Posts Tagged ‘mountain man’

Wildwood’s New Mayor

Tuesday, December 15th, 2009

Shortly after new Wildwood commissioners Ed Harshaw and Al Brannen were sworn in Monday night to join sitting commissioner Gary DeMarzo, the three picked the new mayor. 

Envelope, please.

And the winner is Gary DeMarzo. 

Maybe winner isn’t the correct term, considering the tough road ahead.  Wildwood is beset by having the highest tax rate in Cape May County, $1.83 per hundred dollars of assessed value.  The portion that is directly attributed to Wildwood’s budget is $1.11 per hundred, with the balance the county’s tax levy.

The first act of the new commission was to name attorney Daniel Gallagher of Atlantic City as interim city solicitor.  The current solicitor, Wildwood attorney Marcus Karavan, is still under contract to the city so that will have to be ironed out.  This appointment of Gallagher is apparently a pay back for being the attorney representing the recall committee.

They next named former Ocean City business administrator Richard Deaney as interim administrator.  The house cleaning continued by voting to solicit bids for a new municipal auditor, which is now covered by Ford, Scott, Seidenburg & Kennedy of Ocean City, and new municipal engineer, which is currently handled by Remington Vernick of Wildwood.

DeMarzo kept on as commissioner of revenue and finance, while Brannen became deputy mayor and head of public safety.  Harshaw became commissioner of public works.  The trio changed the two monthly commissioner meetings to the evening, instead of one being at 3:30pm.

The easy part is over for the new commission.  Collecting petition signatures, campaigning for election, and getting out the voters is in the rear view mirror.  Ahead lies the pitfalls of a small, mostly seasonal city with a $26.1 million budget and 225 employees.

And May, 2011, just a brief 18 months away, is the next election.  The pressure is on this new trio to reduce spending and cut the tax rate, an unenviable job.  They will now be in the crosshairs.

They wanted a shot at running the city.  Reminds me of the old adage, “Be careful what you wish for.”

- Mountain Man

http://www.MountainManandCityGirl.com

Banks Don’t Like Other’s Rules

Monday, December 14th, 2009

Another major bank – this time Citigroup – is paying back its government bailout money because it doesn’t like the rules that go along with the bucks.  The main rule, of course, is limiting the pay of top management.

Citigroup was one of nearly 700 banks that received bailout money nearly a year ago via the Troubled Asset Relief Program.  It got $45 billion, with $20 billion to be paid back and the balance of $25 billion secured by a 34 percent ownership transferred to the U.S.  The government is expected to sell that $25 billion investment for about $30 billion.

Now that Citigroup is taking their bat and ball and going home, the only major bank still holding government funds is Wells Fargo.  If you recall, Bank of America repaid their loan a week ago.  Goldman Sachs and Chase, the other noteworthy large institutions, returned their U.S. treasury loans shortly after receiving them upon discovering the government was putting restrictions on executive pay and dividends, while increasing government oversight.

So what’s the moral of this story? 

Banks love rules if they are THEIR rules.  But if they are the government’s rules, forget about it!  And bank executives continue to prove that even though their institutions are still losing money, they will do whatever is necessary to fatten their wallets.

- Mountain Man

http://www.MountainManandCityGirl.com

Real Estate Settlement changes January 1

Sunday, December 13th, 2009

The Real Estate Settlement Procedures Act (RESPA), a consumer protection statute enacted in 1974, will have a new face beginning January 1, 2010.  RESPA was basically designed to give effective disclosure to homebuyers and sellers prior to initiating the real estate purchase process, so there were no “surprises” at the closing table.

The new RESPA reforms are aimed at giving the consumer better information earlier in the process and the ability to shop for the best deal by comparing service providers.

Potential buyers need only give six pieces of information – name, monthly income, social security number, property address, sale price, and loan amount desired.  They can do this with several banks or lenders and get a Good Faith Estimate (GFE) within three days.  The GFE results can then be compared side-by-side so the consumer then can make an informed decision on which scenario and providers to use.

The GFE has three parts – charges that can not increase, those that can only increase a maximum of 10 percent, and those that can change at settlement if you don’t use the service company identified by the lender.

That said, here’s the downside of the new RESPA. 

There will need to be a huge increase in communication between the lender and whoever is doing the closing – either a title company or attorney.  That’s a scary thought, especially when a lawyer is involved.

The other concern we have as realtors is that lenders – who are often located 100 or 200 miles from us here in Cape May County – are going to be supplying names of home inspectors, termite inspectors, etc., to the prospective buyers.  The only way we can sidetrack a potential logistic fiasco is to give these buyers a list of reputable local puveyors to submit to the lender upon first contact.

The new HUD-1 Settlement Statement used at closing, which is now three pages instead of two, also has two drawbacks.  Closings will take longer and the HUD-1 is less detailed and more about total costs.

The federal goverment received 12,000 public comments prior to designing the new RESPA and its GFE and HUD-1 forms.  Once realtors, title companies, lenders, attorneys, sellers, and buyers get used to the new format and procedures, hopefully all the parties concerned will be pleased.

- Mountain Man

http://www.MountainManandCityGirl.com

A Real Jump-Start

Friday, December 11th, 2009

Nearly a year into the Obama administration I think Americans can see that the No.1 issue in the nation’s mind – the economy – is still sputtering.  Bank bailouts and all that stuff just aren’t working fast enough.

As Mighty Mouse used to say, “Here I come to save the day!”  So here’s my simplistic approach to ending the Recession.

The United States of America has the highest bond rating possible – AAA.  That rating means that the U.S. is not likely to default on debt.  Thanks to the Bretton Woods Accord back in the 1970s, the U.S. dollar is no longer backed by the gold in Fort Knox.  The American dollar – of which there are 829 billion – is backed by the government’s ability to generate revenue to pay down it’s debt.

New dollars are issued when the Federal Reserve elects to fund the purchase of debt, which is usually through U.S. Treasury Bonds.  Done in excess, this can cause inflation, but bear with me.

The net worth of Americans is currently $53.4 trillion.  Prior to the Recession, it was $64.5 trillion.  In other words, we’ve lost 17.2% of our worth.  By the way, $348 billion of our collective $53.4 trillion is household real estate holdings, i.e. your house.

That’s the background, now my proposal.

Let’s give each American household $10,000 tax free.  With 105,480,101 households, that’s $1.05 trillion.

There are 7.7 million businesses in America.  Let’s give them each $100,000 tax free.  That’s a mere $770 billion. 

So add it up and the American government can print and distribute $1.82 trillion.  This isn’t money raised by taxes.  We’re just gonna print it and give it out.  There’s just one stipulation – the money can’t leave the country.  It can’t be sent to relatives in Nicaragua or used to hire workers in China.  It has to be spent in the 50 states.

Think of the ramifications.  The boost to the economy will be incredible.  Some people will pay down debt or save their homes, while others will buy TVs, cars, and yes, useless junk.  Some might even use some of the money for booze, cigarettes, and methamphetimines, but that can’t be helped.

All this will turn into many of the 7 million people laid off from work since the beginning of the Recession getting gainful employment again.  For every dollar currently in circulation, there will now be three dollars.  Banks will start lending again and the good times will roll.  States will see an increase in sales taxes collected, easing their budget pains.

The nay-sayers will yell that my plan will cause inflation.  Sure, it will.  But it’ll be manageable, maybe 10% at most and it will be a one-time thing, just like my giveaway windfall.  But the trade-off of jobs and reduced personal debt is well worth it.  The American economy will have the jump-start it needs.

Some might call my plan crazy.  But at least I have a plan.

And I bet you’re smiling and already thinking about how you’d spend your $10,000. 

- Mountain Man

http://www.MountainManandCityGirl.com

Wildwood recall successful

Thursday, December 10th, 2009

“Surprise, Surprise, Surprise”, as Gomer Pyle used to say. 

To the surprise of many, including this ardent Cape May County observer, voters successfully recalled City of Wildwood Mayor Ernie Troiano and Commissioner Bill Davenport in Tuesday’s special election. 

The first part of the ballot asked whether voters wanted to recall the pair.  Voters went 624 to 487 to recall the mayor and 649 to 470 to unseat the commissioner.  Apparently there was enough dissent within the community to overcome the regular party machine.

The second part of the ballot then asked to vote for two of the six candidates.  With only about a dozen or so provisional ballots not yet counted, the vote went:

Ed Harshaw 600, Al Brannen 577, Troiano 496, Davenport 453, Ernesto Salvatico 45, and John Roat 42.

And so Harshaw, a real likable high school history teacher, and Brannen, who’s been a thorn in the administration’s side, take over a city with the highest tax rate in Cape May County and a mountain of debt.  They join Commissioner Gary DeMarzo, the controversial third commissioner.

The trio will decide amongst themselves who will be mayor and they haven’t hinted publicly yet whom they each will vote for. 

The outgoing mayor took a parting shot, not indicating whether or not he knows exactly who will be the new mayor.  “The only thing that bothers me is you’ll have an absolute nitwit for a mayor now.”

- Mountain Man

http://www.MountainManandCityGirl.com

American Paradise (Part 1 of 17)

Thursday, February 14th, 2008

 (This entire 17-part story can be found in the “travel” category.  We’d love to hear your comments.)

When I was 21 years old, I wrote out a list of 10 things I wanted to accomplish in my life.  To date, I’ve completed seven.  I’m not sure I’ll ever do the other three, but that can be attributed to age and physical ability.  Things I could easily do in my 20’s and 30’s, and even early 40’s, are perhaps beyond my grasp as I approach 57 years old.

One of my seven goals became reality in 1989, when I fulfilled my wish to live in the Caribbean.  I did so by living in St. Thomas in the US Virgin Islands.  I chose USVI over other Caribbean locales for a couple reasons.  First, they used American currency.  And second, I would be able to find work there without acquiring a work visa or any such government nonsense.  And lastly, they spoke English and were one of the closest island nations location-wise to the mainland United States.

A week before my scheduled departure from Cape May, New Jersey, Hurricane Hugo devastated the Virgin Islands.  My friends quickly concluded that this would force me to alter my plans.  You can’t be a waiter at a resort since most were out of business until repairs were made, they figured.  Au contraire!  I turned lemons into lemonade.  I decided to bring my basic carpenter tools along, as this would afford me additional work opportunities. 

I left Cape May a few days after the mid-September hurricane, driving my truck to Maple Hill, North Carolina.  I own 10 acres of land there, so my plan was to park my truck in my field and hoof it to St. Thomas.  With my truck secure, I made my way to Wrightsville Beach, NC. 

Once there, I headed for the Intercoastal Waterway to find a suitable marina where I could find a boat ride south.  This time of year, at least 90% of the yacht traffic was heading toward the warm, sunny winters in Florida and the Caribbean.  I just needed to wrangle a ride aboard one of these floating palaces.

corb3265.jpg

I found a marina that fit the bill.  It had plenty of dock space for large boats, it had gas pumps, and it was right near a bridge so I could also solicit rides on the other side of the channel with a short walk.

I stashed my backpack and duffel bag of tools in a corner of the marina grounds were I felt reasonably sure no one would find them.  Then I started working the docks, asking large boat owners, “Do you know anyone headed south that might give me a ride?”  I didn’t want to put anyone on the spot by asking them directly for a ride, so I always asked if they knew someone who might give me a ride.

I spent all day asking around, crossing the bridge everytime I saw a large boat dock on that side.  No luck.  Near dusk, I decided to retreat from the relentless sun for awhile and rest.  I laid under a boat set up on blocks, enjoying the cool shade.  After a half hour, I began to itch.  Soon, my arms and lower legs were aflame.  Chiggers!  Those little boogers were tearing up my skin.  I had to get outta there ASAP.

Now dark had set in.  Despite my fervent scratching, I noticed a large boat tie up at the dock on the other side of the waterway.  Two fellows emerged and went into the restaurant.   Could this be it?

I hung around near the restaurant entrance for an hour before they finally exited.  “Do you know anyone headed south that might give me a ride?”, I asked.  The larger guy answered, “Sure, come aboard”.  I explained that my belongings were on the other side of the channel.  “Well, go get them and come on back.  We sail in the morning.”  My Virgin Island odyssey had begun.

- Mountain Man

Hello world!

Monday, January 14th, 2008

Welcome to our Mountain Man and City Girl blog.  We hope you enjoy our various posts and feel compelled to post comments.  Some of our posts are about the real estate industry, some about life in general.  Some are thought provoking, while others are lighthearted, feel good tidbits.

Some of the many pictures you see were taken by us.  Most are from clip art programs that we purchased or available free on the internet.  All the pictures are used to enhance our stories.  We trust you’ll enjoy our blogsite.

To see the business side of us, visit our websites at http://www.JewellRealEstateAgency.com  or http://totempolesandwaterfalls.com

- Mountain Man