Monday, June 18, 2007

$3000 per square foot



Awww, forget the price. Rent... $4000 per WEEK. This no longer has a chance of anything except a crash.

79 comments:

francisco's sister in brooklyn said...

MOIST on the beach!

Metroplexual said...

http://tech.msn.com/news/articlecnet.aspx?cp-documentid=5013133>1=10138

Rob Dawg said...

Chatham is "nice" and "touristy" but come on. hereis the satellite pic. Notice Google cheating on their copyrights as well.

Jeffrey said...

So what exactly do you get for 4000 a week? Is the surfing decent at least?

East Coast Guy said...

Rob -
Just got back from Harwich Port. I bought a place there this winter - best time to buy!! It really was a sweet deal. My other income producing properties pay the note on it - SWEEEEEEET!!!!
Make sure that you go to Chatham Bars Inn - with a stop at Clancys too. I would suggest that you go to Wychmere Harbor Club, but it is members only. Tell them that you know me and they may at least let you look around - it is a great location - enjoy!!

visioneer said...

Aw hell. MURST.

$4K per week? F that - just paying some other guy's mortgage.

Alabama_Swamp_Donkey said...

That's some sweet passive income. Imagine if you were to get a loan, bought that place, rented it out, and didn't have to pay the note! SWEET!

Sharky said...

Rob:

$4k a week huh?

And not even peak season yet up there.

(That Labrador current keeps the water COOOOLD!...but it does bring the fish, which is why it's called Cape COD in the first place).

As far as bait for a crash, just tell me this...find out if it's booked for the entire summer.

That'll tell you all that you need to know.

Dan said...

My guess is it probably IS booked for the summer.

Cape Cod has been like that forever, doubt any crash will have an impact on those communities.

Sharky said...

Dan:

"Cape Cod has been like that forever, doubt any crash will have an impact on those communities."

As has Cape May NJ, Rehoboth DE, Ocean City MD, Va Beach VA, The Outer Banks, Myrtle Beach SC, and on down the coast to Florida.

Like the Craigslist Boat listings, I'd look offshore for a market to use as a "canary in the coal-mine".

Specifically, the Bahamas and Jamaica.

Compare what my favorite retreat costs per week,(excluding airfare), to what R Dawg is coughing up:

http://www.burke-house.com/BurkeHouse/prices.asp

If you're on the Pacific side, you can gauge the Japanese economy by how Saipan and Tinian do during "Golden Week".

http://www.picresorts.com/en/Saipan/Saipan_About.asp

Peripheral Visionary said...

Massachusetts real estate is in serious trouble, and the Cape is no exception. There was a write-up on it on The Housing Bubble Blog a few weeks ago, too lazy to look it up, but the Cape is having the same problems as anywhere else; housing sales down, contractors out of work, etc. Prices might hold up for a bit, but vacation areas inevitably take it hard in housing downturns, as unloading an albatross second house is a much easier decision to make than figuring out what to do with the primary residence.

Oh, and with respect to taxes and state services, from your previous post--take a drive through Springfield, or New Bedford, or Holyoke, and see how good the services and infrastructure is in Taxachusetts. The only (possible) difference with California is that Massachusetts is smart enough to spend the money on high-traffic areas like the Cape and Boston, so that the tourists are impressed.

(Although I should say that I do love Boston--and Boston, in general, has done a much better job of city management than most other cities of its size--fascinating how so many people will readily claim to be from Boston, but only with the greatest of reluctance will admit that they're from Massachusetts.)

Peripheral Visionary said...

As a postscript, I will admit that the fascination with the Cape has always been a mystery to me--I'd rather vacation in Newport over the Cape any month of the year.

And don't even get me started on Martha's Vineyard--I can feel ridiculously self-important all by myself without any trouble, I don't need to rent a fantastically overpriced piece of real estate on a remote rock in the middle of nowhere, vainly hoping to catch a glimpse of some celebu-liberals, to do that.

Filter said...

I was born and raised in New Bedford, but now live in Northern California. I say I'm from Boston because when I said Massachusetts, no one new where that was. Some people thought it was another country!

mejustme said...

I spent one summer vacations traveling down the cape and one on Nantucket.

Even though both were in midsummer, I can sum them up with one word:

BRRRRR!

mejustme said...

Filter, I do hope you're kidding about people thinking it's another country, but I fear you're not.

Sharky said...

@filter:

"I was born and raised in New Bedford, but now live in Northern California"

You FOOL! You were supposed to move to New Hampshire or Florida or some state with LOWER taxes!

Yeesh!

" I say I'm from Boston because when I said Massachusetts, no one new where that was. Some people thought it was another country! "

Yeah...you and Jo Dee Messina, country music's "Yankee Songbird".

"Y'all from WHERE?!!?"

Tesla said...

"And don't even get me started on Martha's Vineyard--I can feel ridiculously self-important all by myself without any trouble, I don't need to rent a fantastically overpriced piece of real estate on a remote rock in the middle of nowhere, vainly hoping to catch a glimpse of some celebu-liberals, to do that."


What, you don't want one of those Black Dog cafe stickers on the bumper of your tank-sized SUV?

Dan said...

I am absolutely not an authority but just typing my thought process here...

I think the Cape is immune to the expected housing market downturn in massachusetts. The Cape communities have very strict land usage rules, and every environmental outfit to cry foul over any new development proposed. Also, I believe that a lot of the people who buy vacation homes on the cape also own other homes before picking something up on the Cape. Lets face it, there isn't much to do there besides sit on the beach and get gouged at every turn, they probably have a ski home, property on a golf course etc. So I don't think you will see foreclosures, hardships, etc on the cape, those people are there to stay, and with them so is the tourism industry.

a small anecdote, my extended family recently sold a home in Wareham(doormat to the cape) about 1/4 mile to the beach, on the market for less than a month, before being snatched up by some yuppie out of newton.

The Dude said...

I am bored, entertain me

lurker said...

did Casey use these guys?

FBI, IRS Take Action On Mortgage Fraud
Indictments Could Soon Be On The Way

SACRAMENTO, Calif. -- More than 20 agents stormed the offices of Freedom Capital Mortgage, VFM Investment Group, Lyon Real Estate and several homes in the surrounding area on Tuesday.

During one of the raids in Elk Grove, Gabriel Viramontes was detained but not arrested.

Viramontes and his business partners Jim Martin and Mario Fellini allegedly falsified millions of dollars in loan applications so investors could qualify for loans they couldn't afford.


The FBI and IRS seized hundreds of files, computers and other records.

At Freedom Capital Mortgage, they detatined Joesph Gallo, the company's president and the mortgage broker who handled almost all of the transactions.

H Simpson said...

Maybe part of the 4K is pay for sand. Spring storm blew a 100 meter opening in the sand bar. They are talking $14,000,000 to refill with dredge material. Killer views ain't cheap son...

Used to rent a house on Buzzard's bay for $2500 a week with a buddy. That was close to 20 years ago. Nice views and it even had multiple servant qtrs. Time value of money and all that.

Dawg, if you a looking "downscale", a relative has a mobile home about 10 miles north in Wellfleet. Bet I can get it for you for less than 1.5K a week. Sweet passive income :>) :>)

If you want upscale, try the Nickerson House B&B just up the street. To die for.

Anonymous said...

I don't think its that bad. If you rented with 4 or 5 friends its about the same price as a nice hotel in the same area.

cheerios are yummy said...

Anyone care to predict where mortgage rates are heading? Most everything I see today says that it's anybody's guess. Love to hear what you guys think- especially Nigel. :)

Ogg the Caveman said...

Anyone care to predict where mortgage rates are heading?

The word from my top seekrit industry sources is "up".

CaptainChaos said...

Ok, I was really bored (and drunk) and parodies snowflake's pursuit of credit by superimposing over Luke meeting Yoda for the first time.

Casey: Look, I'm sure it's Modified Vegan. I just don't understand why I can't have my credit now.

Bank: Patience! For the investor it is time to eat as well. Eat, eat. Hot. Sweet food, hm? Organic, hmm?

Moving with some difficulty in the cramped free cell, Casey sits down near the fire and serves himself from the pot. Eating the worms on toast, he is unpleasantly surprised.

Casey: How far away is my credit? Will it take me long to get it?

Bank: Not far. credit not far. Patience. Soon you will have it. (tasting food from the pot) Barbie, I cook. Why wish you become Investor? Hm?

Casey: Mostly because of my rich dad, I guess.

Bank: Ah, your rich dad. Powerful investor was he, powerful investor, mmm.

Casey: (a little angry) Oh, come on. How could you know my rich dad? You don't even know who I am. (fed up) Oh, I don't even know what I'm doing here. We're wasting our time.

The Bank turns away from Casey and speaks to a third party.

Bank: (irritated) I cannot teach him. The boy has no patience.

Casey's head spins in the direction the Bank faces. But there is no one there. The boy is bewildered, but it gradually dawns on him that the bank holds all the credit. The bank is watching the Kiyosaki video

Mocha's voice: He will learn patience. Casey da best

Bank: Hmmm. Much gas in him. Wheatgrass. Much gas, like his rich dad.

Mocha's voice: Was I any different when you taught me?

Bank: Hah. He is not ready.

Casey: Bank! I am ready. I...Mocha! I can be an investor! Mocha, tell them I'm ready!

Trying to see Mocha, Casey starts to get up but hits his head on the low ceiling.

Bank: Ready, are you? What know you of ready? For eight hundred fico scores have I credited investors. My own counsel will I keep on who is to have credit!
An investor must have the deepest commitment, the most serious mind. (to the invisible mocha, indicating Casey) This one a long timehave I watched. Never his mind on where he was. Hmm? What he was doing. Hmph. Naps. Heh! Macaroni Grill. Heh! An investor craves not these things. (turning to Casey) You are reckless!

Casey looks down. He knows it is true.

Mocha's voice: So was I, if you'll remember.

Bank: He is too young. Yes, too young to begin the investing.

Casey thinks he detects a subtle softening in the bank's voice.

Casey: But I've learned so little!

Mentor turns his piercing gaze on Casey, as though the banks huge eyes could somehow determine how little the boy had learned. After a long moment, the bank turns toward where he alone sees Mocha.

Bank: (sighs) Will he return what he has loaned?

Casey: I won't fail you -- if I do I will be failing forward!

Bank: (turns slowly toward him) Oh, you will be. You will be.

Peripheral Visionary said...

Went back through the HBB archive, found this, from May:

‘It’s Friday desk clearing time. “Real estate prices on Cape Cod dropped again in April, said Barnstable County Register of Deeds John Meade yesterday. The median sales price in April was $340,000, 8 percent lower than at this time last year, marking the sixth consecutive month of declining prices.”

“‘The fact that the market’s more active is a good thing and outweighs the slight decrease in value,’ Meade said. ‘Prices are coming down a little bit and as a result we’re seeing more activity. It’s Economics 101.’”’

Hmm, Cape Cod doesn't quite appear to be immune to price drops . . .

Although $340,000 for a home . . . by California standards, that's a steal--and that's without taking into account the fact that many of those homes are walking distance to the beach! How much are you paying per week for the rental?

BJ said...

link
on FBI Sacramento action. Interesting quote on bottom of paragraph "All parties involved are now being investigated including the media's so-called 'victims.'..."

Ogg the Caveman said...

@ CaptainChaos

Nicely done.

BJ said...

By the way.. what date did fliptard™ run to Australia? The date on the article(s) are around June 5, 6...

Looks awfully coincidental...??

Ogg the Caveman said...

I suspect that beachfront homes in stormy areas are a little like Italian sports cars: If you have to ask how much it costs, you can't afford it. The upkeep will kill anyone who has to think about whether they can make the payments.

It could be worse though. Just look at the wealthy in California who build in fire zones, in western Washington who build on unstable bluffs, and around Anchorage who build on the ruins of neighborhoods wiped out by the 1964 quake.

That said, I'll be first to admit that being on the water in less-temperate zones has its draw. There's a feeling of being in touch with the full power of nature that you just don't get in a lot of other places.

Anonymous said...

Maybe Casey needs an introduction to the investigative team. That should provide some amusement!

BJ said...

A brief summary:
June 5,6 news broke on FBI raids on mortgage companies.
June 7,8 dates on EXIF portion of fliptards™ posted images of Australia
June 11, hint/revelation of where Casey split to on EN

Probably explains why the 1 hour Galina notice. Flight to Australia takes close to a full day, and they are a day ahead and hours behind Calif..

Mouse And Pencil said...

Don't recall that being one of the companies that Casey used, but with him and his NR buddies, who knows.

There's a blizzard of "little white lies" about income and residency coming...the Feds and the State may hav eto just start rubber stamping cases, or raising the bar to who gets prosecuted.

Sharky said...

@Ogg:

"There's a feeling of being in touch with the full power of nature that you just don't get in a lot of other places."

Heck, if you want that kind of thing, book passage on a car-carrier heading from the East coast to Northern Europe in January.

Winter North Atlantic will show you the face of God...when He's pissed off.

cheerios are yummy said...

woah...

I'm reing through the article that was posted about the Sacramento bust...

Looking through the warrant/affadavit of the investigator, this is an IRS investigation involving money laundering, fraudulent cash back, etc.

IOW, this is not some run-of-the-mill lying on mortgage applications thing.

I'll read through further and see what else looks interesting in there...

cheerios are yummy said...

hmm....you guys read through that search warrant affidavit (linked in the news article) if you have a few minutes.

LOTS of interesting coincidences, etc. In particular, note the formation dates of the shelf corporations used by the people named in the warrant. They were formed right about when Casey started his buying spree.

Of course, it should be noted that it could just be (and likely is) a coincidence.

Yorkshire Pudding said...

OT but I found this BBC article interesting:

Cheap loans for 'bright' Japanese

Quite a novel idea to offer lower interest rates to people who have "good English or computer skills, and work in "high-value" areas such as the law". I'd be okay on the first two points but not the last, heh.

Anonymous said...

Hey Rob:

That's a BARGIN.

We used to rent a summer place out on LI (East Hampton) and the place was about the same for the season. The cost was divided into "shares" by multiple people renting the place and using it everyother week. This is common practice in the East Coast.

I've tried to get people to do it on the West Coast - with no luck.

Yeah, it's a little cold - but the "cold" is welcome after spending the week in sticky smelly NYC.

Anonymous said...

Say what you want about Nigel. He's got a new post up.

I may not ever be a fan, but my respect for him is growing.

GeorgeLucas said...

CaptainChaos you are infringing my copywrightz! How dare you sir! You shall be hearing from my legal stormtroopers™ asap!

IP's will be subpoena'd !!!!!

BTW it was good read.

The Dude said...

Gotta give Nigel credit for his latest...nice post.

Dolph said...

Nigel's earned my respect of late. He seems to have finally waken up to the fact that we aren't evil and that Casey used him too.

Mouse And Pencil said...

Nigel took a different path than we did, like I posted on his site. The key is, we all ended up in the same spot: Haterdom™.

No koi were harmed in the making of this post

king friday the 13th said...

wow. next thing you know, Nigel will fess up about RCS.

king friday the 13th said...

>> There's a blizzard of "little white lies" about income and residency coming...the Feds and the State may hav eto just start rubber stamping cases, or raising the bar to who gets prosecuted.

Or, pass a law that makes lender losses non-dischargable in bankrupcy in cases where there is fraud.

Oh, wait, Congress already did that with bankrupcy reform. Gonna be a nation of debt slave zombies walking around.

keep voting rebulican!

Benoit™ said...

keep voting rebulican!

Rebulican? ;-)

Mouse And Pencil said...

Conservatives that throw up a lot?

Anonymous said...

Or, pass a law that makes lender losses non-dischargable in bankrupcy in cases where there is fraud. Oh, wait, Congress already did that with bankrupcy reform. Gonna be a nation of debt slave zombies walking around.

I think losses from fraud or other criminal activity has always been non-dischargable in BK. But it would have to be proven fraud.

Akubi said...

I presume "keep voting rebulican!" is a joke. Democrats are bad enough.

The Dude said...

SWEET....now if they could just nail the mf'ers. Whitney probe

Akubi said...

Sorry meant to misspell Democrats. Whatever the case might be, I think there is a disturbing lack of historical reference combined with an overload of sound bytes and need to buy more ”stuff” in the U.S. these days. Nonetheless, Lincoln was the last Republican president I respected.

Akubi said...

BTW, still catching up from falling behind, but I believe one can get even higher weekly rentals in Stinson Beach, CA.

lawnmower man said...

wow. next thing you know, Nigel will fess up about RCS.

Nigel's made it pretty clear that he wasn't RCS. I choose to believe him -- the writing styles were quite different.

(I do however think that Nigel fanned the flames somewhat by encouraging DUI Cote.)

Sharky said...

Wow;

http://www.azcentral.com/php-bin/pop-photo.php?id=PHP46749567AC46F

I think I prefer the pic of Kiyosaki flipping us off while the waif-like Hobbit stands there with adoration in his eyes like his #1 punk-bitch

segfault said...

I have a sweet, creative deal for Casey:
The Insider Code - FOREX trading "system"

The Dude said...

Kawasaki looks like a toad

soem dood said...

FBI pdf file on mortgage fraud

soem dood said...

"Evidence, fruits, and instrumentalities..."

"18 USC 1341, 1344, 1957..."

Casey Serin, publicity hound: I think your moment in the sun is coming soon... but, soon to be followed by much less sun. Maybe an hour a day.

Anyone even think of the name Dennis Rader anymore? Nope. Sealed away. Forgotten. All his sweet publicity and controlling the media no more... I'll bet he screams out in rage in the night.

BelowTheCrowd said...

Segfault,

Looks like another one of Marty's efforts.

-btc

Dolph said...

Can somebody answer me two things:

Why does Casey think we still care about his stupid, hater bait photos. The one with the shipwreck is pretty damn embarrassing. He looks like a fracking idiot. Oh and Casey, get a haircut you idiot. Further proof you have no clue what it entails to be successful at business. You look like a fracking slacker (perfect definition for him!).

Why does he pretend that the world's most hated blogger phrase bothers him? He must be running out of material. What next? His love letters to Mocha? Casey, nobody believes anything you say anymore. You are hated but not for the reasons you think.

Mouse And Pencil said...

Someone said, it's "The Casey Serin Show". That sums up why he does it. I need to listen to the tapes again, but he got a taste of fame early on, and I think the houses were an end to a means to being a celebrity - more specifically, I think he saw the gurus onstage at the scaminars and decided that's what he wanted.

I think "Casey" has been a "LonelyGirl" from day one - he would have tried to be a Web 2.0 "star" regardless of what he was doing - he'd have 'I sell oranges on offramps" if he thought it would make him famous.

Look at how he just goes on and on and on about all the minutia in the tapes - he's SO in love with the sound of his own voice.

As for what's next...good question. The "help" blog is over. The "book" is probably over. He has no more scams.

But, no matter what he chooses...it will be about Casey. That's all that matters.

LossMitPro said...

Doplh @ 4:54 PM:
”Why does Casey think we still care about his stupid, hater bait photos.”

One word... DELUSIONAL.

~Mark

lawnmower man said...

Slow today, no?

Here's a nice, if small, find. Who's this registering iwasfacingforeclosure.com the day after IAFF went blank?

Why, it's IAFF Premium Advertiser American Foreclosure Specialists. Sweet.

OMG already said...

Can you people have a whole discussion without mentioning Casey. OMG!!! There has got to be more interesting subjects to talk about besides golden boy. Rob thanx for putting up different posts besides Casey, Casey, Casey. But it seems like most of the people here don't care about urban planning. It is so tedious these days to get an intelligent thought out of this blog. What about blogs like "Casey is a bitch"?. Why not go Casey bitch there.

OneOfTheLurkerz said...

Why does Casey think we still care about his stupid, hater bait photos.

Casey cares more about the blog than he does about everything else. When asked what's more important to him, his blog or his wife, he had to *think* and then answered that both were important.
When Duane offered Casey a good paying job Casey's response was something along these lines, "yeah yeah yeah, ok, but more importantly, what do you think we should do about the haterz?"

lawnmower man said...

AFS also picked up the .net and .org _and_ iamfacingforeclosure.net and iamfacingforeclosure.org.

Casey Fannnnn said...

Re:
>>Can you people have a whole discussion without mentioning Casey.<<

No! It's why some of us found our way here. Exurbanity is an alien concept to many of us. We followed poop here. I live in a rural apartment. I almost never leave it. It's been 17 years since I ventured outside this town. I never would have found this blog without following the adventures of the tard-tard. I couldn't care less about mass transit and property values.

I do enjoy the computer and thrift-store-camera-purchase discussions, too. Also, the humor is a bonus. Lots of funny, creative people post here.

lurker said...

I enjoy the economic and general real estate discussions. I also enjoy the snarky comments and seeing all the info people can dig up related to one idiot.

So in brief, NO we can't hold a discussion without mentioning Casey.

Anonymous said...

http://tinypic.com/view.php?pic=4kylw7p

Anonymous said...

anal juice.

Anonymous said...

@Cherrios are yummy

Rates are going up.

getting my loan funded and closing next week...rates have gone up from the low 6% when we started this (Feb '07) to 7% now.

Duane LeGate said...

Mouse and Pencil said

"Someone said, it's "The Casey Serin Show". That sums up why he does it. I need to listen to the tapes again, but he got a taste of fame early on, and I think the houses were an end to a means to being a celebrity - more specifically, I think he saw the gurus onstage at the scaminars and decided that's what he wanted.

I think "Casey" has been a "LonelyGirl" from day one - he would have tried to be a Web 2.0 "star" regardless of what he was doing - he'd have 'I sell oranges on offramps" if he thought it would make him famous.

Look at how he just goes on and on and on about all the minutia in the tapes - he's SO in love with the sound of his own voice.

As for what's next...good question. The "help" blog is over. The "book" is probably over. He has no more scams.

But, no matter what he chooses...it will be about Casey. That's all that matters."

I spoke with 2 of Caseys family members today, and no - not his wife...

You just said in a few paragraphs what they did in over 30 minutes of conversation.

Yes Caseys family is turning on Casey...

Hell who hasnt...

Lou Minatti said...

The timing of Casey's departure from SacTown is most intriguing in light of the annoucement of that FBI raid. But I am sure it's just a coincidence.

Rob Dawg said...

Slow today, no?

Not really. Massive focused vacation was accomplished. NE Aquarium, Fanuiel Hall/Market No Name, Skywalk at the Pru, State house, Burial Grounds, Commons and Gardens.

We speculated on FBI recent activity. We had some nice creative writing. We had excellent observations on the Cape Cod market.

Let me expand on that last. Those $4k/wk go to $5k/week next month and there is a waiting list. Problem is they can pull maybe $75,000 per year. That's not half the PITI. Even if you bought at half current prices you need to have some major other income to take the tax break and make it cashflow. Were that the case sell the pig and pocket $1.5m and get CDs at 6% for even more net income.

Anonymous said...

Duane-

That's good to hear. You took some undeserved heat a few threads ago, but it's clear you're acting for the powers of good.

Ogg the Caveman said...

@ M&P, Duane:

You both paint a sad picture. Beyond the criminality, the complete lack of common sense, and the personality disorders I am seeing Casey more and more as a lost soul. He has sacrificed everything that matters in pursuit of a mere mirage of something that doesn't.

I hope that he some day gains the perspective needed to understand what he's lost, and begins to mend his broken relationships. Unfortunately for all concerned, I think it will take years of living in the dark to shift his worldview that far.

When I was in college I dated a girl whose sister had somehow become estranged from the family. I never found out how or why. As a rule, the sister Was Not Discussed. You could almost feel the pain whenever conversation drifted within a stone's throw of the topic.

I see Casey occupying much the same space for the forseeable future.

soem dood said...

At 5:27 PM, OMG already said...

"Can you people have a whole discussion without mentioning Casey. OMG!!!
What about blogs like "Casey is a bitch"?. Why not go Casey bitch there."

I don't know what the site was like months ago, but for the short weeks I've been here it has been more of a cocktail party than a lecture. I like that, and have picked up a lot of interesting info.

It's Rob's blog, it will be what he wants it to be. If there are threads with "no Casey allowed" I would probably read but not be able (or inclined) to contribute.

Don't like it? Make your own blog. I did just for the heck of it, took two minutes.

OMG, it's free choice and free speech! RUN!

http://soemdood.blogspot.com/

Where in the World is Casey? said...

Its's become the Where in the world is Casey Show ?

Most of the other questions have been answered. The Penny Stocks...The Book deal and other Good Things... His plans to repay. Thanks to Duane, LMP, Nigel and the others, it's been outed.

In a couple of years, if he is not in jail, he will be living on the street or dead.

Benoit™ said...

test of pink blogger name :-p