By cw1900

August 31, 2007 10:21 AM | Link to this

Good morning,

Wow. cw1900 is not used to this much praise. I’m glad you liked the post from yesterday. Only one negative comment. Usually, it’s the other way around. Rich R, you know, by saying what you said, now the cw haters are going to go into a meltdown, lol.

Actually, I wrote that post very fast, I was short on time, so I’m glad it came out ok. The arrogance of those two realtors over in Clearwater was just too much to not comment on. They are so blind to their own arrogance, it ought to make you throw up. I think both sides of our little debate here would agree with that. As in politics sometimes, that story wasn’t a partisan issue at all. Anyway, I’m glad it brought a laugh to some of you.

To “Ringular Man” and to “To Ringular Man”… Perfect. I totally agree with both comments, and as to the law firm in question, I can think of 3 right here in Palm Beach County that would fit. They would be respected more if they didn’t tell us how great they were by donating their precious time for our community’s benefit. What a crock. I say go blow.

The following line by “To Ringular Man”, “Your character is defined by not what you do when other people are watching, but what you do when no one is watching” was very well written.

To “Christine”, I say go for it. There is nothing wrong with low balling. The other person was right, all they can say is no. If so, just go on to the next deal until you find what you want. If you push hard enough, you’ll get exactly what you want. You are probably one of the few on this blog who has a completely paid off mortgage. I can’t say that. Good for you.

When you have your financial life in order, you are in a better negotiating position than the other person, and odds will tell you that other person is overextended in some way in their financial life. When you are in the best negotiating position, you will win. Don’t let anybody tell you differently.

I’m not going to get into an argument on her valuations, let’s just say I think she is a little off, however, in a buyer’s market with good credit and lots of cash, she is in a much better position than the seller, so she will win if she pushes hard enough. You people, when you overextend yourself and don’t do anything about it, you will eventually lose, everytime, no exceptions. Like Babs and my offer to buy her necklace on my terms, Christine will do the same to some desperate seller. She is also stepping up to the plate, unlike many of the doomers out here who probably will find an excuse to never step up to the plate. Christine, years from now, will have blown by most of the doomers on here.

Some of you can learn something from Christine. She has no debt payments, meaning no car payments, no credit card balances to keep making monthly payments on, etc, and what happened? …..She ended up with a pile of cash. The difference to some of you is clear. You have huge debt because you bought a bunch of crap you couldn’t afford that is continuing to go down in value every day. Christine did the opposite. She didn’t buy all that crap, and unlike you who piled up crap, she piled up cash instead, enough for a massive down payment on the purchase of your house that you can no longer afford due to your uncontrollable spending, and the fact that you did not plan for the inevitable higher insurance and living costs. She will win, you will lose.

I hope some of you out there are uncomfortable reading this, because it might make you rethink your bad plan. Christine, tell us about the car you drive, and how much less money you would have if you were still making car payments, those payments that most everyone on here seems to think is such a good idea.

Jeff, you said, “I was beginning to believe that only a moron would take his credit card bills seriously, and that no one but a fool would bother to scrape together a down payment. In fact, I was all set to charge a plasma-screen TV and a first-class flight to Fiji.”

You also said, “….and suddenly, living up to your financial obligations seems a wise move.” It was, is , and always will be a wise move, Jeff. You forgot to add that in your article, so I’ll add it for you.

At least you kept your cool and didn’t do what all of your friends probably did. Good job. You’re now in the driver’s seat.

Christine will probably be buying a home from someone who didn’t keep their cool and then proceeded to drive themselves right over the cliff.

Have a nice long weekend everybody.

cw

By maxinNov

August 31, 2007 11:55 AM | Link to this

By maxmoose03

November 25, 2006 01:27 AM | Link to this

WHERE IS THE 16% UP?

WHERE IS THE 16% UP?

Okay folks, Uncle Moose is treating you too well, but here is a building I did the arithmetic on. This was a pain in the antlers, I want you to know. This is 2005 vs. 2006 year-to-date.

Address: 99 NE Mizner Blvd. Boca Raton

Apt size: 1310 sq ft

2005: 34 sales (+2 unknown mid-year)

Average: $446,294.11

2006: 10 sales (+1 unknown)

Average: $567,000

UP UP UP UP UP 27%

Please visit www.pbcgov.com/papa and verify

Same story everywhere in downtown Boca.

By maxmoose03

November 25, 2006 09:11 AM | Link to this

Address correction:

99 SE Mizner Blvd. a.k.a. Palmetto Place

Do the math for yourself. Most of you will accuse the Property Appraiser of being in cahoots with me.

Funny thing, I don’t see this showing up in the newspaper. If Linda Crawls got her hands on this, the headline would be: Sales Plunge 71% !!!!!!! You might find out in paragraph 103 that PRICES are UP 27%.

By 99update

August 31, 2007 12:01 PM | Link to this

99SE Mizner

Maxi gave avg of 567K for 2006 sales.

So far 11 sales in 2007, avg 466K.

By BIG ROB

August 31, 2007 1:23 PM | Link to this

why wold the federal government bail out the subprime home owners they are a strain on us to begin with. I am not for that at all I have been saving my money not living beyond my means My freinds all act like their better than me because they have fancy car’s and huge homes they think there smart there average credit score is about 600.I have been humbly waiting in the wings with my 700+ beacon score and stock pile of cash I caint wait to get the last word on that.If the goverment bails them out they were right and there is no hope for the future.Life as we know will be changed forever.We as a country are showing scumbags come feed off of us with no effect to them at all.

By BIG ROB

August 31, 2007 1:47 PM | Link to this

Just catching up with this weeks blog’s. To Realtor you are a loser how dare you tell that woman she is a waist of time,you disrespected your fellow agents and your self by that post.I am in sales and we never conduct buisness like that.You are problably a crack whore that married into money and took a two week course on real estate and now you think you are a professonal.Your fellow workers should hang you,I am copying your post and i’m going to use it as a tool to negotiate my next purchase!

By Max thanks Jeff

August 31, 2007 2:35 PM | Link to this

Thank you, jeff, for copying my commentary from the other day and calling it your own. That takes a lot of journalistic talent.

Folks, go back and see my commentary from a couple of days ago about how banks have relaxed, and what you can do with a 680 credit score and a 10 to 20% down payment — including obtain a NO INCOME DOC loan.

Understand that carefully — that is not a stated income loan — that is instead a load where you don’t claim ANY income number.

Looking at 99update’s usual laughable b******t, this time he mixed apples and oranges and added 1 br’s to 2 br’s.

The actual average on 2 br’s for 2007 is about 503K, off from Thanksgiving by the same 10% we have talked about in this column so many times. The fact is these were cheaper apartments, and did not include many around the pools as last year’s did.

But enough splitting hairs. The longer this nonsense goes on, the less possibility of a “crash” there is, because people have time to adjust to slightly lower prices, slightly less equity, etc. For the overwhelming majority of people, there is nothing dramatic happening in real estate, here or elsewhere in the country.

BTW — Palmetto Place - not bad performance in a “slow” market, would you say?

Max will give you a freebie, though: Apt. 745 is a 2 br listed for the price of a 1 br (399K) last time I checked MLS, because the kid who owns it wants out. Use it or lose it. No, it is not my listing — I had all my folks in the building refrain from pointless listings during the summer. If things look better soon, those folks and I will talk about it again.

By Max say Ooops

August 31, 2007 4:59 PM | Link to this

Just checking, PP 745 now has a contract on it. Sorry, but I have mentioned it several times before,when any of you could have grabbed it.

Whenever the market lifts a bit — next month, next year, 2009, 2010 - it does not matter, this buyer will make 100K for doing nothing while most of you sat on your hands or predicted crashes. If there is a crash (which there won’t be), it doesn’t matter. Sooner or later the owner of that unit will make 30%. Or 100%. Or more. In the meantime, renters can not wait to get into that building.

So here is one that you all probably let go by, because you were too consumed with b******t, either that in the newspapaer, or that in your own head. Every time a deal like this makes the median go a bit lower, for this year, another person locks in a profit.

BTW, offhand I think the seller is making about 50K. Better than nothing.

Am I being hypocritical about telling people to buy? Not at all. I am in the process of buying a building right now.

By BIG ROB

August 31, 2007 5:37 PM | Link to this

You are correct in saying there will be no crash $150.000 in price reduction, whitch I am seeing is definately something.The bottom line is if I bought a year ago I would be tanked the house I was going to buy a year ago is still on the market today.mANY SELLERS ARE STILL IN 2005 la la LAND.

By please ponder walking into the ocean and not looking back

August 31, 2007 5:38 PM | Link to this

“‘It’s simple. Our market is in a coma,’ said Debra Garrett, an agent in Sarasota. ‘There are too many condos, not enough buyers, and too many speculators. We’re seeing a correction now from overinflated prices, caused because people thought price increases would never stop — and they did stop.’”

By JayFinn

August 31, 2007 6:22 PM | Link to this

From the public record, these are the 11 closed sales in Palmetto Place so far this year:

99 SE MIZNER BLVD 638 1 1 890 0707 307000 WD 99 SE MIZNER BLVD 447 2 2 1310 0607 455000 WD 99 SE MIZNER BLVD 827 2 2 1310 0507 551000 WD 99 SE MIZNER BLVD 904 2 2 1310 0507 499000 WD 99 SE MIZNER BLVD 311 1 1 890 0407 280000 WD 99 SE MIZNER BLVD 321 2 2 1310 0307 390000 WD 99 SE MIZNER BLVD 628 2 2 1310 0307 530000 WD 99 SE MIZNER BLVD 736 1 1 890 0307 322500 WD 99 SE MIZNER BLVD 924 2 3 1816 0307 705000 WD 99 SE MIZNER BLVD 815 2 2 1310 0207 550000 WD 99 SE MIZNER BLVD 421 2 2 1310 0107 545000 WD

By Christine

August 31, 2007 6:27 PM | Link to this

Thanks to those of you who provided constructive feedback.

CW: I drive a Chevy Suburban, which I bought several years ago — used, of course :-)

By JFinn

August 31, 2007 6:28 PM | Link to this

So the average selling price in Palmetto Place so far in 2007 is $466,772….for you morons who question this then add up the 11 sold prices in the prior comments and divide by 11……

By JFinn is the Moron

August 31, 2007 7:01 PM | Link to this

You schmuck, you are mixing 1 br’s with 2 br’s. You yourself reprinted the part of my comments where I stated the apartment size was 1310 (NOT 890, or whatever the 1 br’s are listed as.)

Seriously, HOW STUPID CAN YOU BE?

Can you not understand that 2 br’s sell for more than 1 br’s?

YOU ARE SO F**KING STUPID!!!!!

By jfinn is misleading

September 1, 2007 10:47 AM | Link to this

Sir,

With all due respect, you are missing the point. Max’s pont is valid, and you havec glossed over it.

I’d rethink your logic.

By BULLETIN

September 1, 2007 3:18 PM | Link to this

FLASH, FLASH,FLASH BIG ROB is finally right… His friends ARE all better than him!

By TO CW

September 1, 2007 9:02 PM | Link to this

“She didn’t buy all that crap, and unlike you who piled up crap, she piled up cash instead, enough for a massive down payment on the purchase of your house that you can no longer afford due to your uncontrollable spending, and the fact that you did not plan for the inevitable higher insurance and living costs. She will win, you will lose.

I hope some of you out there are uncomfortable reading this, because it might make you rethink your bad plan.”

You know CW, some of us out here scrape by. I buy a new car and have a car payment so as not to break down and pay repair bills. Living in this county is hard enough, and someday I will pay off my heloc, but with 3 children in school, it is tough. Not everyone in Palm Beach county have it easy and can buy multiple houses you and your cronies say you do.

I hope this Christin finds what she wants, but I’d like to know how one single woman can save up $100k in this county unless she’s selling drugs or her body. I don’t believe her story. Trying to save 5k is hard enough, 100k, forget it, not happening.

By Max from the Road

September 2, 2007 1:45 PM | Link to this

I hope everyone is enjoying the long weekend. Without being the Grinch who Stole Christmas, I have to admit holiday weekends annoy me — I am trying to get ahold of this building and move on, maybe even get back to Florida, and I am here looking at maintenance issues a property manager could take care of.

Anyway, I keep an eye on the property records and I noticed a strange phenomenon. Earlier I spoke of the perception of property declines creating an atmosphere where anyone can walk away from a mortgage with impunity. Now I see other damage being done by this perception. Speaking, as I do, to heads of FLA HOA’s, I know specifically what contracts get approved in numerous communities. I am seeing most of the contracts I was aware of show up on PAPA — at significantly lower prices than I know the seller paid. In other words, sellers and buyers are doctoring contracts to lower the amounts they pay on doc stamps. They can get away with this, because the exggerated perception of low sales prices — regardless of published statistics to the contrary — allow cheating to go on without being questioned. This not only impacts prices by augmenting the perception of a decline, it also robs the community of its tax base. Ironically, this causes tax rates to move up, even as values are supposedly moving down.

The great Emanuel Lasker once used the following tactic to prevail in a chess match: he removed 2 cigars from his breast pocket, and aligned them neatly on his side of the table, in full view of his opponent (Reshevsky? I don’t remember off-hand), who abhorred smoking.

The opponent asssailed the referree with protests that smoking was strictly prohibited. The referree responded somewhat helplessly that Doctor Lasker was not, indeed, smoking.

“Ahhh,” cried the opponent, “but he is THREATENING to smoke!”

So it goes in chess, as in business, as often, in life. The threat is more powerful than the execution.

And so it goes in Florida, where people walk around talking about a real estate decline that is not supported by facts. Fink’s harping refrain of “Just you wait!” is enough to provoke buying paralysis on the part of many otherwise reasonable people. Meantime, the wholly UNreasonable, like Curious (thinly disguised as “Christine” above) collect dollars (a declining asset) rather than intrinsically valuable assets such as rare coins, art, gold, precious gems, or real estate.

With residential real estate up 20% for 2007 in areas such as Seattle, eventually gullible Floridians are going to figure out that the real estate depression the media talks about simply does not exist, and business will go on in a less guarded atmosphere.

How is it we celebrate Labor Day by trying to avoid labor? I do not think this is right. I try to avoid labor EVERY day, and I would recommend all my neighbors do the same.

Unless you are in your ninth month ;-)

By Countdown

September 2, 2007 3:55 PM | Link to this

I agree with Christine…She’s right on all accounts. Good job+wise choices in her personal and financial life = money in the bank.

I have noticed a strange phenomenon as well. Someone has been driving around South Florida sticking “For Sale” signs in everyone’s yard. Remember, “worth” is a relative term. a house that is worth $550,000 to one person might be worth only $250,000 to someone else who wants to sell immediately.

By Another Strange Phenomenon

September 2, 2007 6:59 PM | Link to this

I have noticed a strange phenomenon about Curious, Christine and Countdown.

1) They are probably the same person.

2) None of them are particularly well off.

In one of the wealthiest counties of the country, we have people who are clearly NOT wealthy trying to advise others as how to stay in the not wealthy segment of the population.

One way you can do this is by leaving your cash in a bank year after year, where its value dwindles away to nothing in just a few years.

Remember the story in this column about money in the bank: Someone (Max?) was getting 5% interest on his money in the bank. Then he took the money out, bought the bank’s stock, and made 50% intstead of 5.

Cash is King. Here King! Here boy!

That’s a good dog.

By wazupPalmetto

September 2, 2007 9:56 PM | Link to this

From Maxi in Nov comment on 99 SE Mizner :

“2006: 10 sales (+1 unknown)

Average: $567,000

UP UP UP UP UP 27%

Please visit www.pbcgov.com/papa and verify

Same story everywhere in downtown Boca.

By maxmoose03 “

Palmetto PL looks decent. Why so many for sales not moving ?

Over 30 units for sale.

2/2 units of size Maxi said averaged $567K in 2006 average list now IS

$523K.

As Maxi points out list price means nada.

Many of these have been on mkt LONG time, not sold, despite drops from original list.

Soooo, it will probably mean the average selling price of 2/2s in 99 SE Mizner will be lower than 520K when/if these finally sell.

How much lower ?

When will they finally sell ?

No matter how much lower, or how long it takes, maxi will prove the lower prices and extended time on mkt are wonderful things. And, that maxi had predicted all of it.

Despite rosy “UP UP UP UP UP” remarks in Nov 2006.

By iowaboy

September 2, 2007 9:59 PM | Link to this

not trying to stir controversy, but in PBC what do you consider to be well-off or wealthy?

By to iowaboy

September 3, 2007 12:36 AM | Link to this

anybody with a networth of one million would not be considered any big deal here, matter of fact, i would think most middle class people here would consider well off or wealthy to be networth of 3 mill plus, but many would think making over 200k yr pretty well off. household income of 125k and under, dime a dozen, and not at all impressive in this area.

By Greg Block

September 3, 2007 1:44 PM | Link to this

According to the US Census Bureau, the median household income in Palm Beach County in 2004 was $44,186. http://quickfacts.census.gov/qfd/states/12/12099.html

By iowaboy

September 3, 2007 2:03 PM | Link to this

so the medium, from my understanding, gives you almost a sub-standard living if 1 million is not considered to be a big deal.

By Greg Block

September 3, 2007 2:36 PM | Link to this

Iowaboy, that is a good question. One shortcoming of the median is that it tends to ignore outliers, and Palm Beach County is rife with outliers on the high end.

The real question is, how affordable is Palm Beach County? I think that rising insurance and property taxes make affordability a challenge. I remember when I first came to Palm Beach County I was warned about the “sun tax” e.g. employers paid low wages because we were all supposed to live on sunbeams instead. Even with low wages, Palm Beach County was more affordable because shelter costs were lower. That is no longer the case.

Interestingly, according to the US Census Bureau, the 2004 median income in New York City is $45,343, although the cost of living there is supposed to be so much higher than in Florida. http://quickfacts.census.gov/qfd/states/36000.html

Anyway, you can easily see how high net worth individuals can earn incomes way out of proportion to the majority of south Florida residents. If you are comparing against someone making $200,000 household income, you are talking about a small sliver of the population.

By Larry Lang

September 9, 2007 2:06 AM | Link to this

This is where I think we are getting in trouble. My wife has a Fico score of 744, which is great. Hasn’t worked in 8 years. Could get a no doc loan, because of the score, with no income Larry Lang htp://www.southfloridarentals-homesales.com