[AsburyPark] Re: Some Eye-Opening Numbers

2007-04-20 Thread oakdorf

> Are those actually closed & owned properties, or just a speculator 
> thinking he's still getting a zero down, interest only Alt-A mortgage?

Spec who can afford to lose money each month or in a 1031 or one hoping 
for an increase in a flip at some point and can afford it.



> I wonder what the remedy is if this guy can't close on his condo when 
> the rental agreement goes into effect? Could be fun trying to squeeze 
> him from the other side when the mortgage company surprises him with 
> a denial when he goes to close.

I understand that some buyers are "trading up" at N. Beach. Got in 
whereever they could, others backed out, so they traded up. 

>From what it looks, like JJ says, they $ aren't there to close.

It will be interesting to see how many are investor owned.




 
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[AsburyPark] Re: Some Eye-Opening Numbers

2007-04-19 Thread jerseyjohn99
--- In AsburyPark@yahoogroups.com, "oakdorf" <[EMAIL PROTECTED]> wrote:
>
> 
> > >
> > > In light of the budget deficit I wonder what the Esperanza (C-
8) 
> > > property is valued at for tax purposes.
> > > 
> > > The sale is listed as over $17 Million. Shouldn't that be the 
new 
> > > valuation?
> 
> Abatements. Goof thing, when a 1 bedroom will be paying $5k in 
taxes 
> year 1 and 2. WITH abatements.
> 
> There are some very interesting rentals coming up at N. Beach. 
> NO MORTGAGE, NO TAXES. Just pay rent and utilities. Live on the 
ocean 
> on/off someone's else's money and investment and tax write offs - 
for 
> less then owning.
>

Are those actually closed & owned properties, or just a speculator 
thinking he's still getting a zero down, interest only Alt-A mortgage?

I wonder what the remedy is if this guy can't close on his condo when 
the rental agreement goes into effect? Could be fun trying to squeeze 
him from the other side when the mortgage company surprises him with 
a denial when he goes to close.

Anyone who is interested in egghead stuff, Pimco put out a research 
report last week. (Pimco is a real Wall Street firm, as opposed to a 
vulture investor who thinks they are an oceanfront developer). One of 
their portfolio managers sold his house last year, and he explains 
why he is continuing to rent as the housing market unwinds over the 
next 18 months and essentially destroys the economy.

Here's the report: http://tinyurl.com/3acrow





 
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[AsburyPark] Re: Some Eye-Opening Numbers

2007-04-19 Thread oakdorf

> >
> > In light of the budget deficit I wonder what the Esperanza (C-8) 
> > property is valued at for tax purposes.
> > 
> > The sale is listed as over $17 Million. Shouldn't that be the new 
> > valuation?

Abatements. Goof thing, when a 1 bedroom will be paying $5k in taxes 
year 1 and 2. WITH abatements.

There are some very interesting rentals coming up at N. Beach. 
NO MORTGAGE, NO TAXES. Just pay rent and utilities. Live on the ocean 
on/off someone's else's money and investment and tax write offs - for 
less then owning.



 
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[AsburyPark] Re: Some Eye-Opening Numbers

2007-04-19 Thread dfsavgny
--- In AsburyPark@yahoogroups.com, "wernerapnj" <[EMAIL PROTECTED]> wrote:
>
> In light of the budget deficit I wonder what the Esperanza (C-8) 
> property is valued at for tax purposes.
> 
> The sale is listed as over $17 Million. Shouldn't that be the new 
> valuation?
> 
> Werner
>
Look back at my posts from a couple of weeks ago when we were 
discussing this. I think it is $2.9M. Was something like $3.4M for land 
and improvements before with most in the steel. Now it's been shifted 
to the land, but still a very low ratio. 17% if I remeber correctly.



 
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[AsburyPark] Re: Some Eye-Opening Numbers

2007-04-19 Thread dfsavgny
--- In AsburyPark@yahoogroups.com, "oakdorf" <[EMAIL PROTECTED]> wrote:
>
>  
> Thanks, dan. I guess I have to move out of the country now.

You were not mentioned.

> If reidy wants to pay me, I'll charge them for about 100 hours and 
> spend 1 hour calculating the values. 

Ha, ha. Too bad I can't work contingency. Just came back from a new 
Yankee Stadium deal. They offer $800K to put a footbridge over 
property. I balk. They over $2.2M. I balk some more and say let's cut 
to the just. You want a counter offer, we want $8M. Supposed to get 
back to use the end of the day. We'll take $4-$5M. I suspect their 
counter offer will be $3-$4M, but they need to have deal by Tuesday or 
we put them back a year. I should have said $10M.




 
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[AsburyPark] Re: Some Eye-Opening Numbers

2007-04-19 Thread wernerapnj
In light of the budget deficit I wonder what the Esperanza (C-8) 
property is valued at for tax purposes.

The sale is listed as over $17 Million. Shouldn't that be the new 
valuation?

Werner



 
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[AsburyPark] Re: Some Eye-Opening Numbers

2007-04-19 Thread oakdorf
>> I had also pointed out to Reidy the 
> taxes on various commercial properties that Oak also posted a few 
weeks 
> ago. Reidy appeared to be shocked by the low taxes (relatively) on 
> these properties an was going to look into it. We'll see.

Thanks, dan. I guess I have to move out of the country now.

If reidy wants to pay me, I'll charge them for about 100 hours and 
spend 1 hour calculating the values. 

I miss consulting.

Hey - if anyone wants to hire me part time, I need work. I'm way to 
honest for real estate.



 
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[AsburyPark] Re: Some Eye-Opening Numbers

2007-04-19 Thread dfsavgny
--- In AsburyPark@yahoogroups.com, "oakdorf" <[EMAIL PROTECTED]> wrote:
>
> And you should all have your TAXES REDUCED like the partners did 
> from2006 to 2007: exmaple: 1200 Ocean Ave. .75 acres. Asses value 
from 
> $1,233,300 DOWN to 532,000. 

You may be aware that I had requested from the City the decrease in 
assessed values in the WRA by virtue of demolitions. I had heard that 
it was a decrease of $2M. I kept pressing the City for the info, and 
after 3 months, Reidy called me to discuss. He said that I would have 
to do the analysis myself and that they would make the materials 
available to me. He said what I asked is too time consumng for the 
assessor.

I didn't want them to negate the decrease by market increases. I don;t 
think what I asked is so complex, and quite frankly, if I wanted to do 
it myself, I think I could simply use what's available on line. I don't 
think it would be that difficult for the assessor and it is something 
the city should already have a handle on.

In fact, more importantly, Reidy said the analysis is complicated 
because the actual decrease is over $7M! He said that the assessments 
on waterfront properties that were tax-exempt under city ownership were 
unrealistic and too high. They were not changed when they were sold to 
Partners and subsequently they had to be lowered.

That's the City's story. I assume he is referring to CH, Casino, et al. 
But come on, what about waterfront land as Oak points out? The land is 
under assessed, not over assessed. I had also pointed out to Reidy the 
taxes on various commercial properties that Oak also posted a few weeks 
ago. Reidy appeared to be shocked by the low taxes (relatively) on 
these properties an was going to look into it. We'll see.




 
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[AsburyPark] Re: Some Eye-Opening Numbers

2007-04-19 Thread oakdorf
 
> The disparity in the numbers is shocking.
>

And you should all have your TAXES REDUCED like the partners did 
from2006 to 2007: exmaple: 1200 Ocean Ave. .75 acres. Asses value from 
$1,233,300 DOWN to 532,000. 

I didn't realize values along the water DROPPED that much. Elsewhere in 
Monmouth County, every little piece of land along the water - the 
values doubled for tax purposes. 

So when a 900 sq ft condo can go for $400k with ABATED taxes





 
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