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May 6, 2009
Corcoran Serving Value Meals in Brooklyn in May

In an effort to inject some sense of urgency among buyers, Corcoran is teeing up three Saturdays worth of neighborhood walking tours with special one-day incentives hidden at each stop: price reductions, renovation credits and closing cost discounts will all be used as carrots. (They'll save the sticks for making the sellers lower their prices!) Four walking tours are scheduled for this weekend: Bed Stuy/Bushwick, Clinton Hill/Fort Greene, Crown Heights and Williamsburg. Pretty smart way to leverage the firm's scale, we'd say. Of course, it'll only matter if it results in some deals. Park Slope down through PLG is set for May 16 with Dumbo and BoCoCa planned for May 30th.
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Comments
it's like a house tour with commercials!
Posted by: z at May 6, 2009 10:21 AM
Kudos to their marketing department.
Posted by: alsawo at May 6, 2009 10:26 AM
The 603 Macon St house looks nice. but Corcoran, HELLLOOOOOOO...where are the floorplans for that and 404 Hancock. STUUUUUPID BROKERS.
Posted by: daveinbedstuy at May 6, 2009 10:26 AM
"inject some sense of urgency among buyers"
Corcoran's focus is on the wrong side of the net. It's their clients that need walking tours of Las Vegas, Phoenix, California and Florida.
"leverage the firm's scale"
Translation please.
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 6, 2009 10:28 AM
BHO....why don't you actually start bidding half off and get something so you'll go away?????
Posted by: daveinbedstuy at May 6, 2009 10:38 AM
Smart. I'll happily wander thru the bococa places.
I never trust "today only" special tho. I think the seller should know if they're offering $10k for new closets or gold faucets or whatnot TODAY ONLY, they better expect to offer them down the road as well.
Posted by: Ringo at May 6, 2009 10:42 AM
i think this is a great idea. when we were in the market for a house it would have been so much easier to hit 10 houses in 1 day then to try and schedule so many appointments over several weeks and wasting alot of time.
Posted by: bkny at May 6, 2009 10:50 AM
1-day incentives should be met with 1-day low-ball offers. accept it today else you'll be hit with a lower 1-day offer tomorrow
Posted by: more4less at May 6, 2009 10:59 AM
That's a really good idea, to drum up interest in the open houses and try to get some momentum. Ringo is right though, once the discount or incentive is offered, you can't really take it back. Maybe it's a clever way to meet the market without pushing all the prices down? As a prospective buyer, I would prefer for prices to come down a lot more, but I have to admire their ingenuity.
Posted by: Maly at May 6, 2009 10:59 AM
"It's their clients that need walking tours of Las Vegas, Phoenix, California and Florida."
In these cities, they'd have to be "Drive-by Tours."
Posted by: East New York at May 6, 2009 11:00 AM
in those cities, it would be buy 1 get 3 free offers
Posted by: more4less at May 6, 2009 11:02 AM
"BHO....why don't you actually start bidding half off and get something so you'll go away?????"
No, I'm going after the surge in brownstone duplexes for rent (same thing as "owning" a brownstone, only half the cost and perhaps without Wolf and granite). Those are crashing faster. Wifey is on Team Bear now. By the time you come banging on Team Bear's door, I won't have to bid half off. Ask will already equal half off or worse. Besides, the sheep need me. I'm a home price activist. I stay.
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 6, 2009 11:05 AM
Is it JUST corcoran properties?
Posted by: gemini10 at May 6, 2009 11:05 AM
"1-day low-ball offers. accept it today else you'll be hit with a lower 1-day offer tomorrow"
Already in the cards as defined by the collapse. Gets worse daily. Wait'l the next Elliman report comes out.
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 6, 2009 11:09 AM
Bring a scented handkerchief to mask the stench of desperation.
Posted by: SnarkSlope at May 6, 2009 11:12 AM
"In these cities, they'd have to be 'Drive-by Tours.'"
Metaphor, ENY. Metaphor.
"in those cities, it would be buy 1 get 3 free offers"
Now you're learning.
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 6, 2009 11:13 AM
How 'bout those employment number today??? Don't wait too long BHO. Nothing's cast in stone that you will achieve your objectives.
Greedy on the way down is as bad as greedy on the way up!!!!
Posted by: daveinbedstuy at May 6, 2009 11:13 AM
These need to be drive-by tours as well. The Bed Stuy and Crown Heights locations are all over the place. Anyone trying to see them all on foot will be down a few pounds by the end, although if you are in the market for a house, you might not look at new construction condos.
Hmmm, might be a good idea to market them as fitness tours.
Posted by: Montrose Morris at May 6, 2009 11:17 AM
"By any measure except the past few months, a 491,000 drop in private payrolls is disastrous...," said Ian Shepherdson, chief U.S. economist for High Frequency Economics.
Posted by: SnarkSlope at May 6, 2009 11:18 AM
Snark...that's one of the most assinine comments I've heard from an economist in quite awhile, and I have a lot of respect for HFE. Every number is only meanungful with in the context of most recent comparisons.
Posted by: daveinbedstuy at May 6, 2009 11:23 AM
I continue to be horrified by the brokerage business tactics. Haven't we learned that real estate and home purchases are not the same as buying sweaters or sofas? The very core of these promotions would seem to be that given enough impetus, they can convince people to borrow hundreds of thousands of dollars and commit their life savings at least partially on impulse. Brokers need to look themselves in the mirror and realize that crap like this is a big part of the problem.
Posted by: Ledbury at May 6, 2009 11:24 AM
DIBS - I'm glad the economy looks it's no longer hemmoraghing (sp? - sorry no time to spell check). But that's a far cry from thinking the days of froth are anywhere close to returning. The recovery will take a long time, and no one is even sure if this is the bottom, or a false start. Also, NY RE historically has been a lagging indicator.
Posted by: Miss Muffett at May 6, 2009 11:28 AM
You need to take a night off from the Asian markets and get some rest, DIBS. Your thinking needs tweeking. Greed on the way up (dumb money) is not the same as greed on the way down (smart money). Similarly, fear on the way up (smart money) is not the same as fear on the way down (dumb money).
About employment numbers. You mean the ones that the govt cooks by adding fake jobs? DOW/SP still hovers around 8000/800. Job market lags the stock market. Even YOU know that.
"Don't wait too long BHO."
Right now, that strategy is for sellers. That warning will be appropriate for me after the bottom is in (no more negative change in NY Case-Killer from same month last year). And even then, no rush in a backward-J shaped "recovery" (volume only).
"Nothing's cast in stone that you will achieve your objectives."
As De Niro said to Pacino in Heat, "there's a flip side to that [avoiding half off or worse]".
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 6, 2009 11:34 AM
MM...I certainly don't think the days of froth are returning to the property market yet. They have though for emerging market stocks. Which should be a sign that investors are willing to take on more risk.
Posted by: daveinbedstuy at May 6, 2009 11:35 AM
There is no such thing as a limited time offer or a one-day discount. Just like there is no such thing as "limited availability value pricing."
My observation of the day is that prime brooklyn prices are holding up better than I had expected this spring. As discussed yesterday I think limited inventory is a big factor. I also mentioned yesterday that I expect inventory to increase meaningfully this year. We'll see if I'm right.
I think the Manhattan market is under much, much more pressure than prime brooklyn markets right now. I haven't been studying other brooklyn markets so I can't offer any views on them. This disparity does not surprise me but the extent of it does.
Posted by: lechacal at May 6, 2009 11:45 AM
I love the note at the bottom of the tour schedule: "One day only incentives available."
Really? So if I walk into your office in 10 minutes and offer to buy today at the "one day incentive price" you are going to tell me no? Are you really going to tell me "sorry to be such a downer, but you can ONLY get that if you go on the walking tour, and the owners are definitely not willing to give up an opportunity to have 100 complete strangers run roughshod over their house?" Really?? And if I walk into your office three months after the house tour and offer that price your answer is going to be "sorry, but that was a one-day offer only - this seller is going to keep the price right where it is into the next decade if she has to!" Really? I mean really really (cocking head slowly to one side)? Like really REALLY really?
When I was selling my house I participated in one of these. It didn't sell the house, but that of course is just anecdote. Of course we didn't offer limited availability value pricing either.
Posted by: lechacal at May 6, 2009 12:05 PM
lechacal....you're right. I think the limited inventory is because most of the brownstone market is actually someon'es primary residence. This is not Nevad, Arizona or Florida where people were buying second and third residences. Yes, there was some of that going on in the condo markets because of loweer entry pricesd and the prospective of good rental yields.
If there were big problems with brownstowne owners' finances, these properties would be flooding the market but there aren't and they aren;t.
Posted by: daveinbedstuy at May 6, 2009 12:07 PM
dibs, there will never be a flood of inventory like Nevada, Florida, California, etc. It just won't happen. I am prepared to eat my own tie if we see anything like that in prime brooklyn. I am more focused on deviation from normal inventory levels for the prime brooklyn market. I am pretty sure (though I can't back this up with empirical data) inventory levels are lower than normal, which would suggest a deviation to the other side once a buildup of shadow inventory is released. I expect this to push prices down further. I don't think we can see a bottom in the brooklyn market until this happens.
ps - of course homes in prime brooklyn will always cost much, much more than homes in those other places, even after whatever price drops are ahead.
Posted by: lechacal at May 6, 2009 12:20 PM
Maybe they should get those Hot Corcoran Agents to give "HEAD" at the open houses..
The What (Shockwave is here)
Someday this war is gonna end...
Posted by: Return of The What at May 6, 2009 12:30 PM
The comparison to ticky-tack Nevada or Arizona is preposterous, but it doesn't mean that white collar job loss, in law and finance, hasn't hit brownstone Brooklyn. It has, and my guess is now that foreclosure moratoria in various forms are coming to an end, you'll see a "flood" of inventory relative to available buyers. I'll come out and say it --40% off peak comps in prime, 50% in subprime, Brooklyn, by Jan '10.
Posted by: Whuh at May 6, 2009 12:32 PM
"I think the limited inventory is because most of the brownstone market is actually someon'es primary residence. This is not Nevad, Arizona or Florida where people were buying second and third residences."
Owner's duplex beneath two rentals = 3 residences
"If there were big problems with brownstowne owners' finances, these properties would be flooding the market but there aren't and they aren;t."
Not true. I don't need to explain shadow inventory to you. Listed inventory lags distress, relocation and divorce. I'm sure plenty of unlisted PShark hits come up with lis pendens. And besides, how do you measure listed inventory anyway? FSBO's and craigslists don't always just pop in your lap.
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 6, 2009 12:32 PM
"dibs, there will never be a flood of inventory like Nevada, Florida, California, etc. It just won't happen. I am prepared to eat my own tie if we see anything like that in prime brooklyn."
Have some Ketchup Dumbass! All those Condos will be on the market very soon at reduced prices!
"ps - of course homes in prime brooklyn will always cost much, much more than homes in those other places, even after whatever price drops are ahead."
I love out of town Dumbasses! They have no clue on what's next!
The What (Shockwave is coming)
Someday this war is gonna end..
Posted by: Return of The What at May 6, 2009 12:37 PM
You three (Whuh, What & BHO...who we all know are actually the same) have been prdicting this shockwave and that brownstone (condos are a different story) prices will fall 50% or more for a very long time.
First, too early is the same as wrong.
Second, I still see no evidence of an acceleration in downward prices.
Third, you're all starting to look foolish.
Posted by: daveinbedstuy at May 6, 2009 12:41 PM
BHO please don't engage the Retards. The crash is WELL underway!
Lookie Here!
Crunch Fitness Files for Bankruptcy in New York (Update3)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aMejTWlWn2Sw&refer=home
May 6 (Bloomberg) -- Crunch Fitness, a gym operator with 73,000 members and clubs in six U.S. cities, filed for bankruptcy protection from creditors in New York, citing slowing membership and overpriced leases for some locations.
Yeah! The collapse of the Mutant Asset Bubble is well underway!
The What
Someday this war is gonna end..
Posted by: Return of The What at May 6, 2009 12:43 PM
"of course homes in prime brooklyn will always cost much, much more than homes in those other places"
Non-factor. Priced in before the boom. We're discussing excess fat in prices. No?
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 6, 2009 12:50 PM
BHO: yes, correct. I was just pointing out that the lack of some of the extreme pressure we are seeing in FL, CA, NV, etc. doesn't mean prices here won't come down. Inventory here will always be lower, comparatively speaking, and prices here will always be higher.
Posted by: lechacal at May 6, 2009 12:54 PM
Oh Sweet Jesus! Lookie Here!!!
Rich Default on Luxury Homes Like Subprime Victims (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aXIKT1zzD4.g
May 6 (Bloomberg) -- Chuck Dayton put down a quarter of the $950,000 purchase price when he bought his house in Newport Beach, California, in 2004. He was making $500,000 a year with his drywall company and he expected home values to keep rising.
Sounds like the the retards in "Brownstone Brooklyn" and the Asshead "Hedge Fund" Douche in Bed Stuy!
"Then the mortgage market collapsed, new construction stopped and builders no longer needed his services. Dayton, 43, went into default four months ago because he couldn’t afford payments on the three-bedroom home, located within a block of the Pacific Ocean. He hopes his lender will agree to sell the seven-year-old house for less than he owes to avoid a foreclosure."
Translation: Please remove the Gerbils from my Ass!!!!!!!!!!!!!
Jumbo loans are larger than what government-controlled Fannie Mae and Freddie Mac will buy or guarantee, currently $417,000 in most areas. Jumbo lending slowed in the fourth quarter to $11 billion, or 4 percent of the mortgage market, the lowest quarterly figure since Inside Mortgage Finance, a Bethesda, Maryland-based trade publication, started tracking the data in 1990.
Nnnnnnnnnooooooooooo!!!!!!!!!!!! Ben Bernanke said "Everything is fine"
Defaults by subprime borrowers began rising in 2007. Since then, financial institutions that had bet on earning cash flow from home loans packaged into securities have announced credit- market losses and writedowns of almost $1.4 trillion, data compiled by Bloomberg show.
Hey dumbasses here comes the shockwave! This time you will not recover from this one! Game over!
"Home sales in the Hamptons fell 67 percent in the first quarter from a year earlier, the most since records were first kept in 1982, according to Town & Country Real Estate of the East End LLC. The median sale price slid 28 percent from a year earlier."
I love when Rich people get shafted..
The What (Six months of Life Support left)
Someday this war is gonna end...
Posted by: Return of The What at May 6, 2009 1:03 PM
"The comparison to ticky-tack Nevada or Arizona is preposterous..."
No, it isn't. Our prices still have excess fat that excludes the NYC-wow-factor but includes cheap easy Ponzi money.
"...but it doesn't mean that white collar job loss, in law and finance, hasn't hit brownstone Brooklyn."
Therefore, it's not prepostperous. -40 to -50 percent is the NYC equivalent to Nevada or Arizona.
"You three (Whuh, What & BHO...who we all know are actually the same) have been prdicting this shockwave and that brownstone (condos are a different story) prices will fall 50% or more for a very long time."
It would have took ten years for a prediction of +200% made during the last trough. I have NEVER put a deadline on the bottom and I NEVER will. It's a process, not an event and it's on nobody's schedule. (When all counterarguments fail, distract the bloggership with identity consipiracy theory.)
"BHO please don't engage the Retards. The crash is WELL underway!"
You're right, ROTW. I'm a chill. But you forgot to tell the CNBC story about foreclosed properties being destroyed (remember crops during the Great Depression) to control inventory/prices (my take) under the guise of protecting the quality of life of those neighborhoods (i.e. squatting, etc., their take).
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 6, 2009 1:05 PM
Crunch? Damn! That's anectodal fo' yo' ass.
"Six months of Life Support left"
Where do you get that from, unemployment and severence checks?
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 6, 2009 1:09 PM
"But you forgot to tell the CNBC story about foreclosed properties being destroyed (remember crops during the Great Depression) to control inventory/prices (my take) under the guise of protecting the quality of life of those neighborhoods (i.e. squatting, etc., their take)."
Oh yeah that's right! Anyway have fun with the Retards but don't tease them too much, they have sensitivity issues. ROTFLMMFAO!!!!
Team Bullshit where ya at?!?!?
The What (Throws packs of Skittles to the Bear Mafia)
Someday this war is gonna end...
Posted by: Return of The What at May 6, 2009 1:13 PM
WOW...the loons are arguing with themselves!!!!
Posted by: daveinbedstuy at May 6, 2009 1:23 PM
I think this whole story about a shadow inventory of houses bringing the market down in the near future has too many holes. Allow me...
The proportion of houses sold by folks who are actually moving/owner died/financial problems during peak times was low. The crazy demand for housing in Brooklyn and consequently increasing prices was the only reason for a majority of the sellers to enter the market.
I lived on a nice block in Prospect Place during the boom time and many owners who lived in their Brownstones for decades decided to sell and move to more affrodable places (nice incentive to retire). The same owners today will just rent their houses or stay in it.
Hope that makes sense.
Posted by: fobsdelhi at May 6, 2009 1:24 PM
"I lived on a nice block in Prospect Place during the boom time and many owners who lived in their Brownstones for decades decided to sell and move to more affrodable places (nice incentive to retire). The same owners today will just rent their houses or stay in it.
Hope that makes sense."
No it does not "Make Sense"!! The inflection point is here! Ether you try to sell now (and take loses) or "Live" in you financial "death trap! This will be the last year you can maximise profits you house appreciation 2010 will be the start of the DEPRESSION (any bets)!
"WOW...the loons are arguing with themselves!!!!
Posted by: daveinbedstuy at May 6, 2009 1:23 PM"
Only one member of Team Bullshit! Dave find the rest of the Retards please...
The What (Six months)
Someday this war is gonna end...
Posted by: Return of The What at May 6, 2009 1:29 PM
From Park Slope writer/blogger Douglas Rushkoff's site:
"...It was once again possible to sit on one’s stoop with the kids and eat frozen Italian ices on a balmy summer night. One could walk through Prospect Park on any Sunday afternoon and see a black family barbecuing here, a Puerto
Rican group there, and an Irish group over there. Compared with most parts of the world, that’s pretty civil, no?
Romantic as it sounds, that’s not integration at all, but co-location. Epcot- style détente. The Brooklyn being described here has almost nothing to do with the one our grandparents might have inhabited. It is rather an expensive and painstakingly re-created simulation of a
“brownstone Brooklyn” that never actually existed. If people once sat on their stoops eating ices on summer nights it was because they had no other choice—there was no air- conditioning and no TV. Everyone could afford to sit around, so everyone did. And the fact that the denizens of neighboring communities complete the illusion of multi-
culturalism by using the same park only means that these folks are willing to barbecue next to each other—not witheach other. They all still go home to different corners of the borough. My writer friend’s kids go off the next morning to their private school, those other kids
to public. Not exactly neighbors."
Read it all http://rushkoff.com/books/life-incorporated/intro/
Posted by: bridges at May 6, 2009 1:37 PM
"Crunch? Damn! That's anectodal fo' yo' ass."
Fuck 'em. They shafted me out of my membership! I remember telling the "You will be unemployed", good for them!
""Six months of Life Support left"
Where do you get that from, unemployment and severence checks?"
BHO look at the corresponding data...
1929 ---> 2009 see what I mean? 70 years since the last Depression and everyone is dead from that time period. The Retards thought Fall '08 everything was over but The Banking System is INSOLVENT!!!!!!!!!!! To fix this mess we need about 12 TRILLION DOLLARS!!! That's right 12 large ones and with the Stress Tests results coming along will start the chain reaction for this fall. October will be very painful and November will be a WORLD WIDE COLLAPSE and at that point Team Bullshit will be corpses stewed thought the financial landscape.... Welcome to the Greater Depression!
The What (Tick.. Tick.. Tick..)
Someday this war is gonna end...
Posted by: Return of The What at May 6, 2009 1:37 PM
If it does not make sense, let me add another argument...
Historically, in the last 60 years, the US has been unique in the developed world, in terms of the great white flight to the suburbs.
Today, even after market corrections, the average price of a house in Paris/London/Tokyo is nearly three time that of major cities in the US.
In the future, as the white flight reverses itself (which is unfortunately linked to gentrification) due to cultural, logistical etc changes, prices will only go up.
All the talk about the great depression, it is not here and will not be here. We have a smart guy running this country for a change.
Posted by: fobsdelhi at May 6, 2009 1:40 PM
fosdelhi...it does make sense.
Posted by: daveinbedstuy at May 6, 2009 1:43 PM
fobsdelhi: If prices only go up, why are they going down so fast? A good 20% drop so far in park slope, and there is no bottom yet.
I put zero stock in the statistics about how expensive NYC housing is compared to other major cities. It's all about how you draw the lines around the areas to be compared (which simply isn't done on an apples-to-apples basis in any of the surveys I am aware of).
The reverse white flight already happened in NYC. This is not the 70s or the 80s. I know retired white couples from the suburbs who have moved here because it's just so nice and all.
And no matter what the composition of owners of brownstones may be, there will be people who need to sell. And the number of them currently deciding to do so is below average, which means in all likelihood we are going back to the other side of average (ie above it) soon.
Posted by: lechacal at May 6, 2009 1:46 PM
Not to provoke you bobsdelhi, but isn't Paris rent controlled?
Posted by: bridges at May 6, 2009 1:46 PM
bridges: Pull back the red herring and put it slowly back in the jar. Thanks.
Posted by: lechacal at May 6, 2009 1:47 PM
What and BHO are just upset they can't meet each other in the Crunch steam rooms anymore.
fobsdelhi...i was responding to your 1;24 post which does make sense, as does your 1:40 but I don't want to get into the gentrification talk for fear that the What will threaten me with a felony "pre-gentrification style" :)
Posted by: daveinbedstuy at May 6, 2009 1:48 PM
"What and BHO are just upset they can't meet each other in the Crunch steam rooms anymore."
What used to jerk off in the steam room? Gross.
Posted by: lechacal at May 6, 2009 1:50 PM
"Pull back the red herring and put it slowly back in the jar."
Heh. Got my boards mixed up, this is for owners not renters
Posted by: bridges at May 6, 2009 2:05 PM
"What and BHO are just upset they can't meet each other in the Crunch steam rooms anymore."
No Ad-Homoinhim!
Hey Retards! It just keeps getting better....
Bank of America May Need About $34 Billion of Capital (Update3)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aA5X3dkyymvw&refer=home
May 6 (Bloomberg) -- Regulators have determined that Bank of America Corp. requires about $34 billion in new capital, the largest need among the 19 biggest U.S. banks subjected to stress tests, said a person with knowledge of the matter. Bank of America rose 9 percent in early New York trading.
Translation: Bang your dead! Look at GM!
"Banks that want to return money injected by the Treasury since October must show they can borrow from private investors without a Federal Deposit Insurance Corp. guarantee, according to people familiar with the matter."
It does not matter any more the Banking System is INSOLVENT!
The What
Someday this war is gonna end...
Posted by: Return of The What at May 6, 2009 2:13 PM
"I'm a home price activist."
Most self-serving, self aggrandizing statement of the day. What an ego on this one.
Posted by: wasder at May 6, 2009 2:29 PM
Sounds like we either are at the beginning of an anemic recovery or on the precipice of greater disaster than is imaginable. Which will it be?
Posted by: wasder at May 6, 2009 2:37 PM
Sorry, What. I just didn't see any other relevance in you bringing up the Crunch bankruptcy. :)
Posted by: daveinbedstuy at May 6, 2009 2:44 PM
The Corcoran idea is a good one. Though I wouldn't pay too much attention to the notion of one-day discounts. And some of these prices are still much too high.
We saw the Van Buren St. house this past weekend, it's very nice and the location seems good (doesn't VanBurenProud live on that block?). It has pretty much all the original details, but was very dark. I guess the skylight needs to be put back (it was taken out), and the divider between units removed. Hopefully that would fix the darkness problem. Also the baths and kitchens, as usual, are Home Depot specials that have seen far better days, and they need the usual upgrading. Price seems reasonable.
Posted by: mopar at May 6, 2009 6:08 PM

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