robotjustin wrote:

How dare they steal the time and property of private citizens?!?

sandman wrote:
Quote:

Stratocaster wrote:
Saw some folks camping in Hamilton park today, they were using the benchs as cots

Were they singing round the campfire and toasting marshmallows?

.. No but they were drinking big 40's and peeing in the bushes.

heights wrote:
This rule should only apply in high crime areas of the city...24 hours a day.

The Press calls this a "bail-out" but AIG isn't getting a free ride from the Fed. The situation sucks and it boggles the mind how it ever came to this, but it had to be done.

fat-ass-bike wrote:
More empty apartments in Newport as foreign Lehman staff are forced to go home if they can't find alternative employment... A lot will skip their rent term agreements and make a run for the airports.

Rob4499 wrote:
"Typical American Idiot knee-jerk reactions...it was probably an empty shell and it took $500,000 in gov't. resources to confirm it"

I hope you are being sarcastic. Last time I checked its not a typical american home to have empty missle launcher on your front lawn. I am glad they are looking into this. This doesn''t sound normal to me.

The worst is yet to come for the U.S. housing market.

The jump in 30-year mortgage rates by more than a half a percentage point to 6.74 percent in the past five weeks is putting a crimp on borrowers with the best credit just as a crackdown in subprime lending standards limits the pool of qualified buyers. The national median home price is poised for its first annual decline since the Great Depression, and the supply of unsold homes is at a record 4.2 million, according to the National Association of Realtors.

?It?s a blood bath,? said Mark Kiesel, executive vice president of Newport Beach, California-based Pacific Investment Management Co., the manager of $668 billion in bond funds. ?We?re talking about a two- to three-year downturn that will take a whole host of characters with it, from job creation to consumer confidence. Eventually it will take the stock market and corporate profit.?

It?s official. Mark your calendars. The crash of the U.S. economy has begun. It was announced the morning of Wednesday, June 13, 2007, by economic writers Steven Pearlstein and Robert Samuelson in the pages of the Washington Post, one of the foremost house organs of the U.S. monetary elite.

Pearlstein?s column was titled, ?The Takeover Boom, About to Go Bust? and concerned the extraordinary amount of debt vs. operating profits of companies currently subject to leveraged buyouts.

In language remarkably alarmist for the usually ultra-bland pages of the Post, Pearlstein wrote, ?It is impossible to predict when the magic moment will be reached and everyone finally realizes that the prices being paid for these companies, and the debt taken on to support the acquisitions, are unsustainable. When that happens, it won't be pretty. Across the board, stock prices and company valuations will fall. Banks will announce painful write-offs, some hedge funds will close their doors, and private-equity funds will report disappointing returns. Some companies will be forced into bankruptcy or restructuring.?

Further, ?Falling stock prices will cause companies to reduce their hiring and capital spending while governments will be forced to raise taxes or reduce services, as revenue from capital gains taxes declines. And the combination of reduced wealth and higher interest rates will finally cause consumers to pull back on their debt-financed consumption.

Hundreds of angry residents on Tuesday night protested sharp increases in property taxes here after a revaluation.

?It?s absolutely absurd,? shouted Ron DiMedio, who said the annual property taxes for his Kings Highway home had jumped from $16,500 to about $24,000.

?You?re telling me to get out of town,? DiMedio said.

His heated comments drew loud applause from an audience of about 600 people in St. Rose of Lima Church.
?
Mayor Beth Ann Haven said the borough government would contact Camden County and state tax officials in an effort to undo the tax change.

?This is a county-ordered reval and it?s approved by the state,? she said.

?Ultimately, we want to find out if we can void this reassessment and have another,? she said after listening to residents? complaints after about three hours.

?There?s a lot of confusion,? said the mayor, who suggested homeowners may have calculated their taxes incorrectly.

?We did not,? several audience members shouted back.

Several speakers questioned the accuracy of the revaluation, contending properties were assessed at too high a level in a real estate market that his since weakened. ?The estimates on these homes are wrong,? said Glenn Davis, a Lake Street resident.

I spoke with a buddy of mine at a major bank who has underwritten lots of mortgages at Shore. He says there are dozens of buyers already behind on their payments and that they never would have been given a koan in today's environment. He says to expect lots of foreclosure sales in the coming months and that banks might be the sellers because LTV is over 100 percent because of equity losses in the property due to Aqua/Ellipse.

where are people getting their information?? I personally do not believe that a unit would sell for over 100,000 at the Shore since Aqua/Eclipse are definitely bringing down the value of the Shore and not to mention interest rates are rising - what was the unit's original price and what was it sold for - clearly you must know this information or are you just "speculating"

Thanks for the address.
Here is what I was able to find so far (in Hudson County public records).
I could not locate a single resale.
If you are able to find out, please point it out so I can make adjustments.

There are 219 units in SC South. 170 are owned and 49 are still available as of 6/2/07. This info. is 2 weeks lagging.

There are 23 different design. I can only compare the ones where the same lines have been purchased. Ones to consider are floors 9-28 lines 01,02,03,05,06,07,08,09,10,11,12. Those lines had approx. 12 out of the 15 floors sold. Others units are one offs and will probably not reflect properly.

I will look at the first few lines and if people want more then I will post more. Once again I have alot of free time.

Line 01- Sold for $555,880 (10th floor) - $660,000(17nd floor). Most recent sale was on 5/23/07 on the 22nd floor for 654K but a 23rd floor was sold a week earlier for $599,799. 104K difference b/w highest and lowest but 23rd floor was sold for 600K on 5/18/07. 45K diff. b/w 10th and 23rd floor doesnt seem like too much of an increase.

Line 02- High 621K low- 540K. 40K difference b/w fist and last sale. 7 floors higher for the last sale though. highest ws on 10th floor and lowest was on 15th floor.

Line 03- High 439K Low- 377K. lowest was on 10th floor and highest was on 23rd. 11th floor sold for 409K a week after 10th floor.

Line 05- High 464K Low- 406K. Lowest floor and first sale of 430K. Highest floor sold as one of the sales sales for that line sold for 441K.

Line 06- High 475 for 12th floor on 4/6 Low 376K on 10th floor on 3/19. 25th floor sold on 5/29th for 422K.

Line 07- High 871K Low 664K. Over 200K difference. 871 sold on 5/1 on the 20th floor. On 5/23 the 23rd floor same design sold for 710K.

Talking about Shore bashers. how come the other buildings, such as Maxwell, even Mandalay, Portofino, etc, don't get such severe bashing. Maybe there is some truths to the concerns about Shore?

Unit numbers. I.e. 01 would be contingent on the floor. could be 1001,1101,1201,1501, etc.

Also found this interesting. Not sure if its been said before but if I know Im sure everyone else does too. Shore club was either targeting or assumed many Chinese people would move in. No knock on Chinese people, just stating a fact.

Reason being- notice there are no 4's? There is no 4th floor, no 14th floor, no 24th floor and no 4 lines. All 4's are absent on purpose. 4 is the unlucky number for Chinese much like 13 is for Americans.

From American Banker, two days ago ---
Some facts instead of speculation on why some housing markets are strong. Immigrants Seen Fueling Market for Homes ...Demand for housing in the United States will accelerate in the next decade as immigrants, whose status has been hotly debated in presidential campaigns and in the U.S. Congress, look for homes, a Harvard University study said.