HOLY SH*T! Now that's a bargain! Good luck alpine

:owned:

maybe this is alpine's house.

I know that house. It got bulldozed. I guess I don't need to wonder about the condition it was in. NICE TRY THOUGH

let me know if you find anyother 50% houses that are LIVEABLE. I'd like to buy one. And besides, that house is in the ghetto part of town. No way would I ever buy it.

oh, so your not going to respond to me, huh? A drive by attack using a teardown? Well, I'm responding anyway because I know your reading this. Your sitting there witha a trong urge to respond, but your fighting it back. Let's see how strong your will power is...

Why did the 'teardown' go for $650,000 a few years back?

My take on this is if a teardown is ALREADY at 50% off, the housing stock that's in better shape is still in for some serious declines.

You live in a town with a ghetto in it? I recall your saying that it was peopled by the CEO of WorldComm and the likes.

tear downs usually see larger declines than regular houses. and as I said before, that house sold for a hefty discount because it's in the bad part of town. In contrast, here is a smiliar house in the better part of town. The house has since been demolished and replaced with one double the size. It recently sold for $480,000:

http://www.zillow.com/homedetails/73-Holley-Ter-Cliffside-Park-NJ-07010/37859678_zpid/

considering that someone lived in the house up until the foreclosure, my onyl guess is that after it was bought for $650,000, the house was neglected or destoryed, hence the 50% price drop. But don't let sniper fool you with this sale. It is anything but a normal transaction.

President, looking at the Zillow chart for the house you posted... What caused the jump in value for this house from roughly $300,000 to $700,000 from 04-05? Or, in looking at the 07010 line on the chart, the jump from about $300,000 to nearly $500,000 in the same period.

Considering the loosening of credit during that period, it seems logical that houses in this area would come down to the range in the 2000-04 price levels. Adjusted for inflation, of course.

In your opinion, why would the market support prices at these higher levels when we now know the big reason for the housing price run-up was the loosening credit standards?

alpo
nj RE is down hard
that includes your house
fact is your ghetto knockdown was worth 650k to someone in 2006
then in 6/09 this fine property could only attract a buyer at 300k
spin twist blah blah
think down 50%
since you have no mortgage it doesn't really matter, no?

yawn!

sneeze!

burp!

queef !

a preemptive apology : )

HA! I knew you were reading this thread sniper. So much for not responding, huh?

if prices in NJ are down, these sellers obvivously did not get the memo. They bought the house last January for $1 million. They currently have it listed for $1.3 million. Interestingly enough, the sellers and the listing agent both have the same last name:

http://www.njmls.com/cf/details.cfm?mls_number=2927901&id=999999

President, any response to the questions in my post from 2hrs back?

"President, looking at the Zillow chart for the house you posted... What caused the jump in value for this house from roughly $300,000 to $700,000 from 04-05? Or, in looking at the 07010 line on the chart, the jump from about $300,000 to nearly $500,000 in the same period.

Considering the loosening of credit during that period, it seems logical that houses in this area would come down to the range in the 2000-04 price levels. Adjusted for inflation, of course.

In your opinion, why would the market support prices at these higher levels when we now know the big reason for the housing price run-up was the loosening credit standards?"

I've always considered data from Zillow third tier. I'm not sure how they know what houses were worth in 2004 considering that Zillow did not exist in 2004! And as far as supporing prices at "these higher levels," I tink that is a misleading statement since prices have come down. Homes are much more affordable. Now prices have not come down anywhere near as mcuh as they did in places like CA and FL< but then again, our run-up was not as steep as theirs.

"I'm not sure how they know what houses were worth in 2004 considering that Zillow did not exist in 2004!"

classic

"I've always considered data from Zillow third tier."

Yes, fourth tier, even....

"And as far as supporing prices at "these higher levels," I tink that is a misleading statement since prices have come down."

They certainly have.

"Homes are much more affordable. Now prices have not come down anywhere near as mcuh as they did in places like CA and FL< but then again, our run-up was not as steep as theirs."

Definitely true. Not as steep. But, it seems that their cycles have played out earlier than ours here in the northeast. So, places like AZ, FL, CA, etc have all had corrections relative to their price spikes. From my vantage point, we haven't had the full correction relative to our price spike here in the Northeast just yet.

Zillow is one of the worst RE websites out there. If you want to enjoy a good laugh, type in the address of your favorite house and chck out it's "Zestimate." When Zillow first rolled out their Zestimates for Bergen County, mine was $924,000. I should have printed the Zestimate and taken it to the bank to get a HELOC, but I forgot to. Oh well!

b^u^m^p

one minute you said not to expect any response and nwow your bumping the thread? And what's the purpose of bumping? I have throughly dispoved this sale since it is a tear down in a horrible location.

you not only dispoved it...you ?

dis-pove - defined in webster's as what you do when you choose to neglect pertinent information that does not suit your needs, especially when it referes to a comp of your house for sale.

gotcha...the house was bought for 600k by hells angels and crackheads who transformed the property to a 300k knockdown in a mere 2 years...given the robust nj re matket, this makes sense

so a teardown is comparable to my house? is that the best argument you can make? Come on sniper, your arguments suck.

although nicer than my house, this palce is much more comparable than that shithole foreclosure. It sold for $1 million in January. Don't ask me why it's on the market for $1.3 million.

http://www.njmls.com/cf/details.cfm?mls_number=2927901&id=999999

i wonder why alpine keeps showing pictures of that brand new house as a comp (yeah right) and won't show us any pictures of his house - the one he is actually selling.

I e-mailed you pictures of my hosue sniper. You saw them. And the reason I'm using that brand new house is ebcause it's one of the few lsitings I've been inside and I prefer not to judge houses based on the exterior.

alpine=president=407pos?

post them here so everyone can see for themselves whether or not it is a comp to the other listing.

51% Holy moly.

Of course, alpine is trying yet another bogus excuse.

> "I'm not sure how they know what houses were worth in 2004 considering that Zillow did not exist in
> 2004!"
> classic

ROTFL.

It gets better... alpine says Zillow stinks because it said his house decline!

"Zillow is crap. My Zestimate went from $924,000 to $676,000 in only a matter of months. And there is no way prices declined that much in that time period. "

Wow, two zingers in one day!

"I'm not sure how they know what houses were worth in 2004 considering that Zillow did not exist in 2004!"

do you think he understands why this statement is incredibly asinine?

I'm sure he does not.

post the pictures so that I can turn this into a 12 page thred that bashes my house? No thanks, I learned my less from the 407 PAS thread. There is no way I'm going to let that happen to me. And besides, even if I did post pictures of my house, which I am never going to do, how would you know if it's comparable to the foreclosure? You can't see the inside of the foreclosure, and you can barely make out the exterior on Microsft Virtual Earth.

we can tell if it is comparable to the $1.3M house you say it is. yes, i did see pictures of your house and it is barely a pimple on the ass of that $1.3M home you posted. not comps by a looooong shot. your home is much closer to the tear down.

my house is not a tear down. It's only 14 years old. And did I mention it has 5 bathrooms? I think I did, but I will mention it again.

the house that is probably the most comparable to mine is this one. Although it has not yet sold and I've never seen the sindie:

http://www.njmls.com/cf/details.cfm?mls_number=2907590&id=999999

*inside*

you need 5 bathrooms because you are so full of shit

lol

I thought you said you weren't going to get into an exchange with me? Since your obvivously full of shit, may I interest you in a house with 6 batrhooms?

actually, since your full of shit, I think you might need a house with 9 bathrooms:

http://www.njmls.com/cf/details.cfm?mls_number=2720830&id=999999

you win. you are just too easy of a target. shooting fish in a barrel.

http://blogs.wsj.com/wealth/2009/07/06/most-distressed-luxury-neighborhoods/

Can we end this discussion? See #3 on the list.

sorry, but we can't because (if you read any of above) ALPINE'S HOUSE IS IN CLIFFSIDE PARK - A FAR CRY FROM ALPINE, NJ.

sniper, alpie's house has clearly been foreclosed upon. he no longer owns property. he lives in a minivan DOWN BY THE RIVER.

well then I guess it's good news that I don't own in Alpine. In Alpine, the builders over-built because there is a TON of vacant land. In Cliffsdie Park, however, that is not the case. The onyl way to build a new house is to buy an existing one and demolish it first. So no matter how many new houses you build, the number of houses pretty much remains the same.

if I ever get foreclosed on, here is what I'm going to live in:

http://www.bagofnothing.com/wordpress/wp-content/uploads/2006/04/rv.jpeg

Great pics of http://www.njmls.com/cf/details.cfm?mls_number=2907590&id=999999. It's just like watching HouseHunters, except it's not in Turdcutter, Indiana. All that's missing is the porky hand-holding couple, the fixation on granite, stainless steel, islands, "man caves" (hurl), and the obligatory his-vs-her closet jokes.

"http://blogs.wsj.com/wealth/2009/07/06/most-distressed-luxury-neighborhoods/

Can we end this discussion? See #3 on the list."

Unfortunately, facts, logic, truth never really did anything for alpine.

Thought that is SOOOOOOOOOOOOOOOOOOOO funny.

Alpine is in the #3 worst place in America!

"sorry, but we can't because (if you read any of above) ALPINE'S HOUSE IS IN CLIFFSIDE PARK - A FAR CRY FROM ALPINE, NJ."

And both a far cry from Manhattan, where he lied about living.

your starting to sound like a broken record nyc10022. I'm not debating you anymore about where I live. If you want to think I live in NJ or on the moon, I could not care less. In fact, I admit it, I live in Jersey.... not New Jersey, but the Bailiwick of Jersey. Happy now? I have come clean. I don't live in Manhattan.

http://en.wikipedia.org/wiki/Jersey

"I don't live in New Jersey, I swear, but if I did happen to live in Jersey, I don't live where I said I did, I live somewhere else... and did I mention that the market is NOT down 20%"

- alpine

> your [sic] starting to sound like a broken record nyc10022

And perhaps you should start listening to the record and maybe learn something FINALLY.

bump-ification