By easyasabc

February 7, 2007 1:11 PM | Link to this

Jeff, you are a busy boy today!

Home prices will decline because of empty residents? No, not really… What happens is the banks, you remember them?, will take over the properties and WAIT until the market is at a higher price. You think the banks will take a loss? I don’t think so, becasue that is why they are the bank!

Realtors don’t sell foreclosures…..banks do.

Anyone see that Jarden Corp. is adding over 100 jobs here, with the average salary at $75,000?……Not bad on bring up the avg. median income…..better jobs than making furniture or rolling cigarettes in Carolina!

Brain surgeon to moron in one year…..I knew a few realtors who went from high flyers, eatting at fancy over priced restaurants to see them waiting around at a Costco food sample table and fighting for a another shrimp tail or a cracker with seafood on it in three months…..

easyasabc

By BIG ROB

February 7, 2007 1:15 PM | Link to this

I love it maybee sellers will come back down to planet earth. wake up people 80% of the homes for sale are not worth more than $200.000.

By Start off

February 7, 2007 1:37 PM | Link to this

oh well, this one is going to start off with a dud.

this genius big rob with the blanket statement that he states 80% of every SFH in Palm Beach County is not worth over $200,000.?

That is his words. For a first post by Big Rob, he’s another genius, me thinks.

Ok Big Rob, whatever you say. You sure add to the discussion. He knows that for a fact. I wish I could get his picks for next year’s football season. How will the Dolphins end up, Big Rob? Let me know. I’d love to know.

How ‘bout dem Heat, Big Rob?

Go back to the assembly line and your baloney sandwich.

By condos

February 7, 2007 1:55 PM | Link to this

Condo price reality not too far off either. Some at super-lux level will continue selling OK. The THOUSANDS of other 2/2s will adjust IF owners really want to sell. The invisible hand works.

Price spread between like properties (some in same bldg, same updates) is comical. Don’t these listers of way overpriced units know most buyers now do research and comp searches ?

Looks more and more that egos are threatened. Too many owners have been bragging for years about huge price they could get.

They do not seem aware how stupid they look with condo relists for months and months and months at pie in the sky price.

Not that many idiot speculators left, get over it. New RE tax and INsurance realities have made carrying costs,on top of mtg, a tad distasteful for segments who previosly bought.

It ain’t rocket science. Wanna sell ? Price accordingly.

By Sean

February 7, 2007 2:08 PM | Link to this

Banks don’t hold REO (Real Estate Owned). They auction it off for whatever they can get. Unlike inexperience speculators, banks understand that the carry costs of an empty speculative home or condo are HUGE. As the foreclosure market rises, prices will certainly drop.

The only thing standing in the way is the reluctance of banks to foreclose. They are offering even riskier financing to people unable to make their current payments. Some trends like this will buy a little time before the collapse, but it will make it worse in the end.

This isn’t going to bottom out this year or next. Because of the risky financing and the offers of super risky financing to those with merely risky financing unable to make their payments, it’s going to take a long while to get to the bottom of this.

By easyasabc

February 7, 2007 3:01 PM | Link to this

Long time for the market on waiting to hit bottom….long time for the “have nots” or “big rob’s” in the world of paying the rent…..and eatting baloney sandwiches. (I do like the beef myself at times)….but if you ever walked through a baloney factory….you would never eat that stuff again.

Anyone see the new Post headline?……South Florida will be do ok in the real estate market….based on the buyers coming here….especially from South America and Europe.

I do wish you people listen to me…..Fannie Mae is telling you the same stuff that I have been telling you for the past months.

Why panic?

Forget what these Realtors and “have nots” have been saying here.

They are leaches….just want to suck the money out of you…..to take advantage of people…..to offer something less on your house and turn it around and flip it…..just like Mike Berry, a.k.a. Maxmoose, has done. Really Mike, taking advantage of poor widows. What will you do to make your mortgage payments?

People, you need to save money! I never use a realtor in all my transactions. You just need a attorney and a title company for your closing. Who wants to throw away thousands of dollars on some dumb a*s realtor?

Buy through a FSBO….

Sell through a FSBO…..

Save $$$$$ on both ends! Bypass a Realtor.

Unless your home is over $1 million, then you need a high profile Realtor. Not some third rate smuck!

Sorry Sean, banks are holding the properties. They can afford the expenses of a foreclosure. Just keep using those ATM’s, and the banks will keep on getting richer.

Life is good in Palm Beach

By EazyAsCrackhead

February 7, 2007 3:23 PM | Link to this

I think prices are going to continue to fall in Palm Beach Gardens, at least. Go to Abocao, the PGA National Shopping Centre, the Promenade Shopping Center, the PGA Marshalls shopping centre. Look at how empty most of these places are. The restaurants are empty. The Promenade has had several places empty for quite a long time: the movie theatre (maybe 2 years?) and the slot where that carribean restaurant was. The PGA National’s shopping centre had Publix gone for a year with no replacement. I went to dinner there this week. Absolutely dead.

What’s up with that?

Not a good sign for the future.

By on crack

February 7, 2007 3:58 PM | Link to this

because people like you are spending their money on crack

By BIG ROB

February 7, 2007 4:35 PM | Link to this

I must have struck a nerv with startoff here is a guy that problably has a few mortgages and needs to flip his proporties before the bank takes them back. Maybee he should call himself START OVER because people like this are ignorant and will deceve people in thinking things are not that bad and you should run out and buy now because of all the incentives sellers are giving. the bottom line is the market is wrong and it is in need of more adjustment. well got to go my boloney sandwitch is gettin cold

By HardasXYZ

February 7, 2007 4:42 PM | Link to this

Funny how ABC boasts of 100 new jobs coming to town that are paying $75,000/yr. Do the math ABC…$75,000 X 3 is $225,000.00…or abou $150,000 SHORT of qualifying for the average price of a home in Palm Beach COunty.

ABC loves to toss around the term ‘Have Nots,’, coldly referring to ANYONE who cannot afford the outrageous price of a home in the area.

Consider the rule of thumb in what one can afford in a home is three times their annual salary. Meaning, the minimum required salary required to afford just the AVERAGE home in PB County would be around $125,000/yr. Realistically, maybe 5% of workers in PB County earn that kind of cash. That leaves the remaining 95% to be designated as ‘have nots’ and ‘leaches’ as ABC so arrogantly puts it.

Mind you, we’re not talking welfare slugs, or drug dealers here. We’re talking about the overwhelming MAJORITY of the working population brushed off as ‘have nots’.

That means, virtually every teacher, nurse, cop, social worker, contruction worker, fireman, civil service worker, truckdriver, tradesman, etc…ALL of whom earn far less than 6 figure incomes, are ALL HAVE NOTS!!

Despite what cold hearted, self obsessed greedmongers like ABC think, the truth is, if one gets up everyday, and works a job everyday, that person DESERVES a place to live. I dont care if they OWN the Breakers, or just clean the toilets at the Breakers. The fact is, if a person works and contributes to society, they deserve a roof over their head. This isn’t the middle ages, where only the wealthy few have homes, and while the poor huddled masses work long hours for low pay and have to scrounge for table scraps from the rich.

As we speak, ABC’s self centered idiocy is RISING.

I’d LOVE to see ABC show his face to some hard working cops, firemen, or construction workers, and call them all a bunch of ‘leaching have nots’ to their faces.

Now THATS would be easyasabc to enjoy!!

By Average Guy

February 7, 2007 4:49 PM | Link to this

Maybe the Average Guy with the Average job will be able to afford a home in Palm Beach soon…

Life is good for the “Have Nots” in Palm Beach.

By Mike Fink

February 7, 2007 5:14 PM | Link to this

Ugh, I have a little trouble with a few of the statements here. First off Hardas, of course your correct. The median income, BTW, is not even 75K, but the point is still valid. The median home in this area, in a balanced market, should cost somewhere between 150 and 200K. That’s the range that is affordible to the median, without using a suicide loan. Pretty much, everything you said is right on. Just because someone is not making 200K a year does not make them “un-deserving” of property. And if you make 100K a year, you should not have to buy a starter home in the ghetto. This is NOT NYC people! There is an incredible amount of land, just about everywhere you look, prime for development. We are not overbuilt; not even close.

Go to Abacoa, go to City Place, go to Legacy Place, go to any new home development in the area. Tell me what you see. Many shops that can’t make it. 50% occupancy in most condo units (which, are actually related, the foot traffic is not there to support the businesses; the captive audience never arrived. Flippers in NY don’t buy cofee and clothes in CityPlace).

I would be VERY interested to find what percentage of households in PB county make over: 100K 150K 200K 250K

Anyone care to wager a guess? I don’t know, but I bet the number would be shocking to most people. Especially when you consider 200K is min salary for a 600K loan (~700K home) when using conventional lending standards.

And finally, Easy, what in the heck are you talking about?

Home prices will not decline because of empty homes and foreclosures? Ugh, if that will not do it, what will? What, in your view, would actually make home prices go down? Or is home price an ever increasing number stretching out to infinity?

The real answer is, of course, foreclosures/auctions are going to drag prices down. You have to remember, comps set the market. So, if your neighbor gets forclosed, and has a 400K loan, the bank will unload it quickly, especially if they can cover the note. So, lets say they unload it for 425K at auction. What happens to the home you just spent 600K for? Good luck getting 600, that’s for sure. Comps set the market people. When comps are trending down, the last sale determines the highest you will be able to sell your home for. Just like in the past few years, when someone sells for 100K, everyone’s home goes up 100K. You don’t think it works the same way during the decline? Well, guess what, it does.

Also, banks are not in the business of losing money. However, they do lose money, and to assume/infer otherwise just shows no understanding of history at all. You ever wonder why your bank accounts are insured? If banks don’t lose money, why do we need 100K of insurance to feel good about using a bank? Because, many years ago, the banking system collapsed because they LOST so much money.

To assume that banks will not sell homes at a loss is both incorrect, and dangerous. Trust me, REO property will lead the charge to the bottom. Banks are not in the rental/RE business, and they will not carry 10-100’s of millions in RE on the books for years waiting for a recovery. Anyone who thinks banks are going to prop up the price; you have another thing coming. They are your worst enemy on the way down.

By Doesn't take an Einstein

February 7, 2007 5:30 PM | Link to this

To see how the median price of a home in a desirable location would be out of whack with the median price of a home in a service orientated society. With the larger number of million dollar homes pumping up the median sales price, how can anyone in their right mind say the average joe SHOULD be able to afford the median priced home. Buy what you can afford and stop trying to keep up with the Jones. Thats that.

By Housing Collapse

February 7, 2007 7:07 PM | Link to this

The south florida market is toast baby!

http://news.yahoo.com/s/ap/20070207/apongoco/congressforeclosures

By Delusion Al

February 7, 2007 7:49 PM | Link to this

Palm Beach County (with the exception of Boca Raton and it’s rapidly declining) has nothing to offer to anyone who wants a “South Florida” lifestyle. McDonald’s is a PBC five star restaurant. It does have lots poor people that have become house rich in the recent scams. Most PBCer’s are upside down in their houses and are straining to make ends meet because of taxes and insurance. Who wants to move into that mess? Not anyone with a functional brain. Good Luck!

By maxmoose03

February 7, 2007 8:36 PM | Link to this

Well, it looks like “Student” has dropped out, but he taught this adult something before he left.

Based on his arguments, on 12/4 I purchased a tidy bit of Fidelity Real Estate Investment fund. At firest it dipped about 6% and I was thinking, “Sh—, why did I listen to a Clearsil poster boy?” But as of today it is up 10% in 2 months. With a little luck, it should soon pay off one of my car loans entirely.

I guess it’s like he said, just another way of playing the real estate market.

While the sideliners sit there and dream that we are losing money, the players seek — and attain — higher ground.

Think about that while you are working the next couple of months, trying to earn what I did by shifting from this window to my bokerage window for 30 seconds.

It isn’t about articles, it isn’t about statistics, markets or vacancy rates. It’s about reality. I don’t think some of you guys will ever get it.

And yes, I know this is a small amount of money in the grand scheme of things, but it took no effort, and a positive attitude.

So that’s what I will acknowledge not only in CW and Crazy Dem, but even in Rich R., Prices and Easy — they dare to get into the game, instead of sitting on the sidelines lamenting their fate, and making fun of the players.

By cw1900

February 7, 2007 11:14 PM | Link to this

Lake Worth is a dump.

Yep, another shooting, probably gang related. It’s no surprise to anybody, is it?

Headline in the Post, “Man finds 19-year-old shot in driveway near Lake Worth”. Read it. It’s actually kind of funny. The dude putting a blanket on the guy who just got shot and then went inside and went back to bed. He is so accustomed to hearing gun shots and bums sleeping in his driveway, he didn’t think anything of it. I can’t imagine that. This is a free country and last time I checked, you’re allowed to move. I wouldn’t sleep one night like that, ever. The type of people who buy in crap areas like that I will get to in a minute. I’m not saying they are bad, read on.

I’m throwing Mike Fink another bone here (Hey Mike, you know I like you, but you have to admit, that post from Signed was a little funny, cmon) , but if there are to be any substantial price drops in PBC, it will be in west central Palm Beach county. That includes major parts of Delray Beach, Boynton Beach, Lantana, Lake Worth, WPB, Riviera Beach, Lake Park. My two rental properties are in those areas I mention, so I’m not being selective or cherry picking. It is just obvious. I simply do not care, because I am a long term owner, and will continue to keep them for years to come, and I don’t live in them, and they throw off stable income. I love them. These short term price blips, up or down, do not affect me. I am not a flipper, flipping sucks. Amatuers and newbies should get fried. It is for the real pros, you all know that.

I will state again that I wouldn’t put my kids in ANY school located in said area. It is simply not worth it. My kids are in public schools and are getting a fine education. I do have an advantage that my wife is a teacher, a good one, and is a who knows who, so it’s a huge plus. I’m also not saying these schools where my kids are, are perfect. No. I am saying the odds are just much better. I’m too cheap to put them in private schools, and I honestly don’t think it is worth it. Please don’t bother responding about your kid in what private school. Nobody cares and I’m not impressed. Also, home schoolers, please do not respond either touting the virtues of your experiences of home schooling your kids. I’m not impressed either, and omg, those poor kids. What a childhood.

That middle of the road housing I included in the above areas include 100s of thousands of homes. Those are THE most vulnerable. Think about for a minute. Many middle class families, white collar in profession perhaps (I’m stereotyping to make a point), that could possibly end up here by a variety of reasons, via transfer, etc, could possibly be looking for homes in the 300, 400, 500, 600k range, the market that right now doesn’t move very much. I’m talking your everyday, garden variety middle class, obviously not as much in the 500-600 group.

Ok, these people are moving from the north, Pittsburgh, Dallas, Cleveland, Atlanta, Hartford, you name it. The people who are looking in the low end of that supposed middle class housing, when they are looking at 300k, they are not going to go from their nice, middle class 250k home up north in Cincinnati (Don’t worry guys, I’m not stupid, I’m not talking about NY/NJ/CT, northern VA etc, where the prices are much higher…I know I know I know, remember I lived there once), and buy your piece of 1986 crap in Haverhill for 329k, surrounded by crap, crap, and more crap, and lousy, lousy schools. They are also never going to buy a newer built home in a gated community in western Boynton, Lake Worth for $400k, when there are shootings and crack whores within a mile outside the gate. It isn’t going to happen. Those people will go north or south and get less for the same money, but they will be safer and send their kids to better schools. Sorry, but that’s what you would do if you worried about your kids as much as you did your granite countertops.

Location Location Location. That’s it, my brothers, that’s all it ever is. That great unwashed, the homes I’ve described, those will be the hard ones to sell, because, the people who would actually live there, can’t afford them now, and the people who could afford them, wouldn’t step foot in them and won’t send their kids to schools like that. That’s the HUGE problem with that part of the county. That is the problem part of this market. Eventually, it will all be fine in years to come (a rising tide will lift all boats), but that area I described will be the last to participate in the real, steady growth of this county that will be enjoyed by Boca and north county. If those people think they are going to get rich selling those types of homes and then moving to GA, they are sadly mistaken. Think about it guys, who is going to pay those prices for that? Certainly not the class of people who can afford to buy a $375,000 home, it’s not going to happen. Max, I know that’s not alot of dough for a house, I’m just using that as an example. Most of your everyday working class stiffs cannot afford a $375,000 home, that’s why I used it.

HardasXYZ earlier said, “We’re talking about the overwhelming MAJORITY of the working population brushed off as ‘have nots’.” I’m not saying all of these people are have nots. I’m not trying to sound like a pompous a*s. There are plenty of people in the area I’m talking about who make a hell of a lot more money than I do. I am saying they may be not being realistic and I’m saying they have made a potentially bad real estate buying decision. When you buy, you want to get in the best area first, and then the most house you can get in that best area. Do you really think people who bought in Lake Charleston picked the best area of the county first OR did they pick the amenities first for the money they had to spend. We all know the answer to that one if your being honest. They wanted to keep up with the Jones’ and the nice tile and toilet were more important than if there kids was safe in school.

What I am saying is, I believe in the next year or two, there is going to be a widening gap in prices between the area described above and the Boca/north county areas when describing middle class housing prices. The important median home price will not be the county wide median, but area-wide inside the county, and the gap will be huge when talking about middle class sized housing in these areas.

Again, I ‘m not discussing the very wealthy areas of Palm Beach, Wellington, all intracoastal, ocean, etc. That market will always be there and will always enjoy major success. We needn’t waste time on that.

I heard posters here say Boca and north county will be fine, and that is true. I remember a great post from 33458 resident ( I think that was his name), it said it all and better than I. Boca is not the real population growth area as it is pretty built up and there just isn’t much land left, but Boca will climb handsomely, as parts of eastern Delray will also. Those two will be just fine and thrive. Boca will always be Boca. Money will roll there. Don’t worry about them, and parts of Delray will still rise on the coattails, being the almost as rich, almost as pretty cousin.

The true growth story is obviously the northern part of PB County. There is plenty of land, and the fact that, if anybody wants to come here from the north, the majority want to go to north county. You can’t argue that. Forbes says PGA Boulevard is THE newest, hottest business address in the US. That is powerful. They do not mention 45th Street, Woolbright, Copans Rd, Commercial Blvd, etc. The only address they mention is PGA. Again, that is powerful.

Another subject.

HardasXYZ, remind me to repost an old post of mine on the teacher, cop, fire issue. I’ll give you another perpspective. I’ll try to find it tomorrow when I have time.

A.P., thanks for the compliment. I’m glad you like my “Sell on maximum euphoria, buy on maximum pessimism” line. I’d love to take credit, but I learned that line in a Securities Analysis finance college class years ago from a professor, who was semi-retired from Wall St and a former Federal Reserve Bank President. He used to say it all the time, so I have used it from time to time on this blog. It’s good stuff and very true. You can’t argue with common sense like that.

cw

By maxmoose03

February 8, 2007 12:34 AM | Link to this

CW - On target again with much of what you say.

A crappy area is a crappy area, unfortunately — despite the fact that most of the people who live in it are good people. I believe the same phenomenon to be in force from Lake Worth to Calcutta. If you go to a black area in the South Bronx today you will find a dozen bible-clutching Southern Baptist ladies for every one crack whore — but it’s the crack whores who can dominate the neighborhood.

The same goes for the crappy schools in those crappy areas. I can’t think of one kid I taught that I think of as really “bad” - and I had some kids who were pretty far out - and yet the kids, the parents and the administration gave me to understand loud and clear that I would not be getting anywhere trying to teach.

There are some nice areas in the north county, but the building is ahead of its time. The folks from Scripps have not yet arrived yet to fill the houses already up in Abacoa. One day this will all balance out.

I have long said that the places with the greatest value already - like East Boca, will also see the greatest appreciation. When my wacko Chinese realtor friend was bringing carloads of Chinese buyers to unlikely bargain spots like Port St. Lucie, I could not convince her that Boca was still the biggest bang for the yuan.

We had dinnner tonight a pizza place in downtown Boca, a cozy little place with dark wood and a brick oven they make pizza in. If I didn’t look outside, I could be in Manhattan. Developers are building a little Manhattan in downtown Boca, and yes, the folks are being drawn down here.

Meantime, I am still trying to figure out the posters from the other day — the couple making over 100K a year who want to rent a house in Lanatana near the turnpike. Someone needs to have a serious talk with them.

Now some genius has figured out a new bugaboo to wrestle with — the housing vacancy factor. How did we live all these years without paying attention to the housing vacancy factor? My God, what fools we have been, feeling secure in our beds at night, while the housing vacancy factor was stealthily and malevolently creeping up to 2.7%. We were okay at 2%, that’s understandable, but 2.7% ? No, that will never do. We are all in mortal danger.

Jeff, on noting “everybody talking about” it, duly did his duty to disseminate this new article of b******t. Now the Mike Finks of the blog will take up the charge, and i will be reading this nonsense until the next bit of nonsense preponderates.

How many times have I said it, CW? — it takes all kinds.

By moron of the blog

February 8, 2007 8:56 AM | Link to this

I have read som good points on this blog so far, but some no so.

The Little Mind Award for Stupidity and Worthless Information goes to:

Delusion Al for his wit and apparent Ivy League educatiobn with Wharton Business School-like quote of:

“Palm Beach County (with the exception of Boca Raton and it’s rapidly declining) has nothing to offer to anyone who wants a “South Florida” lifestyle. McDonald’s is a PBC five star restaurant.”

Applause around.

Aren’t we privileged to be surrounded with such intelligence?

By The Hilarity and Sadness of Rapid Gun Fire

February 8, 2007 9:05 AM | Link to this

CW, I heard there were 3 more shootings last night in Boynton Beach. 3!

The madness continues.

How people sleep at night in areas like that is beyond me. Can you imagine sending children to Boynton Beach High School?

Excellent post.

By Paw

February 8, 2007 9:27 AM | Link to this

Now that the worst has happened an’ the vacant home rate has hit 2.7%, Maw an’ me was fixin’ ta load up the truck an’ head north, fer as far as we could find gas. We figgered the Federal government might still be operatin’ in D.C., failin’ which we heard there was some survivors in New York.

Maw don’t say much. She jes sits in her rocker, and stares at the houses in the subdivision across the street. I wonder if’n she know that 2.7% of them is vacant.

I ain’ gonna tell her.

By editthyself

February 8, 2007 9:35 AM | Link to this

Get to the point in posts. Has term “blogorrhea” been coined yet ?

Or maybe respelling of Kerouac to KeroWacos might apply to those fascinated with sight of their streams of irrelevant patter.

By toedit

February 8, 2007 9:54 AM | Link to this

The term has been around for a while.:

blogorrhea :

A blog characterized by excessive commenting on irrelevant facts. We say that the blogger suffers from uncontrollable verbal discharge or blogorrhea.

variants : maxirhea; cwrhea;easyrhea

By blog police

February 8, 2007 9:56 AM | Link to this

Hey “Editthy” or “Edith” or whatever you are- has the term ‘gasshole been coined yet? It applies to you. Your witless criticism is itself a waste of space, analagous to your situation on this planet.

People get to the point - you just don’t understand it when you see it.

By chow ping lady

February 8, 2007 10:04 AM | Link to this

mr. toedit:

the gentlemen (women?) you criticize are prolific writers —something you can never be.

those who can do.

those who can’t, criticize.

same in real estate.

same in life.

now i go chow-ping. :-)

By Sideliner

February 8, 2007 10:07 AM | Link to this

The blogorrhea seems to eminate from both sides of the debate.

The pointless dribble does seem to come more from the chicken little side of the equation, with the exception of Fink and a couple of others. The blogorrhea dribble of these chicken littles is much shorter in context, one would agree. That could be, because the dribble is coming out of minds with little to say anyway.

The cheerleaders, on a whole, make more valid arguments, and even long as they are sometimes, are more worthy of my read.

Sideliner

By to big rob

February 8, 2007 10:26 AM | Link to this

Can you spell? Can you articulate a simple sentence? Please go back to 3rd grade and start over yourself.

Ladies and gentlemen, that person is an adult going through life in our community. You must drive next to him. You share everyday life with adults as he. It’s a wonder anything gets done.

I’m wondering if this is the radiator flush we have opined about? If he moves his family to Georgia, then that is the trend of the flush.

By ifthealiasfits

February 8, 2007 10:37 AM | Link to this

Definately vote for “KeroWacos” as descriptive of some bloggers on site here. Determined to cover reality of sinking SoFl RE mkt due to RE tax and Insurance costs with voluminous rants on never ending supply of wealthy foriegners/northerners clammoring to buy in PBC.

Meanwhile, the inventory grows, even as listings expire and some owners give up trying to sell at this time.

By priceless

February 8, 2007 10:50 AM | Link to this

Hmmm, I wonder who can be writing as “editthyself” and “ifthealiasfits”? Who would still be thinking about Jack Kerouac in the year 2007?

Well, let’s see…who is so senile that they are living in the 1950’s?

Well. there’s Prices…..and Prices…..and…Prices!

You are one sad story, Dude.

By Signed's Second cousin twice removed

February 8, 2007 11:05 AM | Link to this

maxmoose03: “cw1900 is the voice of a new generation; my pretend gf’s generation!”

easyasabc: “I’m much more comfortable criticizing people behind their backs.”

Mike Fink: “I don’t want hope. Hope is killing me. My dream is to become hopeless. When you’re hopeless you don’t care. And when you don’t care, that indifference makes you attractive.”

cw1900’s Mother: Every day it’s something else with you. I don’t know anything about you any more. Who are you? What kind of life are you leading? Who knows what you’re doing? Maybe you’re making porno films. cw1900: Yeah. I’m Buck Naked.

cw1900: “You see, you know how to take the car loan, you just don’t know how to pay off the car loan. And that’s really the most important part of the car loan: the paying off. Anybody can just get one.”

Desperate Al: “You’re really moving to Georgia?” Sally: [points to her head] “Up here, I’m already gone.”

Mike Fink: “What kind of a person are you?” crazydem: “I think I’m pretty much like you — only successful.”

A.P.: “Looking at cleavage is like looking at the sun. You don’t stare at it. You get a sense and then look away.”

(fill in the blank): “(fill in the blank) goes to a fantasy camp. His whole life is a fantasy camp. People should plunk down two-thousand dollars to live like him for a week. Do nothing, fall a*s-backwards into money, mooch food off your neighbors, and have sex without dating. That’s a fantasy camp!”

Signed,

Signed’s Second cousin twice removed….

By maxmoose03

February 8, 2007 11:27 AM | Link to this

1) Nothing will make Mike fink attractive.

2) Nothing will make “Signed” funny. (Well, maybe being drawn and quartered.)

By quagmire

February 8, 2007 11:33 AM | Link to this

Cw, Your post was a bit long, but I must tell you it was one of the best depictions I have read of the quagmire south Florida finds itself in, in relation to real estate, and this county in particular. The miles and miles of sections you describe is too valuable in the long haul to be mediocre, old, and spotted with violent criminals. As the crow flies, it is a very short distance to the Atlantic ocean in one of the most flocked to regions of this nation. It is a difficult problem. The term that comes to mind the most right now is “the highest and best use” for these sections and neighborhoods of this great county. What you are describing is not the highest and best use and someday that will have to change. Right now, it is a quagmire. I agree 100% about the widening gap of median home price in sections of the county. Yes, the countywide median price is mostly meaningless at this point.

By maxmoose03

February 8, 2007 11:44 AM | Link to this

It may be time for the moose to amble off into the woods.

It may be a good time to retire the name, now that Easy and Rich R. have made fools of themselves accusing us of being Mike Berry (whoever that is), and threatening Mr. Berry publicly because of their frustrations with us, but while they are still unconvinced of their error.

We will still be here of course, exposing the frauds, the quacks, the loonies, the b******t artists, the cases of arrested development coupled with multiple personality disorder, like Easy; the bitter boat-missers like Rich R. and Prices, who sold their property in Florida too soon; the b******t artists like Mike Fink, who won’t admit that the real reason he can’t buy a house is because he feels insecure in his IT job — as he should; and even the pure sadists like RCA, who is just here to torture people who are smarter or luckier than him.

It has been fun, particularly watching Easy run around in cicrles, and rail against realtors, imagining that this somehow had something to do with us.

Best post of the day: “Paw” above, who got overlooked in the barrage of crap from the a******s.

Ciao for now.

By Weather Channel

February 8, 2007 12:09 PM | Link to this

Looks like the East and Midwest are really getting hit hard with artic air and plenty of snow. Is that something new? No. But the last time that happened that bad in the East was in 2004 and 2005. That was the same years that so many people bought here. Their worst winters brought a lot of buyers to South Florida.

As the weather guy said, now if only these poor people in the east could dig themselves out to be able to drive to the airport to get the next flight out to Florida, things will be looking up.

Alot of people are trapped up there due to the weather. I remember 20 years ago when I said if this snow and ice ever melts, the first thing I am going to do is move to Florida so I never have to go through that again.

I am sure there are a few people up north that are having these same thoughts lately. If weather channel is comparing this winter to winter of 2004 and 2005 as being the worst one yet for them, I can see some vacancy signs disappearing in the very near future.

By To maxi:

February 8, 2007 12:26 PM | Link to this

Good time to leave as the air continues to leave the bubble. You finally see the handwriting on the wall? Also good time to polish up those IT skills you will need them. The good news is that the good hard working people here in PBC will be able to buy a home again soon enough.

By Rich R

February 8, 2007 12:34 PM | Link to this

Bitter cold weather will always make Florida attractive to someone digging out a car.

In the years past, the decision was much easier to make, as the cost of living was afordable to the average “Joe”.

Things are much different now.

By Pleasant Place

February 8, 2007 12:52 PM | Link to this

To “Rich R”and to “To maxi”,

Yes I agree. The people like Sorry Sally will continue to leave, the pity party people will head for the hills, and the new familys like the one two houses down, who moved in last month in a home they paid $575,000, will continue to come and bring in a better educated influx who have some sort of a handle on their career, and who bring more dollars than those Sally’s leaving. Their children seem to bright and courteous. Sally’s children are better equipped to handle Nascar races than the higher education halls my neighbor’s children are destined for.

What do you think of the home that is being built a few houses down the other way from my home? The soon to be residents pulled in the makeshift construction drive of what will be their new home in a few months. These two lovely people from Annapolis, Maryland are in their 50’s, not quite retired yet, but can live anywhere.

They told us they got tired of the cold and the rat race and couldn’t wait to get here.

They must have paid over $300k for the lot and the home about $2200sq ft under air, how much is that going to cost? You tell us, you very smart, pity party people.

I’m sure they will bring more culture and money to our neighborhood than the “To maxi“‘s of our block that moved out. Well, probably not, “To maxi” couldn’t afford my street.

The Pity party people can pity party all they want. Palm Beach County is slowly redefining itself, and with every change, it brings more and more noise from the people who are getting pushed out.

I suggest dealing with reality. The turnpike to I-75, north to the Hills.

By chuck berry

February 8, 2007 12:56 PM | Link to this

TO “to maxi”: if I read right, ol’ Max is just changin’ names.

Now y’all leave my grandson Michael Berry alone, y’all hear that EZ? In other words, Johnny, Be good.

By easyasabc

February 8, 2007 12:57 PM | Link to this

Mike Fink asked…”what will it take to lower home prices to the median prices $150k to 200k in Palm Beach County ?”

I say “World Economic Disaster”

A “Major” war, stock markets crashing from Hong Kong to Paris to Wall Street. Unemployment rate at 25%, banks closing, gas prices at $10 a gallon…..etc. Do you Mike Fink, want to be out of work to see your $150K median price here?

Is this what you want to get the median price down to $150K?

As the song that ‘Styx’ sings…”Your fooling yourself, believe it….”

With new construction, higher labor and material costs….prices will keep on rising. Both on new and existing homes/condos/townhomes.

For $200K, you can buy a 2/2 townhome anywhere in Boca, Lake Worth, or in Palm Beach Gardens.

What you want is a five bedroom, three bath, three-car garage, 1/2 acre, pool home with a an ocean view. Sorry Mike Fink, not for $200K.

cw - South Florida is a “checker board” area. Buyers and sellers have to deal with the social climate that we have here. I remember not so long ago areas around Delray was not so great, but today you can see townhomes and condos from $600k to over $2 million being built. Developers are not building these for the bank to close on them. They have a market to sell them to a certain group of people. Economic re-development has helped Delray, as it will help Riveria Beach. It takes time to remove the “undiserables”, but if you are holding in those areas, your payday will come soon.

Abacoa has its empty shops and office space due to poor marketing skills from management. But Divosta had a clause that the residential communties pick up the loss business income to support the downtown section of Abacoa. Why do you think the residential assetments are high in Abacoa?

Anyone remember what the price values were for Flamingo Park or El Cid before Cityplace came in? Look at the prices now.

Economic development is a key to rising home prices. Count the construction cranes along WPB downtown area. Same thing in the Ft. Lauderdale area.

If West Boynton had that many people who bought there in the past, there will be just as many later on to buy re-sales. They will climb out of the ghetto areas of Lake Worth and Riveria and move to the areas like West Boynton in the future.

Increase crime is due to increase of population growth. Some of these crimes are dealing with drug turf wars between illegals and locals. Residents have to put pressure on the local police and politicians to deal with this problem. Crime is connected with lack of economic development in that area. If the average guy cannot get make the average pay in a average job, then he will turn to a life of crime to have the money he needs to live the life he wants. Crime has been with us since Cain killed Abel. Oh was it when God told Adam and Eve to put their clothes on and get out of his garden?

Location, Location, Location……
Anything north of PGA is prime property. And the home prices and taxes will be just as higher than anywhere else.

Boca is Boca. City planning is far above than other areas. It is situated between Lauderdale and West Palm, and idea for most professionals. The home owners there are ok.

Police, nurses, firemen, trashmen, teachers….sorry about their income, except for nurses - they make good money, but they picked that field to work in. Other major areas have the same type of jobs, at higher salaries, but also at higher cost of living. How many local firemen or policemen here want to move to NY, Detriot or Chicago and put out a fire or direct traffic in the cold now? ….not many.

BTW, it is sunny and the high will be 78 degrees today.

Tradesmen not making six figures? ha ha ha I know many making over $150K and not paying taxes! All cash baby…..most blow it on gambeling in the Bahamas or at the Indian Reservation. I don’t feel sorry for them if they still live in a 1800 s.f. house built in 1968. They have made so much money in the past years in which they could have bought a nice house ….the problem with them and like other guys is they cannot save and invest and/or have women who are high maintenace.

The thinking of you people out there believing you should get the best right off the bat in life…..cannot happen. You need to “work your way up the ladder” to achieve your goals. If you want to own a million dollar mansion by next week, you better hope to win the lottery!

BTW…lottery jackpot up to $42million !

I always know one thing for sure in life….people with money….they are not going to brag what they have. They will not flash it by wearing expensive watches or rings, most likely will pick up the penny on the street, eat in most night at night and drive older autos.

The only way not to be a “have not” in life is to start saving more, work harder, become more educated, marry into money, win the lottery, get a second job, get a higher paying job, sacrifice having good times with your buddies and put that money on the side,…..or whatever it takes. Bitching here is not going to get you nowhere in life.

I think some of you need to walk away from your computer and walk outside and open your eyes on seeing what is happening around you.

People have money.

Economy is doing ok.

Try not to be bitter on what others have.

Life is good in South Florida today. Enjoy it.

easyasabc

By Rich R

February 8, 2007 1:13 PM | Link to this

It’s no secret that many people have the cake (money) to live in SoFla.

Unfortunately, not in large enough numbers to settle the market.

If you look at the Demo’s for PBC, you’ll quickly see that a very large percentage are blue collar working class.

There are not enough buyers to even put a dent in the current inventory of unsold homes as reported, let alone the FSBO’s.

You expect me to think that your one family that moved here is the launch of some renewed boom? That’s crazy….

I can tell you of a young family that bought at the peak and paid $470K with 100% financing, using an 80/20 that adjusts this July.

Based on today’s LIBOR at 5.63, adding 6.43 to that, exceeds there first adjustment cap of 2%. Nonetheless, thier payment skyrockets.

This family is trying to sell and are now holding an appraisal of almost $100K less then invested (including renovations).

The problem is, many people have to be hurt, and hurt real bad in order for this market to stabilize.

Then there’s the insurance and unfair property tax environment that is no secret and well know around the country (particularly, the northest), that is further hindering any RE recovery.

Face it, when the market was driving up with artificial means, by virtue of the investor/flipper influence, the time bomb starts to tick.

The flippers/investors are no long active, the artificial market must now adjust.

Remember, anything is worth, what you can sell if for TODAY. If you have no buyers at your price; you’re price is too high.

You can say our property is worth any amount, but if there is no buyer standing there, it’s not worth what you are asking.

I notice there is no real level of sales in recent months.

This tells me that prices are too high and when the sellers get “Real” and price at selling levels, you will see sales increase and the inventory decline. But not until.

It really is that simple, regardless of what Maxmoose03 may think. Afterall, it’s apparent that he’s survival is based on the RE market.

Btw, max, I did not expose you, I just laughed about it.

Get Real SoFla.

Go Mike Fink!

By One more way to make money

February 8, 2007 1:23 PM | Link to this

Easy,

I have to add one more way to make money. My lawyer just called and told me I have a very good case to sue and I can get compensatory and punitive damages since federal, state, and county laws were broken.

So you can work for the money, inherit the money, marry for the money, win lotto, or SUE THE BASTARDS for the money.

Yes, you are right about working for cash. Easy, I have this hangout where I like to buy beef sandwiches and hot dogs. The owner never gives a receipt and has been in business only 5 years or so. He was able to buy a 2.3 million dollar house on the ocean already and does not have a mortgage. Guess I helped him buy that house for all the times I went there for lunch. Yeah, Al told me most people in the restaurant business don’t report all their income to IRS. Like he told me, IRS doesn’t have to know how many hot dogs or sandwiches he sells.

Yes, I agree, life in Florida is good today.

By To:Pleasant Place

February 8, 2007 1:27 PM | Link to this

To:Pleasant Place,

Have you ever taken any graduate level stat classes? How about any grad level econ? Have you ever studied in any way demographics? If you answer yes to any of the above please let us know so we can prevent our children from attending the offending institution.

By Rich R

February 8, 2007 1:33 PM | Link to this

As long as your buddy is paying his suppliers in cash and he’s sure nobody is writing it down, and/or depositing the cash in any bank, and all the employees are covered, he’ll be fine.

But, with purchases like that, with no income is very, very stupid as the fastest way to bust someone, is to just look for anyone living beyond their report income levels.

It’s funny, it’s as simple as a waitress who works with cash tips and only claims the wage on the 1040. Then comes the random audit and the IRS rep askes you how much you make last year. You give him a W-2 that says $15K. Then he asked you to explain the sum of your deposits to you bank about amounted to $30K.

As your jaw falls to the table, you then realize how stupid you may be.

Play your games, and remember, for every game, there is a loser.

By cw1900

February 8, 2007 1:36 PM | Link to this

To HardasXYZ,

Here’s the post I was talking about. I found it. I posted under the name of “teacher’s husband”

By teacher’s husband

July 13, 2006 10:15 PM

I totally agree about the police, fire, teacher, pandering crap about giving them tax incentives. I vote no.

I can say this as my wife is a PB County school teacher, a very good friend of mine is a PB County firefighter, my neighbor (My kid plays with his kid) is a local town cop, and I personally know a former PB County Fire Chief.

My wife earns $48,000 and is off for two months during the summer. Not even taking into account the extra days off during the year and the xmas break, that equates to $57,600 per 12 month year that the typical low to middle mgmt schmuck makes working. There are plenty of 12 month, decent, white collar jobs that pay $48,000 for a 12 month job. They are working right now while my wife and my kid’s are up north at our glorious, paid for, lakefront house for 6 weeks (I’ll be up there soon for two weeks myself as I am one of those schmucks with the 12 month career job) with the nice dock and boat, coming back just in time to start school.That doesn’t suck¦..Pity the poor $48,000 12 month working housewife who gets up every summer workday morning and has to drag her kids to so called summer camp daycare, and gets home at 630pm. That does suck. What kind of a summer is it for those kids? Not my kids though. They’re having a blast.

My firefighter friend and his buddies hardly work. Yes, they work about 2 days per week (2 twenty four hour shifts, 1 day on , two days off type of deal), but they have more time on their hands than they know what to do with, and my friend is paid at the present time about 75k, and that will always rise. He personally know one PB County firefighter making 97k right now and climbing¦..But we need to pity the poor cop, teacher, fireman, hahahaha, you sound like a pandering, patronizing politician saying nonsense like that. Him and his buddies drive around in their truck going to Publix watching the good people of PBC scurrying off to their 800am-500pm jobs and pitying them.

My neighbor the cop is the biggest idiot on the block and his pay is in the 50k range at the present. His home is probably worth 500k even in this market. You should here the snide comments out of his mouth about the “good people of PB County” after the hurricanes. Do you remember how hard it was to get a decent generator around here in the days following the Frances and Jeanne storms? Are you aware that Lowe’s kept a bunch of nice generators in the back exclusively for PB County cops and their families at discounted prices while the rest of the populace walked into the same store and were told there wasn’t any? I know this as another one of my neighbor’s brother works for the PB County Sheriff’s office and already had a generator, but went to Lowe’s and bought one at a nice discounted price after the hurricane to bring over to his sister’s house, my neighbor. Let the fools of Palm Beach County eat cake, hahahaha, the men and women in blue think to themselves.

You still think these people deserve a special tax break. You are talking about the same people who got special discounts at Disney World after Sept 11 just because they are firefighters¦..Now wait a minute, most of them have never even been to NYC let alone had anything to do with heroics of 9/11. Give me a break. What makes them so special? Why doesn’t the nurse or the sales rep who sells sirens that go on firetrucks get a special discount at Disney. I find the whole thing nothing more than pandering to a group that are paid to do a job just like you and I. As to being dangerous, so what. They picked the job, not me. It doesn’t fly. Nobody put a gun to their head and said be a cop for Manalapan or West Palm Beach.

Again, stop the nonsense about the poor cop, teacher, or firefighter. They have it better than most here. Don’t take my word for it. My wife will tell you that, and so will my friend and neighbor.

By Rich R

February 8, 2007 1:43 PM | Link to this

I remember that post.

Funny.

By cw the jerk

February 8, 2007 1:58 PM | Link to this

i hope cw falls off a bridge

By Cash only

February 8, 2007 2:18 PM | Link to this

I was acquainted with a restaurateur who did the same thing, cash only “they can’t prove anything”. Well guess what, IRS proved him wrong. Restaurateur now lives in a rented one bedroom apt. Hard work will get you ahead in the long wrong, buy the house on the beach with honest money and you will sleep at night.

By not maxmoose03

February 8, 2007 2:30 PM | Link to this

Rich R -

Nobody exposed anyone. Maxmoose03 was not Michael Berry, period. Easy is just a nut.

Now if I were Maxmoose03, which I am obviously not, I would recall how many times Max said NYC civil servants — teachers, cops, fireman - have the best racket in the world, how they jack up their salaries before retiring, how they will collect MILLIONS in pernsion if they just stay alive for a while, how they will live better tha any of us with IRA’s or 401K’s.

Their retirement funds are inexhaustible — they come from the taxes paid by the rest of us imbeciles, some of who are, incredibly, gullible enough to call these people “underpaid.”

By Carolina Gal

February 8, 2007 2:35 PM | Link to this

Hey come on up to the Carolinas. It’s nice, it’s cheaper and the average person can afford to live here. Plus we speak english here.

Carolina Gal

By not maxmoose03

February 8, 2007 2:49 PM | Link to this

As a former English teacher, I was wondering what language that was they spoke in North Carolina. I did see some old signs in English though, such as “Colored only” and “No dogs or Jews allowed.”

Again, if Max were here, he would probably tell you to see the article in today’s PB Post, “Condo Craze Turns to Rental” to understand exactly what he has been saying on this blog for the last 3 months.

By To CW/Rich R

February 8, 2007 5:05 PM | Link to this

You guys seem rational and have some r/e experience. When purchasing rental property, what level of cash flow would you require?

I’ve heard 1% of the value of the home per month, other people have said that breaking even while taking into account depreciation deductions is OK.

I’m asking because the prices for homes in my area are dropping, and I wonder when experienced r/e investors will start purchasing agian. It seems like when property gets to the point of making sense as an investment, its probably time to buy.

By ha ha ha

February 8, 2007 6:21 PM | Link to this

Rich R….rational

HA HAH HAH HAHA HA AH HAH AHA HAH

By not maxmoose03

February 8, 2007 6:31 PM | Link to this

“TO CW”: It’s the right time to buy when you find a deal that makes sense for your circumstances.

Regardless of all the BS, the rents you can charge are determined by the market in the area.

If you are buying a genuine income property with multiple units, you must figure an acceptable capitalization rate, do pro-forma income statements and extrapolate an internal rate of return.

If you’re renting out one unit it isn’t rocket science. Ask a realtor what rents run in the neighborhood, or as some neighbors, if they happen to know. You can try any rent you think is feasible — if people all say it’s too high, you will have to adjust it.

By Carolina sheet

February 8, 2007 7:27 PM | Link to this

Carolina Gal,

You are probably Steve, or you should hook up with Steve.

Your code words “we speak english here” tell us all you are probably a white sheet, wearing tramp.

Steve, is Carolina Gal your tattoed tramp?

By Mike Fink

February 8, 2007 7:28 PM | Link to this

From today’s WSJ:

We are left with a deeply uncertain situation, but one in which it would seem that a sequence of price declines continuing for many years has some substantial probability of happening. Traditional finance theory has trouble reconciling even a semi-predictable sequence of price declines with basic notions of market efficiency. The situation we are facing is a reminder of the glaring inefficiencies and incompleteness of existing markets for residential real estate, and may be regarded as evidence that institutional changes will be coming in future years to fundamentally change the nature of these markets.

There were 3 seperate housing stories today, all not good news for anyone involved in the RE market. Again, this all comes back to being a credit bubble. Subprime lenders are definately starting to feel the heat. Prepare for the bailout’s and look for golden parachutes! :)

By John (Boynton bch)

February 8, 2007 7:38 PM | Link to this

Prepare for an increase in house fires! People burning the place down to get out of their mortgage…already happening in some parts of the country

By Zyclon B

February 8, 2007 9:24 PM | Link to this

Carolina Sheet,

You are right! NC is sheet. It is filling up fast with halbackers.

However they quickly learn that flithy, nosey yankees are not welcome. They leave as fast as they arrive!

I Love NC!

By gamblin' man

February 8, 2007 10:16 PM | Link to this

Hey Zyclon - come on down to south florida wearing your nazi gear. I’d like some action on how many seconds you would last, you little fag. Pretty tough on an anonymmous blog, arent you…

Is there any doubt the deep south is still the shithole of the nation?

By NCSUCKS

February 8, 2007 10:29 PM | Link to this

Yo Yo Yo Rich R. You out there? You need any more proof than your neighbor there? That uh…particular genetic strain…has not made any progress since the Civil War. North Carolina is the shithole of the country.

By Amen

February 8, 2007 10:43 PM | Link to this

Amen to that. NC is the worst.

Rich, is your friend Zyclon what you are depending on to raise property values in North Carolina?

HAH

Just think of what that animal is doing to the value of your land.

By Signed

February 8, 2007 10:57 PM | Link to this

“Dem little Mexican women? Shheet…I think everyone should own one. Dey make da best belly warmers.”

Signed,

Zyclon B’s Grandpappy sittin out back of Cooter’s Salvage Yard out yonder in the country of, well, due to suburban sprawl, is now part of the Greater Raleigh Area….

By Three Dog Night for Maxmoose03

February 8, 2007 11:28 PM | Link to this

I won’t ever leave you want me to stay, Nothin you could do that turn me away

Hangin on every word, believing the things you say bein a fool.

Youve taken my life so take my soul, That’s what you said and I believed it all. I wanna be with you long as you want me to but don’t move away. Ain’t that what you said? Ain’t that what you say? Ain’t that what you say?

LIAR! LIAR! LIAR! LIAR! LIAR! LIAR!

By Maxi's Theme by Cher

February 8, 2007 11:40 PM | Link to this

I was born in the wagon of a travelin show. Mam used to dance for the money they’d throw.

Papa would do whatever he could, preach a little gospel and sell a couple of bottles of Doctor Good.

Gypsys, Tramps and Thieves. We’d hear it from the people of the town. They called us Gypsys, Tramps and Thieves and every night all the men would come around and lay their money down.

By chow ping

February 8, 2007 11:51 PM | Link to this

long day chow ping.

i come back, you still “maxi maxi maxi”

maxi gone.

you are stupid stupid stupid

max win, you lose

hee hee

By hardasXYZ

February 8, 2007 11:52 PM | Link to this

Strange how Easy and his assortment of pseudonymns are still stuck on pushing the exagerated NC stereotypes, while they dwell in culturally devoid Florida.

Speaking of English, do any of you READ English? I never said cops and firemen were underpaid. I said that the AVERAGE salary of those kinds of occupations is nowhere near enough to buy a decent home in a decent neighborhood.

You say “they chose their occupations.” Ok then, suppose NO ONE chose those occupations. Who then would you call when you need a cop, or a paramedic? Who will teach your future snob children?

RE: NC…have you even HEARD of the Research Triangle? Yes Easymax, its a complex surrounded by several major NCAA institutions where they actually perform genuine medical research. Scripps you say? When? Where? Cant we just admit that the whole Scripps facade was just an excuse to build 10,000 more overpriced homes way out in the boonies?

Speaking of NC universities around the Raleigh area, students actually attend those schools for academics, NOT football, unlike the major FL schools. Does UMiami even HAVE classrooms, or just football facilities?

NC women vs FL women. SInce Easymax likes to apply insulting stereotypes to all things NC, lets compare the women. NC stereotype…Daisy Duke…FL stereotype..overly tanned, leather skinned nipped and tucked 60 yo with a bad New Yawk accent…Hmmm…I’ll take Daisy Duke ANYTIME THANK YOU!

By cultural note

February 9, 2007 12:03 AM | Link to this

Hardass Redneck:

which o’dem old institutions of hiya loinin’ is yo’ frien Zyclon B attendin? Friend of yo’s? Brother? Sister? Wife? Sister and Wife?

BTW, O -riginal Daisy Duke, Barbara Bach (nee Goldbach) was from a Jewish daddy. Careful now, Hardass, y’all almost lost yo’ seed ova a Jewess.

By only one person

February 9, 2007 12:35 AM | Link to this

the best part is, a Jewess from Queens (NY), which makes the redneck’s comparison even funnier.

only one person could be that stupid, and that’s Rich R.

and speaking of being only one person.

Max and Easy are one person. despite the make-believe fight, they just can’t help themselves when it comes to a. Democrats b. cheerleading.

“Easy” is always here in the morning. He’ll be back, with Max consolidated.

By FINKOMETER

February 9, 2007 6:11 AM | Link to this

Robert Shiller is the most vocal of any economist of merit, in regard to the housing “bubble”.

Finkie loves to quote him and draw links to his charts.

Today, Fink can watch Mr. Shiller on CNBC, explaining that even HE does not belief the housing “bubble” will burst. Instead he expects slowly adjusting prices over several years.

Sorry to burst YOUR bubble, Fink.

By To:FINKOMETER/EXMAX

February 9, 2007 7:51 AM | Link to this

Actually exmax if you actually listen to Shiller he said he “worried” about a dramatic collapse. In the long run it doesn’t really matter; it’s unraveling as we speak. Sub primes going down, 1 trillion in resets and of course Florida’s now world famous high insurance and taxes combined with current massive crime wave, we will see reality again.

By Mike Fink

February 9, 2007 8:05 AM | Link to this

Subprime market took a heck of a beating yesterday:

http://www.kplctv.com/Global/story.asp?S=6060881&nav=0nqx

Expect this to be a pretty much continuing story for the next 1-2 years, after which the tradiional lending standards will really seem like a good idea again. The subprime market is so cooked right now, I cannot believe that they can get anyone to buy into these securities!

By Mike Fink

February 9, 2007 8:13 AM | Link to this

Anyone who thinks that Shiller is going to help them support prices in S. FL has another thing coming. Get his book and read it, you might learn something, and you will certainly never quote him again for a justification of prices.

Most of the arguments against the housing prices in S. FL are modeled after what was taught by Shiller, price/rent and median price/median income ratios, as well as the relationship between inflation and housing prices.

And, even if what you said about Shiller is true (slowly adjusting prices over several years) AND he was talking about the S. FL market (a huge AND there, because I would be suprised to find he was not talking about the national RE market), why on earth would I buy today if we are going to have slowly declining prices over the next few years, and rent is 1/2 to 1/3 the cost of ownership? Why not wait for the correction to finish, save the money by renting, and then jump in with a larger downpayment?

By Hug the Hard guy

February 9, 2007 9:03 AM | Link to this

HardasXYZ is one bitter, disgruntled about something, person.

I hope you get the help you need.

Somebody go hug him, please.

By mooseface

February 9, 2007 9:11 AM | Link to this

hey moose face look down here! The Palm Beach Post. “Home prices will continue to slide for the rest of 2007, Berson said. For 2007, home price appreciation ‘is likely to move modestly negative,’ said Berson of Fannie Mae.”

“‘We’re not at the trough yet for single-family home sales,’ Nothaft said, noting that home prices will have to fall further to burn through the current high levels of housing inventory.”

“That’s not what the more than 100,000 home builders, Realtors and other industry representatives attending the four-day show at the Orange County Convention Center wanted to hear. But most acknowledge that today’s near-record level of homes follows a five-year run-up in home prices, fueled by low mortgage rates and investor dollars.”

“Nowhere was that more true than in Palm Beach County and the Treasure Coast. The median price of an existing single-family home in Palm Beach County soared to a peak of $421,500 in November 2005, plunged to $365,600 in October 2006 and ended the year at $368,200, according to the Florida Association of Realtors.”

“Median single-family home prices for the year in Palm Beach County posted a 10 percent annual decline from 2005.”

“The local condo market, however, ‘is not out of the woods yet,’ Berson cautioned. ‘There’s been a huge swell in price weakness in condos,’ he said. ‘The falloff was bigger in condos because they’re more like a commodity.’”

“Seiders of the builders association placed some of the blame for falling home prices directly on builders’ shoulders. ‘I told Congress we overbuilt the market by 400,000 units,’ he said.”

“Berson agreed. ‘Inventory overhang (unsold homes on the market) is causing price weakness,’ Berson said. ‘If builders had anticipated that, we wouldn’t see these price declines.’”

“The record backlog of unsold inventory nationwide is causing sellers major headaches, he said. ‘It means having two houses for sale on your block at the same time when you put yours on the market, which causes you to lower your price,’ Berson said.”

“Even though new-home builders have slashed prices and offered everything from upgraded appliances to free closing costs, they need to keep aggressively selling, Seiders said. ‘Because of builder giveaways, margins have taken it on the chin,’ he said.”

“Half of the builders surveyed said they cut prices in the fourth quarter of 2006, and 80 percent made non-price incentives, such as buying down interest rates, Seiders said. But builders need to do more, he said. ‘Builders have gotta keep up sales efforts and gotta keep inventory going down. The vacant units for sale are critical.’”

“Other factors besides overbuilding contributed to the housing market slowdown, the economists acknowledged. The lowest mortgage rates in a generation, aggressive lenders and record rates of real house-price appreciation that drew in investors also helped cause ‘a grossly overheated market,’ said Seiders, spreading the blame.”

“One of the worst effects of the housing market decline has been the rise in foreclosures nationwide. About 30 percent of homes that enter some stage of foreclosure get taken back by lenders and become part of the massive unsold inventory of homes, Seiders said.”

By to Hardboy

February 9, 2007 9:20 AM | Link to this

You have been figuted out. The reason you are so bitter is female related. Still trying to find your Daisy Duke? What’s wrong, big fella, ya couldn’t find a woman to date you down here, so ya’ had to fire up the old ‘84 Firebird and head up in search of someone who would actually talk to you?

Is that it, hardboy?

As to UM football, you have no idea what you are talking about. As a matter of fact, the debate for awhile has been about how old and second rate the facilities are for the football program. The classrooms, on the other hand, are top notch. UM people would expect no less.

Go back to your hole and your worn out hand.

By easy crackhead

February 9, 2007 9:27 AM | Link to this

“Bushnell is offering the land on a free on- line advertising site. A year ago, her price was $699,000. Now she’s asking $650,000. She said in a half-whisper that the land, zoned mixed commercial and residential, could be had for $595,000. She’s ready to wait another year for a buyer at that price.”

“How much did Bushnell pay for the half-acre in 2004? $80,000.”

IT IS NOT LIKE SHE WONT MAKE MONEY, SO SHE CAN WAIT AND GIVE BACK ALL THAT SHE NEVER EARNED ANY WAY.

“Speculators Are Looking Foolish” In Florida

Bloomberg reports on Florida. “Brian Tuttle owns so much land that he paid $3.6 million to get rid of 125 acres ready for development in the middle of Florida’s Palm Beach County. ‘In 2005, I was a brain surgeon, and in 2006, I was a moron,’ said Tuttle, who walked away from his deposit on the land rather than lose even more money buying it and building homes on it. ‘The only good news is that I’m not alone.’”

“If he chose to buy the land, he would pay $310,000 an acre, almost 10 times more than the $33,000 an acre he paid for his first parcel there in 2000. Two years later, land values have fallen by as much as 40 percent. Tuttle said it was impossible for him to make enough on the deal, so he chose to give up the deposit rather than buy the land.”

“‘I’m just this humble guy and I didn’t see prices going this low,’ Tuttle said. ‘The big guys didn’t see it either.’”

“These days, the speculators are looking foolish. In Florida, where they helped inflate land values as much as 10-fold from 2000 to 2005, prices have dropped by as much as 50 percent.”

“‘The land market has dried up,’ said analyst Alex Barron. ‘Most builders are on the sidelines because they expect prices to go down another 30 percent.’”

“St. Joe Co., Florida’s biggest private landowner, said yesterday the average price per acre of land it sold in the fourth quarter dropped to $1,900 from $4,100 in the third quarter.”

By easyasabc

February 9, 2007 9:31 AM | Link to this

Shiller is the most extreme of the extreme, and the last hope of all you pathetic, have-not loonies. Now even he is caving in.

There’s just one little flaw with your theory boys, and that is prices in Palm Beach County have been rising every month since last October. Need I say it?

PRICES ARE RISING AS WE SPEAK

Don’t worry, I’ll have an apartment for you when you go to home relief, and join Maxi Berry and all the other realtors on the bread line.

I’ll be back after I go shake up some renters.

Life is good in Palm Beach County.

By To Mooseface

February 9, 2007 9:42 AM | Link to this

you leave out part of article about “South Florida will fare better than most.”

you liar by omission. this and other articles specifically mention south florida as escape effects of housing “bubble”

liar liar pants on fire

i go chow-ping now :-)

By Rich R

February 9, 2007 9:42 AM | Link to this

You are losing sight of the simple fact that most of the current activity is in the higher price levels and not the average home.

This artificially drives up the median price for the purposes of the working class to use as a basis.

Wake Up Easy.

Prices are not increasing. If so, show me the sales. Am I’m not speaking of waterfront million dollar plus homes. I am speaking of your typicall 3/2 home.

By FLtrends

February 9, 2007 9:43 AM | Link to this

“In the residential and hotel/condo markets, some investors may be able to rent their new units at a loss for a year or two — but many other owners will need to unload them at “fire sale prices” as soon as possible after closing. Those potentially deep discounts — along with rising foreclosures among home buyers and overstretched builders and developers — have turned Florida into a major target for opportunity funds. It may take another 18 months for the state’s condominium market to reach the bottom, at which point the vultures will begin to land.

And it’s important to remember that when Florida’s residential market eventually recovers, it will not be a repeat of the speculator-fueled boom of the past four years. Higher pricing, stringent loan requirements and the likely availability of other investment options will limit the market’s overall upside potential.”

Above seemed overly pessimistic when written Jan 1st. in Florida Trend.com …Now ????

http://floridatrend.com/article.asp?page=1&aID=86665744.6392961.593528.9825444.8560588.463&aID2=45647

By NCSUX

February 9, 2007 9:51 AM | Link to this

YOU wake up, Rich. R.

Look at “Zyclon B” and his remarks above. That is the scum you live with in North Carloina.

Y’all gonna have those lots until they become your grave.

By chow ping

February 9, 2007 9:58 AM | Link to this

here is part of article big big liar “hey moose face” leave out of post:

But even as the housing market continues its slide this year, Palm Beach County and the rest of South Florida will fare better than other parts of the country, Berson said.

“You have a very large contingent of foreign investors from Europe and Latin America, and their goals are different,” Berson said after his presentation on the economic panel.

“They invested as a way to hedge where they keep their money,” Berson said. “If there’s price weakness, they may not pull out as fast as domestic investors who are looking only for a good return.”

why such liar? why cut and paste, make article say oppostie of what it say?

chow-ping wash your mouth out with soap.

i go chow-ping at mall now :-)

By Rich R

February 9, 2007 10:19 AM | Link to this

With respect to NC and the quality of life, it’s simple for me to gauge, as I grew up there and now live here.

I am in the Raleigh, not a rural farm town. If you compare industry in PBC with Wake County, you will very quickly see there is much more opportunity here then Florida can ever hope to see.

Fortune 500 companies occupy the Research Triangle Park. Major drug research is done here. Your dreams of Scripps is dwarfed by the Research Triangle Park.

Other companies such as Fidelity Investments currently hiring 2,000 new employees for their recent expansion in the region.

Raleigh is under construction of the largest art museum in the US. Norton pales in comparison.

Life is normal here. The average person, with the average job can afford the average home. No problem buying a brand new home, from the builder on over an acre for under $200K. The cost to insure this home would be less then $500 a year. Taxexs on this home is $1,200 per year.

My 12 mile commute, thakes me 15 minutes.

People are nice here. Cranky in SoFla.

The Quality of Life in NC is far supeior to what I experienced in SoFla.

2 hours to the beach, 2.5 hours to the mountains; it’s all good.

For me,after over 35 years in SoFla, it was time to get out. No regrets.

I do enjoy the PB Post. I’ve been reading it most of the life and still to this day. Old habits are hard to break.

You should really visit NC, you may be pleasantly suprised.

Live and let live. :)

By NCSUX

February 9, 2007 10:40 AM | Link to this

Yo Rich RRRRRRRRRR

You are dodging the issue.

“Zyclon B” is not a dude whose philosophy is “live and let live.” He represents the pond scum you live among. That is a real post from North Carolina, expressing real sentiments from a real North Carolinean.

How do you deal with that, Dickie Boy? Who is supposed to move to a place with people like that? Jews? Minority groups? How about main stream white Evangelical Christians, you think they want to move next to that?

The pollution in North Carolina is your backward, racist people, and it’s going to take a long time to drain the swamp.

Stop harping on Triangle Park, Dickie. For every 1 PhD. there are 50 Zyclon B’s.

By NCvisitor

February 9, 2007 10:45 AM | Link to this

Have spent months at a time in NC on business. People bashing must visit wrong places. They wouldn’t be purposely lying or trying to discredit other poster would they ?.

The Embassy Suites (near Crabtree Mall) I use while there is great place to meet locals at mngrs reception and lounge afterwards.

Terrific park system for weekends and nice class of professional and tech types using same.

Highly recommend visit. I, for one, understand why many Floridians attracted to Raliegh area.

By NCSUX

February 9, 2007 10:59 AM | Link to this

NCvisitor (shill poster):

So why don’t you move your butt there?

Apart from Rich R. you don’t know ANY Floridians “attracted” to Raleigh area — certainly not enough to live there.

What is your opinion of Mr. Zyclon B above, and his sentiments?

That seems to be the issue none of you want to talk about — because THAT’s the REAL NC.

By BIG ROB

February 9, 2007 11:12 AM | Link to this

John from boynton makes an interesting point.desperate people burning there homes what will your home be worth if homes in your community are burnt up. desperate people do desperate things look around can you say it wont happen around here. this is pretty extreme but most people in south florida are not loyal to this area they dont care. They will go to another state and forget about the mess they left behind.We will see when hurricane season comes and you know some fool will blame it on a faulty generator. time will tell.

By allover

February 9, 2007 11:26 AM | Link to this

No one state has monopoly on virtue or vice. Florida has more recognized hate group (50)orgs than all others except Cal.

http://www.splcenter.org/intel/map/hate.jsp

“In Florida, there is a very large representation of inmates with white supremacy or neo-Nazi beliefs.”

http://www.dc.state.fl.us/pub/gangs/racial.html

By easyasabc

February 9, 2007 11:29 AM | Link to this

Sorry, that was not me who wrote @ 9:31 am…….but yes, median prices have been rising in the last four months in palm beach county…….sorry, my rental properties are leased out, so no room for mike barry from village realty or anyone else……..looks like less condos will be out there to sell….developers are turning condos back into apartments…..rich r/max/ or whoever you want to be, get your story straight….you told us that you grew up in Boca before…now it is in Mayberryland?……update on max/mike barry….he said he had Dot working for him….it is true…..Susan C. also likes to “flip” homes….went through her residential ownership from the past….she also likes to “steal” her own home listings from little old ladies and resell them for a higher price several weeks later……whatever it takes to pay off her mortgage, a sleazy realtor will do anything to make a dollar.

Oh my, lots of snow up in NY…..lots of cold also…..just want to let all the northerners know it will be in the 80’s and sunny in south florida this weekend.

cw…becareful as you cross bridges.

john in boynton…if you are going to burn down your house, make sure it looks like a grease fire in the kitchen. It spreads faster and more believable to the arson division.

restaurant guy….IRS cross reference on food delivery orders, head counts, disgruntle former employees who got their pay cheated out of them and rest. owners bank transactions….that is how those dummy restaurant owners get caught.

carolina girl….put your dress back on, put some shoes on and get out the kitchen…….

Isn’t it funny that Carolina’s favorite sport, NASCAR, starts the season off in Daytona Beach, FLORIDA!!!!!

If higher price homes are selling more, it will just bring median prices up on all other type of homes. That is part of economics 101. When higher priced homes dropped, so did lower priced homes……so it will work the other way also!

hardasxyz….if no one wants to be a paramedic here…and you need one….you will be SOL !

Have companies raise people’s salaries here?…..dream on!

I can tell someone does not like the police…too many speeding tickets?

Anyone in love with North or South Carolina, I do know that I-95 goes through those states from here. No one stopping you on leaving her. You will not be missed. And maybe, carolina girl will bring a pie over to your house!…. barefooted and all!

Weekend is here….time to have fun…….all those fake easy postings out there, try to work on a original name for yourself.

Life is good in Palm Beach

easyasabc

By More Good News

February 9, 2007 12:21 PM | Link to this

Another day another company moving to NC.

“Honda will make small jets in Greensboro plant, North Carolina Governor says

The project is expected to create 283 jobs with an average salary of $70,000”

By More Bad News

February 9, 2007 12:24 PM | Link to this

Builder’s test finds high levels of arsenic at Wellington project

By More Bad News

February 9, 2007 12:25 PM | Link to this

Man killed, 2 wounded when gunmen storm house in Boynton Beach

By NCSUX

February 9, 2007 12:26 PM | Link to this

“allover” wrote:

“In Florida, there is a very large representation of inmates with white supremacy or neo-Nazi beliefs.”

The difference is, in Florida they are in jail. In North Carolina they are at the Klan rally.

The North Carolina some of you better folks are dreaming of is a product of TV. Andy Taylor in Mayberry (Mount Pilot) was a fictional person.

By the way, Opie (Ron Howard) was Jewish. So was Daisy Duke (Barbara Bach). Dream on ….

By More Bad News

February 9, 2007 12:27 PM | Link to this

“Armed men steal jewelry in raid on Lake Worth store”

Life is not so good in Palm Beach.

By NCSUX

February 9, 2007 12:44 PM | Link to this

“Father of basketball great Michael Jordan murdered by two men in North Carolina….”

You want to compare crime rates? You have to be joking. Try areaconnect.com before you keep stepping in it.

Pollution? How about tobacco — the number one carcinogen in the entire United States. Whose economy depends on it? You got it.

Of course it was more profitable when black slaves picked it, along with cotton….but those damn Yankees couldn’t leave well enough alone, could they.

North Carolina — the shithole of the nation, past, present and future.

By Rich R

February 9, 2007 1:12 PM | Link to this

Sorry man, you have it ALL WRONG.

It’s quite obvious you have never been to Raleigh.

Good for us, you belong in SoFla. U fit right in.

This is for Easy:

“As we speak, values are climbing - in NC”. Just a jab buddy, no hard feelings. You know I love ya….

Nice in Raleigh today, 48 and sunny. I took the Mastiff’s for a nice long run. They’re sleeping now.

By cw1900

February 9, 2007 1:30 PM | Link to this

Wow, a few people are out of control this morning.

Hey NCSUX, I agree with you on the idiot Zyclon B, a complete, white, hooded freak, but the way you are displaying yourself here, you look like a boob, and a bitter one at that. Rich R is not a bad guy. You sound like one of the big guy dudes in high school who never got chicks, so he just played the in your face role and was really just a pain in the a$s, remember? They’re the ones who probably ended up in some dead end job forever living the high school years. Lighten up Sparky.

No, Easy, I haven’t had any speeding tickets lately. I’m too cheap to risk getting one, remember? Although, you’ll like this, last week, I saw a Barney Fife, way, way in the distance down a main drag near my home with his radar gun on. I normally pass right by where he was to go home. I won’t go through one of those if I don’t have to. I made a left, then a right, went down a few more blocks, then a right, then came back out to the main drag. I saw him, he saw me obviously avoiding him. I waved and turned left and, on purpose, went around his speed trap. What law says I have to go through it? I did nothing wrong, I like to take a Sunday afternoon drive every now and then on a Wednesday evening , and if he would have come after me for on purpose not going through his income stream, I would have called my lawyer. The principle of the thing, my friends. BTW, before your dresses get all blown up, I don;t speed down that road anyway.

Rich R, “To CW/Rich R” put us in the same group? I’m not the only one with an answer on his question, so here goes.

That 1% rule that I posted awhile ago and Fink and Max also chimed in if I remember (you may be able to google it, I couldn’t find it) about, is not set in stone by any means. I do use it as one requirement, there are others, however. I will tell you if I can’t get 1% of the purchase price of the house per month in rent, I simply will not look any further. Therefore, as Mike Fink will say, I am not interested at this moment in time in purchasing anything here that is strictly to rent out. The numbers do not work here right now for that. I can’t in good conscience advise any new investor to try that here at this point in time. I also do NOT highly leverage any rental properties. Way too many risks for me to take, besides I keep them for years and years anyway.

If you thinking the no money down game, that is not me, and I don’t know the game. I will tell you this. It is promoted by the 3 in the morning infomercials like Carlton Sheets and those kind of people and they make their money selling tapes to newbies who get burned probably 90% of the time. Don’t do it, no matter what anybody tells you. What they are conveniently leaving out is the risk factor. Case in point, look at all the newbies who are in deep water who bought in the two years with 80/20’s and adjustables rate crap and helocs and you get my drift. It is not worth that extraordinary risk. Max and Rich R may be able to tell you about how that works with no money down, seller concessions, cash back at closing, etc. I have no idea how it works, but would be curious to find out. What do you say Rich R, Easy, or Max, any ideas? It’s not for me, but I’d be curious to see what the hypothetical theory is on that and have it explained.

That reminds me, before I forget, Rich R, you were telling about a couple you knew who were strapped in their 80/20 $400k house and they are currently in deep trouble. Perfect example, Sympathy, I cannot give them. They deserve what they have coming to them for taking on that much risk. They walked along the edge of the cliff on purpose with puffed out chests, and now they are ready to fall off, and now they have their tails between their legs. Rich R, cmon, you’re smarter than that. I know by reading you, you’re not the typical boob on the blog here, but anybody who would willingly put themselves in that position and open themselves up to that much risk deserves to go down, so they can learn from their mistake. I cannot feel sorry for that scenario.

I can’t say it any louder. If you can’t put down at least 20%, or if you can only do it with an 80/20, or an interest only loan, the bottom line is YOU CANNOT AFFORD TO BUY IT, PERIOD, END OF STORY! I hope I wasn’t unclear.

Back to “To CW/Rich R”… I think the days of the 1% rule here are gone. If I’m ever going to buy another income producing SFH here in PBC, I’m going to do alot more homework and maybe readjust my thinking, but it’s not going to be for awhile. I can’t risk what others are too willing to risk. Right now, I’m mulling over another SFH rental up at the lake. The numbers work there for my way of thinking.

That’s my take.

Good luck.

By cw1900

February 9, 2007 1:42 PM | Link to this

cw

By FLsux

February 9, 2007 2:23 PM | Link to this

Paradise my a$$. If Florida is paradise, and has such lovely weather, why then do you all seal yourselves up in climate controlled homes and cars all the time?

Grants, it IS very pleasant this time of year. My windows are wide open, and Im enjoying my $30. electric bills! However, in a couple of months, stepping outside will be like stepping into a sauna. I never considered saunas to be that comfortable.

You FL folks dis and mock the Northern states for the cold and snowy winters, but come Spring time, it becomes very pleasant up there, while down here, it becomes a stifling steam bath. Which is better? Either way, you have to use a thermostat. They go both ways Easy.

The point is, if its such a paradise down here, why are so few of you actually OUTSIDE enjoying this supposedly great climate? Why is everyone sealed up in their cars jamming up the roads? Why arent you out walking, or riding a bicycle? Its PARADISE!

What a joke. Oh, and speaking of NC/Mayberry stereotypes…Ive seen more Confederate flags in Florida than I ever saw in the Carolinas. Take a ride through Westgate sometime. Where is Lynard Skynard from? NC? SC? AL? Noooo…FLORIDA!

Oh, and a GREAT thing about NC…NO OBNOXIOUS NASALLY NEW YAWK ACCENTS!!! Its COFFEE! NOT KO-AWW-FEE!! SAY IT! SAY IT! COFFEE! AUGH

By theritual

February 9, 2007 4:57 PM | Link to this

condolences in advance to those of you who must suffer through another weekend of the dreaded open-house in lousy market ritual….. bring good book..

By my sympathys

February 9, 2007 5:49 PM | Link to this

To the regular posters I enjoy reading. I’m so sorry this blog has been taken over by ignorants bozos like FLsux. His intelligence level is not quite there, so if he and others of his education level are going to start to add more, I think I’ll try to find something more worthy.

I’m sure that’s why he mentions Westgate. In my 9 years of living in West Palm Beach, I don’t even know where Westgate is. I do know that it is a place I hear to stay away from, so I do. Now I know why. FLsux lives there. He could be the guy I saw on the news the other night urinating in a Westgate church parking lot.

I feel bad for this blog. It used to be very insightful. Too bad.

By lynyrd skynyrd?

February 9, 2007 7:15 PM | Link to this

That’s what this maniac “flsux” is worried about? A rock band from Jacksonville? That’s what he’s got to denigrate Florida?

I think Westgate (population 8,134) is in Manatee County. It is the only town in Florida where pick-up trucks may legally own real property and vote for mayor. So far as I know, there has been no passage of human beings between Westgate and the rest of the world in the past 30 years.

BTW,here are just some of the great bands from North Carolina:

Flat Duo Jets

Superchunk

Archers of Loaf

Arrogance

Angels of Epistemology

Pressure Boys

Southern Culture on the Skids

Polvo

Squirrel Nut Zippers

Stillborn Christians

I could go on and on … but why would anyone?

By Mike Fink

February 9, 2007 7:29 PM | Link to this

The math behind condo-tels. I know, we all hate stupid math, but I feel it’s my job to rain on the equity parade with the numbers governing this crazy bubble:

Before you shell out $690,000 for that glitz, glint, glimmer and gleam, try some common-sense research, which may be difficult. After a $70,000 down payment, you are going to pay 7 percent on a $620,000 mortgage, which is $43,000 in interest costs. Assume that your unit is rented 75 percent of the time (that’s a generous assumption) at $275 a night, which is $75,000 a year in rental income. However, 50 percent of that rental income stays with the hotel, so you keep $37,500. Right off the bat, you’re $5,500 in the hole. Include taxes ($5,000), maintenance ($5,000), management fees ($4,000), maid service ($10,000), plus insurance ($2,000) and your losses exceed $31,000 a year.

“A sucker is born every minute, and a promoter born every hour to make certain no sucker is spared.”

If you buy that condo-hotel in Las Vegas or even one in Miami, Orlando, or Fort Lauderdale, Fla., make sure that your group health policy covers psychiatric care because you’re going to need it.

By chow ping

February 9, 2007 8:39 PM | Link to this

mike fink math no good

what mike fink tell people who price of unit triple, like brazilian court?

chow ping tell them this:

sucker is mike fink

mike fink no invest, no make money

mike fink all talk, no money

man make no money, no take chow ping chow-ping at mall.

man make no money, no can eat chow ping.

hee hee

By Wanted: SELLERS

February 10, 2007 2:31 PM | Link to this

Looking for homes that had owners who have passed on or widows about to.

Need to take advantage of estates and sell property at low prices. Call me. I need the money.

M. Berry

Broker

VRG

WPB

By Mike Fink

February 11, 2007 10:46 AM | Link to this

The foreclosure boom gets rolling:

http://www.palmbeachpost.com/opinion/content/opinion/epaper/2007/02/11/a1ekurlandercommentary_0211.html

Oh, and BTW, nobody is a “victim” of an adjustable rate mtg. You signed it, if you did not understand it, get help! That’s what laywers/accountants/etc are there for people! If you don’t understand something, but you know your spending 100’s of thousands on it, common sense would tell you to get some help from a professional!

Just give it time folks, we are seeing the light at the end of the tunnel. It is going to take us another few years to get to the light, but sit back, breathe, and back away from the mtg payment book.

By Mike Fink

February 11, 2007 4:48 PM | Link to this

Response to the article published by the PB Post about the “victims” of the RE bust.

I swear, this is not me. :) Basically, the author of this says “Let them burn” to those people caught by the exotic lending and insane run up in prices.

I agree.

http://wallstreetexaminer.com/blogs/wheeler/?p=80

By chow ping

February 11, 2007 6:19 PM | Link to this

mike fink need help

whta mike fink do when he get fired from IT contract job with 5 minute noticed

what you do mike fink?

By to FLsux

February 11, 2007 8:48 PM | Link to this

Main Street USA, my a$$. If Northern States is paradise, and has such lovely weather, why then do you all seal yourselves up in heated homes and cars all the time? Grants, it IS NOT very pleasant this time of year up there. My windows are wide open down here, and I’m enjoying my $30. electric bills! However, in a couple of months, stepping outside will be like stepping into paradise and it will still be 43, drizzly and gray up north. I never considered 43 degrees, drizzly and gray to be that comfortable. You Northern State folks dis and mock Florida for the heat and low real estate prices, but come Spring time, it becomes very pleasant here, and you northerners will pay your hard earned money to get away from your boring little streets and houses and come here to get away from 43 degrees, drizzly and gray. Which is better? Florida, obviously. The last time I checked, more people spend vacation dollars on Florida than they do in Minneapolis, Detriot, Philadelphia, and Newark combined. The point is, if it’so great up there, why are so few of you actually OUTSIDE enjoying this supposedly great climate in February? Why is everyone sealed up in their homes? Why arent you out shoveling the snow off your roofs and have a heart attack? Its PARADISE! HAHAHA! What a joke. Oh, and speaking of Florida stereotypes…Ive seen more racist, rednecks in upstate New York than I ever see in Florida. Oh, and a GREAT thing about……wait, I’ll stop, the rest of his post was too stupid to bother mimicking anyway.

By chow ping

February 12, 2007 9:06 AM | Link to this

leave to mike fink link to editorial like it was news

also what on hell is wall street examiner? sound like financial version of national enquirer

mike fink get wackier and wackier. where is 50%-70% price drop? doom-sayers get more and more desperate as “crash” turn into nothing but a few foreclosures.

By chow ping

February 12, 2007 9:07 AM | Link to this

leave to mike fink link to editorial like it was news

also what on hell is wall street examiner? sound like financial version of national enquirer

mike fink get wackier and wackier. where is 50%-70% price drop? doom-sayers get more and more desperate as “crash” turn into nothing but a few foreclosures.

By Mike Fink

February 12, 2007 10:27 AM | Link to this

I am sure that these huge companies coming out every day now walking away from millions in deposits are doing so because the market is going to bounce right back this spring. The company below walked from 150M dollars. I would imagine that is because they feel the land has lost, or will lose so much value that they can rebuy it for 150M dollars (or more) less then their options.

The bounce will come.. In a few years.

The homebuilders would never do things like this if they expected housing to take back off. However, in public, they have to keep the “apprecation is right around the corner” myth alive. Their actions show their true feelings on the market.

Hovnanian recently dropped plans for two North Jersey projects: a 372-unit development in Mount Olive and a 288-unit development in West Milford. In all, it walked away from $141 million in land deposits company-wide in the fourth fiscal quarter.

http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjczN2Y3dnFlZUVFeXk3NzAmZmdiZWw3Zjd2cWVlRUV5eTcwNjkzNzUmeXJpcnk3ZjcxN2Y3dnFlZUVFeXkx

By fink is fink

February 12, 2007 10:38 AM | Link to this

me no care bout jerzey. dis is f.l.a. man and in f.l.a. we have no snow and lots of boogers cuz of all the nose pikkers on the pike