By Get in the Game

October 11, 2007 12:32 PM | Link to this

Again, not a big deal…

Capitalism is supposed to ebb and flow. Expansion/contraction, up/down cycles, record earnings/bankruptcy.

At every start of any downturn in almost any sector, the companies with little or no debt have an obvious advantage to sustain their ‘going concern.’ The companies that are highly leveraged, usually are a) dissolved or b) acquired.

While these companies are on a national level, same holds true for local and regional players.

Simple equations…

High Leverage + High Revenue (Up cycle) = a possibility of survival

High Leverage + Low Revenue (Down cycle) = bankruptcy

Low/No Leverage + High Revenue (Up cycle) = sustainability and profitability

Low/No Leverage + Low Revenue (Down cycle) = sustainability

So what does all this mean?

Consolidation will occur in the house building industry, in the residential RE services sector, and select ancillary sectors that are highly dependent (a majority of their Rev is derived from RE) on residential RE.

‘The borrower is a slave to the lender, and the debtor to the creditor’, Benjamin Franklin

By Get in the Game

October 11, 2007 12:40 PM | Link to this

If individuals and corporations would all read and understand -

Benjamin Franklin’s ‘The Way to Wealth and Other Writings on Finance’

‘The Essays of Warren Buffett: Lessons for Corporate America’

Much of the nonsense in the financial turmoil on a personal level and the financial shenanigans on the corporate level in America could be averted…

By crazydem

October 11, 2007 3:43 PM | Link to this

So what if

It’s going to get more humid in South Florida

The Heat will suck this year

The Dolphins already suck

Such as, the Iraq

People come on here talking about how much money they have

Trolls don’t use a moniker so people can respond

Trolls antagonize others after losing their girl to a guy driving a leased BMW 5 Series

Rubio will continue posturing about doing away with taxes while giving $20 million in tax payer money to Jackson Memorial Hospital

Unregistered transplants like Fink will continue to lambast Florida politicians for not representing his interest as a renter

War the clones winning it all in South Flo

The beaches will get less crowded

No one rushes you on the golf course

Investments creates new moniker

Linda Rawls trips up on dancing with the stars

Jeff thinks of new article which doesn’t re-hash old tired themes

People start buying the hundreds of houses in Lake Worth for sale at $125k and stop whining about not being able to afford a gated community home

Easy’s kickin it in the valley with some paid talent

Limbaugh gives Frankel his pharmacist’s phone number

City Hall burnt down by residents

Legislators claim tax issue solved after giving owners $215 tax break

The herd mentality continues to swarm on NC, giving Rich R headaches

So what, some of us who have been here awhile will continue to be here.

By Curious

October 11, 2007 4:08 PM | Link to this

Good headline quote!

Another similar one from the building services sector (been there) is, “We did it for cost, … and cost, and cost, … and cost, … .”

:-)

By Michael Fink

October 11, 2007 4:09 PM | Link to this

“City Hall burnt down by residents”

Not much longer, espeically when the full cost of the city center project come to bear; and the property values continue to fall necessitating a mill rate increase. I give city hall another 6 months before the residents march into the mayor’s office with pitchforks.

By WAKE UP

October 11, 2007 4:35 PM | Link to this

Anyone have a guess what’s worse than WPB spending $100M plus on the new City Centre? Spending $40M, stopping construction until all the the BS can get sorted out (which could take years). During that time the behemouth shell of a building will sit there as a blight on the downtown area. Homeless people will squat in the nice open air structure. Construction costs will continue to escalate at a rate higher than inflation. Catalfumo will sue the city for damages, lost profit and extended overhead. And then in the end, the project will be completed anyways…

So instead of spending say $120M, the city will spend $150-180M. The city spends the taxpayers’ money everyday without consulting them - this is just too big a pill for some people to swallow. Get over it and keep a closer eye on the piggy bank next time.

By Max Still Has a Question

October 11, 2007 5:24 PM | Link to this

“Get in the Game” - I hope you saw my lengthy response to you a couple of days ago.

However a question remains:

How is it, with all your financial wizardy, you are not well-to-do, by PBC standards? In fact, I’d say you are downright poor.

Could you explain that?

Then explain why someone who has no financial success to speak of is giving financial advice???

By Steve

October 11, 2007 6:49 PM | Link to this

Crazydem, it figures you’re the pain in the a*s taking three practice swings, clogging up the golf course.

By UFC 2

October 11, 2007 8:05 PM | Link to this

Once again, Max puts “Get in the game” in an arm bar and taps out in 1.6 seconds. “Get in the game” screams “don’t break my arm bro”.

By andy

October 11, 2007 8:38 PM | Link to this

Expert realty also went under another one of Glenn Cohen’s inventions good luck Glenn

By andy

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

Expert realty also went under another one of Glenn Cohen’s inventions good luck Glenn

By crazydem

October 12, 2007 10:03 AM | Link to this

I have never claimed to be a good golfer!

More rambling from Fink over on the Sentinel site today. Fink, turns out there is $100-$125 sq/ft construction in PBC. Go to Lantana and Lake Worth. Please stop complaining about the lack of housing in PBC at your price point.

A warning on Baidu sparks the Dow to drop-if that’s not a sign of it’s extension I don’t know what is. That’s the real bubble. Housing here has simply caught up, not inflated.

War Pete Carroll vomiting on himself again this weekend after getting beat.

By cw1900

October 12, 2007 10:31 AM | Link to this

Here’s something I can totally agree with “Get in the Game” on.

Ben Franklin’s book “The Way to Wealth” is excellent. Should be a must read for every high school student before they graduate, period. I’ve read it and now that you have brought it up, it’s going on my reading list again. In keeping with the theme, and I wouldn’t want to tarnsih my reputation among you big shot spenders out there, you can find the full text on the internet for free…

Yes, “The borrower is a slave to the lender, and the debtor to the creditor”, that is an oldie but a goodie.

Here’s a couple more along that same line that I’ve always liked:

“Borrowing is easy but the day of payment is hard.” - unknown

“You must, to get through life well, practice industry with economy, never create a debt for anything that is not absolutely necessary, and if you make a promise to pay money at a day certain, be sure to comply with it. If you do not, you lay yourself liable to have your feelings injured and your reputation destroyed with the just imputation of violating your word.” - Andrew Jackson, Letter to Andrew Jackson, Jr. (April 14, 1835)

“Debt, grinding debt, whose iron face the widow, the orphan, and the sons of genius fear and hate; debt, which consumes so much time, which so cripples and disheartens a great spirit with cares that seem so base, is a preceptor whose lessons cannot be forgone, and is needed most by those who suffer from it most. - Ralph Waldo Emerson, Nature, (1836)

That last one from Emerson should be read and re-read by everyone on here who is buried in debt. You know who you are. You are the ones with maxed out cards, the two car payments, and the helocs, and the obligatory friday night throwing of the fine china as you and your betterhalf fight over money.

You people are destroying your financial future, and you think it is ok, because all of your other stupid friends and relatives do the same thing, and think that is a normal way to live. Hey, I know plenty of white collar, very educated, professional people who think like that, so it’s all over the place. On the “don’t judge the book by the cover” thing, I know more people who on the outside look like a million bucks, yet, they’re loaded with so much debt, their networth is next to nothing. On the other side, I know one guy, an acquaintence of mine, mid 50s, drives around in a mid 90s Suburban with rust, dresses horribly compared to your typical renter in CityPlace, for example, but…. very smart businessman, and has more cash flowing houses and money and large networth than most on this blog will ever see in their lifetime. He could care less about impressing anybody. I guarantee your average debt-ridden yuppie at a stoplight would look at this guy and turn his nose up at him, not knowing that guy could buy and sell him dozens of times over. That always strikes me as funny, and how totally ridiculous some of you people out there are when it comes to your Jones’ thing.

Here is a list I was emailed not too long ago that I thought was funny and good….some are funny and some are serious, but all are true

You Know You Shouldn’t Buy A House When….

You look in the couch cushion for a down payment

If “do you want fries with that?” comes out of your mouth at work

You know any bill collector on a first name basis

Your car payments total more than 15% of your take home pay

You are on a payment plan at the local payday loan office

Your credit card minimum payment is more than 15% of your take home pay

You don’t know what “interest rate” means

You’ve never heard of a “fixed rate” mortgage

You can’t keep the $100 minimum in your checking account

You’ve been late paying the rent more than once this year

You think negative amortization is a good thing

You change jobs more than twice a year

You seek investment advice from the payday loan clerk

You seek investment advice from an insurance agent

The current check number in your checkbook is 6

You have paid one credit card payment with a cash advance from another

You have more than $5000 on your credit cards

You cash your checks at a check cashing branch

Your bank account is in your ex-girlfriend’s brothers name

You had to have a co-signer on any car loan in the past 5 years

You have had anything repossessed in the last three years

You think leasing furniture and/or electronics is a good idea

One more thing….

“You can never underestimate the stupidity of the general public.”

Have nice weekend.

cw

By Hey CW

October 12, 2007 11:17 AM | Link to this

Add these:

The only man who sticks closer to you in adversity than a friend is a creditor. ~Author Unknown

Debt, n. An ingenious substitute for the chain and whip of the slavedriver. ~Ambrose Bierce, The Devil’s Dictionary, 1911

Another way to solve the traffic problems of this country is to pass a law that only paid-for cars be allowed to use the highways. ~Will Rogers

There are plenty of ways to get ahead. The first is so basic I’m almost embarrassed to say it: spend less than you earn. ~Paul Clitheroe

and for easyasabc:

Today, there are three kinds of people: the have’s, the have-not’s, and the have-not-paid-for-what-they-have’s. ~Earl Wilson

By John Q Public

October 12, 2007 11:32 AM | Link to this

This losing money business model reminds me of an old Saturday Night Live skit (First Citiwide Change Bank) with the bank that specialized in making change.

How did they make money making change? The answer was simple… VOLUME!

http://www.youtube.com/watch?v=m8nU-q5YPRQ

By My wife's money tree

October 12, 2007 12:05 PM | Link to this

Here’s my favorites

“There is only one thing to do for a man who is married to a woman who enjoys spending money, and that is to enjoy earning it”

“I inherited my ability from both my parents; my mother’s ability for spending money, and my father’s ability for not making it.”

“A successful man is one who makes more money than his wife can spend. A successful woman is one who can find such a man.”

By landlord

October 12, 2007 12:54 PM | Link to this

which one of our happy renter’s most likely resembles the following:

Excerpts from actual letters sent to landlords

Could you please send someone to fix our bath tap? My wife got her toe stuck in it and it is very uncomfortable for us.

I want to complain about the farmer across the road. Every morning at 5:30 his c**k wakes me up, and it is getting too much.

When the workmen were here, they put their tools in my wife’s new drawers and made a mess. Please send men with clean tools to finish the job and keep my wife happy.

By Countdown

October 12, 2007 3:51 PM | Link to this

A “LOOSER” is someone who’s “not wrapped to tight”.

By to landord and cw

October 12, 2007 5:51 PM | Link to this

landlord, why do you make fun of renters, they pay your bills. without us you would be nothing. cw, a car payment is a normal thing. we all have to have one, and by you saying you don’t only shows your a lier. if i dont have a car payment, i dont drive to go to work, and i buy it new so i can get a warrnty so when it needs something done to it, i can get it done for free or just some small amount of money. not many people can come up with 30,000 when they make 25,000 or 30,000 or whatever, and thats what you need to pay to get something realiable and looks nice. i don’t like all the lieing going on on this site. most of you are a bunch of liers. only very rich people have all these houses and they dont visit websites like this all the time.

By TO: to landord and cw

October 12, 2007 8:10 PM | Link to this

You’re kidding, right? This post is not for real, right? Are you just trying to get us going or are you the most ignorant slob this side of East BumFuZk? That post has got to be a fake. Nobody is that stupid.

By Get in the Game

October 12, 2007 9:14 PM | Link to this

Glad to read we are taking the correct approach to debt. Now let’s find out if we can follow similar investment in ‘major’ companies, as well.

And cw is spot-on with a majority of his last blog’s comments.

Like I keep typing…

‘If you cannot afford it, do not buy it.’

And unless you are purchasing in cash (meaning YOUR money w/o consulting a lending institution or loan shark), you are LEASING with an option to buy, from the ‘bank.’

Again, re-read my simple equations, and you can hold those constant over time, with few exceptions…

And these books’ (especially Mr. Franklin’s) words have been tested through varying cycles.

Good quotations by all…

Hopefully, America can turn our excessive debt around, over time.

Good Luck to All

By BIGROB

October 12, 2007 9:22 PM | Link to this

WOW you are definatley in forclosure.Do you have a work visa WOW!!!!!nobody could do that on purpose..how can i think i gets 25.000 or 30.000 or sumptin ahh drink another beer what warr dont have to pay be fixen duh!! I dont like this buisness model at all.Im for getting a good deal on anything but there comes a point where one side becomes to greedy and then the whole market suffers,I think that is dangerouse ground go ahead you guy’s deserve it.

By Get in the Game

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

To Max…

If you could, define to us all, your definition of ‘well-to-do, by PBC standards’…I think we would all welcome those statements.

I am intrigued, to type the least, and then again, if you desire, we can run a comparative analysis on your ‘well-to-do PBC standards’.

By Max Obliges

October 13, 2007 12:26 AM | Link to this

Someone help me out here.

The AM radio finance mavens used to agree, to a man (or woman), that a minimum nest egg for a couple to retire at age 65 was 1.2 million. Then it went to 1.6 million. Then I lost count. I never saw how it was possible on 1.2 million anyway, unless both spouses had substanstial pensions in additon to social security plus medicare.

Be that as it may, if 1.6 million represents minimal requirements for survival, what should we call prosperous? 5 million?

Certainly a financial genius like “Get in the Game” can achieve prosperity before age 65.

So, I’ll tell you what we will do, Get. I will stop thinking you are a clown for offering financial advice, if your net worth is at least 5 to 10 million of ACQUIRED — not inherited wealth.

++++++++++++++++++

It is said that 60% of the phone calls to WALL Street originate from Palm Beach County.

Yes, the folks are here who have obvious money, with names like Kennedy, Trump, Limbaugh.

But there are also the folks sitting in 25K 55+ condos with 20 to 20 million in the bank (and I know enough of them personally, and their assets, to know this is not a fantasy).

So picture Sam or Frank or whatever sitting on his 10 year old couch, which in his perspective is still new, watching CNBC all day for lack of anything better to do. He has 3 or 4 million in the bank and he is hoping he will outlive his money (getting harder and scarier to do). He knows how to move a little bit of money around, and can make small moves, say 50K, without much consternation.

His grandson taught him how to use the Internet, so he stumbles upon the on-line Post blog, and sees this country-fried simpleton from nowhere telling him most people in PBC don’t have 35K for a down payment.

Is he supposed to take this guy seriously?

Am I supposed to?

Do you?

By Max's Typo

October 13, 2007 12:32 AM | Link to this

That was “sitting around with 4 to 5 million in the bank.” Sorry for any confusion.

By Get in the Game

October 13, 2007 11:49 AM | Link to this

To Max

Quick lesson for you and others… If you have significant holdings, usually you do not go around spatting off about it.

Similar to the boneheads who ride around in the Ferraris on A1A, revving the engine to squeal the tires.

Gimme a break! The individuals with true wealth…equities, bonds, commodities, timberland, commercial RE

These individuals fly ‘under the radar’. Large, landowners, Buffett ‘buy and hold’ mentality, not sitting around at Mizner Park bragging about how much they ‘have.’

So, again Max since I have not offered financial advice, rather selected literary works to read…one hopefully expand their knowledge with legends of the financial game.

By Max Gets "Get" Again

October 13, 2007 12:18 PM | Link to this

“GET” For someone who is now offering literary advice, you don’t seem able to read, either.

I spoke of people sitting on old couches in cheap condos — not people driving Ferarris. And 1.6 million or whatever is NOT significant holdings — it is bare survival.

But thanks for confirming you don’t even have THAT — you could not retire in a cheap 55+ condo in Lake Worth, so stop trying to impress people with your financial gibberish.

As for reading, I enjoy Balzac in French and Cervantes (reminds me of you) in Spanish. Kafka’s diaries in German were surprisingly interesting.

Oh… but you dont READ any other language than English, do you? You really don’t have access to 90% of western literature. You only read English…to the extent you are literate in that, which is probably not much.

So stop offering reading lists as well. You are a poseur, little guy, trying to convince an imaginary classroom that the invisible speaker is an intellectual.

Come back when you have the goods.

By And Max Adds.......

October 13, 2007 12:35 PM | Link to this

You can see why Fink is the best liked of the Doomers. He is here to make an argument about real estate.

A small handful are here to tell you how smart they think they are, including the pretentious “Get in the Game,” our blog’s answer to Mr. Haney — “Rich R,” and the absolutely absurd, ludicrous, hilarious “Curious.”

Most of the owners are pretty good on this score, in particular CW, AP, Crazy Dem, WAKE UP….they make their point, and their point isn’t “Look how smart I am”!

By Max Heats Up RCA

October 13, 2007 1:07 PM | Link to this

Here it is folks, the quintessence of Doomer philosophy, from the desperate and deranged RCA:

THE TIME FOR RECKONING IS COMING AND THE UPPERS WILL LOSE THEIR PROPERTY AND THE DOWNERS WILL TAKE OVER!!!!!

Recognize this? It’s Mathew 20:16 - “Those who are last shall be first, and those who are first shall be last.”

Therein lie the hopes and the dreams of the Doomers, the reason for their predictions, the basis of their faith in the absen ce of statistical evidence. (See also Psalms 37:11, the meek shall inherit the land, and Matthew 5:5, the meek shall inherit the earth).

But I doubt RCA reads the Bible. If he did he might have come across a clearer instruction in Numbers 32:24 -

“Build settlements for your little ones, and folds for your sheep, and do that of which you have spoken.”

Actually the RCA above is probably an imposter, but he has the thought process down pat.

By a******s

October 13, 2007 11:19 PM | Link to this

CW, AP, Crazy Dem, WAKE UP, and Fla Renaisaance, and Maxi are all a******s

They have no clue and are going to see all the so=called toliet flushed being run all over their mainicoored lawns. !!!!!!

By Steve

October 14, 2007 8:32 AM | Link to this

Max, you telling someone their bragging is the pot calling the kettle black. As smart as you are, you still managed to be on the wrong side of this RE market. How weird is that?

By Steve

October 14, 2007 8:38 AM | Link to this

Fl Ren, the only flushing going on around here is your net worth.

By Max See Steve has not Gotten Any Smarter

October 14, 2007 9:42 AM | Link to this

Steve…what are you talking about?

What wrong side of the real estate business do you think I’m on?

I have great tenants, my expenses are dropping (yes…my taxes DID drop like a rock) and I am constantly looking to buy more property.

What is it that I am supposed to be bothered about? If someone down the street walked away from a flip? What does it have to do with me?

By Max corrects

October 14, 2007 2:28 PM | Link to this

Congress will admit to 2 billion a week for the war.

Still, the mortgage “crisis” at its worse is a nit compared to the War. And a majority of people walk away from a mortgage without bombing anybody or getting shot themselves.

By What?

October 14, 2007 5:33 PM | Link to this

Einstein,

Can you tell us what a “mainicoored lawn” is?

Do tell.

I think a common theme is the “doomers” have about a 5th grade education. Big Rob may have attained an 8th grade diploma, but I can’t be sure.

Some of you ought to be ashamed of yourselves with spelling like what I have see lately.

By RCA

October 14, 2007 7:57 PM | Link to this

OH, BY THE WAY. THIS IS THE REAL RCA. PLEASE BE YOURSELF AND RESPOND WITH YOUR REAL NAME.

BY THE WAY, I REMEMBER THE GOOD OLD DAYS OF THE PBP BLOG WHEN EVERYONE SAID, HOUSING PRICES WILL NEVER GO DOWN.

AND YET BILLIONS OF ADJUSTING LOANS HIT THE MARKET THROUGH 2008.

JUST WAIT TILL THE BANKS START SELLING OFF THEIR INVENTORY!

PALM “ATLANTIS” BEACH

Between Jan. 1 and July 1, homeowners in Palm Beach, Martin and St. Lucie counties defaulted on 4,318 mortgages worth $1.05 billion. That’s a 311 percent increase in defaults from the 1,051 recorded during the same period in 2006.

By The Real Max

October 14, 2007 8:17 PM | Link to this

And “I” remember the days of RCA coming on here and telling us that by now we would be having an economic crisis worse than the Great Depression, real estate prices across the board would be down 70%, and more too ridiculous to remember.

How does it feel to be so stupid?

By the way…RCA is a good one to explain why 465 billion wasted on a pointless war isn’t supposed to sink our economy, but a few billion in bad mortgage loans is.

The stupid war could bankrupt us 50 times over before there were any fallout from the “mortgage meltdown.”

By Thank you renters

October 15, 2007 10:16 AM | Link to this

Just a thought. I filed an extension on my taxes like I do every year just so I can take my time to analyze and I’ll get it to them at my leisure. If I have to pay a minor penalty, I don’t care. Well, six months past 4/15 is today, and I just mailed it postmarked Friday 10/12, just in the nick of time.

Why am I telling you this?

Well, to show the renters one of their mistakes that many of us take for granted. Each rental property is in its own LLC for liability purposes. Each LLC has its set of expenses.

You would be amazed at what expenses “legally” can be used to offset rental income and other income.

People are paying me to lower my own taxes, and here’s the best part. Here’s a guy who had taxable income of $197,453 for tax year of 2006, and my effective tax rate came out to be 4.92%. All legal and checked out properly.

That is lower than most of you renters could ever hope for and you make less money than I do.

By crazydem

October 15, 2007 1:55 PM | Link to this

I see the liquid courage was in full effect here this weekend.

Anyone own any Google out there? Or are we still in money markets? RCA, where’s all your excess cash sitting these days as you wait for us to go underwater? BLUUE CHIPS? MONEEY MARKET? INDEEX FUND?

By BIGROB

October 15, 2007 4:29 PM | Link to this

Ahhh I better just throw in the towel.There are hundreds of forclosures in the surrounding area of my rentals.I’m ruined.NOT..Did anyone notice there has been a lot of accidental fires lateley,Honey lets put a pound of bacon on the stove.This is just the beginning.Has anyone ever heard of the south Bronx.

By Stan

October 15, 2007 4:38 PM | Link to this

Some of these negative jerks should go out and make a living instead of waiting for that big price housing collapse that will never happen.

By Curious

October 15, 2007 5:48 PM | Link to this

There is no need for sellers to panic in today’s Palm Beach real estate market.

All they have to do is look at the West Palm Beach craigslist > real estate services, to find many good friends out there looking out to help them.

A brief selection of quotes:

“Having Problems Making your Payents?? I can Help!!”

“MY Goal is Solely to Assist Homeowners!!!”

“Your Key To Financial Independence Save Home Owners from Foreclosure! Hi-Tech Training & Support Systems! State of the Art Marketing Tools! Loss Mitigation Specialist Training! Advanced Seminar Programs! Career Opportunities Available! Potential Six-Figure Income! Tap into the Multi-Trillion Dollar Foreclosure / Loss Mitigation Industry!”

“Nationwide brokers provide a free service to investors. We have a top notch client who specializes in the acquisition of commercial real estate and high end residential property and he is a provider and securer of POF ( proof of funds ) 500k to 1 billion.”

“I’m looking into buying single family or multifamily wholesale properties in South Florida. I can verify funds in excess of 20 million and I will buy in “as-is”, “where-is” condition.”

Cheers!

By Curious

October 15, 2007 6:07 PM | Link to this

Some folks on this forum have rightly accused me of being a sarcastic sharpshooter who, along with some others, take casual dead aim at some of the la-la land cheerleader pretensions.

Have to admit to that because there are sooooo many fools and easy targets.

Sorry!

By For the record

October 15, 2007 7:28 PM | Link to this

Curious, What’s your gender?

By Curious

October 15, 2007 8:14 PM | Link to this

Old news worth repeating:

http://www.brookesnews.com/072304intelligence.html

For those smart enough?

By Curious

October 15, 2007 8:30 PM | Link to this

Sorry, quickly wrote the previous on the fly while talking with others.

Should, and will, retract the negative comment about readers’ intelligence.

Certainly not true about most here.

Cheers!

By Observation

October 15, 2007 10:10 PM | Link to this

Some observing notes here, one is this Steve Rich fellow. He might have money, hate landlords and sits in the best seats at ballgames and concerts. But the fool needs an education in spelling states and cities. Rich Steve stinks more than he knows. Rich Steve, spend more money on your education than on your cars and women, and you will be better off to advance in life. Second, this Curious person sounds more like a bitter woman. If it is a guy talking, WOW! I cannot believe a man would talk in a way that Curious does. He or she, needs to grow up. Talking about people who needs to grow up, this max person sounds like a high school kid who has issues both mentally and emotionally. This imaginary life that max leads might be good for a psychasthenia or a psychoanalysis medical review. I think we would all like to beg his father and mother to take away his computer and get him a Wii to play with. Stan, prices have fallen, but will rise again. Tonight’s news talked about the baby boomers and the money they have to spend. Their number one retirement designation is still Florida. I am not a seller or a buyer, but this news should be good for all living and doing business here in Florida. Very enjoyable to read the remarks here now and then. What’s in the head of people’s minds is fascinating, especially when they express their thoughts. Even if it is intelligent, ridiculous, clever, or just down right dumb remarks.

By A Fan

October 16, 2007 8:24 AM | Link to this

AP’s humor has been missed. It has been a while since you’ve have posted but as always it’s right and hilarious. You’re one funny guy.

By Finky Little

October 16, 2007 11:23 AM | Link to this

Go to the sunsentinel if you want to have a good laugh. Mike Fink is over there lecturing his BS all over the place. He even says that the posters at the Post are mean to him. Mike Fink get a life. AP is right. You’re not even considering buying a house so why do you even care?

By Just a Matter of Time

October 16, 2007 12:23 PM | Link to this

Federal Investigators are looking to bring charges on local mortgage brokers, realtors and real estate attorneys, bankers and others involved with mortgage scams in our area. Numbers could be in the hundreds!

By Get in the Game

October 16, 2007 1:14 PM | Link to this

‘Lying Rides Upon Debt’s Back’, Benjamin Franklin

While these companies are on a national level, same holds true for local and regional players.

Simple equations…

High Leverage + High Revenue (Up cycle) = a possibility of survival

High Leverage + Low Revenue (Down cycle) = bankruptcy

Low/No Leverage + High Revenue (Up cycle) = sustainability and profitability

Low/No Leverage + Low Revenue (Down cycle) = sustainability

So what does all this mean?

Consolidation will occur in the house building industry, in the residential RE services sector, and select ancillary sectors that are highly dependent (a majority of their Rev is derived from RE) on residential RE.

By what was the big deal?

October 16, 2007 5:09 PM | Link to this

What happend to AP’s post?

By oh please

October 16, 2007 5:16 PM | Link to this

I guess they’re also protecting Mike Fink.

By Curious

October 16, 2007 8:09 PM | Link to this

Curious Rules!

Psychos, please take note!

What a hoot! . . . . . . . . . Please believe, I had nothing to do with any of this nonsense — been away from this post for a relaxing and normal recharge of fresh challenging epithets.

?????

:-)

By cw1900

October 17, 2007 9:45 AM | Link to this

Hey,

What happened to my post from yesterday? Are we now censoring speech about our elected slobs in jail and which jailbird politician is sleeping with who? Actually, I’m not a conspiracy nut like a few of you. The servers probably crashed, and they put back up what was already backed up. Oh well. I’ll be ad disgusting as ever when it is appropriate to do so….which is now.

Which one of our county’s favorite sons do you think was on top last night in the prison cell? Was it that fat slob Bill Boose, or Liberti? Or maybe Exline joined in too, and they had a big fat disgusting threesome…..They could all be thinking about how they’ll screw Palm Beach County when they get out as they climaxed. That’ll get this post pulled for sure. Cmon Jeff, that was pretty good. Leave it on here for a few minutes.

Still not much going on, so I’ll tell you about television this morning….

Last night, I was flipping through and saw the Fox Business Channel for the first time, and that Dave Ramsey guy was on. He has his own show. This is the guy who I heard on the radio a few weeks back, come to think of it, never heard him again.

I am suing this guy or am going to join his fan club.

Have you heard him? Sounds a lot like they way I live my financial life, and they put him on tv. Unbelievable. He was ragging on callers for too much credit card debt and for having insane car payments, etc. These poor slobs who would call in were just everyday joe’s with massive debt problems, and he was giving basic common sense and working out plans to get them out of their predicament. His plan included getting rid of the crap and getting rid of the payments and living off less than you make. Does that sound like anyone here that you all love to hate?

I foresee the mainstream financial so called “experts” flapping their gums on why it is a good idea to keep a heloc balance and finance a car for 10 years while making fun of this guy and his common sense. I could get hooked on this, sounds like my type of guy. Maybe I’m missing something as I only watched about 40 minutes of it, but I liked what I heard so far, for sure.

He even stole my line about couple’s having frying pan fights on Friday nights fighting about money. The only thing he didn’t say was the fights occurred in Evergrene. I missed the boat. cw1900 should be up there on Fox dosing out my better way of living financially. This guy beat me to the punch. Should I be “so Palm Beach County” and sue him for copying me and not giving me credit? He secretly has been watching my ever move and now he’s making big bucks. Now I’m sounding like RCA. Oops. Sorry.

cw

By Steve

October 17, 2007 10:19 AM | Link to this

Here’s a guy who had taxable income of $197,453 for tax year of 2006, and my effective tax rate came out to be 4.92%. All legal and checked out properly. lol

Max, you’re one audit away from disaster.

By Thomas

October 17, 2007 10:49 AM | Link to this

Cw puts out his filth in one paragraph, and then talks about a religious financial talk show host he just discovered in the next.

Cw, if you listen to him more, you will find he is a very religious man. He does hold many of the same views that you have, but you might learn something more important from him to help save your soul. That needs help the way you speak ill of others, even if they are in prison….and stole from the taxpayers. Ok, you might have a point.

By Concerned

October 17, 2007 11:09 AM | Link to this

To Jeff,

Time for a new topic. People have gone various ways, but the topic was about debt, assets and liabilities.

Thought ‘Get’, ‘CW’,’Hey CW’ and some others had it correct about America’s love affair with debt.

Get, I did order Buffett’s book and did download (thx to CW) Franklin’s excerpts…great and very important reading.

I think people are forgetting about all this back and forth with house prices and other crap, people must pay their creditors.

And I just do not think America realizes this fact. They want to keep borrowing and borrowing.

The debt is going to undermine America. We need to address the debt NOW.

By second job

October 17, 2007 3:36 PM | Link to this

Both Jeff and Linda are working at their second jobs to pay off their debt, and don’t have the time to write a new topic.

signed,

editor in charge, who is looking for work himself.

By blog is dead

October 17, 2007 9:21 PM | Link to this

Where is everybody? The only regular who showed up today was CW. I look forward to reading the fireworks from the day and there wasn’t any :(

By cw1900

October 18, 2007 10:18 AM | Link to this

Front page of the business section this morning, “Area rental rates stay level”

I would concur. As I’ve said many times, I’m not up on the luxury condo rental market in WPB, but I can tell you once again, there just doesn’t seem to be a problem getting a small SFH rented out nor, have I ever had to lower the rent. You people read too many freak housing bubble blogs and haven’t a clue as to the real world.

Read this part and then let me give you the real answer as Mr. Bates doesn’t have a clue….

“Declining occupancy is a trend that confuses Bates, given that other data-analysis companies have documented a tsunami of foreclosures in what has come to be known as the “mortgage meltdown.”

“We cover nine of the 10 markets in those foreclosure reports,” Bates said, “and we looked for an increase in rental occupancies after all those people lost their homes. We didn’t find it.”

Then he realized that credit reports took a nosedive after foreclosure.

“When they’re foreclosed on, their FICO (credit) scores are screwed, and landlords take that seriously,” Bates said, referring to investment-grade units. “They can’t rent.”

The question then becomes: Where have all these people gone?

They can’t own a home and they can’t rent. That’s one of the major dilemmas of the housing crash of 2007.

“They’re doubling up with friends and family,” Bates theorized, “or else they’re exiting the locale. They’re not just tumbling down the street to the nearest apartment community.”

This so called “expert” is a dope. These people are renting from guys like me and why I can look you in the eye, cross my heart, hope to die, stick a needle in my eye, and tell you that renting my two houses here is never a problem. Why? I am not a corporate apartment complex, I don’t run anybody’s credit, I could care less, really. It is word of mouth and I look at the people, how they came to find me, etc, and I only get first, last, and one month’s worth of security deposit and they’re in if they look halfway decent. That is where those people are moving to. I want the lesser educated Joe Lunchbucket, happy go lucky dumb shlt who doesn’t have the greatest credit in the world, but he’s got a wife and a kid and a job. Those people generally tend to stay for awhile. If he had great credit and was better educated, and was used to the better things in life, he could go rent a luxury condo for not much more per month, I’ll give you that Fink and Chicago Boy, but the fact is, this slob doesn’t have good credit, he can’t come up with two months of security deposit, his wife isn’t high maintenance and probably works as a cashier somewhere. They’re basically good people, and don’t know what it’s like to have 12 foot ceilings and stainless steel appliances. That’s my perfect tenant. As I’ve also said before, having Fink and Chicago Boy as tenants would be a landlord’s nightmare, but I wouldn’t rent to stuffed shirts or wannabe stuffed shirts like that anyway, nor would they be looking at houses like I have to rent also, so it really doesn’t matter.

One more quote from the article, “Local investors stuck with condos and townhouses they couldn’t sell are dumping them on the rental market, real estate agents say, hoping to recoup their carrying costs, even if they don’t make a profit. But getting owners to set realistic rental prices has been a problem, agents say.”

Those “local investors” are probably newbies to the rental game and they made the mistake of buying something that they would like to live in themselves thinking they would rent it out easily. Public Service announcement for today is very simple. DO NOT SPEND MONEY ON PRETTY WINDOW TREATMENTS AND BUY A BRAND NEW $2000 REFRIDGERATOR TO PUT INTO A PLACE YOU PLAN TO RENT!!!! YOU WILL NEVER GET YOUR MONEY OUT IF IT. IT IS A WASTE OF TIME, EFFORT AND MONEY.

The other crucial mistake these cw1900 wannabes made is that they were thinking that it is easier to rent to people like them, people with their same tastes and people with their same jobs and income, people able to afford that luxury condo in and around CityPlace, but that is almost always not the case. I would take Joe Lunchbucket over a Mike Fink Yuppie as a tenant any day of the week. Less headaches, and those higher end places are much harder, if not impossible to cash flow. Again, this is nothing new, things I have discussed here many times before.

By the way, on another subject, but still rental related…..the summer rental season at the lake was a great success this year.

Next…

To Steve, re the guy with the effective tax rate of under 5%…Yes, that is possible when you own multiple rental properties, and no, he’s probably not going to jail. Some of you people will just never get it. Max, FL Ren, Big Rob, and the other landlords around here can tell you more about that

Ok, it’s official. I’m hooked on that Dave Ramsey tv show on the new Fox Business Channel. The guy has great financial common sense and is giving great advice to people who don’t have a clue on the subject….like my tenants….. Some of the people calling in, I swear, are some of our very own lovable idiots on this blog. It’s amazing how so many people can screw up their lives financially on purpose. It entertains me.

Time for a new topic, Jeff.

cw

By Steve

October 18, 2007 11:52 AM | Link to this

If the effective tax rate is under 5%, then he must not have any profits to speak of. Pretty impressive. Sounds like working for free to me.

By Get in the Game

October 18, 2007 12:20 PM | Link to this

To Blog is Dead and Others

I think everyone is reeling a bit after Paulson’s (Goldman’s ‘Golden Boy’) comments.

Seemed a bit nervous, didn’t he?

He is finally being austere about the housing situation so hopefully, down the road, he has some credibility.

Throw Helicopter Ben is there as well.

Again, what’s the big deal and what’s to talk about?

Forget all the other news (housing starts, banks having NO idea what the heck is on their balance sheets, etc)

I think everyone has conceded or agreed, if you will, that housing prices in most US markets (specifically the markets with significant run-ups from 2000-2005) are going to fall in, at least, 2008 and 2009.

We keep going back and forth about how long the drop and at what percentage the drop shall occur.

You can call them whatever you like, but the IMF, President of the US, US Treasury Secretary, and the Chairman of the Fed Reserve all have spoken about the US housing state of affairs, the ‘credit crunch’, and the mortgage not just subprime meltdown.

Again, what’s to talk about?

By Max and Tax

October 18, 2007 12:37 PM | Link to this

Very briefly for Steve, who won’t understand it anyway, real estate offers a plethora of tax advantages.

Landlords use imaginary expenses such as “depreciation” to reduce their taxes — with the full sanction of Congress and the IRS.

Even someone who is not a real estate professional can wipe out much of their tax liability by owning investment real estate. In a masterpiece of bureaucratic double-talk, Congress decreed you can generate 25K a year of “passive” losses by “actively” managing investment properties. Along with IRA or 401K and other dedcutions, plus exemptions, this nearly wipes out tax liability on many working individuals or couples in Florida.

Note that in the eyes of Congress, we should all be capitalists, not workers. Wages are taxed relentlessly and mercilessly. Capital gains are not — in fact long term capital gains are only subject to a maxmimum tax rate of 20%.

Collecting social security? Play the market, have a last, make a million dollars a year — your check is safe. But bring home a paycheck, and you will be severely penalized by the SSA after a small exempt amount.

Sorry renters / workers, but that’s how it is, because that’s how our economy was DESIGNED, and LEGISLATED by Congress. We are all supposed to be investors and capitalists, at least part time, even if we have to be dragged there kicking and screaming.

By Max Forgets Get

October 18, 2007 12:47 PM | Link to this

GET - What kind of b******t are you throwing out here?

Most people in public life are smart enough not to make any specific predictions. You are telling me people like George Bush stood up and said housing prices will fall next year?

GET, you have always used casuistry in your posts, but now you are reduced to outright mendacity.

You have learned the ways of the Doomers. When you have no argument, LIE.

By Get in the Game

October 18, 2007 1:09 PM | Link to this

To Max

Glad to read your back and still do not read well.

Again, like I usually type for you: re-read my comments…

I typed: (You can call them whatever you like, but the IMF, President of the US, US Treasury Secretary, and the Chairman of the Fed Reserve all have spoken about the US housing state of affairs, the ‘credit crunch’, and the mortgage not just subprime meltdown.)

In cased you missed the comments or do not possess access to the reports, just a quick headline for you…

Paulson - ‘Continued Woes in the Housing Market’ delivered at Georgetown Law (week of 15 Oct 2007)

IMF - ‘World Economic Outlook’, April 2007 (Chapter 2)

Bernanke - ‘Slumping housing market remains a significant drag on the economy’ delivered at NY Economics Club (week of 15 Oct 2007)

President Bush - ‘Announced a series of proposals intended to help houseowners with mortgage defaults’ (August 2007)

So, I would continue to say that those individuals/entities (above) discussed the current housing market, ‘credit crisis’, and/or mortgage meltdown.

By Max a Fool Again

October 18, 2007 2:16 PM | Link to this

Mad Maxipad got jacked again by Get.

Too bad he’s not as absorbent as his namesake, he might then understand how silly he sounds.

And as for your income, it sounds to me like you don’t make that much money. You probably are not being hit by the AMT. And if you are using qualified plans to shield income, then you really are not making any real money. Maxed out contributions should be nothing more than Starbucks money, if you are worth anything.

By CW is Entertained

October 18, 2007 5:56 PM | Link to this

So CW you get your jollies by listening to people explain their hard times situation, and you call people pompous?

By To "Max a Fool Again"

October 18, 2007 6:05 PM | Link to this

I am familiar with quite a few well off individuals that bring home well over a couple hundred thou a year, and they have wittled their taxes down to next to nothing via rental real estate, and well within the law, I may add. It can be done and is done by many. You know that.

By Steve

October 18, 2007 6:12 PM | Link to this

Max, correct me if I’m wrong. When you depreciate a property, don’t you have to pay tax on any gains once you sell the property? In essence defering the taxes.

Also, I thought you were a bleeding heart liberal, proud to give the government all your money.

By Max Hits Clean-up

October 18, 2007 7:27 PM | Link to this

Steve:

I will be happy to correct you. The recapture rate on depreciation is 25%, unless it has changed very recently. And you only pay it if and when you sell the property, presumably at a profit — with a maximum of 20% tax on your capital gain.

++++++++++++++++++

GET - I knew you would come back with exactly this b******t. You hinted, by use of sophistry, that People like Bush were PREDICTING lower house prices. I knew when I called you on it, you would say “Oh, but I never SAID that!” You are becoming a first rate b******t artist.

The list of reference soon followed this statement in your first post:

“I think everyone has conceded or agreed, if you will, that housing prices in most US markets (specifically the markets with significant run-ups from 2000-2005) are going to fall in, at least, 2008 and 2009.”

In point of fact, NO ONE with a brain has conceded anything of the sort — or even made a prediction, least of all people like George Bush (ok, so he doesn’t fit the “has a brain” category), despite your implication.

There is CERTAINLY no concensus on the part of public officials that housing prices are going to fall, no matter what their comments on “difficulties.”

Congratulations. At least your b******t is getting more subtle.

+++++++++++++++++++

Last and certainly least interesting is “max a Fool Again,” the same frustrated imbecile who has NEVER scored against me, tries yet again.

Let me make a simple statement which you won’t understand.

Rich people don’t pay taxes. Okay? Having accountants on call does get a little pricey, but it pays in the long run.

Does Max pay taxes? No.

Am I doing anything illegal? Absolutely not. I constantly get a thumbs up from the IRS.

AMT is a nit, not likely to raise your taxes by more than a thousand dollars.

Besides, no one understands AMT, the tax preparation software you buy can’t handle it, and it goes pretty much ignored —- regardless of what the tax Pundits tell you. Ask your CPA to explain AMT SPECIFICS — if he can.

What YOU think I earn matters not. YOU are quite obviously the poorest of beggars, and I feel sorry for you having nothing better to do than count other peoples’ money. You are like a kid in Dunkin Donuts, with his eye on a jelly donut, and three cents in his pocket. Poor bastard.

By Curious

October 19, 2007 6:48 AM | Link to this

REALITY EXISTS.

A = A.

“According to the AFL-CIO commissioned survey conducted by Peter D. Hart Research Associates, 73 percent of the 500 ARM holders surveyed have no idea how much their payment will increase after the rate on their ARM mortgage loan resets.

But the confusion doesn’t stop there—18 percent of borrowers (1 in 5) do not even know what their interest rate is right now.”

….

“Both high income (earning more than $50,000) and low income (earning less than $50,000) borrowers say they will be forced to cut back on spending when their rate resets.

Just under half of the high income borrowers say the rate adjustment has the potential to affect their household budget. Approximately 40 percent of the low income borrowers say they may be forced to postpone a major medical procedure or college once the rate resets. A whopping 37 percent say they will be facing foreclosure.”

http://efinancedirectory.com/articles/NewSurveyShowsARMMortgageHoldersare_Clueless.html

By WAKE UP

October 19, 2007 7:50 AM | Link to this

73% don’t know, because they probably don’t know what rate they’re being reset at…kind of hard to know the amount it’s going to change if you don’t know what the new rate will be….this is not to defend the masses with ARMs, just can’t stand it when the stats are twisted.

By WAKE UP

October 19, 2007 8:05 AM | Link to this

and no - I don’t have an ARM.

And when did making over $50k make you high income???

By Meltdown Maxipad does it again

October 19, 2007 9:17 AM | Link to this

Those “accountants on call” probably share office space with your “attorneys on retainer”. Maxipad, try not to open your mouth again, anyone in the know already can see that you have nothing, and that you are nothing (other than just another broken down realtor).

And if you are pinning all your tax savings on depreciation, you don’t make enough. Depreciaton can only shelter so much, my angry friend. My guess, if you do own any property, is that you are making just perhaps breaking even, and your commissions on sales have nearly dried up.

Steve, you are correct that you pay ordinary income taxes on the depreciated amount (section 1245 gain), unless you do a tax free exchange (1031).

By cw1900

October 19, 2007 9:49 AM | Link to this

Curious quoted an article that said, “18 percent of borrowers (1 in 5) do not even know what their interest rate is right now.””.

This is the kind of financial stupidity I talk about on here all the time. I believe those stats, and once again proves to me that not everyone deserves or can handle being a property owner. Some people are meant to rent my little houses.

Public service announcement for the day is one I have said here many times….The general public is basically stupid.

Sad, but true. Wait, that’s not sad, it’s pathetic, and yes, it entertains me to watch stupid as stupid does. Not only that, it makes it easier for the rest of us to pull farther and farther away. That’s no sad, that’s just reality.

To put it in perspective for all of you people in debt up to your upturned noses, what I said about it being easier to pull away when so many people do the wrong things on purpose, here is more proof. Business Week article that just came out, “The Global Millionaire Boom” tells us that there are a record 4.6 million households in the US with networths of 1 million dollars or more. As somebody said here once, a million dollar networth is very achievable today, and still doesn’t seem like a lot of dough, yet the Average Guy style of doomer with his $87,500 networth thinks the household with the million dollar networth is so rich.

First, how many of you with networths of let’s say, one to two million, consider yourself rich? Not many, I suspect. Living good, but definitely not rich.

All I know is this. If you can’t answer within 4 seconds what your interest rate is, what type of loan you have, and what is the length of loan on your home that you live in, you’re too far gone for help. Think about how bad that sounds. You wouldn’t admit to your boss that you didn’t readily know that kind of basic, very relevant information that consumes a big chunk of your monthly income, now would you? That boss would obviously think less of you in a business sense, and that would be valid to think that, right?

“Meltdown”, why are making depreciation out to be something bad? Yes, it can only shelter so much, but it is a clear benefit, and it is more prudent, I believe, to put off paying taxes as long as possible. Of course, I understand the tax rules and tax rates today can be very different tomorrow, depending on party in power and future legislation, but the odds almost always favor keeping more of your money today to have the opportunity to make more with it. That is somewhat of an “I’ll worry about that when the times come” mentality, but with the 1031, paying Uncle Sam can be put off for a very long time if structured properly. You are in a way misleading people into thinking by depreciating a rental property, that is somehow wrong, illegal, or having to use it to help you barely break even. There can be some very valuable benefits and certain tax advantages that come along with owning rental property, as there can be some risk, of course, but like any business venture, if done well, can be very worth your while, and you know that, so why the negativity on something that works pretty well for many?

Have a nice weekend everybody and stay off the computer. Go outside and enjoy your South Florida weekend. Those in Dayton can’t do that.

cw

By Average Family

October 19, 2007 10:45 AM | Link to this

First, how many of you with networths of let’s say, one to two million, consider yourself rich? Not many, I suspect. Living good, but definitely not rich.

The average family in this country is just barely scraping by, and some jerk is telling us somebody thats worth a million bucks is not rich!

Ok whatever you say.and expecting people to pay 350000 for a house is supposed to be middel class. yah right./

By Boca Condo King

October 19, 2007 11:12 AM | Link to this

That’s right here I am again asking about Commercial RE.

For CW I pay 6.65% on a thirty year fixed, on track to pay it off in 15. No other debt.

Now tell me what you all think.

I currently pay 1400 per month rent on an office. This is not a burden to me, but I would rather pay myself and own an office at the end.

So, with current office condo pricing at 250 to 300 psf, should I continue renting or should I accept an increase in my monthly cost to own?

What metrics do you suggest I use?

The King

By Bartender

October 19, 2007 11:32 AM | Link to this

“Sorry, Meltdown, 200K a year would literally not pay my bar tab.”

That means maxipad spends $547.95 every day, 365 days a year at bars. No wonder he is so full of sh!t, all drunks usually lie through their rotten tooth, hahahahahahahahahaha!!

maxipad is one of those mean drunks at the end of the bar with a liver on life support drinking that much, you moron maxipad, hahahahahahahahahahah!!!!

By RCA

October 19, 2007 11:36 AM | Link to this

I SEE THAT OTHER PEOPLE ARE DOING THE TALKING TO ME. CALL ME A LOSER OR NEGATIVE, I DONT CARE. THIS IS ABOUT SIMPLE MATH, LIKE 33.3 PERCENT. 10 TO 20 PERCENT DOWN AND 150,000 DOLLARS. FLORIDA IS GETTING WHAT THEY DESERVE WHEN THEY ALLOW CROOKED POLITICIANS AND GREED DEVELOPERS RUIN SOUTH FLORIDA. AT LEST THE REDNECKS ARE RUNNING AWAY FROM HERE!

“Levitt and Sons, the cash-strapped Fort Lauderdale company trying to survive the housing slump, said Thursday it has temporarily stopped building houses as it tries to restructure its debt. The action is an inconvenience for consumers who plan to move into Levitt homes and now are in limbo.”

“‘I’m up in the air,’ said Angelo Palermo, who’s waiting for his $380,000 house in Port St. Lucie to be finished. ‘This is a very bad situation.’”

“‘We realize that there are a number of questions from customers,’ said Michael Freitag, a spokesman for Levitt Corp. ‘But until the matter of financing is resolved, we don’t have answers to those questions.’”

“Bob Oblas of New York was scheduled to close on his two-bedroom house in Seasons at Tradition on Oct. 31, but said a company representative told him Thursday that it was not likely to happen. He wonders about a clubhouse and other amenities that have yet to be built.”

“‘I’m very concerned about the viability of the community,’ said Oblas.”

By RCA

October 19, 2007 11:36 AM | Link to this

I SEE THAT OTHER PEOPLE ARE DOING THE TALKING TO ME. CALL ME A LOSER OR NEGATIVE, I DONT CARE. THIS IS ABOUT SIMPLE MATH, LIKE 33.3 PERCENT. 10 TO 20 PERCENT DOWN AND 150,000 DOLLARS. FLORIDA IS GETTING WHAT THEY DESERVE WHEN THEY ALLOW CROOKED POLITICIANS AND GREED DEVELOPERS RUIN SOUTH FLORIDA. AT LEST THE REDNECKS ARE RUNNING AWAY FROM HERE!

“Levitt and Sons, the cash-strapped Fort Lauderdale company trying to survive the housing slump, said Thursday it has temporarily stopped building houses as it tries to restructure its debt. The action is an inconvenience for consumers who plan to move into Levitt homes and now are in limbo.”

“‘I’m up in the air,’ said Angelo Palermo, who’s waiting for his $380,000 house in Port St. Lucie to be finished. ‘This is a very bad situation.’”

“‘We realize that there are a number of questions from customers,’ said Michael Freitag, a spokesman for Levitt Corp. ‘But until the matter of financing is resolved, we don’t have answers to those questions.’”

“Bob Oblas of New York was scheduled to close on his two-bedroom house in Seasons at Tradition on Oct. 31, but said a company representative told him Thursday that it was not likely to happen. He wonders about a clubhouse and other amenities that have yet to be built.”

“‘I’m very concerned about the viability of the community,’ said Oblas.”

By maxipad is long in the lying game

October 19, 2007 11:38 AM | Link to this

maxipad is exempt from taxes, yep only him and his wealthy family gets a pass on having to pay taxes. maxipad, you are so full of crap it is literally coming out of your destroyed liver and coming out your big, honking schmucked up nose, hahahahahahahahaha!!!!

the dwight can’t seem to get a break, hahahahahahahahahahaha!!!!

maxipads is dwight, hahahahahahahahahaha!

By AP said it best

October 19, 2007 11:41 AM | Link to this

Like AP said a few days ago before he had his post removed. I think he said that there are 3 things RCA is familiar with. Renting as a way of life, the short bus, and eating crayons. Bravo job AP.

By Max From Estes

October 19, 2007 11:49 AM | Link to this

I’m staying in a hotel which supposedly inpsired Stephen King to write “The Shining.”

So far the only thing haunting me is Bartender/Meltdown.

Attention Shithead — I entertain some people who are used to being entertained well —get the picture? I am not from the same walk of life as you. Deal with it.

Folks, you know, in most discussions I am concerned about accuracy, but lately it is getting a bit pacayune. Schmucko Meltdown, above is NOT arguing that you pay back the AMOUNT of “depreciation” — he is only arguing what RATE the depreciation recapture is taxed at — the difference between 25% and something a few points away from 25%.

This is what this schmuck will “resort” (pardon the pun) to in order to find ANYTHING technically wrong with what I say.

So I apologize for anyone who has had to read this drivel — it is worse than the discussions about how much per square foot you build for (Sorry, WAKE, but that is pretty dry stuff.)

Meantime, “Meltdown” or whatever his name is for one post, continues to make it clear, despite his futile attacks, who is really who in life.

By maxipad is elvis

October 19, 2007 11:59 AM | Link to this

now maxipad says he’s some washed up lounge singer at the stanley hotel in estes park colo, hahahahahahahahahahaha!!!

he’s the bartender murderer in the shining come back to lifem hahahahahahahahahahahahah maxipad is so delusional he thinks hes in the movies

buy more booze maxipad, hahahahahahahahahahahahahahahahaha!!!!!!!!

By two pair

October 19, 2007 12:10 PM | Link to this

If Max thinks he’s a movie star and CW thinks 1 mill is the average American family, maybe the two of them can team up together to start a school on how to be delusional. That Florida Renniasannce character can be the Headmaster and Wake up can be the Grounds Supervisor, and Easyaswhatshis name can be the PE teacher, and Crazy Dem can be the head of PoliSci

By To CW/Meltdown Maxipad

October 19, 2007 12:37 PM | Link to this

CW: There is nothing wrong with depreciation, but it just doesn’t shelter that much income. Meltdown Maxipad can’t be earning a whole lot if depreciation is the main factor in sheltering his cash flow.

And, Meltdown Maxipad, you really lost your head. If you have any money, its obvious that you didn’t earn it, and that it is all family money. Just another mamma’s boy who can’t hack it in the real world.

But I don’t think you have anything. When reading your posts, you give out subtle clues that you have no idea what you are talking about. You know what I am referring to.

So, maxipad, getting back to real estate, bought anything lately?

By To: Stupid

October 19, 2007 1:25 PM | Link to this

Congratulations, Stupid, you know who you are.

My Viking forbears had already started amassing a fortune in the 10th century.

Pardon me for being b(j)orn into money. I promise not to do it again.

That does not mean what I have done is not what I have done, nor that my knowledge is invalid.

Bought anything lately? Yes.

I am always buying.

And when I buy a good business that sustains itself, the commission alone is more than you will earn in half a lifetime.

You could listen and learn, but instead you insist on being an a*****e — and poor.

By Temper, temper, Maxipad

October 19, 2007 1:41 PM | Link to this

Good for you that you were born in to money, if you were. Too bad you aren’t like we real men who made our own money, and don’t owe mommy and daddy for it. But you still shouldn’t feel too inferior to me, my little friend, not everybody has the stuff to make it on their own.

Here’s another example of how you don’t make sense. You brag about your commissions when you buy a business. So who is really buying, it sure doesn’t sound like you?

Meltdown maxipad, you continue to outwit yourself. You remind me of the coyote in the road runner cartoons.

So, seriously, bought any r/e here in PB County lately?

By FL Renaissance

October 19, 2007 2:01 PM | Link to this

It is very obvious that “two pair” doesn’t have any “pair”. So, for the benefit of you “non- delusional” types I’ll publish a partial listing of some “delusions” to which I believe you really do subscribe: 1. Being a renter is always smarter than being an owner since you would have far less headaches fewer problems. 2. Democrats are ALWAYS on the side of the “people” and are far more compassionate than Republicans. 3. It not how much you save, invest or keep that makes you feel secure but rather how much you can earn and spend to enhance your current lifestyle. 4. The role of Government is to take care of it’s people like a kindly father who so provides. 5. Increased taxes are a GOOD thing if they are used to fund government managed social programs. 6. Give people a fish to eat everyday, instead of teaching them to fish, it will provide additional governmental jobs in distrubution. 7. Build a border fence around the entire USA and eliminate ALL illegal aliens. 8. Impose strict price controls on goods and services and eliminate free trade. 9. Issue a federal ID card and stricter travel requirements between our states with each state having an individual border station manned by respective state police. This will ensure that only Americans are allowed to cross with the proper supporting papers. 10. Finally, eliminate crooked and or rigged elections and change the name of our leader to Chancellor from President. Sound good idiots?

By FL Renaissance

October 19, 2007 2:03 PM | Link to this

It is very obvious that “two pair” doesn’t have any “pair”. So, for the benefit of you “non- delusional” types I’ll publish a partial listing of some “delusions” to which I believe you really do subscribe: 1. Being a renter is always smarter than being an owner since you would have far less headaches fewer problems. 2. Democrats are ALWAYS on the side of the “people” and are far more compassionate than Republicans. 3. It not how much you save, invest or keep that makes you feel secure but rather how much you can earn and spend to enhance your current lifestyle. 4. The role of Government is to take care of it’s people like a kindly father who so provides. 5. Increased taxes are a GOOD thing if they are used to fund government managed social programs. 6. Give people a fish to eat everyday, instead of teaching them to fish, it will provide additional governmental jobs in distrubution. 7. Build a border fence around the entire USA and eliminate ALL illegal aliens. 8. Impose strict price controls on goods and services and eliminate free trade. 9. Issue a federal ID card and stricter travel requirements between our states with each state having an individual border station manned by respective state police. This will ensure that only Americans are allowed to cross with the proper supporting papers. 10. Finally, eliminate crooked and or rigged elections and change the name of our leader to Chancellor from President. Sound good idiots?

By Temper Fugit

October 19, 2007 2:13 PM | Link to this

If you think you are a “real man” come see me in PBG when I return — you will find out what else I inherited from the Vikings.

You sound like a 5’10” twerp, so let’s not hear about “real men” from a fag like you.

Why does it not make sense to buy a profitable business or apartment complex?

The remark about the commissions was to put you in perspective: my footnotes far exceed the sroty of your life.

Am I buying in PBC? Probably in November. I have business elsewhere first.

SO — by being a “real man” I take it you are as impoverished as you seem. Care to contradict that?

I am willing to meet you in public, in full view of everyone. I might just kick the s**t out of you for grins. Care to chance it?

By RCA

October 19, 2007 3:36 PM | Link to this

i like chalk too. dont forget to pay your taxes this year!

By isn't this special

October 19, 2007 4:01 PM | Link to this

Our little retard RCA in addition to liking crayons admits to enjoying chalk. What a surprise. What’s your favorite color crayon or chalk? Can you taste the different colors? Does it give you loose stool? Do you wear a diaper? Does you mommy or daddy walk you to the short bus pickup? How many times do people pat you on the head and tell you “good boy”. You live the good life. I envy you. Even I want to be a retard now.

By Rich R

October 19, 2007 4:37 PM | Link to this

You all need to grow up.

We all know that Max is a fool; so what….

give it up and focus on life.

RE is toast right now, we all know that.

When it will rebound is anyone’s guess, but it’s not going to be anytime soon.

Get used to it.

I’ve been watching this blog for days now with absolutely nothing worth responding to. CW, you too are falling prey to these idiots. Give it up for heavens sake.

What happened to Easy? He was always good for a laugh and now he’s even gone.

I’ll say it again.

GROW UP!

By Max says A-ha

October 19, 2007 7:34 PM | Link to this

I was wondering where you were Rich, and why that imbecile sounded so much like you. Apparently, it IS you, which would explain why he is such a schmuck.

It was easier in the old days when the nuts put their real email addresses on their posts, and you could see that 1 psychopath like Rich accounted for 30 different screen characters.

If by some miracle you are not that SAME schmuck, Rich, then let HIM grow up and fight his own battles.

He wants to settle it as a “real man”? My idea of “real man” is not sitting around discussing fashions and snacking on petits fours, while someone plays “Au Claire de Lune.”

By hmmm

October 19, 2007 10:34 PM | Link to this

It’s amazing how Rich R. always comes out of nowhere. He reminds me of a stalker. We might have to put a restraining order on him.

By Steve

October 20, 2007 2:23 AM | Link to this

Anyone, who runs around speaking French doesn’t strike me as the a*s kicking type. What are you going to do, beat him up with a peace pipe? Just my two cents.

By Steve

October 20, 2007 2:30 AM | Link to this

Man, I can’t sleep. Today I was four under par at the golf course. Top that Max.

By sleeping tip

October 20, 2007 9:28 AM | Link to this

Crank one out steve.

By Max Speaks....

October 20, 2007 10:36 AM | Link to this

Steve, if it better fits your sterotypes, I also speak Spanish, Swedish, Portugese, and a really angry-sounding German ( loses something on the web).

But it makes sense that I speak French, since much of my family is from Quebec Province, where the poor, stupid and uneducated trash speak…English!!!

Just the same as you, Steve.

By Steve

October 20, 2007 5:42 PM | Link to this

Whether you ike it or not, English is the language of the rulers of the world. Stuff that in your peace pipe. You liberal America haters are all the same. Go burn the flag maybe that will make you feel better.

By Michael Fink

October 20, 2007 5:53 PM | Link to this

http://www.nytimes.com/2007/09/09/realestate/keymagazine/909LEDE-t.html?_r=1&ref=keymagazine&oref=slogin

Article about a home as an “investment” and why many of the “gains” seen by owners are, even in a good market, not what they seem.

By Pizow

October 20, 2007 5:58 PM | Link to this

Guess what Max and Steve! I am nominating you two for the biggest loser competition, and I’m not talking pounds. After reading your last posts in this blog it is obvious you guys are equally pathetic so you can stop blog battling ovet the title. Crusty douche bags that act omnipotent wouldn’t be on this blog if they knew the future of the south Florida real estate market.

By BIGROB

October 20, 2007 9:17 PM | Link to this

Hey MAX there is another nationality that speaks french in these here parts and I woldnt want to say who they are,being politicaly correct is a touchy subject in south florida.We wouldnt want to upset the future majority of this state.You will fit right in in fact they will cheer you the thoughtfull landlord KING MAX!!!Then steve will jump in his Chevy K10 blazer with the roof cut off and 44” wheels and drive over every last one of them till they flee the country.Ahh thats what I want for CRISTmass.

By to mike fink

October 20, 2007 10:26 PM | Link to this

Just stay at the sunsentinel. You’ve made lots of friends over there and they believe your BS. You have no credibility. What do you really know about buisness? What have you owned over the years? I thought so.

By WAKE UP

October 21, 2007 11:08 AM | Link to this

Fink - your interpretation of that article just proves how much of a pessimist you are. Many people would read that and say “yeah, kind of knew that” - it gets to the heart of location, location, location - and mentions that the land is the true rising commodity. To top it off it has this yo-yo’s friend’s 10 year old saying what you should have realized a long time ago…

By Max says Piz Off

October 21, 2007 11:10 AM | Link to this

Pizow - nobody gives a damn what you think. You’re a little dickless high school twerp, so pizz off.

++++++++++++++++

Steve and Big Rob:

French is the language of diplomacy world-wide. Why? Because the entire world agrees that civilized people speak French.

Now Steve - rulers of the world? I am afraid we can not even succeed in ruling Iraq. One of the biggest disasters of the Bushed Administration is to demonstrate so painfully what a paper tiger the U.S. is. Yes, we have the ability to blow up the world three times over — unfortunately we can’t accomplish much of a less drastic nature.

In Iraq, where future PTA moms in fatigues face off against religious lunatics, we don’t have the ability to root out a bunch of demented engineering students. People like you don’t seem to understand, Steve, that our very PRESENCE there is a victory for them. Getting us to ENGAGE them is a victory for them. When one of our future PTA moms or whoever gets shot, or blown up, it is a victory for them.
When one of THEM gets killed, he is martyred, and it is STILL a victory for them. The Holy War, the death, even the martyrdom in defeat — all exactly what extremeist religious Muslims WANT, and we keep obliging them, with no plan and no hope for a resolution.

We should be sealing and protecting OUR borders here at home, protecting OUR citizens and property — something that Bush faltly refuses to do.

What would YOU do if you were the only President in history to allow a successful terrorist strike against the U.S.? Admit your interminable responsibility? Or pretend the war is really somewhere else?

This war is the legacy of a failed President and a failed Party. It is proof we will never rule. To our credit, our philosophy abhors ruling. To our misfortune, we don’t have the means to do it anyway.

We can not rule, we can not win the Koreas, the Viet-Nams, the Iraqs, we can not even find one tall towel-head with a dialysis machine attached to him.

Let’s remain faithful to our own ideals, protect our own country, and defend our borders — so we are NOT “fighting them here instead of there.”

By Investments

October 21, 2007 11:28 AM | Link to this

Good morning Palm Beachers. Bet you are all busy adding up your shares of stock and the stock prices. You are wasting your time. Get ready for Monday that is BLACK MONDAY 07, which it will be known for years to come. This week, the stocks will fall to new levels that you have not seen in awhile. Losing money in your stocks and losing money in your home values is NOT the way to go.

Smart investors got out of the stock market back in July when the market was high. After this week, the smart investors may come back and pick up some good deals.

How’s your water these days? Still have that idiot running city hall? Don’t worry, the good news is that there are even more FBI agents brought into your area looking to clean up the political corruption, the mortgage fraud offenders, medicare scam artists, and any other business scamming money out of federal funds.

PALM BEACH COUNTY is NOT the place to live. Protect your investments, keep your money and yourself out of PALM BEACH COUNTY.

By BIGROB

October 21, 2007 2:40 PM | Link to this

Max you are right about this administration it has failed.This country is headed into a sort of depression.We are in a resession and the media has just now started to acknowldege the fact that we could head into hard times.As far as the people in Iraq they could all go to hell I beleve in our solders but I dont beleve in the action of being there.GOD does not condone murder period.SEAL the borders kick out the scum lets look inward at ourselves and become united as we once were.I am not against imagration my grand parents came from italy but they made sure the only time they spoke a Itallian was at the dinner table period.Politically correct is no longer correct.There is no more respect in America,We are now THE UNITED STATES INC…

By ChicagoBlues

October 21, 2007 5:29 PM | Link to this

Man, 10 days since a new blog post. Did the POST fire all the RE columnists? I havent been here for awhile, and usually dont bother posting at the end of an old blog. However, I was so amused at the exchange between Max and Steve, and his threats, I had to respond.

I am now convinced that Max is only a clever creation from the blog administrator. Too many inconsistencies in his life story.

First, he claims to be of French-Canadian heritage. Yet, he threatened another poster with violence. Are there any more passive nations than France, and Canada? Does Fance even have a military anymore? Canada? Mounties don’t count. Terrorists do not fear Dudley Do-right.

Another confusing contrast…Max’s arrogant, elitist position is in direct contrast to his socialist background. No French Canadian would look down upon the common man the way Max does. Nor would a Canadian ever care about business and profits so much.

Come on Max…A real French Canadian would post blog comments railing for socialized medicine, and his favorite hockey team. French Canadians arent wealthy Boca realtors, they are snow birds who spend winters in trailer parks in Boynton.

Regarding French culture and language, try insignificant and obsolete. IN today’s global business climate and culture, French, and SPanish dont even register with the major players. German, yes. French, SPanish, not even top ten. Sure, French and Spanish are useful in South Florida if you need to communicate with your illegal immigrant workers, but concerning legitimate global business ventures, German, Japanese, and Mandarin are far more important. Also, Arabic, Korean, Hindi, Tagalog, and Cantonese. French may have been important 200 years ago, but now its little more than a novelty language. I mean, come on…How can you respect a country and culture who worships Jerry Lewis? Or who produced Renault cars? Or people who chain smoke and avoid use of deoderant? French cuisine is bland and over priced. Fine wine is now made in many other countries. So outside of Inspector Clouseau, and the French kiss, I cant think of any French product that the world needs anymore.

French culture…the epitomy of obsolescence.

By Curious

October 21, 2007 6:06 PM | Link to this

Loopy de Loop’s new unintentional comic highpoint:

“French is the language of diplomacy world-wide. Why? Because the entire world agrees that civilized people speak French.”

Had just taken a sip from my glass then laughed so hard I wasted half a nose full of California Chardonnay, and almost messed up my keyboard.

Funniest thing I have ever seen on this blog in a long time.

Cheers!

:-)

By Rawls at it again

October 22, 2007 10:07 AM | Link to this

Rawls has another negative article on the local real estate. If home sales and median prices fall, so will the local economy. No more good paying jobs here, this place got ruined by the politicians. If you are planning to move to other areas in the country where there are jobs, expect to pay much more for housing than you do here.

By cw1900

October 22, 2007 10:10 AM | Link to this

Good morning….

Once again, not much of any substance went on this weekend. Ahh, but then there is our resident crackpot, “Investments”, chiming in with his worthless advice and his patting himself on the back, Monday morning quarterback style. Face it, this guy is RCA’s roommate, or a bad representation of one. He is the “Real Deal’s” version of a cheap suit, and now he is just a bore.

Jeff, time for a new post.

cw

By 3 musketeers

October 22, 2007 10:57 AM | Link to this

King Max

Investments

The Chicago Kid

Has there ever been 3 bigger losers combining to say absolutely nothing in the history of Jeff’s pet project? Jeff, this is getting so bad, your boss is going to make you start cleaning Frank’s toilets twice a week.

By Max is Amused

October 22, 2007 12:25 PM | Link to this

Max is laughing so hard his antlers are shaking, as he watches the gullible imbeciles take the bait like Easy always did when he was out on parole, and attack anything they think I am.

Sorry, you delightful and hilarious shitheads, I am neither French nor French Canadian. But I do enjoy your pointless tirades against innocent people who are not even represented here. Keep making fools of yourselves, the rest of us enjoy it.

For today I will be….mmmmm…how about Italian and from Jersey? Why not, I have seen several episodes of The Sopranos.

Which leads us indirectly to Big Rob, who is surprisingly (based on his early writings) turning out to be one of the smarter people on the blog.

BIG R - I think a lot of us have been noticing that the quality of your writing has been improving; but today you proved once and for all that the depth of your message is improving. I don’t say that because you agreed with me on many points. I say that because you wrote something which seemed not only to have thought behind it, but to come from the heart as well. All that in a concise little package. Well done, Big Rob, I am sincerely impressed.

Thanks to “Investments” for helping me to sleep well over the weekend. I was worried about a market plunge, but seeing him predict it makes me feel reassured that it won’t occur. Let’s see what happens.

Let’s see. I’ve already covered the usual array of animal acts here, like Curious and Chicago Boy, standing on their hind legs to entertain us, add to them “3 musketeers,” probably a high school kid, who takes the brainless tack of just sniping at everyone. You wonder why Florida’s school system is consistently in the bottom 3 of 50 states?

Finally, kudos to “Rawls at it Again,” for nailing this journalistic boll weevil.

You knew it would happen, I knew it would happen, Linda has finally stooped that low.

Unable to find a crash by comparibng YOY numbers, she is now comparing EVERY month to the anomalous month of November, 2005, when people scrambled for shelter in the wake of the hurricane, and paid anything at all for a dry house.

In that month, the median price was indeed 421.5K; but how many houses were involved in this statistic? 952.

952 houses in one month is the basis for the Post, Linda, and all the other b******t artists of the world to claim we are down 13% or 15% or whatever the hell they claim.

The good news is that, seeing Linda resort to these tactics, I know there still won’t be any disaster in the coming FAR numbers.

By To 3 musketeers

October 22, 2007 12:28 PM | Link to this

You forgot to put Steve in your list of the village idiots. This neanderthal limbaugh lover thinks this is a blog on politics, and even then, he says nothing.

By MISSING

October 22, 2007 12:58 PM | Link to this

HAS ANYONE NOTICE THAT EZ HAS BEEN MISSING FOR AWHILE? ANYONE THINK THAT HIS CALIFORNIA HOME WENT UP IN FLAMES?

By Max Applauds Post Writer

October 22, 2007 12:59 PM | Link to this

William Hartnett produced a real meaty analysis for the post, which you can find by clicking under Linda’s link.

One of his conclusions: “The median price of a single family house in Palm Beach County actually ROSE during the first six months of this years, as compared with the same period last year.”

This article is a very interesting breakdown of figures town-by-town, showing the baselessness of the popular perception that prices are falling dramatically.