From the NY Times:
BARGAINS abound these days in the market for New Jersey’s most unusual, lavish and historic homes.
The Montclair home renovated with architectural treasures by Michael Strahan, the retired New York Giant, and his ex-wife Jean before their acrimonious divorce two years ago is now available for $4.75 million. The property was listed last year at $7.75 million, was reduced to $5.795 million in the spring and reduced again earlier this month.
A restored mid-18th-century farmhouse out in Morris County horse country — Chester Township — with barns, stables and a four-car garage set on 20 rolling acres is newly on the market for $2.5 million (although a year ago, when the high-end market still had some life, real estate agents suggested asking $3.5 million).
A Ridgewood house, built in the 1920s by a renowned glass artist, G. Owen Bonawit, as a replica of his French country estate, and featuring 42 of his stained-glass windows, is on the market for $999,999. The windows alone have been valued at $326,000 by Sotheby’s. The asking price is down $176,000 from May —a discount of more than half the value of the windows.
And yet, these houses wait — not just for a buyer who sees their value and can afford them but for a buyer who is also willing to assume a caretaker role, and be a “keeper of the flame,” as Peter A. Primavera, the president of the Cultural Resource Consulting Group, puts it.
Good one.
Last night NY times website got hijacked by a virus spreading spyware, I would avoid it unless you want virus on your PC.
From CNBC:
As Homes Languish, Seller Stress Soars
Want stress? Try selling your home today.
Two years ago, home sellers had it all. Multiple offers drove record-high home prices ever higher. Buyer financing was little more than an afterthought. The world was a seller’s oyster.
But the housing bust changed all that.
In what has been termed a buyer’s market without buyers, home sellers find themselves trapped in extended servitude to the place they once called home.
Sellers must keep their homes spit-shined, sanitized and stripped of any personal effects that might turn off picky buyers.
Lengthening DOMs — the Realtor shorthand for “days on market” — might more appropriately be spelled “DOOM,” as today’s sellers choose from three equally unpleasant scenarios:
* Stick with your price and endure the grinding effects of keeping up a show-ready home.
* Lower your price and take the financial hit to sell.
* Pull the old homestead off the block until the market improves, which could take years.
Today’s market has created unprecedented levels of seller stress that mirror symptoms of post-traumatic stress disorder, says Dr. Peter Lambrou, chair of psychology at Scripps Memorial Hospital in La Jolla, Calif.
“What’s different is the uncertainty factor,” he says. “In other times, when people decided they wanted to move, it was a fairly easy exit, usually because they had an intention or desire to move. They had positive expectation about where they were going.
“But when people are in distress or upside-down in their house, they’re not looking forward to moving, they’re doing it to prevent further chaos in their life. So oftentimes, they’re abandoning a home that they really had no intention of leaving. That’s much different than the typical home sale that people usually experience.”
From the WSJ:
Your House: Just a Home
It’s time to face facts, if you haven’t already: sometimes your house is just a home.
For most of the last decade, Americans treated their homes as sources of ready cash and as brick-and-mortar retirement plans. Overleveraged at purchase with no down payment, no documentation and negative-amortization mortgages, homeowners also mined equity with home-equity loans and lines of credit.
At the end of the second quarter, about 23% of single-family homes with mortgages were “underwater,” with owners owing more on their homes than they are worth, according to Zillow.com. And analysts for at least one major bank expect that share to rise as the housing market bottoms out in some areas.
Foreclosures and short sales, where homes are sold for less than the debt outstanding on them, comprised 31% of total sales in July, according to the National Association of Realtors, helping depress prices for all. Buyers and sellers are at loggerheads in many markets, as home sellers refuse to accept the reality of lower prices. Depressed values and tighter credit in turn have reduced everyone’s ability to borrow against their houses for remodeling, refurbishing, college tuition or other purposes. The lockup has caused people to feel poorer, even if they’re employed and don’t need to move. This feeling has, in a reversal of the boom’s wealth effect, curbed consumer spending.
…
But many other Americans have been forced to accept that they’ll be living in their current place for a long while, even if they’d planned to flip or trade up. While sales of low-cost housing are picking up, for many, a house is back to what it traditionally was: a long-term financial commitment, a sturdy shelter and a place to hang your hat.
the end is neigh….
Rangel coverage on CBS this morning of all his political allies supporting him after even the Washington Post now calls for his resignation. Heard ‘smear campaign’ quoted three times.
CBS reveals Rangel has now made contributions to the three key Democrats on the ethics panel investigating him.
All, including Dinkins, refuse to comment on the facts.
Cut to the crowd chanting ‘Let’s keep the power, let’s keep the power…’
There will be a revolt folks, but those of you that think it will come from the immigrant/uninsured/welfare classes have the direction wrong.
A society can not exist when 50% of the population is taxed to support the other half of the population with whom they share little to no common traits or beliefs. Top down revolt, and it will be ugly.
2 frank: “Last night NY times website got hijacked by a virus spreading spyware, I would avoid it unless you want virus on your PC.”
NYT has been infected by a virus decades ago. It’s known as “s o c i a l i s m”. It causes severe loss in IQ, among other things.
jamil and
could you imagine a revolt in NJ.
its been a welfare /uninsured/illegal immigrant state for years, and getting
worse by the day.
and now with housing in full retreat,
now what
Too much finger pointing at the symptoms, too little at the problem.
Incumbents out, regardless of their track record.
They had their chance, they failed. New faces, new ideas, new direction.
yes, grim. thats the answer , but in
NJ. it’s a rigged game. unions/welfare class/ pols.
NJ , a loss cause?
From Mushnick:
Peter Coutros died last week at 86. If you wanted a visitor to The Post to quickly learn what “a real newspaper guy” is like, you stopped by Pete’s desk. If he was busy on deadline, he wouldn’t even look up, he’d just tell you to buzz off, only he didn’t use “buzz.”
[edit]
In his later years at work, Coutros’ hearing began to fade, thus what sounded like shouting matches could be chats about bad coffee and good middleweights.
Early in a season that had started poorly for the Giants, he was assigned to cover a practice. He filed a story about retired linebacker Harry Carson calling that season’s Giants “a bunch of button heads.”
The next day, when Carson read it, he flipped, called to complain, threatened to sue. Apparently Pete had misheard him. Carson said he hadn’t called the Giants a bunch of button heads; he said that he sees guys playing hard, “a bunch of guys buttin’ heads.”
Pete felt terrible about it. For a day.
“sas says:
September 12, 2009 at 9:36 pm
this omama is a bigger dipshilt than I thought..”
No, he is about what we expected.
“For most of the last decade, Americans treated their homes as sources of ready cash and as brick-and-mortar retirement plans. Overleveraged at purchase with no down payment, no documentation and negative-amortization mortgages, homeowners also mined equity with home-equity loans and lines of credit.”
We recently identified a house in Avon thst has some potential. But, it is empty and owned by someone in NY who essentially purchased it with zero down and then pulled out something like $150,000-$200,000 in “equity.”
Given the stte the house is in, we would not offer anything near what is owed on the place so unless the owner (or I suspect the lender) is willing to sell for fr less than the outstanding loan, we will pass on this one too.
grim, #10
It would be nice to kick ’em out … but there aren’t many viable alternative candidates.
The guy with the escalator commercial looks interesting, but who is he?
There’s a libertarian candidate for mayor of NYC, but he doesn’t get any press.
The third party candidates can’t get serious attention from the media, and don’t have the bucks to compete.
chi, #12
You said about the NYT:
A world that exist from Columbia to Battery park and is bounded by the Hudson and East Rivers.
That is literally true. You would have to include parts of Brooklyn, like Park Slope, but that’s their “world.”
One of the things I’ve always enjoyed – stories about Queens real estate. Any time someone from the NYT crosses the bridge, you would think they were visiting an alien world where rents are – amazingly! – a fraction of Manhattan rents.
Since the NYT has no concept of Queens, it had no concept of the Guiliani campaign. The Catholic ethnics and Asians of Queens don’t count – don’t work in their newsroom. That’s why they missed it that Guiliani would win.
Grim,
There are only to viable choices:
1) Vote for non-incumbents, regardless of party; and,
2) Write-in names.
The first approach provides an opportunity for rpid turnover, but many find it impossible to vote for someone in “THAT” party. The second approach will not result in any rapid changes but, if 80% of the votes went to assorted “others,” it would get lots of attention and either prompt the Ds or Rs to run better candidates or allow a 3rd party to emerge and appeal to the 80%.
5 Lowest-Paying Majors
http://encarta.degreesandtraining.com/articles.jsp?article=featured_5_lowest_paying_majors_and_what_you_can_do_about_it>1=27001
“The social work major leads to the lowest pay. Chemical engineering, the highest-paying major, leads to roughly twice the pay of social workers and elementary teachers. The bottom 10 also include drama, leisure studies, philosophy, art, and of all things, audiology.”
Leisure Studies? Now THAT is a major thst screms, “Nope, I am not going to work hard.”
* Stick with your price and endure the grinding effects of keeping up a show-ready home.
* Lower your price and take the financial hit to sell.
* Pull the old homestead off the block until the market improves, which could take years.
Dear Sellers,
tick… tick… tick… tick…
OT: Need advice on buying car from Private Party. The car that I am thinking of buying has loan pending for $10K. The seller needs to payoff the loan to get title back. It might take few days to get title from bank. Seller need my payment to pay $10K loan.
I don’t feel comfortable giving 10K and not having title right away. Is there any recommended approach?
Shore 19 – The recreational studies area was always a popular major for Gator football players.
At UF’s College of Health and Human Performance, one can study “The impact of Leisure Services, including tourism and sports on individuals, society and the environment.”
SG:
Go to bank with Private Party,make arrangement to pay bank $10,000 and send title to you.
Stiglitz Says Banking Problems Are Now Bigger Than Pre-Lehman
Sept. 13 (Bloomberg) — Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc.
“In the U.S. and many other countries, the too-big-to-fail banks have become even bigger,” Stiglitz said in an interview today in Paris. “The problems are worse than they were in 2007 before the crisis.”
More at: http://bloomberg.com/apps/news?pid=20601087&sid=aYdgQkXu9eBg
‘There are only to viable choices:
1) Vote for non-incumbents, regardless of party; and,
2) Write-in names.’
None of the above. In one jurisdiction, forget where, they tried to get a ‘none of the above’ line on the ballot. It got thrown out in court because a candidate had to be a natural person, I think. I believe someone then tried to legally change his name to ‘None of the Above’ with the promise that if elected he would not accept the job. Don’t know where that ever ended up.
A ‘none of the above’ option is what we need. If that option receives the plurality of the votes, make another election with new candidates required. Repeat until a person gets elected.
If that were in place at the Fed level I suspect the last three Presidential elections would have been redone.
I will keep your flame, at 60 cents on the dollar.
More on the container ships docked off of Singapore.
http://www.dailymail.co.uk/home/moslive/article-1212013/Revealed-The-ghost-fleet-recession.html#ixzz0R14GcjAf
Obama on Friday put tariffs on imported Chinese tires and now the Chinese are firing back with their own anti-dumping probe .
http://www.reuters.com/article/ousivMolt/idUSTRE58C19P20090913
“The Chinese government announced on Sunday evening that it was opening investigations into whether the United States is subsidizing and dumping automotive and chicken meat exports to China, sharply escalating trade tensions two days after President Obama imposed tariffs on tires from China.”
I have to say I’m so happy we have finally competent president, well-tuned to international diplomacy and restoring international law. No more embarrassing ipod and CDs containing Bush’s speeches in US-format given as official gifts to Queen of England etc.
We are now referring to Castro as the leader of Cuba and that nut in Iran as elected leader of Iran, but constitutional leader of Honduras is “ruler” in a “military coup” and we are joining Castro and Chavez in meddling in Honduras and trying to overthrow legal government.
Now we are starting trade war with China. O had to choose between union parasites and international law and thank god he chose the parasites.
Way to Go Barry!
Good for a chuckle.
Hovnanian says, POUNCE BEFORE THE BOUNCE!
http://i32.tinypic.com/2d7wsbr.jpg
“Moo”
http://globaleconomicanalysis.blogspot.com/2009/09/greenspanism-root-cause-of-this.html
“Mish”
http://online.wsj.com/article/SB10001424052970203440104574405154157021052.html?mod=loomia&loomia_si=t0:a16:g2:r4:c0.0496578:b27669944
What does anyone know about this?
The Quietest Trillion – student loans
Grim,
How long do people typically ask for closing time in the buyers contract? I actually found a house I am interested in, but am hesitating to put an offer in on it yet because I would like not to close until after Dec 1st — stuck in my lease until Dec 30th! Advice?
Your House: Just a Home
Foreclosures and short sales, where homes are sold for less than the debt outstanding on them, comprised 31% of total sales in July, according to the National Association of Realtors, helping depress prices for all. Buyers and sellers are at loggerheads in many markets, as home sellers refuse to accept the reality of lower prices. Depressed values and tighter credit in turn have reduced everyone’s ability to borrow against their houses for remodeling, refurbishing, college tuition or other purposes. The lockup has caused people to feel poorer, even if they’re employed and don’t need to move. This feeling has, in a reversal of the boom’s wealth effect, curbed consumer spending.
I have been on vacation for the past week. Anything exciting happen?
JJ & Bost: J-E-T-S Jets, Jets, Jets…
34 – not Grim but figured I’d butt in cuz we had a long closing date on our sale last year. I’d say average and “normal” time is 30-60 days but things are taking a little longer these days so 60+ isn’t unusual. and even 90+ is happening a lot. I’d say the only concern is if its a starter type home, the sellers might hold out for a few weeks while all the first time buyers are still running around. Am guessing if you’re closing after dec 1, you don’t care about the 8k.
If there is a way to position the offer to make it seem like you are the only likely buyer thats going to come along in the next 3-6 months that would be good–embrace the house’s problems as if you are the perfect and only person who would want to take them on.
Our house went UC in Dec 07 with a closing date of Apr 08 because the buyers had a lease. We were willing to take the chance as the market was tanking and we had an unusual house. Plus it was winter. I will say the buyers may have offered more than they should have to intice us into a longer closing so you might want to watch that. worked out for us and the buyers but every situation is different. good luck.
“POUNCE BEFORE THE BOUNCE!”
and the titanic is unsinkable.
SAS
“I have been on vacation for the past week. Anything exciting happen?”
I’m looking for reinvestor101.
i want him to work the bulldozer, grim & shytown to gather up the cooper & wood, kettle & veto will take inventory, and nonpoud will be the lookout, and i will bring delivery to China & Thailand.
thats about it.
SAS
Talked to a realtor over the weekend about a home in Harding Township. The house is priced $300K over assessment at $1.4 Mil asking price and needs everything. Interestingly, the house directly across the street on a better lot sold for $1.1 million despite a $1.4 assessment and that house was immaculate.
Some sellers really are in total disconnect mode and denial. These specific sellers bought their home in the mid 1990s for just over $600K so its not like they are upside down either.
Protested in DC on Saturday. Holy shit was there a lot of people. They didnt leave any garbage behind unlike the dirtbags in January.
This one is For SaS.
Seems to be more to “link” SaS has been alluding too between the illegal Drug Cartels and the Finance Industry.
Bail set for ex-Miami DEA chief indicted in Allen Stanford scandal
Michael Sallah
The Miami Herald
12:22 PM EDT, September 11, 2009
FORT LAUDERDALE
Click here to find out more!
Tom Raffanello, the former chief of the U.S. Drug Enforcement Administration’s Miami office, appeared in handcuffs and leg chains this morning in federal court in Fort Lauderdale.
Raffanello, who led the agency’s cases against infamous Panama strongman Manuel Noriega and Medellin cartel kingpin Fabio Ochoa, was indicted by a federal grand jury a day earlier for ordering the shredding of records belonging to disgraced banker Allen Stanford. He faces charges of conspiracy, obstruction and destruction of records in a federal investigation.
A federal magistrate has ordered he be released on bail after he posts a $100,000 personal surety bond. Raffanello must also surrender his passport and appear for his arraignment at 9:30 a.m. Sept. 18.
Raffanello, who appeared with attorney Jeff Crockett, answered basic questions from the magistrate in a quick hearing.
Raffanello, 61, who left the DEA five years ago to become Stanford’s local security chief, was charged with ordering workers to destroy thousands of documents just days after government agents shut down the banking empire in a massive fraud case.
Prosecutors say the records — including secret background reports on employees and potential investors — were hauled away from the company’s security bunker in Fort Lauderdale after a federal judge ordered that no company paperwork be destroyed.
http://www.sun-sentinel.com/news/local/breakingnews/sfl-former-miami-dea-chief-bn091109,0,792221.story
adult video