Weekend Open Discussion – Part II

Posted on April 18, 2008 by grim

Now Open, Part II!

Prior weekend thread closed due to comment overflow

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252 Responses to Weekend Open Discussion – Part II

  1. grim says:
    April 18, 2008 at 6:14 pm

    Anyone up for some grassroots lobbying?

    Realtor group says no to consumer rebates

    The New Jersey Association of Realtors is opposing legislation that would allow real estate brokers and agents to provide cash rebates or other gifts to buyers and sellers.

    Members of the state’s Real Estate Commission, a regulatory agency that enforces licensing law in the state, has considered the legislation but hasn’t yet announced a position.

    Assembly Bill 373 and Senate Bill 139, introduced by state Assemblyman Patrick J. Diegnan Jr., D-South Plainfield, N.J.; and state Sen. Nicholas P. Scutari, D-Linden, N.J.; seek to amend a provision in the state’s real estate law that generally prohibits payment of a “rebate, profit, compensation or commission” to any person who is not a real estate licensee.

    While officials at the U.S. Department of Justice’s Antitrust Division have taken action to oppose bans on rebates in several states, New Jersey Association of Realtors officials contend that the offer of rebates can actually be harmful to consumers.

    Jarrod Grasso, executive vice president for the state’s Realtor trade group, said, “This bill obviously raised some red flags for us. We feel this is a detriment to consumers. We don’t want to see consumers negatively impacted by the legislation.”

  2. grim says:
    April 18, 2008 at 6:28 pm

    From Reuters:

    US lawmaker wants SEC to beef up credit rater rules

    The U.S. Securities and Exchange Commission may need more power to oversee the credit rating agencies and ensure that the ratings are accurate, a senior Democratic senator said on Friday.

    Credit rating agencies like Moody’s Corp (MCO.N: Quote, Profile, Research) and Standard & Poor’s (MHP.N: Quote, Profile, Research) have come under fire for their role in the subprime mortgage crisis that has roiled the U.S. credit market. Critics say they issued inaccurate ratings on securitized products backed by subprime mortgages, and were too slow to cut ratings after the products performed poorly.

    The SEC is considering additional rules for credit raters such as requiring better disclosure of past ratings, limiting conflicts of interest, and requiring rating agencies to differentiate between corporate bonds and more complex structured finance products.

    But Sen. Jack Reed, a Democrat from Rhode Island, said the SEC needed to “go beyond this and do much more.”

  3. lostinny says:
    April 18, 2008 at 6:37 pm

    Previous thread: Civics
    I’m a Civic girl too. Though, I want to ask, how are your Civics in the snow because mine is awful.

  4. Zack says:
    April 18, 2008 at 6:47 pm

    Can anybody give me info on the address below. Curious to see if the house closed.

    683 Victoria Ave
    Paramus, NJ  07652

    Thanks

  5. Happy Camper says:
    April 18, 2008 at 6:53 pm

    “how are your Civics in the snow because mine is awful.”

    aren’t all the same?

    HC.

  6. Pat says:
    April 18, 2008 at 7:05 pm

    My Civic was great in the snow we had this year … all sloppy three inches of it.

    I’ll have to wait until next year to find out, I guess.

  7. grim says:
    April 18, 2008 at 7:09 pm

    Zack,

    Closed at $980,000

  8. lostinny says:
    April 18, 2008 at 7:40 pm

    HC
    I don’t know. I know some people that never had a problem but I always do. Then again, mine is stick so I wonder if that has something to do with it. :)

  9. Everything's Hobroken says:
    April 18, 2008 at 8:20 pm

    ‘how are your Civics in the snow because mine is awful’

    I am a former denizen of the upper mid-west. It always amuses me when drivers here complain about snow.
    All in all, the worst problem about winter driving here is the same that in summer, lousy drivers who all seem to think they’re racing.

  10. Essex says:
    April 18, 2008 at 8:47 pm

    9….midwest is flat….here we have some hills….kind of changes the whole scenario doncha think?

  11. lostinny says:
    April 18, 2008 at 8:53 pm

    9
    I’m not complaining about the snow. I’m complaining about my car in the snow. Thanks for your input. Very helpful.

  13. JBJB says:
    April 18, 2008 at 9:04 pm

    Question to home owners. How are property taxes typically collected in NJ – monthly, quarterly? I guess I had never thought about it. Also, any ballpark estimates on annual home owners insurance policies for a typical 4br/2ba house?

  14. 3b says:
    April 18, 2008 at 9:05 pm

    #7 grim: Closed at $980,000.

    $980 in PAramus, what a waste IMO.

  15. reinvestor101 says:
    April 18, 2008 at 9:13 pm

    All real estate is a waste for you because you’re too much of a chicken to buy. Someone could sell some real estate for $ 1 and you’d still be wringing your hands about whether that’s too much to pay.

    Cheapskate.

    3b Says:
    April 18th, 2008 at 9:05 pm
    #7 grim: Closed at $980,000.

    $980 in PAramus, what a waste IMO.

  16. nnj guy says:
    April 18, 2008 at 9:40 pm

    #14 is a typical of this forum.

    They would be probably accept when everything is a dollar or less

  17. grim says:
    April 18, 2008 at 9:51 pm

    From the WSJ:

    Libor’s Rise May Sock Many Borrowers
    By CARRICK MOLLENKAMP, SERENA NG, LAURENCE NORMAN and JAMES R. HAGERTY
    April 19, 2008

    A sharp and unexpected rise in a widely used interest rate is threatening to add billions of dollars to the interest bills of homeowners, companies and other borrowers around the world.

    The London interbank offered rate jumped for the second straight day Friday — two days after the British Bankers’ Association, which oversees the calculation of the interest rate, said it was investigating the borrowing rates that banks had been providing to it.

    The BBA started its review amid growing concerns among bankers that their rivals weren’t reporting their true high borrowing costs, for fear of signaling to the market they were desperate for cash. John Ewan, a manager of the Libor system at the BBA, said Friday the association continues to believe in the accuracy of the Libor system.

    Libor is one of the world’s most important financial indicators. It serves as a benchmark for $900 billion in subprime mortgage loans that adjust — typically every six months — according to its movements. Companies globally have nearly $9 trillion in debt with interest payments pegged to Libor, according to data provider Dealogic.

  18. Jase Rion says:
    April 18, 2008 at 9:54 pm

    just saw this. sorry if it was posted already. it’s too funny so i have to share it!

    FREE HOUSE!!

    http://newjersey.craigslist.org/rfs/633189292.html

  19. Everything's Hobroken says:
    April 18, 2008 at 9:54 pm

    ‘ 9….midwest is flat….here we have some hills….kind of changes the whole scenario doncha think?’

    No. The complaints aren’t about mountain driving. Steep hills don’t hold snow. The worst winter driving I ever experiences was in Tennesee. There was six inches of ice on I65 between Mitchellville and White House with huge ice potholes and cars and semis all over the place. I got carsick driving 5mph over those in my RX16.
    I’m not saying I’m perfect, there’s no excitement like doing a slow-motion 360 on black ice right into an often busy intersection. Cause? Too fast for conditions.

  20. galgon says:
    April 18, 2008 at 10:02 pm

    Did anyone else catch gas prices today. The pilot on 78 (exit 7) was at 3.11 when I passed it this morning and 3.27 when I drove back on the way home. All of the prices in my area are similar. My friend in PA said he saw 3.49 at his local station. Looks like people were not kidding about the $4 gas this summer.

    I heard this morning on CNBC that refineries are currently at 81% capacity and that there are no current outages to support this reduced rate (read: intentionally cut back). Where is the outrage? I cannot find one story on this assuming that the folks at CNBC know what they are talking about.

  21. toshiro_mifune says:
    April 18, 2008 at 10:03 pm

    #15 – reinvestor101, I’d be happy to buy your house for $1.

  22. njpatient says:
    April 18, 2008 at 10:18 pm

    Mike, thanks for good wishes on the last thread. Yes, off to NO first thing in the a.m.

    Grim, no worries – I’ll send a couple pictures (with apologies to lostinny).

  23. njpatient says:
    April 18, 2008 at 10:27 pm

    “you’re too much of a chicken to buy.”

    That’d be funny even if I were sober!

  24. Firestormik says:
    April 18, 2008 at 10:45 pm

    I’m on vacation in Florida (Fort Myers Beach), just want to share what I see here – A LOT of empty “for rent” properties. We rent a condo in a 12-unit building, 10 units are empty with about half of them showing sign “for rent”. Across the parking lot there is a 4-storeys condo building sitting absolutely empty. Our friends managed to buy a brand new 3000sq ft house in Fort Myers from a flipper for 250K
    And BTW, going back to the yesterday’s post, you still can get 95% financing with a good credit. At least I can.
    https://www.dcu.org/prodserv/rates.html

  25. BC Bob says:
    April 18, 2008 at 10:46 pm

    “you’re too much of a chicken to buy.”

    Sounds like someone is choking his chicken.

    I’d rather be a scared chicken than a dead duck.

  26. Firestormik says:
    April 18, 2008 at 10:47 pm

    RE 20: $3.55 here in Florida

  27. Sybarite says:
    April 18, 2008 at 10:47 pm

    Lost,

    I think the #1 factor in snow driving is your tires. If their tread is getting low, your traction is severely compromised.

    FWIW, my last civic was pretty bad, but becuase the tires weren’t great. Driving technique is also a factor; you have to adopt a different driving style in order to avoid getting stuck. Key is appropriate use of momentum, and avoiding stopping on uphill slopes.

    I think a manual transmission is actually an asset in snow, not a detriment.

  28. syncmaster says:
    April 18, 2008 at 10:53 pm

    I have an Elantra which sucked in the snow, especially going up Mountain ave into Warren. It made it up, but it felt uncomfortable.

  29. gary says:
    April 18, 2008 at 10:56 pm

    grim,

    Are you familiar with this site? My blood pressure is about to go through the roof. I am sending them an email. I can’t believe the bullsh*t these people try to peddle. Absolutely no data to back up their sh*t. I’m f*cking steaming.

    http://www.itsagoodtime.com/index.html

  30. Firestormik says:
    April 18, 2008 at 10:56 pm

    RE:Sybarite
    You are absolutely right. Having 4 winter tires on a front weel drive car and preferrably with electronic stability control is much better and safier then driving AWD car with all-season tires. Manual transmission hmm, it depends what’s your skills with it. I used to drive manual in snow\ice conditions about 60 days a year, but I always had winter tires

  31. Essex says:
    April 18, 2008 at 10:59 pm

    Driving on snow/ ice takes experience and feel….cars that I own that on the elements….our XC-70 kicks any snowfall in the butt…..amazing. Our old Subaru forrester was great in snow….and my X sedan does pretty darn well with it’s snows on.

  32. teddy33 says:
    April 18, 2008 at 11:01 pm

    http://cnj.craigslist.org/rfs/641928442.html

    Anybody see this house raffle down in Robbinsville, Mercer county?

  33. reinvestor101 says:
    April 18, 2008 at 11:07 pm

    Contrary to popular opinion, my house is not for sale. I wouldn’t consider giving anyone here an opportunity to buy my house unless they met certain conditions. I’ll tell you one thing for damn sure, I’m sure as hell am not going to give it away like some of these damn cheap azzes here would like someone to do. To hell with that and if more sellers took that attitude much of this market turmoil would be solved in a hurry.

    toshiro_mifune Says:
    April 18th, 2008 at 10:03 pm
    #15 – reinvestor101, I’d be happy to buy your house for $1.

  34. reinvestor101 says:
    April 18, 2008 at 11:13 pm

    I’m familiar with that area as I go to Siesta Key fairly frequently on vacation.

    Stop trying to act like the bottom of the market has fallen out. It’s after the high season down there, so quite naturally there’ll be places empty. There’s nothing unusual about that, so stop trying to act like something’s afoot.

    You people kill me trying to seize at anything to say the real estate market is toast.

    Firestormik Says:
    April 18th, 2008 at 10:45 pm
    I’m on vacation in Florida (Fort Myers Beach), just want to share what I see here – A LOT of empty “for rent” properties. We rent a condo in a 12-unit building, 10 units are empty with about half of them showing sign “for rent”. Across the parking lot there is a 4-storeys condo building sitting absolutely empty. Our friends managed to buy a brand new 3000sq ft house in Fort Myers from a flipper for 250K
    And BTW, going back to the yesterday’s post, you still can get 95% financing with a good credit. At least I can.
    https://www.dcu.org/prodserv/rates.html

  35. Firestormik says:
    April 18, 2008 at 11:13 pm

    RE:Essex Says
    People in NJ don’t know how what is Winter and how to drive on snow and ice. It’s funny to see cars (90% SUVs) in a ditch in the Winter. People think if it’s 4×4 it’s safe. IT’S NOT! You forget about fundamentials – it’s not about getting out of the snow, it’s about stopping and turning on the ice. Believe me, you can get out of any snow with good winter tires on FWD car. And I also appreciate having ESC in my car (Sonata) – it’s correcting stupid driver mistakes and helps in emergency situations

  36. Firestormik says:
    April 18, 2008 at 11:24 pm

    RE: reinvestor101 Says:

    Funny, when I got an agreement from my lendlord with a price $80 more then he told me on the phone, and when I asked WTF he apologised and said “we usually charge more”
    Ok, our friend just purchased a house in Fort Myers, 250K 3000sqft. Brand new from a flipper. Originally 450+.
    Friend of mine moved from NJ to Tampa area last April, bought brand new 2700 sqft 292 (originally 330). Right now Lennar is building across the street 2900 for 260.

  37. Pat says:
    April 18, 2008 at 11:29 pm

    Reinvestor, I’ve always pictured you living in a place like this:

    http://tinyurl.com/6m9jpf

    Now, me? I could make that place work.
    If I could just figure out what to do with the thirty foot fan in the front yard.

    But I have this thought process going that it just made you bitter.

  38. reinvestor101 says:
    April 18, 2008 at 11:44 pm

    Look, don’t try to give me a bunch of anecdotes for evidence that Florida is a bargain right now. Look, it’s after high season—okay, so rentals aren’t going to go for as much as they would during peak.

    Your friends are probably some damn bottom feeders that took advantage of some poor soul. Stop trying to act like they should be admired.

    Firestormik Says:
    April 18th, 2008 at 11:24 pm
    RE: reinvestor101 Says:

    Funny, when I got an agreement from my lendlord with a price $80 more then he told me on the phone, and when I asked WTF he apologised and said “we usually charge more”
    Ok, our friend just purchased a house in Fort Myers, 250K 3000sqft. Brand new from a flipper. Originally 450+.
    Friend of mine moved from NJ to Tampa area last April, bought brand new 2700 sqft 292 (originally 330). Right now Lennar is building across the street 2900 for 260.

  39. reinvestor101 says:
    April 18, 2008 at 11:46 pm

    Lady,

    Talk to the hand. You’re not supposed to be even on this board when I’m here.

    Please leave.

    Pat Says:
    April 18th, 2008 at 11:29 pm
    Reinvestor, I’ve always pictured you living in a place like this:

    http://tinyurl.com/6m9jpf

    Now, me? I could make that place work.
    If I could just figure out what to do with the thirty foot fan in the front yard.

    But I have this thought process going that it just made you bitter.

  40. Sybarite says:
    April 18, 2008 at 11:47 pm

    Re101,

    You’re female, right?

  41. Jaywalk says:
    April 18, 2008 at 11:48 pm

    Firestorm, 35

    Um, we don’t really have ditches in northern NJ.

    IMO, Civics are horrible in the snow because they’re too light. I had a ’98 Civic 5-Speed and it was horrible in snow when it was brand new with four brand new Michelins. I used to ride around with 120 pounds of cat litter in the trunk for extra traction, and to put behind the tires when I would inevitably get stuck in the snow.

    The ’85 Honda CRX 5-Speed with bald tires that I owned in another life was downright life-threatening in the snow. :)

  42. reinvestor101 says:
    April 18, 2008 at 11:49 pm

    Cut the crap. I’m a red blooded American male.

    Sybarite Says:
    April 18th, 2008 at 11:47 pm
    Re101,

    You’re female, right?

  43. Clotpoll says:
    April 18, 2008 at 11:51 pm

    John (from thread 1)-

    “Back in 1973 when he was playing the stone pony and my fathers place those guys had some street cred, now they are bloated arena playing dinos.”

    Yeah…like you’re pulling up to White Stripes shows in your broken-down Sable. What are you? 45? 50?

    We’re all a bunch of tired, old white guys marking time in the Jersey burbs. Please don’t play the hipper-than-thou card here.

    In the end, we’re all dead. And, you and me are a helluva a lot closer to the end than the beginning.

  44. Rich In NNJ says:
    April 18, 2008 at 11:53 pm

    3B,

    $980k for Paramus IS riduclous.

    RE101,

    It’s in your damn “name”, real estate 101 is location, location, location.
    And at $980k, Paramus isn’t the location.

    But location, schmocation!!!!!
    How ’bout those NY RANGERS!!!!!!!!!!!!!

    Sean Avery = MVP!!!!!!!!!

  45. Rich In NNJ says:
    April 18, 2008 at 11:55 pm

    Cut the crap. I’m a red blooded American male.

    Sybarite Says:
    April 18th, 2008 at 11:47 pm
    Re101,

    You’re female, right?

    I’m thinking you’re a cork sucker.
    Just like your father and your grandfather.

  46. Sybarite says:
    April 19, 2008 at 12:01 am

    “reinvestor101 Says:
    April 18th, 2008 at 11:46 pm
    Lady,

    Talk to the hand.”

    That doesn’t sound like something a red-blooded american male says.

  47. RentinginNJ says:
    April 19, 2008 at 12:02 am

    I wouldn’t consider giving anyone here an opportunity to buy my house unless they met certain conditions.

    In other words, the buyers would need 10% down and the offer is “subject to bank approval”.

  48. Sybarite says:
    April 19, 2008 at 12:03 am

    “Jaywalk Says:
    April 18th, 2008 at 11:48 pm
    Firestorm, 35

    IMO, Civics are horrible in the snow because they’re too light. I had a ‘98 Civic 5-Speed and it was horrible in snow when it was brand new with four brand new Michelins. I used to ride around with 120 pounds of cat litter in the trunk for extra traction,”

    Uh, that doesn’t make any sense. Civics are FWD, so extra weight in the back would work against you.

  49. Clotpoll says:
    April 19, 2008 at 12:15 am

    syb (40)-

    “Re101, You’re female, right?”

    Close; he’s a eunuch.

  50. Clotpoll says:
    April 19, 2008 at 12:18 am

    syb (47)-

    “Talk to the hand.”

    Isn’t that what Tyra Banks’ cross-dressing lackey always says on “America’s Top Model”?

  51. Clotpoll says:
    April 19, 2008 at 12:20 am

    Rent (48)-

    Gut shot.

    That should send him back out to his garage for a day or two. Perhaps he’ll now devote a chapter of his manifesto to you.

  52. Clotpoll says:
    April 19, 2008 at 12:22 am

    I wonder if I remember how to do a sale of RE in which the seller has equity and does not have a trail of liens attached to his ass.

  53. Sybarite says:
    April 19, 2008 at 12:23 am

    I’ve never heard a straight male utter that phrase. It explains a lot.

    http://www.millionairechics.com/phpBB2/viewtopic.php?t=43&highlight=

    Look at post 13.

    “you go girl!”

    Hilarious.

  54. Clotpoll says:
    April 19, 2008 at 12:24 am

    “Thomas, the coach for two seasons, will remain with the organization in an unnamed role, reporting directly to Walsh, who said he informed Thomas of the decision Friday.”

    Janitor?

  55. reinvestor101 says:
    April 19, 2008 at 12:47 am

    As an aside here, Knick basketball has been nothing but a disappointment ever since the rise and fall of Bernard King. Salary cap problems plagued these guys with outrageous salaries to guys like Ernie Grunfield. The Knick organization is a classic study in gross incompetance and Thomas just happened to be the last of a long line of fools in that organization. We’ve got one of the largest basketball markets in the damn country here, but no team worth 2 damn cents. It’s beyond ridiculous.

    Clotpoll Says:
    April 19th, 2008 at 12:24 am
    “Thomas, the coach for two seasons, will remain with the organization in an unnamed role, reporting directly to Walsh, who said he informed Thomas of the decision Friday.”

    Janitor?

  56. Clotpoll says:
    April 19, 2008 at 12:48 am

    (57)-

    Hey, Rent…better begin packing a piece. Tard is going to start stalking you, curling iron in hand.

  57. Clotpoll says:
    April 19, 2008 at 12:49 am

    Tard (58)-

    “We’ve got one of the largest basketball markets in the damn country here, but no team worth 2 damn cents.”

    Wow, Tard…now that I think of it, the Knicks are sort of an NBA version of you.

  58. reinvestor101 says:
    April 19, 2008 at 12:52 am

    If the Knicks were a imitation of me, they’d be kicking ass and taking names.

    Unfortunately for the fans, that’s not the case

  59. Clotpoll says:
    April 19, 2008 at 12:54 am

    (58)-

    All the elements of the Knicks are reflected- and amplified- in Tard:

    – brain of Isiah
    – common sense of Nate Robinson
    – popularity of Marbury
    – business sense of Dolan
    – guts of Eddy Curry
    – honesty of Larry Brown (er, ex-coach Larry Brown)

  60. Clotpoll says:
    April 19, 2008 at 12:56 am

    Tard (61)-

    “If the Knicks were a imitation of me, they’d be kicking ass and taking names…Unfortunately for the fans, that’s not the case…”

    If the fans had a chance, they’d be giving canings to the Knicks.

  61. reinvestor101 says:
    April 19, 2008 at 12:59 am

    “If the fans had a chance, they’d be giving canings to the Knicks.”

    That be true

  62. jmacdaddio says:
    April 19, 2008 at 1:01 am

    Wow… for once I agree with recrackhead101, re: The Knicks. However, nobody, and I mean nobody, gives a hoot about pro basketball in the greater NYC metro area.

  63. reinvestor101 says:
    April 19, 2008 at 1:16 am

    Perhaps the Knicks hired the wrong hoosier to coach them. Bob Knight is available and he’d turn that franchise around in short order. It wouldn’t be pretty, but it would get turned around.

  64. lostinny says:
    April 19, 2008 at 6:25 am

    44 Rich
    Amen! Love Avery. Too bad Brodeur couldn’t make nice.

  65. Essex says:
    April 19, 2008 at 6:56 am

    43…………Maude Lebowski: What do you do for recreation?
    The Dude: Oh, the usual. I bowl. Drive around. The occasional acid flashback.

  67. grim says:
    April 19, 2008 at 7:25 am

    From the Courier Post:

    Cost of living, N.J. taxes called barriers to growth

    Reducing spiraling property taxes and the cost of living in New Jersey must be done to make the state more competitive for business, a panel of educators, professionals and politicians said Friday.
    …
    Another panelist, James Hughes, dean of the Bloustein School of Planning and Public Policy, said the high cost of government and taxes hurts New Jersey’s economic competitiveness.

    “Businesses may be reluctant to locate here because of the high cost to do business,” he said. “New Jersey is prohibitively expensive.”

    Hughes said New Jersey has the highest real estate taxes in the nation. On average he said residents here pay about $6,000 a year in property taxes, and often much more. The national average is $2,000 yearly, he said.

    Hughes also rejected the call for municipalities to be given the power to impose local sales or income taxes. The measure has been endorsed by a number of South Jersey mayors to help make up funding shortfalls in the new state budget. Gov. Corzine’s $33 billion spending plan cut municipal aid by $190 million. The mayors said the new tax could help reduce property taxes.

    “New taxes are going to make us less competitive,” Hughes said.

  68. grim says:
    April 19, 2008 at 7:33 am

    So much for NC..

    Carolina Tops the U.S. Jobless Rate With Its Third Consecutive Monthly Uptick

    Joblessness in North Carolina increased for the third consecutive month in March as tougher lending standards and high fuel prices continued to cool the state’s economy.

    The state unemployment rate rose to 5.2 percent, its highest level since October 2005, according to seasonally adjusted data released Friday by the N.C. Employment Security Commission.

    That was above the 5.1 percent U.S. jobless rate for March, and up from the 5 percent state jobless rate in February.

    Economists blamed rising joblessness on tighter credit, which began with the subprime housing market and spread throughout the construction industry. If it’s harder for developers and other companies to get loans, they won’t have money to start as many new projects and employ as many workers.

    Higher fuel costs and other worries are causing businesses and consumers to cut back, which also dampens growth.

    “The economy changed at the end of 2007,” N.C. State University economist Michael Walden said. “We’re in a slowdown, if not a recession, and the unfortunate fact is, during recessions, unemployment rises.”

  69. Pat says:
    April 19, 2008 at 7:35 am

    http://seattletimes.nwsource.com/html/realestate/2004359321_guttentag20.html?syndication=rss

    What makes a good mortgage broker?
    By Jack Guttentag

    Syndicated Columnist

    This is Part 1 of a two-part series.

  70. Pat says:
    April 19, 2008 at 7:43 am

    http://www.canada.com/edmontonjournal/news/business/story.html?k=29316&id=c110ed2e-7be3-448d-ac6f-ae9bdc0b3944

    The (high-yield) universe is not that large, it’s about $1 trillion. And the leveraged loan market is maybe another $2 trillion.

    “I know that sounds like a lot, but it isn’t, really. We still have plenty of capacity.”

    So, what does Gramatovich see ahead for the U.S. economy, now that banks have racked up a quarter-trillion dollars worth of losses and writedowns tied to the U.S. subprime mortgage mess? A lot more pain, unfortunately.

    “I think there’s a complete head-in-the-sand, wishful thinking mentality out there right now. I think the pain is just beginning,” he argues.

    “Markets don’t bottom when people are asking if markets are bottoming. Markets bottom when no one wants to hear from you ever again, if you’re an equity salesman,” he adds.

  71. njrebear says:
    April 19, 2008 at 8:00 am

    Report: Iran’s president says oil prices too low

  72. grim says:
    April 19, 2008 at 8:16 am

    From the Record:

    N.J. office market takes a hit

    Jobs losses in the financial sector in Manhattan are beginning to have a ripple effect in North Jersey’s already troubled office market, slowing the city’s rent increases, boosting sublease space and removing the incentive for companies to relocate across the Hudson.
    …
    The job losses and the caution pervading the market have put the brakes on Manhattan’s once white-hot office market that pushed rents to record levels, removing the impetus some North Jersey brokers hoped would prompt companies to relocate here.

    “Firms that brokers hoped were getting priced out of New York to move to North Jersey may not be getting priced out now,” said Barbara Byrne Denham, head of research at Eastern Consolidated, a real estate investment firm in Manhattan.

    One year ago, the availability rate of office space in North Jersey — the percentage of the total inventory actually on the market for sale, lease or sublet — just exceeded 20 percent. At the close of the first quarter this year, the availability rate is still high, at 19.6 percent, and the office market as a whole is “lacking any definite direction,” said Grubb & Ellis, a national commercial real estate company, in its latest market report.

    “With the sounds of a misfiring economic engine in the background, many business sectors have remained reluctant to make new capital investments, and instead were utilizing existing resources to boost output, thus curbing the corporate appetite for additional office holdings,” the report states.

    Since the end of the third quarter in 2007, available sublease space in Manhattan has jumped from 5.6 million square feet to 7.1 million, according to Grubb & Ellis data.

  73. grim says:
    April 19, 2008 at 8:47 am

    From Bloomberg:

    Buiter Says U.K. Banks Need $200 Billion Aid From BOE

    Former Bank of England policy maker Willem Buiter said the central bank will need to offer loan swaps to financial institutions of at least 100 billion pounds ($200 billion) to kick-start the U.K. mortgage market.

  74. Confused In NJ says:
    April 19, 2008 at 8:53 am

    If you check the tire ratings on your new car, you will generally find they are not good for snow, rather were rated for smooth highway ride. I have had Subarus since 95, and first thing I do is replace the tires with a good snow & ice rated tire. Then my Subaru’s are very good about keeping me on the road. Steep hills going down, like snake hill in Chatham, don’t brake, downshift to first and use engine breaking.

  75. 3b says:
    April 19, 2008 at 9:14 am

    grim/richnj Cany one of you gys please tell me hat happened to thi listing.

    I do not have the original njmls#, but the house went under contract 2 weeks ago(it had been on the market for months), and now there are people livng in it, but the sign is still on the front lawn.

    I don’t think a closing can take place in 2 weeks. The adress is 672 Center Ave River Edge. Thanks.

  76. 3b says:
    April 19, 2008 at 9:17 am

    #15rewelfarebaby: It went right over you hrad, no surprise.

    And if I am a chicken, at least I don’t have my hands in other peoples pockets looking for a bailout.And you call yourself an American

  77. 3b says:
    April 19, 2008 at 9:25 am

    #29 gary: taht site is Absolutely shameless

  78. grim says:
    April 19, 2008 at 9:28 am

    3b,

    Still under contract.

    Purchased: 10/25/2004
    Purchase Price: $458,000

    MLS# 2733974
    OLP: $492,500
    Reduced: $469,900
    DOM: 185
    Withdrawn

    MLS# 2807346
    OLP: $459,999
    Reduced: $444,999
    DOM: 35
    UC – 4/2/2008

    Think they might have remodeled the kitchen post purchase.

  79. Orion says:
    April 19, 2008 at 9:29 am

    For those of you staying indoors today, a little reading.

    CEPR-Testimony: Turmoil in U.S. Credit Markets 4/10/2008

    Full transcript-84 pages

    http://www.cepr.net/documents/publications/FULLtranscript_banking_2008_04.pdf

  80. 3b says:
    April 19, 2008 at 9:30 am

    #33 what a clown.

  81. Orion says:
    April 19, 2008 at 9:33 am

    Dean Baker Testimony 4/10/2008 (shorter version than #79)

    http://www.cepr.net/documents/publications/bankingtestimony_2008_04-a.pdf

  82. grim says:
    April 19, 2008 at 9:35 am

    Glen Rock Comp Killer

    36 Jerome Ave

    Purchased: 11/7/2005
    Purchase Price: $520,000

    MLS# 2809536
    Current Asking: $485,000 (down from $549,000)

  83. 3b says:
    April 19, 2008 at 9:35 am

    #44 rich: That was my point to rewelfarebaby. No knocking Paramus, but if I was spening 980K it would not be in that town.

  84. 3b says:
    April 19, 2008 at 9:38 am

    #78 grim Kitchen and bath wer remodeled. I just don’t undestand how there ar people living in it. Saw them again this morning.Its weird.The house has been empty since it went on the market in August of 07.

  85. grim says:
    April 19, 2008 at 9:40 am

    Allendale Comp Killer (Cool Contemp.)

    Purchased: 8/29/2005
    Purchase Price: $1,205,000

    Lots of work done (bath remodels).

    MLS# 2815829

    Current asking: $1,149,000

  86. Firestormik says:
    April 19, 2008 at 10:00 am

    re: Jaywalk 41

    It’s a bad idea to put something in the trunk of FWD car – it makes things even worse.
    Again, your Michilins were all-season, and stock tires not the best even among all-season tires. Try to put good winter Nokian set and believe me that Civic would stuck only if it’s sitting on a pile of snow with its front weels in the air.

  87. Rich In NNJ says:
    April 19, 2008 at 10:06 am

    Grim,

    Check out this one in Woodcliff Lake
    2815999

  88. Rich In NNJ says:
    April 19, 2008 at 10:07 am

    3B (83),

    Exactly

  89. grim says:
    April 19, 2008 at 10:08 am

    Yep, hell is freezin’ over.

    41 Glen Ridge Parkway, Glen Ridge NJ

    Purchased: 9/20/2004
    Purchase Price: $684,000

    MLS# 2489642
    Sold: 4/17/2008
    Sale Price: $662,500

  90. grim says:
    April 19, 2008 at 10:12 am

    Essex, this one is for you.

    10 Essex Terrace, West Orange NJ

    Purchased: 6/1/2004
    Purchase Price: $440,000

    MLS# 2426613

    Sold: 4/18/2008
    Sale Price: $394,000

  91. BC Bob says:
    April 19, 2008 at 10:15 am

    “I think there’s a complete head-in-the-sand, wishful thinking mentality out there right now. I think the pain is just beginning,” he argues.

    [70],

    Of course it’s just tbe beginning. Yet Fuld, Mack and Blankfein say, with a straight face, that we are in the 8th or 9th inning. They wish it was game 162. Unfortunately, like the baseball season, this will be a marathon. I can just hear Ernie; “Hey, let’s play two”

  92. njcoast says:
    April 19, 2008 at 10:15 am

    WSJ
    -Insider Trading Spotlight
    -Biggest weekly individual trades
    -Sellers
    1. Vornado Realty Trust
    Insider-S.Roth- CEO
    No. of shares 250,000
    Range price- $88.00
    Value-$22,000,000
    Closing price-$91.98
    YTD- 4.6%

  93. grim says:
    April 19, 2008 at 10:15 am

    Chatham comp killer

    717 Fairmount Ave, Chatham Twp NJ

    Purchased: 12/17/2004
    Purchase Price: $660,000

    MLS# 2449258
    Sold: 4/17/2008
    Sale Price: $652,500

  94. grim says:
    April 19, 2008 at 10:21 am

    What do you get when you cross a lowball and a comp killer?

    22 Crownview Court, Sparta NJ

    Purchased: 11/20/2006
    Purchase Price: $1,110,267

    MLS# 2442872
    Asking Price (NOT OLP): $1,075,000

    Sold: 4/18/2008
    Sale Price: $835,000

    22% under asking
    25% under the 2006 purchase price
    40% under the OLP of $1.4m

    Wow!

  95. grim says:
    April 19, 2008 at 10:23 am

    Can’t leave the Sussex folks out.

    77 Valley View Road, Lafayette NJ

    Purchased: 10/31/2006
    Purchase Price: $319,450

    MLS# 2459537
    Sold: 4/18/2008
    Sale Price: $260,000

  96. grim says:
    April 19, 2008 at 10:29 am

    Hunterdon…

    20 Patrick Henry Place Raritan (Ringoes) NJ

    Purchased: 5/10/2005
    Purchase Price: $749,000

    MLS# 2422893

    Sold: 4/18/2008
    Sale Price: $685,000

  97. grim says:
    April 19, 2008 at 10:32 am

    Rich,

    Interesting interior, can’t say the same for the exterior, especially the front view.

    Wouldn’t know what to call it. A Ranchemporary, maybe?

  98. grim says:
    April 19, 2008 at 10:38 am

    Rich,

    You don’t have GSMLS, do you?

    If you do, take a look at MLS 2454419, 178 Highland Ave, Montclair.

    Super super contemporary, although completely out of place on Highland Ave.

  99. Sybarite says:
    April 19, 2008 at 10:44 am

    #98

    Call me crazy, but I like the interior configuration of that place. I wonder if it’ll look dated in a few years, however.

    Also, the front of the house could use some landscaping improvements; the front steps have no railing.

  100. grim says:
    April 19, 2008 at 10:46 am

    syb,

    There is another set of photos taken by a different agency under a prior MLS, they are better than the shots in the MLS I posted.

  101. grim says:
    April 19, 2008 at 10:48 am

    Tough to find a well done contemporary in NJ. Everyone turns them into colonials (well, they certainly try).

    Saw a fantastic 50/60’s flat top california-style contemporary with country kitchen oak cabinets and floral wall paper. Beadboard wainscoting in the baths, complete with victorian styled fixtures.

    “Recently remodeled,” bragged the listing, “ruined” would have been more appropriate.

    Do I sound like a house snob?

  102. Rich In NNJ says:
    April 19, 2008 at 10:58 am

    Grim,

    Nah, you sound like me.

  103. Mikeinwaiting says:
    April 19, 2008 at 11:09 am

    GRIM any info 2493385

  104. grim says:
    April 19, 2008 at 11:15 am

    miw,

    Was listed at $249,900 under a different MLS. Down to $210,800, almost 100 days on market. Purchased in ’98 for $147,000.

  105. bairen says:
    April 19, 2008 at 11:17 am

    #101 Grim,

    you sound rational. realistic.

  106. grim says:
    April 19, 2008 at 11:18 am

    Oh boy, hold on, you’ve got to see the pictures from the prior MLS.

    Would it have killed the listing agent to remove the case of Bud Light from the table BEFORE taking the picture?

    https://njrereport.com/images/judge.jpg

  107. Mikeinwaiting says:
    April 19, 2008 at 11:20 am

    Thanks Grim I was thinking 150 as a fair price just road by. They over payed in 98 as that’s when I moved up here & knew the market well at that time in this area.

  108. bairen says:
    April 19, 2008 at 11:21 am

    GLEN ROCK, NJ 07452

    MLS ID# 2811940
    $459,375
    3 Bed, 2 Bath

    Another 15% drop and this would be a decent place.

  109. Mikeinwaiting says:
    April 19, 2008 at 11:22 am

    Maybe when I’m looking inside tomorrow with my agent they will offer me a beer! But Bud
    Light no thank you.

  110. Wag says:
    April 19, 2008 at 11:23 am

    Grim (98) – Nice digs.

  111. bairen says:
    April 19, 2008 at 11:23 am

    #106 the agent’s just trying to add some ambiance.

  112. Pat says:
    April 19, 2008 at 11:24 am

    106 Beer. You don’t think it gives it character?

    Speaking of contemporary, I’ve never been able to decide if I like or dislike the style. When I go to a contemporary vacation place for a short stay, I always relax, but wonder if I’d get sick of it over years.

    Anybody ever live in a contemporary? This one looks like it would be difficult to make changes. WYSIWYG. But I have no imagination.
    http://tinyurl.com/55hrqg

  113. Mikeinwaiting says:
    April 19, 2008 at 11:28 am

    Grim this is Sussex why move the beer. You have to be careful of the whisky tango. The other houses on that block are all newer & very nice. I’m sure I’d be received well getting the current WT out & fixing up the place.

  114. grim says:
    April 19, 2008 at 11:30 am

    Pat,

    I wish there were some better shots of the exterior, it looks like a nice place.

    You’ve got to be able to live minimalistically. No clutter, not even a place for clutter. Would be hell with a kid.

    I have no doubt at all that I’d come home to find my dog sleeping on the LeCorbusier Chaise. (yeah, yeah, I know, waaay too trendy).

  115. grim says:
    April 19, 2008 at 11:32 am

    miw,

    You know, the old pictures from ’98 actually look kind of nice. House was decorated for Christmas, appeared that the owners actually cared.

    Contrast that with the more recent photo of the broken gutter, hanging off the house, and the case of Bud.

  116. Mikeinwaiting says:
    April 19, 2008 at 11:38 am

    Grim I passed by diamond in the ruff. Kids out in front in dirt no care at all on grounds. Can’t wait to see inside. But that’s how you get a deal. Buy the dog of the block & make it nice.

  117. Mikeinwaiting says:
    April 19, 2008 at 11:40 am

    Well I’m off to look at an REO 3 br for 124K. Will report.

  118. gary says:
    April 19, 2008 at 11:40 am

    Not that any of you cats and kittens probably care, but when you own a home, you spend beautiful days like this stuck indoors becasuse there’s painting to be done (hint), the HVAC guy needs to come because the C/A isn’t draining properly (hint), the grass needs to be cut (hint) and the storage units need to be assembled in the basement (hint).

    This all costs extra (big hint) besides the basic monthly bills. I say this because a lot of you may not be calculating this into your potential budget.

    This is also one of the reasons I refuse to pay anywhere near the asking price for fat Mary’s POS dump and why you shouldn’t also. Lowball, lowball, lowball.

    Now, back to painting…..

  119. Vinnie says:
    April 19, 2008 at 12:36 pm

    Hey reinvestor’s attitude has decidedly turned from condescending to angry. This is definitely a good sign. Could this signal a Denial into Angry transition in the general market as well? :)

  120. Clotpolled Jimmy Cayne says:
    April 19, 2008 at 2:18 pm

    Vinnie (119)-

    More like a transition from moron to simpleton.

  121. bi says:
    April 19, 2008 at 2:28 pm

    Grim or anyone with MLS access, please help:

    Is it under contract or with withdraw?

    18 SHADY BROOK LANE, CRANBURY, NJ

  122. Fiddy Cents on the Dollar says:
    April 19, 2008 at 2:49 pm

    Grim :106

    That Listing Photo is awful!!!

    If you’re going to take the time to snap a picture, why not spend a minute and remove the Case of Bud from the table?? Would it kill them to get the odd chair out of the pix and push the other chairs under the table??

    Realtors…not every room needs to be photographed for inclusion in the listing.

  123. reinvestor101 says:
    April 19, 2008 at 3:23 pm

    I’m giving serious consideration to boycotting this blog. There are various invectives being hurled my way but I’m not being allowed to respond. There too much celebration of housing militancy and radicalism. Unamerican stances are being praised instead of condemned. There’s entirely too much negativity and there’s much wrong with publishing inside information on home sales. The public does not need to know this information. They can get this information when they decide to bid on a particular house. Yes I said bid.

    It wasn’t all that long ago when if you wanted a house, you had to bid. Those days were the best and we had no problems with credit crunches, foreclosures and etc. That happy state of affairs was deliberately upended by a conspiracy hatched by those who are nothing more than unrepetant cheapskates who hate this country. They want nothing less than to get a house for damn near nothing.

    I will never, and I mean never, sell except for full price. Just like the cheapskates have conspired to upend the markets, we investors and homeowners must respond in kind. We need to refuse to lower prices and refuse to sell. I say make them pay and pay dearly.

  124. John says:
    April 19, 2008 at 3:40 pm

    hey clotpol I am 45 big deal, in perfect health and look 35. Maybe since I never overpaid for real estate I have no stress. Last concert I ever enjoyed was in 1999 when my friend had an internet company and booked naughty by nature for a company party and they let me do the Hey Hos on stage in front of 3K people. Since then I need to be a playa and not a playa hata and if I ain’t on stage I ain’t going.

    BTW RE is so deal friend had a realtor open house for 26 realtors on a new listing and not one of them had a paying customer to send over. Losers.

  125. lisoosh says:
    April 19, 2008 at 3:43 pm

    Clotpoll Says:
    April 19th, 2008 at 12:18 am

    “Isn’t that what Tyra Banks’ cross-dressing lackey always says on “America’s Top Model”?”

    Aren’t you sorry you know that?

  126. lisoosh says:
    April 19, 2008 at 3:45 pm

    3b Says:
    April 19th, 2008 at 9:38 am
    “I just don’t undestand how there ar people living in it. Saw them again this morning.Its weird.The house has been empty since it went on the market in August of 07.”

    Squatters?

    Maybe the original owners needed to go back to take care of a few issues before closing and that is why you see people there – mattress on the floor kind of thing.

  127. lisoosh says:
    April 19, 2008 at 3:48 pm

    I quite like contemporaries, assuming they are well designed. But you need to furnish them appropriately to really make them shine.

  128. spam spam bacon spam says:
    April 19, 2008 at 3:53 pm

    http://www.nj.com/news/hunterdon/index.ssf?/base/news-1/1208423133263500.xml&coll=12

    “DELAWARE TOWNSHIP — A fire that destroyed a Meszaros Road home earlier this month has been deemed suspicious by investigators. They’re asking anyone who spotted anything out-of-the-ordinary on April 3 near the Walker/Mastellone residence to call township police. Officials said that electricity to the house had been turned off at least a week before the fire. Deputy Chief Dan Hurley of the county Prosecutor’s Office said evidence at the fire scene “clearly suggests it was suspicious” but added, “We can’t discuss the evidence,” cause or origin. “We’re conducting interviews, examining records, any and everything about the house and the property.” In addition to the Prosecutor’s Office, the fire is being investigated by state fire marshals and the State Police arson squad, as well as township police. Anyone with information is asked to call police at (609) 397-0911.”

    It was a short in the light switch, I swear, officer…

  129. John says:
    April 19, 2008 at 4:00 pm

    Hey RE 101 Blvd Gardens in woodside queens went bust and in 1992 they were selling coops for one dollar each!!!!

    I will state that I will buy RE for one dollar. RE has sold for one dollar and in two or three years bankrupt sponsor units may hit a buck again!

  131. sas says:
    April 19, 2008 at 5:15 pm

    THere is a good article in the recent Harpers magazin written by Kevin Phillips.

    I actually had an interesting conversation for about 20 minutes with Kevin Phillips on Thur night, after a book signing he had at the Barnes & Nobel.

    SAS

  132. sas says:
    April 19, 2008 at 5:20 pm

    May 08 Harpers mag.

    SAS

  133. House Hunter says:
    April 19, 2008 at 5:43 pm

    106 Grim…the beer is there as a bonus, it will be yours if you pay within 5% of the asking price

  134. Orion says:
    April 19, 2008 at 5:52 pm

    I’ve a modest request.

    If there are any Eastern Monmouth county realtors on this board, can you please do Comp Killers?

    I think many here would be grateful (including myself).

  135. lostinny says:
    April 19, 2008 at 7:49 pm

    DH reports there were lots of open houses in Summit today. Too bad I couldn’t see for myself.

  136. kettle1 says:
    April 19, 2008 at 8:07 pm

    does anyone here know anything about the planned construction by the edison train station? i have heard that they want to build a town square sort of thing with commercial space and dining.
    Anyone know about this?

  137. alia says:
    April 19, 2008 at 8:48 pm

    from earlier thread, job interview candidates:

    Very early in my job search, I landed an interview at a really big company at a higher level than i was qualified for. I was so surprized, I treated it as practice rather than the real thing. When they asked if I had any questions, I said, “Yes, what was it about my resume that made you interview me?” (thinking I could use this info in subsequent resumes to make it even more stellar… and because at my last interview, when it became apparent that i was a terrible fit, it turned out they only interviewed me because i had put “bellydancing” under other interests/skills. sigh…).

    My interviewers looked at each other, then at me: “Yours was the only application without any spelling mistakes.”

    Did I mention this was an editing position at a national magazine in London?

    So at least you know it’s not just an American or low level position thing. People are often just clueless how they appear to others.

    btw… I got the job, and really enjoyed it until dh got relocated to the states. :)

  138. Pat says:
    April 19, 2008 at 9:21 pm

    My grammar paranoia is warranted.

    I wish everybody who comments on this blog and who is any way affiliated with the businesses of editing, publishing, news/journalism, or writing for profit would raise his or her hand.

    It’s just not fair to the other three of us.

  139. Laurie says:
    April 19, 2008 at 9:44 pm

    Grim/Gary/nnj…any info on 2733910??? DOM??? I know the owners and they are this sweet old couple and I can’t ask them to their face why it’s so overpriced. I’m now thinking it must be over 1 year that the house is on the market…The pics that go with the listing are just so awful and the house looks so cramped and well…old.I know they do want to leave the area so where’s the disconnect between selling and pricing right?? Agent?? Owner? They haven’t had an open house in 6 or 8 MONTHS but they have not changed brokers.

  140. bi says:
    April 19, 2008 at 9:51 pm

    136#, kettle, it is at the very early stage but i would make the area much more congested by adding about 800 residence and comercial activities. This same Goldin is pushing the same concept in west windsor along northeast corridor line but facng strong opposition from the residents.

    separately, north brunswick township already approved to build a train station on the old J&J site on route 1. now it is waiting for funding fron NJ state transportation department.

    http://www.thnt.com/apps/pbcs.dll/article?AID=/20080314/NEWS010204/803140393/1001/NEWS

  141. Firestormik says:
    April 19, 2008 at 10:28 pm

    Update. Just went to buy some beer across the street at a gas station. On the way back found this http://69.74.229.4/photo003.jpg
    Must be some angry locals, sorry for my cell phone camera quality :)
    Went to Naples today, seen tons of “for sale” and “for rent” signs here in Fort Myers Beach and in Bonita Springs on the way up there. Bank of America branch is closed here and I’ve seen a couple of local retailers with the sign “for sale” at the front door.

  142. reinvestor101 says:
    April 19, 2008 at 10:43 pm

    Angry locals my foot. You did that yourself. You’ll stoop to anything to prove your point won’t you?

    People sell stuff all the time. What’s so unusual about that?

    Firestormik Says:
    April 19th, 2008 at 10:28 pm
    Update. Just went to buy some beer across the street at a gas station. On the way back found this http://69.74.229.4/photo003.jpg
    Must be some angry locals, sorry for my cell phone camera quality :)
    Went to Naples today, seen tons of “for sale” and “for rent” signs here in Fort Myers Beach and in Bonita Springs on the way up there. Bank of America branch is closed here and I’ve seen a couple of local retailers with the sign “for sale” at the front door.

  143. njcoast says:
    April 19, 2008 at 10:47 pm

    #134 Orion- This one’s for you
    Comp killers for eastern Monmouth County for April 2008- SFH

    MLS#20805493-38 Pineview-Keansburg
    Sold-4/24/04-$227,00
    Listed-5/09/05-$278,000
    Sold-4/15/08-$170,000
    Lender owned

    MLS#20710158-45 Atlantic-Keansburg
    Sold-9/09/03-$279,900
    Listed-3/08/07-$425,000
    Sold-4/15/08-$243,500

    MLS#20743293-11 Woodbine-Little Silver
    Sold-7/23/04-$360,000
    Listed-10/16/07-$389,000
    Sold-4/07/08-$360,000

    MLS#20742719-180 Bethel-Elberon
    Sold-10/27/05-$530,000
    Listed-5/05/07-$649,000
    Sold-4/11/08-$460,000

    MLS#20744564-86 Linden-Middletown
    Sold-10/16/03- $305,000
    Sold-11/04/05-$435,000
    Listed-10/26/07-399,000
    Sold-4/02/08-$284,000

    MLS#20803772-14 Sylvania-Middletown
    Sold-1/12/06-$375,000
    Listed-1/26/08-$341,900
    Sold-4/04/08-$325,501

    MLS#20802024-3 Lawrence- Middletown
    Sold-10/08/04-$650,000
    Listed-1/10/08-$499,900
    Sold-4/11/08-$480,000
    Lender owned

    MLS#0808480-10 Poppy-Neptune
    Sold-6/01/06-$413,000
    Listed-4/09/07-$435,000
    Sold-4/04/08-$405,000

  144. KETTLE1 says:
    April 19, 2008 at 10:48 pm

    bi 143

    THANKS!!

  145. Firestormik says:
    April 19, 2008 at 10:51 pm

    RE: reinvestor101
    Keep going :) Don’t get a heart attack though, nobody here wants to be sued for that :)

  146. Mikeinwaiting says:
    April 19, 2008 at 10:59 pm

    Checked out REO today, maybe,Sunday house with the beer in the photos. This is a gas no hurry just sit back & watch the prices decline. The beer house will be in neg. soon
    when that one goes under (REO) it might be good. Sorry RE 101 its really ugly up in Sussex Cty.

  147. Bloodbath in Winter 2007 says:
    April 20, 2008 at 12:04 am

    Random musings:

    – I’d be curious to see a poll on this site about salary range. With everyone supposedly being so frugal, that car conversation floored me. since the move to Bucks County, i just got a car. Free. From the in-laws. 97 mazada protege. estimated value: 2k. total miles: 98,000.

    – Drove around Bucks today looking at communities as we plan a purchase in spring 2009. Just a sense … the areas we were looking (Washington Crossing and Newtown) didn’t have many houses for sale (townhouses galore, though), nor foreclosures.

    – while me miss living in NYC big-time, we are paying less by about $400 for more than double the square footage.

    – we’re 0-for-2 at restaurants out here. 1 was awful, the other just eh. Had some damn good sushi in Philly, though.

  148. galgon says:
    April 20, 2008 at 12:37 am

    Looks like I have to stop perusing houses and start perusing rentals. I got a note from my landlord that she is going to be putting the condo up for sale.

    The lease isnt up till September which I guess gives us a few options.
    1. We can put in our 60 day notice (had a 60 day termination clause put in the contract) and rent somewhere else.
    2. Tell the landlord that we will not be moving until the end of the lease regardless of the sale. Correct me if I am wrong but the landlord cannot evict us due to a home sale and the new owner would have to take over the lease as written.
    3. Negotiate with the landlord for “being helpful” while the condo is for sale and vacating the residence once it is sold.

    Any thoughts on what I should ask for from the landlord for my cooperation during this period?

  149. Bloodbath in Winter 2007 says:
    April 20, 2008 at 12:50 am

    reinvestor101 Says:
    April 18th, 2008 at 11:07 pm

    To hell with that and if more sellers took that attitude much of this market turmoil would be solved in a hurry.

    (taking the bait)

    Do you realize how many people bought houses they cannot afford, and are looking to sell them, but can’t because:

    1) adjustable rate loan they picked is sending payments through through the roof

    2) as foreclosures happen in neighborhoods everywhere, a house you bought for 600k in 2007 might now be worth 500k?

    3) so few buyers have 20% to put down (or crappy credit) that banks won’t give them loans?

    Where have you been for the last two years, man? Do you read? Get your head out of your arse you clown and get with the program. Reality sucks, but nobody ever said life would be easy

  150. d2b says:
    April 20, 2008 at 1:21 am

    Bloodbath 2007-

    Try Marsha Brown’s in New Hope or Just Eat in Buckingham. Both are very good. I ate at Moshulu this week. It’s the tall ship in Philadelphia. It was fantastic.

  151. bairen says:
    April 20, 2008 at 3:12 am

    A 4/2 cape with a finished basement in Madison for 375k in good condition.

    http://www.realtor.com/search/listingdetail.aspx?ctid=90066&typ=7&sid=95bb594040674582926a72008a53d927&lid=1096381309&lsn=3&srcnt=64#Detail

    Feb 2007 there were only a handful of houses below 500k in Madison. All were dumps and none listed below 480k.

  154. grim says:
    April 20, 2008 at 6:48 am

    From the Press of Atlantic City:

    More workers, fewer jobs have put the Garden State in a bind

    The state has been filled lately with talk and bickering over exactly where cuts will be made to the state budget.
    A modest reduction overall seems sure, so now all of the attention is on sparing favorite programs.

    But I wonder whether we aren’t underestimating the seriousness of our economic problems. Several indicators suggest that we’ve put ourselves into a deep hole and won’t get out without more dramatic action.

    For starters, growth in public sector employment has vastly outpaced job creation in the private sector this decade.

    From 2000 through 2007, the state added on average just 543 new private-sector jobs per year, according to state figures reported by the nonpartisan and nonprofit New Jersey Policy Research Organization.

    During that same period, 54,800 new public employees were added to taxpayer-funded payrolls – an incredible 94 percent of the new jobs during the seven-year period.
    This strong evidence that we’re not attracting and retaining companies and businesses should come as no surprise.

  155. grim says:
    April 20, 2008 at 6:49 am

    From the Star Ledger:

    Drowning in Bills: Cash-strapped consumers can’t come for air

    Reggie Williams took a second job to keep up with the bills.

    There is the loan on his Lincoln Navigator, the mortgage, the credit card-debt that piled up quickly after he and his wife bought a townhouse last summer.

    There are regular bills for food, electricity and clothing. There are more bills that pop up during the course of the month, including the expenses of raising two young sons who participate in sports, school bands and theater.

    Trying to maintain a lifestyle that Williams describes as “not fancy,” requires him, he said, to race from his full-time job as an insurance case manager to a part-time one as a cable company telemarketer five days a week. His wife also works full-time as a human resources supervisor for a small life sciences company.

    “As long as we still keep getting a paycheck, I’m fine,” he said recently. “I’m paying the bills. If one of us loses a job, then I’ll be concerned.”

    Lots of New Jersey households are like this, experts and consumers said, financially stretched, paying off mortgages, paying down home-equity loans at the same time they’re trying to put aside money for college tuition and retirement. They are swamped with expenses that drain their incomes, from monthly $100 bills for cable television and high-speed internet service to cell-phone plans for the family to marching band field trips for the kids. Many dread surprise car repairs, the possibility of replacing an aging hot-water heater or worse, an emergency medical issue.

  156. grim says:
    April 20, 2008 at 6:49 am

    From the Star Ledger:

    N.J. lawmakers taking on debt collectors

    The practice of debt collection is under renewed scrutiny.

    New Jersey lawmakers have introduced a bill in the Assembly that would regulate the practices of debt collectors and give authorities the power to issue significant fines for violations.

    Dubbed the New Jersey Fair Debt Collection Practices Act, the proposed legislation mostly mirrors a 30-year-old federal law that regulates things such as when and where debt collectors can call consumers. But it also goes further, imposing rules on creditors — not just third-party firms that are hired by creditors or buy debt at a discount.

    The bill, introduced last month and now in committee, comes during an economic period in which consumers are having a harder time paying their bills. Perhaps not surprisingly, that has meant some collection agencies are now getting more accounts to work.

    Consumer advocates fear the increase in past-due accounts, combined with debtors’ rising inability to pay them, will lead to more hostile behavior by debt collectors. Consumer credit delinquencies for the fourth quarter of 2007 were at their highest levels since 1992, according to the American Bankers Association.

    Ira Rheingold, executive director of the National Association of Consumer Advocates, a group of consumer attorneys, said he expects the situation of rising delinquencies and debt collection practices in the coming months to be “an absolute complete and utter mess.”

  157. grim says:
    April 20, 2008 at 6:51 am

    From the Record:

    Spring backward to sell that house

    Everything is fresh and new in the spring — except for stale home listings.

    Homes that have been on the market for a long time — six months or more — need special help to appear fresh to buyers for the spring selling season.

    The first and the most important “freshening up” is the price.

    “If a house came on the market in the fall and went through the whole winter without offers, it was at a higher price than it should have been,” said John Falcone of Re/Max Real Estate Limited in Oradell. “A difference of 5 [percent] to 10 percent on a $600,000 house makes a big difference to buyers.”

    “We just had a significant price reduction — a $100,000 price reduction — last week,” said Angele Eckert of Coldwell Banker in Ridgewood about a new-construction, three-story mansion on North Maple Avenue in Ridgewood. The home has been on the market since 2005, when it was first listed at $2.269 million. Today, it’s priced at $1,599,999.

    Martha Yevin of Re/Max Property Center in Paramus is marketing a historic home in Hillsdale that was listed with another agent for a year.

    “It first went on in the $800,000 range,” Yevin said. “When the initial listing expired in November, the price was at $719,000. At least part of the problem was that they were chasing a down market. I told the sellers the price had to be considerably lower. Today, we’re at $599,000.”

    Often, there are psychological price barriers to cross when you’re trying to encourage offers. Two-million-dollar-plus homes may need a new price under $2 million. Homes in the $600,000-plus range may need to fall into the $500,000s. Consider pricing the home $5,000 to $10,000 below comparable homes in the area.

    And, unfortunately, once a seller has negotiated with a buyer and accepted an offer, that creates a new baseline price should the deal fall through.

    Walter Mahnken of Weichert Realtors in Ridgewood has been marketing an 85-year-old Hillsdale fixer-upper for about a year.

    “The home was under contract for three of the last 10 months,” said Mahnken.

    “The buyers backed out three days before the closing. They asked for an additional $40,000 off for repairs three days before the closing.”

    The home, which initially was listed at $425,000, was set to sell at around $400,000 when the deal collapsed. It’s now priced at $375,000.

  158. grim says:
    April 20, 2008 at 7:24 am

    From Crains:

    Cutting back on luxury

    Justin Israel, a retired garment manufacturer, is a wealthy man with an apartment on Central Park South and a beloved collection of art. But with the value of his stock portfolio and of his Florida real estate investments falling, he recently decided that there were a few things he could do without.

    The renovation of his summer home in the Hamptons? Not just now. Adding to his collection of photographs of American Indians by Edward Curtis? “I’ve passed on the last couple of auctions,” he says.

    As the economic mood darkens, even wealthy New Yorkers are cutting back. Acting less out of necessity and more out of a general feeling of anxiety or caution, many of the city’s rich—including multimillionaires—are thinking twice about the latest sports car, designer handbag or home remodeling.
    …
    “This is the year the bottom falls out of luxury,” says Fred Crawford, managing director of AlixPartners, a restructuring and financial advisory firm.

    He predicts that luxury shoppers will trade down to less pricey stores and may even consider no-frill brands.

  159. grim says:
    April 20, 2008 at 7:25 am

    He predicts that luxury shoppers will trade down to less pricey stores and may even consider no-frill brands.

    Tell me about it, TJ Maxx in Bridgehampton was packed yesterday. There were more Bentleys there than on Main St.

  160. Clotpoll says:
    April 20, 2008 at 7:39 am

    (124)-

    “hey clotpol I am 45 big deal, in perfect health and look 35.”

    John and Mitchell…separated at birth?

  161. Frank says:
    April 20, 2008 at 7:39 am

    Wow, Hoboken inventory hit all time high of 621 today, looks like the bubble is popping.

  162. Clotpoll says:
    April 20, 2008 at 7:40 am

    soosh (125)-

    Just the by-product of having a 14 y/o daughter.

    BTW, I can highly suggest that show. It is a real-time chronicle of the decline of Western civilization.

  163. Clotpoll says:
    April 20, 2008 at 7:46 am

    alia (137)-

    Still bellydance?

  164. Clotpoll says:
    April 20, 2008 at 7:47 am

    Laurie (139)-

    Why bother to have an open house for a rotting corpse?

  165. Clotpoll says:
    April 20, 2008 at 7:50 am

    Laurie (139)-

    BTW, leave that conversation alone. I do RE for a living, and I can assure you that 99% of all buyers and sellers don’t listen to anybody when it comes to making decisions. Most input- professional or otherwise- is viewed by principals as interference.

  166. grim says:
    April 20, 2008 at 7:51 am

    Location, location, location..

    212 Redneck Ave, Little Ferry NJ

    Purchased: 12/1/2006
    Purchase Price: $465,000

    MLS# 2802344

    Current Asking: $429,000

  167. Clotpoll says:
    April 20, 2008 at 7:52 am

    bath (147)-

    If there’s a good restaurant in Bucks Co, I haven’t found it.

  168. lostinny says:
    April 20, 2008 at 7:58 am

    Maybe my resume is too conservative?

  169. Clotpoll says:
    April 20, 2008 at 7:59 am

    lost (168)-

    I’m guessing there are a lot of “omissions”. :)

  170. lostinny says:
    April 20, 2008 at 8:05 am

    169 Clot
    How’d ya guess?
    I didn’t think bellydancing or musician went well on a resume unless I was looking for an artistic type of position. Of course, there are lots of other things I could put on there but I’m not sure that I want a behavior modification job right now. :)

  171. Pat says:
    April 20, 2008 at 8:13 am

    bloodbath, there are a couple of good restaurants, but not many. It’s a place to live and raise kids, not a culinary mecca.

    Most of us who enjoy a good meal every once in a while drive to get it.

    But it’s a great place if you want to make your own.

    http://bucks.extension.psu.edu/Agriculture/freshfarmlist.html

  172. Clotpoll says:
    April 20, 2008 at 8:17 am

    lost (170)-

    Can you speak with a German accent? I think that should be noted on your resume. :)

    “You vill enjoy diss…”

  173. Pat says:
    April 20, 2008 at 8:21 am

    Clot, I’m starting to see some new listings that are actually decent houses at better prices instead of the same old stuff since 2006.

    How’s the selection by you?

  174. Clotpoll says:
    April 20, 2008 at 8:27 am

    Pat (173)-

    Huge inventory. However, a few sellers come to market now with realistic prices. Whenever this happens, it triggers a bidding war.

    Now, sellers can expect one of two things to happen, depending on how they price:

    1. nothing
    2. bidding war

    There’s almost no in-between.

  176. Clotpoll says:
    April 20, 2008 at 8:56 am

    bairen (175)-

    How many people died there?

  177. lostinny says:
    April 20, 2008 at 9:03 am

    Clot
    I can actually. I can still actually speak some German.:)

  178. bairen says:
    April 20, 2008 at 9:11 am

    #176 Clot,

    I was wondering if it was full of chickens or cats.

  179. grim says:
    April 20, 2008 at 9:12 am

    At what point can dried fecal matter be considered structural?

  180. Jaime H. says:
    April 20, 2008 at 9:19 am

    I got this ill conceived email from Weichert that suggesting that I won’t have buying power if I wait to buy a home.

    I guess what they are saying is that prices are dropping! Thanks for the tip!

    Weichert suggests buying sooner rather than later Inbox X jhazan@mac.com X
    noreply_5@weichertemail.com to jhazan
    show details 12:15 AM (8 hours ago)

    Reply

    Images are not displayed.
    Display images below – Always display images from noreply_5@weichertemail.com

    Is there a disadvantage if you wait to buy?

    Dear Jaime Hazan,
    Potentially, there are a few. First, with more homes than usual currently on the market, it may now be possible to negotiate a price for a home that might otherwise be out of reach. No telling how long that will last. And secondly, while interest rates are still very reasonable, they have been rising steadily for quite a while. Should you choose to wait, it’s likely that interest rates will continue to rise and further reduce your buying power.

    Here’s the point: You’re faced with the opportunity to buy a home at a time when many purchase prices have become more reasonable or even more flexible. Considering that interest rates are still near historic lows, you have every reason to buy your new home as soon as you can.

    Go to Weichert.com for a list of frequently asked questions for buyers and sellers.

  181. lostinny says:
    April 20, 2008 at 9:21 am

    179 Grim
    EEwww.

  182. Bloodbath in Winter 2007 says:
    April 20, 2008 at 9:40 am

    Clotpoll Says:
    April 20th, 2008 at 7:52 am

    bath (147)-

    If there’s a good restaurant in Bucks Co, I haven’t found it.

    Our new neighbors talked up La Scalla. We’ll try it in the coming weeks.

  183. Bloodbath in Winter 2007 says:
    April 20, 2008 at 9:43 am

    Pat Says:
    April 20th, 2008 at 8:13 am

    bloodbath, there are a couple of good restaurants, but not many. It’s a place to live and raise kids, not a culinary mecca.

    Pat, are you in Bucks? We’re new and just trying to get a gauge on the housing industry. There are more than a handful of big-money communities around here … where the hell do these people work? Princeton? Philly? NY?

    And is there a good Bucks County blog? We’re thinking of starting one that’s kind of a catch-all – food, housing, etc

  184. Essex says:
    April 20, 2008 at 9:58 am

    T-Shirt Ideas:

    HelocEarth

    LBH….Live By Heloc

    Hellloc!

  185. Bloodbath in Winter 2007 says:
    April 20, 2008 at 10:15 am

    Where the heck are the parents?

    http://www.charlotte.com/nation/story/587687.html

    Throw these kids in juvenile hall until they’re 18

  186. Laurie says:
    April 20, 2008 at 10:39 am

    I can’t answer when does dried fecal matter become structural but I direct you to a certain famous house in Burning Hollow, Saddle River…there seems to be an expert on such things there..LOL

  187. bairen says:
    April 20, 2008 at 10:43 am

    #179 When it’s thick enough to be considered rustic.

  188. House Hunter says:
    April 20, 2008 at 10:50 am

    Grim 155..I saw the same article. Curious why having a lincoln navigator is considered nothing fancy.

  189. PeaceNow says:
    April 20, 2008 at 11:04 am

    Pat–#136

    I am an editor/proofreader. Also have NYC real estate murder mystery “on submission.”

  190. bi says:
    April 20, 2008 at 11:04 am

    “Barack Obama’s foreign policy plans have even won him praise from Hamas leaders,” writes McCain deputy campaign manager Christian Ferry. “Ahmed Yousef, chief political adviser to the Hamas Prime Minister said, ‘We like Mr. Obama and we hope he will win the election. He has a vision to change America.’”

    http://politicalticker.blogs.cnn.com/

  191. bairen says:
    April 20, 2008 at 11:05 am

    #155 Grim # 188 House Hunter

    I was looking on realtor.com at neighborhood info for Madison, Warren, Chatham and other towns in the area. I was surprised that the average household net worth was only 180 to 200k. Especially if you check the cars in the driveways and see the fancy duds people wear.

    So much for those towns being loaded with deep moneyed family fortunes. mostly people living paycheck to paycheck and a bit of housing ATM thrown in i think.

    In Texas they would be called big hat, no cattle.

  192. Pat says:
    April 20, 2008 at 11:07 am

    Bloodbath, I don’t know anyone who’s purchased in Newtown/Yardley/Washington Crossing within the last four years. People are staying put or trying to sell. Here are some examples of families I know:

    Washington Crossing
    2000 SFT/1 acre/Purchased 2001
    Typical 2/1 (2 parents work, one kid):
    He’s a contractor with his own business, she works for a University in NJ.

    Yardley:Typical CHC McMansion built in 90’s
    Couple late 50’s/grown kids in NJ.
    They built it, he’s retired pharm (took a package), she has a home-based business.

    Newtown
    Relo from North Jersey couple, 2 kids.
    Typical McMansion; built in 2000.
    He’s a lawyer in Trenton, she’s a nurse in PA.

    Lower Makefield
    Couple in their early 40’s, 3 kids, moved from CNJ to 70’s split/4/2, purchased 1999.
    He’s some kind of academic, she’s part-time environmental…all stuff in NJ.

    Lower Makefield
    Late 30’s, two kids, completely renovated 5/2 Colonial they purchased in the 90’s. He owns a franchise in NJ of an automotive place, she’s a SAHM.

    Lower Makefield
    40s, two kids, Newer Colonial purchased in 90’s. Both are teachers in the Pennsbury school district earning approx. 65k.

    ===
    For blogs about Bucks, let me know if you find anything. I keep my eye out on phillyburbs for the blogs there to see if anything comes up.

  193. jamil says:
    April 20, 2008 at 11:09 am

    I’ve been patiently waiting house prices to come down to sensible levels (ie affordable without some sort of fraud or ultra-high risk I/O ARM leverage). Now it seems that this is happening in the next few years.

    However, now I’m having second thoughts of joining the ranks of house slaves. (I think this attitude is getting more widespread now that people realize that it is a lousy investment and the social pressure for it is diminishing).

    As a renter, I’m free to escape rising taxes imposed by the corrupt government. Yes, rents may be increased every year (the mantra of RE folks), but so can property taxes and house maintenance (new government regulations etc).

    If you own a house, you are held hostage by the ruling party (and the holy trinity of organized crime/public unions/mafia). Taxes can and will be raised every year. Various new tax-payer funded freebies will be created for illegal immigrants and other welfare freeloaders every year.

    Buying a house in NJ makes no sense. NY used to be slightly better (Pataki, Guliani, Bloomberg managed to keep things reasonable) but now the one-party rule will arrive to NYC in 2009 (and soon to NY senate as well) and then NY is going to give NJ run of its money. Crime rates, taxes and corruption go higher with the one-party rule (new NYC mayor is probably some Al Sharpton protogee who is going to drive Wall Street institutions and people out of the city).
    Owning a condo NYC then (next to public housing projects and special luxury condo project for transsexual illegal immigrants) would be less than fun.

    This is sad. I would like to own a house (but not in Zimbabwe, Cuba or NJ). When are people going to rise and throw the social bums and unions out?

    /end of rant

  194. bairen says:
    April 20, 2008 at 11:14 am

    #191 The median net worth is even scarier at about 1/3 average net worth. Seems like most folks are living in houses 10 to 12 times the median household net worth.

  195. Sean says:
    April 20, 2008 at 11:17 am

    re: (155 & 188) Something has to give, inflation will see to that.

  196. katinka says:
    April 20, 2008 at 11:34 am

    I think someone here has posted about this house in Morristown before, but it just made the sold page in the daily record:

    7 Perry Street
    06/24/02 $775,000.00
    01/12/08 $525,000

    I think it is a really pretty house and huge from the outside, but the yard is a little small. Great for walking to everything tho.

  197. galgon says:
    April 20, 2008 at 11:35 am

    bairen 175:

    Why would the Realtor post 4! nearly identical pictures of the front of the house. They could have at least shown the back of the house unless that is in terrible shape too.

  198. gary says:
    April 20, 2008 at 12:04 pm

    I scanned the RE section of the Record today. As usual, you’ll find dumps with fecal structural design in the 425K range or $700,000 raised ranches that the owner feels is justified because they used a paint brush now and then and actually clean their bathrooms on a regular basis.

    Dear sellers, we’re still waiting, how about you? Tick…. tick…. tick…. tick….

  199. gary says:
    April 20, 2008 at 12:09 pm

    Another tee shirt idea:

    “Happiness is a Comp Killer”

  200. chicagofinance says:
    April 20, 2008 at 12:09 pm

    Essex Says:
    April 20th, 2008 at 9:58 am
    T-Shirt Ideas:
    HelocEarth
    LBH….Live By Heloc
    Hellloc!

    SX: Doesn’t Helocos sound like a Cyclades Island….Ios, Naxos, Mykonos, Naxos, Helocos…still prefer Santorini….

  201. chicagofinance says:
    April 20, 2008 at 12:14 pm

    I have a vague feeling that I have identified John’s favorite vacation spot…..

    http://en.wikipedia.org/wiki/Lesbos

  202. chicagofinance says:
    April 20, 2008 at 12:16 pm

    grim unmod

  203. 3b says:
    April 20, 2008 at 12:17 pm

    #197 gary:Very quiet in my town Jan through end of March.

    Lots of inventory very little movement from what I could tell.

    And then all of a sudden in the last 3 weeks about 10 houses went under contract, (whether they close or not is another story) at what I consider still high prices (I will be very interested to see the difference between list and closed prices).

    I have to say I was starteled/disappointed to see this.

    Then after reading today’s Record regarding deveopment plans for my town (River Edge), I am not even sure I want to live her any more, although I am doubtful most of it will ever come to light.

    That being said the NJ Tranist portion of the development has already started.

  204. BC Bob says:
    April 20, 2008 at 12:54 pm

    John hasn’t been to a concert since 1999. However, an authority regarding Springsteen concerts? No Reunion tour nor The Rising tour? Hint, neither was an solo acoustic tour. Like I said, don’t step back, you’ll be waist high in piles of it.

  205. BC Bob says:
    April 20, 2008 at 1:01 pm

    How wide is that window?

    “April 20 (Bloomberg) — The Bank of England tomorrow will release its plan to swap government bonds for mortgage-backed securities in an effort to ease credit costs and help British homeowners, Chancellor of the Exchequer Alistair Darling said.”

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aBD8m0_NEJLI&refer=home

  206. gary says:
    April 20, 2008 at 1:04 pm

    3b,

    (I will be very interested to see the difference between list and closed prices).

    Touche! Keep track of them and let us know what they close at. Remember, you’re going to have activity no matter what the market is. And, unlike 99% of realtors and the wannabe cheerleaders out there, I’m not going to be an idiot and twist the reasons why these houses all of a sudden went under contract just for my own bias view. It could be a whole host of reasons. We all know what the data shows and what the facts are at this current moment.

    Everyone of us on this blog is h*ll bent on doing things the correct way and not through the scam artist methods the industry likes to practice. The worst that can happen is we wait…. and wait… and build up a bigger pot of stash. You have to approach this thing with an almost vendetta-like attitude. Us against them…

    We call the shots, not the sellers agent or the sellers. A stellar FICO, at least 20% DP and assets. The long term trend is your friend.

  207. 2008 Summer/Fall Panic coming to a hood near you says:
    April 20, 2008 at 1:50 pm

    Read my Lips: NO Spring dead cat bounce, More misery coming to a hood near you. Real Panic building into the fall. Even the so called rich Hurt’en. lol!

    Oh…..Spring 2009 It’s going to be real miserable and prices will be lower. Oh well have to just watch the massacre.

    No Bid is to low.
    It’s payback time. Mak’em PAY!
    Bleed’em Dry.
    BOOOOOOOOOYAAAAAAAAAAAA

    Bob

  208. WickedOrange says:
    April 20, 2008 at 1:53 pm

    “2008—the Best Year to Buy a Home in 35 Years!” (NORTHERN NJ)

    http://newyork.craigslist.org/jsy/rfs/643089244.html

    LMAO

  209. 2008 Summer/Fall Panic coming to a hood near you says:
    April 20, 2008 at 2:03 pm

    Anyone notice that this pigeon did not mention price?

    Yeah of course price does not matter!

    BOOOOOOOOOOOOYAAAAAAAAAAA

    Bob

  210. reinvestor101 says:
    April 20, 2008 at 2:13 pm

    Troll

    You’re the poster child for the unpatriotic hate that’s out there for this country and its real estate markets. Please go back to the rock you crawled out from under.

    2008 Summer/Fall Panic coming to a hood near you Says:
    April 20th, 2008 at 1:50 pm
    Read my Lips: NO Spring dead cat bounce, More misery coming to a hood near you. Real Panic building into the fall. Even the so called rich Hurt’en. lol!

    Oh…..Spring 2009 It’s going to be real miserable and prices will be lower. Oh well have to just watch the massacre.

    No Bid is to low.
    It’s payback time. Mak’em PAY!
    Bleed’em Dry.
    BOOOOOOOOOYAAAAAAAAAAAA

    Bob

  211. alia says:
    April 20, 2008 at 2:19 pm

    138, Pat: LOL! Please, I suck at editing. (I can say, “Er, there’s something wrong with this article” but I’m really bad at saying, “And this is how to make it ten times better!”)… i think i even misspelled “surprise” in my entry. (I spent just long enough in the UK to get really unsure about the letter Z)… And I am the last person to twit anybody else without being asked to in a professional capacity.

    To un-toot my own horn, a month before I got that job offer, I got a lovingly (and i do mean *lovingly*) hand-crafted response to my job application where the person told me, among other things that I have since mercifully forgotten, that I was an insult to my alma mater and should be ashamed to apply to their publishing house. *shrug*

  212. Bloodbath in Winter 2007 says:
    April 20, 2008 at 2:31 pm

    Pat – So what’s your status? Renting or buying? And what’s the deal we keep hearing about a 1 % income tax if you live a certain school district?

    While we like this Newtown/Wash Crossing area, we haven’t been to Yardley yet, but hear it’s almost as nice, and cheaper.

    Wife works in NJ, so we want proximity to 95.

  213. alia says:
    April 20, 2008 at 2:34 pm

    163, Clotpoll: Actually, after a long hiatus, I started taking classes again. And then I had a c-section. No dancing for me for a while. Maybe I’ll take ninjutsu up again; they don’t care so much about belly flatness. ;)

  214. Mikeinwaiting says:
    April 20, 2008 at 2:35 pm

    Just took my son over the other side of town . My god there were so many open houses
    it was a joke . Multiple signs on almost every corner pointing in different directions. Just wait till next year. Didn’t see any cars at the ones I passed directly. Going out now with the wife to look at some just for sh*ts & giggles.

  215. alia says:
    April 20, 2008 at 2:38 pm

    170- lost…. lol again. I have to admit, I took “bellyancing” *off* the resume after that one really awkward interview. (Just because I’m *interested* in it doesn’t mean I look particularly good doing it… I think my interviewers were sorely disappointed by my waist to hip ratio.)

  216. PA says:
    April 20, 2008 at 2:55 pm

    #154

    NJ certainly appears to be an unfriendly place at this point for families and many small businesses, but I wonder how different the national jobs picture looks.

    Millions of productive jobs have been automated or outsourced in the past 8 years and the only thing that has replaced them have been phony debt bubble and government jobs.

  217. bairen says:
    April 20, 2008 at 3:25 pm

    #208 redacted101

    Is it patriotic to take out a liar’s loan so you buy a house at 6 times your income? Is it patriotic to go so deeply in debt you can’t save for retirement, your kids’ college, or even be able to buy a latte once a month? And be so leveraged that if you get laid off you are forced to sell or get foreclosed?

  218. Pat says:
    April 20, 2008 at 3:47 pm

    Bloodbath, go to the Bucks County public Website. There’s a page for municipality descriptions.
    http://www.buckscounty.org/government/municipalities/index.aspx

    So, for example, New Hope has a special tax. Click on the link for New Hope Borough, then FAQ.

    I’m a non-bitter renter. We just went to three open houses on the same street. Same model, different upgrades. Range of 50k in price, same agency. What WERE they thinking?

    On the way home, my only comment to my husband was, “The first one looked like we’d still be able to hit the beach every weekend. The second one had the most maintenance outside. The third one had the most maintenance inside.”

    We need a new category on the sheets called “average maintenance hours per month.”

  219. BC Bob says:
    April 20, 2008 at 4:14 pm

    50.5,

    Well, you’re boycotting the site? Promise or threat? If you follow thru on this, please knock again upon your capitulation. If no answer, please knock hard/ring the bell. A wake up call would be greatly appreciated.

    More on Fla for you from Clot’s buddy;

    “Views from beyond the Barron’s staff – Mike Morgan”

    “Here’s a lesson many Floridians have learned the hard way: All hurricanes have three parts—the front half, the eye and the back half. The eye is a deceiving quiet period at the center of the hurricane. The eye lulls you into believing the storm has passed and all is well.”

    “This is exactly what’s happening in Florida’s housing and financial markets. We are in the eye of the hurricane, and the back half will hit us twice as hard as the front.”

    http://www.morgan-florida.org/barrons-april-2008

  220. jamil says:
    April 20, 2008 at 4:22 pm

    I’ve been patiently waiting house prices to come down to sensible levels (ie affordable without some sort of fraud or ultra-high risk I/O ARM leverage). Now it seems that this is happening in the next few years.

    However, now I’m having second thoughts of joining the ranks of house slaves. (I think this attitude is getting more widespread now that people realize that it is a lousy investment and the social pressure for it is diminishing).

    Why buy a house in NJ if you will be held hostage by the corrupt government which is raising your property taxes every year?

  221. Al says:
    April 20, 2008 at 4:38 pm

    reinvestor101 Says:
    April 19th, 2008 at 3:23 pm
    i’m giving serious consideration to boycotting this blog.

    Thats just too bad, We are all scared.

    There are various invective housing militancy and radicalism. Unamerican stances are being praised instead of condemned. There’s entirely too much negativity and there’s much wrong with publishing inside information on home sales. The public does not need to know this information. They can get this information when they decide to bid on a particular house. Yes I said bid.

    Huh??? Unfair info?? Insider info?? like listing history?? past sales history?? why is it wrong???

    Please boycott this blog…

  222. Hard Place says:
    April 20, 2008 at 5:13 pm

    jamil – govt serves a purpose. what does it say about the electorate, when we allow these crooks to manage our govt.

  223. Hard Place says:
    April 20, 2008 at 5:18 pm

    Can’t they have something else on tv besides the papal visit?

  224. jamil says:
    April 20, 2008 at 5:23 pm

    hard place: Government may serve a purpose, but NJ crooks hardly do..and yes, NJ electorate fully deserves that crooked government (and its public unions aka mafia).

    Anyway, for those that are not yet held hostage by NJ crooks, many will say thanks no and move elsewhere (or rent).

    Unfortunately, NY is also going NJ route..Pataki, Guliani and Bloomberg kept NY and NYC great, but with the party of corruption, high taxes and high crime rates gaining absolute power (by 2009), Wall Street and middle class will be driven out of NY (especially NYC).

  225. Arr Elle says:
    April 20, 2008 at 5:25 pm

    221-Hard Place

    Nope unless you have cable!

  226. lisoosh says:
    April 20, 2008 at 5:50 pm

    Clotpoll Says:
    April 20th, 2008 at 7:40 am
    soosh (125)-

    “Just the by-product of having a 14 y/o daughter.

    BTW, I can highly suggest that show. It is a real-time chronicle of the decline of Western civilization.”

    How do you think I know what you were talking about? Nothing like a chubby Tyra ripping some Plain Jane to shreds while the circus clown and Orange Jay look on.

    Gossip Girls starts again soon – should keep John happy.

  227. Shore Guy says:
    April 20, 2008 at 6:37 pm

    Report from Fort Lauderdale, Palm Beach, and surrounding area:

    We spent the last few days looking around at properties in SE Florida. It feels like every 10th home is for sale, lots of them FSBO. They are still overpriced, at least from my perspective.

  228. Shore Guy says:
    April 20, 2008 at 6:38 pm

    # 222 “Wall Street and middle class will be driven out of NY (especially NYC).”

    And SOx will drive much of the financial industry from NY to London.

  229. BC Bob says:
    April 20, 2008 at 6:42 pm

    Speaking of the Pope; It was great to finally see the home team receive a standing ovation at Yankee Stadium.

  230. BC Bob says:
    April 20, 2008 at 6:51 pm

    “And SOx will drive much of the financial industry from NY to London.”

    shore,

    And hedge funds will flee London, to Switzerland, if they follow thru with their plan to tax the non-domiciled.

  231. Shore Guy says:
    April 20, 2008 at 6:55 pm

    228 In the end the whole financial industry will he headquartered in a barn in nortwest Myanmar staffed by a dozen people with an internet connection.

  232. still_looking says:
    April 20, 2008 at 7:39 pm

    199. I miss Santorini.

    To all who gave suggestions for my computer thing. (I gave up.) If the lost 2 mos of emails are important then I will have them retrieved.

    But, as always, Thanks for all your advice and help — It’s so cool to be able to come here and unload, get advice, get educated, etc etc.!!!!

    We’re really lucky to have so many way cool people on here… /end schmoopiness :-)

    Unfortunately, I have a whole pot of other fish to fry right now. :( AND work!

    sl

  233. still_looking says:
    April 20, 2008 at 7:40 pm

    OH! and YAYYYYYY Booyah is BACK!!!

    GO Booyah!! Bleed ’em dry!!

    sl

  234. ShoreGuy says:
    April 20, 2008 at 7:59 pm

    From the first thread:

    njcoast Says:
    April 18th, 2008 at 10:46 am
    OT

    “The world has become a bit more gray today. Danny Federici, the keyboard player for the E Street Band, passed away yesterday. A kind and gentle man he was. New Jersey born and bred.”

    It is always sad to hear about the death of one so young, especially someone who became a part of many other people’s lives, even if only through the sound from a radio. I for one was bummed because three concerts I had tickets for got cancelled. I may head back to Lauderdale for the rescheduled show there but Orlando and Tampa are out of the question.

  235. ShoreGuy says:
    April 20, 2008 at 8:01 pm

    # 232 “schmoopiness”

    Is there a cream or ointment for that?

  236. spam spam bacon spam says:
    April 20, 2008 at 8:04 pm

    reported from Palm Beach, FL: (family member works as paralegal for RE lawyer)

    Business is picking up, lots of short sales. She (paralegal) was mostly playing solitaire at work, before short sales hit fan.

    50 homes in her own development of 400 homes being foreclosed or something similar (short sale, etc)

    Her husband has black seal, manages maintenance for large condo complex. His hours were cut, lawn service cut back to once every 2 weeks, etc… condo association just had a special $60,000 assessment (I have no clue what this means), many condos empty, foreclosed, etc., and other residents are having hard time paying assoc fees due to the fact that they live off investments and the stock market “ain’t doin’ so hot”…

  237. ShoreGuy says:
    April 20, 2008 at 8:07 pm

    Spam,

    I saw lots of for sale signe outside condos on A1A, evn up in the southern end of Palm Beach.

  238. spam spam bacon spam says:
    April 20, 2008 at 8:09 pm

    206 Gary:

    “The worst that can happen is we wait…. and wait… and build up a bigger stash of pot…”

    So like you was saying Gary, we are waitin’ and we was, what…wait. What? Was we waitin’? for something? WTF was I sayin’ again?

  239. spam spam bacon spam says:
    April 20, 2008 at 8:18 pm

    SG: She’s in Palm Beach Gardens.

    Her development is probably 1970’s-ish?
    (Not new) She’s near retirement age: people living next door to her are friends with her. They are going under, financially…pre-forclosure or something similar. She’s bummed. Seems like they have a nice little group of homeowners of (all age brackets) who visit each other often and are pretty friendly with helping each other out.

    It sux to lose a sense of community cohesiveness.

  240. Firestormik says:
    April 20, 2008 at 8:36 pm

    RE: 226 Shore Guy
    reinvestor101 is going to have a heart attack for sure now:

  241. 3b says:
    April 20, 2008 at 8:37 pm

    #206 gary: I will keep you and the board informed. The only thing is, if these houses that went under contract sell even close to list price, then it gives other sellers with their houses on the market and those yet to come on encouragement to keep asking ridiculous pricse, therby dragging this painful process out.

    I was supposed to be out of my rental house by year end, but fortunatley the owner still has not decided what he is doing, and so I now have until June of 2009. (and the rent is real cheap)

    I am getting to the point where I just want to be settled, and put this house thing to bed, but I will not do anything stupid. (been around too long to do that).

    River Edge is really starting to annoy me, (for many reasons) so I will concentrate on Oradell. Thanks for the pep talk.

  242. 3b says:
    April 20, 2008 at 8:39 pm

    #210 rewelfarecrybaby: The over fed arm chair patriot looking for a hand out.It is clowns like you destroying this country.

  243. Essex says:
    April 20, 2008 at 8:40 pm

    Deep Cleansing Breath…..and pass the latkes.

  244. 3b says:
    April 20, 2008 at 8:44 pm

    #224 jamil:Wall Street and middle class will be driven out of NY (especially NYC).

    Wall St is driving itself out of business.

  245. Hard Place says:
    April 20, 2008 at 9:17 pm

    Bloomberg vs. Corzine.

    Both were CEO’s and must have been great businessman to reach their perch. Bloomberg is fairly business friendly to keep company’s in NYC. Why isn’t Corzine more business friendly? Why does he not seem to get it. I voted him because I thought he would be ruthless with these unions and get some of these politics out of NJ govt. This does not seem the case… Am I wrong?

    So instead of watching the pope, I took a walk from my rented apt in NYC to grab some dinner w/ my wife & kids. Nothing like a nice little pizza joint followed by some ice cream on a lazy Sunday. Better than hitting some of these overpriced open houses…

    As for cable tv… I won’t pay for it. Refuse to pay for overpriced sports salaries and tv personality salaries. Yankees used to be free when I grew up. The fact that some sports are no longer available on public television will lead to their demise.

  246. Hard Place says:
    April 20, 2008 at 9:19 pm

    Didn’t see this posted yet…

    The Bank of England will today announce a plan to swap about 50 billion pounds ($100 billion) of government bonds for mortgage-backed securities to lower credit costs, people familiar with the matter said.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=a1Xcc.MQyy.g&refer=home

  247. Frank says:
    April 20, 2008 at 9:22 pm

    #245,
    Hard Place,
    How silly can you be? unions elected Corzine, of course he will support them. He loves unions, as long as you keep their jobs and pensions, they’ll vote for you and the sucker taxpayers will pay for it all. Keep unions strong, keep taxes high and keep people away from NJ.

  248. Roy G Biv says:
    April 20, 2008 at 9:26 pm

    Drove from Sandy Hook to Asbury Park for a presummer jaunt. Man are there condos/apts going up! Would love a cheap one with a shoreline view !!

  249. Clotpoll says:
    April 20, 2008 at 9:43 pm

    jamil (193)-

    What you said there is both spot-on…and chilling.

  250. spam spam bacon spam says:
    April 20, 2008 at 9:46 pm

    A lone case of crappy beer? That’s so…amateur…

    This here’s a drinkin’ ROOM with a bona-fide drinkin’ CHAIR…

    http://homepics.realtor.com/image9/http/gardenstate/submit/large/007/2444662x.jpg

  251. Clotpoll says:
    April 20, 2008 at 9:53 pm

    BC (219)-

    Thanks for that. I was wondering when we’d hear from Mike Morgan again. This guy has got it as right as rain…I still chuckle when I think back to his post of last year, when he called out Ivy Zelman as a lightweight, then backed it up with a clinical dissection of her shoddy approach.

  252. spam spam bacon spam says:
    April 20, 2008 at 10:02 pm

    http://www.realtor.com/realestate/alexandria+twp-nj-08867-1089155964/

    I can’t leave well enough alone…

    Seems Jean has a solo listing and she’s goin’ all out…

    View of Side Angle
    Forget the bad grammer, it’s another view of the front.

    Gorgeous Mountain Views Beyond Tree-lined property

    you could see the views, that is, exceptin’ for them tree things…

    Long Newly Paved Driveway away from Road

    However, it’s a gravel driveway TOWARDS the road.

    *******************

    And the rest of the pics? Well, just enjoy the colonialremporary / contempolonial from hell…

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