From HousingWire:
CoreLogic: Foreclosures down 13.7% year-over-year
There were 39,000 completed foreclosures nationwide in December 2014, a drop from 46,000 last year, marking a year-over-year decline of 13.7% and a fall of 66% from the pear of completed foreclosures in September 2010, Corelogic’s (CLGX) national foreclosure report said.
The 12-month sum of completed foreclosures for 2014, at 563,294, is at its lowest point since November 2007 when it was 589,570 and has declined every month for the past 34 consecutive months.
On a monthly basis, completed foreclosures were down 4.9% from the 41,000 reported in November 2014.
To put it in perspective, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
Since the financial crisis began in September 2008, there have been approximately 5.5 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 7 million homes lost to foreclosure.
“In 2014, the annual sum of completed foreclosures declined 15% from the 662,000 reported in 2013,” said Sam Khater, deputy chief economist at CoreLogic. “Completed foreclosures last year were less than half the 1.2 million peak in 2010, but remain twice the level of normal activity over 10 years ago.”
…
The foreclosure inventory as of December 2014 made up 1.4% of all homes with a mortgage, compared to 2.1% in December 2013.
Good Morning New Jersey
The pipeline for NJ foreclosures remains clogged, especially compared to other states. Foreclosure resolutions are just not taking place at a realistic rate in this state. I again state that I believe there is a concerted effort to keep the foreclosure pipeline at a standstill in the state of NJ. That the judiciary is knowingly not staffing and resolving cases in a reasonable amount of time. This is not on accident, this is on purpose.
Let’s see how we stack up against other states, shall we?
Completed Foreclosures 2014 / Current Foreclosure Inventory (of mortgaged homes)
Florida – 118,009 / 3.7%
Michigan – 48,822 / 1.4%
Texas – 35,147 / 0.7%
California – 29,350 / 0.5%
Ohio – 27,698 / 1.4%
Georgia – 27,173 0.8%
…
New Jersey – 7,830 / 5.2%
And for reference, our neighbors:
Pennsylvania – 19,340 / 1.8%
New York – 7,854 / 4.0%
NJ continues to be the state with the largest foreclosure inventory/backlog on a percentage basis, nearly 4 times the national average.
New Jersey – 5.2%
New York – 4.0%
Florida – 3.7%
Hawaii – 2.7%
DC – 2.4%
Nevada – 2.2%
Connecticut – 2.2%
Maryland – 2.1%
…
National Average – 1.4%
Of the largest metro areas, Newark NJ-PA CSBA leads the country with a 5.3% foreclosure inventory, and only 2,026 completed foreclosures in 2014.
Next closest is the Tampa St. Pete CSBA with a 4.9% – But they somehow managed to resolve 18,435 foreclosures in the same time period. 9 times the amount that we resolved.
Makes you wonder…
If folks had to pay their mortgage they could not lease their BMW…
Foreclosures have dropped in NJ, in fact completed foreclosures are close to dropping out of existence in Morris County. There are hundreds, if not thousands, on the docket, they just never complete. Add to that the presumably much larger number that are just LPF, and add to that the still larger number of delinquencies and the way the math works out is that there will be future generations living in homes that were defaulted on in 2005. In fairness, they are completing about 5 sheriff sales each week, which is HUGE increase.
Foreclosures drop – But not so much in Jersey
If you work for JPM Chase, I wonder if they let you keep your job even if you’ve been in default on your mortgage for years. Maybe my thinking is backward and it’s actually a company perk and they put employees’ defaulted loans on the mega-back burner.
Ramblings on This Morning’s News
So watching CBS This Morning, which is the best of a generally bad lot, but usually fairly intelligent conversation (thank you Charlie Rose).
There is a five minute segment on the decline of Powerball sales, off by 30%. They looked at the size of jackpots. The explored ‘lottery fatigue’. They brought in a psychologist.
They did not once mention that the price of tickets doubled, from $1 to $2.
Economics may be a ‘soft’ science, but its core principles are as inviolable as the laws of physics.
“That the judiciary is knowingly not staffing and resolving cases in a reasonable amount of time. This is not on accident, this is on purpose.”
You give them too much credit for intent.
I have had the (mis?)fortune of being in Superior Court on two separate matters over the last three years.
To a person not affiliated with the judicial system its operation is totally dysfunctional. For those actively involved, it is simply status quo. It is the normal way of business. Issues of timing and process – reasonable standards employed in every other part of society – are met with a raised eyebrow, does not compute response on the part of the judiciary participant.
In fairness to them they are wildly understaffed. It also seems that until a case begins to be measured in multiple years the system is operated in a manner where clearing it off the day’s calendar – including simply by extension, no matter how many times – is deemed a victory.
Poorly written and not too deep but it points to what I consider a major failure of tax policy and some of the metrics policy wonks employ to predict revenue flows
http://www.cnbc.com/id/102413034
I also post it because it’s guarantees to give anon, footrest and Rory Martin Maximus heart attacks.
The lottery is for losers. It pains me that they are even legal.
Watch: 16-year-old Newark boy made anti-violence video months before fatal bullet struck him
http://www.nj.com/essex/index.ssf/2015/02/watch_newark_16-year-old_had_recorded_anti-violenc.html#incart_river
Seems like this kid was on the right path and someone raised him right.
re: #11
70% of the $70 billion spent on state lotteries last year went to scratch offs.
Comrade Forbes did a story on your favorite topic
Thousands Renounce U.S. Citizenship Hitting New Record, Not Just Over Taxes
http://www.forbes.com/sites/robertwood/2015/02/11/thousands-renounce-u-s-citizenship-hitting-new-record-not-just-over-taxes/
A tax on the poor…..
Libturd at home says:
February 11, 2015 at 9:05 am
The lottery is for losers. It pains me that they are even legal.
If you were to win the Powerball tonight even with no taxes the 1/2 Billion would not even crack the Fortune 400 richest Americans.
That number of expatriations is ridiculously small, even considering the recent increase, it’s nearly noise.
BTW – The number shouldn’t be looking at absolutes, but adjusted for population, it’s not going to make a difference to the recent peak, but it dramatically changes the expat picture on the long term trend (looks like it flattens dramatically).
Would also expect expatriations to be significantly correlated with economic growth or recession.
I wonder if Home Depot and Lowe’s are doing enough to be prepared? Rope in Aisle 13.
————–
British hardware store preps for ‘Fifty Shades’ fans
Following the film release of Fifty Shades of Grey, B&Q employees may encounter increased customer product queries relating to rope, cable ties and masking or duck tape. Store Managers should anticipate the need for extra stock and store staff should read the following brief to prepare them to handle potentially sensitive customer questions,” the memo reads.
The authors of the email pointed to scene where Christian Grey visits a “hardware store to purchase rope, cable ties and tape.”
http://www.upi.com/Odd_News/2015/02/10/British-hardware-store-preps-for-Fifty-Shades-fans/1981423600365/#ixzz3RPamhNGW
Not sure if this link works (from emails I still get from way back when I was still looking to buy)
http://emailrpt.gsmls.com/public/show_public_report_rpt.do?method=getData&sysid=%204506005&ptype=RES&report=onelinerw,clientfull&pubid=241746&Id=99726588_23283&fromPublic=PUBLIC
I assume it’s an estate sale given the decor as well as the definitive AS-IS statement. Why would they be so finite about it? Are they not going to accept offers with a home inspection contingency? jeez
SELLING AS IS.ANY HOME INSPECTION FOR INFORMATIONAL PURPOSES ONLY. NO CREDITS OR ANY REPAIRS WILL BE DISCUSSED…
And I’ll post this one as well since it has Grim’s favorite architectural features.
http://emailrpt.gsmls.com/public/show_public_report_rpt.do?method=getData&sysid=%204483236&ptype=RES&report=onelinerw,clientfull&pubid=241746&Id=99726588_23283&fromPublic=PUBLIC
Why list is at 399, only to find out later on the bank will take no less than 480 and then re-list at 499
Re: the Forbes article anyone know why the steep drop in renunciations from 06-08 and in 2012?
I still have my 2002 tax return, had to save it. Was based overseas at the time, W2, no particularly complex assets or issues. Over 400 pages. Came to me bound.
Arthur Anderson (firm’s accountant, did all expats’ taxes) and I had a funny little dustup. They had a standard form to sign basically having me take responsibility for the filing. I replied in writing no way was I representing the accuracy of filing and, in fact, I was putting them on notice that the return in total and substantial individual parts were incomprehensible to me and beyond my understanding.
My firm nearly had a heart attack. HR stepped in and brokered a letter that AA finally accepted that had me represent the accuracy and completeness of the underlying data I provided them to prepare the return which of course was fine.
Lib [11];
It was said once that if the lottery wasn’t run by NY state, Elliot Spitzer (then AG) would have shut it down years ago. They return only 50% of ticket sales in the prize pool. Even the stingiest casino slot machines and table games return at least 90%. “But its FOR THE CHILDREN!!!!”
That said, when the expected value (EV) of the prize rivals the cost of entry, I’m not above buying a ticket. Odds to win are 175MM-to-1 against, so I’ll start paying attention when the jackpot crosses $150MM, which is about a $0.50 per dollar EV.
Strictly speaking, though, a “fair bet” from the lottery never happens. When you consider that the jackpot amount ($485 MM) is the total of some 30 years’ annuity payments, and the immediate cash value is only 2/3 the headline prize number (currently $327 MM); that you’re buying with after-tax dollars and you’re likely to lose 30-40% to federal and state taxes (call it $225MM clear); with the price of a ticket now $2 and the odds against winning 175MM-to-1, the headline jackpot would have to hit about $750MM before you can consider the EV to approximate the value of a ticket. If you take into account the EV of the lesser prizes, the headline jackpot comes down to about $560MM before the EV equals the price of a ticket.
I hope to need Nom’s services after I win tonight.
Lib [11];
It was said once that if the lottery wasn’t run by NY state, Elliot Spitzer (then AG) would have shut it down years ago. They return only 50% of ticket sales in the prize pool. Even the stingiest c@$ino sl0t machines and table games return at least 90%. “But its FOR THE CHILDREN!!!!”
That said, when the expected value (EV) of the prize rivals the cost of entry, I’m not above buying a ticket. Odds to win are 175MM-to-1 against, so I’ll start paying attention when the jackpot crosses $150MM, which is about a $0.50 per dollar EV.
Strictly speaking, though, a “fair bet” from the lottery never happens. When you consider that the jackpot amount ($485 MM) is the total of some 30 years’ annuity payments, and the immediate cash value is only 2/3 the headline prize number (currently $327 MM); that you’re buying with after-tax dollars and you’re likely to lose 30-40% to federal and state taxes (call it $225MM clear); with the price of a ticket now $2 and the odds against winning 175MM-to-1, the headline jackpot would have to hit about $750MM before you can consider the EV to approximate the value of a ticket. If you take into account the EV of the lesser prizes, the headline jackpot comes down to about $560MM before the EV equals the price of a ticket.
I hope to need Nom’s services after I win tonight.
19 – 2 factors
First is a perceptual hold-over from during the bubble, when buyers would make premium bids to win, knowing full well they were going to nickle and dime everything during the inspection process. It was a good strategy since it significantly changed the negotiating dynamic and buyer position. It was very easy to work with an inspector who knew full well that their role was not to inspect the home for the sake of the buyer, but to document and overstate as many items as possible. Too many selling agents were on the receiving end of this.
Second piece is here absentee sellers, and estates. In many cases it’s a challenge to manage contractors and repairs when you are not in place. Some people will entrust their real estate agents to get this done, but others just don’t want to bother.
In most cases, they aren’t asking to drop the inspection contingency, most attorneys would never let their clients do that in NJ. What they are saying is bid accordingly, and you’ll be either taking it or leaving it.
@SenSanders:
Today, #SocialSecurity has a $2.8 trillion surplus and can pay out every benefit owed to every eligible American for the next 18 years.
20. Joyce
Why? Why are you so cruel? My eyes are bleeding. Every single photo is an abomination.
All for the discount price of half a million. On the second busiest street in town. Less than 1/2 mile away from the 24 overpass and the combined municipalities’ waste water treatment plant. On a 50 x 113 lot.
Please, for the love of young children, pack them up and move. Now. Anywhere. For half a million get them an open yard, fresh air, no traffic, and available parents.
well, demand higher minimum wage if you are concerned about the poor
otherwise stfu and leave the poor alone
chicagofinance says:
February 11, 2015 at 9:28 am
A tax on the poor…..
Libturd at home says:
February 11, 2015 at 9:05 am
The lottery is for losers. It pains me that they are even legal.
Scratch offs return on average 65%. Seems like a great deal…no? Anyone know how much of pick-6 revenues is actually returned as part of the prizes?
The poor spend 5% of their annual income on lottery tickets. Maybe you ought to stfu Anon.
Thanks. I also took their statement to mean if they agree at 350, but after inspection the buyer now wants it at 345… the seller has already said “no” credits to repairs. A small price decrease after a legitimate inspection is such an easy thing (absentee or not).
grim says:
February 11, 2015 at 10:13 am
19 – 2 factors
First is a perceptual hold-over from during the bubble, when buyers would make premium bids to win, knowing full well they were going to nickle and dime everything during the inspection process. It was a good strategy since it significantly changed the negotiating dynamic and buyer position. It was very easy to work with an inspector who knew full well that their role was not to inspect the home for the sake of the buyer, but to document and overstate as many items as possible. Too many selling agents were on the receiving end of this.
Second piece is here absentee sellers, and estates. In many cases it’s a challenge to manage contractors and repairs when you are not in place. Some people will entrust their real estate agents to get this done, but others just don’t want to bother.
In most cases, they aren’t asking to drop the inspection contingency, most attorneys would never let their clients do that in NJ. What they are saying is bid accordingly, and you’ll be either taking it or leaving it.
[17] grim,
The number is so small, it doesn’t tremble the needle. And we are legally admitting many times that number, so its impact on housing is nonexistent. But I am not interested in raw numbers of people.
The reason this is relevant is revenue. The earlier article about Connecticut (allegedly) begging its wealthy to stay is illustrative. Every wealthy expat who renounces decreases revenue by an exponentially outsized number, meaning it would take dozens, perhaps hundreds, of the proletariat to replace each one. And in the case of a Saverin or Denise Rich, thousands. Fact is, I view this number not as a sign of current distress but of future distress and an indicator of where policy may go.
Further, many assume that this move, at least for the wealthy, is about income taxes. In reality, I think that the wealthy are motivated more by two things: wealth taxes, namely the estate tax, and the prospect of much higher and broader taxation in the future. Paying 15% MTM tax is a helluva lot less painful than a much higher rate on total estate, and with the administration’s latest noise about going after more in estate taxes, trusts, and gifts, the prospect of broader and higher is elevated.
Finally, part (but not all) of the diaspora is FATCA-driven, I concede as much. And I expect that this part of the diaspora to be over by 2017 as that is the year that the policy leniency is expected to end. So it will be interesting to see if this tails off to pre-2009 levels after 2017.
3 of the 4 last houses that I saw in illustrious Bergen County were either in pre-foreclosure or some sort of short sale status. I know a lot of you are still in denial but the muppets in these towns got hit just as bad as the Irvington Townships (sounds so quaint, doesn’t it?) of the world. The only difference is the muppets that live among unicorns have a little more time before their funds run out.
I love the lottery. I call it the Stupid Tax. It’s as regressive a tax as you can have, but in true Obamaesque fashion, we don’t have to call it that.
[18] FKA
“Following the film release of Fifty Shades of Grey, B&Q employees may encounter increased customer product queries relating to rope, cable ties and masking or duck tape. ”
Clot’s been stocking up on that for some time now. Of course, he also buys lime, contractor-sized trash bags and shovels as well.
I gamble millions of dollars a year and in my entire life I’ve purchased one $1 lottery ticket. And this was only when my $1 gave me better than $1 odds on the return in the mega lottery. Of course, I would have had a better chance of getting killed from a fall on the walk to my car than winning the dumb thing, but I was satisfied that my dollar had an EV>$1.
[29] Joyce
Anecdotal but I purchased a foreclosure from Chase that was list say at $350k sold “as is”. In talking with the Chase’s representative, there were multiple people who offered asking price but after the inspection wanted to renegotiate down to $345k. All of these bids were immediately rejected. What further complicated the process was that it was a foreclosure that first had to be approved by a 3rd party vendor then ultimately approved by Chase Foreclosure dept. I presented my bid of $320k and “as is” and it was approved.
I didn’t realize Panasonic’s NA headquarters was in Secaucus. At least not all of the large employers are leaving the state.
——–
For Newark’s newest corporate arrival, Nemawashi is the name of the game
By Michael L. Diamond
With an eye on a new North American headquarters, Panasonic considered all of the factors corporations use to make these kinds of decisions—financial, quality of life, adherence to company mission statements—and settled on Newark.
Now came the hard part: convincing its 1,000 employees it was the right move.
“In the beginning I was worried about [the possibility], would we lose people who would say, ‘I just don’t want to come to Newark,’” Michael Riccio, Panasonic North America’s chief financial officer, says. “But I think we did enough—what’s the word I’m looking for? I know it in Japanese. Nemawashi.”
Panasonic moved to Newark from its suburban campus in Secaucus in the summer of 2013, breathing new life into the city and setting the stage for more apartments, stores and maybe other corporations that, in a post-Great Recession age, want to be in cities.
http://www.radius-magazine.info/a-moving-experience/
[36] FKA
Heard about this one on the radio yesterday.
http://www.wsj.com/articles/sealed-air-to-move-headquarters-to-north-carolina-from-new-jersey-1406123464
[37] redux
But, to grim’s point, moving HQ jobs probably doesn’t move the needle that much.
[38] Comrade
Agreed. Do you think there are more potential homebuyers working in HQ or in the plant?
Of course, I would have had a better chance of getting killed from a fall on the walk to my car than winning the dumb thing, but I was satisfied that my dollar had an EV>$1.
You can’t call it a bad bet in this situation. Sure, it might be highly improbable, but sitting in front a video poker machine for 20,000 trials seems to have some downside to it too.
Thanks. I also took their statement to mean if they agree at 350, but after inspection the buyer now wants it at 345… the seller has already said “no” credits to repairs.
While this seems absolutely reasonable, I’ll throw buyers under the bus here and say that there are a good number of buyers that come up with the most insane, unreasonable asks post-inspection.
Saw one deal where the buyer wanted a new boiler to be installed, since the inspector stated it was 20 years old and possibly nearing end of life. Huh?
New driveway installed, that was interesting.
New roof, inspector found some loose shingles.
Replace cracked concrete patio with pavers.
New pool liner and coping.
Downside to video poker is lung cancer and being a potential robbery victim. Also, these casinos play some terrible music. The perks outweigh the cons IMO. I might flip flop when I’m hospitalized though.
Downside to video poker is lung cancer and being a potential robbery victim. Also, these gaming halls play some terrible music. The perks outweigh the cons IMO. I might flip flop when I’m hospitalized though.
[41] Grim
New driveway installed, that was interesting.
I knew a Realtor who paid to have a driveway resurfaced to keep a $640k deal. It just so happen that she was getting her driveway resurfaced so it was worth it.
IMO, from a curb appeal standpoint, a recently repaved or resealed slightly older driveway can really help your listing. Plus it makes shoveling so much easier. I maintain my driveways better than I maintain my cars. I also would never ever use rock salt on them or a plow.
Hey Lib or others,
What was the el cheapo strategy for purchasing decent furniture? Starting from scratch. Need sofa, living room tables, dining room/chairs, bedroom. Loooked at usual Pottery Barn, Crate Barrell etc but prices seem astronomical for questionable quality. Kids and pets will be jumping on them so quality is important. Thanks.
white collar criminals
http://news.yahoo.com/us-charges-iowa-widow-over-she-deposited-husbands-190710409.html
IOWA CITY, Iowa (AP) — An Iowa widow is charged with a crime and had nearly $19,000 seized from her bank after depositing her late husband’s legally earned money in a way that evaded federal reporting requirements.
Janet Malone, 68, of Dubuque, is facing civil and criminal proceedings under a law intended to help investigators track large sums of cash tied to criminal activity such as drug trafficking and terrorism. But some members of Congress and libertarian groups have complained that the IRS and federal prosecutors are unfairly using it against ordinary people who deposit lawfully obtained money in increments below $10,000.
At issue is a law requiring banks to report deposits of more than $10,000 cash to the federal government. Anyone who breaks deposits into increments below that level to avoid the requirement is committing a crime known as “structuring” — whether their money is legal or not.
The IRS has increasingly used civil forfeiture proceedings to seize money from individuals and small businesses suspected of structuring violations, according to a review by the Institute for Justice, a libertarian group. The agency seized $242 million in 2,500 cases from 2005 to 2012 — a third of which arose from nothing more than cash transactions under $10,000. Nearly half was returned after owners challenged the action, often a year later.
Some of the depositors had broken up the deposits to save their bankers from having to submit paperwork or because they mistakenly believed it was a way to avoid unwarranted government scrutiny. The Treasury Department receives millions of reports every year, and deposits above the $10,000 threshold incur no additional fees or taxes.
Facing criticism of the practice, the IRS announced in October that investigators would no longer seize funds in cases involving legal sources of money “unless there are exceptional circumstances” and would focus on illegal sources. A U.S. House subcommittee is expected to hear testimony about the practice Wednesday, at a hearing called, “Protecting Small Businesses from IRS Abuse.”
Larry Salzman, an attorney with the Institute for Justice, criticized the government’s case against Malone given its declared shift in practice.
“This is shocking because it demonstrates that prosecutors are not taking seriously the IRS’ alleged policy change not to prosecute legal source structuring,” he said.
After the policy change, federal prosecutors in Iowa agreed to return money the IRS seized from two people accused of structuring, including a restaurant owner who had $33,000 taken and a doctor who fought to get back $344,000 in earnings from his medical practice. But prosecutors declined to drop the civil forfeiture case over $18,775 the IRS seized from Malone.
Instead, they added a misdemeanor criminal charge last week alleging she willfully violated the law, after her husband had been warned about the practice four years ago. Malone is expected to plead guilty next week and let the government keep the money, under a plea agreement filed Monday. The charge carries up to one year in jail and a $250,000 fine.
IRS agent Jeff McGuire first went to Malone’s home in 2011 to investigate alleged structuring by Ronald Malone, who was dying of cancer, records show. Ronald Malone admitted that bank deposits totaling $35,500 he’d made could appear to be structured and signed a form acknowledging he’d been warned about the law; no charges were filed. Janet Malone was present for part of the meeting.
Shortly before his death in October 2011, Ronald Malone told his wife about a briefcase containing $180,000 cash from his job as a publishing executive, gambling winnings and investment income. She deposited some of it in increments between $5,800 and $9,000. The IRS obtained a warrant to seize it based on suspicion that the transactions were meant to avoid reporting requirements.
Janet Malone was irate when she learned of the 2013 seizure, noting that she didn’t sign the form warning her husband and didn’t remember details of the earlier visit because “she was in a state of despair over her husband’s health,” according to an IRS affidavit.
“You won’t prosecute a widow,” Malone said, according to the affidavit. McGuire responded that the family had been given a pass from the IRS once.
Spokesmen for the IRS and U.S. Attorney’s Office declined to talk about how the case fits with the new policy. Malone’s attorney declined to comment.
Bought some stuff from Macy’s furniture last year and we were impressed.
Furniture
Avoid Overstock or Wayfair for wood products at least. Got some tables and chairs to match items we already had (can’t remember name but will find it for you if you want). Specifically looked for these products as the ones we had were so well constructed.
The Overstock/Wayfair were of an entirely different quality. Maybe it was a one off, but I suspected at the time it was like many of the brand name items at HD, manufactured to lower standards for a lower price point.
#45,
Craigslist if you are okay buying used and have time to hunt and wait.
Bystander,
There are really only two grades of furniture. Good and garbage. Good, is Ethan Allen, Amish made, and there are a few others in the city. Good furniture is extremely expensive. Sorry. Bad is every furniture company you see advertise on TV (Bob’s, Ashley, Ikea, etc.). Pottery Barn is just slightly better, but not worth the price difference. If you don’t have the mad loot to purchase heirloom quality furniture, then there are really only two options. Craigslist, which we employed when furnishing our home which was probably easier since it’s a tudor so classic non-contemporary furniture works well. Or just look for incredible sales on the cheap stuff and prepare to replace it two to three times per decade.
Here is one example. We were pricing a large dining room table and sideboard/hutch/china cabinet. Ethan Allen wanted 3K for the table and 300 to 400 for each chair. The hutch was another 4K. So figure 10K for a dining room set. We bought an heirloom quality table and china cabinet which could seat 12 with the two leaves in place for under $1,000 on Craigslist. It might have even been $500. I don’t remember unfortunately. The table is real nice with beautiful inlays and real nice extending mechanism. The chairs are in perfect condition and the seats were recently reupholstered. Was built in the late 50s at a manufacturer in Upstate NY. All draws have dovetails, ball bearing slides, felt lined drawers etc. Style is Norwegian which was popular then.
For couches and loveseats we found a Groupon for a place in RiverEdge that closed already called ABC. Mid level quality and so far they have held up decently. The finish on the wood legs needs restaining/painting, but they are still firm and the cushions are strong and stain resistant. Paid $500 for a couch/loveseat/single chair and ottoman. They threw in 6 coordinated throw pillows as well. Even if these couches fall apart in another year, I would probably just by more couches again at JC Penny on a super sale or something.
When perusing the cheap furniture stores, I could not believe even how overpriced their crap was. All of the furniture was made in Southeast Asia and almost all was riddles with hot glue and nails. Nails do not belong anywhere in well made furniture.
By the way, we took someone’s recommendation here and bought an awesome platform bed from Room & Board in the city. It was expensive. Like $1400 delivered and installed. But this bed will be around look after any of us. And the service was top notch too. It’s a real simple steel and wood design, but it can support the whole family including the dog with ease. And I am no spring chicken.
Good luck and take your time with the furniture if you plan to keep it forever. Wait for the sales. They do occur and will save you up to half off retail.
Our bedroom dressers are still Walmart particle board specials. Our bed was too, but that bit the dust and quick. I’ll eventually find something I like on Craigslist, but it’s much tougher when you are looking for contemporary furniture of a higher quality.
Oh yeah. If you need window finishings, about once per year JC Penny runs 80% off sales. And so far, the quality of the wood blinds, faux wood blinds and roman shades we purchased have been top notch. Never buy shades from Ikea.
ABC Carpet and Home is still open – this place is great, but leans modern. They are in Hackensack and the Bronx. Can’t believe we forgot about this place, bought a ton here.
I’ll throw another option out.
Habitat for Humanity ReStore – Purchased a sideboard from them, brand new, retailed for $5000 said the online stores that carried it, got it for $500.
Supposedly real bad accident on route 3 express in Secaucus. And in other news, ten year is back above $2. My record low rate is still safe.
And my wife is the only person I know to have sniped an antiques dealer. She bought a modern coffee table from one of the places in Lambertville. She loved it, but was out of style for the store. She had a hunch it was quality, the glass top is massive, like an inch thick. Sold for a couple hundred bucks.
We managed to track down similar pieces that sold at auction a few years ago, the two matching end tables sold for $15,000.
We did good.
FATCA and renunciations on CNBC right now.
Yup. That was it Grim. I really can’t believe how well these couches are holding up too. As for ReStore, it’s great for kitchen cabinets. I have a friend who purchased what easily could pass for $10,000 worth of cabinets for about 1K. Not much choice and you have to be there at the right time, but his kitchen looks like a million bucks for nothing. It’s funny, becuase he still has his 1920s sink and 1950s stove. Both in dyer need of replacement. It’s really eclectic, but it’s a lot better than the 90 year old cabinets that used to match the sink and stove.
Macys Furniture here
We are only about halfway done furnishing the GR home. We need a new table for in front of the couches and would really like to find one in black that is not modern. I may actually build one. I wish I had a surface planer and a jointer. I have pretty much everything else.
An accident involving a tractor-trailer and another vehicle on Route 3 east in Secaucus is wreaking havoc on traffic in the area. The tractor-trailer’s load hit an overpass near Paterson Plank Road and toppled over onto the other vehicle, trapping its passengers inside.
I would hate to be stuck on that bridge over the Passaic River that is rumored to collapse if we don’t increase the gas tax.
Used to buy from Mace Brothers in Kearny when in Belleville as well
[46] Joyce
The structuring laws are ridiculous because anyone moving dirty cash isn’t going to leave it in a U.S. bank.
And selective enforcement makes it a joke. Client No. 9 admitted to it but nary a peep from prosecutors.
[45] bystander
Resisting the urge to buy any more furniture until my children move out. Which may be never.
Was Mace brothers the place you could see from the GSP in Belleville? Always wanted to go there, but they closed before I could.
I’ve had good results from pottery barn furniture. Has held up very well in first 4 years. I don’t think it’s a bargain or top tier quality, but we found a style there that I didn’t see elsewhere. I admire Stickley craftsmanship but a lot of their stuff just isn’t for me. Macy’s Furniture has varying levels of quality. Waiting for sales is required.
#63…no sorry, Mace is in Kearny – I meant to say I shopped there when I had the condo in Belleville. I know what place you are talking about, did they raze that? Are they putting something new there?
I’ve had pottery barn couches for 3 years and they still look brand new. Highly recommend. I think the quality is really good. I don’t know any other couches that still look brand new after 3 years. That says a lot.
Learned from a prior mistake. Bought couches for under 1,000 and they were shot after a year. Will never buy cheap furniture again.
Thanks all. Lib, confirmed that c-list might be way to go for most of it. I am going to check Macy’s and Room and Board this weekend as Pres day sales are underway, Grim, I know ABC warehouse in Hackensack well. Very expensive but unique stuff. Place feels like some rich, safari hunter’s wet dream. The ex-b*tch took a teak, Four hands bedroom set from there plus our Stickley bookshelf and desk set. I introduced her to this stuff but can’t see spending that money again.. It was 15k of furiture gone but I stuck her with 70k loss on our dump of a Brigadoon home in 2010..heh heh.
[61]
Uncle gave me exactly $10k after this law went into effect. I deposited it and didn’t think nothing of it come tax time. Sometime the following summer I get a notice from Uncle Sam stating I didn’t declare it. I don’t know if his bank or my bank informed the IRS but I was pissed about it but what can you do.
draft war authorization?
Do we go and knock out all of the Islamic states?
Three years, with no restriction where U.S. forces could pursue the threat.
I draw the line at furniture talk.
We could always revisit strollers. That was a hot topic.
Lib [44];
What do you use in place of rock salt? I fight my driveway down to the pavement every snowfall. To do otherwise might strand me at to bottom of 140′ of 10% grade covered by a packed sheet of ice. Including my driveway and the 25 x 30 area outside my garage, I use one 50 lb. bag of salt or CaCl ice melt each storm. I am never without at least two bags in my garage. When supply was tight last year, I considered getting a few neighbors together to order it by the pallet (maybe next year).
My Dad said drive a truck to FL. So many rich, old folks die that top notch stuff ends up on street every week. Nice..
I slip and slide if it’s cement. Or I put down sand. I think rock salt is fine for asphalt. Just never use it on cement. Unless you like ripping up walks.
72 – Calcium Chloride. Buy large bags from Home Depot in the beginning of the season. Now you are fcuked.
Timely topic. I am looking at getting rid of my entertainment unit. 5 pieces total. The center one easily ways over 200 lbs. The doors themselves are 1″ thick. They’re made by Hooker or some other top end company. No ones wants it. Old fashioned.
yeah, right. It would last 100 years. Donating it instead to the church. Also giving them a 65″ HD rear projector in great working condition. No one wants that anymore, either.
For any of the wood stuff, I would recommend PA amish. Get a few quotes from different places and then go pick it up in a uhaul.
Bystander says:
February 11, 2015 at 12:51 pm
Hey Lib or others,
What was the el cheapo strategy for purchasing decent furniture? Starting from scratch. Need sofa, living room tables, dining room/chairs, bedroom. Loooked at usual Pottery Barn, Crate Barrell etc but prices seem astronomical for questionable quality. Kids and pets will be jumping on them so quality is important. Thanks.
(72) buy salt for water conditioners
no one wants anything..I called salvation army about my kid’s bike..unless it was brand new they did not want it. I tell my kids, the “poor” here have better stuff than we do!
Amish are having everything made in China and Thailand and just screwing it all together.
“Amish are having everything made in China and Thailand and just screwing it all together.”
This can’t be true.
#80
Maybe NJ Amish, I’m talking about the custom stuff.
Oh it is. I guess times have changed. I fortunately know what to look for in furniture having had 5 years of shop in K-12 and another year in college. It really is easy to spot junk from quality. It blows my mind how few people know what to look for.
Sounds like HunterDoom
http://www.bloomberg.com/news/articles/2015-02-11/now-playing-on-america-s-golf-courses-meth-cooks-and-rattlesnakes
From a quick scan of the internets, it sounds like Grim is right. Man some people are getting robbed. That stuff is expensive.
What is Lebanon Levi protecting then?
That’s sick!! It’s looking more and more like the Ahmish culture is no longer the culture they used to be.
Libturd at home says:
February 11, 2015 at 4:26 pm
From a quick scan of the internets, it sounds like Grim is right. Man some people are getting robbed. That stuff is expensive.
It’s one thing to say, “Amish are having everything made in China and Thailand and just screwing it all together”, another to say that some people are being cheated because they aren’t doing the due diligence. I tend to believe the latter is true and it happens everyday. There are many, many good Amish furniture stores.
However, if you want multiple pieces and have very specific tastes then take a trip out to central PA and visit a few shops. Give them your specs and go with the one that you feel comfortable with. The value is very good.
What the heck do you imagine Amish culture to be?
My view: religious nuts that reject industrial progress and most secular education, who keep their women barefoot and pregnant. The backward hillbillies of our region, and there have long been horror stories from the Amish for those willing to look past the cute quaintness and not romanticize their self-inflicted primitivism. Fortunately for them they are allegedly pacifists or they’d have gotten into a fight with the modern world and been burned down like that Koresh cult. Because lefty liberals romanticize primitive tribes theymostly lay off them rather than attacking them as do to the southern bible thumpers.
They also make good pies and run puppy mills.
Two out of the four players on the most winning teams were available on the waiver after week 8. Getting Anderson and beckham off the waiver, and having put up those stats is pure luck. Drafting players like leveon bell, Murray, and brown were also lucky based on where they were drafted and the insane stats they put up. Nothing really matters about the other players you drafted. If you had any of the above players on your team, chances are you won your league. Not always, but really good chance you made money. Rich L had terrible luck. He had bell and brown on his team and didn’t make the playoffs, try explaining that one. If he had made the playoffs, he would have won. He had the highest scoring team in every week of the playoffs.
“Only eight players were on at least 30 percent of teams that reached the finals in ESPN leagues, and four of them — Beckham (28 points), C.J. Anderson (24 points), Antonio Brown (24 points) and DeMarco Murray (18 points) — continued to do their part to help fantasy owners close out the season on a high note in Week 17.”
http://m.espn.go.com/wireless/story?storyId=12092730
My funny furniture story is around June 2013 I was fixing up condo I just bought. I was driving through Long Beach by myself and I see a decent night table out on curb. I stop two hours pass house and walk back. I am looking at it and it had a whole bunch of stickers and scratches on it and was debating if I should take it. All at once homeowners runs out and goes did you loose your furniture in Sandy? I go yea. He goes I have the matching dresser to that in mint condition. I can go get it. He runs in and man this one is nice. Then he goes you need help to your car. So he sees I have a pretty new Caddilac CTS and he goes nice car, I play it down yea lost my BMW in Sandy so I got this used Caddie and then he throws in this will be nice in your house. I add in as he is putting it in car, actually it is for my rental property which also is a Sandy issue. He said no problem, scratched his head and I drove off. I bought dining room set at a garage sale for $140. Dressers on line in a two for one deal, and Sleepies gave me the matresses for free. Some crazy promotion based on zip code they bill back NY State. I ended up furnishing a 1,200 square foot place for under $1,000. The owner left the entire lazy boy living set which was pretty new as he did not need it and it was part of deal. That saved me a ton. Craigs List is too rich for my blood.
Amish Culture appears to have morphed into Modern Orthodox Judaism, where it’s ok to ride in an elevator on the Sabbath as long as someone else pushes the button. The whole thing is so lame. And people wonder why I don’t practice my religion any longer.
Libturd,
Enjoy the lobster with cream sauce and bacon wrapped scallops. Speaking of “baa”, nothing says “baa” like following arbitrary orders from some dude who heard voices in his head over a thousand years ago because of one’s desire to conform to peer pressure today. In certain respects, it has a bigger existential impact on one’s life than something like denying evolution would have. (E.g. running home on Friday before dark). Both share a fundamentally non-rational approach to the world.
You mean like Amish furniture stores with lights, computers, credit card machines … websites?
Amish slackers: sign of the end times.
Amish know that idle hands are the devil’s workshop, which is why they are adamant in sharing “opportunity” and put their children to work which is more than I can say for the spoiled brats that inhabit the Cul-De-Sacs of the burbs. So what if little Samuel learned to run a saw mill at 14 years old? At least he isn’t surfing pron and tweeting all day.
http://abcnews.go.com/US/story?id=92732&page=1
94
The Electric Amish.
https://m.youtube.com/watch?v=PKJtiEhjDjA
Do the Amish pay minimum wage?
Re: The Amish.
I worked with two that ‘went over to the English’ (us). Guy and a girl in Pharma IT (Aventis and Pfizer). Girl was my boss once! (to this day she’d do almost anything for me).
Not much I don’t know about the Amish, now.
Guy was what Catholics call ‘excommunicated’ with family considering him ‘dead’ to them. The girl could visit but only for a day, had to wear Amish clothes and park her car miles away at an ‘English’ house (this was in the early 2000s).
Traditions vary sect by sect but the ‘old order’ are still pretty/ugly STRICT (both of them were ‘Old Order’).
Also met and…um, nevermind, a couple of Amish girls at a Frat party (I did not attend that school was invited to a party…”DUDE you have to see…”) at Kutztown U back in the 80s during their ‘Rumspringa’ (that means ‘running around’ – you get to do that if you’re Amish for a few years before committing to the life).
Many confuse the various Amish sects and Mennonites (similar).
Went to a barn raising once (had to shave off my mustache). GOOD TIME!
Not really a bad life (for a guy)…IF you can hack it. Hey, NO taxes, and a FREE house and farm when you get married! (NO, they are not ‘arranged’ against one’s will).
Like Jacob and Miss Schwartz I prefer electricity, hot water, and driving in a car.
Some of those girls are HOT…WHOA!
Nope didn’t marry one.
Great. We’ve moved from furniture talk to Amish Gone Wild.
…waiting for the jj hot Amish girl story. My bet is that wooden shoes, kerosene lamps and a buggy whip are involved.
Natch, jj would meet his Amish princess at Scores.
My Fav. Amish story:
Decades ago I’m fishing in a stream out in PA when I hear booming bass that sounds like it’s coming from a car. After a few mins. I’m thinking…WOW that car is moving slow.
It was an Amish kid with a Boom Box in his buggy.
BTW – It was a George Thorogood song.
#101
I’d like to hear that!!
My Sister just had her offer accepted on a Fannie Mae forclosure in NY state. They are paying closing costs. Pretty good deal from what I hear, taxpayer takes it on the chin.
Prolly foreclosed slacker Amish deadbeats.
What do you get when you cross a Mennonite with an Amish?
Lib, I do a ton of woodworking so your welcome to come down and use my joiner and planer if you ever get the urge to diy it. There is a place in Matawan that sells 8/4 and 5/4 rough stock. I’ll invite Chifi over and Drink heavily while u guys talk the market. Lol
fcuking criminals
http://www.thegatewaypundit.com/2015/02/new-jersey-police-crack-down-on-teens-for-illegal-snow-shoveling/?PageSpeed=noscript
New Jersey Police Crack Down on Teens for Illegal Snow Shoveling
#9 leftwing
You can that CC for the dysfunction in the courts. He is still in a pi$$ing match with the Judicial branch that started with the Wallace renomination, It is simply that there are not enough Judges. There are lots of slots open, but CC is not putting any names forward for nomination. There are lots of cases were the Judge hits the mandatory retirement age of 70 and there is no replacement lined up.
Is this a grim or JJ post?
grim says:
February 11, 2015 at 4:07 pm
Amish are having everything made in China and Thailand and just screwing it all together.
https://www.youtube.com/watch?v=lOfZLb33uCg
FKA 2010 Buyer -Next Time open a joint account with your uncle. have him deposit the money.