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New York, 8:28 AM
Tue Dec 1
57 posts in the last 24 hours
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08/10/09
If you think you can "escape" cultural diversity by taking a twenty minute train ride north of the greatest city in the world, then you've never left the city. And while it's true that 'Chester has several wealthy towns that fuck up the curve, it's mostly middle class with a good dose of poor.
08/10/09
It's true that there are places where you get a wholesome mix of riches and non-riches, palefaces and non-palefaces in Wchstr. But the county seems to me mostly a patchwork of school districts in which some areas are virtually all-rich, some virtually all-working class, and some a mixture of one part riches, one part working class (either Nafta-American or African-American, but usually not both), and one part the lower-middle class descendants of the working class of several decades ago. And in the mixed case, the several components make contact mostly at the middle-school level, usually not before.
To me it seems like segregation, pretty much.
08/10/09
My parents moved from the city to raise a family in Chester, precisely because of its reputable public school districts. My parents enrolled me into a nursery school located in a wealthy town, but afterward I went straight to public school. I can only speak from personal experience, but from the very first grade kids from all backgrounds immaginable we're developing relationships that carried through in one form or another into adulthood. Do I think the same can be said for Mount Vernon, a city too big with too much disparity, probably not. But I think I got a leg up in life developmentally by growing up in Westchester.
That's not to undercut what you've said, only to fill it out a little.
It's geography is also beautiful, which doesn't hurt.
08/10/09
08/04/09
Someone'sNo One's Lying About the Price of Tim Geithner's House08/04/09
No evidence that gold man lived in the house. No evidence that Geithner lived in the house. Maybe this is just a little piggy bank rental house and/or Mossad safe house.
08/04/09
Someone'sNo One's Lying About the Price of Tim Geithner's HouseThat video was just an ad for Keller Williams real estate though, wasn't it?
Both Nino Pascolati, your NoCal Foreclosure Specialist! featured on the sign at the beginning (with phone number clearly shown) and Debbi Meiliken, the Westchester House Honey with the world class legs, both work out of Keller Williams real estate. The real estate-industrial complex strikes again!
08/04/09
Someone'sNo One's Lying About the Price of Tim Geithner's HouseIf you have conflicting reports, it means the 1.6 likely came from a 2004 refinancing. Rates were pretty much spot-on from 1998 to 2004, you can check them out here:
[mortgage-x.com]
Your mission, should you choose to accept it, is to find out if he refi'd out of an adjustable-rate or interest-only mortage in 2004. Or, better yet, if he was using his home price's appreciation to generate cash via refinancing. Since rates were the same, it was one of the three, and none of them will look good!
08/04/09
Someone'sNo One's Lying About the Price of Tim Geithner's House08/04/09
08/04/09
08/04/09
Higher-end home prices (this qualifies) have been collapsing much faster than houses in "conforming" price ranges. Year over year, houses from 1-2 million are dropping in price at a 27.9% clip nationally.
[www.cnbc.com]
If you're looking for a place in that price range and you fear price collapses, renting is the right move.
08/04/09
08/04/09
Larchmont is a sort of a ghetto for foreign diplomats and executives who get transferred to New York for a term of maybe three or four years. The French-American School of New York is there. Lots of landlords who live off pricey and stable employer rentals. Also, Geithner did not live in one of the most expensive areas of Larchmont. (Okay, technically the house is not in Larchmont at all; it's in "the unincorporated area of the Town of Mamaroneck" with a Larchmont zip code.)
08/04/09
Someone'sNo One's Lying About the Price of Tim Geithner's HouseAnd I would argue that $1.6 makes him seem even MORE clueless. It's one thing to pay $1.6 and want to get out whole (ridiculous in this market though that is). But it's insanity to try to get +127% (based on $705,000) or even up +60% (based on $1 mil all-in cost) when all info points to the market having round-tripped back to 1997 levels.
08/04/09
08/04/09
08/04/09
We have a winner!
08/04/09
Anyhow in the early 2000's, home equity loans were cheaper, and for all we know he has one outstanding (hence why he's asking so much). The original purchase doc only has how the house was financed THEN; it would not have an update for a later home-equity loan.
08/04/09