Blog O' Note

One of the places I watch for inside news:
American Banker
and some cheesecake:

Just for Cobradriver

Kunstler's Eyesore of the month is a Seminole Gaming project.

"Located 30 miles east of glitzy Naples, Immokalee is one of the most economically depressed areas in the US. It's home mostly to recent immigrants who work the nearby fields. The city is notorious for crime and general destitution. Its decaying buildings are seemingly held together only by the bars visible on every window. Many newer structures don't have windows. It's that kind of place.
"For decades Immokalee has been a blemish on the repute of nearby Naples, both located in Collier County. And for just as long, residents of Naples have attempted to create a newer, better, cleaner Immokalee, but with little success. The latest proposal calls for a massive addition to the existing Seminole Casino, a dingy outpost of video poker and 28-deck-shoe blackjack that occupies a pimped out ex-aircraft hanger on the skirts of town. This, of course, is being sold as What Immokalee Needs.
"Curious is the artist's representation of a south Florida hotel with hills in the background."

Desperate and Dangerous

AMAZING BRAND NEW STAINLESS STEAL KITCHENAID OVEN!!!!!! Never been used....needed to upgrade our elecrtical through out the house but ended up moving before we did. Doesn't fit in the new house.....SOOOO SAD. Our loss is DEFINITELY your GAIN. EXcellent oven, $3300.00 in stores.
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Sad. The last desperate acts of tre FBs.

Firm

Check out these two craigslist posts. The thin veneer of civility is cracking.

Pair 2006 Yamaha FX Cruisers + Trailer - $13700 (Simi Valley)
Pair of 2006 Yamaha FX Cruisers High Output with Dual Zieman Trailer

I have a pair of High performance Yamaha 3-seater Waverunners. These are the top of the line Waverunner.They are 2006 but My husband bought them new for my Birthday in March of 2007 and we have only taken them on 2 trips. They have been sitting next to my house for over a year unused.They have very very low hours of use. BlueBook value for the waverunners and the Double Zieman trailer is almost 18,000. These are a bargain at 13,700. I own them outright and have the certificate of title in hand. Don't buy new ones when these are identical and a steal at this price!!Please call

Please do not even bother calling or e-mailing if you expect me to fall for some Western Union or money Order Scam. It's not gonna happen. Thanks, Gina
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Okay, Gina. And this sweet dealz:

MUST SELL - $3500 (ventura county)

2007 YZ450F new engine,great condition, $3000
2008 crf 250 25 hours like new $3500
2008 crf 450 50 hours,new transmission,new top end,runs great $3500

these are priced very cheap,we need to move them in order to pay some bills.
Prices are not negotiable,these are very well maintained machines that you will
enjoy riding.
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Gen-X and their toys. Such a sad marriage. I'd give Gina $6k for her $18k package. Maybe $$3500 for the entire second package.

Somebody Get A Rope

LATimes story:

"For a business to allow this to happen in today's ethically charged climate is quite suicidal," he said. And because Madoff's fraud was the root cause of the situation, he added, "it's like rubbing salt into the wounds of a national tragedy."

The home's former owners, Lawrence and Linda Elins, didn't respond to requests for an interview.

Their real estate agent, Irene Dazzan-Palmer, said she had tried to lease the home for the couple last spring after they were "devastated" by Madoff losses. But before she could find a renter, the couple signed over the property to Wells Fargo to help satisfy a larger debt, she said.

Wells Fargo subsequently denied requests to show the house to prospective buyers, said Dazzan-Palmer, a Coldwell Banker specialist in Malibu Colony properties.

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I don't even know how Casey got the sex change operation nevermind the new job.

I'm Tan, I'm Rested

Hat tip to Property Flopper although I was typing up the post when he sent the tip.

SacBee has the story:
Republican Assemblyman Mike Duvall resigned from office today after revelations that he described lewd details of two sexual affairs at a televised committee hearing.
...
"So, I am getting into spanking her. Yeah, I like it. I like spanking her. She goes, 'I know you like spanking me.' I said, 'Yeah! Because you're such a bad girl!" he says in the recording.

This is like arresting Casey for spitting on the sidewalk compared to the plethora of criminality that is the California Legislature.

Buy Buy Buy

I know this sounds strange but stick with me. I want everyone reading this to invest in California. Dive in the deep end. I mean giving the Golden State every penny you can find in the seat cushions. All in, double down, pedal to the metal Casey Serin type reckless abandon. Here's the deal via the LATimes:

California sets short-term debt sale for Sept. 21-23 September 1, 2009 | 2:24 pm
California’s planned sale of up to $10.5 billion in short-term notes is scheduled for the week of Sept. 21, Treasurer Bill Lockyer’s office said today.

The debt, known as revenue anticipation notes, or RANs, will bridge the gap between near-term state spending and tax revenue expected later in the fiscal year.

The money raised also will repay a $1.5-billion loan that JPMorgan Chase & Co. made to the state last week.
...

Why do I want to help California? Easy. There's an out. Here it is:

If individual investors don’t like the final yield, they can rescind their orders.

You’ll have to have a brokerage account to buy the notes. The investment banks handling the sale will be led by JPMorgan, Citigroup Global Markets and De La Rosa & Co.

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So there's the plan. We sandbag the b@st@rds. They are predicting 1-3% rates? Complete bullshit. Similar recent offerings are commanding 5% easy. But that doesn't matter because we are all going to reject the loan via the terms outlined above. We leave them with a very public vote of no confidence.

Cap Rate? What Cap Rate?

Welcome investors. $244,950. Yup, 19x annual rent (or 223x monthly). That is if you can rent them. Vacant for months and otice the recent rent drop on the sign. What is the seller smoking asking $250/sf?

Told Ya So

Some of the tax changes and other ideas under consideration by the Commission on the 21st Century Economy:

• Reduce personal income tax rates for all taxpayers. The plan would retain the current standard deduction, as well as deductions for mortgage interest, charitable giving and property taxes.

• Eliminate state general fund sales tax (base is 5 percent, although state has imposed a 1 percent temporary increase through June 2011).

• Eliminate corporate tax.

• Establish a business net receipts tax (value-added).

• Impose 18-cent per gallon excise tax increase on fuel to pay for roads, transit and "smart growth." Includes rebate for low-income drivers.

• Impose tax on oil drilling in California.

• Create tax resolution forum.

• Establish a strong rainy-day fund (would need voter OK).

• Impose "split-roll" concept that removes property tax protections for commercial and industrial property (would have to go to voters).

Of course all we'll get out of the commission and into law will be the VAT and weakened Prop 13 on businesses. SacBee has a story.

Commission web site.

Here's why what they are proposing won't work:

Fire Watch