Corzine Comp Killer

From Bloomberg:

Corzine’s Hoboken Penthouse Sells at a 14% Loss for $2.8 Million

A Hoboken, New Jersey, penthouse belonging to Jon Corzine, the former chairman of bankrupt MF Global Holdings Ltd. (MFGLQ), sold for $2.8 million, 14 percent less than what he paid for it in 2008.

The buyer of the 2,400-square-foot (223-square-meter), two- bedroom apartment is listed as POJ Holdings LLC, which paid in cash, according to Kevin Dowd, a broker with Prudential Castle Point Realty in Hoboken, citing the multiple listing service. Dowd wasn’t involved in the deal, which was completed on May 7.

Corzine, a former governor of New Jersey and co-chairman of Goldman Sachs Group Inc. (GS), bought the apartment in November 2008 for $3.26 million, according to property records. He sought $2.9 million when he put it on the market in January. The penthouse, in Toll Brothers Inc. (TOL)’s Maxwell Place complex, has has floor-to- ceiling windows with views of the Hudson River and the Manhattan skyline, according to the listing by Jessica O’Connor Williams, a broker with Prime Real Estate Group in Hoboken.

“At the time that Corzine purchased the property it was clearly the No. 1 luxury property in Hoboken,” Dowd said. “Top floor, direct, smack-you-in-the-face views of the city. You really can’t beat that.”

The apartment, which includes Viking kitchen appliances and a Jacuzzi in the master bathroom, has a $1,700 monthly maintenance fee. Property taxes in 2011 were $38,003, according to the listing. That bill made Corzine one of Hoboken’s top 10 taxpayers, Dowd said.

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117 Responses to Corzine Comp Killer

  1. lovenj says:


  2. lovenj says:

    I subdivide Corzine’s condo into 10 units and rent to 10 families and made a killer profit.

  3. The Original NJ ExPat says:

    That would be 10 240 square foot studios for $2.8 million plus construction costs. I don’t think you’ll end up cash flow positive.

  4. JJ's Weiner says:

    Don’t his clients wish all they lost wuz 14 %

  5. Mike says:

    Good Morning New Jersey

  6. gary says:

    The apartment, which includes Viking kitchen appliances and a Jacuzzi in the master bathroom, has a $1,700 monthly maintenance fee. Property taxes in 2011 were $38,003, according to the listing.

    In Hoboken! In Hoboken! IN F*CKING HOBOKEN!! Oh my G0d, the level of retardation just absolutely boggles my mind.

  7. Neanderthal Economist says:

    Out of attorney review as of yesterday afternoon. I hope this inspection goes well because every single home for sale in the entire town is currently under contract. By far the most sales activity ive seen in this town since 2006.
    Enjoy the holiday weekend people, and dont forget to take a moment to appreciate the armed forces that help make this country safe for you and your families.

  8. 3b says:

    #7 nean: And how many houses would that be? 5, 10, 25, 50, 100?

  9. SRK says:

    7 Nean – In my town I find that homes that I would be interested in are getting into contract, so I guess the desirable ones that are priced right are going fast, also going now are desirable ones that were priced higher and been in market for some time and I would really like to see the closed prices on these. But Middlesex county sales info is not available since April 23rd, the last recorded and posted online sales for this county is April 23rd. Good luck to you on inspection.

    3b, left u a reply in yesterday’s thread. Good luck to you too.

  10. SRK says:

    7 Nean – also, in my town I observed that not that many new properties in my desired area (the generally more preferred area – near middle and high school) came to market this spring, compared to previous years. My guess is boomers are holding off this year with hopes of at least 10% price increase next spring. Like I said before, preforeclosure list also has suddenly shortened for this town (and adjoining town), may be some help for owners that is working……….

  11. Neanderthal Economist says:

    3b id say about 15-20 all in the $350-400k range. The prices all seem to be on the lower end of the last 5 years but only by about 10k. I dont see anything thats a comp killer shocker. Were still firmly at late 2003, early 2004 prices and we all know its another 20-40% drop down to get to 2001-2002 prices. I consider that unlikely.

  12. Comrade Nom Deplume says:

    Halfway thru the pain of Manalapan.

  13. The Original NJ ExPat says:

    My tennis partner and I didn’t even make it through a full hour of singles practice in this heat. Meanwhile, my 8 year old had no problem getting through 90 minutes of Soccer, another half hour at the playground, and then ran a complete mile (4 times around the Watertown track)…while jumping rope at the same time. My 10 year old is much smarter, she split her time between the swings, playground and painting in the shade.

  14. marty says:

    good f@$k Corzine

  15. The Original NJ ExPat says:

    Who do you think hates Corzine more, the average American, the average ripped off MF Global account hoder, or Bernie Madoff?

  16. Neanderthal Economist says:

    SRK, thanks. I dont really know if boomers are waiting for a firmer market to sell. I get the sense they sell more out of need (sickness, job loss, moving out of state) and dont have the luxury of waiting for a 10% rally but then again this is just the beginning wave of boomers reaching senior citizen status so maybe some are doing that while theyre still relatively young.

  17. The Original NJ ExPat says:

    hoder = holder, of coures [sic]

  18. The Original NJ ExPat says:

    Nean – Take a close look at the really nice towns where you *can’t* afford to buy. These are the equity rich boomers and they are moving toward the exits right now. They were waiting and are now convinced no firmer market is coming so they are getting out of Dodge with a big piece of their retirement nest egg, which is the their home equity. When they start trampling each other the fun will really begin. A top-down crush on prices. Before anyone else claims it, I’m dubbing it the prime crisis.

    I dont really know if boomers are waiting for a firmer market to sell. I get the sense they sell more out of need (sickness, job loss, moving out of state) and dont have the luxury of waiting for a 10% rally but then again this is just the beginning wave of boomers reaching senior citizen status so maybe some are doing that while theyre still relatively young.

  19. The Original NJ ExPat says:

    [18] cont’d – And the rich boomers will sell to whom? Answer: Rich whatever they call 30-40 somethings these days. Ramification: Well-off empty nesters sell to well-off soon-to-be full nesters. More public school seats needed in trendy little train towns like Glen Rock, what will that do to future taxes? I like Glen Rock. I never lived there, but my wife grew up there. My in-laws whose previous house now commands $33K in property taxes raised their kids there. Not one, but two train lines going through their quaint downtown, maybe a hundred yards between stations on the two lines. I like it because it’s a really cool barometer of where blue-ribbony NJ towns are going. What’s bad for Glen Rock is bad for Bergen County. My mother=in-law still pines for the bucolic lifestyle that was Glen Rock and her beautiful house in the most blue-ribbony section of town. I frequently ask my Father-in-law how at what price he would buy back his house with the $33K taxes. He would love it if we were raising our kids there, but he still has no answer to that question.

  20. Neanderthal Economist says:

    All the boomers arent going to rush to exits at once. Its a fifteen year process. Also the prob tax problem has peaked and has already been addressed but with a lag. Christie saved the states future with the prop tax cap and toolkit and when its effects fully get implemented, prop taxes will come back in line with historical norms, especially with help of modetate inflation, and boomers will no longer absolutely have to leave, in fact most will choose to stay.

  21. Njescapee says:

    NE, you assume an awful lot. Maybe you’re right, then again maybe you’re not. quit your job and move to key west

  22. Neanderthal Economist says:

    Thanks escapee, Does someone seriously need to read a book to accomplish that transition? Did you write it?

  23. Njescapee says:

    NE, no but I could’ve. I actually brought my job with me from N J and am still employed hopefully till I reach 62 or maybe a little past that.

  24. Mikeinwaiting says:

    Veto while I do not think Meat’s apocalyptic doom is coming your glasses are a bit to rosy my friend, somewhere in the middle.

  25. Mikeinwaiting says:

    I am well aware that is is pretty vague where numbers ($) is concerned which way it tilts could mean a lot, you take your chances.

  26. Mikeinwaiting says:

    To many “is” Oh well to much wine.

  27. The Original NJ ExPat says:

    Nean – When grim bought he seemed to be subject to distorted thinking for a while, like he drank the koolaid. He eventually came most of the way back to rational. I expect you’ll eventually be making sense as well, but it won’t be until another 6 months or so have passed.

  28. veets (7)-

    I appreciate the people who serve in the armed forces, but I don’t appreciate that their main purpose is not to keep us safe, but to render the taxpayer poor and to engage in pointless offensive actions all over the planet.

  29. mikey (24)-

    You’ll think about me when the nightmare march of the zombies intensifies.

  30. Mikeinwaiting says:

    Meat can we what till I finish my coffee before the zombie attack.

  31. 3b says:

    Nean/Veets: You are msitaken if you think the property tax problem is resolved. And I dont think it is another 20 to 40% to get to 2001 pricing, it is at least where I am looking more like 15 to 25%. And in mote than few cases I am seeing 01 prices around now.

  32. An observer says:

    The issue with property taxes is still far from accomplished. Just look at Bergen County in the newspaper.

    The reps run the executive which runs the Dept of Public Safety, which wS dumping ground for political hacks, along with having the distinction of having the highest paid police dept in NJ with it’s County Police.

    The dems run the county sheriff, which had it’s budget cut by the republican county executive. So the county sheriff wants the county dept of public safety merge with it first and then take over local services.

    To avoid this the county dept of public safety is actively seeking to take over local police service. With the local police chief association saying no way and trying to keep their little fiefdoms. One of the best line by a police chief was – “we like to hire talented competent locals” which means we like to keep our old ways of nepotism and hiring political hacks to our $100,000 donut eating jobs.

    The fight to actually address the expense side of property tax issue is just starting. In 20 yrs we might there, but until then, property taxes will continue to be way higher because of inefficiencies.

  33. The Original NJ ExPat says:

    [20] Nean – You’re making a very dangerous assumption and holding it up as gospel. “A fifteen year process” – this is something born of your own mind, right? Assuming CONSTANT economic conditions, perhaps plausible. The boomers with equity ALL have their eye on a common metric, the value of their equity. They’ve watched a huge pullback from what they thought they had, paying ever increasing tax bills while they wait and their nest empty. The next dramatic pullback, they will run and I think they themselves will cause the run. You very likely have never seen a run first hand, so you won’t recognize this one even as it’s happening. Kind of like the people wandering a quarter mile out and picking up fish on the newly exposed beach…pre-Tsunami.

    All the boomers arent going to rush to exits at once. Its a fifteen year process.

  34. freedy says:

    Tenafly seems to be a town where its on fire . Sales/Price increases ; cant bid fast enough.

  35. The Original NJ ExPat says:

    Labor Force

    As of May 2011, there were approximately 153,449,000 people in the Civilian labor force.

    Total approximate labor force participation by generation:
    Mature/WWII Generation: 7,121,000
    Baby Boomers: 59,199,000
    Generation X: 49,255,000
    Generation Y/Millennials: 37,874,000

    The game changers are the Baby Boomers and Millennials.
    Baby Boomers have equity and 401ks – sellers, not spenders.
    Millennials – spenders, but on iPhones, data plans, and student loans. When was the last time you heard a 20-something say something that was very common in our day, “I’m saving to buy a house”?

  36. The Original NJ ExPat says:

    [34] All of Bergen county will soon be on fire. When the fire burns out we’ll see who the new bag holders are.

    Tenafly seems to be a town where its on fire

  37. The Original NJ ExPat says:

    [36] And when the fire does burn out, we will have replaced all the empty nesters who could afford their taxes with 2-3 children families that barely can or can’t.

  38. gary says:

    Then finally, when there’s nothing left… when you can’t borrow another buck from the bank… you bust the joint out. You light a match.

    Any questions?

  39. gary says:

    BTW, for you houseowner wannabes… almost two days spent on opening the pool… covered in muck with all kinds of insect larvae infiltrating your body, in this wonderful sweltering weather. It’s just an fyi… not complaining… been doing it for years. I’m just pointing out that houseownership and Memorial Day means chores galore and not a day at the beach (pun and no pun intended). Ya know… in case you were wondering and sh1t.

  40. SRK says:

    35 NJExpat,

    So true. In open houses I mostly see Gen-X, 35-45, rarely the young uns. But 5 years from now we will know how the Mills are going, how they intend to look beyond their iphones and loans. BBs I dont know. Out here I see lots of late 70s ladies living by themselves, the BBers I think are an even more independent and head-strong lot and I can see them holding it there. In the event Mills decide to buy homes and BBers staying their ground, prices could really heat up. But all this speculation of course.

  41. gary says:

    How are the millenials possibly going to buy a house? You can’t secure the dozens of required documents via texting, they must be signed… using an actual writing utensil. Besides, their cute, little, tender fingers might develop blisters.

  42. SRK says:

    41 Gary, :-) I know they are such babies, but give them time, they will grow up….but yes, I am quite braced for another free fall, and after buying might be holding a property selling for half of what I bought……..if I can buy that is…..wish there were some FSBOs, absolutely terrified of the agents………

  43. xmonger says:

    #41. Gary, you are brilliant. There is a huge market for retinal scan app. I propose the following: You code it, Meat sells it, and JJ convinces his buddies in IB to underwrite it two years from now.

    All the njrereport regulars will be seed investors and filthy rich at IPO time.

  44. SRK says:

    39 Gary, After living in rental apartments all my life, sometimes I am really scared of buying at 50, I mean, it is so nice to be watching the snow and drinking hot tea and eating fresh fritters, and now it will be, I gotta shovel the driveway, the side-walk, where is the shovel, where are the gloves….:-( I hate humidity, so summers are gonna be even worse…lawn moving, weeding…., hope I can hire help……when I see a house am already budgeting for pool removal if there is one….I might yet not buy and give the savings to kids for their down-payment, but then they are Mills so money might be just stay with me……btw, do Mills like expensive weddings like the Xs, or are they into more simple weddings ? May be they just text ‘I do’ to each other these days from starbucks ?

  45. gary says:

    SRK [44],

    The millenials can’t be bothered with getting married, commitment is too much work. It would be a constant fight for the electronics docking station. Who needs that sh1t! Besides, it interferes with their precious down time.. And yes, owning the house means shoveling, digging, painting, hoeing, praying and crying. You’ll do fine. We’re the same age… we come from a hearty bunch, we had to walk uphill to go to school… both ways! ;)

  46. The Original NJ ExPat says:

    [44] SRK – When I was a young engineer in the mid 80’s myself and all of my mid 20’s brethren were buying. I worked for Singer-Kearfott in Wayne/Little Falls/Fairfield. We were all getting big raises each year and there were more than enough jobs to go around. They even handed out “compaction” raises when the next years crop of engineers were being hired at higher starting salaries then the kids who got there the year before. The only difference between us all was what we were buying. We had about a 50/50 split between kids who grew up in the NJ suburbs and kids who grew up and still lived in the 5 boros. All us suburban kids wanted condos. We were all raised painting, shoveling, mowing, helping our dads do all the chores of a house and wanted no part of it, we wanted to run our lives from our checkbooks. All our friends from NY all wanted a house with some kind of lawn because, you know, the grass is always greener. The majority of us were single, too.

  47. The Original NJ ExPat says:

    [40] SRK – And in the event the Mills decide not to buy houses and BBers get a sense of urgency to sell fast? Don’t forget about energy, either. The waves have been going out since WW II ended, families washing out to newer and farther suburbs fueled (literally) by cheap gas and great highways. It’s obvious that is no longer happening. What’s less obvious is that the tide is reversing. The tide will go out again, but this time it will be the poor being displaced to the once grand suburbs.

    In the event Mills decide to buy homes and BBers staying their ground, prices could really heat up.

  48. SRK says:

    45 Gary, Sounds good, we dont have to pay for expensive weddings ! :-) Yes, what we have been thru to get where we are, home-ownership shouldnt be that bad, may be I am just in a ‘I have worked enuff, i dont want to be bothered now’ mode, and perhaps will snap out of it. May be that’s why we made it easy for our Mill children ? becoz of our hardships ?, I think we as a gen are more friendly with our kids, less judgemental with them and so they have no hang-ups with us, not raging to prove anything to us or themselves, and free as larks in spirit ? Honestly, I quite enjoy being around Mills ! :-)

    46 NJExpat – Interesting. Actually the exact opposite is happening in my house. Kids are like ‘why should we buy an SFH, we did quite good growing up in a condo/aptmt, didnt miss on anything except being asked to mow lawns and paint walls and shovel snow.’ Kids had a great time growing up here since loads of kids their age in complex. They could walk half-hour to malls nearby to watch movies and volunteer in library and long-term care, we sent them in packs as early as when the groups comprised of 10-13 years old. Kids made parents buy homes close to the complex when parents decided to buy, and to this day congregate in the complex and hang-out here when they come home from college.

  49. gary says:

    My brother-in-law just said the millenials are boring as sh1t. LOL! Oh my G0d, he’s right! Maybe they need to drop the passive behavior and develop a little rage!

  50. The Original NJ ExPat says:

    [48] SRK – I agree, condos/apartments are a great place to raise kids, that’s how we’re raising ours. Our building is actually one of the first condos in Boston, built in 1928, converted to condos in 1978. We still have some original owners here. We have everything we need and the kids are in one of the best schools in the country and it’s public. We’re about your age (52 & 49) but we didn’t have kids until we were together 12 years. Heck, we didn’t even get married until we lived together 10 years. I wouldn’t be surprised if the Mills don’t follow our lead. We really like the city because we have many friends our age with young children. OTOH, my wife’s best friend is also 49 with young kids but she lives in a blue-ribbony Bergen County train town. She’s been lying to her kids since birth subtracting 10 years from her age so she isn’t known as the “old” mom in town.

  51. SRK says:

    50 NJExpat – I think this is the best age to raise children, more patience and perseverence now than before, I would have them later if I had to live it again. Yes, condos are great to raise children, the whole complex is their yard ! Of course we need to watch-pool with other parents ! For us, the school district wasnt great, kids werent geniuses, and we parents were not too involved helicopters either, but kids turned out quite well….I credit it to the strong bonding and friendship between the large group that grew up together…..Yes, suburban life is more formatted and conservative, city is more liberal and out-of-box………..

    49 Gary – Hmmm….I find Xers boring, BBs have spunk, even if they are annoying many times….why do you want rage, we had enuff of it, let the Mills sing, oops text, and fly oops float ! :-) I am actually quite excited to watch for BBs’ old age and Mills’ middle-age, I am expecting a lot of redefinitions of these ages from before…….

  52. gary says:


    At least the Xers had some emotion (gloomy and adverse at times) and some grunge (need to be gloomy and adverse) lol! And the Millenials can text and float all they want… but they’re still too tame and too uninspiring.

  53. Mikeinwaiting says:

    Expat, Singer-Kearfott when did you leave we may know each other.

  54. Jill says:

    For what it’s worth, this particular BB is hoping to not age in place in NJ, though my plan B is to figure out what happens if I end up having to. As an old commie hippie liberal, there are only so many places I can go, and since DH can’t take the cold, Vermont is out. He likes Naples, Florida, where my father lives, and I can sort of see the attraction in an old age in a soulless gated community with two or three swimming pools that you can bike to. Or there’s the Research Triangle area, which is hippie central and has the added benefit of lots of small companies in my industry. Meanwhile, I’m starting to save to do some deferred upgrades on the house and assuming that there are no prepayment penalties, refinancing my mortgage down to 2.875% and making the same payment so I pay it off in the same amount of time or less while reducing how much I give to Wells Fargo.

    Taxes in WT are low as Bergen goes, but in 10 years they are likely to be $12-$14K, especially the way the never-challenged local government is in the pocket of the recreation thugs. To pay $1000/month in just taxes in retirement seems crazy.

  55. The Original NJ ExPat says:

    [53] – MiW – I was at SKD from ’84-’87, I was a software engineer on the JTIDS project.

  56. gary says:


    How’s your DH doing with job prospects? Is he working? Contracting?

  57. The Original NJ ExPat says:

    [56] According to Jill’s site, her husband is working.

  58. Mikeinwaiting says:

    Expat 90 -2001 Owned the food service company servicing you guys, my office was in plant one. Norma Page killed that Co. came in about 4700 people left there were 3-350.

  59. Mikeinwaiting says:

    Hey Gary any luck with Marylin’s BIL.

  60. The Original NJ ExPat says:

    [58] Mike – When I was there I used to pay close attention to the check numbers from one paycheck to the next. Using that as a gauge there were about 6,000-6,500 employees. We used to hire 80-100 engineers every January (graduating off semester) and about 160 or so every June and we didn’t lose too many to attrition. 250 x $28K starting salary (which was pretty good back then, Wall streeters with a bachelor’s degree were starting at $14-$16K) comes to about $7 million in additional payroll each year. Those Reagan Star Wars defense dollars were a huge stimulus at the time. To us individuals, it was an extension of college, with new “classes” coming in each year. The only difference was we were all making money, but the culture was it was just a wild college like atmosphere outside of work. About 5 years later I was at a party with all my Singer friends and did a quick audit of everybody in the room. None of us even worked for Singer anymore but it was the same group of people.

  61. The Original NJ ExPat says:

    [60] Singer (cont’d) – Mike – Lots and lots of Singer folks bought the new construction condos at Great Gorge North, up your way. My girlfriend, who also worked at Singer, bought one while I was on a three week vacation in Europe with two of my Singer buddies. How’d I pull that one off? I left my girlfriend at home while I took off for hijinks in Belgium, Amsterdam, England, Ireland and Scotland and she bought me a ski slope side condo while I was gone. I’d like to get that Mojo back;-)

  62. gary says:

    Mike [59],

    I still have to look into it.

  63. The Original NJ ExPat says:

    LOL. I just remembered that my girlfriend dropped us off at Newark Airport and picked us up 3 weeks later too. I didn’t call her even once while I was gone. Who could figure out those crazy phones they had over there? The Spa was brand new back then and she bought us both memberships and she had a bar tab there too. I took the following winter off and skied 80 times the winter of ’87-’88. We both used to get up about 7:30 each day. She got her work clothes on and drove to Singer, I’d get my ski clothes on and hit the slopes. I would be skiing down to the lifts before they even opened. My still employed Singer buddies would take sick days to come up and ski with me for the day. Good times, good times.

  64. Mikeinwaiting says:

    Expat guy I knew Mark had a condo up there, here (I live in Vernon) came up 98. It was just Kearfott after you left and Page bought them.

  65. Mikeinwaiting says:

    Expat you remember the price & what size unit?

  66. SRK says:

    61 Expat, Yes, the campus-recruited first job alumni is sometimes as strong as the college alumni. The first job with fellow freshers out of college makes for some memorably heady times too ! 63, Ah, not good but great times…stories for children and grandchildren………

  67. Mikeinwaiting says:

    To bad no jobs for the college grads now.

  68. seif says:

    34 – over the last few weeks i have written here a few times about the props being snatched up quickly in The Fly. its kinda weird how everything from $600K-$850K has gone under contract…quickly.

  69. SRK says:

    67 Mike, It is tragic to see kids work so terribly hard at some of the toughest courses and then sitting at home or working at home depot, ….the thing is it came so suddenly…2007 had been BAU and then 2008 and the world turned upside down for these kids, it is heart-breaking…..

  70. The Original NJ ExPat says:

    [64 & 65] Mike – It was just Kearfott before too, back in the 50’s & 60’s when my dad worked there as an engineer and newlywed. Back when couples got their first apartments in Paterson, saved up a $1000 for a down payment and moved to the suburbs. They bought their first house in Kinnelon for about $6K in 1961, sold it for $11K and bought bought a $23K house in Rockaway Township in 1965. Kept that one until 1984 or so. That’s the way it used to work.

    My girlfriend bought her Great Gorge place pre-construction for $95K, closed Sept. ’87. It was a sweet slope-side loft unit with two full baths (shower upstairs, tub downstairs). I bought a place in Perth Amboy in ’85 or ’86 for $64K, was renting it to my ex-girlfriend by ’87. Sold the ex-girlfriend the Perth Amboy Unit in ’87 and bought my 2BR 2 bath apartment in Wayne as an insider when it converted to condo. It was a completely different world back then. You could live at Rutgers and take unlimited credits and have a full meal plan for $2600/year. After you spent a little over $10K for your engineering degree you got a job for $28K. No brainer there as far as risk/reward. With that huge bump up in pay compared to what you made summers/part time, etc. it was so easy to buy a cheap reliable car, pay rent, and then save $10K- $20K real quick and buy your own place. Everybody did it. Now the game has tragically changed.

  71. Mikeinwaiting says:

    Expat 70 you can buy that condo for that now.

  72. The Original NJ ExPat says:

    [66] SRK – freshers. LOL. We called them fresh-outs at Kearfott. My first on-campus interview was a disaster. Otis Elevator was looking for sales engineers. I was a sweaty, nervous, stammering fool. After that initial failure I actually got better and honed my pitch. I realized that the purpose of the on-campus interview, for me, was to close the on-site interview. If you got to the second stage, an interview at the company itself, they flew you out, picked you up with a limo at the airport, put you up in a nicer hotel than you’ve stayed at, gave you meal vouchers, etc. I really believe that I live in Boston now because I was so enamored with the treatment I got from Raytheon when they flew me up here in ’84 for an interview. Limo pickup at the airport, beautiful room at the then brand new Sheraton Tara, meal vouchers to have dinner there that evening, Limo to the company the next day, cool young guy a couple years older than you to take you to lunch, limo back, etc. They were very clever. I knew the market for engineers that year was $28K. They wined you and dined you and offered you $24K. Three departments wanted to hire me and when it came down to brass tacks, I said no, I need $28K. Of course they weren’t going to pay me $28K, every engineer started at the same salary. They were spending all that money on limos and hotels and dinners to keep the starting salary down and same them millions over time. I was still so devastated that I didn’t receive an offer. I really wanted to move to Boston. Well, I got here anyway;-)

    61 Expat, Yes, the campus-recruited first job alumni is sometimes as strong as the college alumni. The first job with fellow freshers out of college makes for some memorably heady times too ! 63, Ah, not good but great times…stories for children and grandchildren………

  73. The Original NJ ExPat says:

    [71] I know!!! I think my old girlfriend sold if for a loss way back when, somebody else bought it and made a killing and then then next owner took a loss, etc. I was running through the recorded deeds and mortgages about 6 months ago and it’s astounding the sine wave of prices for those units. Some owners made quick and easy money and others got hosed big time and quick, several cycles now! We actually stay in those units every couple years, my wife and I bought a time-share at the Resort Club way back in the early 90’s. It’s actually worked out pretty good for us, we ski and stay for free there and the kids love the “kids camp” programs at the spa. OTOH, I can see the decline. We bought when we lived in NJ because under $10K (our cost) was way less than 25 years of season passes, and that’s mainly where we skied when we lived in NJ. We also bought early when they had some deal where we got something like $4K worth of guest ski passes and Action park passes. Well, of course, a lot of those went unused;-) We also bank points and trade them for other destinations. We spent half of our two week honeymoon in Hawaii at Marriott’s flagship resort in Kuwaii in 2000. It’s pretty funny that we only have a few years left on a 25 year time share. Anyway, back in the 90’s we used to love watching better TV’s in those units than we owned at home. They were bolted down so they wouldn’t be stolen. Now all the rental units have 19″ non-flat screens that you can carry out and sell if you need $5 that bad. I remember the good old days when they would boast about the Spa as a $6 million facility, way back when $6 million was actually something. Oh well.

    Expat 70 you can buy that condo for that now.

  74. SRK says:

    73 Expat, LOL. How our innermost initial positive impressions about some place bring us back to it after a full circle !

  75. Fabius Maximus says:

    #72 Expat

    I had a similar experience with a telecoms giant. They flew me and 23 others in for 2 days of interviews for 8 jobs on a new super secret project team (turned out it was GPRS). Two days of testing, interviews, role playing etc etc etc. In the end they offered me a slot but I had stated another job so I turned them down. Funny part is, that I am still in that job.

  76. Fabius Maximus says:

    #32 an observer

    I think you need to do some more research on this. This one is a pure Republican bun fight The sheriff was elected on a Repub ticket, as was Donovan, the county executive, throw in Cardinale the Repub Senator and who knows where this one ends.

  77. Comrade Nom Deplume says:

    Happy Memorial Day everyone, and to those who served with honor, a well deserved thank you. Semper Fi, Marines.

  78. Jill says:

    Gary #56: Contracting. It’s probably going to be a scramble from one contract to the next from now on, but I don’t have the heart to tell him that. That’s why I’m planning to refinance. If I can hold onto my job, we can prepay and pay it off in the same amount of time. If I can’t, it at least lets us breathe a bit until we can decide what to do.

    Nom #77: Wishing someone a “Happy Memorial Day” seems sort of like wishing a “Joyous Yom Kippur.”

  79. The Original NJ ExPat says:

    [80] If you want to look for a silver lining, it’s not like the MF Global account holder monies disappeared, it was transferred to JP Morgan to cover margin calls. It was a private injection of ~$1.5 billion to the banks instead of a pubic injection.

  80. Libtard at home says:

    Happy mem day peeps!

  81. Comrade Nom Deplume says:

    Jill, I can’t relate but when Stu, our resident Jew, says happy, I’m okay with it.

  82. freedy says:

    Bobby Brown on NBC , good grief when is he going to sober up. Looked like he was out all night on a bender.

  83. 3b says:

    Just to comment (if any one cares!!!) on some of the topics here this weekend.

    Seif I still see lots og houses in Tenafly, perhaps the oens in better conditition are being snapped up as you say.

    As far as 20 somethings buying, I have been saying that for quite some time, they simply for the most part are not, while back in the 80’s lots of 20 somethings were buying.

    SRK: If you want a house, buy it, do not deny yourself, ot leave your money to your kids. You played by the rules and did right by them, now it is your turn. I am paying for my kids college (one done and fully paid for), and that is it. I already told them not paying for weddings, they will get a nice check to do with what they want.

    As far as people waiting to have kids, it is a touchy subject, so people should do what they think works best for them.Me personally having a child at 45-50 or older would be exhausting. Also it is a tough age job wise, as in if you lose your job. If it were to happen I woul rather it be when they almost done with ot out of HS, rather than in grammar school, as it is a long way to go form grammar school to HS college etc.

    gary I was down at the beach yesterday and it was just great. I am lookinga round at my rental today saying whoever ultimatley buys this has a ton of work to do. The owner is just letting it deteriorate. Oh and I am still seeing new listings come on the market every day, and we are into June at this point. Enjoy the rest of the weekend all!!!

  84. Anon E. Moose says:

    Gary [49];

    My brother-in-law just said the millenials are boring as sh1t. LOL! Oh my G0d, he’s right! Maybe they need to drop the passive behavior and develop a little rage!

    Agree its not a class war; its a generational war. I hope the boomers I buy from walk out of the attorney’s office and get hit by a bus — less SS for me to pay.

  85. SRK says:

    Listed 8-9-11 399K
    Sold 2-29-12 330K
    Listed 5-15-12 399K

    wonder why they are selling so fast again, but asking for 70K more from Feb to May ?

  86. Mikeinwaiting says:

    Moose already dumped on your age group at peak in 06, tale end boomer at 50. I am very careful so be ready to pay my SS! LOL

  87. SRK says:

    3b, Thanks. Yes, I too drew some lines – 4 years of college only supported, anything further – med school, law school, MBA, MS, whatever – they are on their own . Wedding, I have been ambiguous, I need to get clearer on that one. Yes, I agree about the age of having kids – whenever one is really ready I should think. That is what I would tell my kids – ‘whether at 25 or 35 or 45, take a moment to think what it takes and if you are ready’.

    86 Anon :-) LOL ! But it is a serious subject really. Very, very touchy but something that isint really discussed enough. Longivity of this magnitude is a very new phenomenon for human beings (among many other things), medical costs are phenomenal, work-pool is shrinking, so we will be facing some major ethical issues soon….

  88. gary says:

    Moose [86],

    Just make sure you get the house at your price, not theirs. This way, when the rear wheels of the bus squish their heads, it’ll just be icing on the cake. You’ll really be getting the most bang for your buck. ;)

  89. SRK says:

    90 Gary, Isint 50 officially BB too, at the tail end perhaps but BB nevertheless ? !

  90. The Original NJ ExPat says:

    Just back from the Memorial Day Service at the Civil War Memorial at Evergreen Cemetery. We go every year, it’s a short walk down our street. Local Dunkin’ Donuts always sponsors with free coffee, juice, water, donuts afterward. We accidentally got there an hour early at 10 so the kids ran around with their friends for about an hour before and an hour after. While we waited and looked over the program my wife asked if town events where I grew up (Rockaway Township) were as heavily Catholic-biased as they are here. Absolutely they weren’t. Here in Boston, all the other religions take a voluntary back seat, it seems, when it comes to every public event all the way down to the Little League parade. Every year the entire Memorial Day ceremony is solely presided over by a Catholic priest and the ceremony is architected as if the underlying assumption is that the entire audience is Catholic, it’s basically a mini-mass sans communion. It’s not even a Catholic Cemetery, either.

  91. gary says:

    SRK [91],

    The answer is yes and yes… I am. LOL!

  92. Anon E. Moose says:

    SRK [89];

    Very, very touchy but something that isint really discussed enough. Longivity of this magnitude is a very new phenomenon for human beings (among many other things), medical costs are phenomenal, work-pool is shrinking, so we will be facing some major ethical issues soon….

    Here’s the dirty little secret — the generational struggle is also largely racial. Consider that the poor and immigrants having kids, kids that will be expected to pay lots of taxes to bankroll for the Cadillac benefits that pale-faced boomers promised themselves … then conveniently forgot to have any kids to pay for any of it.

    May we live in interesting times.

  93. The Original NJ ExPat says:

    I agree, that 45-50 or older might be a little more exhausting. I have a friend on the west coast who is 53 with a newborn son and contentious joint custody of his 9 year old daughter who lives here on the east coast. I can guarantee you his life is exhausting. Most of our friends had their kids when they were 37-45 for the husbands, more like 35-42 for the wives. I’ll tell you which of them are the most exhausted, the couples that chose to have only one child, we’re friends with at least 4 such couples and they are exhausted from having to be the playmate for their kids. We frequently get calls begging to send our girls over to play, they even drive them both ways sometimes. I figure I have less than 10 years before I have to lever up, take a ton of debt, and then retire so I have no income and high debts when college application time comes along. Harvard doesn’t consider retirement accounts or home equity when it comes to financial aid. I’m thinking they don’t consider gold or silver either;-)

    As far as people waiting to have kids, it is a touchy subject, so people should do what they think works best for them.Me personally having a child at 45-50 or older would be exhausting. Also it is a tough age job wise, as in if you lose your job. If it were to happen I woul rather it be when they almost done with ot out of HS, rather than in grammar school, as it is a long way to go form grammar school to HS college etc.

  94. The Original NJ ExPat says:

    Isn’t that how democracy is supposed to work? You just vote yourself rich.

    Here’s the dirty little secret — the generational struggle is also largely racial. Consider that the poor and immigrants having kids, kids that will be expected to pay lots of taxes to bankroll for the Cadillac benefits that pale-faced boomers promised themselves … then conveniently forgot to have any kids to pay for any of it.

  95. Comrade Nom Deplume says:

    [96] expat,

    That is why Tytler said it wouldn’t work.

  96. Comrade Nom Deplume says:

    Sorry moose, I intend to get what I can from SS, and you.

    BTW, anyone notice that the new rules requiring all shiny sales to be disclosed will conveniently keep people from using shiny as a way to avoid means-testing?

  97. Brian says:

    Happy Memorial Day.

  98. The Original NJ ExPat says:

    [97] Nom – Didn’t Tytler also say “If it’s not Scottish, it’s crap!”?

  99. chicagofinance says:

    Just came back from the South Fork….everything from Southhampton to Montauk Point is on the market. The only thing more common than the For Sale signs are the speed traps and DWI checkpoints.

  100. gary says:

    chicagofinance [101],

    They must all be selling and moving to Middlesex and Tenafly. According to this blog, it’s 2006 in those locations. :o

  101. It’s all turning to shit. And the pace is accelerating.

  102. The zombie apocalypse begins.

    “It was a scene as creepy as a Hannibal Lecter movie.

    One man was shot to death by Miami police, and another man is fighting for his life after he was attacked, and his face allegedly half eaten, by a naked man on the MacArthur Causeway off ramp Saturday, police said.

    The horror began about 2 p.m. when a series of gunshots were heard on the ramp, which is along NE 13th Street, just south of The Miami Herald building.

    According to police sources, a road ranger saw a naked man chewing on another man’s face and shouted on his loud speaker for him to back away.Meanwhile, a woman also saw the incident and flagged down a police officer who was in the area.

    The officer, who has not been identified, approached and, seeing what was happening, also ordered the naked man to back away. When he continued the assault, the officer shot him, police sources said. The attacker failed to stop after being shot, forcing the officer to continue firing. Witnesses said they heard at least a half dozen shots.

    Miami police were on the scene, which was just south of The Miami Herald building on Biscayne Boulevard. The naked man who was killed lay face down on the pedestrian walkway just below the newspaper’s two-story parking garage. Police have requested The Herald’s video surveillance tapes.”

    Read more here:

  103. “One of the problems with the Hispanic Pandora’s box unleashed by a now insolvent Bankia, which as we noted some time ago, is merely the Canary in the Coalmine, is that once the case study “example” of rewarding terminal failure is in the open, everyone else who happens to be insolvent also wants to give it a try. And in the case of Spain it quite literally may be “everyone else.” But before we get there, we just get a rude awakening from The Telegraph’s Ambrose Evans-Pritchard that just as the bailout party is getting started, Spain is officially out of bailout money: “where is the €23.5 billion for the Bankia rescue going to come from? The state’s Fund for Orderly Bank Restructuring (FROB) is down to €5.3 billion.”… And in an indication of just how surreal the modern financial world has become, none other than Bloomberg has just come out with an article titled “Spain Delays and Prays That Zombies Repay Debt.” We can only surmise there was some rhetorical humor in this headline, because as the past weekend demonstrated, the best zombies are capable of, especially those high on Zombie Dust, or its functional equivalent in the modern financial system: monetary methadone, as first penned here in March 2009, is to bite someone else’s face off with tragic consequences for all involved. What Bloomberg is certainly not joking about is that the financial zombies in Spain are now everywhere.”

  104. SRK says:

    102 Gary, :-) LOL ! Yup, that’s what it looks like :-)

  105. SRK says:

    94 Anon, But isint that really a win-win situation overall ? No. I am not being sarcastic.

  106. Comrade Nom Deplume says:

    Just got back from Dorney park. Decent for young kids and without the drive and cost of hershey. Only negative was food services. The food was okay for park food, and some not outrageously priced, but service sucked beyond belief and reason. If you r going, book online buy skip the dining plan. Pack a cooler instead. A big cooler, complete with beer, and get it at lunchtime.

    Ate from a wendys in allentown on the way back. I didn’t go in and if I had, I would have left in a hurry. Wife got me a burger and a huge coke. Damn, I’d better hit the head now I thought so I went in. Place was disgusting. Then while in the head, a worker was there, muttering to himself about his shift. I was so skeeved that I saved what I hadn’t eaten along with the receipt in case it needed testing. Why the wife would eat from there was beyond me. Maybe cuz she’s had her hepatitis shots

  107. AFE says:

    Can anyone point me to NJ criminal trespass statutes (regarding realtors who may be unlawfully entering a unit that is tenant occupied when the tenant is not home)? Also, anyone know if a tenant in NJ is required to allow use of a lockbox?

  108. AFE says:

    Anyone know *whether* not *if*

  109. Shore Guy says:

    Hey Nom,

    To paraphrase the old Wendy’s commercial: Where’s LeBoeuf?

    The embattled New York law firm Dewey & LeBoeuf LLP has filed for bankruptcy protection, a move that effectively ends what had been at its height a 1,300-lawyer global enterprise and marks one of the largest law-firm failures in U.S. history.

    The Chapter 11 filing, submitted Monday evening in federal bankruptcy court in Manhattan, followed a rocky six months for the debt-laden firm, which had seen an exodus of partners amid disputes over compensation and concerns about the firm’s financial stability.


  110. Shore Guy says:

    “wonder why they are selling so fast again, but asking for 70K more from Feb to May ?”

    What? You think they should not get a decent return on their investment? Heck, they must have painted some of the rooms, after all. Besides, you don’t expect THEM to eat the RE agent’s commission, do you?

  111. Shore Guy says:

    THIS is the key reason RE prices will drop, although the cost to occupy a given home will continue to rise:

    Public Pensions Faulted for Bets on Rosy Returns


    Published: May 27, 2012

    Few investors are more bullish these days than public pension funds.

    While Americans are typically earning less than 1 percent interest on their savings accounts and watching their 401(k) balances yo-yo along with the stock market, most public pension funds are still betting they will earn annual returns of 7 to 8 percent over the long haul, a practice that Mayor Michael R. Bloomberg recently called “indefensible.”

    Now public pension funds across the country are facing a painful reckoning. Their projections look increasingly out of touch in today’s low-interest environment, and pressure is mounting to be more realistic. But lowering their investment assumptions, even slightly, means turning for more cash to local taxpayers — who pay part of the cost of public pensions through property and other taxes.

  112. gary says:

    Shore [113],

    The pipe will rupture at the weakest point. In this case, it’s all about the prices.

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  114. Comrade Nom Deplume says:

    [111] shore,

    Chp. 11? That’s optimistic.

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