I also tried, that did not work. In fact, I had to reset the permissions using chmod to get rid of an extra ACL. But even validating that the permissions matched perfectly with a working Mac this is still happening.
To clarify the issue: This happens when browsing to the Applications folder using the finder. I can use the "Go" menu, and I can also drag the Applications folder to the dock (near, but NOT in the trash), and so clicking the dock alias or using the Go menu, I can browse the Applications folder. I also have no issues launching applcations if they have an icon in the dock, and I have no issues adding new application icons to the dock once I locate the items.
It's like the finder window is running in some alternate process that isn't privy to my Applications folder.