Open topic for discussion this weekend:
Grim buys a house, closing is at 1.
Has jb lost his mind?
Jumped too soon?
Timed the bottom?
Screaming deal?
What does it mean when the most hated person in NJ real estate actually jumps head first into the market?
Am I the contrarian play?
What say you?
I say best of luck with everything!
Grim, best of luck!
Clear vote of no confidence in the USD.
I hear your new home has a bullion vault.
Congrats, grim!
The burning question is: does your dog like it?
How long are you going to wait before you equity strip it?
Grim congrats & good luck! I’m sure with your knowledge of the market you are getting a real good deal. As far as bottoms go, well you take your chances. You may not get hit too bad in the area where you are buying, if it were in my neck of the woods you would be crazy.
Hobo 4 buck gas 40 miles to work 1 way ( not NY just places with a job), how is that going to play out in my little corner of Jersey.
Grim congratulations welcome to lost weekends complete with conversations with friends on when you should begin lawnmower maintainence. hand nailing molding vs air nailer, types of paints. Projects that have to get done that you would not like to do but have no choice.
Sometimes I miss renting, wait I did that renting also. I have been cursed.
Congratulations! Just remember the mantra,It is a consumption that will let you strip equity.Then walk away from it.Rinse and repeat.
Grim, best of luck with your new home!
Good luck.
BTW how long to the Royal Divorce? 5 yrs? 7?
I wonder who the major shareholders of the federal reserve bank are. Perhaps its the black nobility of Europe. So why are Americans drooling over the wedding of a horse faced, bald clown and his tramp stamped, wh_re fiancee?
Grim. Congrats. Hopefully you have enough land to grow some veggies.
JB,
Congrats! Hope you stuck it to Jamie.
AG [13],
http://www.bibliotecapleyades.net/sociopolitica/esp_sociopol_fed07.htm
‘A slight on the US’: Superman to RENOUNCE his American citizenship in a new storyline
Looks like even Superman doesn’t like Timmy or Ben.
13.AG says:
April 29, 2011 at 7:54 am
So why are Americans drooling over the wedding of a horse faced, bald clown and his tramp stamped, wh_re fiancee?
They probably wish they had King George & the Tea Tax back again, versus what we currently have.
Congrats, It’s a GREAT TIME to BUY a HOME in NJ!!! You’re a wonderful and shining example to all these losers on this blog that always criticize people like you, who have made the same decision you have. Thank You for setting all these clowns right! Real Estate is BACK!!! Go Grim, Go NAR, Go NJ!!!
[18],
Underwater in a crap box? Obviously, you did not buy loonies.
Are you buying or building? Either way, congrats.
Grim:
Good luck with the house. I am sure you will be fine home owner.
Hobokeharry,
I’ll give you 65% of your purchase price to release you of your misery. See, I’m a sympathetic guy.
Oh, and it will be an all cash deal. I’ll also give a few bucks on the side to get your kids some food… they look a little hungry.
grim: Best of luck on your new home. This blog offered a place of refuge for those of us who chose to escape the insanity of the last few years. Whether you hit bottom or not, who knows ( I think we have some more to go), the important thing is it works for you, and I am sure you certainly did not over pay. All the best!!!
Just as a side note, this Prince Charles guy got the better end of the deal by far. That Kate Middleton lass is absolutely stunning!
I think I meant Prince William. :)
grim: Can you tell us where you purchased?
Are you buying or building? Either way, congrats.
Buying and doing extensive reno.
Reference to an old Cary Grant and Myrna Loy movie. It’s a must see for anyone doing work on a home.
Did your lowball make the sellers angry?
Did your lowball make the sellers angry?
Nah, original owners, no loans, moving out of state. Was more than justifiable via comps. Price was fair for both sides.
25.gary says:
April 29, 2011 at 8:45 am
Just as a side note, this Prince William guy got the better end of the deal by far. That Kate Middleton lass is absolutely stunning!
Her Sister holding her train is even prettier.
(16) confused,
???
That for real? Upcoming edition?
What say you?
Has jb lost his mind?
I hope not.
Jumped too soon?
Buffet made billions being too soon rather than too late.
Timed the bottom?
Real or nominal? The latter, probably not; the former, alas… (See homeless train rider at [3])
Screaming deal?
Insufficient data.
What does it mean when the most hated person in NJ real estate actually jumps head first into the market?
The establishment used house sales cartel has a well-established track record. Example: Are You Missing the Real Estate Boom?: The Boom Will Not Bust and Why Property Values Will Continue to Climb Through the End of the Decade – And How to Profit From Them, by David Lereah (then NAR Chief Economist), published February 2005.
Am I the contrarian play?
Inflection point.
Correction [33];
Point 3 – should be “probably
not“Please please can someone give us the website or contact info of that uber-inspector again, before this website goes dark…. as grim spends unending weeks fighting over 20 vs 40 year treated studs, and tile colors instead of maintaining this blog.
I can see it coming now, I think some of the blogs on your blogroll ended with a similar post , “we found our dream home, hence this blog will end as we enter into a new chapter of our lives”
Congrats,
(16) confused
Checked to see if Superman was portrayed as conservative or liberal. Given the artists’ well known bias, I was taken aback, but the storyline shows Superman to be a liberal, so no surprise here. A little goal post setting for the administration.
And as I type this, CNBC is playing the superman theme. Weird.
Congrats Grim!
maybe with a little luck, I will join U as a homeowner. Made offer on the house with provision for seller to remove in-ground oil tank. We will see what happens. House is not perfect, but I can live with it.
Husband and I found a house, everything is original and I mean everything except for some windows which were replaced but cheap… Agent is still advising that we should offer 90% of the listing price to “begin” negotiations. Really????
Just had to vent…….
Congrats Jim!
Been following your blog for a few years now, but I haven’t ever posted any comments. I don’t know if you remember me, but we know each other outside of real estate.
Anyways, my wife and I purchased a home almost two years ago. At the time, it felt like the values couldn’t go any lower, but they did. Who’s to say if now is the best time as well. However, I don’t believe it’s a BAD time to take the leap. The values are significantly lower and as long as you end up with the right home for you and you’re happy with your purchase, then it’s the right time.
Anyways, congrats!
Congratulations and best of luck, Grim.
Congratulations, Grim.
I suspect that we will see continued price declines, but I also suspect that as a real estate agent you were able to follow the market pretty closely, analyzed the data, and probably made a more educated choice than most people buying a house this season, so you will probably be better off than most.
Grim’s is this your dream home?
http://www.imdb.com/title/tt0091541/
When oil hits $200 a barrel Suburbia will become a prison.
Congrats and best wishes, grim. You know more about the RE dynamics than most, so the only thing I have to say about timing is the advice of Clot and Shore gave me: you won’t get tomorrow’s price today and you buy when you feel it is the right time.
Congrats and good luck, Grim!
confused (31)-
Surprised there’s no jj retort yet to a sentence that contains both “sister” and “train”.
“Her Sister holding her train is even prettier.”
congrats Grim!
“Nah, original owners, no loans, moving out of state. Was more than justifiable via comps. Price was fair for both sides.”
Same situation as me (closed 3/31) but the PO did all the renovations around 10yrs ago.
We had chatted about kitchen ranges a few weeks ago, you were going with a 40″ drop-in Kitchenaid I think.
The POs of my place took their 45″ wide Elmira POS with them, and I ended up getting a 5-burner, convection Frigidaire and rolling cart to fill the gap. Last night installed a piece of 1-1/2″ thick butcher block on the cart to bring the level even with the counter and range:
http://i180.photobucket.com/albums/x155/kedelbach/MKE%20home/installed.
Good luck with yours!
try that link again
http://s180.photobucket.com/albums/x155/kedelbach/MKE%20home/?action=view¤t=installed.jpg
“A silver bullet for urban traffic problems”
http://money.cnn.com/2011/04/29/technology/streetline/index.htm
Talk about govt. squeezing every penny out of people. When I saw the title I thought it was about fixing traffic, not raising revenue.
Nurburgringer,
(48)
How is the backsplash tile holding up after the approx 10 years it’s been in place?
I’m in the middle of renovating a kitchen for a relative and that tile is one option on the short list, I’m concerned the roughness would draw in and absorb grease over time, but have no reference point besides a bartending job 10 years ago at a restaurant with those tiles, but that place was open 300 days a year and the grease had penetrated the tile. Bad comparison, clouding my judgement.
The range looks nice, was on our short list but I ended up with the Kitchenaid Slide-In Gas Range that matches the semi built in fridge we’re putting in.
#38 Tell the agent to go scratch.
http://www.ritholtz.com/blog/2011/04/buy-vs-rent-2/
grim: Do you plan to disband the blog?
The house you purchased, how much of a savings vs if you Had bought during the boom, or even 2 or 3 years ago?
Grim
May the roof of your house never fall in, and those beneath it never fall out.
Cheers!
Status of the Pharma industry, from the Chemjobber blog:
We keep talking about Walmart like that is our problem. Let’s talk about drugs and how no one wants to pay the costs – our salaries – for inventing them. Governments and old people especially do not want to pay these costs. They don’t want to pay the risk premium investors demand to fund high risk drug invention. People demand infinitely safe drugs, and they want the FDA to make sure that they are absolutely safe before they go on the market no matter what the ultimate costs or time delays. They do not want any chemical industry in their back yards and have zero tolerance for chemical exposure in the environment. They want no patents on drugs, or if they must exist, they should be easily toppled in court and be as short-lasting as possible. Everyone loves those industry leaches known as generic drug companies who employ no drug inventors. We are all forced to always buy our drugs from these guys instead of buying higher cost drugs from companies who actually fund drug invention in this country. Of course we could never have a rational tort approach to drugs because the M-Fing lawyers could not make a zillion dollars when a drug actually is not perfectly safe.
So if are a drug invention company executive what do you do about these issues? You move all drug R&D plus chemical manufacturing to the cheapest sources of scientific manpower with the least environmental and safety controls. You hire a zillion salesmen and purchase lots of expensive TV time to push as much product out the door as fast as possible and at the highest price the market or government will let you charge before the patent goes south. You move whole hog into biological drugs where patents are much less a headache. You pay off the lawyers and pass along the costs to customer in jacked-up drug prices, plus downsize expensive low-level R&D employees as necessary especially guys who work with chemicals. You agree to all kinds of drug giveaways and pricing restrictions that limit money for R&D. Under financial pressures on product valuations and liability issues, you do whatever offshoring, downsizing and cost containment is necessary to keep the short term shareholders happy, so they only dump your stock in an orderly way. You figure out a way to both bend over and take it from governments and regulatory authorities while simultaneously spending tons-O-dollars on pricy lobbyists (instead of R&D) to stop or at least minimize the pain in your tail. Finally you realize no one cares about this industry, the long term future or the health of drug R&D in this country, so you screw your company and employees while lining your pocket before the party is over. If the next guy is handed a sick company, that’s not your problem as you already got yours. If you leave the industry trashed, it doesn’t matter because you got yours. If jobs are lost, employee’s lives are trashed and a vital US industry disappears, so what! If the country’s costly scientific talent is squandered, it’s just so much collateral damage. You can sleep well at night and enjoy your windfall as you watch the pharmaceutical industry sail off into the East, because you know when you look in the mirror that you were only taking you guidance from what Society wants.
The sick and dying people each of us dreams of helping with our inventions hates us and could care less about our jobs or employers. They certainly do not want to pay for our failures and really rather their cures came from nature and the GNS store. Certainly none of them wants to wait years for us to invent perfectly safe drugs to cure their diseases.
Now tell me again why we privileged, highly educated drug inventors should remain employed in this country?
A good one, and a possible blog motto:
…Much more fun to be manic and homicidal than depressed and suicidal…
Grim – congrats on the house!
# 51, 3b your right, thanks. The sad thing is we are only asking 15% off the list and they think that is low. This is now our fourth offer on a house and what is so annoying is that every house we walked away from because the sellers refuse to move ends up selling for 10 – 15,000.00 less then what we offered.
The good thing is our rent is cheap and we have nothing to sell so we can just sit and wait.
Congrats Grim, as I mentioned yesterday, ask that same question a year from now and you will have your answer. Best of Luck!
Still_Renting #58,
Does the seller’s agent ever inquire to see if your offer is still on the table before they end up closing for less?
Friends of ours had an offer that was declined. 6 months later the house sells for $30K less than theirs. For the life of me, I could not understand why agent would not have asked them if they were still in the game. Not sure if it was incompetence or something else was going on.
I’ve never seen so many negative people (this blog), applauding and congratulating a person buying a home in this market. Usually this crowd mocks, ridicules, and tells the home buyer they’re a utter fool.
What gives?
50: RE tile back splash
Don’t really know how it will hold up, the PO’s stove covered much of it:
http://s180.photobucket.com/albums/x155/kedelbach/MKE%20home/?action=view¤t=oldscale.jpg
If I’m sauteing anything really splattery may lean a thin poly cutting board on top of the rear panel to give some extra protection. There is a powerful, out-door venting fan in the top corner of the range-nook so will not be bothering with a hood. Just going to hang some copper cookware and pans above.
Really happy with the Frigidaire so far. Lot of stove for $750. Of course pretty much any gas range after 20 years of living in apartments with electric was going to make me feel like Gordon Ramsey.
#59 Two of the offers – no. The other offer was accepted and then as the sellers were about to sign contract “another off came in”. A day later told us didn’t want to entertain other offer accepted ours, not even two hours later went with other offer(if there was even another offer). Anyway, we just walked away,two weeks later “contract was busted” (again, that is if there was even another buyer) because buyers were being unreasonable but sellers expected us to stay at our original offer, told them no they could keep it. House sat for 6 months until another offer… Not only did they accept another offer 15,000 less, they had to pay mortgages on two houses for six months….. They deserved it.
Congrats on the house grim!
Great review! You actually overviewed some valuable news on your blog. I came across it by using Yahoo and I’ve got to admit that I already subscribed to the site, it’s very great :)
“Usually this crowd mocks, ridicules, and tells the home buyer they’re a utter fool. ”
[60],
That only pertains to those who bought at peak or pulled out equity on a crap box which is just another statistic, underwater. Hey, at least you have the luxury of watching drunks piss on your bldg a few nights a week.
harry (60)-
Attempt now to hold two ideas in your pea-sized brain at the same time:
1. It is, in general, a poor housing market, and prices in the aggregate have most likely not fallen to their ultimate trough level.
2. Within this poor market, there are a handful of well-priced, quality homes that offer value to a limited group of potential buyers.
Now waiting for Harry’s brain to explode.
While we celebrate Grim’s home purchase and the royal wedding (except for Al Gore), the dollar is taking a nose dive and gold is up (great for Al Gore).
http://www.zerohedge.com/article/another-day-another-all-time-high-gold-passes-1543
Way to go Grim!!! At 1:15 if all goes well, I recommend you don your floaties.
So are you even bothering with an inspection knowing you’ll be ripping so much of it apart?
Congrats Grim, I think :). Now if someone can explain to me why the heck why gargae door is so damn sensitive and won’t close and blinks ten times at my new place. I had to go in the garage and hold the damn button down until it closed and if I didn’t hold the button, the door went back up. I swear I cleared the whole freakin area.
(70) Broken sensors.
“Within this poor market, there are a handful of well-priced, quality homes that offer value to a limited group of potential buyers.”
Absolutely. Just got the listing of all of the sales in Glen Ridge for the past year or so. Still can’t believe how well we did on price. Then again, this happened with our first home and we are down nearly $75,000 out of pocket + $20,000 or so in property value reduction on that one. It took over two years of searching, but there are a few “real” bargains out there. If you don’t have the patience, then you probably shouldn’t be buying in this market. I have a feeling that Grim did his homework.
“Within this poor market, there are a handful of well-priced, quality homes that offer value to a limited group of potential buyers.”
Potential qualified buyers. Come to think of it, qualified sellers also.
#58 The good thing is our rent is cheap and we have nothing to sell so we can just sit and wait.
Same with us, only problem is owner is selling in a year, and we do not want to buy it; that much we are sure of. Every time we think we have figured out where to move to, we end up changing our mind. Too long in one place I guess, and paralysis by analysis.
What is really funny is that more than few home owners that we know, are extremely interested in what we are going to do? They ask every time we see them.
Good or bad trading idea?
short ZSL 2x bear silver etf
short AGQ 2x bull silver etf
Leveraged etfs supposedly lose efficiency through the daily rebalancing, so this seems like a good way to guarantee a modest return.
#72 Lib: I am still amazed at the price you paid for that house in GR, and from what i remember, I believe you siad it was in pretty decent shape overall.
“Good or bad trading idea?”
[75],
Whether the market is stocks, bonds, metals, grains, etc.., it is foolish/gambling to pick tops in major bull markets. Hint; look at the calendar for front month options expiration/rollover. You want leverage, forget the etf’s, short the futures.
Hobo –
66 -2 – I’ll vouch for that. I am not bothering even bidding on properties priced 10% over TMV. However, once the sellers capitulate, the properties are moving quickly.
Wall Street Journal
DECLARATIONS
APRIL 28, 2011, 7:57 P.M. ET
Make Him a Saint
How Pope John Paul II worked a political miracle.
By PEGGY NOONAN
One of the greatest moments in the history of faith was also one of the greatest moments in modern political history. It happened in June 1979.
Just eight months before, after dusk on Oct. 16, 1978, a cardinal had stepped out onto the loggia of St. Peter’s Basilica to say those towering, august words, “Habemus papem”—”We have a pope.” The cardinal pronounced the new pontiff’s name in Latin. Not everyone understood or could hear him, and the name sounded odd. For 456 years the church had been electing Italian popes. This didn’t sound Italian. The crowd was perplexed.
Then the new pope came out—burly, light-haired, broad cheekbones. He looked Slavic. He looked like a Pole! It was Karol Wojtylwa, the cardinal from Krakow. It was a breakthrough choice—so unexpected and unprecedented—and you knew as you watched that a whole new world was beginning. This was a former manual laborer who wore brown scruffy shoes, who was young (58) and vibrant (a hiker and kayaker). He was a writer, an intellectual who’d come up during the heroic era of the European priesthood, when to be a priest in a communist-controlled nation was to put not only your freedom at risk but your life.
Poland went wild with joy; Krakow took to the streets. The reaction was world-wide. They had vigils in the Polish neighborhoods of Chicago, and block parties in Boston.
***
And here is the great moment of faith that became a great moment of history. John Paul II, naturally, wanted to return as pope to visit his homeland. This put the communist government in Warsaw in a bind. If they didn’t invite him, they’d look defensive and weak. If they did, he might spark an uprising that would trigger a Soviet invasion.
They invited John Paul to come on a “religious pilgrimage.” On June 2, 1979, he arrived at an airport outside Warsaw, walked down the steps of the plane, and kissed the tarmac. The government feared tens of thousands would line the streets for the motorcade into town.
More than a million came.
In a mass in the Old City, John Paul gave a great sermon. Why, he asked, had God lifted a Pole to the papacy? Why had Poland suffered for centuries under political oppression? Perhaps because Poland is “the land of a particularly responsible witness.” The Poles had been chosen to give witness, with humility, to the cross and the Resurrection. He asked the crowd if they accepted such an obligation.
“We want God,” they roared. “We want God!” This from a nation occupied by an atheist state.
John Paul said the great work of God is man, and the great redeemer of man is Christ. Therefore, “Christ cannot be kept out of the history of man in any part of the globe, at any longitude or latitude. . . . The exclusion of Christ from the history of man is an act against man!”
It was brilliant. He wasn’t asking for a revolution or an uprising, he wasn’t directly challenging the government. He just pointed out that God himself sees one unity in Europe, not an East and a West divided but one continent. And so must we all.
But it was what happened a week later, at the Blonie field outside Krakow, that led directly to 1989, and the fall of the Berlin Wall. That was the event that made political history.
It was June 10, near the end of the trip. Everyone was tired. There was to be a last outdoor mass. The government had not allowed it to be publicized. But words spread, and two million people came, maybe three million. It was the biggest gathering in Polish history. Here John Paul took on communism more directly. He exhorted the crowd to receive the Holy Spirit. “I speak . . . for St. Paul: Do not quench the Spirit. . . . I speak again for St. Paul: Do not grieve the Spirit of God!”
“You must be strong, my brothers and sisters. You must be strong with the strength that faith gives. . . . You need this strength today more than any other period in our history. . . . You must be strong with love, which is stronger than death. . . . Never lose your spiritual freedom.”
The mass was stirring, with crowds saying, again, “We want God!” But here is the thing. Everyone at that mass went home and put on state-controlled television to see the coverage of the great event. They knew millions had been there, they knew what was said, they knew everyone there was part of a spiritual uprising. But state-run TV had nothing. State-run TV had a few people in the mud and a picture of the pope.
Everyone looked at the propaganda of the state, at its lack of truthfulness and its disrespect for reality, and they thought: It’s all lies. Everything the government says is a lie. The government itself is a lie.
The Solidarity movement took on new power. The Communist Party lost authority; the Polish government in time tottered, and by 1989 the Soviet Union itself was tottering.
Twenty-three years later, in an interview, the Solidarity leader Lech Walessa told me of how John Paul galvanized the movement for freedom: “We knew . . . communism could not be reformed. But we knew the minute he touched the foundations of communism, it would collapse.”
***
John Paul went on to a fruitful papacy of historic length, 26 years. He travelled more than a million miles to 149 countries. He didn’t bring the world to the church, he brought the church to the world. He was shot and almost killed in 1981, survived and went to Rome’s Rebibbia Prison to make sure his would-be assassin, Mehmet Ali Agca, understood he’d been forgiven. And at the end, sick with Parkinson’s, he did what statesmen don’t do: He made his suffering public, as if to say, “We who are imperfect, who are not beautiful, who are in pain—we too are part of the human race, and worthy of God’s love.” He insisted on the humanity of the weak, the wounded, the unborn.
And when he died, there was the miracle of the crowds. John Paul had been old and dying for a long time, and the Vatican knew he’d been forgotten. They didn’t plan for crowds.
But when he died, people came running. They dropped what they were doing and filled the streets of Rome, they got on trains and plans and Rome was engulfed.
Four million people came.
They travelled from every country in Europe and beyond, they had nowhere to sleep, they filled the streets carrying candles.
There had never been anything like it. Old Rome had seen its popes come and go, but the crowds came and wouldn’t leave until he was buried. And when his coffin was carried out and shown to them, they roared.
“Santo Subito!” they said. Make him a saint.
And now this weekend he will be beatified, a step toward sainthood. He will become Blessed John Paul the Second, and nobody will misunderstand his name.
Some will speak of mistakes and sins in his papacy, and they are right. But saints are first of all human, and their lives are always flawed, full of contradictions, and marked by stark failures. Yet they are individuals of heroic virtue. As he was.
Santo Subito. Make him a saint. And by the way, expect crowds.
Dan says:
April 29, 2011 at 11:56 am
Congrats Grim, I think :). Now if someone can explain to me why the heck why gargae door is so damn sensitive and won’t close and blinks ten times at my new place. I had to go in the garage and hold the damn button down until it closed and if I didn’t hold the button, the door went back up. I swear I cleared the whole freakin area.
NJSerf says:
April 29, 2011 at 11:57 am
(70) Broken sensors.
Maybe not broken….just readjust them. Someone may have knocked one of them….
Dan: read the instructions on or in the unit. They will explain the flashing. Count the exact number of flashes, because the unit is signaling the issue.
My wife discovered him. Note, he is located in Little Silver in Monmouth County. He originally did not go further than Middlesex, but it appears that Libtard managed to get him to Montclair/GR. You probably need to ask him how far he will travel….
http://www.afullhouseinspection.com/
grim: congrats
ok. . . .Offer accepted. Contract is now in attorney review. clarifying the oil tank issue. I have scheduled the “uber inspector” for his inspection. Hope it all goes well.
If u use “da uber inspector”, he is backed up for almost two weeks.
#82 chicago
I am so glad you mentioned this inspector. It was a topic of discussion a few months ago here and I wrote it down but could not remember who recommended him. If we go forward with this offer, we will need an inspector and I don’t want to use the “three” the agent gives you. So you were satisfied with his work? no complaints?
3B,
It was really in decent shape. Lot’s of plaster cracks, but none structural. All easily repairable with a tube of phenoseal and a paint job. Surprisingly, no plaster cracks in any of the ceilings. Renovation work is nearly complete as rock went up yesterday. Time to start bargaining on the appliances and then onto countertops. Have to pick out some more tile this weekend for the floor. Holding off on the backsplashes for now. Need to redo the tiles around the fireplace and get a new door for it. Otherwise, nice doors throughout the home, hardwood in near perfect shape, but paint virtually peeling off the walls throughout the 2nd floor. All aesthetic fixes that will cost us virtually nothing to fix up. So far, the contractor Mikeinwaiting recommended has been extremely good. Cabinets come Monday! I’ll be broke on Tuesday.
If u use “da uber inspector”, he is backed up for almost two weeks.
There is a reason for this!
NJ home prices are still going down, over the near term and long term. That said, the rent v. buy equation may still favor buying if you are staying in one place for a while. And, your housing is nicer when you buy, and when you get more, like a nicer item, you pay more. It’s not just about how much it costs. Just don’t let the house take over your life, as they are wont to do.
#86 Congrats and good luck!!! I tell people if you plan to buy, ( and you want the schools/SAT scores) than you might as well try and buy A(as you did), in a highly regarded town, that has always had that reputation, and not in a wannabe town. GR fits thats bill, and again at that price, you truly did well. All the best!!!
Re Uberinspector I remember him telling us he travels all over. Seem to recall him mentioning going to Bergen too. He’s 100% worth it if you can get him.
Grim congrats. Just to be safe however, keep the fire insurance up to day and make sure you have enough gas and matches
The inbreds down here in the Pine Barrens voted themselves a property tax increase yet they voted down the school budget. The levy passed by only 400 votes out of 16000 voters. The school budget had 18000 votes and the tax levy had only 16400 votes. You mean to tell me that 1600 idiots forgot to vote on the most important item on the ballot?
Spoke with the NJ comptroller this am to discuss my claims of voter fraud and manipulation. He said he has had multiple complaints and if enough people contact the board of elections an audit may be performed. It wont overturn the vote but we cant have anymore fraudulent elections in the future.
The US sets up fraudulent elections all over the world including Mexico. Why not do it domestically.
prtraders [75]
Idea is good (I did it with SRS/URE) but (a) there might not be shares to borrow, and (b) you run a risk the losing part of the pair could be force-covered at the least opportune time.
Stu used him soup-to-nuts….what he has done for us is consult (we rent and used him for third-party verification of information from owner as issues arose). The key seller for us was his thoughtful approach. Not limited to just thoroughness, but further an intellectual curiousness about the house and what makes it tick. Our landlord has his cast of contractors that provide services, and in every instance we found Pete’s insights or warnings were spot-on. Even in the face of contractors who have long-standing experience maintaining our property. Peter garduated from Colgate and has the demeanor of a boy scout with a purpose.
Still_Renting says:
April 29, 2011 at 12:47 pm
#82 chicago
I am so glad you mentioned this inspector. It was a topic of discussion a few months ago here and I wrote it down but could not remember who recommended him. If we go forward with this offer, we will need an inspector and I don’t want to use the “three” the agent gives you. So you were satisfied with his work? no complaints?
Gold $1,560.50 $1,561.50 $28.80
Its time for the real money to take over the reigns from silver. The silver junkies have done enough and its time to hand it off to Daddy. We are going to 1650 easy here. 2000 by then end of the year?
After two years of Obama…Here’s your change!
January 2009 TODAY % chg Source
Avg.. Retail price/gallon gas in U.S. $1.83 $3.704 89.6% 1
Crude oil, European Brent (barrel) $43..48 $105..02 167.7% 2
Crude oil, West TX Inter. (barrel) $38..74 $107..38 178.9% 2
Gold: London (per troy oz.) $853.25 $1,469.50 70.5% 2
Corn, No.2 yellow, Central IL $3.56 $6.33 78.1% 2
Soybeans, No. 1 yellow, IL $9.66 $13..75 42.3% 2
Sugar, cane, raw, world, lb. Fob $13..37 $35..39 164.7% 2
Unemployment rate, non-farm, overall 7.6% 9.4% 23.7% 3
Unemployment rate, blacks 12.6% 15.8% 25.4% 3
Number of unemployed 11,616,000 14,485,000 24.7% 3
Number of fed. Employees, ex. Military (curr = 12/10 prelim) 2,779,000 2,840,000 2.2% 3
Real median household income (2008 v 2009) $50,112 $49,777 -0.7% 4
Number of food stamp recipients (curr = 10/10) 31,983,716 43,200,878 35.1% 5
Number of unemployment benefit recipients (curr = 12/10) 7,526,598 9,193,838 22.2% 6
Number of long-term unemployed 2,600,000 6,400,000 146.2% 3
Poverty rate, individuals (2008 v 2009) 13.2% 14.3% 8.3% 4
People in poverty in U.S. (2008 v 2009) 39,800,000 43,600,000 9.5% 4
U.S.. Rank in Economic Freedom World Rankings 5 9 n/a 10
Present Situation Index (curr = 12/10) 29.9 23.5 -21.4% 11
Failed banks (curr = 2010 + 2011 to date) 140 164 17.1% 12
U.S.. Dollar versus Japanese yen exchange rate 89.76 82.03 -8.6% 2
U.S.. Money supply, M1, in billions (curr = 12/10 prelim) 1,575.1 1,865.7 18.4% 13
U.S.. Money supply, M2, in billions (curr = 12/10 prelim) 8,310.9 8,852.3 6.5% 13
National debt, in trillions $10..627 $14..052 32.2% 14
93
Thanks for the input. I went small to test it out. I use TDAmeritrade and they let me call in to confirm that they have the shares to loan before I put in the trades. I tried DIG/DUG first, but they weren’t available.
92
Al – I blame it on the seniors in Brick. They would hate to lose garbage and cops, but have no use for schools and education. The voting booth did have a strange setup with the one question all the way on the bottom right. I can understand missing it, since many people had just one vote in mind.
Congratulations!
He is happiest, be he king or peasant who finds peace in his home.
– Goethe
RE: The über-inspector:
In his 80-page report on our home, he color coded everything red, yellow and green. Red essentially meant, must be fixed. Yellow meant, should be fixed soon, but not exactly life threatening, green meant mainly aesthetic. For example, the water spots in a circuit box were red (yes he pulls the cover off the box to see behind the panel). Yellow was like the cedar shingle roof we had on the rear with a single layer of asphalt shingle over the top. He said it was probably leaking, but he couldn’t prove it as there was no evidence on the plaster ceilings below it. Green was reserved for items like cracks in the sidewalk, plaster, bumps in the driveway asphalt, etc.
Wouldn’t you know it, when we ripped down the plaster ceiling in the kitchen to create the cathedral ceiling, that rear roof had leaked. All hail the über-inspector.
And I agree with Chifi’s assessment of him. Not only does he look for issues as if they were hidden treasures, but he tries to determine the source. If you pay the extra $150 bucks or so for the thermography scan, he really goes crazy trying to figure out where the insulation leaks are coming from. He’ll also take snapshots of interesting scans for his collection of oddities. He’s a complete freak, and surprisingly, cheaper than the other inspectors we used in the past.
Kettle,
Checking out that spread trade?
And he actually takes the time to explain what he is finding to you as he goes along. Our realtor was pretty impressed by that. She says it’s something that other inspectors rarely do.
JJ, hey… at least the houses are cheaper now :)
S
#96 JJ,
Could you find out the same statistics for 2000-2008? How about Inertia?
I’m looking at picking up a nice condo cash for my son’s family in Broward for less than $50K. His total nut will be like $450 incl be taxes ins, and hoa.
[96] jj
well said
Can a kind soul provide link to his website or contact details?
Will probably need him soon for our home purchase.
Thanks
[103] paps
Fair point. Perhaps you are motivated to do the research? Or if JJ has a link?
I have a feeling that we are going to experience some nostalgia in 2012: “Are you better off today than you were 4 years ago?” will probably be a prominent theme.
Grim – congrats.
Finally got my mortgage commitment letter this morning. Closing day here I come.
Grim,
Party at your place?
I say …recruit all of your camp followers to plaster & paint and weed & plant.
And bring many six-packs and good wishes!
Damn..this is spot on.
“When you see that in order to produce, you need to obtain permission from men who produce nothing – when you see that money is flowing to those who deal, not in goods, but in favors – when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you – when you see corruption being rewarded and honesty becoming a self-sacrifice – you may know that your society is doomed.” Ayn Rand
Will Sam Ali come back to the Star Ledger, as a guest columnist, to cover Grim’s closing?
WTF w/ SQM?
Speaking of Sam, back in the day;
http://samali.writersresidence.com/samples/the-hard-sell-owners-have-trouble-unloading-homes-as-crisis-creeps-into-new-jersey
well:
it appears that the sellers will remove the in-ground oil tank. my attorney (yes. . .I hired an attorney…I would not attempt this myself!) is attempting to make sure of this.
Will keep you all posted.
Morph,
Make sure you receive an E. P. A. certification that the tank has been properly decommissioned, along with the town certification.
Grim, congrats. Did the other side use a realtor or did you negotiate directly with the seller?
116,
Grim is superman, he did both.
make money,
That’s my favorite soliloquy in the novel “Atlas Shrugged”.
Here’s another relevant part of it:
“Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked, ‘Account overdrawn.’
Grim,
Now I’ve heard everything ;) Congrats.
A.West[118],
It’s amazing how spot Rand was. Doors have been blown of hinges so there is nothing we can do besides take care of our families and protect our “money” by converting it to shiny. It is our moral right and we must do it. Sad to say, but I trust Aussies more then local looters.
Did you see the movie? I thought it was OK, considering the juicy stuff is not in part one anyway. However, they should have produced all three parts and played them simultaneously. You’d sell out the theaters for months just by having the same crowd come back 3 different times, and then it could have catched on with average joe.
Great review! You actually overviewed some great news on your blog. I came across it by using Google and I’ve got to admit that I already subscribed to the RSS, will be following you on my iphone :)
“…so there is nothing we can do besides take care of our families and protect our “money” by converting it to shiny. It is our moral right and we must do it.”
This is like when the long standing police officer announces his retirement in just one….more….day.
68 hype, al gore may have piled in but is a late comer on that trade, he does post the quotes daily though. Lone (and hobo) have been posting gold bug rants for years now.
Barb,
not sure exactly what you mean. However, it’s my moral obligation to protect my “money” from looters as is my obligation to protect my family well being by planning for food shortages, riots, and anarchy.(nompound).
Giving me a tax cut in nominal terms but destroying my nest egg in real terms is exactly what’s happening now. This train has left the station.
Grim, congrats. With a 25% correction in the region on avg I don’t see how you can be going wrong, especially over longer term. The people waiting for 40% discounts are the ones who will wait for 60% if the 40% crash comes. Best of luck with it.
Makemoney,
Did you see the movie? … However, they should have produced all three parts and played them simultaneously. You’d sell out the theaters for months just by having the same crowd come back 3 different times, and then it could have catched on with average joe.
Yeah! They should have also spent a few hundred million dollars in advertisement, and promos, should have got Palin to speak a few times at 100k a pop, a few million dollars organizing teabag parties against the “ineligible” president.
Sooner or later, the public will see the redeeming value in an organization dedicated to her that thinks altruism is evil, but solicits charitable donations; that glorifies the value in smoking cigarettes; and that is a beacon of light for TARP-bank CEO’s that think begging for money from others is worse than seven deadly sins combined!
Grim
congrats and enjoy the project.
Best wishes on the new house, Grim. Take lots of pics as you go along changing things. The before and after are always fun to look at later. Oh and plant a tree and take a pic with the house in the background. You’ll be amazed how quickly time passes and the tree gets to be full size!
123.
Neandrathal,
There is no doubt that I am a late comer. I woke up hard in 2008 but at least I woke up. Its hard to be perfect but when you realize your wrongs its easy to count the profits. Better late then never bitch. Ill be debt free if wanted and sailing around the world while you paper tards are clinging on to false hope. Book it.
http://www.youtube.com/watch?v=lFYBLwb3I84&feature=youtube_gdata_player
Not mad at the gld bugs, glad for them. Ive maintained lots of exposure too. Nice to be on upside of bubble for a change but i don’t go all in on any investment, especially not shiny rocks. I hope it goes to 10k but truth is that everything is going up as qe2 is seeping into every corner now. Even bread is climbing at 20%. At this point its less about gold and more about investing in inflation itself. And I fully expect a 10 paragraph rant from ben at some point tonight. Make is another bug. Well done gentlemen.
Grim – best of luck with your new home and remember the 6 P’s of construction….
Proper preparation prevents piss poor performance.
Nom [36],
Looking forward to seeing Clark Kent on the next expat list.
Ha… We are buying now too. Montclair. Full cash offer. It’s all done.
There’s a ton of trash on the market nobody’s interested in. There’s very little good stuff out there unless you have no taste (and I suspect most of you, like most Americans, have none). Is the market going to go down more? It could. Certainly it will in the realm of exurban mcmansions and hummers (hint: did you see a Hummer today? if so, yes, it’s going down further…) But in MTC and GR you’d be shocked at how many bidding wars there still are. The loony tunes can shriek all they want, but Wall Street money drives these towns and will continue to do so for some time to come. Big pharma town? Town that relies on the Home Depot? 90 minute commute from the city? Good luck, chuck.
In other news, the hero for all too many of you, e.g. fat boy, has come a cropper.
http://www.app.com/article/20110429/NJNEWS/110429034/Feds-demand-271M-repayment-from-NJ-for-canceled-tunnel
The Dems are the canny unloved (well not really, it’s all a big act) whoreboys of Wall Street, but the Republicans are on a race to the bottom to see how stupid they can be. Christie’s a drooling idiot, but at least compared to Palin and Trump, he seems a genius. It’s amazing. What’s next? The reanimated corpse of John Paul II?
Grim [0],
Good for you. New Jersey welcomes its newest property tax payer.
And I guess that’s the bottom.
.
.
.
Nah.
smathers,
Which house in Montclair? Would love to see the tasteful beauty.
133.
This run has a long way to go and yes I declared a couple years ago that there was only one way out. The Texas hedge. These sh_theads that are buying homes in NJ are setting themselves up for failure. I am one of those sh_theads. Buy a property in NJ and spread your _ss cheeks because the black power fist is going to hurt on it way up you colon.
Trump drops the f bomb.
“Saudi Arabia. You’re not goin to raise that f_ckin price!” Little do they know that the House of Saud will be overthrown and oil will spike to 150/barrel then higher.
http://www.liveleak.com/view?i=03b_1304098806
#34 Wall St money Yawn.
#125 Nah. I am just waiting for 30% and I am going to get it too, over the next year.
3b 139
What was that about the “sea of wealth”?
I’d vote for trump purely for the entertainment value of seeing him in office!
Veto,
Not close to a bubble. That said, there will be huge declines to test long term support. Buy every dip and enjoy the trip. Bubble in 2015-2016.
JB
I celebrate for you on a small dock on a lake in PA. You have made a decision and made it public. The air is full of electric possibilities and chills.
But I will not yell WAA HOO as I run, peeling off my sweater.
My old lady jump will have to wait until the sky is clear and the water visible.
I will jump in some time after Memorial Day, when I have dropped my fishing rod and grown tired of the routine and
…
make,
I’ve seen a few clips of the movie, based on that I’d prefer not to see it. Too bad it couldn’t get a higher quality treatment. There are only a few books lucky enough to have a great movie/series made.
sas3, you remain a caricature of an idiotic leftist, tilting at strawmen so far removed from reality that I think communication is a hopeless exercise. Essex eventually lifted his eyes from the Daily Kos and has began to grasp a bit of reality but I think that’s beyond your capacity.
Al Mossberg says:
April 29, 2011 at 9:03 pm
Trump drops the f bomb. “Saudi Arabia. You’re not goin to raise that f_ckin price!” Little do they know that the House of Saud will be overthrown and oil will spike to 150/barrel then higher.
http://www.theonion.com/articles/trump-unable-to-produce-certificate-proving-hes-no,20250/?utm_medium=promobar&utm_campaign=recirculation
Nom: I think this man just named your itinerary for the next few months….
http://www.youtube.com/watch?v=KDwODbl3muE
smathers (134)-
What happens when the rug gets pulled out from under WS?
BTW, this will happen.
“The loony tunes can shriek all they want, but Wall Street money drives these towns and will continue to do so for some time to come.”
al (138)-
Nice to see a potential candidate who sees the office as the game show host gig it is.
“Saudi Arabia. You’re not goin to raise that f_ckin price!”
I bet fcuking George Washington or James Madison couldn’t host The Apprentice.
3b (139)-
Funny how the shills and trolls come out when the talk turns to buying in the People’s Republic.
Just buy the fcuking dip.
I’d buy in this market. Why not? You can’t take it with you.
Sorry for the late congrats it was a long day at the Carlisle PA swap meet yesterday. Enjoy wether your staying or flipping it!
You know it is quite funny to hear the socialists get all up in arms over Ayn Rand. “The reason the economy collapsed is because of Wall Street and all its Ayn Rand laissez fair capitalism”.
When the hell has Wall Street ever practiced Capitalism? Fraud? Yes. Rigged Markets? Sure. Monopolistic practices? Of course. Anything resembling capitalism? F’ no!
“Saudi Arabia. You’re not goin to raise that f_ckin price!”
You sure a pro wrestler didn’t say that first?
Id pay good money to watch trump pull the opec sheiks into the board room for an hour.
Ah Trump refreshing to see him in the game it is at least not boring. I like a few others might pull the lever for him, right or wrong he surely doesn’t pull any punches, couldn’t do much worse.
Just saw two reductions on hot sh8t sheet 339 to 319, 4 bd CHC ,92 dom 7700k taxes the other 399 to 359 4bd CHC , 42 dom 10,500 taxes. Somebody getting nervous, the first would sell at about 275 the latter 300 they’ll get there kicking and screaming but they will.
God bless your new home GRIM!!!!
#152 Always the case.And it is always the ones that do not work on Wall St who are the experts in this matter. By the way when I worked at Goldman (when it was a still a partnership) None of the partners that I knew lived in Montclair. In fact I never heard the town mentioned.
#141 The same old nonsense all the time, from the same so called experts, most who do not work on the street. There are a few select towns in north Jersey, Westchester, LI, and southern Conn that the real money on Wall st naviagtes to, its always been that way.
Now if you are talking back office and middle manager type jobs, thanof course there are other towns.
Grim needs to let us know (when he has a chance of course) whether he will continue with the blog.
Grim have wood floors that need refinishing? Shameless plug.
3b, I’d almost forgotten that there was a time when Goldman was a real investment bank and not another rigged-up, zombie GSE.
And I’m still waiting to open a Christmas Club account and get my free toaster at my friendly neighborhood GS branch.
did i seea goldman branch inside a Pathmark? or maybe it was Whole foods?
Congratulations Grim!
Could you (or anyone else, if it was already mentioned here) share the details of the deal?
I got out of attorney review earlier this week and had a home inspection today. The house turns out to be in great shape for a ~35 yo house. So, happy about that. It sits on a 0.75 acre lot and the seller is big into landscaping and arboretum. Excited about that.
One issue though. about a 100 feet from the house the yard gets soggy on rainy days. Seller planted some trees and did some trenching, but it is still not a solution. The soil is also clay.. and gets quite muddy. I was sold on the yard (and the price) but wondering if I should rethink based on the fact that I cannot use all of the yard for a day or two afer it rains.
and Oh, I found out that it rains an average 10 days/month between March and Sept in NJ
Lord [169]
It looks like we’ve got much more rain than usual this Spring: I had been unable to mow a patch of my lawn this morning that never ever had been soggy in late April; also, the sump pump is running more than usual. Too good drainage of the lawn works both ways: you can work/walk/play soon after the rain is over – but will spend a fortune on watering it in Summer if you’d like to see it green.
#66 Hobo: It was a real investment bank, and corny as it sounds I was proud to work there. Not too bad for a kid the son of immigrants with out the Ivy League background. Ironically I never got any grief or abuse for that fact. In fact I handled many of the limited Partners fixed income (mainly munis) portfolios. Never forget the year when I had to liquadate over $30,000,00.00 worth of various fixed income securities; that is what one partner owed the IRS, for one year. This guy was a legend on the street.And away from that I worked with people and handled accounts that had real or old line money; as noted above, scads of it.
It always appears to me it is the wannabes that many times get the airs if you will. Nothing worse many times than a first generation person that went to college etc. They think their shite don’t stink.
Good points Cobbler. Thanks!
Battery backed up sump-pump is a definite plus here. The basement isn’t finished and I had a clause in the contract that if for whatever reason I cannot finish the basement, the deal is off. It turns out the basement is fine now. They did install french drains and install waterproofing on the concrete walls 2 years ago. There was no dampness at all in the last two years inspite of the heavy rains, so that passes the test too.
In the past I always had a push mower and wondering if I should get a riding mower this time – should be more fun.
Any recent estimates on a kitchen remodel? 24X14
I know the answer is ‘it depends’.. but I thought I’ll ask.
Re#173 kitchen remodel-
24×14 is nice size space , tab could easily hit 50K all in.
Figuring $24K cabinets, $5K Granite, 8K appliances
add in flooring, electric, plumbing, drywall, windows, backsplash,
demolition, dumpster etc…..
@serenity – ouch
I have a 50k budget for the kitchen and basement.
Rent – like you said ” it depends” …… can be done for much less,
but will you be happy with the results? I would suggest you inquire at your
local Building dept for a Reputable Contractor and start there.
Wait until re 101 finds out Mr. Bednar has bought a house. Will the real estate terrorists be laying down theri arms??
TRIPOLI, Libya – Libyan leader Moammar Gadhafi survived a NATO missile strike Saturday that killed his youngest son and three grandchildren and wounded friends and relatives, Libya’s spokesman said.
Gadhafi and his wife were in the Tripoli house of his 29-year-old son, Saif al-Arab Gadhafi, when it was hit by at least one missile fired by a NATO warplane, according to Libyan spokesman Moussa Ibrahim.
“The leader himself is in good health,” Ibrahim said. “He was not harmed. The wife is also in good health.”
“The attack resulted in the martyrdom of brother Saif al-Arab Gadhafi, 29 years old, and three of the leader’s grandchildren,” Ibrahim said. He described Saif as a student.
The one-story house in a Tripoli residential neighborhood was heavily damaged.
Saif al-Arab Gadhafi was the sixth son of Gadhafi. He had spent much of his time in Germany in recent years
Rent – you can get the backup battery powered sump pumps at Home Depot. You have to get the acid for the battery somewhere else and you will probably have to check the water level in battery 2x per year. It used to be that you were not supposed to use a sealed type battery in a house as it gives off some noxious fumes. The pump has various alarms on it to let you know when it is not charging (water in battery low, charger not getting electricity…). Make sure you pick up a few extra fuses too – they always blow when you need the pump to charge so one less thing to do if you are in the middle of a storm.
For your main sump pump, don’t rely on the cheap plastic ones found at home improvement centers. Better to get a cast iron commercial grade pump and one with extra capacity (GPH). That way, if you do have a lot of rain, your primary pump is not overloaded. http://www.zoeller.com/DisplayPageContent.aspx?PageID=12024
Grim – congrats on your new home. I hope it gives you many years of joy and good memories. If it goes up in value, great and if not, at some point when you are looking up at the lights, you won’t remember the $$ but you will remember all the good times which are far more valuable than the almighty buck.
169,
Rent,
Re: Soggy lawn.
Just plant a rice patty. You are going to need the food. Trust me. One mans pain is another mans pleasure.
“Wait until re 101 finds out Mr. Bednar has bought a house.”
3b,
50.5 is a fictional character. “Who am I why am I here”; Adm Stockdale.
I respect the reasons of not posting the link about the uber inspector in this forum.
Google the word uberinspector in conjunction with nrereport and you will find what you are looking for.
They call him Flipper, Flipper, faster than lightning, no-one you see, is smarter than he
Grim,
Congrats on setting the new floor for the neighborhood.
As NJToast said, you bought a home not a house, I hope you have lots of love, laughs and life in it.
al [181]
Just plant a rice patty. You are going to need the food.
If it is THAT wet, getting some muskrats is yet better than rice. Meat tastes good, they breed well, and you can barter fur with other survivors for ammo and maybe some glass beads.
Buffett and Munger. What total pieces of crap.
“Crony capitalism bailout induced dementia may be a bitch but it sure does put things on the fast track. Specifically, from “Neither Dave nor I feel his Lubrizol purchases were in any way unlawful” to “the Sokol situation is inexplicable and inexcusable” in thirty days. Ignore the fact that Buffett both “explained” and “excused” it when he first announced it hoping that would be the end of course. After all who would dare disturb the kindly old Octogenarian of Omaha atop his perch, after he himself made billions off the backs of taxpayers, the same people his sidekick Munger who did precisely the same illegal frontrunning when he bought a boatload of BYD (oddly nobody brought that one up yet: we are confident it is being saved for the Too Big To Fail launch party at the Museum of Mirrors) told should only buy gold if they believe the country they live in is going to kill them. We wonder if Munger has seen the price of gold lately, and if that to him is any indication of the genocidal inclinations of said host country. As for the demented one, who ended his letter with: “I have held back nothing in this statement. Therefore, if questioned about this matter in the future, I will simply refer the questioner back to this release” we wonder: now that the validity of that statement has been thoroughly refuted by none other than grandpa Warren, whether he would like to revise it, and if so, can he absolutely, definitely guarantee us that his heir apparent (not to mention Munger) was the only one who would frontrun Berkshire on corporate acquisitions in the past? We promise to believe him this time.”
http://www.zerohedge.com/article/mungers-anti-gold-campaign-kicks-high-gear-buffett-confirms-he-may-have-held-something-back-
N.J. workers earned $227M in overtime pay last year
At $105,209.45, William P. Whartenby, a lieutenant in the juvenile corrections system, had the 3,664th-highest salary in state government last year.
But after adding $104,036.10 in overtime, a $6,222.50 clothing stipend and $17,705.80 in retroactive pay, he became the ninth-highest-paid employee in all of state government — making more than Gov. Chris Christie, Chief Justice Stuart Rabner, all of the lawyers and most of the doctors employed by the state.
In dollars and cents, Whartenby, who did not return calls for comment, collected the most overtime in state government.
Cameil Francis, a residential-living specialist at the Vineland Developmental Center, nearly tripled her $47,989.71 in regular pay last year, collecting $81,698.09 in overtime and bringing her total pay to $131,465.29. With overtime making up 62 percent of her pay, Francis, a 17-year veteran, was the biggest overtime earner as a percentage of total pay. She also did not return requests for comment.
http://www.nj.com/news/index.ssf/2011/05/nj_workers_earned_227m_in_over.html
geeeez. we lost him to home repairs already!!!
where did jb go?
sl
#82 Lone: Oh I know, just thought it would be fun to have him bought back for the occassion.
Grim ….. Have you initiated the home yet … Nudge nudge wink wink
Spoke to my banker today.. locked at 4.5% / 20yr
maybe jb is in a drunken stupor from celebrating? hungover? fallen off the grid? abducted by aliens? weeping over his closing papers? Anyone? Bueller?
sl
Hobo (187),
When Buffet bought BYD that was the final proof to me that he doesn’t have a clue what’s going on at his company. It violates pretty much every rule that he claims to use. I lost respect for him as a so called “value investor” back in 1997-8 when he was promoting his Coke stock at at time it was ridiculously overpriced, and was at the same time using deceptive accounting, stuffing assets down in nonconsolidated subsidiaries, claiming to have no control over them, and then bragging about how high return on assets was at the parent.
The BNSF acquisition was not stupid but if he had been really insightful he’d have done it 8 years earlier. It was probably done by a committee, not WB.
where did jb go?
Busy finishing all the work we could do without permits. Need to submit construction/electrical/plumbing permits to the town tomorrow and get that ball rolling.
grim, are you making major additions or just repairs? requiring permits looks like major work…
Basic remodel, nothing crazy as far as structural goes.
Silver bubble popping.
http://www.kitcosilver.com/charts/24hoursspot.html
Juice
Some weak longs (leveraged) just had their heads explode with a 5 dollar drop out of the gate. This could easily trigger a cascading drop into the low 30s as each blownout set of weak longs triggers the level below it.
If your holding physical, then who cares. Ben and Timmy have got your back and will make sure you come out on top in the end
194: Buffet also got a lot of credit that rightly belonged to the guy who ran the portfolio at GEICO.
Hi-Ho:
There is huge unwinding of the silver/gold spreads. Hopefully, Tonto/silver heads back to check that support at 31. If the low 30’s get hit, jump in and buy as much as you can.
Disclaimer: None needed
174. RentLord
50k for a kitchen is redink. You can get granite is the more common varieties for 1200-1500 installed with the SS sink included. You have to go to hole in the wall suppliers, not home improvement centers. 50k for basement and kitchen is very doable.
You should be able to get a 25k kitchen with a higher end 4 burner, granite and nice cabinets from Kraftmade. You can probably put in your own flooring, saving you some money, as well as install your own back splash since these are technically easy. Also, considering doing your own tear out. That can save you 600-800 dollars.
Silver mania is really 100% speculative madness. Unlike gold, Ag is not a store of value and there is no objective reason why it should be rising faster than other commodity metals, only hype.
Silver is a store of value and an industrial metal. The speculative madness is the commercial shorts. However, they have staying power; the late specs don’t. There will be a washout and then a huge buying opportunity. The top is not in, you’ll see a minimum of 75-100, longer term.
Cobbler
FX desks trade both silver and gold XAG & XAU.
Also consider that throughout major periods in history silver has been considered the poor mans gold. Over the last few hundred years the gold:silver ratio was about 16. It was in the 70’s in 2008 and the ratio is about 35 right now. A return to a ratio of 16 puts silver even higher yet.
It is certainly more volutile then golf since it is a smaller market, easier to corner, and has an industrial component as well
CNN reporting Osama bin Laden is dead. US has identified the body. Obama addressing the nation any minute now.
Are they really that desperate????? how many years has that corpse been in a freezer?
Osama been put down!!!
kettle – you are insulting the soldiers who risked their lives. Do you think OBL had been making his recordings for Al-Jazeera from the freezer?
Long may UBL rot in a special place in hell. I am so very pleases that the SOB is dead. NEXT up Ayman al-Z in a body bag.
I have the pleasure of knowing a number of current and former Agency officials and they and their colleagues deserve a pat on the back and glasses raised to them.
Shore, 210… Amen, brother. A good day for all!
And… a humble request to all… let’s just feel happy/relieved that a horrible evil enemy of the world has been put down. Till at least the thread end, please let’s keep all politics aside.
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Thanks
Regards
Stock Tips
cobbler (203)-
In the absence of a functional currency and sound fiscal policy, silver does just fine as a store of value.
And it has for thousands of years.
I just check the demographics of Miami dade Fl it looks like there less and less foreclosures every month . In 3 Years In febuary we finnally saw it be less than 1000 .
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