No Recession in Bergen County! Buyers go from $450k house to $2.5 Million Mansion
Started by alpine292
over 17 years ago
Posts: 2771
Member since: Jun 2008
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Check out this article from the Bergen Record. This guy who owns a business was ble to upgrade from a $450,000 house to a $2.5 million mansion! In this economy! Family's dream gets bigger and better When it comes to trading up, Vlad and Sandra Vera have gone to the extreme. Despite the tough economy and some credit problems, the Veras moved this year to a multimillion-dollar mansion in Upper... [more]
Check out this article from the Bergen Record. This guy who owns a business was ble to upgrade from a $450,000 house to a $2.5 million mansion! In this economy!
Family's dream gets bigger and better
When it comes to trading up, Vlad and Sandra Vera have gone to the extreme.
Despite the tough economy and some credit problems, the Veras moved this year to a multimillion-dollar mansion in Upper Saddle River from a modest home in Bogota.
Initially, the Veras were looking at homes in the $800,000 to $900,000 range. They put their Bogota home on the market for $450,000.
Vlad's credit score was poor, and they decided to apply for a mortgage in Sandra's name only, since her credit score is strong. They found that Sandra qualified for a $1.5 million mortgage, and they adjusted their sights upward.
Real estate agent Paula Clark of Coldwell Banker in Hillsdale said she got an e-mail from the Veras about a home for sale in Old Tappan. She eventually showed them 10 homes, ranging up to $3 million in price.
The Veras had pretty much decided to buy a $1.8 million home on a cul-de-sac in Upper Saddle River. When they were walking around the property, they saw another new house on the cul-de-sac.
"I hadn't noticed there was a big house in back," said Vera. "Our Realtor said, 'Don't look at it. It's out of your league.' "
It was a six-bedroom, five-bath home on 2.8 acres with a big pond out back. It was originally listed at $2.7 million. The homeowners from Bogota were hooked.
They decided to buy the house for $2.45 million.
"It took five months to close," said Vera. "We started collecting money [due from customers.]"
They eventually put down $700,000 in cash, Vera said.
The family moved into their new abode this summer. In doing so, they traded a town ranked 385th in the state in terms of per-capita income for a town ranked No. 22. Median family income in Upper Saddle River, as of the 2000 U.S. Census, was $132,401.
http://www.northjersey.com/realestate/movingup/36794774.html[less]
Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
Yes, the market is saved!
One guy has more money!
That makes up for all the millions who have less!
We are saved!
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Response by alpine292
over 17 years ago
Posts: 2771
Member since: Jun 2008
I wish I could live in a $2.5 million house. If only I had gotten a NO DOC loan. I'm such an idiot. I could have bought a house I can't afford and then get bailed out by the government.
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Response by jgr
over 17 years ago
Posts: 345
Member since: Dec 2008
"Initially, the Veras were looking at homes in the $800,000 to $900,000 range. They put their Bogota home on the market for $450,000.
Vlad's credit score was poor, and they decided to apply for a mortgage in Sandra's name only, since her credit score is strong. They found that Sandra qualified for a $1.5 million mortgage, and they adjusted their sights upward."
I thought this was going to be a story about people who got in over their head with some crazy option arm mortgage. No it was serious...how do you go from a $450k to looking into a 900k home to finally spending $2.45 million with a $700k deposit. Doesn't something sound odd here?
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
and this absolutely proves there is no recession!
do doubt!
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Response by alpine292
over 17 years ago
Posts: 2771
Member since: Jun 2008
I had the same exact question jgr. Someone upgrading to a $2.5 million mansion should already own a house worth at least $1.5 million. But going from $450k to $2.5 million sounds very rare. The only time people make this kind of BIG upgrade is if they won the lottery, but that did not happen in this case. And if you read the second page of the artcile, the couple did NOT sell their $450k house so they are renting it out. So they are paying the mortgage, taxes, and upkeep on 2 houses.
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Response by stevejhx
over 17 years ago
Posts: 12656
Member since: Feb 2008
Great for Sandra. NJ isn't a community property state, so Vlad dumps her, gets half the house, but she gets the whole mortgage.
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Response by alpine292
over 17 years ago
Posts: 2771
Member since: Jun 2008
Well, since everyone in Bergen is upgrading, I thought I would get in on the act. I am upgrading from my $800k house to this place. I hope there is enough room for my 60 inch tv...
Yes, someone raised the price and still can't sell it.
How again are you using this to try and explain how there is no recession?
Denial much?
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Response by w67thstreet
over 17 years ago
Posts: 9003
Member since: Dec 2008
Hey.... I am a mariachi player with $30K/month income.. .here's my picture can I get a $3MM loan? Documents? We don't need no stinking documents!
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Response by jgr
over 17 years ago
Posts: 345
Member since: Dec 2008
"Hey.... I am a mariachi player with $30K/month income.."
HAHAHA
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Response by alpine292
over 17 years ago
Posts: 2771
Member since: Jun 2008
If that house does not sell, the sellers will have no choice but to raise the price to $14 million.
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Response by alpine292
over 17 years ago
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Depends how good you are w67.
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Response by nyc10022
over 17 years ago
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This way, the owners will be able to say "they foreclosed on my $14 million dollar house" instead of sounding like white trash if they would have had to say "they foreclosed on my $10 mil house".
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Response by w67thstreet
over 17 years ago
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me very good... my three legged dog not so good.
foreclosures? where? In Bergen NFW... closing my eyes and ears... it's never gonna happen... it's never gonna happen.... nope not my neighborhood... not Alt-A loans here either.... no I don't see that Mariachi player across the street or the 19yo nanny who just moved in next to me.... nope they are all doctors.... or famous doctors.... that black girl two doors down is Oprah and I don't know why there are people in crappy cars driving up to that house at all hours of the night.... Nope... all good here in Alpine.... :)
The #1 homeowner in Alpine is Richard J. Kurtz, a real estate devleoper who paid $58 million for the Frick Estate and owns 75 apartment buildings in NY and NJ. If you are successful in life, maybe you can cut Mr. Kurtz's front lawn!
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Response by w67thstreet
over 17 years ago
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I'd rather cut his rear lawn :) It is whatever you want it to mean Alpine boy!
Blige in the house.... I'm moving to Jersey! Get outa my way on the left lane (on the HH)... seriously, get the F out of the way when you see a car coming up behind you on the HH.. .left lane is for "passing (gas hhheheheheehehe)". Why oh why am i so childish?
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Response by nyc10022
over 17 years ago
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"The #1 homeowner in Alpine is Richard J. Kurtz, a real estate devleoper who paid $58 million for the Frick Estate and owns 75 apartment buildings in NY and NJ. If you are successful in life, maybe you can cut Mr. Kurtz's front lawn!"
Guess he's the #1 money loser now... he managed to have property in all the best tanking markets!
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Response by alpine292
over 17 years ago
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I think I need to go to West 67th Street to wash someone's mouth out with soap...
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Response by alpine292
over 17 years ago
Posts: 2771
Member since: Jun 2008
oh, but nyc10022, Mr. Kurtz is happy because bitter renters like you are making him rich. He is more happy than you are:
Its pretty plain to see that it 'aint the renters who are bitter these days.
Its you and the other bulls in denial who seem to be shitting their pants, denying th emarket crash, and begging for people to buy their apartments.
Feels awful awesome to be a renter these days...
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Response by nyc10022
over 17 years ago
Posts: 9868
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Glad to see that as proof he's doing great in the 2008 market crash, you present an article from.... 2007.
Denial is a powerful thing.
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Response by mimi
over 17 years ago
Posts: 1134
Member since: Sep 2008
Bergen County is the new Chicago and Alpine929 is channeling Rufus.
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Response by alpine292
over 17 years ago
Posts: 2771
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The article is from 2008. Are you blind?
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Response by alpine292
over 17 years ago
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And it's Alpine292, not 929.
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Response by nyc10022
over 17 years ago
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By ANTOINETTE MARTIN
Published: July 22, 2007
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Response by nyc10022
over 17 years ago
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> Bergen County is the new Chicago and Alpine929 is channeling Rufus.
ha
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Response by alpine292
over 17 years ago
Posts: 2771
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Bergen County is NOT the new Chicago. Saying such a thing is an insult to the people of Bergen County. How dare you compare a suburban paradise to an inner city hell hole with a sky high crime rate!
Yes, the market is saved!
One guy has more money!
That makes up for all the millions who have less!
We are saved!
I wish I could live in a $2.5 million house. If only I had gotten a NO DOC loan. I'm such an idiot. I could have bought a house I can't afford and then get bailed out by the government.
"Initially, the Veras were looking at homes in the $800,000 to $900,000 range. They put their Bogota home on the market for $450,000.
Vlad's credit score was poor, and they decided to apply for a mortgage in Sandra's name only, since her credit score is strong. They found that Sandra qualified for a $1.5 million mortgage, and they adjusted their sights upward."
I thought this was going to be a story about people who got in over their head with some crazy option arm mortgage. No it was serious...how do you go from a $450k to looking into a 900k home to finally spending $2.45 million with a $700k deposit. Doesn't something sound odd here?
and this absolutely proves there is no recession!
do doubt!
I had the same exact question jgr. Someone upgrading to a $2.5 million mansion should already own a house worth at least $1.5 million. But going from $450k to $2.5 million sounds very rare. The only time people make this kind of BIG upgrade is if they won the lottery, but that did not happen in this case. And if you read the second page of the artcile, the couple did NOT sell their $450k house so they are renting it out. So they are paying the mortgage, taxes, and upkeep on 2 houses.
Great for Sandra. NJ isn't a community property state, so Vlad dumps her, gets half the house, but she gets the whole mortgage.
Well, since everyone in Bergen is upgrading, I thought I would get in on the act. I am upgrading from my $800k house to this place. I hope there is enough room for my 60 inch tv...
http://www.streeteasy.com/north_jersey/sale/225957-house-alpine-alpine
Check out the history on this mansion:
10/02/2007 Listed in StreetEasy by ERA North Jersey at $10,000,000
08/01/2008 Price increased to $12,000,000
http://www.streeteasy.com/north_jersey/sale/118002-house-alpine-alpine-alpine
Yes, someone raised the price and still can't sell it.
How again are you using this to try and explain how there is no recession?
Denial much?
Hey.... I am a mariachi player with $30K/month income.. .here's my picture can I get a $3MM loan? Documents? We don't need no stinking documents!
"Hey.... I am a mariachi player with $30K/month income.."
HAHAHA
If that house does not sell, the sellers will have no choice but to raise the price to $14 million.
Depends how good you are w67.
This way, the owners will be able to say "they foreclosed on my $14 million dollar house" instead of sounding like white trash if they would have had to say "they foreclosed on my $10 mil house".
me very good... my three legged dog not so good.
foreclosures? where? In Bergen NFW... closing my eyes and ears... it's never gonna happen... it's never gonna happen.... nope not my neighborhood... not Alt-A loans here either.... no I don't see that Mariachi player across the street or the 19yo nanny who just moved in next to me.... nope they are all doctors.... or famous doctors.... that black girl two doors down is Oprah and I don't know why there are people in crappy cars driving up to that house at all hours of the night.... Nope... all good here in Alpine.... :)
The black girl 2 doors down is Mary J. Blige:
http://www.nydailynews.com/gossip/2008/03/27/2008-03-27_mary_j_blige_pays_12m_for_nj_mansion-1.html
oh great, then there is no recession.
The #1 homeowner in Alpine is Richard J. Kurtz, a real estate devleoper who paid $58 million for the Frick Estate and owns 75 apartment buildings in NY and NJ. If you are successful in life, maybe you can cut Mr. Kurtz's front lawn!
I'd rather cut his rear lawn :) It is whatever you want it to mean Alpine boy!
Blige in the house.... I'm moving to Jersey! Get outa my way on the left lane (on the HH)... seriously, get the F out of the way when you see a car coming up behind you on the HH.. .left lane is for "passing (gas hhheheheheehehe)". Why oh why am i so childish?
"The #1 homeowner in Alpine is Richard J. Kurtz, a real estate devleoper who paid $58 million for the Frick Estate and owns 75 apartment buildings in NY and NJ. If you are successful in life, maybe you can cut Mr. Kurtz's front lawn!"
Guess he's the #1 money loser now... he managed to have property in all the best tanking markets!
I think I need to go to West 67th Street to wash someone's mouth out with soap...
oh, but nyc10022, Mr. Kurtz is happy because bitter renters like you are making him rich. He is more happy than you are:
http://www.nytimes.com/2007/07/22/realestate/22frick.html
> bitter renters like you
ROTFL.
Its pretty plain to see that it 'aint the renters who are bitter these days.
Its you and the other bulls in denial who seem to be shitting their pants, denying th emarket crash, and begging for people to buy their apartments.
Feels awful awesome to be a renter these days...
Glad to see that as proof he's doing great in the 2008 market crash, you present an article from.... 2007.
Denial is a powerful thing.
Bergen County is the new Chicago and Alpine929 is channeling Rufus.
The article is from 2008. Are you blind?
And it's Alpine292, not 929.
By ANTOINETTE MARTIN
Published: July 22, 2007
> Bergen County is the new Chicago and Alpine929 is channeling Rufus.
ha
Bergen County is NOT the new Chicago. Saying such a thing is an insult to the people of Bergen County. How dare you compare a suburban paradise to an inner city hell hole with a sky high crime rate!
suburban paradise?
we're talking NEW JERSEY.