Yesterday I received my excise tax (dollars paid to the state every year for the privilege of ownership and driving of one's motor vehicle) which is a fraction of what it was three years ago before I had to sell a fleet of work vehicles to accommodate the downsizing of my company. As I am not alone, who makes up the difference? House values are down and the malls are empty of people and shops. Collective Bargaining, issue or not, THERE IS NO MORE MONEY!
It is kind of like what my Mom, God rest her soul, used to tell me and my brothers when we would ask her for money to buy some penny candy (small pieces of sweets before the invention of the Hershey bar and paid for with a small copper coin)....."do I look like I am made of money" or " sure, go out back and pick some money from the 'money' tree"..... She wasn't being mean, she had no collective bargaining, she did piece work in a factory (building that once held machinery and people getting paid to make a product to sell here and abroad).
So, where is the money to come from, no jobs, no factories, no penny candy..................
According to Moody’s, the 672,000-square-foot Dartmouth Mall was 94 percent leased as of Sept. 30, versus 93 percent at its last review in March 2008. However, falling rents have rippled throughout the mall’s income statement, as revenue totaled $7.5 million for the nine months ended Sept. 30, according to Bloomberg data. That equated to around $833,000 in revenue per-month, versus $875,000 in 2010 (total revenue for the year was $10.5 million) and $950,000 in 2009 ($11.4 million total), according to Bloomberg.
Indeed, Moody’s said the mall’s challenges have dropped its market value to around $63 million, compared with $72 million at its last review. When the mall’s original $70 million mortgage was originated in 2003, the property’s appraised value was $98 million, according to Bloomberg. The mall’s mortgage balloons to maturity in June 2013.