient says:

May 3, 2008 at 4:46 pm

43 bairen

For his sake I hope those calls are from buyers, not sellers. No shortage of sellers.
bairen says:

May 3, 2008 at 5:16 pm

#45 njpatient

Me too. Or at least for rentals. He’s a nice guy too.
sas says:

May 3, 2008 at 5:28 pm

a little off topic, but interesting transcript to read..none the less…

United States sovereign wealth fund.

http://www.csun.edu/coms/ben/news/cia/ven/60m.html

SAS
lostinny says:

May 3, 2008 at 6:49 pm

33 ChiFi
Perfect!
NJGator says:

May 3, 2008 at 8:39 pm

Electricsheep 42 – Do you have kids? If you do, it’s th greatest street to take them trick or treating on. There’s a crazy guy who dresses up like Elvis each year and plays The King’s music while giving out his candy and also someone who works at Scholastic who gives out new books every year – everything from board books for the little ones to stuff appropriate for teenagers. You should see the line at that house every year!

How did 71 Montclair look on the inside? We never got to an open house and I was wondering what the flipper did to it that would justify the $330k markup on the original asking price.
Frank says:

May 3, 2008 at 9:06 pm

#1,
Air in NJ is still not bad, but has any one noticed the pollution in Manhattan and Hoboken? Wow, you need a gas mask to survive these days and people are willing to raise their kid in those places. That’s crazy.
Frank says:

May 3, 2008 at 9:08 pm

“N.J. OKs family leave; benefits to start in ‘09”
I love the new tax, keep raising them, how about a new gasoline tax? Keep taxes high, keep people away from NJ at least the air will cleaner.
bairen says:

May 3, 2008 at 9:24 pm

#50 Frank

I was in Manhattan with my SIL from Taiwan. She thought the air was pretty bad. Says a lot doesn’t it.
Frank says:

May 3, 2008 at 9:29 pm

The air around Manhattan got bad in the last few years, 10 years ago things were fine. The crazy part is the fact that people are willing to raise their kids in this kind of pollution.
gary says:

May 3, 2008 at 10:17 pm

And the thing that gets me is that there is not even anything to make you say ‘wow’. There isn’t even anything to be envious of. I get the feeling that the sellers probably wore down a number of brokers until finally someone said to themselves, “f*ck it; we’ll list this thing just to shut them up.”

It’s amazing to me the absolute void that people have when it comes to common sense and finance. I’m really shocked they way some people think. It makes you wonder where the f*cking turning point was when this country went into a slide. I honestly believe it was around 20 years ago. At the next GTG, I can explain exactly what I mean.

And the thing that’s even more shocking than the sellers f*cked up reasoning is the fact that people fall for it. Oh…. my…. God. You people reading this blog should be approaching these f*cking morons out there the same way a great white shark approaches a pup seal.

I have so much more to say that it would take me forever to write it. We need another GTG.

http://www.realtor.com/realestate/hillsdale-nj-07642-1096110895/
cooper says:

May 3, 2008 at 11:00 pm

May 3 (Bloomberg) — Warren Buffett, chief executive officer of Berkshire Hathaway Inc., said the global credit crunch has eased for bankers, and the Federal Reserve probably averted more failures by helping to rescue Bear Stearns Cos.

“The worst of the crisis in Wall Street is over,” Buffett said today on Bloomberg Television. “In terms of people with individual mortgages, there’s a lot of pain left to come.”

http://www.bloomberg.com/apps/news?pid=20601103&sid=aMWbId0HNwOk&refer=us
kettle1 says:

May 3, 2008 at 11:01 pm

Gary,
what is the basic concept of what happened 20 yrs ago to start the slide?
gary says:

May 3, 2008 at 11:13 pm

kettle1,

It’s definitely the way people’s attitudes and priorities changed. The sacrifices that made family and community such a focal point of importance became replaced with instant gratification and me first. I’ve said it for a long time now, we have fewer and fewer real leaders and way too many pretenders. I could definitely explain it more at a GTG.
kettle1 says:

May 3, 2008 at 11:22 pm

gotcha Gary

was just curious about you general thesis on the matter :)

As you said before this is more of a GTG conversation, but the loss/alteration of local social structures is defiantly an issue in many ways
kettle1 says:

May 3, 2008 at 11:23 pm

Gary,

dont worry too much, if we continue the way we are going then the situation will be self correction…. after the collapse of the US as a coherent nation anyway :)
kettle1 says:

May 3, 2008 at 11:24 pm

RE101

so can i expect one of those nifty communist faces that ChiFi linked to? i would look good in a beard. The only problem is are there any well known blonde communists????
dblko says:

May 3, 2008 at 11:26 pm

Every time after getting of the train and walking from and to work in midtown Manhattan I find it amazing that while even the smallest apartments cost millions the air stinks and the garbage bags are piled up everywhere. The steam coming up from the manholes reminds of scenes of a scifi movie like Bladerunner. When you cross the street during rain you have to be careful not to get you shoes soaked in pothole puddles.

Let’s not even start talking about the state of the subway system. Given the amount of money that is still floating around the city it’s unbelievable that the infrastructure is more like a 3rd world country.

ps
Actually I found the subway system in Taipei pretty nice. Japan’s is the top in my opinion regarding transportation. I would rather take the a subway in Tokyo during rush-hour than any subway in New York.
kettle1 says:

May 3, 2008 at 11:31 pm

US housing market….

http://tinyurl.com/5kfw53
gary says:

May 3, 2008 at 11:36 pm

kettle1,

Not doubt about that, incoherence has become the norm. I’m definitely primed for another GTG.
kettle1 says:

May 3, 2008 at 11:46 pm

Someone asked for this before, enjoy, for what it is.

Bergabe’s Pawn Shop
http://s278.photobucket.com/albums/kk98/sprocket011/?action=view&current=PAWN-SHOP.jpg
gio says:

May 4, 2008 at 12:01 am

CNN Busted- housing market lending and recession program Bottom line – treat your home like a home not a bank TOO LATE!!
Eperts on show see an additional 20%
decline in prices. I hope that includes the Jersey Shore but so far prices seem to be holding.
Marlton_Guy says:

May 4, 2008 at 1:04 am

Looks like the situation in South Jersey is getting worse than we thought..

http://www.philly.com/inquirer/home_top_left_story/18479604.html

The 30-year-old bookkeeper stood pregnant, broke and sad under rows of pawned guitars hanging like curing hams from the ceiling of the ragged South Street shop. She got a $20 loan for her $200 Bulova, a gift from the Harley-Davidson Co., where she used to work.

“It feels so weird,” said Dillingham, accompanied by her fiance, Pat Lapetina, 35, an unemployed ironworker doing painting jobs on the side. The couple recently moved to South Philadelphia from Florida to build a life.

“I worked hard for this watch. I’m middle-class, not poor. I can’t believe I have to do this to buy gas.”

Federal Reserve Chairman Ben S. Bernanke won’t call what we’re living through a recession. But at Society Hill and other such shops – where they measure economic misery in increasing volumes of pawned bling – they’ll tell you that hard times are hard times, whatever label the eggheads affix.

“People are cleaning out their houses of gold, silver, whatever, to get money just to fill their cars with gas,” said Nat Leonard, 51, whose grandfather opened Society Hill in 1929. “People are pawning out like crazy.”

Business is up maybe 20 percent over last year.

“With this economy, we’re not done yet with bad times,” Leonard continued. “Not even close.”
Clotpoll says:

May 4, 2008 at 1:39 am

King Kev promises to give Chelsea a hard time at St. James’ on Monday. The Blues had better be ready. They cannot drop any points and win the EPL now.

Finally, Newcastle is back from the dead.

Go Toon!
grim says:

May 4, 2008 at 6:18 am

From the AP:

Poll finds NJ anxious about economic future

New Jerseyans know a sagging economy when they see one.

A Monmouth University/Gannett New Jersey poll released Sunday finds Garden State residents increasingly jittery, with 85 percent saying the state is experiencing troubled economic times.

That’s the highest level of economic worry since the early 1990s.

“They’re trying to be optimistic about their own situation,” said Patrick Murray, director of the Monmouth University Polling Institute. “But many Garden State residents are anxious about their family’s financial security for both the long- and short- term.”

The poll comes amid economic woes that have strained the labor market — not only in New Jersey but across the nation — and boosted energy and food prices. It also found New Jerseyans hesitant about big spending and significant life changes.

For instance, 90 percent of respondents say it’s a bad time to sell a home, while only 30 percent say it’s a good time to buy a car and just 11 percent think it’s good time to start a new job search.

Meanwhile, job security worries are most prevalent among those who earn the least.

Overall, 33 percent are very concerned someone in their household might be out of work in the coming year, with 23 percent somewhat concerned.

However, 43 percent of those earning less than $50,000 per year are worried someone in their household may lose their job, compared to 34 percent of those earning $50,000 to $100,000 and 25 percent of those earning more than $100,000.

Among long-term financial worries, 42 percent are very concerned about not having enough money for retirement, with 33 percent somewhat concerned.

Among choices presented in the poll, 35 percent say their biggest economic fear is paying everyday bills, followed by health care expenses at 19 percent and saving for retirement at 14 percent.

Paying the monthly mortgage or rent is the most worrisome household bill, at 32 percent, followed by gas and transportation costs at 16 percent and property taxes at 15 percent. About 80 percent of respondents reported cutting back on their family’s day-to-day spending, including 26 percent who
say those cutbacks have been severe.
grim says:

May 4, 2008 at 6:20 am

From the Asbury Park Press:

Home sweet home

Statistics on the pace of rental sign-ups so far this year are hard to come by. But anecdotally, real-estate agents at the Jersey Shore have seen some signs business is off this year.

For instance, in the tony towns of Spring Lake and Sea Girt, inventory is still high, with more than 40 homes still available, said Henry S. Schwier, a Sea Girt broker. Rentals so far are “way off,” he said.

“People don’t have the bonuses they had before, particularly on Wall Street and other firms,” Schwier said. “A lot of mergers, a lot of people being laid off has a tremendous impact.”

He said it’s going to be a late season, with people coming out in May and June to rent for July and August.

So far, Anthony Belli, broker for Schlosser Real Estate in Belmar, estimates rentals have decreased about 10 percent.

“It has been slower than last year,” Belli said. But prospective renters are coming down now that the weather is warmer. “By this time, we are usually wrapping it up. But we have been busy getting more people down on the weekends.”

Prospective renters are trying to negotiate rents. “The owners have negotiated some, but they have their bottom line also,” Belli said. “Sometimes we just can’t put them together.”

Still, most of the homes will rent, Belli said. “Just by the calls that I’ve been getting, I know we are going to have more people coming down this weekend too.”

Alice Farr-Leonard, broker of record at Century 21Schlossbach Realty in Belmar, said the market for full-season rentals is strong and inventories are up. Troubles in the housing market has led to more rentals, she said.

“The inventory is greater now than I have ever seen it due to the fact that the sale market is (not) good,” Farr-Leonard said. “We have several vacancies still in places that we have rented always in the past and other places that we have never rented went first. There is just never a way you can tell.”
grim says:

May 4, 2008 at 6:21 am

From the Courier Post Online:

Gloom pervades money poll

You probably know this already, but a new poll makes it official: New Jerseyans are worried about money.

An overwhelming 85 percent of those who responded to a Monmouth University/Gannett New Jersey newspaper poll, conducted in late April, said the cost of housing, gasoline and property taxes has contributed to a bad economic climate in the state.

Many also worry about their financial future, especially job security and retirement, and have taken steps to cut spending.

But a surprising number of those responding (73 percent) say that their current financial picture is good, with 12 percent of that group saying it’s “very good.”

What does it all mean?

“It’s means that there’s a lot of anxiety out there,” said Patrick Murray, director of the Polling Institute at Monmouth University. “People aren’t about to be thrown into the street anytime soon, but they worry, “What happens if I lose my job?’ or, “Will I have enough money for retirement?’ ”

Murray also said it’s significant to note that 25 percent of those polled say their financial situation is poor.

“We haven’t see it this bad since the early ’90s,” Murray said, referring to a 1991 poll that found 84 percent of Jerseyans were worried about the economy.
grim says:

May 4, 2008 at 6:25 am

From the Star Ledger:

Alcatel-Lucent move could spur property tax hike in Hanover

Telecommunications company Alcatel-Lucent will close its Hanover facility, starting this summer, and the departure of the township’s biggest taxpayer may force local homeowners to temporarily dig deeper into their wallets to make up for the loss, officials said yesterday.

The Paris-based company, which operates a 1.4 million-square-foot facility on Whippany Road and Route 10, will transfer most of the 2,100 employees in Hanover to its headquarters in Murray Hill by September 2009, spokeswoman Mary Lou Ambrus said.

Alcatel-Lucent pays $2.4 million in taxes a year, making it Hanover’s largest taxpayer. The second-largest taxpayer, investment bank Bear Stearns, was acquired by JP Morgan Chase in March and may also leave town, local officials say.

Mayor Ron Francioli said Hanover residents shouldn’t feel the impact in their tax bills for 2008 because the budget has been completed. But in subsequent years, homeowners may see their tax bill increase. Commercial properties will also see an increase, at least until the Alcatel-Lucent land is redeveloped and its full tax revenue potential is realized, the mayor said.

“Residents will feel some of this impact,” Francioli said. “Obviously, as a township government, we’re going to soften the blow as much as we can, but without suitable ratables, it’s going to be very difficult.”
lostinny says:

May 4, 2008 at 6:31 am

I don’t know if Lee Iaccoca actually said any of this but I think a lot of people on this board feel this way:

Lee Iacocca Speaks:

‘Am I the only guy in this country who’s fed up with what’s happening? Where the hell is our outrage? We should be screaming bloody murder.
We’ve got a gang of clueless bozos steering our ship of state right over a cliff, we’ve got corporate gangsters stealing us blind, and we can’t even clean up after a hurricane much less build a hybrid car. But instead of getting mad, everyone sits around and nods their heads when the politicians say, ‘Stay the course’.
Stay the course? You’ve got to be kidding. This is America ,not the damned ‘Titanic’. I’ll give you a sound bite: ‘Throw all the bums out!’
You might think I’m getting senile, that I’ve gone off my rocker, and maybe I have. But someone has to speak up. I hardly recognize this country anymore.
The most famous business leaders are not the innovators but the guys in handcuffs. While we’re fiddling in Iraq, the Middle East is burning and nobody seems to know what to do. And the press is waving ‘pom! -poms’ instead of asking hard questions. That’s not the promise of the ‘ America ‘ my parents and yours traveled across the ocean for. I’ve had enough. How about you?
I’ll go a step further. You can’t call yourself a patriot if you’re not outraged. This is a fight I’m ready and willing to have.
The Biggest ‘C’ is Crisis !
Leaders are made, not born. Leadership is forged in times of crisis. It’s easy to sit there with your feet up on the desk and talk theory. Or send someone else’s kids off to war when you’ve never seen a battlefield yourself. It’s another thing to lead when your world comes tumbling down.
On September 11, 2001, we needed a strong leader more than any other time in our history. We needed a steady hand to guide us out of the ashes. A Hell of a Mess!
So here’s where we stand. We’re immersed in a bloody war with no plan for winning and no plan for leaving. We’re running the biggest deficit in the history of the country. We’re losing the manufacturing edge to Asia, while our once-great companies are getting slaughtered by health care costs. Gas prices are skyrocketing, and nobody in power has a coherent energy policy. Our schools are in trouble. Our borders are like sieves. The middle class is being squeezed every which way. These are times that cry out for leadership.
But when you look around, you’ve got to ask: ‘Where have all the leaders gone?’ Where are the curious, creative communicators? Where are the people of character, courage, conviction, omnipotence, and common sense? I may be a sucker for alliteration, but I think you get the point.
Name me a leader who has a better idea for homeland security than making us take off our shoes in airports and throw away our shampoo? We’ve spent billions of dollars building a huge new bureaucracy, and all we know how to do is react to things that have already happened.
Name me one leader who emerged from the crisis of Hurricane Katrina. Congress has yet to spend a single day evaluating the response to the hurricane, or demanding accountability for the decisions that were made in the crucial hours after the storm.
Everyone’s hunkering down, fingers crossed, hoping it doesn’t happen again. Now, that’s just crazy. Storms happen. Deal with it. Make a plan. Figure out what you’re going to do the next time.
Name me an industry leader who is thinking creatively about how we can restore our competitive edge in manufacturing. Who would have believed that there could ever be a time when ‘The Big Three’ referred to Japanese car companies? How did this happen, and more important, what are we going to do about it?
Name me a government leader who can articulate a plan for paying down the debit, or solving the energy crisis, or managing the health care problem. The silence is deafening. But these are the crises that are eating away at our country and milking the middle class dry.
I have news for the gang in Congress. We didn’t elect you to sit on your asses and do nothing and remain silent while our democracy is being hijacked and our greatness is being replaced with mediocrity. What is everybody so afraid of? That some bonehead on Fox News will call them a name? Give me a break. Why don’t you guys show some spine for a change?
Had Enough?
Hey, I’m not trying to be the voice of gloom and doom here. I’m trying to light a fire. I’m speaking out because I have hope I believe in America . In my lifetime I’ve had the privilege of living through some of America ‘s greatest moments. I’ve also experienced some of our worst crises: the ‘Great Depression’, ‘World War II’, the ‘Korean War’, the ‘Kennedy Assassination’, the ‘Vietnam War’, the 1970s oil crisis, and the struggles of recent years culminating with 9/11. If I’ve learned one thing, it’s this:
You don’t get anywhere by standing on the
sidelines waiting for somebody else to take action. Whether it’s building a better car or building a better future for our children, we all have a role to play. That’s the challenge I’m raising in this book. It’s a call to ‘Action’ for people who, like me, believe in America . It’s not too late, but it’s getting pretty close. So let’s shake off the crap and go to work. Let’s tell ’em all we’ve had ‘enough.’
gary says:

May 4, 2008 at 8:15 am

lostinny [72],

Geezus, who ever that is that said that sounds like they read my mind.
reinvestor101 says:

May 4, 2008 at 8:18 am

Lee Iococca needs to sit down and be quiet. Under his leadership, Chrysler only got saved because he got bailed out by the taxpayers. If it wasn’t for that, Chrysler would not have survived. After the US taxpayer saves his behind, now he wants to act like he was a strong leader. He needs to put a sock in it.
ithink-ithink says:

May 4, 2008 at 8:19 am

Thank you Thank you Thank you Thank you James, Jim, JB, Grim,

Back of the baseball card:
1992 SP: ?$200-225k?
2000 SP: $325,000
OLP: $479,900 (approx 165 DOM)
Relist: $449,900
2008 SP: $400,000 (approx. 16% off OLP) + new roof

We have a little over 3/4 wooded acre, 2 car garage, fire place, 3 bed, 2.5 bath.

We had 4 very near miss offers:

We were turned down by one, now wiping our brow saying “pfhew!” We walked from three other offers: one had a asbestos on the disclosure, one was a call back begging to play ball because our counter-counter was a big ‘meh.’, & one got to inspection – we walked on the results.

In a one bedroom, no dishwasher, laundrymat apartment with the Raritan Valley Line on one side, Route 28 NJ Transit Bus Stop on the other side, + 18-wheeler dispatch nearby it was very VERY hard to walk away over the last 1.5 years of our search.

But “The Board” as it’s known in our house, the wonderful online resource & hang-out that JB created kept us grounded & full of knowledge that led to our successful due dillegence.

Many many thanks!

3 Rules of Engagement

1. Don’t contact ANYONE but the listing agent. Google them & get cell phones & direct emails. Don’t discuss any MLS # or address until you speak/write that person directly. You don’t need a realtor but to let you in the door & send you MLS sheet details. Take an automatic 3% off the listing price.

2. Know what you’re looking at prior to inspection. Hell, going thru inspection once was worth the money & experience. Inspection is paying a professional to double check for you. You’re getting the house pretty much as-is. *note: this means getting a kick-ass inspector.

3. If you’re not feeling it, walk away. Living in the hell-hole you rent now is better than owning regret.

p.s.
Listen to the posters that get made fun of too, balance & perspective are key.

… & again,
Many many thanks JB!
reinvestor101 says:

May 4, 2008 at 8:21 am

You already have a communist face. Look in the mirror.

kettle1 Says:
May 3rd, 2008 at 11:24 pm
RE101

so can i expect one of those nifty communist faces that ChiFi linked to? i would look good in a beard. The only problem is are there any well known blonde communists????
lostinny says:

May 4, 2008 at 8:31 am

73 Gary
Separated at birth? :)
lostinny says:

May 4, 2008 at 8:31 am

75 Think
Congrats! Sounds like you did very well. Enjoy!
Pat says:

May 4, 2008 at 8:34 am

next gtg at i-think’s!!! Reinvestor brings the pickles.
;[
lostinny says:

May 4, 2008 at 8:36 am

When is the next gtg? Wasn’t it supposed to be April?
grim says:

May 4, 2008 at 8:42 am

Should be soon, gold coast is due.
Occasional lurker says:

May 4, 2008 at 8:51 am

Actually I found the subway system in Taipei pretty nice. Japan’s is the top in my opinion regarding transportation. I would rather take the a subway in Tokyo during rush-hour than any subway in New York.

Hong Kong and Seoul have nice subways too. But the nice ones share one thing in common missing from NYC: they are far newer.

Sure we could revamp the entire NYC subway – replace the trains, track, stations and computerize the whole thing. Problem is, someone needs to pay for it. Given the reluctance of the City and MTA to pay for the existing system…
bairen says:

May 4, 2008 at 9:56 am

#61 dblko

I love the Taipei subway system. Singapore’s is great too. Although I do miss the special urine scented rails like we have in NY.
Everything's Hobroken says:

May 4, 2008 at 10:22 am

‘someone needs to pay for it. Given the reluctance of the City and MTA to pay for the existing system’

I admit that I do not understand the MTA. It appears, prima facie, to be a cash cow, when threr are huge numbers of riders and costs that should be insensitive to volume.
D says:

May 4, 2008 at 10:34 am

This week I was reviewing my school district’s board minutes & found the listing agent of our current home is now a special education aide for the district. I guess business isn’t so good these days?!
bairen says:

May 4, 2008 at 10:50 am

When and where are we going to have a GTG? Or at least a mini one in Somerset Hills area or Brigadoon?
bairen says:

May 4, 2008 at 11:09 am

I could definitely use a drink. My mother-in-law is here with an open ended return ticket.
chicagofinance says:

May 4, 2008 at 11:11 am

Oh yes…….

http://www.bloomberg.com/apps/news?pid=20601103&sid=aDnk8NZHUQKo&refer=us
Hard Place says:

May 4, 2008 at 11:33 am

WSJ article…

What’s Subprime’s Magic Number?

http://online.wsj.com/article/SB120976475747763607.html?mod=hps_us_whats_new

The chart I think is the most telling. Shows 2006 vintage mortgage have still not peaked. 2007 seems to be tracking and slightly ahead of 2006 in terms of defaults. Appears we still have at earliest another 2 years before the subprime foreclosures peak. That doesn’t in include option arms, etc… From the looks of this, housing will be a drag for a very long time. I may be in no rush to buy for 5 years, though my young kids/wife may play into that decision a little sooner.
Hobokenite says:

May 4, 2008 at 11:37 am

Speaking of the gold coast, here’s a short sale @ the Maxwell in Hoboken

http://newjersey.craigslist.org/rfs/665037003.html

The first of many I suspect.
3b says:

May 4, 2008 at 11:39 am

#54 gary: That by far is one of the worst you have posted.

It is a rambling, discombobulated, down right ugly dump.
Hard Place says:

May 4, 2008 at 11:42 am

Thks Hobokenite…

I remember before Maxwell Place was built they were talking about selling in the $400-450 per sq ft range. This was in 2003. Than price slowly creeped up and I said forget it and took back my deposit and name of the waiting list. I’m not buying into that place. This prices the apt at $593 per sq ft and is probably the first of the columns to fall supporting the Hoboken market.

Excellent info…
3b says:

May 4, 2008 at 11:46 am

#68 grim: and 25 percent of those earning more than $100,000.

Funny, I think it is the people earning 100K or more, who should be worrying the most, especially if they have been with their employer for some time.
Hobokenite says:

May 4, 2008 at 11:50 am

Makes you wonder what Toll’s sales are like right now.
BC Bob says:

May 4, 2008 at 11:59 am

Lost [72],

I don’t know if that was actually Iaccoca. However, whoever wrote that hit the nail on the head. Everybody should be outraged. The master/architect’s of this charade are now responsible for steering us threw this mess? Wouldn’t it be simpler to just invite all the drunks to an open bar?

The fed serves one purpose; to create bubbles and busts. Wipe them out, let the market determine rates and back this withering currency with something/anything tangible.

The fed is steering the ship? Well, I’m glad I jumped ship three years ago. I’m in the deep seas, with my rowboat. Funny thing, I see more and more rowboats in the water with me. I just hope everybody sailing with the fed either has a life preserver or a raft.

50.5 [74],

Rhetorical question. Are you schizophrenic?
You constantly cheer for our govt to open the spigots to support a dying, overbought, overvalued, depreciating asset. You support a bailout for the debt infested, leeches that are are knocking on Bush’s, Dodd’s, Frank’s and Pelosi’s door. Yet you belittle a true American hero, Iacocca?

The Chrysler bailout consisted of loans, the govt did not take ownwersip. The company employed thousands, tax revenues were reaped, a real product was being produced that the public actually were willing to buy. Loans were paid back.

Today’s fiasco includes the fed accepting toxic mbs that nobody wants, won’t reap any tax revenues and won’t produce a single multiplier effect. In addition to that, now they are accepting auto and cc loans that have been tagged AAA/Aaa by the same rating agencies that sugar coated the original crap with a blind stamp of approval.

Only some dolt would compare Iacocca to today’s financial engineers. Do you hang your flag upside down or do you sit on it accompanying your brains?
Hobokenite says:

May 4, 2008 at 12:05 pm

How would you like to pay $8100/month in maintenance?

http://newjersey.craigslist.org/rfs/642480696.html
gary says:

May 4, 2008 at 12:15 pm

3b [91],

Disgraceful, isn’t it? lol! Talk about brass b*lls. Over one million for a nothing house. This one is a poster child candidate representing the madness of crowds.
Hard Place says:

May 4, 2008 at 12:25 pm

Anyone knows what the Maxwell Place 1BR’s in Hobokenite’s post above were selling for during the recent heydays? I vaguely remember reading in the $700/ sqft range. Does that sound accurate?
Mikeinwaiting says:

May 4, 2008 at 12:39 pm

Hoboken 96 8100 a month has to be a misprint.
Hobokenite says:

May 4, 2008 at 12:46 pm

Yes, but would you trust the sale of your condo to someone who can’t even get the monthly maintenance correct?
Hobokenite says:

May 4, 2008 at 12:48 pm

Hard Place,

I think it depends on the floor and what kind of view they have. But I really don’t have a clue. I recall seeing one for $850,000 (a flip) or thereabouts, but that might have been with a nice view.
Mikeinwaiting says:

May 4, 2008 at 12:57 pm

Hoboken Must be 810 a month. Although what they do for that I can’t figure. No lobby, grounds, doorman, etc, right?
Hobokenite says:

May 4, 2008 at 1:17 pm

Doesn’t look like it.
Hobokenite says:

May 4, 2008 at 1:19 pm

Hard Place,

Looking at some of the other listings on craigslist, it looks like people are asking $800/sf +.
lostinny says:

May 4, 2008 at 1:19 pm

95 BC
I’m not sure it was really him either as I stated when I posted. I did find it funny he referenced the Titanic, as we are all envious of the band.
lostinny says:

May 4, 2008 at 1:20 pm

Anyone near Woodbridge today? What the hell is that smell? It couldn’t be more foul.
Young Buck says:

May 4, 2008 at 1:52 pm

Staten Island

106. lostinny Says:
May 4th, 2008 at 1:20 pm
Anyone near Woodbridge today? What the hell is that smell? It couldn’t be more foul.
jmacdaddio says:

May 4, 2008 at 2:05 pm

James Howard Kunstler made an appearance on Colbert:

http://www.comedycentral.com/colbertreport/videos.jhtml?videoId=167409

I was too busy playing GTA4 to notice.
jmacdaddio says:

May 4, 2008 at 2:12 pm

Kunstler is a self-proclaimed expert on energy and land use. He’s right on the mark in many ways although his message gets lost in his arrogance and lack of tact. He seems to be playing nice on Colbert. Usually he makes Kettle appear downright positive by comparison!
lostinny says:

May 4, 2008 at 2:17 pm

107 Young Buck
While I might normally agree with you, that wasn’t it.
galgon says:

May 4, 2008 at 2:29 pm

Can someone please explain to me why anyone would purchase a 3BR 2.1 Bath TOWNHOUSE (MLS:2511752) in Clinton for 409000 when you can purchase a 4BR 2.1 bath HOUSE (MLS:2506209) for only 6K more?

It seems like the townhouse owners in Clinton right now are insane with their 400K plus prices when you can get a similar sized house for slightly more.
willwork4beer says:

May 4, 2008 at 2:31 pm

Lost [72], Bob [95]

It was Iaccoca, from a book he published last year called Where Have All the Leaders Gone?

http://www.snopes.com/politics/soapbox/iacocca.asp
John says:

May 4, 2008 at 2:47 pm

Iaccoca made the decision to save $5 bucks when building the Pinto by not protecting the rear gas tank and in rear end collisions the occupants were burned alive. He should be in jail for murder not writing books. He could have been CEO of Ford or President of the USA so I guess that was his punishment.
Mikeinwaiting says:

May 4, 2008 at 3:19 pm

gaigon 111 Seeing the same thing in my neck of the woods. You can buy a house with same taxes & maintenance on the condos is 250 month. That is of course unless there is a big problem such as septic repair or major road work then it is extra. Less room, no storage to speak of, common walls, keep em!
R Patrick says:

May 4, 2008 at 3:38 pm

galgon:

That’s the part about NNJ that makes no sense to me. I can understand shelling out big money to be in Manhattan or in a great NYC neighborhood and a walkable 10-15 minute commute to work.

But buying a condo with a nasty commute when for nasty+15-20 minutes you can get a whole house for the same money…makes no sense.
gary says:

May 4, 2008 at 4:07 pm

See, the thing that burns my f*cking @ss to no end is that your monthly payments with 20% down should be the same as what these people are asking for in rent.

They no doubt owned this house for years and want to continue to generate income, which is fine but if you wanted to buy this house with 20% down, the payments would be double what they’re asking for in rent.

And if the great ponzi housing fiasco was never hatched, this is definitely how it would’ve played out.

This house should be listed at $605,000 in this town.

http://www.realtor.com/realestate/upper+saddle+river-nj-07458-1092293106/
njpatient says:

May 4, 2008 at 4:53 pm

86 bairen
Re GTG, I wonder too.
Mrs. Patient and I had a great time at the last one meeting chi, clot, lostinny, jmac, stu, gator, kettle, grim AND GARY!

I still want to meet BC Bob, lisoosh, tosh, doyle, spam and a bunch of others, like you and Nom.

Seems GTG works best with a month of lead time and the official grim imprimatur.

I think we discussed having the next GTG nearer Manhattan (which reminds me, I’d also like to meet pretorius).
njpatient says:

May 4, 2008 at 4:56 pm

And Pat!
njpatient says:

May 4, 2008 at 5:00 pm

Hey reinvestor – go read the last post on the previous thread.
Frank says:

May 4, 2008 at 5:05 pm

“Merrill eliminated all but one member of its CP origination team”

http://www.securitization.net/article.asp?id=1&aid=8159
njpatient says:

May 4, 2008 at 5:06 pm

116 gary

That url misspells Upper Haughtyville. Someone should tell them.
bairen says:

May 4, 2008 at 5:20 pm

#116 Gary,

To buy our pos townhouse with 20% down would have cost us 60% more to buy then rent. So why bother buying? We can take the difference and fund the kids college fund and our IRAs and not have to eat ramen or find a greater fool to take it off out hands.

Since we signed the lease, for every $1 in rent we have paid the value of the place has dropped by $3. Plus we are paying less then 2/3rds of what a mortgage with 20% down would have been.
lostinny says:

May 4, 2008 at 5:55 pm

119 Patient
I think that’s why he said what he said.
bairen says:

May 4, 2008 at 5:55 pm

#117 njpatient,

It would be interesting to meet the people behind the handles.
Young Buck says:

May 4, 2008 at 5:55 pm

candidate for the next Lowball…if it ever sells that is

MLS#: 2294895
http://new.gsmls.com/public/detailLst.do?mlsNum=2294895

OLP $359,000
DOM 675
Current LP $199,900

3 units sold, 8 units currently listed
gary says:

May 4, 2008 at 5:57 pm

And the thing is, that house I posted in #116 is nothing spectacular. It’s not because it’s in a town with a “label” name, it’s because it’s a nice size for my family, it’s on a decent piece of property and it’s on a quiet street.

In a trade up home, isn’t that what it should be? I mean, geezus, it’s not a McMansion or ultra haughty and it should be priced as such. I haven’t found decent property sizes in so-called lesser towns unless it’s at least 30 miles away from Manhatten.
3b says:

May 4, 2008 at 6:03 pm

#117 njpatient: I will definitely be at the next one. As long as it is not May 31st.
njpatient says:

May 4, 2008 at 6:25 pm

127
And 3B!!!!!!!!!!!!!
njpatient says:

May 4, 2008 at 6:26 pm

123 lost

I must have missed it.
njpatient says:

May 4, 2008 at 6:27 pm

123 lost

Did it get excised?
lostinny says:

May 4, 2008 at 6:52 pm

130 Patient
Looks like it disappeared.
kettle1 says:

May 4, 2008 at 7:24 pm

Jmac,

are you suggesting that i need to bring my doom and gloom up a notch or two????
galgon says:

May 4, 2008 at 7:37 pm

mike 114:

I might be able to understand the townhouse/house price points if the house was just average with no upgrades in 20+ years and the townhouse had 50k+ in luxury upgrades.

I always thought there was a 10-20% price differential between Single Family Homes and townhouses. I think some of the townhouse owners in the NJ will be in for a rude awakening shortly.
Mikeinwaiting says:

May 4, 2008 at 8:07 pm

gaigon 133 You can have a house built the same year as a townhouse not even a townhouse a condo with no garage for the same price. The #s just don’t work for the condos. Yes, they will be in for a shock.
As you may or may not know I’m way up in Sussex cty. so the prices are lower but the ratios are still out of whack.
reinvestor101 says:

May 4, 2008 at 8:32 pm

NJPantywaist,

I responded, but was censored. Here’s the kinder and gentler version:

Let me tell you something you darn pantywaist, grow the heck up. That’s right, you heard me. I didn’t stutter, I called you a pantywaist. What are you going to do about it?

No one is going to play nursemaid for you by providing a fresh powder and a clean set of diapers just because you have your panties in a bunch over failing to buy a house when you were supposed to. No one is going to wipe your crocodile tears while you moan about being priced out of the housing market. No one is going to provide a darn blanket for you can cower under while the real men in this country do what they have to do to protect everyone by draining the terrorist swamp.

I’m getting sick and tired of spineless invertebrates like you wringing your darn hands and running around like chicken little bemoaning about the sky is falling due to real estate being too high in price, or your claim that the fed is causing disaster by supporting market functions or crying about this great nation losing face because we decided to kick behind and take names.

Let me tell you something, you need to get some backbone and if you need to, carry your behind down to the corner store to purchase some. Jellyfish.

njpatient Says:
May 4th, 2008 at 5:00 pm
Hey reinvestor – go read the last post on the previous thread.
kettle1 says:

May 4, 2008 at 8:41 pm

re101

i hope we can meet at the next GTG. i would very much like to meet you and discuss how you have come to your point of view. hopefully you are real and not just a troll. if nothing else you add perspective to the board.
jmacdaddio says:

May 4, 2008 at 8:46 pm

Kettle,

Is it really possible to kick up your doom and gloom a notch? Or have you reached a point of diminishing returns?
Sybarite says:

May 4, 2008 at 8:47 pm

#136

Me too. But I think he’s actually a big
p(_)ssy.
kettle1 says:

May 4, 2008 at 9:00 pm

Jmac,

yes it is, i try to keep myself in check here. as the quote goes “YOU CANT HANDLE THE TRUTH!”
galgon says:

May 4, 2008 at 9:11 pm

re101:

Is this you?:
http://www.zillow.com/forum/site/ViewThread.htm?tid=28049
Or just a like minded individual?

I did a google search for “housing terrorist” and real estate and it seems like that guy is the only other person on the web to use the term. Did you come up with the term yourself or hear it somewhere else?

This isnt a dig at you, I am genuinely interested in your answer. I figured there was a website community out there similar to this one that had people decrying the “Housing Terrorist” websites, but I did not find that to be the case.

Are there websites out there for people with your beliefs or is your only outlet the general housing websites and bubble blogs?
njpatient says:

May 4, 2008 at 9:13 pm

Recrybaby 101

“you have your panties in a bunch over failing to buy a house when you were supposed to.”

I’m happy I didn’t buy. You are unhappy that you bought.
Me: smiling.
You: crying.

“the real men in this country do what they have to do to protect everyone by draining the terrorist swamp.”

So you admit you’re not a real man.

“I didn’t stutter, I called you a pantywaist. What are you going to do about it?”

You’re cute when you’re angry.
reinvestor101 says:

May 4, 2008 at 9:14 pm

I’ll be there if nothing else than to deal with NJPantywaist, 3bonehead, Stu-pid, Clod and the rest of my assorted enemies here. There’ll be nothing like telling them to their face what I post here.

kettle1 Says:
May 4th, 2008 at 8:41 pm
re101

i hope we can meet at the next GTG. i would very much like to meet you and discuss how you have come to your point of view. hopefully you are real and not just a troll. if nothing else you add perspective to the board.
reinvestor101 says:

May 4, 2008 at 9:15 pm

Guess what? You’re on the list now.

Sybarite Says:
May 4th, 2008 at 8:47 pm
#136

Me too. But I think he’s actually a big
p(_)ssy.
lostinny says:

May 4, 2008 at 9:16 pm

140
Isn’t Alpine our former Ducky?
alia says:

May 4, 2008 at 9:18 pm

just realized one of the properties i’ve been eyeing in montclair dropped into my “hey we could just about afford that!” range. even with the property taxes. (!) it’s “subject to third party approval” (short sale, right?) and has two kitchens. (that’s a plus for us since my kid sister will soon be insufficiently housed and needs a community college)… stu, njgator, others with local insight/ opinions: 387 orange road http://beta.realtor.com/search/listingdetail.aspx?loc=montclair%2c+nj&ml=8&bd=6&typ=7&sby=1&sid=3e9412121c5241c995ded666bb98046e&lid=1097641600&lsn=2&srcnt=63#Detail … would you run away screaming at $399k? at any price?
… i suppose if it is a really good deal someone else will snap it up while i’m wittering about it… but i like to think of this as educational whatever happens. :) (did the 4% appreciation each year for ten years from 1998 prices, and that’s under $250k, so they’re still asking much more than inflation would sustain…)
reinvestor101 says:

May 4, 2008 at 9:21 pm

Nope that ain’t me. I came up the term when I came on to this blog two years ago.

I monitor several blogs on a variety of topics that interest me.

galgon Says:
May 4th, 2008 at 9:11 pm
re101:

Is this you?:
lisoosh says:

May 4, 2008 at 9:28 pm

The trouble with GTG’s is they are not in my neck of the woods and my husband works obscene hours, including weekends, so I am really never available.

On the other hand, I may need to head into Manhattan a couple of times in the near future during the day. So if anybody with a fat expense account or fancy corporate lunchroom with a nice view wants to treat me to a swanky lunch I certainly wouldn’t turn them down.
njpatient says:

May 4, 2008 at 9:33 pm

Recrybaby101

“I’ll be there”

Excellent! I’ll buy you a drink – I’m always happy to buy a nice lady a drink.
njpatient says:

May 4, 2008 at 9:35 pm

“I monitor several blogs on a variety of topics that interest me.”

Do you lose money on all of your interests, or just this one?
Liberal Unpatriotic Anti-Housing Terrorist says:

May 4, 2008 at 9:45 pm

Why does RE101 keep trying to out me? The infidel should just keep his mouth shut and hang on to his money-losing investments.

And by the way RE101, in case you have not noticed, the guvmint is bailing out everyone except homeowners, meaning, you.

Good luck!!!

Have a nice day!!!! :)
Seeking a new handle says:

May 4, 2008 at 9:59 pm

troll responding
-5 to everyone
All Hype says:

May 4, 2008 at 10:04 pm

RE101 is an interesting guy to say the least.
chicagofinance says:

May 4, 2008 at 10:07 pm

reinvestor101 Says:
May 4th, 2008 at 9:14 pm
I’ll be there if nothing else than to deal with NJPantywaist, 3bonehead, Stu-pid, Clod and the rest of my assorted enemies here.

I love this…..
NJGator says:

May 4, 2008 at 10:28 pm

Alia 145 – Not the greatest of locations. It’s in the South End, clost ot East Orange and on a really busy road. Also not close to any of the train stations, if that is a consideration. I’d be happy to take a drive by to get you more specifics if you’re interested.

The house is way overassessed, so you could definitely appeal those down too.
Everything's Hobroken says:

May 4, 2008 at 11:14 pm

‘Guess what? You’re on the list now.’

He’s got a little list, he’s got a little list…
Clotpoll says:

May 5, 2008 at 1:58 pm

Calgon take me away (111)-

The homeowners in the Northgate section at Beaver Brook just got notice that their special assessment- meant to recapitalize the previously-broke association- has no end date in sight. This makes the monthly fee total $330…in an area where prices top out in the low 400s and the property taxes are in excess of $8,000 for most owners.

Prices were already falling in that section, and now about 8 more units have gone on the market. This section only has 275 homes.

I’d suspect some of these sellers are asking high, because the ’05-’06 purchasers will be upside-down if they ask less.
Clotpoll says:

May 5, 2008 at 2:03 pm

BTW, a friend of mine called me today. She lives in Beaver Brook.

Said a gas company guy came to her door on Friday to turn the gas back on. When she repeated her address to him, he realized his appointment was at a unit across the street.

He then apologized to my friend and told her he’d already done 28 turn-ons in Beaver Brook that day.

This complex is in a county with the highest median family income in the US.

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Weekend Open Discussion – Part II

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