By Nonsense Jeff O.

March 8, 2007 7:32 PM | Link to this

This is another example of Jeff Ostrowski’s inability and/or inexperience to correctly intrepreting the numbers. Anyone in the Real Estate industry knows that there are usually 2 parts involved in the sales process. The listing house e.g. 3% and the selling house e.g. 3%. Rarely does an Agency do both…that is the purpose of the MLS. So genius, what this report says s that this large brokerage consortium IS getting near the full 3% of its revenue stream. Look to the other side for the remaining sales portion of the income stream. I personally do not use a listing broker (so I save 3%) but I gladly pay 3% to a selling broker. C’mon apartment dweller columinists…get real!

By maxmoose03

March 8, 2007 7:53 PM | Link to this

NON - Exactly what I advise people to do. Save that 3% (and I am a Licensed Broker and a member of NAR!).

Jeff and Linda do little more as “reporters” than show their inadequacies every day. Even a rookie should learn something with time. I think it’s time to start addressing these comments to management of the PB Post.

By To Senor Easy

March 8, 2007 7:55 PM | Link to this

Senor Easy,

Mi and mi amigos tengo el painto de muriolo y casa de “mad mooseman”.

Por favor tango cinco cetra dineros. Gracias.

Miguel

By mooseface

March 8, 2007 10:13 PM | Link to this

EVERYDAY MORE CUTS!

YOU WILL NEVER WIN MOOSEFACE

THATS RIGHT MAX, YOUR FACE LOOKS LIKE A MOOSE!

“Vitner cited a recent Florida Department of Education report anticipating the state would add 47,000 additional students to its public schools in 2006. In reality, the state’s public school population grew by 470 new pupils last year.”

From WESH 2. “A surplus of houses for sale in Central Florida has made it difficult for buyers to get a loan, officials said. A growing number of homeowners cannot pay their mortgages.”

“According to foreclosures.com, 65 new foreclosures were posted in Orange County on Tuesday alone. ‘There was a level in the marketplace that opened the doors to allow people that probably should not have purchased homes in the last couple of years. Those doors are going to be shut now,’ Tawn Kelley, President of Mortgage Funding Direct, said.”

“Jeff Perdue of All Florida Mortgages said his loan officers have homeowners looking for fixed rate loans to refinance their adjustable rate mortgage. But because of the increase in foreclosures, the credit ratings they used to qualify for a loan then may not get them qualified now.”

“‘Those customers are going into default at that rate, then you’re going to be a little more hesitant to lend money to those same kinds of customers in that same qualification arena,’ Purdue said.”

By mooseface

March 8, 2007 10:21 PM | Link to this

REMEMBER MAX, YOU ARE NOT BUFFETT?

YOU ARE TALKING FROM YOUR A*S.

TALK ABOUT HOUSING AND NOT THIS GARBAGE LIKE BUY, BUY, BUY!

I WILL CRUSH YOU LIKE GRAPE.

POST IT!

Area sees middle class exodus BY GREGG FIELDS AND JENNY STALETOVICH He was known as Gator on KISS Country, 99.9 FM.

But these days, Kevin Kilpatrick is living in the land of catfish and grits rather than gators and bagels. Last November, he moved to Tennessee from Plantation.

I just wanted to get away from the congestion, the idiots driving,'' he said.And we won’t have to worry about hurricanes anymore.”

Kilpatrick, 37, had a good life in South Florida, but a new career as an independent voice artist meant he was free to relocate.

The home price differences made the decision a no-brainer. In Broward, where he was renting a house from his in-laws, the median home price is more than $377,000.

In southern Tennessee, about an hour from Nashville, he has 10 acres and a 4,000-square-foot home built two years ago. The price: $280,000.

“We just felt we could have a better quality of life” by moving, he said.

There are always people moving in and out of South Florida, which overall continues to grow. But in the last year - too recent to appear on radars like federal Census data - experts are seeing powerful anecdotal evidence of an outbound migration trend.

Indeed, 25 years after Time magazine’s infamous “Paradise Lost?” cover story, South Florida is once again losing its allure for the middle class.

This time, it isn’t high crime and cocaine cowboys driving people off. Rather, the trouble in paradise is the quality of life - everything from grinding traffic to costly homes and gale-force increases in windstorm-insurance premiums. It’s prodding growing numbers of people in their prime earning years to conclude - correctly - that the smartest economic decision they can make is to leave South Florida.

Lisa Kirkham is an example. She recently left Cutler Ridge for Maryland. A new marriage was one reason, but other factors had her looking to leave before she met her husband.

There are days when it has taken me two hours to go 20 miles'' to work at a cargo airline. Meanwhile, her mortgage payment kept rising because of windstorm insurance.I don’t know how people can afford it.”

MIDDLE-CLASS DECLINE

A recent study by the Brookings Institution, a Washington think tank, found that many apparently can’t.

Middle-income neighborhoods, as a proportion of all metropolitan neighborhoods, have been declining nationally - to 41 percent, from 58 percent in 1970.

The study found that Miami-Dade County had the nation’s fifth-lowest proportion of middle-income households, barely ahead of perennial losers like New York City and Los Angeles. Broward fared nearly as badly, ranking 82nd. Palm Beach County placed 80th.

Although the study was based on 2000 Census data, in all likelihood the problem has worsened in the interim, said Alan Berube, Brookings’ director of metro studies.

The run-up in housing prices in South Florida is comparable to a lot of coastal areas,'' Berube said.As a family moves up, there’s nowhere to go but out.”

As one indication of middle-class discontent, public-school enrollment has been declining - in Miami-Dade since 2002 and in Broward last year for the first time in more than 20 years.

Certainly, South Florida remains an immensely appealing location. And some professionals think the problem may be overestimated.

I personally don't know anyone who has left,'' said John Beauchamp, a vice president in Fort Lauderdale's Intercoastal Realty. Beauchamp does think high real estate taxes are a growing issue, but of home prices, he said:I’m a positive person, and my answer is, there’s a price to paradise.”

GETTING OUT

But economists and urban planners worry that the high price could render South Florida a stratified community, where the rich live well, the poor get by, and the middle class get out.

From a policy perspective, we need to revisit the norm,'' said Jim Tarlton, head of the Broward Alliance economic development agency.Things have changed, the dynamics have changed, from when our norms were established.”

For instance, the South Florida norm has always been to “pay in sunshine.” Translation: The area depended on low-wage service jobs, on the theory that there would always be arrivals who would work cheap for the weather. With today’s economy, that’s not possible.

Also, the Save Our Homes initiative of a few years ago tied property taxes to a home’s purchase price, and caps the increases forever after.

That has unintentionally resulted in a situation where someone who wants to move would pay such a high tax bill on a new home that it might make more sense to leave South Florida altogether. On a $500,000 house, for instance, property taxes can easily surpass $12,000 a year - or $230 a week.

The fact that people can't move from one house to another because of the way property taxes are structured will impact us,'' Tarlton said.It impacts the workforce directly, and without that workforce, it makes it very hard for companies to keep their cost structures down.”

Companies that can’t keep their cost structures down are likely to move to locations that afford them that ability.

Lauren and Julio Ascensios are an example of the middle-class families caught in the South Florida squeeze. She is a project manager for a commercial real estate company; he owns an Internet photography business.

Four years ago, they sold their South Beach condo and bought a 1935 two-story Mediterranean just a block and a half from Biscayne Bay in northeast Miami.

But now, with a baby, they are concerned about schools. Although they have equity in their home, it won’t help them move locally because prices have risen across the region. Staying where they are could mean expensive private schools.

“You’re squeezed from every side, and you’re trying to decide which way to go,” Lauren said.

Now their house is on the market and they are planning to move to North Carolina, where Lauren says she can cut expenses 50 percent. If we didn't have kids or intend to have more, we could do Miami,'' she said.We can work and battle it out. But we want that quality of life for our children.”

Worth noting, of course, is that quality of life isn’t just about affordable housing.

`AN ANGRY PLACE’

I find it to be an angry place,'' said Adele Paul, a Coconut Grove optometrist, who operates a practice with her optician husband, David Fitzgerald.We went to Amelia Island last year, and everyone was so nice.”

So the couple are selling their home and building a house in Fernandina Beach.

Paul’s situation illustrates why powerful economic forces are prying loose South Florida’s middle class.

First, there are thousands of households with formidable amounts of home equity. Paul and her husband could have roughly $500,000 in profit from their home, even after accounting for renovations.

Second, there is the property-tax jump if you move.

Third, even those fortunate to have an affordable mortgage at a fixed rate are being pummeled by a rapidly rising cost of living. Windstorm insurance is one example. In the case of Paul, the tiny building where she practices optometry has seen its assessment rise to more than $1 million, from $345,000.

`THAT’S A LOT OF MONEY’

We were $8,000 short on our escrow account, and if you're running a small business, that's a lot of money,'' she said.I can’t just charge higher fees because insurance and government reimbursements are fixed.”

Moving to Nassau County in northern Florida has also provided a couple of unintended economic dividends. Malpractice insurance is two-thirds what it is here,'' she said.And car insurance goes way down.”

A few key statistics show how quickly, and powerfully, the economic winds have shifted in South Florida.

In 2001, the Florida Association of Realtors estimated that the median South Florida home cost $158,000. That was about 7 percent more than the national median. With 10 percent down, that would have meant a monthly payment of $898.80 for principal and interest at prevailing mortgage rates then.

Today’s median home price of $378,000 locally is 73 percent above the U.S. average. It also means that principal and interest total $2,150 monthly.

And that’s after a 10 percent down payment - $37,800.

“The hardest thing for them is coming up with a down payment,” said Kimberly August, a mortgage planner with RegionsBank.

August noted that mortgage payments are already on the rise for households with adjustable-rate mortgages. But even families with fixed-rate home loans are finding their housing costs soaring, she said, because of skyrocketing insurance premiums, which have nearly doubled in the last several years and will nearly double again if proposed rate increases are approved.

“Insurance is taking the place of your rates going up,” August said.

Could housing prices deflate?

In theory, inflation in housing can’t outpace income growth forever.

The reality, however, suggests it can, absent a disaster. In a recent survey of the U.S. housing market, the Joint Center for Housing Studies at Harvard University said the imbalances in affordability don’t self-correct very quickly - and the solutions are often worse than the problem.

“In most cases, it takes significant job losses - or a combination of overbuilding, modest job losses and population outflow - to drive house prices down substantially,” the Harvard study concluded.

CONDO SALES DOWN

Although there is growing evidence of overbuilding in condos, it isn’t clear whether that is the answer to the housing affordability problem. In fact, even as the new buildings soar, sales of existing condos were down more than 30 percent in June in both Miami-Dade and Broward.

The other factors that Harvard said will cool off housing prices are not factors. The labor market is drum-tight, for instance, and the population continues to grow with influxes from Latin America and the handful of cities, such as Boston and New York, that still make South Florida look like a relative bargain.

Those who stay find that the home-equity windfall doesn’t actually produce a higher living standard.

“The problem with real estate is, yours goes up but what you want to buy also goes up,” said Oscar Aleman, 43. He and his wife are selling their one-bedroom North Miami condo and teaming up with his parents. They hope to find a triplex, which would allow them to rent the third unit for rental income.

Even working two jobs - in security and as a medical technician - he is having a hard time finding something affordable. “Basically, [it’s] the only way people without a lot of money can afford a mortgage,” he said.

COMMON COMPROMISES

John Bryan Page, chair of the anthropology department at the University of Miami, said the kinds of compromises being made by Aleman’s family are common in cities with stratospheric housing costs.

“To look at what kinds of adaptations take place, you need to look at places like San Francisco and New York City where people have been living [in over-priced markets] for a long time,” he said.

They have roommates or put another generation under the roof. Commutes grow longer, traffic gets worse. People are opting for living down in Homestead and places they can afford,'' Page said.If I had that kind of commute, I would slash my wrists.”

Scott Leidel took another approach.

He drove off.

A native of Miami, he found himself priced out of his hometown. “It was either move to another place and pay off all our debts, or stay in Miami and get further in debt,” said the 28-year-old computer technician.

He sold his Sweetwater condo for $190,000 - earning $80,000 on it in just two years - and decamped to a Chicago suburb. His new abode is twice as big as his old condo and cost $20,000 less.

It's kind of that Coral Gables-South Miami feel wherever you go,'' he said of his new community.We have a friend who just bought a home for $500,000 up here and that’s a lot of money, but his home is the size of one of those Star Island homes.”

© 2007 Miami Herald Media

By maxmoose03

March 8, 2007 10:23 PM | Link to this

mooseface - What is going on in your deluded mind?

I will never win what?

People like CW and me are getting richer. You are getting poorer. Do you think arguing with us is going to change that???

What do you think you are trying to “win”? A ticket to lifelong poverty? You are guaranteed that already.

If there are a lot of foreclosures, I will just be buying up REO property, like last time at RTC auctions. How does that make YOU a winner?

I really want to know this. You are a fascinating study in failure.

By maxmoose03

March 8, 2007 10:34 PM | Link to this

Folks, I know Mooseface is a mental case, but for some reason I feeli like I am not getting across the basics of real estate.

1) You buy with OPM - OTHER people’s money. You don’t risk your own.

2) If you lose, you lose someone else’s money - like a bank.

3) If you win, you split it 80/20 with Uncle Sam.

You only win, never lose.

Why does Mooseface find this so complicated?

By to mooseface

March 8, 2007 11:15 PM | Link to this

you tool,

did you see the length of that article you just posted.

holy christ, i’m on your side and you pasted a novel.

give us your opinion, not someone else’s news article.

you are worthless.

By SirPercy

March 8, 2007 11:21 PM | Link to this

OK, Maxmoose buy my dam house with OPM but just buy it already :)

By SirPercy

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

I agree - that article was a) just one one-sided article, and b) way too long for a blog…

What is the deal anyway with the dual between the Moose’s?

This beginner knows this much: Real estate, like the economy, is cyclical and ANYone who insists they know what will happen when is a fool.

By Goodbye Losers

March 9, 2007 12:09 AM | Link to this

Yes Mooseface, Florida is losing people but it is not a MIDDLE Class Decline but rather a LOWER CLASS exodus. Good Riddance…go to Tennessee or NC and bring your big ugly dogs and pick-up trucks with ypu. Park on your lawn and throw your trash out your front door through the torn screen door! The toilet flush hopefully will affect this blog as well!

By the geico cave man

March 9, 2007 12:24 AM | Link to this

To all the “newbie’s” & or “beginners” to this blog…maxmoose03 is an “extreme” regular here. His passion is to be the devils advocate to all topics. He gets his “rocks” by upsetting/attacking most of the bloggers here. He is on this blog 24/7….he doesn’t miss a beat. The Post might rename this the maxmoose03 blog . Anyways…hope you enjoy the real estate blog.

By maxmoose03

March 9, 2007 1:23 AM | Link to this

Acutally, Geico, I started posting because a few months ago this blog was full of sadistic a******s telling people their houses were going to lose 70% of their value, scaring them for no reason at all. I started taking a look at the situation as data came out, and realized there was nothing dramatic happening.

Yes, there are people like Percy who claim they want to sell, but don’t bother marketing. I told him to work with a mortgage broker to offer financing on his place, he prefers to shoot the breeze on this blog.

Last Sunday, with this “crisis” going on, there were 7 houses listed for sale in the Boca Raton News classified ads. Not thousands. Not hundreds. 7. And you are telling me people are desperate to sell? B******t. They can at least put a $35 ad in the paper.

Most of the major idiots are gone now. There’s no one telling people on a daily basis they are going to lose everything and their lives will be ruined.

There’s “Mooseface,” a naive kid who has the government paying his rent, but he can’t figure out what his own point is. He pasts long and meaningless articles that just annoy any potential allies. I am smart enough not to read them.

There are more houses for sale, at higher prices than years ago, with higher taxes, and one third fewer realtors out there to sell them, so yes, it is going to take longer to get rid of a house.

On the other hand, prices have increased fairly steadily since last Septmeber. We are now back to a median price of 388K on houses in Palm Beach County. I don’t make the numbers.

BTW, those prices are on existing houses. New construction prices are astonishingly high.

If we see numbers for February indicating a median still rising, especially one near 400K, then I am done on this blog, because there is no more argument.

Imbeciles like John, RCA or Mooseface can say what they want, it will not change the tide of rising prices, which pays off for the homeowner sooner or later.

So that’s it, cave guy, I deal in facts, not predictions, not panic that the sky is falling.

The Dow is up 75 times since it hit 163 in 1945. Housing is up similarly. People who hang on to appreciating assets make money, those who don’t, don’t.

It makes no difference to me that Mooseface will spend his life on the public dole. Just let’s kick him out and make him some other state’s problem.

Meantime, if I helped even one homeowner sleep better at night, my time was well spent. WIth an almost 400K median price, the situation is getting so obvious no one will be terrified any more.

For your future reference, here is a list of things that DON’T MATTER in your life:

Mortgage companies failing

Foreclosure rates rising

Lots of houses for sale

Ads that say “Reduced”

Fewer students in public schools

People who bought wrong, bought stupidly, overpaid, or whatever it is they want to blame someone else for

===============

Finally when someone tells me their 650K house is now worth under 540K, they are in it a year and desperate to sell, my reactions are these:

1) If you can’t afford it, why did you buy it? What were you thinking?

2) How the hell did you get it financed?

Every one of those “Flip this House” shows should come with a proviso: If you don’t know what you are doing,, DO NOT TRY THIS AT A HOME

By maxmoose03

March 9, 2007 1:36 AM | Link to this

One last thing - if you hear someone say he is “desperate” to sell — and I have heard very few — ask him if he is willing to sell without making a profit.

BTW, if he has owned the home a year and a half, he ahs probably paid down the mortgage 10K and saved another 15K or so in taxes by itemizing on schedule A. If you don’t know the drill, they will paste your eyes shut with BS.

By Mike Fink

March 9, 2007 8:55 AM | Link to this

Max,

If none of those thing matters, or helps dictate home prices, what does? Or does housing just always go up, and I am misguided in even worrying that housing values will fall significantly over the next 1-3 years? Also, does the drying up of easy credit have any impact on housing (in your view) at all? Or is that another thing I don’t need to worry about? Oh, and to answer your question, “How did you get it financed”?

Anyone with a pulse could get a 6-10X income loan with no documentation and no money down. That’s how you get it fiananced. The lending standards were just totally removed over the past 5 years.

The one thing I saw in this thread that made some sense. Yes, you could play the housing market with OPM (other people’s money). And yes, that’s why you can see huge gains on RE investment (actually, it’s possible to get an infiante ROI if you put nothing down, and never pay the first MTG payment (or pay it with cash back)). But what about when the values go down? Yes, your playing with other people’s money. So it’s a heads I win, tails you lose? Not really. If you think that these loans, and defaulting on them, are not going to have repercussions, think again!

By Where's AP

March 9, 2007 9:41 AM | Link to this

AP where are you? NASTRAFINKUS needs to be crushed like a grape again.

By cw1900

March 9, 2007 9:53 AM | Link to this

morning notes from cw:

Mooseface, do you think you could post another long article? I’m not sure I could be any more bored, but I’ll try.

Once again, the normal everyday occurrence of front page news in the Post, and what is it? Corrupt local politicians and wayward priests. I will leave it at that.

Also, peppered throughout the paper this morning are a few articles I need to share. I am doing a public service for our friends movnig up to Georgia. You need to know about your new surroundings and the current debates up there, and I am more than happy to help. The first article is about the state of Georgia trying to approve bible classes in the public schools, and the other article in the paper this morning is about Georgia wanting to officially apologize for their past venture in slavery. What interesting happenings we have in our neighboring state of nirvana and paradise for our fleeing Floridians. What other rehashed debates can they conjure up? As you can imagine, it is quite a heated debate up there on both issues. Are those rednecks going to relive the past forever? I just thought our paradise runners should be informed. Bring your pickup, your confederate flag, and your indoctrinated, home schooled chillens’ and all will be right with your world up there in paradise. Maybe the poor guy in Olympia who doesn’t know how to buy real estate correctly, with the racist wife and ungrateful kids, should send the wife and kids up to Georgia and pawn them off on some other sucker. They will fit in just fine. No wonder this dude is so upset and his financial life is in shambles. Look at who he has to live with. Meanwhile, I say to him, the husband, run, get away from your wife and kids. Go to the Keys or somewhere and escape that heIIhole of a family existence. OMG.

I have to agree with Mike Fink on taking incentives. He is correct about how it can affect the sales price that goes in the county records and how it will affect your initial starting point of your property taxes. Why would anyone want the cash back, and leaving the higher selling price? Isn’t that short term gratification for a longer term payment of higher taxes? I’m guessing it is good only if you are keeping the property for a very short time, right? Max, i’m sure will have an answer on that. What am I missing Max?

I had a board meeting last night. Afterwards, the topic turned to real estate. Here’s something interesting I heard and even surprised me. The Toll Bros development, Jupiter Country Club is selling nicely so far, but more importantly, originally I heard the homes were starting in the mid 700s. That’s not true. You doomers are right. Prices are adjusting and Jupiter Country Club is not exempt from that trend. Yes, they have been adjusted in price. The homes now start in the mid 900s and up to $1.5 million.

cw

By diatribetime

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

Get ready for more meaningless spewing from maxi and his alter egos. Fink disturbed him again with facts.

By the geico cave man

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

cw brought up the subjuect of the front page of the Post….you might use this logic…it costs so much to live in PBC that even the preists & poltictians have to steal to keep up.

By Bubble boy

March 9, 2007 11:02 AM | Link to this

I just read that article Mooseface posted. Here are the relevant facts besides the typical whiners.

“Could housing prices deflate?

In theory, inflation in housing can’t outpace income growth forever.

The reality, however, suggests it can, absent a disaster. In a recent survey of the U.S. housing market, the Joint Center for Housing Studies at Harvard University said the imbalances in affordability don’t self-correct very quickly - and the solutions are often worse than the problem.

“In most cases, it takes significant job losses - or a combination of overbuilding, modest job losses and population outflow - to drive house prices down substantially,” the Harvard study concluded.”

There is no doomsday scenario for south Florida. Prices will rise continually over time. Stop complaining and deal with it, or leave.

“Goodbye Losers” said it right when he said “Florida is losing people but it is not a MIDDLE Class Decline but rather a LOWER CLASS exodus.”

That’s the truth, and yes, the truth hurts.

By Steve

March 9, 2007 11:24 AM | Link to this

Can’t the bank go after you for the difference (loss), if you foreclose?

By Mike Fink

March 9, 2007 11:33 AM | Link to this

Yes, the bank can go after the difference between the sale price of the home (foreclosure sale) and the amount owed the bank.

Also; and more importantly, the govt WILL go after you for the taxes on that gap.

If you have a 500K loan on a home, and the bank sells it for 400K and then forgives the debt, you owe taxes on the 100K of “debt forgiveness” to Uncle Sam. And let’s just say, they WILL get paid, one way or another!

By Mike Fink likes gloom

March 9, 2007 11:54 AM | Link to this

Fink, are you happiest when there is a crisis, a problem?

Do you get satisfaction when others suffer?

Are you one of those people who slows down and turns your head to look at the traffic accident hoping to see “some good stuff”?

You are probably one depressing individual to stand next to at a cocktail party.

You actually seem to get mad when their is something positive said, and you are filled with glee when some sort of bad news comes out.

Just read the way you ended your last post. You love to add the negative, the pain, the bad.

Ladies and gentlemen, can you imagine what life is like around the dinner table at the Fink rental?

I would rather put a gun to my head than have to listen to that 24/7.

By maxmoose03

March 9, 2007 12:09 PM | Link to this

Buy a house…get a dog…anybody?

I think he cheats at cards too.

Anyway, good morning Finkster. Do real estate prices always go up? I dunno. Does good always triumph over evil? Does the sun also rise and set; and hastening to its place, rise again? I guess it depends on how you define “always.” Have houses gone down in the US as a whole, during a 1-3 year period? I don’t know, maybe during the depression. Have they been down for a 5-10 year period? I doubt it very strongly. Are you misguided in worrying that houses will fall significantly over the next 1 to 3 years? Probably so. But IMHO, you are even more misguided considering any transaction in which it MATTERED whether house prices were down in 1 to 3 years. Don’t try to be Flipper yet Mike, you haven’t earned your fins.

I don’t know what kind of banks you deal with, Mike, but mine wouldn’t let me do just anything I wanted, and I started with an 800+ credit score. So if people went to ridiculous lengths to get approved, it’s not something I would endorse. As for the current mortgage “crisis” - another imaginary crisis, those who remember the RTC scandal know that it was far, far, far worse than any potential problems today. You had major fraud perpetrated by people like the Bush’s (OK, W’s brother Neil Bush if you like) all over the country. Still, even then, it turned out to be nothing. Some people picked up bargains at RTC auctions, and that was that. Sorry Fink, Mooseface: no big deal.

Anyway, folks should not be PUTTING themselves at risk of needing to foreclose within the forseeable future. If you are careful and still make a mistake, the underwriter made the same mistake. No one likes to lose a house.

CW - You were saying something about taking a higher price for cash back? Why accept the higher price? You take the price that makes sense for you. THEN you try to hold up the developer if you can. There is an argument for higher cost basis, though — it decreases your capital gain on the other end. In the meantime though, your property taxes are higher.

Something is not quite right anyway when you can just add 30K or whatever to the price of a property and still get it appraised. It smells fishy to me. As they say in the Real Estate trade:

Y’a anguille sous roche.

By Qwerty

March 9, 2007 12:10 PM | Link to this

Mike Fink at a cocktail party?

Oh, that would be a hoppin good time…..

That was very funny.

By Qwerty

March 9, 2007 12:20 PM | Link to this

Mike Fink at a cocktail party?

Now that would be a hoppin good time.

That was funny?

Mike, do you ever smile except when someone else is suffering?

Qwerty

By maxmoose03

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

Mike -

Now you are telling people plain b******t.

If there is an exculpatory clause in your mortgage agreement, that’s the end of it.

If not, what is most likely to happen is that the bank will take control of the property in the auction at the courthouse steps, where they start out bidding having a full credit for the amount of the deficiency. Once they buy the property - for as little as they can — they can’t turn around and claim it sold for too little!

This is a tricky subject and my ultimate advice is to see an attorney — but it is not anything like the Finkster says.

And that stuff about “debt forgiveness”? Mike, that is truly nutty. Have you never prepared a tax form?

By maxmoose03

March 9, 2007 12:42 PM | Link to this

I’ll mention this as well, just in case anyone finds it interesting.

There is a funny right in Florida called “equity of redemption.”

Basically this means that the bank could spend a year getting ready to foreclose on you, if you rob Peter to pay Paul and somehow come up with what you owe prior to the disposition of your house, you can bring your account current and avoid losing the house, even late into the game.

SO the number of people losing houses to foreclosure is even less than that 1 in 800 figure. It’s mostly - not all, but mostly the folks who have given up on the house and walked away.

Again, if you are into this area, or even near it, you need an attorney.

By christo

March 9, 2007 1:51 PM | Link to this

What is missing from this discussion as from almost all others concerning RE prices over the past 10 years in the US is that it wasn’t so much an RE boom as a credit boom.I’ve also seen no discussion of gross rent multiples. Even with interest rates at 5%, if the annual rent on a unit is less than 1/20 of the purchase price, it’s priced too high. That doesn’t mean it won’t go higher, but ultimately the local economy won’t support it, only a further credit boom will. And if interest rates go up, well, it won’t be pretty. People believe inflation no longer exists. Be careful with the big one-way bets. The other point is that there are other investments besides RE that can earn you much higher returns depending on the market. RE is not a guaranteed risk-free investment as some of the posters here seem afraid to admit. I think I see the greed starting to turn to fear. Wonder which is stronger? Hint: it’s not greed.

By spa

March 9, 2007 2:02 PM | Link to this

I just bought a home for $170K that appraised out at $195K legitimately, nowing how some of you investors had the homes you bought appraised out the roof and now you are sucking wind big time. I just waited patiently for this to happen! The seller paid all of my cloing cost and I got 100% financing with a 6.75% fixed 30yr mortg. All I brought to the table was my John Hancock and not one red cent not even an EMD oh and did I say that my home is on three (3) lots worth $140K and I’m an African-american Female so tell me who got screwed in this deal. I am laughing all the way to the bank!Hahahahahahahahaha

By Signeds second cousin twice removed

March 9, 2007 2:11 PM | Link to this

I saw Mike Fink with an italian menu in his hand Walking through the streets of City Place in the rain He was looking for a place called Chow Ping’s Going to get himself a big dish of overpriced pasta Mike Fink of Evergene

If you hear him talking doom around your kitchen door Better not let him in Little old lady got bored to death late last night Mike Fink of Evergrene again

He’s the crazy nut who ran amuck in the IT Dept of Kmart Lately he’s been overheard by the pool in Evergrene Better stay away from him He’ll bore you to death, Jim I’d like to meet his old economics teacher Mike Fink of Evergrene

Well, I saw Mooseface walking with RCA Doing the Mike Fink of Evergrene I saw Mooseface, Jr. walking with RCA Doing the Mike Fink of Evergrene I saw Mike Fink drinking a pina colada at Blue Martini’s His wallet was perfect…but empty Mike Fink of Evergrene

By wait

March 9, 2007 2:14 PM | Link to this

wait till more homeowners get nabbed by AMT and lose a lot of deductions. AMT now officially backwards. More VERY wealthy it was aimed at now avoid taxes taxes, while middle incomes are being whacked as AMT never indexed for inflation.

By Signeds second cousin twice removed

March 9, 2007 2:28 PM | Link to this

I saw Mike Fink with an italian menu in his hand

Walking through the streets of City Place in the rain

He was looking for a place called Chow Ping’s

Going to get himself a big dish of overpriced pasta

Mike Fink of Evergene

If you hear him talking doom around your kitchen door

Better not let him in

Little old lady got bored to death late last night

Mike Fink of Evergrene again

He’s the crazy nut who ran amuck in the IT Dept of Kmart

Lately he’s been overheard by the pool in Evergrene

Better stay away from him

He’ll bore you to death, Jim

I’d like to meet his old economics teacher

Mike Fink of Evergrene

Well, I saw Mooseface walking with RCA

Doing the Mike Fink of Evergrene

I saw Mooseface, Jr. walking with RCA

Doing the Mike Fink of Evergrene

I saw Mike Fink drinking a pina colada at Blue Martini’s

His wallet was perfect…but empty

Mike Fink of Evergrene

By maxmoose03

March 9, 2007 3:51 PM | Link to this

If “spa” is for real (everyone new is suspect), she makes a good point. 100% financing. OPM. Risk someone else’s money, not yours.

In the same breath, Mooseface or the The Finkster can talk about the extraordinarily loose lending practices that prevaled, and all the money people have at risk. Sorry guys, but this doesn’t make any sense. If people enjoyed extraordinarily loose lending standards, then they put down extraordinarily little money — often the case. So what are they risking? Nada.

By spa

March 9, 2007 4:17 PM | Link to this

Yes maxmoose03 I am for real and I understand you being skeptical. Trust me I been reading these blogs since 2004 and some of these peopl seem pretty weird and whats up with all the racism? I met a SHADY (didn’t know it at the time) mortgage broker (white) and he screwed up my credit rating going from 785, 749 & 711 credit scores to 500’s shopping me all around the country charging “points” here and there trying to make 10’s of thousands of dollars off the “front and back” end of the loan and with me not knowing any better I listened to what ever he had to say. I didn’t want to believe that all of them are like that but it was hard not to. I think he did it on purpose did not want a “Sista” to own any realestate. I think it was hard for him to believe that I being a single mother of three and black could have such a thing as good credit. He made me think that his mission in life was to destroy my credit worthiness. So after repairing my credit and finding a reputable lender after about two years I found the perfect first home for my children and myself in a pretty decent area. Who says you can’t find a home under $200K outside of the 33404 and 33407 zip codes. Well I did and as I mentioned before without one penny! NO LIE!!!

By To Spa

March 9, 2007 4:48 PM | Link to this

To Spa, to answer your question above “I’m an African-american Female so tell me who got screwed in this deal. I am laughing all the way to the bank!Hahahahahahahahaha” Answer: YOUR NEIGHBORS

By Curious

March 9, 2007 5:20 PM | Link to this

Y’all know what Jeff is doing?

Think he is happily copying many of these character-rich posts in The Putz and Sun-Slantinel to include in his up-coming novel — based on … ? Guess.

By BIG ROB to spa

March 9, 2007 5:46 PM | Link to this

I dont think being black had anything to do with you getting screwed by anyone. You like many other people hav had the same thing happen to them.What were houses in your new neigborhood selling for before the the back slide of real estate this I think would be interesting to everyone reading this post.I am happy for your new home and wish you the best. and as for your nrighbors DONT HATE THE PLAYER HATE THE GAME!!!!!!!!

By maxmoose03

March 9, 2007 7:25 PM | Link to this

Under 200K, spa? Definitely not where I am familiar with, but good work.

In case anyone is interested, Jeff’s novel is about a sub-par real estate reporter who can’t seem to learn anything about real estate. Highly original.

Well, you know what they say. Those who can do, and those who can’t are reporters. Those who can’t be reporters report specialties like lifestyle…or business…or real estate. (I guess these days they blog.)

By Michele is Carolina Gal

March 9, 2007 7:35 PM | Link to this

Michele is Carolina Gal or just another racist tramp. I’ve never seen so many racist a-holes lurking around this blog. Michele, let me tell you this. You suck, you little slut. Go to heII.

Here is “spa”, who is a new homeowner, maybe bragging a bit, but nonetheless, telling us about her obviously first home, she’s excited in her accomplishment, and here’s comes along this twit racist Michele. Maybe she is the wife of that Olympia loser?

Granted, 200k is probably not in the best neighborhood, but I’ll tell you what. You have to start somewhere in homeownership, and that’s what some of these new homeowners are not doing, and “spa” is. Some people think it is their god given right to have their first home be something larger than their wallet. That is why many people are singing the blues. They bought something they really couldn’t afford.

“spa” seems to me to be in a good position. I would advise her to stay positive and focused. Fix up the place to the best of your ability, make it yours, and enjoy it.

Michele, on the other hand, is a self-centered slob who thinks her turds smell like daisies. She needs a smack upside her filthy head.

By spa

March 9, 2007 9:13 PM | Link to this

Oookkkaaayyy, What was that all about? My neighbors getting screwed I have you know that some of my closest friends are white to whoever (By To Spa) is. I’m not bragging I am excited and the homes were going for $210K-$265K I lucked out I know… nah God was on my side but for you HATERS out there (thanks for the back up Big Rob)”DON’T HaTE THE PALYER HATE THE GAME” I got the house already in great condition the owner renovated it completely with ceramic tile throughout the kitchen, bathroom dining room and living room. Brand new bathroom cabinets sink and all… and the kitchen is nice with the same hook up. Nothing to do but move in with all my $$$ I did save up for a down payment that I didn’t have to use. Thanks (By Michele is Carolina Gal) These people are crazy. Have you ever thought about I may be your neighbor now at the moment I live in a NEW GATED COMMUNITY HAVE BEEN FOR THE PAST FOUR YEARS BEFORE THEY EVEN CAME CLOSE TO SELLING OUT. Maybe you people who have a problem with real people who live real lives will think twice. Racist doesn’t even come close!!! To the HATERS I hope I never get one of your accounts where I work I might have to think twice! I’m done with this blog.

By John

March 9, 2007 9:37 PM | Link to this

Spa,

Some people in this blog are just in denial about real estate and the price declines still being felt. Prices are still falling and everyone keeps saying we are at the bottom. They were saying bottom was 6-8 months ago and prices are still falling as I type this……

By maxmoose03

March 9, 2007 10:24 PM | Link to this

Spa - If you are out there….

One generation teaches another by example, by living the way they live.

Carolina Girl, product of brainless bigots and Southern white trash, lives as she observed her mother living.

Your kids will remember a part of their childhood when they grew up in a house that Mom bought and worked for. They will have the confidence needed to do as much or more. And they will not live in a hell-hole of a state like North Carolina, surrounded by bigots who haven’t accepted the results of the Civil War, much less the dictates of common sense.

By maxmoose03

March 9, 2007 10:27 PM | Link to this

John - You still haven’t told me how your girlfriend’s empty townhouse is doing in Firenze.

Let me correct you, John. Some people have not accepted the reality of their OWN situation. “Prices” are not falling, John. YOUR price in YOUR townhouse is falling.

Understand the difference?

By maxmoose03

March 9, 2007 11:54 PM | Link to this

IT’S GETTING BETTER

What a pleasure it has been to take part in a blog that has been free or Rich R. lately, as well as RCA. Even Captain Easy has apparently been off licking his wounds.

I think the blog has shown remarkable improvement, as the idiots calling for a 70% price decline in housing jump ship when confronted with the facts.

At some point we will be back to record prices in Florida. What is Linda going to do then to come up with a headline that states prices are going down?

Rest well. Uncle Moosie stands on a blog and says “No one is going to scare you tonight. Not on my shift.”

By Steve

March 10, 2007 1:12 AM | Link to this

Some housing bubble news from Wall Street and Washington. Bloomberg, “Hovnanian Enterprises Inc., the sixth- largest U.S. homebuilder by revenue, reported a loss for the fiscal first quarter as sales slumped and Florida homebuyers canceled orders. It was the second consecutive quarterly loss for the company after nine years of gains.”

By Steve

March 10, 2007 1:18 AM | Link to this

From Business Week. “The 2/28s now coming up for their first reset were made in early 2005. It seems crazy now, but when the loans were made, nobody worried much about the reset. But home values today are flat or falling. What’s worse for many subprime borrowers, the escape route of refinancing at long-term rates is pretty much sealed off.”

By Steve

March 10, 2007 1:19 AM | Link to this

With more than a trillion dollars worth of adjustable loans due to reset in 2008. We have only just begun to see foreclosures.

By SPA-Master

March 10, 2007 3:07 AM | Link to this

Q. What’s black and dripping red and swollen with green pride? A. The newest homeowner catching a falling knife.

By J,G. Wentworth III

March 10, 2007 3:32 AM | Link to this

Who axed you nuttin? We in your hood now and you’d best not be dissen my main ho else I bust a cap in yo mF’in crackerass.

By RCA

March 10, 2007 7:14 AM | Link to this

RCA IS ALWAYS WATCHING MAXY!

By maxmoose03

March 10, 2007 8:35 AM | Link to this

Steve -

…and I should worry about this because…..?

Congratulations, though Steve, I am sure nobody thought you could read passages of that length. Did your kids help you?

RCA (or imitator) —

Keep watching while I s**t on your face.

By stevethewindowlicker

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

I see Steve the window licking short bus riding fool is still posting crap. Way to go you idiot.

By maxmoose03

March 10, 2007 8:51 AM | Link to this

Steve -

Now that you are a big shot business analyst reading Business Week, you don’t want to take stories out of context, do you?

SECTOR PERFORMANCE

March 9, 2007

Up 1.18% for the day.

Is this new Steve? Of course not.

2007:

Dow Jones US Real Estate Index … up 38%

S & P 500 … up 14.5 %

Real Estate is far and away the best performing secuties sector. Keep that insightful pasting coming, Steve.

By maxmoose03

March 10, 2007 11:50 AM | Link to this

woops…figures for S&P and Dow Jones real Estate were for 2006.

What do you expect from a moose?

By Steve

March 10, 2007 12:58 PM | Link to this

Anyone who buys now is jumping the gun. This is just the beginning of RE troubles.

Moose you should worry because you financed your RE purchases with no money down. You are all ready underwater. If you have any networth it is in jeopardy.

By sohseller

March 10, 2007 12:58 PM | Link to this

SOH strikes again. Locals should be buying these up as they are dumped by out of state victims of SOH RE taxes and the Ins. debacle.

Best priced at 770 Bocce Ct. Palm Beach Gdns $475K.

Last sale in PAPA = $545K-04/05. Taxes $9,879 Ins ?

724 Bocce also worth checking into , now owned by HSBC.

Just the start of Vulture mkt. I keep the best, throw these here for fun. You have your favs set aside maxi ?

By JohnnyC

March 10, 2007 2:46 PM | Link to this

From this day forwardd, can we all officially start to call Steve, Carnac the Magnificent?

With his psychic knack for predicting the future, I think this is the day, where we unveil the documents, “hermetically sealed”, of course, and kept in a mayonnaise jar, whereas Steve is deemed, Carnac the Magnificent.

All in favor, say yes.

JohnnyC

By maxmoose03

March 10, 2007 3:11 PM | Link to this

Steve — If you yourself understand that I buy for nothing down, how do figure I have any of my own money at risk?

Are you really this stupid, Steve?

By maxmoose03

March 10, 2007 3:17 PM | Link to this

sohseller - I would personally love to have a “vulture list” - and I have several times asked people like Fink to show me an actual “desperate seller” who would part with his house at a clear bargain price. So far there have been none. If you go look at the current transactions on this web site, you will see that there is almost nobody selling without making money.

By maxmoose03

March 10, 2007 3:40 PM | Link to this

Oh, no, not Evergrene again. is this Fink?

Do you guys not have any other trick except Evergrene? (And Spodilla St. and 610 Clematis for condos.) Agains and again and again. 1.131 million people living here, and I keep hearing about the same couple of developments.

I think we have already been though this business with Bocce St., but I’ll look again.

By to JohnnyC

March 10, 2007 3:42 PM | Link to this

Very creative. That is priceless.

That definitely describes Steve, hahaha!

By Bocce

March 10, 2007 4:46 PM | Link to this

The mtg. trail for the 724 Bocce in PAPA makes it look like one of the many 2005 buyers who got in WAY over their heads.

Probably many more just hanging on. Resets are going to flush out a lot of strapped owners. How do you refi in this mkt ?

By maxmoose03

March 10, 2007 5:01 PM | Link to this

sohseller - or Fink, or whoever

OK, I took a look at Bocce St.

Once again you are geetting into people’s underwear to try and prove a point, when you don’t have one.

I am going to try to be as unintrusive as I can to the owner, and people in Evergrene.

First, understand that the owners are not moving down nor moving out. They are moving up. they recently purchased a much more expensive home in a nicer area as few miles away.

Does that mean they are just willing to take a loss on the old house? Not necessasrily.

“sohseller” may think you just buy a home in Evergrene and move in. Wrong. You have to buy an equity “membership.” A very expensive membership. Guess who must own one already.

It is not clear to me how the owner got his membership, but it does not appear from the listing that it is necessarily included in the price of the house.

I am not going to waste any more time on this, but I sugest “sohseller” call John Hauck, the realtor who listed the house on both occassions.

So far, I have seen nothing to indicated a drop in the amount of money needed to live in that house, once the smoke clears.

In any event, sohseller is out of his league — I doubt you can mortgage a club membership.

sohseller can keep his “vulture list” for toilet paper, when he’s done eating crow.

By maxmoose03

March 10, 2007 5:20 PM | Link to this

My above remarks concerned 770 Bocce.

Once again, the incidents of someone losing money from the sale of a house are few and far between.

Go to “current sales” from this very website.

For every 1 potential loss the time-wasters bring up, you can point to about 15 clear wins for the seller.

In any market there are people who lose on a house - because of divorce, changing circumstances. whatever. However in this market, the ratio of winners to losers, among sellers, is so overwhelming that the argment is fatuous.

By Steve

March 10, 2007 5:30 PM | Link to this

I guess you have nothing to lose because you have no networth. Except your credit. Too bad there’s no debtor’s prison.

By Loser Rich R

March 10, 2007 6:10 PM | Link to this

To Maxmoose: Remember Rich R’s post last year (it follows) don’t waste blog space responding to this self admited king of idiots! Here it is reposted:

ANYBODY REMEMBER THIS? By Rich R November 27, 2006 03:12 PM | Link to this

I’d have to say, after living in Boca, my net worth is substantially higher then the average in Boca.

In my case, I’ll thank my family. I inherited most of my worth. Either way, I don’t finance anything”. Advice from this genius??? WHAT A LOSER huh??

By maxmoose03

March 10, 2007 6:10 PM | Link to this

Steve - On the one hand, even the smallest of my brokerage accounts represents more wealth than you will ever see in your life.

On the other hand, what do I care what a schmuck like you thinks? You are the one name which stands out as the stupidest person on this blog - you have no competition. Do you think there is anything for me to gain by arguing with you?

Rest up, Steve. You have to go back to your stupid, low paid job Monday, where they hold you in greater contempt than even your wife does. Not that any of us blame them.

By maxmoose03

March 10, 2007 6:22 PM | Link to this

6:10 Poster - (Loser Rich R.)

That was why it was especially funny to me when he was crowing that he made 150K on a land deal.

Apart from the fact that he is a liar who is just here to hawk his swampland in NC, his attitude is especially appalling: Hey, Rich R. was born rich, so if you were not born rich, you may as well just give up now.

What a jerk he was. Fortunately, it looks like we swept out a lot of the crap like him.

By Steve

March 10, 2007 6:24 PM | Link to this

Actually, I own a business and you are a clearly miserable turd.

By maxmoose03

March 10, 2007 6:43 PM | Link to this

Steve - you don’t own a pot to p**s in, and you clearly aren’t bright enough to run an electric toothbrush.

You schmuck — you are too stupid to write more than 2 sentences at a sitting, you can’t communicate with people, you clearly have no idea what I am talking about when I mention securities - or mortgages - or anything in the business world. What kind of business could an idiot like you run?

By the way, Steve, do you have any doubt that you are known as the stupidest clown on this blog? Do you derive some sort of pleasure from being looked down upon?

By Steve

March 10, 2007 6:58 PM | Link to this

Wow. Like I said, a miserable turd, pretty much sums you up.

As far as the stupidest clown, I think the guy who pretended he was a seventeen year old student. Oh wait, that’s you.

By maxmoose03

March 10, 2007 7:04 PM | Link to this

Careful, Steve, you almost exceeded your 2 sentence limit. You’ll burn out the transistor you call a brain.

You think? Steve, who cares what you think? No one cares what you think because….you can’t think!!!

You are some poor white trash motherf**ker living in a rented apartment, selling hot dogs for a living (your “business”), and we’re supposed to care what you think?

Either contribute something to the debate or get lost, Steve. No - wait a minute. just get lost.

By maxmoose03

March 10, 2007 7:11 PM | Link to this

Why the sudden freedom, Steve? Where’s the wife? Did she get tired of saying “Steve…Steve….Steve and getting no response? Did she get tired of living in a dump, being married to an idiot, and depending on her own resources for any kind of life? Did she have to go out, Steve? Did she go out to meet someone with education, looks, and sophistication….mmm, someone like me?

Don’t worry, Steve, when I f—- your wife I’ll give her a bonus — you’ll be able to eat somewhere besides McDonald’s for one night that month.

By 724 Bocce St

March 10, 2007 7:12 PM | Link to this

Maxi, gave you just a couple to play with. Those who are doing enough homework now are preparing to react at appropriate time.

Is HSBC now “equity” member in Evergrene as owner of 724 Bocce ?

Explain the paper trail of this address . If you do not understand yet what is happening in many RE situations yet it is because you have painted yourself in a corner.

You are looking sadder and sadder.

By Steve

March 10, 2007 7:18 PM | Link to this

Ah hah hah, I am contributing to this blog by pointing out charlatan’s like yourself.

By maxmoose03

March 10, 2007 7:23 PM | Link to this

Bocce, you are looking poorer and poorer.

You can not afford those places regardless of the price of the house, so why bother?

I don’t need to react to every bit of misinformation you confuse yourself with. You are not a real esate person, you are not a finance person, and you simply don’t understand what goes on.

I’ll tell you what, Botch. I do know some actual bargains in country club communities…so when you have the 150K cash membership required, give me a hollar. Then we’ll see about finding you 200K for a down payment.

Right now, I don’t think you could afford the $450 monthly HOA fee in Evergrene, let alone the 10K taxes on that house, let alone the wind insurance, and oh yes — will you be paying that 475K in cash? Or do you care to finance?

By Steve

March 10, 2007 7:25 PM | Link to this

Sounds like you have experience getting dumped. I bet you wonder why your marriages fail. I ‘ll give you a clue. Because you’re a turd.

By maxmoose

March 10, 2007 7:30 PM | Link to this

You are certainly taking your limps Steve, without answering back.

“Charlatans” is plural, not possessive - from French, a language I speak and you don’t, Steve — although we could say the same about English as well.

But since you think you are a junior muckracker, come up with a single fact that I have been wrong about (and please provide the proof along with it).

That should keep you busy for the next two weeks. And unlike you Bozo’s, I have places to go and women to do.

WHen was the last time either of you screwed someone besides your own mothers? Maybe you should swap, make life more interesting.

By Betcha

March 10, 2007 7:34 PM | Link to this

Maxi getting desperate now, it’s about time for his alter egos to start posting. FlRen or one of his others should appear soon while maxi licks his wounds. Facts hurt maxi.

By Steve

March 10, 2007 7:37 PM | Link to this

You’re obviously the male equivalent of Rosie O’Donnell.

By Steve

March 10, 2007 7:41 PM | Link to this

I guess that’s why you’re a substitute english teacher and I’m not.

By maxmoose03

March 10, 2007 7:52 PM | Link to this

Bye Bitcha. Bye Steve. Uncle Moosie has people to see, while you sit there and play with yourselves.

You should get the schedule and come to see Arni and me at one of our seminars, Steve.

I will talk to Security so you can get in the place. Wouldn’t want any accidents now, would we?

By curious

March 10, 2007 9:17 PM | Link to this

Postings above refd to 724 Bocce on PAPA site. WHere it says there Sales Date Feb-2007 $1.00 and new owner HSBC Mrtg Services means what ? Buyers of Feb 2005 for 450K walked away ?

By highendtoo

March 10, 2007 9:25 PM | Link to this

“Last night, a condo-hotel developer who was a partner with celebrities in selling luxury perches from Miami to Chicago let the mortgage on the Royal Palm Hotel in South Beach, a trendy section of Miami Beach, expire. The missed deadline places another luxury condo project into the hands of bankers specializing in troubled mortgages.

Jack McCabe, a real estate consultant in Deerfield Beach, Fla., said there would be more troubles for developers, lenders and title insurance companies.

“This is the first of what will probably be several high-end developers who had a number of luxury projects,” he said. “We’re going to see some where the banks take them back. We’re going to see some sold to other developers. We’re also going to see a lot of litigation.”

article avail. at

http://www.nytimes.com

By maxmoose03

March 10, 2007 10:14 PM | Link to this

Another of the Max Moose Group bring you another Moosterpiece of mortgage interpretation. Other Max is shall we say indisposed at the moment.

In answer to “curious” question on 724 Bocce Court: multiple property owner, I will call hiim Enrico, has 724 rented out but runs into problems in first half 2006. He sells another property in June, and brings Bocce, current. However, he is again behind by August, and HSBC files lis pendens. First half 12/06 HSBC obtains Foreclosure Judgment, which sets date for 1/22/07. HSBC acquires title at auction, gets certificate of title.

I do not know Enrico and Max #2 always say Don’t count other people’s money. But Enrico walked away from other sale with 120K profit and had renter (I think) in house. I have to suspect Enrico was not anxious to keep up property. On the other hand, foreclosed mortgage was a tiny 89K. Court costs and lawyer’s fees were added by Judge on top of 89K, total about 94K.

Max #2 say, one in 800 houses in PBC foreclosed, get used to it.

By hey max

March 10, 2007 10:38 PM | Link to this

RCA IS ALWAYS WATCHING!

LOSER

By maxmoose03

March 10, 2007 10:51 PM | Link to this

Max #2 back with U.

RCA imitator, we know you are a loser, but thanks for reminding us.

I will now take over for my able friend (who can not seem to get the name “Enrique” straight). Since that was a pseudonym, it matters not.

OK, the two mortgages on 724 Bocce were 90K, and, believe it or not 360K. 100% financing, I assume Enrique had some sort of comfortable arrangements for the membership.

As for the house itself, it appears he had no money at risk and may have perceived he had no equity. He may have been very happy to take his 120K profit on the June sale and split for greener pastures. Good luck to you Enrique.

Once again the dramatic tale of foreclosure woes turns out to be b******t. But will the idiot who has been plaguing me all night bother to do a little research before wasting everyone’s time?

Nooooooooooooooooooooooooooooooooooooo.

He will first assume whatever nonsense he wants, and leave it to someone else to disprove it.

It’s not easy being a moose…when you’re surrounded by humans who are idiots.

By curious

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

Bocce scenario interesting. Wonder if this is the widespread type of financing that has so many mtg companies in trouble ? Will be interesting to see how long HSBC hangs with it. They probably do want too many small properties but will be hesitant to sell too low.

By maxmoose03

March 11, 2007 9:41 AM | Link to this

“curious” -

Yes, I wonder how long HSBC Holdings can “hangs with it” too.

The fifth largest company in the world, the third largest bank in the world, and the single largest corporation in the entire world, in terms of assets.

But that Bocce Court deal may sink them.

You schmuck.

By tocurio

March 11, 2007 9:45 AM | Link to this

Article re sub-prime lenders like SouthStar and HSBC.

http://www.snl.com/interactivex/article.aspx?CdId=A-5326329-11365

One remark in rticle may remind you of a certain poster on this site : “some in the industry retain their propensity to characterize a nearly empty glass as being half-full.”

By totocurio

March 11, 2007 10:08 AM | Link to this

“Crisis Looms in Market for Mortgages”

Article in NYT describes troubles some lenders (and borrowers) created. Possible economic domino effects if RE mkt doesn’t recover soon could be uncomfortable for a lot of people.

” Thomas A. Lawler, founder of Lawler Economic and Housing Consulting, said: “It’s not that the mortgage industry is collapsing, it’s just that the mortgage industry went wild and there are consequences of going wild”

“I think there is no doubt that home sales are going to be weaker than most anybody who was forecasting the market just two months ago thought. For those areas where the housing market was already not too great, where inventories were at historically high levels and it finally looked like things were stabilizing, this is going to be unpleasant.”

http://www.nytimes.com/2007/03/11/business/

By HSBC

March 11, 2007 10:15 AM | Link to this

Maxi- catch up on your reading. :

3/9/2007 HSBC Finance sells $1 billion of three-year notes
3/6/2007 Exclusive HSBC calls quits on U.S. deals as it sorts out subprime mess
3/5/2007 Exclusive Research & Analysis: Old promises ring hollow at New Century
3/5/2007 Extra Subprime delinquencies weigh on HSBC’s U.S. profits

By maxmoose03

March 11, 2007 10:19 AM | Link to this

MAX APOLOGIZES

Sorry “curious,” the dog has a nasty habit of waking me up before noon. Grouchy and bleary-eyed, I assumed you were the same guy from earlier last evening. Maybe you are not. Anyway, on first reading I took it to mean you wondered how long HSBC would stay in business, which will probably be longer than the Roman Empire did. It certainly has more assets. On 2nd reading I realized you might have meant how long will they hang with the house. That I don’t know. They’ll give it to a broker to dispose of, so it depends on him, most likely.

Last time around, the RTC auctions were fun, and some people got reasonably good buys. It was hard to get anything spectacular, because there was always one turkey bidding against you and running the price up. There was no time for a conference on Professor John Forbes Nash and game theory. (This was what “A Beautiful Mind” was about, in case all that chatter about Adam Smith was not your cup of tea.)

I don’t know if “a lot of mortgage companies” are in trouble. There was certainly an explosion in the number of new mortgage firms in the past few years, and I should not doubt a lot of them want to leave the business if the party’s over. Since even a small firm may do, say, 150 million a year in loans, it’s easy to generate a little news blurb that makes a routine closing sound cataclysmic. A coin laundry closing because the owner is mad at high water bills is actually a bigger event in terms of an owner’s business investment.

I am already licensed as a mortgage broker, and my license has seizin. All I need to become a mortgage brokerage business in the State of Florida is a $400 or so license. Maybe I should start a company and close it just to watch that idiot Mooseface paste an article on its closing.

What is amazing is not how unsophisticated people like Steve or Mooseface are —it’s how clever and knowledgable they THINK they are.

By maxmoose03

March 11, 2007 10:59 AM | Link to this

“HSBC” -

How about go a little deeper in YOUR reading.

HSBC Finance hit 52 week highs on 2/1. Not exactly a company in trouble, even in the US.

Regardless, this is much bigger than the US economy alone. You are talking about a world economy, and an entity which can both provide funding for massive investment in the US, and flood the US with cheap money, as it did a few years ago.

Those of you who think the US is the only global player, and that the Fed exclusively controls our economy, are pathetically out of touch.

As for organizations like HSBC, they have better things to worry about than a few thousand foreclosures in places like Bocce Ct.

By HSBC

March 11, 2007 11:28 AM | Link to this

maxi, refrain from stating the obvious re HSBC. The point is HSBC smells trouble with large sector of US RE because of sub-primes. They are facing it and taking actions to cut losses before they get worse.

Take a hint.

By Truth Hurts

March 11, 2007 1:06 PM | Link to this

Maxi,

Care to argue with John Pinson?

“Palm Beach broker John Pinson, past president of the Realtors Association of the Palm Beaches, disagreed.

The city has a glut of completed units and new units up for resale, and some buyers “are forced to close or lose deposits,” Pinson said. At the same time, “owners are willing to rent for extremely low prices just to stop the bleeding.”

A few weeks ago, renters could choose from among 220 two-bedroom units in downtown buildings that sold for up to $500,000 per unit, Pinson said. Tenants can get into a full-service, amenity-rich building for $1,100 to $1,450 a month, “so why buy when you can rent cheap and wait for foreclosures?”

By maxmoose03

March 11, 2007 1:16 PM | Link to this

HSBC -

Every organization adjusts its operations every day to minimize problems and maximize profits. There is nothing unusual about that. Idiots like you are trying to claim a crisis that does not exist, in a business you know nothing about, based on something you read in Money magazine, or based on half of what you can read in Business Week while ignoring the half you don’t like.

If we had another RTC debacle like the last one, it would be no big deal — and we are nowhere near that.

You are full of s**t, plain and simple.

By maxmoose03

March 11, 2007 1:56 PM | Link to this

Truth Hurts — the truth does hurt — you.

Do I want to argue with John Pinson? Anyone with a brain understands that John Pinson is a shill for NAR, and wants to convince people that prices are going lower, and that it is going to be a great time to be selling foreclosures. Why? You have to join FAR and fork over those dues to do that.

Here is the reality, using the same case you fools picked last night. Remember, this was your big example, your great white hope:

What happened to the house at 724 Bocce Ct?

As I showed last night, “Enrique” had 100% financing on that house. When he scored on a different sale, he eventually walked away from Bocce, losing little if anything. SO: HSBC gets it back, 450K in the hole, and what do they do? They give it to a Realtor to sell. Now, do they ask the original price of 450K? Or do they drop the price to say… 350K?

The correct answer is: they raise the price susbtantially. And if you monkeys had bothered to check, you would know that your old friend Illustrated has that property listed for 535K. The realtor says in MLS it’s the best deal for the money — and maybe he’s right. If he wants to, he can shout “FORECLOSURE”all over the ads, which brings idiots like you running eventually.

Do you think John Pinson doesn’t know what happens with houses like these? Of course he does. And when you quote his as saying some buyers “are forced to close or lose deposits,” you are stating the obvious as though it were some kind of revelation. ALL buyers are forced to close or lose any deposit, in any real estate deal, absent written agreements to the contrary. What is new about that?

What actually happens in cases where the buyer walks away from the deposit? Essentially the same thing. At 200 East Boca, which promises to be a great building, many people got scared at the notion of paying 600K for a 2 br apartment. SO what happened to those apartments last year? They were resold for 900K.

And so it will be with everything downtown. If the units get foreclosed, they will be offered at higher prices than originally, with big banners that say “FORECLOSURE!” on the ads.

You are on a fool’s errand, waiting for something that will never happen.

Where are those 70% price declines you promised for Spring 2007 by the latest?

They don’t exist. They never will. And that is the answer to your final pasted quote. If that quote is from Mr. Pinson, it is awfully disingenuous, because he knows as well as anyone that these foreclosures are recycled at higher asking prices.

By cmgr

March 11, 2007 2:05 PM | Link to this

PB RE is rising; get a clue. The bubble was a bubble. $400K median will now hit within 60-days. After Crist deflates RE taxes, Boom-II and median hits $500K within 6-months of any such legislation being signed.

Get ready; you ain’t seen nothin’ yet.

By maxmoose03

March 11, 2007 2:17 PM | Link to this

SO, Truth Hurts / curious / HSBC?

Here’s your chance!

Go buy that foreclosure you have been tracking like a cross-eyed eagle!

After all, it’s only about 200K more than you expected….

I have now taken you through a complete cycle, using your own example and the real-life numbers. How a foreclosure happens, how the owner walks away (in this case)losing nothing, how the property gets recycled — at a higher price.

Everything you believe is wrong, wrong, wrong, and it is all there in the public records.

I am not going to keep doing free research for you —learn to do it yourself. And until you do your research — just shut up.

By maxmoose03

March 11, 2007 2:39 PM | Link to this

ahhhhhhhh…nice and peaceful on the blog now

cmgr

I like that 400K number, but I think we will have the normal yearly cycle of declining a bit in the summer. 400K may have to wait till next season. What do you think?

By nostratruthus

March 11, 2007 2:42 PM | Link to this

I think our median home price will 876,098.23 on Sept 21, 2008.

I will win the megapower lottery on April 8, 2007 and will take my $56,345,213.06 and buy a mansion in Boca Raton and hire Max to be pooper scooper of the my 3 cats.

By maxmoose03

March 11, 2007 2:56 PM | Link to this

“the my 3 cats”

Max already is a moose and Max already has lifestock, so no thanks. But you could hire Max to teach you English, since you are too poor instructed to compose a simple sentence.

You produce much more s**t than your cats could anyway, and leave it all over this blog.

Obviously a chic. Prove she’s wrong and the subject just changes.

Besides, men don’t have 3 cats.

Which reminds me, that “Truth Hurts” crap. Is that gay or what? Same chic?

I’ll send you a box of slim-fast, Honey. Maybe then you’ll be able to go out on Saturday nights.

By maxoose03

March 11, 2007 3:05 PM | Link to this

“poorly instructed”

HA HA HA Max aboutit en faisant une faute de frappe!

Ca c rigolo.

By maxisqueenie

March 11, 2007 3:14 PM | Link to this

go out on saturday nights? max, you are always here, you were here all saturday night.

you have no life.

very sad for max.

he’s an old queen who can’t find buddy for saturday night cjerk, so he takes his frustrations out on re blog.

we all laugh at old queen max.

By maxmoose03

March 11, 2007 3:23 PM | Link to this

If you read the blog, Ole Max went out last night and took care of business, while Madame Palm and her 5 sisters took care of you.

“We?” Who is we, you pathetic old fool? You are sitting alone in a room typing “we.” Are you schizophrenic? Do you suffer multiple personality disorder?

Go watch your Humprey Bogart movies, you old f**k, before I call the home and have them pick you up.

LOL

Schmuck.

By maxmoose03

March 11, 2007 3:26 PM | Link to this

WHOA - It’s high school day, so the little weenies are gathered around scrtunizing each other’s scrotums for the first evidence of pubic hair. Have fun, girls.

Max is going out, so don’t bother.

By Steve

March 11, 2007 3:28 PM | Link to this

In case your wondering it was me who keeps attackig the Moose. I am too smart for all of you and I eatMY OWN turds not you’res!

By maxisqueenie

March 11, 2007 3:32 PM | Link to this

yes, max, you were out last night, best i can see is a two hour span from around 8pm to 10pm you were out doing what max?

the rest of the time you were here, blabbing to other losers who can’t find a cjerker either.

you were here at

704pm 711pm 723pm 730pm 752pm 1014pm 1051pm

then back again this morning, all day starting at 941am.

you are strange man, max. please go find some cjerk friends. it’s funner than this blog. you’ll see.

By maxmoose03

March 11, 2007 3:44 PM | Link to this

Gots to go —

Just want you all to see this -

This sick motherf**ker “queenie” actually keeps track of the times of my posts — which are from different people anyway — but can you believe it?

Can you believe this sick, perverted creep is os obsessed with me he is sitting in a room somewhere and researching the times of “my” posts?

Creepy!

God loves a fool, but this queenie needs to be institutionalized - literally and with no joking.

By intrigued

March 11, 2007 3:52 PM | Link to this

724 Bocce bought for 450K 03/05 with 360K 1st and 90K 2nd held by SouthStar Funding.

Buyer of 724 Bocce gives addr 5349 Eagle Lake Dr as his.

same buyer bought 5349 Eagle Dr 9/03 for 130K, $123,550 mtg. Sold 5349 Eagle 05/06 for 250K.

02/07 HSBC listed as owner of 724 Bocce Ct $1.00 Cert. of Title .

724 Bocce listed for sale 535K.HSBC owner.

Does’t make sense that someone walks away rather than sell, even at break even point.

Maybe because too many others selling ? 720 Bocce on mkt for 539K; 770 Bocce for 475K. 756 Bocce was 625K, now 599K.

Interesting exercise to follow.

By maxisqueenie

March 11, 2007 4:11 PM | Link to this

sorry, but it’s all the same person, you, and it takes about 30 seconds to read your name and at what time if you scroll up. not a big deal and you are sad old queen.

By maxmoose03

March 11, 2007 6:34 PM | Link to this

Queenie - And you are a creepy little prick obsessed with people you don’t even know. No one would ever be that interested in you, go flatter someone else with your obsession.

Wierd little motherf**ker!

By maxmoose03

March 11, 2007 7:03 PM | Link to this

intrigued —

I didn’t want to sully you by putting you into the same space with Little Queenie.

I’m answering because you are doing bettter on the research and asking questions that makes sense, IMHO.

Should he have tried to sell? I don’t know. We all agree it’s hard to sell now. Why sell at a potential loss when he has no investment? He picked up a lot of cash from the other deal, maybe he just said the heck with it. Or as you said, lots of competition down the street.

What I am not clear on is how the membership works — how long do they have to buy it, pay for it, etc. Would you know? I’m too lazy to call the realtor or HOA.

By Monkey Business

March 11, 2007 7:10 PM | Link to this

The monkeys in the video are the cheerleaders on this blog.

The only question we have here is which monkey is what cheerleader?

FL Ren cw1900 cmgr Easyasabc AP maxmoose03

The guy who walks in and turns the graph around is Mike Fink.

This is priceless and is so perfect for this blog.

http://www.youtube.com/watch?v=M1owcncKCHg

Hahahahahahahahah!

By maxmoose03

March 11, 2007 7:49 PM | Link to this

Monkey -

Sorry Monkey, the laugh is on you, especially when you identify 6 drastically different personalities as 1.

Once again, Monkey Brain, we KNOW who we are. You are not going to convince us we are one person. We have lots of experience being us.

You are just going to make us laugh at a schmuck like you who stands to make these pronouncements - totally wrong — with such certitude.

By maxmoose03

March 11, 2007 7:55 PM | Link to this

intrigued -

BTW, I think Southstar was probably CL (Correspondent Lender) who got rid of loans to HSBC.

About 770 - find out how the membership works and you may solve the mystery of whether the folks are just willing to take a loss to move to their expensive new digs, or whether that plays a role.

By to max and the monkeys

March 11, 2007 8:09 PM | Link to this

the monkeys were funny. if you all can’t laugh at yourselves, what’s the use? i happen to agree with much of what the so called cheerleaders say, and that made me laugh so hard i thought i was going to cry.

By maxmoose03

March 11, 2007 8:11 PM | Link to this

BTW Monkey S**t —

Everyone knows who the “cheerleaders” are and what they do in life, because we are honest about it.

How about you? You work in McDonalds? Live in a rented single-wide trailer with your Mom and stick it to her when she’s asleep? Tell us about your great achievements that give you the nerve to challenge people 1000 times more accomplished than you.

Start with your advanced degrees and go on to the property and business you own, or your artistic and intellectual achievements if that is your area of accomplishment.

Let’s hear, Monkey S**t.

By maxmoose03

March 11, 2007 8:16 PM | Link to this

“TO MAX” -

It was a great commercial when it came out — but it has been around for years, and Monkey S**t made no contribution to it whatsoever. He may as well paste the Gettysburg address and say it represents his point of view somehow.

The real humor here is that Monkey S**t is a little prick of a kid who thought he would have an easy time insulting adults — unitl I got his goat.

Now he is pissed and will not rest until he thinks he has “won” something or other.

Maybe I sould call him Goat S**t.

By Monkey Business

March 11, 2007 8:16 PM | Link to this

In this episode, Mike Fink sits on a whoopie cushion. This is epic. The monkey to the left of Mike Fink has to be easy.

I’m laughing my a*s off.

http://www.youtube.com/watch?v=YR71GnQ4CU4&mode=related&search=

By maxmoose03

March 11, 2007 8:25 PM | Link to this

Well, there are a dozen clips in this series, and Goat S**t is determined to waste column space with every one of them. It’s Sunday night, Jeff isn’t around to excise the kid’s crap.

So I will go get laid while this kid shows his family movies.

By intrigued

March 11, 2007 10:09 PM | Link to this

maxi- for a real laugh Google name of 724 Bocce buyer. One of the hits is an eyepopper, but most likely just a freaky coincidence.

By spa

March 12, 2007 1:15 AM | Link to this

maxmoose03 - You are hilarious! I read these posts and just die laughing “cross eyed eagle” sounds like something my great-grandmother would say.

But seriously I just happen to work with the ex-owner of 724 Bocce Ct and he used the same “shady” broker that screwed me around.

Intrigued - that is not the same person just as you said “freaky coincidence”.

This blog makes for good entertainment at times. :)

By maxmoose03

March 12, 2007 4:33 AM | Link to this

Now….where was I?

Ah yes. “intrigued” - I got a kick out of that, but here comes “spa” with a seriously weird angle (assuming she is not you and this isn’t just a joke).

“spa” — your great-grandmother got the “cross eyed eagle” remark from me. It was part of what made her a great-grandmother instead of just an ordinary one. Small world, huh? Actually we were very much alike, except that I wasn’t a black matriarch from the South in an era of reprehensbile prejudice. Otherwise, pretty much the same.

Now as for the really freaky part…you claim you know our friend who let 724 be foreclosed? Talk about research, “intrigued”! Let’s get it straight from the horse. Or at least via a colleague.

So spa, tell our friend he is a star, although no one used his name yet, and ask him why he decided to let 724 go — no personal data, just generic reasons.

I will tell you guys this — I notice that for 2004 the club membership cost $147/quarter + 258 for the year, from old MLS listing.

I don’t know if they have to purchase a membership also.

But even so, intrigued — $450 HOA, does that include $150 a month for club fees (proabably more by now)? Plus almost $1,000 a month taxes? Insurance? This place is expensive before you even get to the house!!! I dunno, intrigued, you would have to be a pretty hungry vulture — or maybe a cross eyed eagle.

Now as for you, Ms. spa, your credibility isn’t so great here because you clearly described a male realtor; but the realtor on record in MLS as having sold our friend 724 is a woman. SO what gives?

Enquiring minds want to know…

By John

March 12, 2007 7:48 AM | Link to this

If the market is decline during non-recession times it certainly will when there is the inevitable recession. Real Estate is a cycle just like the economy goes through cycles…Prices are falling w/o a recession, I’d hate to see what would happen if there was a full blown recession…Max you better hold on to your hat!

By intrigued

March 12, 2007 8:29 AM | Link to this

The Bocce connection with “spa” poster seems a bit much. If it is legit, it would seem to fit scenario of in over his head buyer losing Bocce prop.

Move from Eagle Dr. to Bocce Pl big lifestyle change. Monetary and social pressures could have gotten to be too much

Spa more or less states not in high income bracket. If ex-owner IS her co-worker as stated, may not have understood total costs (monetary and social) of “movin on up” . May never know. Busy work week, may revisit at later date.

By maxmoose03

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

intrigued -

Monetary pressures could have been too high, but the guy just had a big score, tax free (check date), plus rental income plus salary. Sounds like he had a great chance of making it, but wasn’t paying from day 1.

I don’t buy “spa” for a second, didn’t since “her” first post.

Have a good work week.

By mamxoose03

March 12, 2007 9:20 AM | Link to this

BTW: I don’t think he moved into the house, the way I read the suit it included the tenant on premises, unless that is just an automatic. Maybe you saw more than I, being in the neighborhood.

The funny thing is, with his income from the sale of the house, he probably more than qualified for his loan program, so there really isn’t much one can say. He didn’t want the house.

By cw1900

March 12, 2007 9:41 AM | Link to this

morning notes from cw:

spa, interesting story, but not very credible story to me. i would believe the purchase, the wanting to tell us about it, and the racist remarks by a typical heloc’d up suburban housewife, but the come back with just so happens she knows your person on that bocce property you have been discussing this weekend, that’s just not very believable.

Max, cmon, those monkey commercials made me crack up. I spit my coffee out I laughed so hard. He or she is right, if you can’t laugh at yourself, life is boring. I say I’m the one jumping up and down holding the champagne bottle. Which one are you? That made my morning. I’m still laughing thinking of Mike Fink sitting on the whoopie cushion. Fink, you gotta laugh at that one. Perfect anology. I”m betting that was Signed. Clever and funny, it certainly wasn’t RCA or Steve.

Question for all you wise ones out there? I’m thinking of purchasing another vacation rental house up where I have my lakehouse I rent out. I have 4 homes, one I live in here, two I rent out here, and one lakehouse up north a bit out of state that I use and rent out. The two houses here I rent out are in LLC’s, and the lakehouse is not in an LLC, just in our name. Question is, I have some lots I’ve owned for awhile that I have inside another LLC and some just in our name and they just sit there and have appreciated nicely. I have a total of 9 parcels, 4 are houses and 5 are lots. Lots are paid for, all of them.

I’m not sure I should have put any of the lots in an LLC, but they are. Question is, if I purchase another vacation rental, it would strictly be for rental. I would not use it. Should I put that in a new LLC or should I put it in the LLC that has the lots? Is there any advantages either way I’m not thinking about. Too many LLC’s and it’s a paperwork pain in the as$.

What do you titans of real estate think?

cw

By easyasabc

March 12, 2007 11:04 AM | Link to this

Looking over what was said from the weekend……about what I expected …..not much about nothing.

What is new in the real estate world ??????

cmgr - yes, we are about two or three months away from $400k median price, but maybe a year away from $500k, not six months. I think it was cw who said that the buyers who balked at $360k, will start buying when we hit $420k median price. If 500k did come here by this summer, you will see the panic buying larger than in 2004/05.

I met a lady from NJ at the docks the other day, she said the northeast is in a stall period of buying. Her mother was telling her daughter it is now or never for here daughter and family to buy here. Mother had a place in Lauderdale-By-the Sea. Her frame home in Jersey is valued at $650k.

Broward has just as many listings as Palm Beach, but we all have to look at what condition these properties are in and what areas. In the past months, the skyline along the beach is really changing in Lauderdale.

Bill Gates…yes, that rich guy….wants Congress to ease up on having “Mexican” truck drivers come across the border and haul goods throughout the country. At present, they can only go max. of 50 miles beyond the us/mexico border. Gates, wants to lower the trucking rates in this country and take away american jobs…….To say this is a bad idea would be an understatement. Has anyone ever see how mexicnas drive trucks in Mexico?????

Lets hope that NYC cops find that scumbag who attacks old ladies….anyone see the video over the weekend????…..there are plenty of trees in Central Park for this scumbag…..am I harsh for that statement?…..or maybe we should just send the scumbag off to prison where he can eat pizza, watch Oprah and get out in several months and commit more crimes.

So what did Max say that was taken off the blog? Sorry MadMax, I missed it……I bet you choked on your bagel Sunday morning when you saw the Palm Beach Post photo of the Virgin Mary on the front page. I know you are not a “Fruit Loops” guy….that is RCA’s favorite cereal.

So RCA is also calling himself Mooseface….just another person he wants to be.

Monkey commercials….is it the ones about the guy in a office with the monkeys???? The best ad on TV…especially the one with the laser pointer in the meeting room…..and the one where they spend their profits on lottery tickets.

Anaheim Hills is a nice neighborhood east of Anaheim…..rare fire in that area….don’t worry, Disneyland is not in jeopardy.

I know right now who will win the “Apprentice for this season…….Frank…..the guy is too cocky….his father must know Trump…..one NY guy doing a favor for another NY guy.

Now Max….be good…stop dreaming of having sex with all the bloggers mothers…sell some properties and make some money to pay off your mortgages….and stop abusing that right hand of yours.

What should we talk about this week????? No politics, no religion, no sex, no mother stuff….what book is Jeff reading this week? I hope it is not a Dr. Seuss book that deals with green eggs and ham!

easyasabc

By cw is full of sht

March 12, 2007 11:36 AM | Link to this

cw, your full of shlt.

How can you claim to have 4 houses and all those other land lots when you are a middle class working guy like a lot of us?

It can’t be done with the way everything costs so much. The middle class is so squeezed theres nothing left over to do anything extra with.

I can barely afford my lifestyle, and I think we make pretty good money. By the time the end of the month comes, there’s nothing left.

I’d sure like to know how somebody does what you claim to do.

Some of you others claim alot too. I don’t know, it just sounds too much.

Regular Guy in WPB

By maxmoose03

March 12, 2007 11:51 AM | Link to this

Easy - I had a few choice passages about you - about quite a few. But your buddy Jeff protected you because he does not feel you are competent to fend for your self. There he is correct.

Sorry Easy, the only Fruit Loop I know is you. I didn’t see any photo of the Virgin Mary — you must have come in your skivvies right there.

Still having sex with your Mom? I guess she’s the next best thing.

Actually, I was the one who sepculated on the figures you are agreeing with. Don’t jump overboard, Captain. Then again, you won’t do much damage in a bath tub.

You still have not come to seem for tea and crumpets, Captain Coward. That yellow streak goes nicely with your pot belly.

LOL

Take it EZ, EZ. You’re still the lowest of the lowest.

By .

March 12, 2007 12:08 PM | Link to this

Max Darling, Relax.

You have an 11:51 post. If Jeff takes it off you will know that Jew-bashing is part of his policy. Then you can have your Jewish attorney call the Post or just use your skills to shut down his blog.

Enough of that, Darling, I will go remove the signs again from Easy’s suburban tenement and bring them to you. Promise.

X0X0X

By .

March 12, 2007 12:08 PM | Link to this

Max Darling, Relax.

You have an 11:51 post. If Jeff takes it off you will know that Jew-bashing is part of his policy. Then you can have your Jewish attorney call the Post or just use your skills to shut down his blog.

Enough of that, Darling, I will go remove the signs again from Easy’s suburban tenement and bring them to you. Promise.

X0X0X

By .

March 12, 2007 12:08 PM | Link to this

Max Darling, Relax.

You have an 11:51 post. If Jeff takes it off you will know that Jew-bashing is part of his policy. Then you can have your Jewish attorney call the Post or just use your skills to shut down his blog.

Enough of that, Darling, I will go remove the signs again from Easy’s suburban tenement and bring them to you. Promise.

X0X0X

By Michael Berry

March 12, 2007 12:33 PM | Link to this

ATTENTION MY STAFF:

Operations will resume against the subject property. The property is to be cleared of all “For Sale” signs. Please obtain whatever photographs you can through the windows, and of course document any persons arriving or leaving, on film. We will of course share any information of interest with appropriate authorities.

By Michael Berry

March 12, 2007 12:46 PM | Link to this

Please refer to this website:

http://www.villagerealtygroup.com/MichaelBerryREALTOR.shtml

By easyasabc

March 12, 2007 12:47 PM | Link to this

Can anyone imagine Madmax as being a professional broker??????…..So sad to see how brokers have become in Florida. Max, you need to say 10 “Our Fathers” and six “Holy Mary’s” for the way you talk about people’s mothers.

I think I still will visit your house and put lamb blood around your door entrance for “Passover”. Maybe we can break some bread and tell some good jokes that deals with a priest, a rabbi and a hooker??????

BTW, that scumbag in Boca received 52 weekend jail sentence for killing that young boy, is losing all his money to lawyers, will have to pay a $750k civil verdict to that kid’s parents. Will have a permanent criminal record, and won’t be able to own firearms. And the rest of his life, he will be known as child murderer and a renter, because he will have s**t for his name.

You know the minute Max drops the soap in a shower in jail and bends over……he will announce it is “Open House” for all! And it won’t be only on Sundays !!!!!!

I have to give credit to RCA that at least he has some class with his rambelings….it deals with real estate, economy, etc…..not about someone’s mother……as for Madmax….no class at all.

I know I got the best of Max when he has to use “mother” remarks to get back at me.

I believe has lost all his creditability on this blog. He needs to get off and comeback in several months with a new name.

Makes you think that he is shacked up with dot/carolina gal!

I do know many average folks who have several pieces of properties. They don’t make six figures, they have a define budget, there are two working spouces, money from inheritence…..very possible.

I know many “regular” guys who do make six figures, have high-end wives, always going on vacations, drive around in high end autos, eat out five times a week, have only $5k in the bank and either rent or put little or no money down on their house. What they don’t know is how to save.

Don’t forget to give to charity….we might be able to help Medical Science find a cure for Max’s illness.

Will return when there is a real subject to be said….it is just boring now……maybe I should sneak my lady friend away from her business !

In the meantime, I will light another candel for Max.

easyasabc

By michael berry

March 12, 2007 1:11 PM | Link to this

The real Michael Berry:

http://www.washingtonpost.com/ac2/wp-dyn?pagename=article&node=&contentId=A25358-2003Aug6&notFound=true

By micahel berry

March 12, 2007 1:19 PM | Link to this

OOps, I mean this is the real Micahel Berry:

www.prosperyourmind.com

By maxmoose03

March 12, 2007 1:20 PM | Link to this

That’s “candle,” you moron. You are even too stupid for your own religion.

By michael berry

March 12, 2007 1:28 PM | Link to this

Come see Arni and me at our seminars.

The lilly-livered Captain Coward / Easyasac will of course not be attending.

www.prosperyourmind.com

By maxmoose03

March 12, 2007 1:52 PM | Link to this

What kind of man would sit hear and repeatedly be called a coward in public, rather than come have a cup of tea with me?

Easyasabc — in other words, no kind of man.

By to max and easy

March 12, 2007 2:05 PM | Link to this

to maxmoose03 and easyasabc, what are two, a couple of 4th graders?

This is a blog to discuss real estate. This is a blog for adults.

maxmoose03 is by far the worse, and is as childish as anyone I have seen on this blog.

easyasabc, why don’y you ignore him.

Both of you, I suggest you leave this blog and come back when you can act as adults and debate real issues concerning real estate.

Don’t let the door hit you on the way out.

By maxmoose03

March 12, 2007 6:42 PM | Link to this

“TO MAX AND EASY”:

Sorry to not get back to you with an insult sooner, but now you can go f**k yourself.

The reason Easy can not talk about real estate is he does not KNOW anything about real estate.

Easy is a retired sanitation worker living on disability. His bit of property comes from his father, who built frames houses in Newark, NJ. Recently his uncle passed away and left him something in California.

But you know one thing Easy doesn’t need? You. And neither do I.

By maxisbitter

March 12, 2007 7:20 PM | Link to this

Hy Maximum Maxie,

Don’t let the door hit your tooshie on the way out, hahahahaha!!!

Max is a geekboy! Bitter old queen.

By maxmoose03

March 12, 2007 7:45 PM | Link to this

Still timing my posts, you fruitcake?

You are one step away from being Baker-Acted.

HAH AHHA HHAH HAH

By maxisbitter

March 12, 2007 8:58 PM | Link to this

Maxire, We like to play with you. You’re the only one who responds on time.

You’ll respond every time we write, and it can be early morning, afternoon, early evening, it doesn’t matter. You’re always here, Maxire.

You have a delusion and you have to respond everytime.

Even your nemesis Easyasabc is sane enough to not respond to every post.

We bet you will respond to this one, Maxire, hahahahaha!

Max is a geekboy. Bitter old queen.

Maxire is a messed up queen hahahahaha!!!

By Maxire is our desire

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

Maxie,

He’s a dandy..a real fancy boy.

By maxmoose03

March 12, 2007 10:23 PM | Link to this

High School Boys -

I like to respond because i like making fun of you little pukes, I like telling you about the virgins you are and how you will be cut up and bleeding on a battlefield in Iran in 3 years.

You identify yourselves every time because no one else says “queen.” That’s a kid ting.

I like being the only one who tells you the truth — you’re not smart, and you’re headed nowhere.

I like it, and I’ll keep telling you what pukes you are, while Mommhy tells you how smart you are.

Your Mommy is lying to you about where you are going. You are going to die in 3 years for your country.

HAHA H AH A HA H A H

Keep giving me the chanced to say that. Try to get laid before you die.

LOL. Show this to your Mom.

By maxmoose03

March 12, 2007 11:15 PM | Link to this

Ahhh nice and peaceful again.

By spa

March 12, 2007 11:53 PM | Link to this

maxmoose03 - You think that maybe I am like quite a few people on this blog not so. Just a spectator who happens to know about the infamous 724.

As for 724 Bocce Ct, I work with the ex-owner not the realtor and yes it was owned by he and his wife. And to answer your question way over his head didn’t expect to hold onto it too long was looking to “flip” it.

Market slowed down a bit and the HOA fees, membership and whatever else got in the way…

So they just walked away.

Oh! did I mention “we” a had major pay cut at the old job it didn’t effect me because I wasn’t on their level so to speak.

Don’t want to say more much more. I have no reason to lie.

Again you crack me up with your response to who ever posts all the juvenile remarks.

By spa

March 12, 2007 11:57 PM | Link to this

And when I say he the “shady” broker I mean mortgage broker!

By maxmoose03

March 13, 2007 12:59 AM | Link to this

OK Spa, you are taking the time to write, so thank you.

Those kids are a riot — they spend all that time writing posts, and then think they have accomplished something if I take 30 seconds to write one back? They are easy to spot — they are the only ones who have nothing at all to say about the topic at hand — or any topic. Plus that “queen” stuff is a dead give-away. I have to watch a bunch of teen-agers at times, they all use the same lingo. But enough.

On to far more interesting things. So you are saying that you know the owner at 724, and he simply chose to walk away from it because it didn’t look like a good flip? “intrigued”? Are you reading this?

Ah mortgage broker, OK, sorry.

Well, I hope I am not just believing what I want to hear, but the situation you described is one which I think is typical, despite the Chickens Little on this blog assuring people they will go to debtor’s prison if they buy a house.

As you describe it, I think “Enrique” gave up too fast. I believe people should act in good faith and not buy unless the figures really convince them they will make it.

Maybe someone should tell Fink people like Enrique are not taken out and shot.

By spa

March 13, 2007 1:29 AM | Link to this

maxmoose03 - Not that it wasn’t just a good flip.

It was the expenses of the home it self…

Sole income earner in the home and not to mention wifey likes to shop, cc debt I have even taken a few items off of there hands for a nominal fee.

It was quite interesting to me.

I mean, for me to see a “big” time guy go from being an owner of two homes to renting because they were trying to keep up with the Jones’.

Also they got in the game a little late.

Me, I am going to take my little ole 25K equity and sit on it and see how many more deals I can find out ther like the one I just got.

At this point in my life I refuse to use my money to buy any property, unless I just have to.

I have my eyes on two properties that may not be in what some people may not call the best areas, but they will work quite well as rental property.

I have been here in S FL all my life and I know this city pretty well.

I have a plan!

You know what they say about a woman and a plan. :)

I’m learning at the same, what not to do.

By maxmoose03

March 13, 2007 2:42 AM | Link to this

A MAN A PLAN A CANAL - PANAMA

Programmers remember that one, spa, because it is logically the same backward or forward (a “palindrome”).

Otherwise I wouldn’t know what they say about a woman and a plan, unless it were in French.

Since Enrique pulled about 120K out of his June sale, you don’t have to lament how the mighty have fallen. If they spend it all shopping, that’s a different problem, not real-estate related.

I’ll repeat for the benefit of “intrigued” that with high HOA and membership fees, let alone taxes, and a price which aims to make HSBC a winner in this deal, that foreclosure is one I would wave goodbye to quickly.

By Goethals

March 13, 2007 12:44 PM | Link to this

The Bocce saga seems plausible and fits PAPA records. HSBC as winner (in this tiny spec of a deal) will take a while to confirm. Lets see how long to sell and price SOLD for.

HSBC has huge exposure in Palm Beach County. (Check in PAPA). This could be good as cheerleaders keep seeing golden future. HSBC, by current news articles does not seem as positive.Cutting as much exposure in US as possible. As Bocce owner, along with holding so much paper on other PBC properties, HSBC won’t want to contribute to lowering prices and influencing value of others bought high. Obviously doesn’t want to hold Bocce ,either.

Time will tell. No rush.

The - in palindrome killed it as palindrome. Remember GIGO ?

First palidrome was MADAMIMADAM

By maxmoose03

March 13, 2007 3:57 PM | Link to this

I agree HSBC does not want to hold Bocce, simply because they are a bank, not a real estate company.

On the other hand, they are hardly holding a fire sale to get rid of it.

They may go for a big score for now, maybe reduce asking price during summer doldrums. It’s hard to get rid of houses right now, but they have an advantage we don’t — they are a bank, they can offer any financing they want.