Print a few copies of this out on your home computer, and then go tape it up in the middle of the night on any open house or new condo development signs in your neighborhood. Send me any pictures and I'll post.
Have fun! You're doing god's work!
May 12, 2006
Anyone want to do some weekend housing bubble hijinx?
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24 comments:
fun! I hope someone has the balls to do it
Wouldn't it be better to make large signs, and put them over the "for sale" signs already up?
Why not just burn the house down instead?? It's just as immature.
Video: Soft Landing
Forbes Magazine
Hi, folks!
CNNMoney.com has an article named:
"If you're a speculator ... get out now"
Keith, they're reading your blog
How cool it is!
i'd recommend send the housing bubble coffee cup to the REALTORS you know too!
entertained realtor said...
"Why not just burn the house down instead?? It's just as immature."
Obviously you aren't entertained, and have no sense of humor.
By the way, isn't pushing people to pay 5 X what a house is worth and claiming "you better get it now, because prices never go down" far more malicious than putting up funny bubble signs? I suspect when it comes to karmic debt, real estate agents, not bubble-bursters, have a bit more to dread.
nEW jERSEY: Dwek's land deals attracted attention in Ocean Township
Also known for his charitable giving
Posted by the Asbury Park Press on 05/12/06
BY JASON METHOD
STAFF WRITER
OCEAN TOWNSHIP — Real estate mogul Solomon Dwek was so active in purchasing houses, offices and land at top dollar that local property prices may drop as a result of his apparent downfall, a councilman said Thursday.
"He was his own bubble on the market, and it burst," Councilman Christopher P. Siciliano said. Siciliano works in real estate at the Gavin Agency.
Siciliano said Dwek had hired real estate agents to scour the area to look for properties to buy. In some cases, those agents said Dwek was buying property sight unseen, Siciliano said.
"Some prices will have to come down because of the lack of competition," Siciliano said. "He certainly created competition. It could be anywhere from 3 to 10 percent. That's significant on a $600,000 house."
Dwek was arrested Thursday on federal charges that in April he defrauded PNC Bank out of nearly $23 million and tried to defraud it of another $25 million. A judge last week froze all of Dwek's assets pending a hearing today.
Township Manager David R. Kochel said officials had checked Dwek's substantial land holdings to see if his property taxes were current because the second quarter payments were due Wednesday. The taxes are current, Kochel said.
Dwek and his related companies hold properties assessed at $54 million in the township, a Press analysis of public records shows.
Siciliano said Dwek's holdings in town are so substantial that if he were to default on his tax payments, the local tax rate would have to rise by one cent per $100 of assessed value to make up for the lost revenue, or about $44 for an average homeowner.
A well-known figure
Residents and officials said Thursday that Dwek was well known in the town and had a reputation for charitable giving, both generally and within the Orthodox Jewish community.
David Haber, 23, a student of the Deal Yeshiva where Dwek is vice president, said Dwek frequently wrote personal checks to help cash-strapped students and their families. Many yeshiva students do not work as they attend school.
"Many mornings, there are people waiting for him at the synagogue after prayers, asking for his help," Haber said. "He is a very nice guy. He helps everybody. There is only good to say about him."
Haber, who studies under the yeshiva's head, Rabbi Isaac Dwek, Solomon Dwek's father, said he was aware Solomon Dwek had given substantial money to support Orthodox yeshivas in Israel as well.
Haber said he did not believe Dwek intended to defraud banks.
"If anyone could believe he could get away with $25 million — you've got to give him the benefit of the doubt," Haber said. "Even if it did happen . . . I'm sure he had a reason."
Ken Bizzoco said he was surprised at the fraud charge as well, but for a different reason. Bizzoco, 29, a branch manager for Commerce Bank, said he couldn't believe the charge that Dwek talked employees at PNC Bank into cashing a $25 million check without having the money to cover it.
"I've been in banking for seven years. I can't imagine making $25 million immediately available for anyone," Bizzoco said. "It's a real shocker. I'm sure there's a story behind it."
Sheila Cohen, 62, of Long Branch, owner of a shoe store in Ocean Township, said she believes Dwek simply misjudged his financial situation.
"I don't think he's a bad kid," Cohen said. "He got caught up in something. He made a few mistakes."
http://www.app.com/apps/pbcs.dll/article?AID=/20060512/NEWS/605120481
Funny Keith! This past month I saw a home sold for 200K under asking price in one of the nicest subdivisions. I cruised a few open houses and they were dead!
Hilarious! I'm so doing this. There's a new community with new luxury homes (in the middle of nowhere) starting from the high 700's. I'll try to take pics.
DIS's info is wrong. Prices have basically leveled off.
I should also add the YLY is now under 5% nationally for the year.
Dude you rock, there is a development of cluster McMansions near my place, the sign out front has screamed "ONLY 5 UNITS REMAINING!" for the past 6 months. Sound like a great candidate for a Mr. Housing Bubble poster.
"By the way, isn't pushing people to pay 5 X what a house is worth and claiming "you better get it now, because prices never go down" far more malicious than putting up funny bubble signs?"
Yeah it would be more malicious, but I dont' do that. Do other realtors?? Yes they do. What percentage of realtors practice like that?? Much less than what is being represented on this blog.
My suggestion, don't hire those realtors. Adult people buy homes, not third graders. Most all of my clients in the 5 years I've been a realtor are older and presumably more wiser than I am.
A house, like anything else, is worth what someone is willing to pay for it. What are you all going to say to those who buy gold or oil stocks when they start to fall?? Gonna rip those professions as well for pushing people into paying 5 times or more what the value is??
Come on people, we are all in this together. If you are willing to buy or sell property unrepresented... more power to you.
I wouldn't buy oil stocks or gold based on what the author of this blog says, I'd go to a financial advisor or do my own research. It'd be my choice.
One of this blog's point is today (and even more likely in the future), a real-whore's job is not worth that 6% percent comission. We al know it takes about 4 weekends of study to get the RE license. Why on earth do you guys feel entitled and desrving of 6% of what my current residence is worth? For a bunch of leg and paperwork we can partially do know (zillow.com)?? In the near future RE agents will go the way of the Travel Agents. As far as percentage of sleazeball agents out there...in my immediate circle of friends/aqquantainces, there must be at least 12 people in the industry. From stories I have heard and first hand experience with them, almost ALL of them have let greed get in the way. I can still look her in the face at friends gatherings and there is no sahme in her game. Most of them have the same mentality. As long as they make that quick big payoff, they dont give a rats ass who gets burned.
entertained realtor said...
"'By the way, isn't pushing people to pay 5 X what a house is worth and claiming "you better get it now, because prices never go down" far more malicious than putting up funny bubble signs?'
"Yeah it would be more malicious, but I dont' do that. Do other realtors?? Yes they do. What percentage of realtors practice like that?? Much less than what is being represented on this blog.
"My suggestion, don't hire those realtors. Adult people buy homes, not third graders. Most all of my clients in the 5 years I've been a realtor are older and presumably more wiser than I am.
"A house, like anything else, is worth what someone is willing to pay for it. What are you all going to say to those who buy gold or oil stocks when they start to fall?? Gonna rip those professions as well for pushing people into paying 5 times or more what the value is??"
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I guess you haven't been following this and the other bubble blogs.
Aren't you overlooking the NAR and its enormous effect on mass media, which, in turn, affect public thinking?
The real estate bubble was created by speculators and realtors, and they're the only ones who've lavishly benefited from it. Others, ruined by inflated property taxes, or forced to buy shacks for the prices of palaces, may not feel so inclined to regard realtors as remotely trustworthy.
Almost every day the NAR issues another statement saying there is no bubble, prices are not outrageous, this is a buyers' market, and one should buy now before interests rates (prices, or whatever) go up. The NAR is absolutely shameless; therefore, its members are absolutely shameless. What is true of the whole is ALWAYS true of the parts (deductive reasoning), not the other way around (inductive reasoning).
I have a RE attorney and a mind of my own, I don't need no stinkin' realtor. I also have realtor.com, zillow.com, homekeys.com and a few others to help me. What a realtor used to do for me I can now do for myself.
Despite what many RE sources have been saying for months now the reality on the street is what I follow and the party is most difinately over.
"Why on earth do you guys feel entitled and desrving of 6% of what my current residence is worth? For a bunch of leg and paperwork we can partially do know (zillow.com)??"
The more anyone can do for themselves... the better. Which is why commission rates will come down in the future. Replacing them will be a menu like of flat fees, in my opinion.
How might a realtor help you or not will depend on how much time you want to spend on the marketing and transaction. If you can handle 'just a little leg and paper work', then fine. Many others can't and pass on some liability of the transaction to others, realtors or other agents.
I've already been hired by unrepresented sellers to do their paperwork and see the deal through escrow. I've had clients pay me up front for advertising in the newspaper and other places, thereby lowering my commission rate the seller pays.
If you pay one realtor 6% in commissions, it is only because you allowed that to happen, you gave the realtor permission to do so. But the truth is no one HAS to pay both sides. Half of a typical commission goes to the other agent involved in the transaction. If your listing agent procures the buyer, don't allow him/her to represent both you and the buyer make them refer the buyer client to another agent... but have that conversation up front before you sign the listing doc's.
I can't speak for other realtors, but a realtor is worth you are willing to pay them and what they are willing to do the work you require of them. It's a bargaining process like negotiating between a buyer and a seller is.
HP readers must be the smartest folks out there because judging on the comments, anyone of these readers can buy or sell property without representation. I say go for it, I'm willing to bet that you can. I have zero issues with unrepresented buyers or sellers. They are not the enemy.
I'll just say this, every time I've represented a buyer against an unrepresented seller, my buyer has always got the best in the negotiation. Always, always, always. My buying clients in those situations paid me my side of the commission in the closing, but in reality the seller actually did.
It's my job to get the best deal for my client whether we are negotiating against a represented client or not. This is what I get paid for.
That is an interesting comment above.
Let me address it.
I have been looking for a realtor "negotiator' for months. When I interviewed various RE Agents, and explained my theory (Mirror this Blog) all I got, every time was an unbelievable, "I will find you all the "new" listings." These RE sales people do not listen. I do not want a new listing; I want a languishing listing and a deal.
I tried to find a Buyer agent skilled in negotiations.
Is that an oxymoron?
I am the "True Story" Boomer writer of the Post on the "Have AT IT" String on this site. Point: I am not naive any more, and I am mad as bleep and I am not going to take it any more.
"I have been looking for a realtor "negotiator' for months. When I interviewed various RE Agents, and explained my theory (Mirror this Blog) all I got, every time was an unbelievable, "I will find you all the "new" listings." These RE sales people do not listen. I do not want a new listing; I want a languishing listing and a deal."
Hey, I'm not saying you are going to run into realtors that are practicing this kind of real estate services. You may want to try talking to a broker of a smaller office, a one man show. I'm a re/max agent and I don't share commissions with my broker. I simply pay him rent for my office and a small fee per deal.
There are agents that don't agree with my service for flat fee's. There's plenty of resistance.
I do a volume business though and have made more money for myself by offering better rate's to my clients for ONLY the services they want.
Unrepresented buyers and sellers are my friends.
I didn't come up with this idea on my own to charge for services in this manner. I copied someone else, who copied someone else. So I assume that agents like this can be found anywhere.
Ask an agent is he/she is a 100% agent. If they are, more likely that you can bargain with them for paying for only the services you are looking for.
That is a well and fine. i would gladly pay a buyer agent fee. I am telling you the RE Agents do not understand what I am asking for (see this blog, etc.).
All they know how to say is from the boom times of,"I will find you the new listings first." Do you see that they have not adjusted their work skills to this new market! duh.
Interesting website with a lot of resources and detailed explanations.
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I don�t really have a useful comment on your site, but it was a nice break from my own real estate work. I just weanted you to know I enjoyed the visit and hope you can visit my site if you have a chance.
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