Florham Park Comp Killer

22 Midwood Drive, Florham Park NJ
Purchase Price: $800,000
Purchased: 7/21/2006
Current Asking Price: $599,000 (Short Sale – Lis Pendens Filed)
25% under 2006 purchase price

History
MLS# 2339326
Listed: 11/8/2006
Original List Price: $799,500
Reduced: $775,000
Days on Market: 60
Withdrawn

MLS# 2401874
Relisted: 5/1/2007
Original List Price: $850,000
Reduced: $795,000
Days on Market: 92
Expired

MLS# 2484310
Relisted: 2/1/2008
Original List Price: $629,000
Reduced: $599,000
Days on Market: 53
Active

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108 Responses to Florham Park Comp Killer

  1. grim says:

    Anyone interested in a Short Sale Bus Tour?

  2. Essex says:

    Whoa…Like Kramer’s Reality Tour Grim.

  3. rhymingrealtor says:

    James,

    Why all the fuss about 2.9% increase over January sales, what was the increase last over january sales last year? Isn’t feb always better than Jan??

    KL

  4. Essex says:

    Hey Chase…..How ya like gettin the price changed on ‘you’ after the sale? Feels crappy don’t it.

  5. grim says:

    Bairen,

    Nothing really interesting in the towns you inquired about. There are some short sales, but they are short due to homeowner HELOCing. I’ll keep you updated.

    Frank,

    I’ll post a comp killer from Wayne later in the day. I’m looking at one right now in Lionshead Lake, priced about $110k under last purchase price.

  6. grim says:

    From the Wall Street Journal:

    Foreclosure Rate Outpaces Sales by Lenders
    March 25, 2008; Page A20

    Foreclosures are occurring at the highest rate in decades — and as a result, lenders are acquiring homes faster than they can sell them off.

    Last year, sales of foreclosed homes rose just 4.4%, while the supply more than doubled, according to First American CoreLogic.

    As of the end of last year, about 2% of all home loans were in foreclosure, or double the average rate over the past 28 years. It is the highest foreclosure rate since the Mortgage Bankers Association, a trade group, began collecting data in 1979. Lenders describe the current situation as the worst since the Great Depression.

    The heaviest concentrations of loans in foreclosure are in Florida, Nevada, Ohio, Michigan and Indiana, according to the Mortgage Bankers Association. Foreclosures also have been rising quickly in California, Arizona and Georgia.

    While those areas are being hit the hardest, it’s a nationwide problem. The foreclosure rate at the end of 2007 was up from a year earlier in every state except Mississippi, where it was flat.

    Some homes in foreclosure won’t end up owned by banks because borrowers will cut a deal with lenders to ease the loan’s terms, allowing them to catch up on payments.

    Mark Zandi, chief economist of Moody’s Economy.com, has predicted about 3.3 million home-mortgage defaults in 2007 and 2008. He expects that about two-thirds of those homeowners will lose their homes.

    This year, sales of homes owned by lenders will likely total 480,000 properties, or 10% of all sales of previously occupied homes this year, Mr. Zandi estimates. Thomas Lawler, a housing economist in Leesburg, Va., thinks the percentage is more likely to be around 20%.

  7. bairen says:

    #6 Thanks Grim.

    I’m surprised home owners in such fine towns would heloc themselves underwater. /sarcasm off

  8. thatBIGwindow says:

    Awnings must be worth at least $50,000 each.

  9. thatBIGwindow says:

    From the NJMLS General Message Board:

    “Are your buyers looking for a bargain? New luxury 2 & 3 BR townhouses with garage reduced to next year’s price NOW! Two spacious 2 BR units s/a $489,000. Two 3 BR units s/a $589,000. A commuter’s dream! Near NYC train and bus!”

    Next years price? LOL

  10. grim says:

    Happy Case Shiller HPI Day!

    Due out at 9am est.

  11. BC Bob says:

    “Anyone interested in a Short Sale Bus Tour?’

    Sign me up.

  12. reinvestor101 says:

    This is the type of stuff that creates perception problems and represents the liberal media’s attempt to undermine the conservative movement in this country.

    Read this closely. The number of homes supposedly in foreclosure went from 1% to 2%, both of which are very small percentages, yet the headlines say foreclosures have doubled and for good measure, they mention the great depression, not that that event has anything to do with anything. These liberals know that most people will focus on headlines and phrases rather than the actual stats, so they do what they do.

    This is just like making a big deal out of a non event like an ant having a fart.

    Last year, sales of foreclosed homes rose just 4.4%, while the supply more than doubled, according to First American CoreLogic.

    As of the end of last year, about 2% of all home loans were in foreclosure, or double the average rate over the past 28 years. It is the highest foreclosure rate since the Mortgage Bankers Association, a trade group, began collecting data in 1979. Lenders describe the current situation as the worst since the Great Depression.

  13. thatBIGwindow says:

    Conservative movement? The people who took out toxic mortgages are hardly conservatives. If anything, the people who DIDNT buy and saved their money were acting fiscally conservative.

  14. BC Bob says:

    The NAR is bombarding Gartman with inventory charts, showing how inventory has gone from a high of 10.5 to 9.6. The NAR is touting that the worst is behind us.

  15. grim says:

    Not to start another car conversation, but I’m seriously considering trading my Nissan Pathfinder for a Honda Fit when the 2009 models come out in the summer.

    Something about doubling my gas mileage seems very appealing to me. I’d probably be taking a bit of a hit by getting rid of the truck so early, but it would probably be close to an even trade, so who cares? I don’t know what possessed me to buy a truck anyway, I don’t particularly care for it. I needed a vehicle fast after my car was stolen (crashed and burned in Irvington/Newark!), and they gave me a good price. Never really cared for it, and I can’t stand driving an automatic.

    Had a thing for the Fit for years, they’ve been around in Europe since 2000 or so, Japan kept them hidden from America.

    I wanted to hold out for the Mercedes A150/A160, but I doubt we’ll be seeing them here soon.

  16. thatBIGwindow says:

    Mercedes quality isnt what it used to be.

  17. x-underwriter says:

    I have to ask who would even consider paying $800,000 for this house. They only held onto it for a few months before relisting it…flippers maybe? Not that there’s anything wrong with it. I don’t even think it’s worth the current asking price. $499 would even be a total stretch for this average split level.

  18. Frank says:

    #2,
    “Anyone interested in a Short Sale Bus Tour?” Sign me up for the Hoboken or Manhattan one.

  19. thatBIGwindow says:

    We can name it the Magical Mystery House Appreciation Tour

  20. grim says:

    Don’t you mean:

    Magical Mystery House Depreciation Tour

  21. RentininNJ says:

    Anyone interested in a Short Sale Bus Tour?

    If RE101 comes along, it can be the ‘short bus sale tour’

  22. RentininNJ says:

    NJ lawmakers to hear gloomy revenue forecast

    The Legislature’s budget analysts are forecasting state tax revenue during the next 15 months will be $134 million less than Gov. Jon Corzine projected in his proposed budget.

    That’s a small amount — 0.4 percent — compared with the total size of the budget, $33 billion. But it has some lawmakers worrying about a slump in revenue that could worsen as the year unfolds.

    According to the staff analysis, the economy isn’t likely to create a major problem in the current budget year that ends June 30.

    However, forecast for next year is gloomier. It is predicting $288.7 million less than the governor projected in tax collections during the 12 months that begin July 1, mostly because of declines in sales and income taxes. When the two budget years are taken together, the report expects the state to net about $134 million less in taxes than Corzine forecast for the next 15 months.

    Senate Minority Leader Tom Kean Jr. (R-Union) said the forecast supports his call for an immediate state spending freeze coupled with more cuts in spending. “We’re headed for a downturn if we’re not there already,” Kean said.

    “The possibility of a national recession, which could have a crucial impact on revenues, adds a level of uncertainty not seen since fiscal year 2002,” said the report.

    http://www.nj.com/news/index.ssf/2008/03/lawmakers_to_hear_gloomy_reven.html

  23. John says:

    http://www.reuters.com/article/coMktNews/idUSN1162941020080325?rpc=11&sp=true

    syracuse foreclosures as low as a dollar each, now that is what I am talking about.

  24. thatBIGwindow says:

    Well, I figured “appreciation” because the appreciation over the last 5 years was a magical mystery.

  25. grim says:

    I know a guy who owns a bus tour company, I’ll give him a call and find out what he charges for a weekend afternoon.

  26. grim says:

    We’ll do 2 hours of touring, then head down to AC for the rest of the night.

  27. Mikeinwaiting says:

    Grim at this rate we will need more routes than NJ Transit.

  28. Clotpoll says:

    grim (2)-

    Jager girls, plenty to drink and cigars?

    Hell, I’m in…even if it’s warm malt liquor, served in a school bus.

  29. thatBIGwindow says:

    If anyone is familiar with The Maples in Rutherford, it has been demolished. I am not sure what is going to go on that lot, most likely townhouses. Too bad, it would have been nice if it was restored.

  30. Mikeinwaiting says:

    Clot Old English 800 in quarts fitting malt for the ride.Of course no one will be able to see by the time we get off.Very effective!

  31. gary says:

    “Anyone interested in a Short Sale Bus Tour?”

    Grim, I’m in!

  32. 3b says:

    #13recrybaby: Artifically low rates lax/no lending standards and greed created this problem.

    Suck it up and move on, you screwed up now you want relief.

    Be a man and admit your mistakes.
    Was it the media’s fault when they were relentlessly cheerleading the rise in real estate prices?

    Now things are going in the other direction and its the media’s fault? No its your fault for being imprudent.

  33. Clotpoll says:

    BC (15)-

    “The NAR is touting that the worst is behind us.”

    That’d be great, if they hadn’t said that in about 13 of the last 15 months.

    NAR cannot even be considered reliable for a chuckle. The self-serving, manipulative nature of its monthly statements can now only be described as both desperate and fraudulent. Any individual or organization that depends on NAR’s statistics runs the risk of reliance upon a fraud. Who here does not expect- after a February number that’s been inflated by God knows what- that March’s numbers will be an absolute plunge off a cliff?

    Ironically, NAR has missed the mark so many times, once a recovery IS underway, no one will believe them. Boy-crying-wolf syndrome…

    NAR behavior toward its agents certainly doesn’t indicate a belief that the worst is behind us: there’s a constant e-mail bombardment, urging us to lobby Congressmen via e-mail for various bailouts and handouts.

  34. Clotpoll says:

    And, of course, my local board is now committed to trying to silence me.

    The kangaroo court is being scheduled. The complainant is a recent former president of the board, so I’m sure it’ll be a breeze to assemble an impartial hearing panel.

    I demanded a change of venue to another Realtor board, but I’m sure it will be denied.

    [sarcasm off]

  35. 3b says:

    #30 tbw: surprised there are still developers s out there building town houses. Meanwhile back in River Edge all the new town houses on Kinderkamack Rd are still for sale, or rent.

    Rotting away since last summer. Tell your Mom another $400 increase in school taxes this year. Plus we are still waiting for the municipal and county portion, which will probabbly make the total tax increase closer to $600.

  36. Clotpoll says:

    Case/Shiller just out:

    -record declines continue
    -no end in sight

  37. grim says:

    From MarketWatch:

    U.S. Jan. Case-Shiller home price index falls 2.4%

    U.S. Jan. Case-Shiller index falls 10.7% in past year

    Only 1 of 20 cities shows home price gains in past year

    Home prices fall in 20 major cities in January: S&P

  38. grim says:

    Surprising Clot, I would have wagered that I’d be the first to be lynched.

  39. gary says:

    3b,

    I’ve got the money aside for the keg. When the first clip appears on the news of people running through the streets, half-naked and screaming, I’ll know we’ve arrived. :)

  40. Clotpoll says:

    Grim (39)-

    I have to lay kinda low on this. It’s actually a violation of NAR’s Code of Ethics for anyone involved in a grievance proceeding to talk about it publicly.

    The more I learn, the more NAR’s Code of Ethics reminds me of the Mafia & its omerta.

  41. thatBIGwindow says:

    Does anyone know anything about deeds? My mother wants to put me and my sister on the deed to her house now that she is getting older. My question is, what are the disadvantages of this?

  42. hughesrep says:

    Can anyone give me info on MLS #20807848 in Toms River.

    An “agent” the website assigned to me when I set up a search e-mailed about a “huge” price reduction. I want to see if we are talking the same language. I have my doubts.

  43. gary says:

    Dear Mr. Yun,

    The Case-Shiller people just called, they want to have a word with you.

  44. thatBIGwindow says:

    for instance, could my sister turn around and sell my mothers house even though there are other names on the deed?

  45. Clotpoll says:

    BIG (42)-

    Consult an attorney.

  46. grim says:

    I have to lay kinda low on this. It’s actually a violation of NAR’s Code of Ethics for anyone involved in a grievance proceeding to talk about it publicly.

    Of course Clot.

    Even more important is the fact that the same code of ethics required you to relinquish your right to have a related case heard in a court of law. We need to keep our dirty laundry private, lest the public learn what really goes on behind closed doors.

  47. John says:

    I say you should buy your damm asian cars so we can cause home prices to fall even more in Detroit and we can have fresh asian money come flooding in so we can finance our foreclosures cheap.

    Actually I am car shopping right now myself and from an ethical standpoint I would not consider a Japanese car. I know Irish men drive Jaguars and Jewish men drive Mercedes and Toyotas (WWII enemies), but heck if I can save one job by buyng American (plus they are 20K less than a Jap car), God Damm it, in this year of going Green and US Recession I am going to do it!!!!

    I have my eye on the 2008 Caddie CTS!!!! That will be my small sacrifice for America, goodbye overpriced Lexus/Mercedes and hello sweet northstar and plush leather. I should be nominated for sainthood.

  48. Hard Place says:

    This comp killer is huge! Right in the wheelhouse of all the towns I am considering. 25% off peak housing prices are here. Just some of these sellers have to smell the coffee they are bathing in.

  49. John says:

    Home prices in 20 key markets declined 10.7% in January over last year, indicating no real estate turnaround in sight.

  50. kettle1 says:

    Grim, #16

    The fuel mileage issue kills me. My A4 gets about the same mileage as the honda FIT and is substantially more powerful and heavier. I get 25 city and 31 on long distance highway. this is with the 1.8T engine ( manual transmission). I want to see real options, like an avergae combined city/highway mileage of 50mpg. Its doable!

  51. Mike NJ says:

    #35

    Clot,

    Sounds like you may need to perform an Oklahoma eviction on that former president. ;)

  52. 3b says:

    #40 gary I will bring the red cups, actually maybe blue and white too. Patriotic and all that.

  53. House Hunter says:

    #35 clot..how do they know who you are? Clot is a far cry from your real name I suppose

  54. DoughBoy says:

    43. Hughesrep

    That house looks like it needs some serious TLC. The ‘move in clean’ looks more like it needs most of the rooms to be completely repainted (most likely gutted), The kichen/dining area is really small and aweful, the yard needs a bunch of work.

    For 387, just shy of 2100sq ft and a half acre… I’d have to think that you’re looking at a bunch more to get it ‘livable’.

  55. Rich In NNJ says:

    From MarketWatch

    SUBPRIME TODAY

    Upbeat profits for China’s ICBC, Bank of China
    Japan’s eBank to raise $100 mln for subprime loss
    Commentary: New deal for Bear Stearns turns CEO’s victory into defeat
    Subprime woes threaten Japan real-estate boom
    Credit Suisse is cut to neutral from buy at UBS
    Colleges turn away from private lenders
    Junk Bond losses top $35 billion as J.P. Morgan says more to come
    HBOS to report on share rumors
    Smile through the crisis
    Thornburg amends by-laws in fight for survival

    Details to headlines at link above

  56. Clotpoll says:

    grim (47)-

    Like I said, omerta:

    “We need to keep our dirty laundry private, lest the public learn what really goes on behind closed doors.”

  57. Clotpoll says:

    Mike (52)-

    Actually, I’d never get around to the eviction part. I’d just put a bat upside his head.

    The stuff I wrote about him in my blog may pale to what I call him to his face…if the hearing board doesn’t tell me to shut up and sit down (which I think they will do).

  58. hughesrep says:

    55 Doughboy

    I agree completely. She e-mailed it to me and I dismissed it out of hand. I’m just curious what the previous list was. I want to know what she considers a “huge” price reduction.

    Although I do love the wallpaper on the ductwork in the basement.

  59. Sybarite says:

    RE: Honda Fit

    Looks like a neat little car. I wish BMW would bring over their 118d:
    http://4wheelsblog.com/released/bmw-118d-advanced-diesel-named-2008-world-green-car

    I think this car gets something like 63 MPG! Downside is that diesel is currently priced at a premium relative to gas, but it still works out.

  60. House Hunter says:

    Thornburg Mortgage is raising $1.35 billion in a debt offering to help the company avoid bankruptcy and will change its bylaws to allow a single investor to buy up to $300 million of stock.
    http://www.cnbc.com/id/23790268

  61. thatBIGwindow says:

    My wife has a 1.8T Passat-automatic (pretty much an A4) and it gets horrible mpg on local driving which is what it is used mostly for, it is a slow and heavy car, but it is solid and feels safe to drive.

  62. profuscious says:

    58

    The first rule of fight club…..don’t talk about fight club.

  63. Bring back the Honda CRX… esp. the Si.

  64. 3b says:

    #58 clot: This might be a stupid question, but can you be a Realtor without being a member of the NAR?

  65. grim says:

    My A4 gets about the same mileage as the honda FIT and is substantially more powerful and heavier.

    The minute your turbo spools up, your engine no longer sips the same fuel a normally aspirated 1.8l would (not saying anything about volumetric efficiency). I have no idea what PSI the A4 turbo runs at, but if it is anywhere near what my Subaru 2.5l turbo pushes, fuel economy goes out the window at boost. My older Subaru had a 2.0l turbo running at 18 psi(vf34). If I was driving hard, I doubt that I even got 10mpg out of that car.

    I can’t be trusted with a fast car as a daily commuter, I’ll get tickets.

  66. grim says:

    This might be a stupid question, but can you be a Realtor without being a member of the NAR?

    It is impossible to be a competitive real estate agent without also being a member of the NAR (and being a Realtor).

    You need to be a Realtor to get access to the MLS. No “R”, no access. Pay up, sucker.

  67. kettle1 says:

    John 48

    Are you channeling Re101???

    Car manufacturing is such a globalized industry now that you cannot say any given car is built in just one country. A lot of the the so called American cars have all or most of the parts manufactured overseas and then shipped intot he US an assembled here. Does that make it american? Do you realize that Honda and toyata have huge car produiction lines here in the US. So buy buying Honda or Toyota you are/may be supporting more american jobs then buy buying ford.

  68. Sybarite says:

    Grim,

    LGT or STI?

  69. thatBIGwindow says:

    #64: My first car was a CRX…loved it

  70. Sybarite says:

    #68 Mercedes and BMW also build several models in the Southern US, employing hundreds of good ole boys.

  71. grim says:

    Both BMW and Subaru assemble in the USA (certain models, of course).

  72. grim says:

    Syb,

    LGT, my wife’s car. She refused to let me get an STI when my WRX was stolen.

    My insurance claim on the WRX was approximately $48,000.

  73. Sybarite says:

    I’ve test driven both the Legacy GT Spec B and Impreza WRX Sti and loved both of them. Legacy GT might be my next car, albeit not for a couple of years I hope.

  74. Sybarite says:

    73

    Nice car, although I’ll guess it’s a slushbox since it’s your wife’s care…the manual version hauls serious tail. I’m sure you pay a price in your fuel consumption, however.

  75. Mikeinwaiting says:

    Did anyone see Kramer on CNBC talking housing with guy from S&P in regard to numbers this morning & NAR bull from yesterday? Link not available yet.What a schmuck.Must be on NAR payroll.Will post when available.

  76. grim says:

    No, she drives stick. Her last car was an RSX-S 6 speed. That was a fun car to drive.

  77. 3b says:

    #76 mike: Can you give a quick update on what he said. I am sure soemthing to the effect that Case/Shiller is wrong etc.

  78. BklynHawk says:

    #2- I’ll bring refreshments…seriously. I’m still mad about not making the last get together!
    JM

  79. Mike NJ says:

    Come to think of it the US auto makers and the state of NJ have a lot in common. Bloated employee counts, unions with too much power and leverage. Monstrous pension liabilities that are crushing the bottom lines of each. The big three can either shed the dead weight and get nimble or die. I think the same applies to the state of NJ. Just like the shareholders (or private equity in Chrysler’s case) we all will go down with the ship if things do not change.

    This recession is going to be both protracted and severe. The local tax rolls will be severely impacted and I think that this will be the tipping point for NJ. We can set the stage to emerge as a renewed and leaner state or we can literally seal the state’s fate.

    Maybe NJ should sell out to Cerberus? I will put the pitch book together.

  80. kettle1 says:

    Grim,

    I dont know what the boost numbers are, but i drive normally about 80% of the time and aggressive 20% of the time. Even when i drive aggressively and push the engine i do not see less then 24 mpg. Fast and aggressive on the highway gets me about 28 MPG. maybe i have an anomaly of a car.

    The A4 weighs 3200 lbs and (1.8t) has 160Hp
    the fit wieghs 2400 lbs and has a 109 Hp. I would expect better of the fit.

  81. kettle1 says:

    Was talking to a neighbor last night and found out that 2 of the people on my street who have their homes up for sale have already bought homes in NC and have been carrying double mortgages for several months already. The one plans to just rent the home out and go ahead and move to NC in the next month or so.

  82. Nom Deplume says:

    Kettle1,
    Audis are fun to drive until things start breaking and every little repair is 600-1000 min. I am hoping some NJ fool (is that redundant?) rear-ends me so I can collect on my A6.

    theBIGwindow, if you create a ten com with family on your deed, you avoid probate but do not get the step-up in basis that you would through post-mortem transfers (no longer called step-up but the same thing). Of course, these days, maybe there is no potential for step-up, but here’s a thought: Take the step-up in basis, convert to a rental prop., try to rent, fail at it, and sell. Resulting tax loss on investment property is tax deductible.

  83. Nom Deplume says:

    Big,

    Sis can sell only what she owns. So if she sells, the buyer becomes a ten com with y’all.

    And yes, I am an attorney.

  84. Sybarite says:

    #77

    Nice! She’s a keeper :-)

  85. Sean says:

    re: (16) I am due for a new vehicle as well but I am sticking with a truck, a full frame truck. There is no way I am driving a tin can like Honda Fit until the rest of the lunatics are out of SUVs downsize first.

  86. kettle1 says:

    Nom,

    I am certainly familiar with the monster repair bills to an audi :( i have been debating getting ride of it for a while. This car is probably my biggest financial indiscretion….. oh well lesson learned. At least i didnt buy it new.

    I have considered getting an older Mercedes 300D maybe an 82 or so. They get about 30 miles per gallon if not driven aggressively and can run for several hundred thousand miles. A friend has his up to 400,000

  87. Clotpoll says:

    3b (65)-

    Actually, I believe an office can become as GSMLS participant without having NAR affiliation. There used to be (and maybe still are) several mostly-commercial and mom-pop shops who had GSMLS access but do not belong to a local board.

    At one point, I toyed with the idea of dissociating myself from NAR and allowing my Re/Max franchise to expire, but I chickened out.

    Perhaps my local board will eventually make that decision for me. I’m certainly having a hard time viewing NAR as anything but a malevolent participant in the mess we’re in now.

  88. chicagofinance says:

    kettle1 Says:
    March 25th, 2008 at 10:14 am
    Nom, I am certainly familiar with the monster repair bills to an audi :( i have been debating getting ride of it for a while. This car is probably my biggest financial indiscretion….. oh well lesson learned. At least i didnt buy it new.

    ket: Europcar…….
    http://national.citysearch.com/profile/6775381?brand=msn

    I had a timing belt done on an A4 for $400.

  89. Mikeinwaiting says:

    3b 78 You got the idea housing to turn around, hit bottom,etc etc.Guy from S&P had the right call about a year & also stated with the credit market in the present state
    housing couldn’t turn around or bottom at this time.Kramer dismissed this factor no counter argument just poo pooed it.On this little increase in sales he calls the bottom & all is fine.Prices are down just like stocks people are buying,guess he forgot it is an illiquid asset & new DP,credit standards.For a smart guy he must know he’s full of sh*t.

  90. Sybarite says:

    Kettle,

    Those older diesel Mercedes are built like tanks; I’ve seen them rack up serious mileage. An added bonus, is one of my colleague’s son sells kits which allow those diesels to run on used vegetable oil.

  91. Mikeinwaiting says:

    Wait till next month’s numbers & watch Kramer back peddle & quantify his position like he did on BS.

  92. kettle1 says:

    ChiFI,

    thanks, i will check it out. I actually have a laundry list of service that needs to be done

  93. 3b says:

    #90 Mike: kramer is a legend in his own mind.

  94. 3b says:

    #88 clot: My best wishes to you, and hopefully it all works out for you whatver decesion you make or whatever decesion is made for you.

    You have been a voice of reason and honesty, something your industry sadly needs much more of.

  95. Clotpoll says:

    3b (95)-

    “You have been a voice of reason and honesty, something your industry sadly needs much more of.”

    Actually, my industry wants people like me to shut up and get with the program. They don’t believe that the public can handle any message other than the one proclaiming every day as a happy, sunshiny new buying opportunity for everyone.

  96. BC Bob says:

    Clot,

    I don’t know who is more f*cked up. Wall Street or the NAR?

  97. Joeycasz says:

    That’d be great, if they hadn’t said that in about 13 of the last 15 months.

    One of these months they might actually be right, then they’ll say “we told you so!”

  98. Outofstater says:

    #97 NAR because they are stupid.

  99. RoadTripBoy says:

    Grim,

    Will it be a shock to the system to go from a Pathfinder to a Fit? I would recommend a look the Pontiac Vibe/Toyota Matrix twins as an alternative. I own a 2003 Vibe and I love it. It has all the advantages of an SUV (cargo and people hauling capability) without the disadvantages of poor fuel economy and roll-over propensity. My 5-speed manual Vibe (yes, you can get a 5 speed manual tranny) gets 29 city/33 highway. I would probably get the 36 highway mpg that the sticker stated if I could get myself to drive 60mph (I tend to drive 75 on the freeway), though I did manage to average 39 mpg on a trip from Washington to NJ traveling at 65mph on relatively level terrain. The car is fun to drive and handles great. The rear seat is very roomy, so roomy in fact that my 78 year old father has no problems getting into or out of it. Now, stability control, side-curtain airbags, and leather interior are available. I have 71K miles on mine and would buy the car again in a heartbeat. There is some road noise at highway speeds but you can get around that by filling the CD changer and playing music over the 6 speaker sound system. You can even equip it with a hitch and tow a small trailer. And, as a fellow biking enthusiast, it is easy to fold down the rear seat and fit a bike in the cargo area or equip the vehicle with a roof or hatchback bike rack.

  100. still_looking says:

    tbw 42

    (I am not an attorney) and Clot is correct you need one. Consider an estate attorney.

    There are significant tax implications for you and sis if/when you inherit her house
    regarding the stepped-up cost basis if/when you sell it (or other assets.)

    You should consider estate planning also for her future if she ever requires long term care (so she won’t outlive her assets.)

    Been there (recently, unfortunately) done that. My advice? Start early.

    My mom’s marbles rolled off the game table well before we could straighten out her stuff and it’s been an ugly mess at times.

    sl

  101. still_looking says:

    tbw 42

    Don’t forget durable power of attorney with alternate, and living will/medical proxy also with alternate as well.

    sl

  102. Outofstater says:

    Uh oh. Word of warning: If you put “NAR” and “stupid” in the same sentence, you get tossed into moderation. Should someone go look for pods in Grim’s basement?

  103. Nom Deplume says:

    still looking speaks the truth (and at a lower hourly rate).

    Best to figure out what you want to plan for as there are tradeoffs involved with inter vivos transfers versus post-mortem. The joint ownership is one idea, and it can help with long term care planning, but perhaps not the best idea (each has pros and cons).

    But do start early, esp. if Mom is amenable to discussion. Biggest trap families fall into is not starting early because Mom fears kids want to put her on the street, or kids think that Mom fears it. Inertia kills.

  104. chicagofinance says:

    thatBIGwindow Says:
    March 25th, 2008 at 9:07 am
    Does anyone know anything about deeds? My mother wants to put me and my sister on the deed to her house now that she is getting older. My question is, what are the disadvantages of this?

    tbw: absolutely not…consult an estate attorney and also a tax CPA…you are completing a gift….

  105. D says:

    Grim, I was going to suggest a Mini Cooper S until you said (#66) that you don’t want a fast car! :) It is fast & fun to drive; I get averaged 34 mpg which is fun, fun, fun!

  106. NJGator says:

    2 – Stu and I are in for the bus tour. Although Stu says he only wants to go if Reinvestor comes along for the ride!

  107. Orion says:

    Re: #2

    Aaahhhhhh!
    Foreclosures, short sales, clot’s grenades, shark buyers, Guinness, all on board a Laidlaw bus, smokin’ whatever and heading to AC.

    Sign me up.

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