Daily Archives: April 21, 2010

Tea Party radicals

Or perhaps just a refreshing change. New Jersey schools face huge cutbacks after voters reject budget proposals.

Residents went to the polls in record numbers for the normally low-profile school-budget elections, and rejected 316 of the 541 budgets on the ballot. They were angered by higher property taxes that were sought to make up for unusually large state aid reductions proposed by Gov. Christopher J. Christie, along with resentment toward teachers’ unions for not agreeing to wage freezes or concessions. [emphasis added]

The message of “enough is enough” resounded across the state, from urban to rural districts, and even in well-to-do suburban communities like Ridgewood, where residents are particularly proud of their schools. It was a drastic change from a year ago, when voters approved nearly three-quarters of the school budgets during the height of the economic downturn.

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Gee, this guy is just going to wreck comparable values!

Last holdout in Brooklyn’s Atlantic Yards sells out to developer for $3 million. He paid $590,000 for the condo in 2003.

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What’s 6″ long, has a big head, and drives women wild?

U.S. introduces new $100 bill.

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This is neat

Fordham University baseball – greatest move you’ll see all season.

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A breach of trust

I just heard one half of a telephone conversation between my partner Fudrucker and another agent who, until today, I considered a respected colleague. Not only did the man know nothing about short sales, his comments: “you’re a crook, a criminal and everything that’s wrong with this country” and “you’re destroying our industry” made me realize that it’s not just stupidity that is keeping short sales from clearing our inventory but rather a complete abandonment of the duty agents owe their clients.

This man obviously feels that he owes his loyalties to two separate entities: the banks, who he is determined  should recover the maximum recovery on their loans, and his other clients, who he must fear will lose value in their own homes if another sells cheaply. I wonder how the client he claims to be representing feels about either loyalty – this guy’s action will ensure that the homeowner will be foreclosed on within a month with nothing to show for it, and does the homeowner really care whether, a year or three from now, his lender sells the foreclosed house for more money than it could have sold for today? I doubt it, just as I doubt he cares whether his agent’s other clients sell their houses at a higher price.

I can overlook stupidity and ignorance, but to hear a supposed professional betray his own client and then call my partner a criminal is beyond the pale. This man, and others of his ilk, are determined to protect their commissions by sabotaging low-priced sales. Nothing will be done to them, of course, but they should be ashamed of themselves.

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Market activity

The day is still young (2:15) but so far this week, at the height of our spring market, we have three recorded contracts, none over $1 million. Just so you know.

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If we’re going to shield banks from their stupidity, I guess all dumb investors deserve the same

Grocery Ponzi scheme exposed. But maybe we should let economic Darwinism weed out the fools?

Only in South Florida can a guy dupe investors out of $900 million by promising guaranteed annual returns of 10-26 percent from profits on arbitraging groceries.

Reminds you of the Seinfeld episode when Kramer and Newman decided to collect empty bottles in New York and drive them to Michigan to get the extra deposit money. But, that’s exactly what Nevin Shapiro, a 41-year-old Miami Beach businessman, did from 2004 until the feds caught up with him.

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