From Bloomberg:
N.J. Revenue May Be $540 Million Off Target, Analyst Says
New Jersey’s revenue collections were as much as $540 million less than targeted by Governor Chris Christie through the fiscal year ended June 30, according to a memo from the nonpartisan Office of Legislative Services.
The total was $24.2 billion, compared with $24.7 billion projected by Treasurer Andrew Sidamon-Eristoff, according to David Rosen, legislative budget officer. The gap will narrow by as much as $300 million after year-end accounting adjustments, Rosen wrote in a letter yesterday to Senator Barbara Buono, a Metuchen Democrat who requested an analysis.
“Even allowing for typical adjustments of $200 million to $300 million, that means we will have started off this fiscal year with about half of Governor Christie’s projected surplus already gone,” Buono said in a statement.
…
Collections for all of the state’s major revenues were 2.5 percent higher last month than in July 2011, Sidamon-Eristoff said in a statement. Corporate taxes were 26 percent higher and sales levies were 4.4 lower, while income taxes were up by 10 percent.“The fact that July collections were significantly higher is a clear signal that the economy continues to grow,” Sidamon- Eristoff said.
Christie has traveled the state touting a “Jersey Comeback,” an economic-recovery plan that includes a tax cut. The $31.7 billion budget for fiscal 2013 didn’t include a tax reduction because Democrats, who control the Legislature, weren’t certain whether revenue would meet Christie’s targets. His plan maintained a surplus of more than $600 million.
From the Star Ledger:
If Revel casino flops, New Jersey taxpayers won’t lose a dime
The news that Revel casino in Atlantic City is sputtering at the starting gate is alarming, but it’s no reason to condemn the Christie administration’s big subsidy of the project.
The subsidy could amount to $261 million, thus many people have the impression that if Revel flops, taxpayers will lose that money. But that’s wrong. If Revel flops, the state won’t lose a dime.
The reason is that the subsidy is structured in a smart way that protects taxpayers. The state invested nothing up front. The subsidy consists of refunds of 75 percent of the taxes that Revel expects to pay. If it doesn’t pay taxes and create jobs, it doesn’t get the subsidy.
In addition, these tax reimbursements must be reinvested in Atlantic City. So if Revel does thrive, it must lift some of the other boats in the city as well.
Sorta frist
No problem. I still get my tax cut, courtesy of United Van Line.
Nom, you said yesterday,
“Romney should not have been taxed on his taxable income (earned income and realized gains less deductions and losses), but that he should have been taxed on unrealized gains, and even on his accumulated wealth. ”
Town increases my property tax year over year because my accumulated wealth should be higher year to year, right?
Sorta Second.
Revel is sputtering? Wow, whocooda seen that coming?
Circle AC with razor wire and walk away. Let anyone left inside the perimeter battle it out.
Start rounding up the homeless and bus them into PA.
[7] grim,
Time to start rounding up the parole violators and bus them to new jersey.
Christie would make a good Attorney General, imagine the increazed presense of the FEDs in NJ if Romney is elected. There won’t be a single permit denied or delayed because an envelope wasn’t passed.
Revel and AC is toast with the other gambling venues available now. Legalized prostitution might give it the added stimulus it needs( pun intended).
is = are
[4]. Love,
The author said that.
You’re a bit unclear but I gather you are making one of 3 points. First, that Romney s/b taxed on his wealth as well as income, including unrealized gains. Second, that you should not be taxed on yours. Third, both 1 and 2.
Well Nom Pennsyltucky now even Sussex county folks can make fun. We have more teeth per person but I hear it was close.
Mortgage mod infographic from the NYT:
http://www.nytimes.com/interactive/2012/08/20/business/economy/what-happened-to-mortgage-modifications.html?ref=economy
Whose fault is this? Bush or Zuckerberg?
N.J. Revenue May Be $540 Million Off Target, Analyst Says
Yesterday’s house hunting was depressing, sounding like gary here but it was. I may be living in that VW Passat yet.
I am sure Rommey house(s) pay a heck of a lot more property tax than you. Also he is loaded he most likely has several vacation homes sitting empty most of year with no kids in school district or garbage pickup. Houses that make the town a load of money.
Honestly, someone like me pays zero property taxes. I Mean I have three kids in public schools and have garbage pickup use libraries etc. People with pied a tiers in Manhattan or Mansions in the Hamptons pay quite ofter 30K a year in property tax for a place they sleep in a few nights a year and use zero town services.
It is always the bus driver in Levitown with 6 kids in school district paying 6k in property taxes whining while the guy paying 36K in Southampton for a place he sleeps in five nights a year keeps quiet.
Grieve your taxes and move on. AMT is far more deadly than property taxes. You have no choice in matter except earn less. Property taxes just sell home rent or move to a cheaper town.
LoveNJ says:
August 20, 2012 at 6:52 am
Nom, you said yesterday,
“Romney should not have been taxed on his taxable income (earned income and realized gains less deductions and losses), but that he should have been taxed on unrealized gains, and even on his accumulated wealth. ”
Town increases my property tax year over year because my accumulated wealth should be higher year to year, right?
Sorta Second.
[13] make,
you are forgetting that I am not from pennsylvania. where I am from, we make fun of new york, new jersey, and pennsylvania.
Speaking of house hunting, I have an actual question. Looked at an estate sale condo for sale. It would be a pure 52 week a year rental. I will tell you rent I can get you tell me price I should pay.
Unit is in pretty good shape, a few new appliances, pain job and good to go. Unit has $500 a month maint and pays $4,600 in property taxes. It is a two bedroom 1.5 bath duplex with an assigned parking spot the unit owns. The parking spot has zero fees as part of maint. Unit is a short walk to beach (around 700 feet), and around a 45 minute LIRR ride to Penn Station. Year round units like this rent for $2,300 a years. In a town with very few rentals in condos. Mainly whole houses or ilegal apts in houses. So being a legal condo is a good selling point. Parking is tight so spot is important. I guess that is why I can get $2,300 a month.
OK what would you pay from an investment perspective.
It is not a buyers market any more, it is a real estate market. A Realtor told me that yesterday.
JJ [17];
How about that poor slob in CT who got bagged as a NY resident because he was on the title of his in-law’s retirement bungalow in the Hamptons, and was on the hook for NYS income taxes on his WS earnings? How’d you like to be a fly on the wall for the next Thanksgiving dinner?
JJ [19];
Rev.: $2,300/mo * 11 mo. (presumed turnover vacancy) = $25,300
– Exp.: $4,600 taxes + ($500 * 12) maint. = $10,600
= $14,700
Guestimates:
Discount rate 10%
Repairs & Assessments ~ 1% of value annually
($14,700 – 0.01PRICE)/10% = PRICE
PRICE = $14,700/0.11 == $133k
Somehow I don’t think that’s going to get it done. And, there is alot of variability in those numbers – if you get a 10-year tennant with no vacancy, and nothing breaks and no assessments in those 10 years, you’re a real estate genius. If not, you can’t make money if it rented for $4,300/mo. But its like a lottery ticket, where some make out like bandits and others get creamed.
I love those numbers, however owner wants 250k. Units were like 360K at peak in 2006 and last time they were priced around 165K was 1993. I have to go back to around 1985 to hit 133k in price. What is killing me is dam beach. Unit gets free beach access that is resident only. Non-residents have to join a private beach club that is 10K a year. Prior owner guy who died. Pretty much paid cash for unit. Rented it out to a pilot who worked out of JFK for winter months $13,500k a year which covered his expenses and viewed it as a free beach summer place it a one time surcharge. Other alternative I was given is place rents $1,500 a month off season and 5K a month in season. I considered renting winter for $13,500 then doing June and July rental for 10K and using it myself every August. However, killer every time in math is opportunity cost. I mean I get at least 5% interest on bonds, so 250K sunk in condo is a lost of $12,500 interest income each year. Cheaper for me to rent it myself for 5K each August and keep money in math.
Amazing part in bubble people were buying these units for 360K. How did they get the math to work. Rents were actually lower in 2005, how do you justify a 110K higher price tag? I think I will pass. Whole thing hinges on if unit gets back to bubble price and that is gambling.
Anon E. Moose says:
August 20, 2012 at 9:51 am
JJ [19];
Rev.: $2,300/mo * 11 mo. (presumed turnover vacancy) = $25,300
– Exp.: $4,600 taxes + ($500 * 12) maint. = $10,600
= $14,700
Guestimates:
Discount rate 10%
Repairs & Assessments ~ 1% of value annually
($14,700 – 0.01PRICE)/10% = PRICE
PRICE = $14,700/0.11 == $133k
Somehow I don’t think that’s going to get it done. And, there is alot of variability in those numbers – if you get a 10-year tennant with no vacancy, and nothing breaks and no assessments in those 10 years, you’re a real estate genius. If not, you can’t make money if it rented for $4,300/mo. But its like a lottery ticket, where some make out like bandits and others get creamed.
I went to a few open homes yesterday. Talked to the guys at the open house, they said Summer has been crazy busy, sold more houses than the Spring.
I think there are a lot of people on the sidelines waiting to buy (like me) and are pulling the trigger now. I’m expecting lots of people to put their house on the market in the Spring, hopefully they wont all sell quickly.
Shore Guy…Just what is it about the nut jobs in your party? I can’t wait for the first accused rapist in Missouri to use his victim’s pregnancy as a defense at trial…I mean can’t be a “legitimate rape” if I managed to knock her up, right?
http://firstread.nbcnews.com/_news/2012/08/19/13365269-missouri-republican-legitimate-rape-rarely-causes-pregnancy?lite
JJ [23];
$242k gives you a 7% return IFF you can get $2,300; have no vacancy and no repair/assessment expenses; and you can raise rent to cover any tax increases.
Compared to a savings account or MMA? Maybe. There’s still the hastle factor involved. I’d rather buy stocks.
I am trying to diversify. My home price since 2008 has been down in value every year. My stocks and bonds portfolio has been rising since 2008. Now my house is only 20% of my stock and bond portfolio. I like to get it to 33 1/3 real estate, 33 1/3 stocks and 33 1/3 bonds. I am afraid if inflation comes back being overly long bonds and not enough RE might derail future RE trade up plans. May not buy condo but I will try to buy a beach place between now and Feb. Hopefully, we have a nasty huricanne or something that hurts prices short term.
Anon E. Moose says:
August 20, 2012 at 10:40 am
JJ [23];
$242k gives you a 7% return IFF you can get $2,300; have no vacancy and no repair/assessment expenses; and you can raise rent to cover any tax increases.
Compared to a savings account or MMA? Maybe. There’s still the hastle factor involved. I’d rather buy stocks.
Gator,
He’s not a nut. He’s an evil would-be theocrat saying exactly what he believes – that a fertilized egg should have rights equal to that of a living woman. Exactly why Ryan’s so-called inspiration Ayn Rand hated conservatives.
and what he said shoulds like Gator [25];
I read what he said – and think it sounds like nonsense on stilts. What I suspect he was trying to avoid saying that that a rape exception would undermone any prohibition, and he couldn’t say that because ‘everybody knows’ women never lie about that sort of thing.
[18] neener-neener
you are forgetting that I am not from pennsylvania. where I am from, we make fun of new york, new jersey, and pennsylvania.
Being a NY sports fan in Boston is like having the best of everything;-)
Considering the two VPs are both Catholic and Mitt is Mormon it means three out of the four candidates believe exactly that. My wife was on bed rest with one baby in hospital for a few weeks, when she wanted to leave early doctor said you are not the patent. The patent is the unborn baby. So you have to do what is best for baby it is not about you. My wife was not going to leave anyhow, but mere fact she brought it up when can she leave. Also if you kill a pregant women you get charged with two counts of murder. It is legal for women to have abortions, I am fine with that. Women should have right to choose. But dont sugar coat it, you are killing your unborn children and terms like fetus and fertilized egg are used to make women feel better. It is a baby shower not a fetus shower. But we dont abort babies we abort fetuses.
Ragnar says:
August 20, 2012 at 10:52 am
Gator,
He’s not a nut. He’s an evil would-be theocrat saying exactly what he believes – that a fertilized egg should have rights equal to that of a living woman. Exactly why Ryan’s so-called inspiration Ayn Rand hated conservatives.
If a couple gets married in Pennsylvania and moves to New York and then gets divorced are they still brother and sister?
The Original NJ ExPat says:
August 20, 2012 at 11:09 am
[18] neener-neener
you are forgetting that I am not from pennsylvania. where I am from, we make fun of new york, new jersey, and pennsylvania.
[33] If a 52 year old man marries a 16 year old boy in MA and then moves to Long Island, is it OK for
a buddy of JJhim to receive his NMBLA newsletter in NY?If a couple gets married in Pennsylvania and moves to New York and then gets divorced are they still brother and sister?
[30] expat.
Neener Neener?
JJ [23];
I am not sure if you can look at a beachfront property purely in terms of return on rental income. You will also have to look at capital appreciation once you sell the property (lets say after 15 years). Beachfront prpoerties tend to have a higher appreciation than regular properties. The million dollar question is when will we see RE appreciation. If RE is in a rut for the next 15 years, then your only returns will be from rising rents. if you foresee RE appreciation from 2017 onwards (for example), the you will have to bake them in your calcuation.
[32]. JJ
The baby is the patent?
So before the baby is born, do we call it “patent pending”?
[36] zack,
Don’t forget to account for higher risk of loss, a very real threat for beachfront.
Seems as though gluteus has taken leave of the blog since Arsenal’s stirring 0-0 draw with Sunderland.
I laugh at floods. Actually, I got evacuated after Huricanne Irene and luckily my house had zero damage. Of course I was only person on block who properly prepped house. My neighbors house who was oddly underwater as he purchased in 2006 did not evacuate or prepare. He stayed behind and figured he just move his stuff if water came. Well high tide was middle of night, water started flooding into den and he grabbed his electric sump pump plugged it in and three seconds later we had a black out. Pitch black water came in. Also ripped of a hunk of his siding. Dope also did not drain his pool like I did down a few feet so water on that was also overflowing into yard. I dont have flood insurance on my primary home. It is like 2k a year. I am there 11 years now so I highly doubt I would have more than 22k in damage. However, if we do have a second big huricane or flood this year I will be buying beach front property with both fists as I bet we wont see that again for another 50 years.
Comrade Nom Deplume says:
August 20, 2012 at 11:24 am
[36] zack,
Don’t forget to account for higher risk of loss, a very real threat for beachfront.
Nom : ) nice catch
[40] JJ,
I don’t laugh at floods. I give them a stern staredown, and perhaps add a low, guttural growl. They stay away.
Quien es mas macho?
Myself and Moses can part the red sea. Actually, I even can part a red bush if necessary by just pulling on a little white string.
Comrade Nom Deplume says:
August 20, 2012 at 11:43 am
[40] JJ,
I don’t laugh at floods. I give them a stern staredown, and perhaps add a low, guttural growl. They stay away.
Quien es mas macho?
OT Alert
The news from the beltway.
I still get job feeds from the feds, and I have noticed that there are two agencies that are consistently adding lawyers, and have been doing so ever since the November Revolution: Homeland Security and DoJ’s Civil Rights Division. In third place seems to be Dept. of Labor.
Even IRS and DoJ-Tax are not adding lawyers at anything near the pace of DHS and Civil Rights div.
FWIW, I, and others, view agency hiring as a leading indicator of where an administration is headed. Particularly for lawyers.
DHS, DoJ-Civ Rights, and Labor are adding the most, and doing so at a decent clip. I will let you decide what this says for the administration’s priorities.
And further to points I and others made before, they are still looking only for true believers. This toned-down qualification is still on the DoJ posts: “Given the nature and volume of this work, the Section generally seeks candidates with significant litigation experience and a demonstrated commitment to public service and/or civil rights.” That’s a strong signal that they will only look at card-carrying members, real true believers. Even DINOs need not apply.
[43] JJ
You’ve outdone yourself with that last one sir. I can’t (and won’t) touch that.
JJ – Stu, Lil Gator and I were at last night’s Red Bulls game. The evening’s giveaway was a Meara Jersey T-Shirt for all kids under the age of 12. Captain Cheapo asked for a shirt for himself, and was told it was kids only. I pointed at my belly and asked if Future Gator could have one, in order to commemorate his first MLS game. I was told it was only for “children who were actually present”. I should have responded that according to the Republican Party he already was.
gator (46)-
Wish I’d known you were going. I was there, too. Good game.
Default the Caribbean edition:
” Belize is unable to make a scheduled bond payment today, and has told creditors it will default on the entirety of its $543.8M in debt if they don’t agree to significant haircuts. Similar to what’s happening in California, what happens when international debtors realize maybe it’s them, not the creditors, holding the cards? “
Clot – We need to meet up at the Argyle before a playoff game. Great Game…well at least the last 50 minutes of it. We went with the GRAA and got to watch the player warmups from the moat on the field level. Lil Gator enjoyed the victory churros on the walk back to the car.
I thought this was Barney Frank for a minute…..
The Original NJ ExPat says:
August 20, 2012 at 11:19 am
[33] If a 52 year old man marries a 16 year old boy in MA and then moves to Long Island, is it OK for a buddy of JJ him to receive his NMBLA newsletter in NY?
If a couple gets married in Pennsylvania and moves to New York and then gets divorced are they still brother and sister?
Right out of the box (no pun intended) on a Monday…….
Comrade Nom Deplume says:
August 20, 2012 at 11:51 am
[43] JJ You’ve outdone yourself with that last one sir. I can’t (and won’t) touch that.
Flashback to Summer 1989…..Luis Polonia night at Yankee Stadium….every girl under 16 gets a free hot dog…..
NJGator says:
August 20, 2012 at 11:53 am
JJ – Stu, Lil Gator and I were at last night’s Red Bulls game. The evening’s giveaway was a Meara Jersey T-Shirt for all kids under the age of 12.
Nom 45 you sure the red bush is rare bird.
nom: curious…..did you mean evasion? or avoidance?
Comrade Nom Deplume says:
August 19, 2012 at 8:57 pm
Fabius is quick to tout the differences between US and European taxpayers.
I have always maintained that when it comes to tax evasion, we are amateurs compared to Europeans. I think this furthers my argument.
Also RIP Tony Scott director…..Vigoda lives…
chi fi 52 somehow that is a little strange , JJ you got the ball it’s a gimme.
Somehow you figure GS shorted the market and is getting hammered right about now…..http://www.cnbc.com/id/48725644
http://www.cnbc.com/id/48725644
Oh by the way just closed , short sale offer to closing in three months one week at my original amount tendered.
PS 18% under ask.
what was price difference you paid and prior owner paid?
Mikeinwaiting says:
August 20, 2012 at 12:48 pm
PS 18% under ask.
#60 Mike: Congrats!! Still looking, very frustrating. May be living in that VW Passat!!
The heat works really good in the German Cars.
3B says:
August 20, 2012 at 12:51 pm
#60 Mike: Congrats!! Still looking, very frustrating. May be living in that VW Passat!!
3B hope its the wagon and not the sedan. also could be worse what if you bought the jetta instead.
congrats mike so new handle will be Mikeunderwater?
#63/64 Does VW make a min van!!!
Hey, 3b…if I have to sell my house you’ll be the first one I’ll call. Needs work but good space on a dead end street.
three months to close on a short sale pretty good. I just shifted my beach house search to short sales only. crazy logic I figure with 3-4 months to close and average short sale going for 15% of full price I get 15% off plus I don’t get stuck with house with winter tenant. Would love to find one in Sept to January and then close, fix and rent for summer. Sadly I imagine I aint only one thinking that way. Why is it so hard to find RE at a good price? this sucks
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18. Wicked good eh?
JJ 61 they owed over 3 times my price bought in 98 for double my price. rundown: 2 year old roof replaced including ply wood, 8 year old furnace, all new top of the line widows & slider to deck 5 years old , kitchen 8 years old very nice, all hardwood floors done 2 years ago. Paint & move in. Thanks all for your well wishes.
The end is near, Six Flags edition
http://www.nj.com/business/index.ssf/2012/08/six_flags_wild_safari.html#incart_river_default
Damn it, I was hoping to drive my kid through there next year….he’s only 6 months old right now…
You the man, just for today I envy you.
Mikeinwaiting says:
August 20, 2012 at 1:38 pm
JJ 61 they owed over 3 times my price bought in 98 for double my price. rundown: 2 year old roof replaced including ply wood, 8 year old furnace, all new top of the line widows & slider to deck 5 years old , kitchen 8 years old very nice, all hardwood floors done 2 years ago. Paint & move in. Thanks all for your well wishes.
#66 Jill: Nah I think you will be staying!!! That house with the pool in WT yesterday was a major disappointment. But hey the Reatlor told me it is no longer a buyer’s market, but a real estate market. Whatever that means.And with all due respect there were some real dumpy looking blocks in WT. Sorry I am as nob about that, but it is how I was raised. And if you are not going to take care of the house you own, I think it says a lot. And what is with no one cleaning the green mold (or whatever it is) from the sides of their houses? I am seeing this more and more of that all over Bergen Co.
And of course if you have a late model BMW or Benz in the driveway who cares if the balckdrop drive way is all rotted away and sinking!!!
Pain 64 can not be underwater no mortgage, LOL good one.
Mike;
Congrats and good luck.
I hereby propose a call for comments on the next GTG of the “NJRER Former Bubble-Sitters & Current Bagholders”. Out of abundantly selfish motives I suggest somewhere in Morris County. Maybe a nice sushi bar where everyone can order whatever they want and drink beer and sake whilst discussing housing and other domestic and foreign policy concerns.
New handle, THX Moose sounds good sake for me!
[69] sx,
Nah. Wicked pissah.
Well off to load up van with more sh*t, movers come Sunday for the heavy stuff.
[54] chifi,
I meant evasion.
Also, just back from vet. My Boston managed to desheath one of her claws. Vet was double Big Red. We talked dogs and hockey.
#78
I heard we are going to have a double dip in housing. Forecast is another 20% drop in housing from current prices. How do you feel..
Mikewaited says:
August 20, 2012 at 2:05 pm
Well off to load up van with more sh*t, movers come Sunday for the heavy stuff.
[78]. Mike,
Good luck. I am back to the sidelines in one month.
Zack don’t care need four walls & a roof, consumption not investment. Where I am houses already got hit harder than the rest, 20% more here not plausible. Now to go unload the van.
Nom [81];
I am back to the sidelines in one month.
You’re welcome to the gathering, of course. And we’d better make it soon.
#82 Mike: Can I park my VW Van in your drive way? We are real quiet people.
3b #73: Yes, I notice that too about the stuff growing on the siding. But thanks for the reminder, I need to get Turbo-Wash out to clean my house too.
I think what we’re seeing is people in REALLY dire straits. It costs me about $350 to have the house and patio powerwashed, if I recall correctly. My property is on a slope so the dormer in the back is 3 stories up. If it were just an un-dormered cape on a flat property I could do it myself. But think about it: If people no longer have a few hundred bucks for powerwashing, how bad is what’s going on inside???
By the way, I hope you are enjoying the foibles of Mr. Robert Schroeder as much as I am. :-)
People like me would never pay $350 bucks to a have someone spray a hose at the side of my house. I guess an elderly widow or divorcee with no sons might pay, but even then a neighbor should come over an help. I know I would, hey those old people might cut me into the inheritance. But a lot of people, me included who wont pay for it also are lazy so we don’t do it until it is a real mess. Every dollar you sink into the house is money down the drain. I rather blow $350 bucks for a limo to Peter Lugars and a nice steak dinner for me and my wife then on Pedro “powerwashing” my house. For $350 bucks man at least get on a ladder and get a brush and wash my house. Housing my house, really.
Jill says:
August 20, 2012 at 3:19 pm
3b #73: Yes, I notice that too about the stuff growing on the siding. But thanks for the reminder, I need to get Turbo-Wash out to clean my house too.
I think what we’re seeing is people in REALLY dire straits. It costs me about $350 to have the house and patio powerwashed, if I recall correctly. My property is on a slope so the dormer in the back is 3 stories up. If it were just an un-dormered cape on a flat property I could do it myself. But think about it: If people no longer have a few hundred bucks for powerwashing, how bad is what’s going on inside???
By the way, I hope you are enjoying the foibles of Mr. Robert Schroeder as much as I am. :-)
#85 Jill: A lot of these houses I am seeing with the mold, are single story, homes, or not very high 2 story houses. Like you said not doing basic maintenace like that is very telling. Yesterday’s house we looked at was OK in that reagrds, but the house next to it was covered in it. There are times I seriously consider getting a rental in the city, and buying a small place on the shore. The kitchen in yesterdays house was well maintained but at least 30 years old!!! The realtor had the nerve to call it modern!!! Poor lay out, and only one bedroom upstairs with a half bath!!! All at a delightful asking price of 415K!!!! Recently lowered by the sellers I am told. They need to keep going about another 100k!!!Meanwhile the Realtor tells me homes in the neighborhood are in the 450 to 500K range, and yet Trulia shows homes sold in the neighborhood from 325 to 350K!!!
JJ – my lazy landlord down the Jersey Shore cut the grass in the rain last week and the clippings stuck to the side of the house and the vinyl fence around the back yard. Moron did not use the mower bag. I arrived Thursday to this and spent a good few hours scrubbing with a soft broom and a hose to clean the property up, while I was at it I removed some of the moss growing on the 6′ ft vinyl fence behind a shed. Since it was raining when he cut the grass he did not even bother to fire up the string trimmer to edge where his mower could not reach. I am going to send him a bill for $500 for my time. $350 for power wash by hand power and another $150 for the sunburn pain.
Phyllis Diller dead at 95:Abe Vigoda still alive.
On Long Island the tenant always does his own lawn. Why is a landlord cutting grass. His name implies he is lord of the land and you are his serf.
Juice Box says:
August 20, 2012 at 3:48 pm
JJ – my lazy landlord down the Jersey Shore cut the grass in the rain last week and the clippings stuck to the side of the house and the vinyl fence around the back yard. Moron did not use the mower bag. I arrived Thursday to this and spent a good few hours scrubbing with a soft broom and a hose to clean the property up, while I was at it I removed some of the moss growing on the 6′ ft vinyl fence behind a shed. Since it was raining when he cut the grass he did not even bother to fire up the string trimmer to edge where his mower could not reach. I am going to send him a bill for $500 for my time. $350 for power wash by hand power and another $150 for the sunburn pain.
Chifi [55];
Also RIP Tony Scott director…..Vigoda lives…
And Phyllis Diller, 95. Det. Fish soldiers on.
3 things will survive a nuclear holocaust Roches Twinkies and Vigoda. Maybe Joan Rivers but I have yet to see proof she is really a living being and not the undead.
#85 Jill: The house I am refering to is on Willow.
re: # 90- JJ Yeah sure in the Hamptons the rich renters are out there on riding mowers every weekend. I amended the standard vacation lease since I was renting for July 1- Sept 3rd and there was no way I was going to be cutting grass when the Surf was up, and DJ’s was having a 2 for one special on snooki like Jersey Girls.
Is it my fault there is a for sale sale sign on nearly every third house in town, and the owner/landlord can’t sell the place at his price so he has to rent it out? There is a desk in the front foyer with a stack of business cards inside, the stack of business cards looks something like Ghosts of Realtors past. Kind of Like Garbage Pail Kids cards for Realtors, all those who passed before and could not sell the place. If I am luky he will drop the price another 20% this winter and will rent it to me again next year before I decide to take it off his hands for 40% peak bubble pricing in 2014.
Betty White born January 17, 1922 and Mickey Rooney born September 23, 1920 are the two oldest famous actors. I know there are older ones, but they are the two old ones whose name pops out on list.
The Jersey short is too damm big and has too low a average income to support a strong recovery in vacation homes. The SI dump will be a ski resort before the Jersey Shore becomes the next Hamptons.
Juice Box says:
August 20, 2012 at 4:12 pm
re: # 90- JJ Yeah sure in the Hamptons the rich renters are out there on riding mowers every weekend. I amended the standard vacation lease since I was renting for July 1- Sept 3rd and there was no way I was going to be cutting grass when the Surf was up, and DJ’s was having a 2 for one special on snooki like Jersey Girls.
Is it my fault there is a for sale sale sign on nearly every third house in town, and the owner/landlord can’t sell the place at his price so he has to rent it out? There is a desk in the front foyer with a stack of business cards inside, the stack of business cards looks something like Ghosts of Realtors past. Kind of Like Garbage Pail Kids cards for Realtors, all those who passed before and could not sell the place. If I am luky he will drop the price another 20% this winter and will rent it to me again next year before I decide to take it off his hands for 40% peak bubble pricing in 2014.
JJ – Kirk Douglas is still kicking it at 95.
[90] When we rented in Centerport, my landlord wouldn’t even let me cut the grass. He stipulated in the lease that I had to use his landscaper. Fine with me, I was getting such a high consulting rate that less than 2 hours at my desk paid for 8 days a month of landscaping.
On Long Island the tenant always does his own lawn. Why is a landlord cutting grass. His name implies he is lord of the land and you are his serf.
Stroking to the left, Stroking to the right.
Juice Box says:
August 20, 2012 at 4:20 pm
JJ – Kirk Douglas is still kicking it at 95.
When I rented in Hamptons it was stipulated I use owners lawn service, pool service and maid service. Owner made sure his house was kept up and had plenty of spies. Also now a lot of landlords require tenant to get renters insurance.
The Original NJ ExPat says:
August 20, 2012 at 4:29 pm
[90] When we rented in Centerport, my landlord wouldn’t even let me cut the grass. He stipulated in the lease that I had to use his landscaper. Fine with me, I was getting such a high consulting rate that less than 2 hours at my desk paid for 8 days a month of landscaping.
JJ -I am door to door in about an hour and I don’t need a Helicopter to do it. Hamptons draws a much different crowd, no boardwalks, no amusement rides, few nightspots near the beach and from what I recall since my last trip out to the Hamptons as a single man you had to drive for miles on end to bar hop. I also visited a few house parties over the years and you really needed to spend the entire summer mingling with the same friends to get anywhere in that scene. Very though to make it around without developing a very bad, bad rep. When us Jersey Men would head out there we were treated like fresh meat as well since most of the Long Island Boys lied though their teeth and all lived home with mommy.
Shhhh…It’s Even Worse Than The Great Depression
According to Wikipedia, Narcissistic personality disorder (NPD) affects one percent of the population and has little to do with looking at yourself in the mirror. It has a lot to do with unrealistic fantasies of success, power and intelligence. Some NPD sufferers become cult leaders or mass murderers, the rest become economists and policy-makers. Despite having a highly elevated sense of self-worth, narcissists have fragile self-esteem and handle criticism unpredictably, so let’s keep this to ourselves….
Velocity of money is the frequency with which a unit of money is spent on new goods and services. It is a far better indicator of economic activity than GDP, consumer prices, the stock market, or sales of men’s underwear (which Greenspan was fond of ogling). In a healthy economy, the same dollar is collected as payment and subsequently spent many times over. In a depression, the velocity of money goes catatonic. Velocity of money is calculated by simply dividing GDP by a given money supply. This VoM chart using monetary base should end any discussion of what ”this” is and whether or not anybody should be using the word “recovery” with a straight face:
http://www.zerohedge.com/news/guest-post-shhhh%E2%80%A6-it%E2%80%99s-even-worse-great-depression#comments
Honestly it took me around 8 summers in the Hamptons to reach the cool level. Need a real nice house, money to throw a kick butt party early in season so you get invite to house parties. A real nice car and you have to live in Manhattan as Thursday night is when you cash chips in. If you dont have your own place in City how do you cash in. Also need to get in with club and restaurant people. I like to go to employee night things on a Monday or two when they have them to mingle with staff. Then you need that super cool arrival technique, not too early not too late. A big arrival is necessary and often will blow up in your face. Also a big departure is important. Lasting memory in the brain. For example, remember Lizzies Grubmans spectacle exit from the club, we all do it was spectacle. The folk who got run over were just collateral damage. I did same exit from same exact club around two years earlier. I valet parked my old Mercedes covert top down, I left with my buddy as we struck out that night, just then two five foot ten sweedish models in miniskirts drunk as skunks and insanely hot walked out as my car was being pulled up, girls ask for ride and I say I dont have a back seat but you cant sit on my the boot of my covert top and put legs in car and ride parade style. So in valet line at around 3:30am I am putting two fashion models on the trunk lid of my car and the girls are waving to their friends and nearly everyone is looking, then I realized nearly everyone is looking, I need everyone looking, lucky for me the circular driveway is gravel I attempt a gravel spin out to make noise, without knocking two models off car and doing a small fish tale and somehow drunk in a 19 year old convertible I manage it and make it to street and off I go. Of course super models can tell book value of my car a mile away so I got no play. But they knew I could product an exit. Plus I had just gotten back from 1996 olympics the week before so I had some good tan going on and a goatee back when they were trendy and the old tshirt with a jacket look and no socks. DAMMM I worked so hard that day and struck out but still the exit got me arent you that guy for a few weeks. There is a lot of work and prep that goes into Hamptons. I recall my friend from Jersey who came out in his Ford did not understand why I gathered car keys pre-party to arrange them. Had a nice Ferrari, Porche, SL all arranged on my front lawn, ladies like that. Jersey Ford we dropped off around corner. Really, the whole house would be tarnished by that thing.
Was in Jersey once at friends house and all we saw were a couple of fat girls in sleeping bags in living room when we walking in at 4 am. My friend yells Jesus it is like Pigs in a Blanket I rather sleep in my car, I get caught sleeping in same room as these oinkers my rep is shot. Sadly the girls tried to convince him to stay. Even more sad the divorcee next door came out with all the commotion and I tried to put a move on her. She then goes I used to go out with a guy just like you with the same Mercedes and good looks, I go great what happened, she said he married me, got me pregant cheated on me and then divorced me. I said wow, can I stay over tonight as I dont want to sleep on coach in this animal farm. Apparantly she thought it was funny and walked away. I left Jersey confused. My buddy said unlike Hamptons you never dress up or have to look good. issue was it also applied to girls.
Juice Box says:
August 20, 2012 at 4:32 pm
JJ -I am door to door in about an hour and I don’t need a Helicopter to do it. Hamptons draws a much different crowd, no boardwalks, no amusement rides, few nightspots near the beach and from what I recall since my last trip out to the Hamptons as a single man you had to drive for miles on end to bar hop. I also visited a few house parties over the years and you really needed to spend the entire summer mingling with the same friends to get anywhere in that scene. Very though to make it around without developing a very bad, bad rep. When us Jersey Men would head out there we were treated like fresh meat as well since most of the Long Island Boys lied though their teeth and all lived home with mommy.
3b: That house on Willow — the owners are delusional, even if they did just drop the price to $415K. Did you look at the one on Mountain Ave? That’s down to $389K:
http://www.trulia.com/property/tour/3082832892-Single-Family-Home-Washington-Township-NJ-07676
Not much to look at outside, and your mileage may vary on the above-ground pool, but it’s in the price range and the kitchen is redone…
It’s been on the market for a while…started at $449K.
escape (102)-
The credit expansion mechanism is broken, possibly permanently. This also adds up to slack VoM. It also explains why we’re still mired (macro-wise, that is) in a deflationary debt spiral which, in the end, will turn on a dime and explode in a supernova of hyperinflation.
Oblivion is nigh. No one will be spared.
#104 Jill: I have seen it, but sorry cannot get past the outside
Historically, there are no examples of deflationary debt spiral which will turn on a dime and explode in a supernova of hyperinflation. I assume it to be possible if the excess cash had been randomly distributed among the plebes. Since it is concentrated in the banks’ deposits at the Fed and with very few households which are quite unlikely to start spending like drunken sailors, this thing won’t explode even if a truckload of TNT is put under it.
Mike…Congrats and enjoy the new place. So when the heck are we doing another GTG? Grim?
And JJ…you really reached a new level today.
Re: 107 – Drunken sailors in Congress perhaps? Output gap and unemployment means the government must keep spending at unsustainable levels less we face a
Self-reinforcing deflationary spiral. We are doomed the recovery is imaginary as long as the government spends spends spends to help fill the ouput gap. Imanging the mad rush out of UST once investors make for the exits?
“Mad rush out of UST” to where? Fed is always in full control of the short-term rates, and Treasury doesn’t have to issue long bonds if it doesn’t like the rates (could do short/intermediate).
I agree the recovery is imaginary, the only action that can turn it into real is an aggressive move away from the free-trade policies (will not happen). Otherwise, recovery will come when the median income here equals one in Chindia.
Then, I will be able to afford a gardener, a housemaid, a cook and a chauffeur. A pony, too.
cobbler (107)-
Technically, you are correct. However, there is no level of fail to which the current group of monkeys-in-control cannot manage to plunge.
cobbler (110)-
The end will be prefaced by a mad rush out of UST. I just hope by that point I’m dead…but I suspect I’ll be very much alive.
Daughter signed up for a course on Argentina, circa 1990-92.
I may have to drive up for Parents’ Weekend and meet the professor. :)
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Great information here Brian, thanks for sharing the bye bye tax cut information to all.
Wicked good information, please do keep it coming.
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