Housing downturn to “continue for longer than previously expected”

From Forbes:

Fed Expects Long Housing Slump

Gentle Ben is not the only central banker who is worried about housing. Based on the latest minutes of the policy-making Federal Open Market Committee, it seems that the entire panel thinks America’s real estate slump is going to persist for a while.

Minutes of the May 9 FOMC meeting, released Wednesday, encouraged investors to think that the central bank would not raise interest rates despite growing inflationary pressures in the U.S economy. Market sentiment has been shifting between predictions of a rate cut to bail out the housing sector and put some life into a flagging economy, and fears that inflation would force the central bankers to resume their campaign of interest rate increases, which was halted a year ago.

Despite a weaker than expected housing market and a sluggish economy, officials remained focused on the “risk that inflation would fail to moderate as expected,” according to the minutes. “Future policy adjustments would depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.”

The committee expects core inflation to dip over the next two years, but the members were not incredibly confident that it was locked in a downward trend. While core inflation readings were “favorable” in March, with core personal consumption expenditure (PCE) prices, excluding energy, remaining unchanged, it followed multiple months of high inflation. “Nearly all participants viewed core inflation as remaining uncomfortably high and stressed the importance of further moderation,” the minutes said.

With inflation worries fixed at center stage, it now seems highly unlikely that the FOMC will lower the federal funds rate from the current 5.25% this year, unless there is a major downturn in the economy — which the Fed does not anticipate.

However, the economy’s rebound remains tied to the lumbering housing market. The subprime implosion has aggravated an already weak market by increasing the number of foreclosures, adding to a balloning inventory glut and prompting lenders to tighten credit standards.

“Recent readings on sales and inventories of new homes had been interpreted by the staff as suggesting that the ongoing contraction in residential investment would continue for longer than previously expected,” the minutes said.

This entry was posted in Economics, Housing Bubble, National Real Estate. Bookmark the permalink.

466 Responses to Housing downturn to “continue for longer than previously expected”

  1. James Bednar says:

    From Bloomberg:

    Immigrants May Be First to Feel Housing Slump’s Impact on Jobs

    The slump in homebuilding, the deepest since 1990, has so far taken only a modest toll on the U.S. job market. Workers like Francisco Leon may be part of the explanation.

    Two years ago, Leon, an undocumented immigrant from Guatemala, had little trouble finding construction work five days a week in northern Virginia. Nowadays, the 22-year-old mainly does odd jobs, often only two days a week.

    As Congress debates whether to provide a path to citizenship for undocumented immigrants, workers like Leon, hired off the books for day labor, are among the first to lose their jobs as homebuilding falters. Such workers often go uncounted as well, meaning official labor statistics don’t fully reflect the decline in construction-related jobs.

    “There have been cuts already; we just haven’t seen them in the official statistics,” said Ethan Harris, chief U.S. economist at Lehman Brothers Holdings Inc. in New York. “We’ve already done half of the adjustment. The other half will be more visible.”

    Credit Suisse Holdings Inc. estimates that about 173,000 housing-related payroll jobs, including builders, painters and construction-materials makers, have been shed in the past year. As many as 250,000 more may be lost, figures Jay Feldman, senior economist at Credit Suisse in New York.

  2. Home Seller says:

    Residential construction is still booming 300 miles south of him (in the Carolinas).

    If he’s 22 and willing to work w/skills, he should have no problem finding work in NC

  3. UnRealtor says:

    njrebear, here’s an interesting foreclosure/REO from Ridgewood:

    Sale History
    07/23/2004: $640,000
    05/19/1995: $200,000
    zillow.com/HomeDetails.htm?zprop=38014432

    Now for sale by the bank for $524,900:
    http://www.streamfx.com/CW/REO-New-Jersey2.html

    11 acres!

  4. chicagofinance says:

    What the hell is this? What happened to “buy and hold” the index? Has this jerk gone senile, or is he a double talking and ego massaging has-been who cannot let go….

    Reaching new highs makes me nervous. When you look back, the S&P 500 reached a new high in March of 2000, and it was the beginning of a long, long decline. … It’s a beware sign, but [the index] more reasonably valued than it was then. I would suggest that new highs should raise the question of whether you want to get out.
    –John Bogle, founder of mutual-fund company Vanguard Group

  5. UnRealtor says:

    Another foreclosure, in Maplewood:

    Sale History
    12/05/2005: $929,000
    04/28/2005: $929,000
    12/22/2004: $860,000
    zillow.com/HomeDetails.htm?zprop=52632440

    Now for sale from the bank for $968K:
    http://www.countrywide.com/purchase/f_reo.asp?lstState=NJ

  6. lisoosh says:

    #1 –

    The issue of invisible job losses is an interesting one. Those losses will trickle down to decreased spending – on food, housing, clothing – so the effects may have been delayed more than supposed.

  7. Judicious1 says:

    What will happen to higher priced homes (>$600K) as the market of lower priced homes (

  8. Judicious1 says:

    …syntax error, I guess.

  9. Judicious1 says:

    …less tham $600K slows or collapses in NNJ/NYC?

  10. UnRealtor says:

    Upcoming Sheriff Sale for a Maplewood foreclosure…

    Bought Jan 23 2006 for $423K, now available on the courthouse steps:

    I shall expose for sale by Public Auction, in SHERIFF’S OFFICE, Essex County Courts Building in Newark, on Tuesday, June 05, 2007, at one-thirty P.M. (Prevailing Time). Commonly known as: 215 LAUREL AVE MAPLEWOOD, NJ 07040 Lot: 221 Block: 43.04 … The approximate amount of the Judgment to be satisfied by said sale is $389,715…

  11. CNBC segment discussing the latest S&P/Case-Shiller results for March 2007

    Case-Shiller Going Negative

    http://www.paperdinero.com/BNN.aspx?id=206

    CNBC segment discussing the latest S&P/Case-Shiller results for March 2007. Features a short interview with David Blitzer, Chairman of the S&P index committee in which he suggests that “There is no sign that we are at a bottom”. Check out the PaperMoney S&P/Case-Shiller/Futures Tool to better visualize the changes to the CSI indices.

    Originally aired on: 5/29/2007 on CNBC

    Running Time: 2 minutes 10 seconds

  12. njrebear says:

    unrealtor (4)

    Even with a 20% cut, the new price target shows 8.3% annual appreciation :(

  13. Rich In NNJ says:

    Actually, it averages out to 12% a year barring any improvements.

  14. Rich In NNJ says:

    Sorry, read BOTH posts to quickly.

    I actually had posted info on this address about 2-3 weeks ago. The owner had been trying to sell the land since 2005 with the same asking price of $925,000.

  15. BC Bob says:

    “When the turn does come, it will be unlike anything we have ever seen before,” said Iain Burnett, 43, managing director of Morgan Stanley’s special situations unit in London. “The scale of it could be considerable because of the size of some of these leveraged deals,” said Burnett, who began his career in London a month before the October 1987 stock market crash.”

    “It’s like a hangover, people will wake up and say, `what have I done?”’ said Michael Weinstock, who helps manage $3 billion of distressed debt at private equity firm Quadrangle Group LLC in New York. Quadrangle this month hired a second banker to focus on European distressed debt. “Record-high levels of financing now mean record levels of defaults in the future. There’s every reason to believe we’re near a market top.”

    http://www.bloomberg.com/apps/news?pid=20601109&sid=aDeiV7bM7qpc&refer=home

  16. chicagofinance says:

    lisoosh Says:
    May 30th, 2007 at 11:52 pm
    The issue of invisible job losses is an interesting one. Those losses will trickle down to decreased spending – on food, housing, clothing – .

    l:……..IN MEXICO

  17. 2008 Buyer says:

    The Wall Street-Main Street Disconnect Continues: Three Housing Slump Tales of Woe

    In many ways, the following three articles, which detail the travails of the once high-flying housing market, tell a tale that will be repeated many times over, in countless markets, sectors, businesses, and lives, during the coming economic tsunami. They chronicle a dizzying rise and a relentless fall that will eventually leave widespread chaos, destruction, and suffering in its wake……

    http://usmarket.seekingalpha.com/article/36927

  18. Hobokenite says:

    1st Qtr GDP revised down to 0.6% growth

  19. Hobokenite says:

    Forgot the link:

    http://www.bloomberg.com/apps/news?pid=20601087&sid=ajI7b60mMAMk&refer=home

    May 31 (Bloomberg) — The U.S. economy grew last quarter at a 0.6 percent annual rate, the weakest in more than four years, as housing slumped, the trade deficit widened and businesses reduced inventories.

  20. gary says:

    “They just cared about the monthly payment.”

    I wonder when the Senate hearings will commence.

  21. RentinginNJ says:

    Economy Has Worst Growth Since 2002

    Economy Grows by Just 0.6 Percent in the 1st Quarter, Worst Since Final Quarter of 2002

    The economy nearly stalled in the first quarter with growth slowing to a pace of just 0.6 percent. That was the worst three-month showing in over four years.

    For nearly a year, the economy has been enduring a stretch of subpar economic growth due mostly to a sharp housing slump. That in turn has made some businesses act more cautiously in their spending and investing.

    So….I guess this means the markets will set new record highs today as investors become more optimistic about a cut in interest rates.

  22. Richard says:

    i’m not too concerned about 1st qtr GDP. it was mostly due to the trade deficit. what’s positive is business spending is picking up though no on the inventory replenishment side. i expect this to be an anomaly with it being revised upwards and/or 2nd quarter coming in much stronger. we shall see…

  23. x-underwriter says:

    chicagofinance Says:
    l:……..IN MEXICO

    Actually, there will be more spent on food, clothing, etc in Mexico because people will be returning there from here

  24. Richard says:

    unrealtor that property in maplewood is in a bad section of town. might as well be newark it’s close enough.

  25. James Bednar says:

    OFHEO HPI due out at 10:00am this morning..

    jb

  26. Rich In NNJ says:

    …it was mostly due to the trade deficit.

    “The trade deficit cut 1 percentage point from growth.”

    “The change in inventory investment cut 1 percentage point from growth.”

    “Residential investments cut 1 percentage point from growth.”

    More from MarketWatch:

    GDP revised lower to 0.6% in first quarter

  27. James Bednar says:

    From the Star Ledger:

    State pension wizardry will be scrutinized

    New Jersey officials have gotten a bit fancy with the pension math as part of annual budgeting exercises, and their actions are subject to some very specific rules.

    Thus, federal authorities have launched civil and criminal investigations into a series of maneuvers New Jersey officials used during the past decade to shore up state budgets by skipping billions of dollars in contributions to the state’s retirement accounts for teachers and public employees.

    Tom Vincz, a spokesman for state Treasurer Brad Abelow, said the probes began late last month and the state is cooperating.

    Investigators are trying to determine whether state officials misrepresented the impact of those pension-fund maneuvers in documents provided to investors who were considering buying state bonds, according to two officials who have been briefed on the probe. The SEC, which regulates stock and bond markets, could bring civil action against the state, and the U.S. Attorney’s Office is looking into any criminal violations, the officials said.

  28. James Bednar says:

    From the Record:

    N. Arlington pleads for $1.5M in aid

    The borough will make an eleventh-hour appeal for $1.5 million in state aid — this time to local legislators who serve in Trenton.

    The Borough Council is scheduled to adopt a resolution next month asking Assemblymen Gary Schaer, D-Passaic, and Frederick Scalera, D-Nutley, as well as state Sen. Paul Sarlo, D-Wood-Ridge, to lobby for $1.5 million in Extraordinary State Aid, the full amount the borough has applied for because of a continuing financial crisis caused by its legal problems with the EnCap residential project.

    The borough is struggling to make up for the loss of $2 million in EnCap impact fees that have been placed in escrow pending the outcome of a lawsuit the developer filed last year. In March, Mayor Peter Massa wrote to the governor explaining that the average homeowner will face a $472 tax hike because of the loss of the fees.

    “We are facing one of the largest tax increases in the history of the town,” Granell said. “Usually a municipality asks for a certain amount of money and receives less. … We need 100 percent of the money.”

  29. Richard says:

    rich, not concerned. the trade deficit took a big wallop. throw most of it back in there and we’re in the 1.5% range. nothing to write home about but the pickup in business spending is encouraging and the job market is still healthy. i don’t expect to see this number again just like last year i didn’t expect to see 1st qtr 2006 numbers again.

  30. James Bednar says:

    From the APP:

    Fare hike unfair, some NJT commuters insist

    Commuters who are buying their June monthly passes now are already feeling the bite of NJ Transit’s nearly 10 percent fare increase, which takes effect Friday.

    The monthly passes went on sale May 20 and carry the new fare, meaning a monthly rail or bus pass costing $300 would increase by about $30.

    “I was hoping to get some leeway,” said Michele Sarno of Toms River, who commutes by bus and just bought her monthly pass. “It’s not fair, but NJ Transit does what it wants to. We’re at their mercy as commuters.”

    Friday will be the first day of the new fares, which were approved by NJ Transit’s board of directors in April to close a $60 million gap between operating expenses and revenue.

    The increase hikes the price of a one-zone local bus trip from $1.25 to $1.35. Interstate rail and bus fares increase by 9.9 percent.

  31. BC Bob says:

    “The business sector, however, invested little and saw year-over-year before-tax profit growth fall to the lowest level of the five-year-old expansion.”

    From # 27,

    The barbarians are loading up acquisitions with debt[in a slowing economy], stock buybacks are distorting eps and the business sector is not investing. ??

  32. James Bednar says:

    From MarketWatch:

    U.S. May Chicago PMI 61.7% vs 54.0% expected

    Business activity in the Chicago region improved in May, according to a survey of corporate purchasing managers released Thursday. The Chicago purchasing-managers’ index rose to 61.7% in May from 52.9% in April, the Chicago NAPM reported. The size of the gain surprised analysts. Economists were expecting the Chicago PMI index to inch higher to 54.0%. Readings over 50% indicate that more firms were expanding than contracting. The employment index rose to 57.3% from 50.5%. The prices paid index rose to 70.2% from 64.9% in April. The new orders index rose to 71.1% from 56.5%.

  33. chicagofinance says:

    #29 & #31 – shut up – face reality

  34. James Bednar says:

    From MarketWatch:

    U.S. April construction spending rises 0.1%

    Spending on U.S. construction projects rose 0.1% in April as a jump in private nonresidential construction outlays offset a drop in spending on residential projects. Spending on private residential construction projects fell by 1.0% for the second consecutive month, the Commerce Department reported. Private nonresidential construction spending climbed by 1.5% in April, the government said. Construction spending in March was also revised to rise upward, by 0.6%, from a previously estimated gain of 0.2%. Economists surveyed by MarketWatch had predicted construction spending would be flat in April.

  35. James Bednar says:

    From OFHEO:

    U.S. HOUSE PRICE APPRECIATION RATE REMAINS SLOW, BUT POSITIVE

    The rate of home price appreciation in the U.S. remained slow but
    positive in the first quarter of 2007. The OFHEO House Price Index (HPI), which is
    based on data from sales and refinance transactions, was 0.5 percent higher in the first
    quarter than in the fourth quarter of 2006. This is moderately below the revised growth
    estimate of 1.3 percent from the third to the fourth quarter of 2006. Prices in the first
    quarter of 2007 were 4.3 percent higher than they were in the same quarter in 2006.

    OFHEO’s purchase-only index, which is based solely on purchase price data, indicates
    less price appreciation for U.S. houses than the HPI does over the past year. The
    purchase-only index increased 3.0 percent between the first quarter of 2006 and the first
    quarter of 2007, compared with 4.3 percent for the HPI.

  36. James Bednar says:

    From Marketwatch:

    U.S. home prices rise at slowest pace in 10 years

    .S. home prices rose 0.5% in the first quarter of the year compared with the fourth quarter, the slowest price gain in 10 years, the Office of Federal Housing Enterprise Oversight reported Thursday. The OFHEO price index is up 4.3% compared with the first quarter of 2006. Prices fell in seven states from the fourth quarter to the first, including Florida and California. Prices fell year-over-year in Massachusetts and Michigan. The biggest year-over-year price gains were recorded in the West, with Utah, Idaho, Montana, Wyoming and Washington at the top. Forty-six of the 285 cities recorded falling prices over the past year.

  37. Read My Lips: 2008 Misery -Real Estate Depression 2008 says:

    NO REBOUND 2008

    MISERY 2008.

    GET WORRIED IF YOU HAVE TO SELL.

    WELL FINANCED BUYERS MAKE SURE U ARE COMPENSATED FOR YOUR TIME PATIENCE AND SACRIFICE BY GETTING A REALISTIC PRICE.
    TAKE “AT LEAST” 25% OFF OF 2004-2005 PHONEY PRICES ARTIFICIALLY INFLATED BY FOOLISH BUYERS AND EASY CREDIT SCHEMES.

    Also do not buy to much house you can’t afford.it ain’t worth it. Just ask the baghoders losing sleep everynight wondering which bill they will juggle this month or when the mtg readjusts upwards.

    WELCOME TO REALITY

    BOOOOOOOOOOOOOYAAAAAAAAAAAA

    Bob

  38. lisoosh says:

    “l:……..IN MEXICO”

    Ha Ha!

    Yes.

    But don’t underestimate all those billions spent in Walmart, Target, Pathmark and every corner store and gas station.
    There are more poor people than rich and they spend a much greater percentage of their income.

  39. James Bednar says:

    9mo high on the 10y?

    jb

  40. James Bednar says:

    From Bloomberg:

    U.S. First Quarter Home Prices Gain at Slowest Pace in a Decade

    .S. house prices in the first quarter rose at the slowest pace in a decade as the U.S. housing slump entered its second year, a government report showed.

    Prices for single-family homes rose an average of 4.3 percent from a year earlier, the smallest gain since the 4.1 percent increase in the third quarter of 1997, the Office of Federal Housing Enterprise, known as Ofheo, said today in Washington. The report doesn’t give an average price, only the percentage change.

    The decline in home sales that began in 2006 is lasting longer than economists and government officials had expected, according to the minutes of the May 9 Federal Open Market Committee meeting released yesterday in Washington. The housing slowdown continued to “weigh heavily on economic activity,” the minutes said. The U.S. economy grew at a 0.6 percent annual pace last quarter, the slowest in more than four years and less than the government’s prior estimate.

    Sales of previously owned homes in the U.S. fell in April to the lowest level in almost four years, the National Association of Realtors said May 25. Purchases fell 2.6 percent to an annual rate of 5.99 million from 6.15 million in March, the trade group said. A measure of the supply of homes for sale rose to the highest since August 1992.

  41. James Bednar says:

    From MarketWatch:

    Treasurys lower on Chicago PMI, construction data

    Treasury prices turned lower Thursday morning, sending the benchmark yield to its best level since last August, after new data on regional business activity and construction spending proved stronger than expected.

    Signs of economic strength put pressure on the Federal Reserve to keep interest rates high and diminish investor interest in low-risk instruments like bonds.

    The benchmark 10-year Treasury note last was 10/32 lower at 96-26/32 with a yield of 4.921%, up a touch from its Wednesday close at 4.881%. The benchmark yield was last this high on August 16. Prices and yields move in opposite directions.

    “The market has virtually priced out a rate cut this year after the FOMC minutes yesterday discounted the softness in the economy in the first quarter, and as recent data have reflected a solid pick up in growth,” said Action Economics.

  42. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:

    Can you feel the papapapapa PANIC?

    What flavor did you have this morning? Ramen?
    what flavor for lunch?
    How ’bout dinner?

    hehehehehehe

    This is payback time for years of twisting and spinning.

  43. curiousd says:

    New Jersey is #2 in top 10 foreclosure markets
    with Trenton and A.C. leading the pack.

    Go Jersey!

    http://realestate.aol.com/gallery/rising-state-foreclosures

  44. UnRealtor says:

    Bob #43, check out the thread from yesterday, there’s a Bitter Bagholder who bought in 2005 and is now trying to sell:

    http://njrereport.com/index.php/2007/05/30/mortgaging-their-futures/

    Starts at post #47 with “I have lowered my asking price for the last time.”

    Boooya.

  45. 3b says:

    #41 JB I saw an article in “Ask the Realtor” in our local paper last night, the writer claimed the average house in Bergen county increased 6.90 this year over last year, seems sketchy to me.He a than advised the writer that if he was thinking of buying or selling, he should contact a realtor immediately

    Any thoughts?

  46. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:

    Donald Says:
    May 30th, 2007 at 7:23 pm
    All right, I have been reading this blog for some time and am getting really sick of things. The fact is that it is NOT a seller’s market. It is also NOT a buyer’s market. If homes are not selling because there are no buyers out there, it is NOT a buyer’s market. My home is on the market and nobody has came to seen it in over a month.

    And the truth is that home prices are not going to crash and burn like you people say they are. I have lowered my asking price for the last time. I got a lowball offer and I cursed the guy out. A few days later, the buyer’s agent called and raised the offer. It was still a pathetic offer so I cursed him out again.
    ==================================

    I word of advice donnieboy.

    The houses are not selling cuz of the foolish prices.

    LOWER YOUR DAMN PRICE IT WILL SELL. I mean lower it to fair prices.

    GREEDY ENTITLEMENT BUNCH.
    IF YOU BOUGHT IT IN THE LAST 3-4 YEARS YOU ARE GOING TO LOSE…DO NOT ASK SOMEONE ELSE TO BAIL YOU OUT OF YOUR FINANCIAL MESS.

    BABABABABA

  47. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:

    home prices are not gaining it is all bs.

    prices are going down down down down like it did in early 1990’s.

    It is worse this time.

    Slug it out with the ramen eating tour guides and the grubbing entitlement bunch.
    Free markets work in both directions.
    Sorry charlie
    hehehehehehe

  48. Donald says:

    How come nobody is citing the fact that new home sales are up 16% — an all time high? What was that about a market crash? I can’t hear you, speak up!

  49. Donald says:

    How come nobody is citing the fact that new home sales are up 16% — an all time high? What was that about a market crash? I can’t hear you, speak up! Good luck!

  50. Donald says:

    So if home prices are going down like you say they are, how come nobody here has bought a house for $100,000 + below asking?

  51. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:

    Yo donnieboy go look at lowball list.

    Back in early 1990’s bid on a few houses with sellers in denial. turned down my fair bids. In many cases a year later 1994 saw the house sitting and finally selling for a “little” more than I offered.
    So come off your throne and come down to reality.
    Houses will sell, but at much lower prices.. Accept it or have fun riding it down.

    BOOOOOOOOOOOOOYAAAAAAAAAA

    Bob

  52. UnRealtor says:

    #51,

    Waiting for $400K below asking.

  53. NJGal says:

    Ooh, Donald is back. I almost bought a house for 100K under but pulled the offer. Needless to say, that house still sits. The one I did buy I bought for the same price the guy bought it for in ’05. So he lost money with all of the transaction costs. And since the house is in Westchester, and transaction costs for a buyer are about 25K, he’s looking at close to 100K loss in costs between moving twice, buying and selling and paying commission. Sorry, but if you buy at the peak, and need to sell now, you lose. That’s just how it works. Otherwise, don’t sell and stay there for 20 years – you’ll recoup then for sure.

  54. UnRealtor says:

    #50,

    New home sales are up 16% in April, from the month prior (due to builders dumping inventory, incentives, “free granite counters,” etc), but new home sales are down 11% from April 2006.

  55. NJGal says:

    PS – and new home sales are up because unlike you Donald, home builders have cut their prices A LOT. They’re still down 10.6% since last year, and even the homebuilders are cautious about the number:

    “We’re viewing the large jump in new-home sales for April with a lot of caution, in view of the large month-to-month volatility historically displayed by these statistics,” said NAHB Chief Economist David Seiders. “In addition, the April bulge may very well have reflected favorable weather swings, particularly in the South region. It also appears that the aggressive sales techniques being employed by builders are now showing some success, despite the subprime-related difficulties in the mortgage market.”

  56. BC Bob says:

    Donnie [49],

    What was the yoy #? Builders are slashing prices. Lower prices will bring out buyers. It’s move the inventory time. They do not have an emotional tie to the property. It’s cash flow time. Moody’s & S&P are breathing heavy. Not a comforting thought if you are a seller. Try competing with Crazy Eddie prices. It was insane on the way up, the decline will be also be frenzied. Maybe 1/2-1% decline every month the house sits.

    It is not a buyers market at this time. However, who has the advantage? A prime buyer with cabbage or a seller sitting on a depreciating asset as inventories grow?

  57. rmb says:

    I bought for 160K below asking last year.. I probably could have gotten another 20K off if I waited 6 months..

  58. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:

    Hey donnieboy,

    Listen up.

    I knew a few people back in 1988 buying NYC co-ops. Yeah at the peak. It took them until 2000 to breakeven. 12 years to breakeven. 12!
    At one point within the 12 year periods, the co-op prices were down 50%. 50%!

    Boooooooooooooooo!

    Bob

  59. BuyNextYear says:

    #51. In the towns that I’ve been following (Short Hills/Millburn), I’ve seen plenty that sell below $100k below OLP. Maybe that’s because $100k off million/multi-million dollar homes is not alot. Just look at JB’s spreadsheets for this calendar year.

    As for percentage off OLP in these towns, I see 1 out of every 4 sell for at least 10% off and 2 of every 4 sell for at least 5% off. If prices aren’t coming down, at least some buyers are bargaining hard.

  60. RentinginNJ says:

    home prices are not gaining it is all bs

    One of the interesting things about the Housing Price Index is that it includes a significant amount of refinancing activity. In fact, 85% of the homes in the NJ sample were refi’s. Since these are based on appraised values, and not actual sales, they tend to be biased high.

    If you look at the “purchase only” index for New Jersey, prices are down about 1% from the second quarter of 2006.

    Also, the index only includes “conforming” loans. Since the limit is $417,000, about half of the homes in North Jersey would be excluded from the index. While I don’t know for sure, I would think this could also bias the index toward South Jersey, where the prices are lower and the market is stronger.

  61. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:

    I bought in the early 1990’s and prices today are ridiculously high compared to 1990’s.

    Buyers must not bite into all the hype.

    “At least” 25% off of 2005 phoney house prices is a simple rule to follow. The greater the discount the better.
    Do not expect to make a big return off your house if you buy even at these 25% + off prices.

    BOOOOOOOOOOOOYAAAAAAAAAAAA

    Bob

  62. Donald says:

    $100,000 off an asking price of a multi-million dollar home is not even worth mentioning. I am charging a 2005 price so I think it is fair. And the statistics for the nyc co-op prices are not accurate. I owned an apartment in Manhattan. I sold it in 2002 for about $400,000 more than what I paid in 1990.

  63. John says:

    People keep saying it is going to crash harder than last time in the early 1990’s. I doubt it!!!
    Remember, last time was a super hard crash. I bought a fully renovated coop from the Resolution Trust Company in early 1992 for 27K with 10K in improvements thrown in. That unit was a sponsor unit that in the summer of 1989 has an unrenovated asking price of 106k!!!! that is quite a fall in less than three years. Builders would go bankrupt, the small S&L would go bankrupt that held the mortgage and the Government RTC took over the unsold units and auctioned them off. My fancy block in Douglaston Queens has at least nine fancy coop/condo buildings on it with units between 95K and 185K when my building went under and they were selling units 75% less than the building next door it crushed eveyone on that block. It was not until 2001 that one bedrooms were selling for 106K again in my building. People who bought in 1989 at 106k after 12 years of ownership had zero appreciation!!!! The effect of foreclosures on your block can crush you!!!!

  64. njrebear says:

    Donald (50)

    That same report showed 10+% month over month decline in home prices. :)

  65. rmb says:

    mine started at 679.. not multi million.. I lowballed at 530 and waited 6 months.. Apparently someone else did the same thing we did.. The only reason they chose us is because we could close quick.

  66. NJGal says:

    “I am charging a 2005 price so I think it is fair.”

    If you’re asking what you paid in ’05, perhaps it is, perhaps it isn’t. But if no one is looking and the only offer you got is “offensive” to you, then the house is not priced right for the market, period. if you WANT to sell in this market, you sell for what the market will bear. That’s just how an efficient market works. And if you are not willing to take the loss, well, don’t move. You won’t be the only one doing that either.

  67. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:

    “I am charging a 2005 price so I think it is fair.”
    enjoy sitting in your house then. U deserve what a buyer offers you.

    “I sold it in 2002 for about $400,000 more than what I paid in 1990.” BS!
    How’s the ramen?

    Many of these co-op folks did sell in 2001 and 2002 but sold for about 10-20% above their purchase price. 13-14 years with a 50% decline somewhere in the middle.
    Donnieboy is late to the game. You should be past the denial state by now.
    BOOOOOOOOOOYAAAAAAAAAA

    Bob

  68. Donald says:

    So, if worse comes to worse, I can always wait for the banks to foreclose on those that can no longer afford their homes and I will have a better playing field.

  69. NJGal says:

    “The only reason they chose us is because we could close quick.”

    RMB, us too – there were two other offers on our house (which tells me I got a keeper – condition and location, and even in this market, homes priced well will sell). But we could close quickly and on their schedule. Sometimes getting that extra 10-20K isn’t worth the hassle.

  70. BC Bob says:

    “I am charging a 2005 price”

    Donald,

    What was your offering prices for your nasdaq stocks in 2000?

  71. Donald says:

    “What was your offering prices for your nasdaq stocks in 2000?”

    Do not know. Never owned a stock in my life.

  72. Sassy says:

    New home sales numbers DO NOT include Cancellations…which are running 20 to 30%.

    Yep, the numbers are not straitforward and do need to be sifted thru. The truth is out there, you really do have to dig for it though.

  73. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:

    Donald Says:
    May 31st, 2007 at 11:33 am
    So, if worse comes to worse, I can always wait for the banks to foreclose on those that can no longer afford their homes and I will have a better playing field.
    ================

    wrong boy!
    The wave of bagholders in trouble is growing. Bad news for you.

    Just take 25% off of your so called “fair entitlement” price I assure you a buyer will emerge at some point. Otherwise ride it down boy.
    The young buyers need to start thinking a bit before acting emotionally and signing up for serfdom. The easy money schemes are drying up so fewer dolts running around to buy. Good news for rational buyers.

    Bababababababa

  74. Donald says:

    Cancellations are not that bad to the industry because, if you cancel on a new home, you forefeit your 10%-20% deposit. You cannot just cancel and expect to walk away clean.

  75. Donald says:

    I bought for $840,000 2 years ago and am listed at $869,000. I am willing to sell for $840,000, but not a penny less.

  76. NJGal says:

    “Do not know. Never owned a stock in my life.”

    That’s a shame – missed a big run up there. Stocks have been good to many these past few years.

  77. NJGal says:

    “I bought for $840,000 2 years ago and am listed at $869,000. I am willing to sell for $840,000, but not a penny less.”

    Well, keep up updated. How long has it been listed and is it on midtown direct?

  78. UnRealtor says:

    “I am charging a 2005 price so I think it is fair.”
     

    You’re hovering around stages 1 and 2:

    1) Denial
    2) Anger
    3) Bargaining
    4) Depression
    5) Acceptance

    See you at stage 5.

  79. rmb says:

    There were 3 on ours. Ours was bizzare… If they were going to sell at such a reduced price it “had to be a family” and they had to meet us. One couple were older and we going to knock the house down. She liked another Manhattan couple and they were offering her more. But they had to sell their apt first in the city and it already had been on the market for 6 months. It was a very strange transaction. not to mention the closing and the scrap book she showed us because she ripped a section off of all of the wallpaper in every room as a momento.. There was 7 rooms with wallpaper. But I think I would probably do the same thing. Her husband and brother built the house.

  80. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:

    Donald Says:
    May 31st, 2007 at 11:35 am
    “What was your offering prices for your nasdaq stocks in 2000?”

    Do not know. Never owned a stock in my life.
    =============================
    so boy you are a buy and holder. Fine ride your house down into the abyss of misery.

    “Never owned a stock in my life” Gr88888t…so you loaded up in guaranteed real estate in 2004-2006.
    did you miss out boy. The price of anything matters when you buy so when you sell it you can get a return on your money. To difficult for you boy?

  81. UnRealtor says:

    “So, if worse comes to worse, I can always wait for the banks to foreclose on those that can no longer afford their homes and I will have a better playing field.”
     

    Holy smokes that’s exactly backwards.

    Foreclosures = lower comps = worse “playing field” for sellers.

  82. BC Bob says:

    “You cannot just cancel and expect to walk away clean.”

    Donald,

    That’s right. However, it’s been running at approx 25-30%. H-B’s can’t just walk away clean from their options either. That does not stop them from puking them out.

    By the way, why are you pricing an asset based on 2 years ago? That was so 2005.

  83. Richard says:

    >>The one I did buy I bought for the same price the guy bought it for in ‘05. So he lost money with all of the transaction costs.

    no duh. even if you take historical price appreciation of slightly above inflation you’d barely break even after 2 years. no one should be selling a house shortly after buying it unless they have unique circumstances. bad example.

  84. New in Town says:

    RE #78 No, no, no. He tells us there are no trains in Bergen county.

  85. 3b says:

    #75 Young Doanld You do realize that you do not have to put that much money down on a new hosue when you go to contract.

    That is why so many have walked away as reflected in the huge amount of unsold new home inventory.

  86. NJGal says:

    RMB, that’s interesting – at least there’s a story, and sometimes that’s what you get with an older homeowner who realizes they’re making out no matter what. I know a NYC couple who were selling their apt. It fell out of contract just before the closing (buyer could not get financing) and as a result, they lost the house in NJ they wanted. It happens a lot, and your seller made a smart move choosing someone who did not have to sell. That also helped us – nothing to sell, could move whenever, guaranteed financing as prime borrowers. We may not have been the absolute highest offer, but we were the best all around offer. We move in July. I couldn’t be happier.

  87. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:

    http://www.itulip.com/forums/showthread.php?t=966
    oneway donnieboy ,read this it may be worthwhile. If you have an open mind and want to learn.

  88. 3b says:

    #64 John: and this time is going to be a really super hard crash.

  89. NJGal says:

    “no one should be selling a house shortly after buying it unless they have unique circumstances. bad example.”

    No, good example, and clearly an example relevant to Donald. My seller is getting a divorce. Bet he didn’t think that would happen in ’05 when he bought the house with his wife and two kids. Besides, if you did this back in ’03 and sold in ’05, you would have made money. There are more people selling quickly than you think.

  90. rmb says:

    Congrats! Best of luck..

  91. UnRealtor says:

    “I bought for $840,000 2 years ago and am listed at $869,000. I am willing to sell for $840,000, but not a penny less.”

    Factor in $50K realtor fees, $10K closing costs, $7K opportunity costs, and you’re looking at a $67K loss in just 2 years.

    I’ve seen worse, though, much worse.

    Since you’re unwilling to sell now, hopefully you won’t have to sell within 5 years when prices revert to normal, meaning a 30-40% decline:

    http://graphics.nytimes.com/images/2006/08/26/weekinreview/27leon_graph2.large.gif

  92. Sassy says:

    Donald, Toll Brothers and others are stating their cancellation rate is 20 to 30%. It’s what is actually happening out there. Logical or not to you and I.

  93. 3b says:

    351 donald: because They are going down more, and everuybody here I belive has an entry point based on theri own particular situation.

    And there is no hurry, its not like they are going to run out of houses now its it?

  94. 3b says:

    #50 Donald Sales up, but prices down almost 11%, the discount pricing party is just getting started.

  95. RentinginNJ says:

    John,

    You provided an insightful illustration of what happened in the early 1990’s, but I would be curious to hear your analysis of why it will be different this time. Why won’t it be as severe?

    I would argue that in the early 1990’s, we didn’t have the same level of crazy financing we do today. Most people still put down a meaningful down payment, banks still required fairly rigorous credit checks and people took out conventional loans (whether fixed rate or an ARM).

    Also, when the last housing bust occurred, interest rates were falling. In the example you cited of a 1989 versus a 1992 purchase, interest rates fell from 10.32% to 8.39%. Much of the affordability crunch of the 1980’s was relieved through interest rate drops. This alone represents a “virtual price drop” of about 15% as it impacts your monthly payment.

    This time around, the bubble was built on low interest rates. I don’t think there is much room for rates to fall to cushion the market as happened in the early 1990’s.

  96. nwbergen says:

    Donald can’t be for real.. OK, who is pretending to be the Donald in order to make the thread interesting? Come on fess up.

  97. gary says:

    nwbergen,

    Exactly! lol!

  98. RentinginNJ says:

    How come nobody is citing the fact that new home sales are up 16% — an all time high? What was that about a market crash? I can’t hear you, speak up! Good luck!

    New home sales are up 16% thanks to you and people like you who refuse to budge on the price that they are “entitled” to.

    While you are busy cursing lowballers and envisioning yourself in a Mexican standoff with buyers; refusing to accept the new realities of the market, home builders are pragmatic and will do what it takes to sell. As a result, home builders undercut existing owners and gain market share.

  99. John says:

    People are going have to realize that if the crash comes and they want to profit and buy houses cheap they will need a lot of liquid cash. Back in 1992 when I bought my foreclosure I had to pay 10% cash within 15 minutes of bidding, then the bank I dealt with required 25% down and only did primary purchases. Granted my place was peanuts but I wanted to buy more in 1992 and drove to the Hamptons three times. Saw a great six acre plot for 150K and a saltbox for 120K, Guess what the lenders selling wanted CASH only, quick close no financing allowed!!!! I only had 25% and brothers and sisters were nervous to go in, they tried to do 401K loan but guess what with stock market crash and only being able to borrow up to 50% wasn’t much there either. The Donald Trumps of the world cleaned up but the average joe blow did not have to he cash to buy the 200K Park Avenue apartments that are now worth two million. Plus he was worried for his job and everyone was telling him that you are nuts to buy real estate! If you really think the stock market and housing market is going to crash move some funds in your 401K, IRAs and taxable Mutual Funds out of sky high equities and into the money market so you can get that 200K beach front shore house in three years.

  100. BC Bob says:

    “banks still required fairly rigorous credit checks and people took out conventional loans (whether fixed rate or an ARM).”

    Renting,

    You got that right. How about 2 months of bank statements and 2 recent pay stubs. You had to prove where the $ was for your dp. If you were self employed, tax returns. They put a scope up your *ss. 20% down or pmi and approvals were based on 28% [monthly mortgage/taxes] and 36% total obligations. That bust will seem like a walk in the park compared to what is brewing now.

  101. gary says:

    The 10 yr. yield is at 4.90%. As Boyaaa would say, can you smell the pa pa pa panic? I remember a realtor tour guide telling us back in 2003 that “savvy” buyers are using adjustable and interest only type loans since their incomes will go up and houses will only appreciate. I had to practically kick my wife under the table to keep her from blurting out the word “bullsh*t” when the used house sales person hummed the sales mantra. Yeah, savvy.. that’s the word.

    Anyway, what are these people going to do when these ARMS reset? The fixed rate is creeping up and if they couldn’t afford the house at 5.2%, what the h*ll are they going to do with a fixed rate currently at 6.3% or better?

  102. BC Bob says:

    “People are going have to realize that if the crash comes and they want to profit and buy houses cheap they will need a lot of liquid cash.”

    John,

    You’re preaching to the choir. Been talking about this for over a year. Cash will be king.

  103. 3b says:

    #101 BC That is what I have been saying and one mroe thing if you had 1 30 day late on your credit report, it required a written explanation.

    Donald The Younger and Sir Richard of Westfield are going to see what a bust really is.

  104. mifune says:

    A quick off-topic update for those following the soap-opera/hate-fest that was iamfacingforeclosure.com (note the tense). It’s over folks;
    “IamFacingForeclosure.com is over. It will never return….
    Everybody: I’m very sorry to end like this.”,

    I know clotpoll was a sometime poster, it was certainly a guilty pleasure for me. Any one else?

    Coming soon – iamfacingdivorce.com

  105. BC Bob says:

    3b Says:
    May 31st, 2007 at 12:16 pm
    #101 BC That is what I have been saying and one mroe thing if you had 1 30 day late on your credit report, it required a written explanation.

    3b,

    I forgot. My wife had one late payment, to a health club for $30, approx 7 years earlier then when we applied. They made us squirm over that.

  106. make money says:

    “People are going have to realize that if the crash comes and they want to profit and buy houses cheap they will need a lot of liquid cash.”

    What do you think I’m waiting for. Cows to come home? I missed the majority of this bull run in stocks due to concerns of not having the cash when I need it most. All my cash is sitting in money markets and 6 month CD’s right now.

    I haven’t made any real money since early 2006. I’m patiently waiting and nothing will make me happier then 1% decline a month.

    Donald,

    I sold a ton of houses in my lifetime. Pay attention. In this market if you need to sell quick. List your house for 740K (100K below your estimate of market value), get a couple of buyers to compete and see how fast they bid up the property back to 800K land.

    Ps. if you can’t get multiple offers at 740K within a month then my friend you are officially a bagholder.

  107. Sassy says:

    #105 Geez….you mean Casey finally pulled the plug? Maybe he simply couldn’t afford his electric bill anymore? Maybe posters stopped sending him money. That was the most pathetic revealing of a twisted thought process I’ve ever witnessed. His poor wife, she must really be wondering what she got herself into. And, she won’t be able to extricate herself because he used her credit to finance his insanity.
    Somehow I feel there will be more websites like Casey’s popping up elsewhere. He’s not the only one who dug himself in good and deep.

  108. BC Bob says:

    Make, #107,

    Very good advice.

  109. 3b says:

    3106 BC: We were on our honeymoon at the time and missed an old department store payment, 1 payment 30 days late, and boom written explanation required.

    In those days (and not that long ago), you really did have to qualify.

    This new crowd will learn new words going forward, such as money down, qualify, bust, recession etc.

  110. Donald says:

    How about someone post a POSITIVE article for a change?

    $1.3M BUYS STUNNING GOLD COAST VIEW
    By Mary Amoroso – 03/11/2007
    Special To The Record
    Nelson Chen doesn’t seem like the type to wait.

    A self-described “Bergen County baby” who grew up in Englewood Cliffs and attended The Elisabeth Morrow School and The Dwight-Englewood School in Englewood, Chen got his real estate license when he was 18. He used his real estate income to help pay his way through the Wharton School of Business at the University of Pennsylvania.

    At the age of 30, he was named Realtor of the Year by the Eastern Bergen County Board of Realtors. He’s been president of the New Jersey Multiple Listing Service three times. His career sales exceed $250 million.

    At 38, he is the president and owner of the Chen Agency in Fort Lee.

    So why has he plunked down a deposit to buy a $1.3 million condo in Cliffside Park that won’t be ready for occupancy for two to three years? Construction has not yet begun on Aurora Over the Hudson, two glass-and-steel towers whose interiors and amenities were designed by Philippe Starck, the Frenchman who’s put his brand on both the high-end market and the “cheap chic” of Target.

    “I love the architecture, that whole steel-and-glass New York aesthetic,” Chen said. “I love the location. It’s a perfect mix between the high-rise world up on Palisade Avenue, but all the convenience of waterfront right in your front yard. It’s the most incredible floor plan I’ve ever seen. Sometimes it’s all marketing, but this is real: The kitchen design, the bathroom design, they’re really a look and feel that doesn’t exist up here.”

    Cliffside Park already has its share of residential high-rises: Winston Towers (built in the 1970s on the site of the old Palisades Amusement Park), the Green House, Carlyle Towers and The Briarcliff.

    Lori Stein, a real estate agent with Classic Realty Group/Oppler-Ketive-Fort Lee, who is marketing a Carlyle Towers duplex penthouse at $2.125 million, said her phone is ringing.

    “People are calling about the Aurora,” she said. “It is very expensive.”

    The homes range in prices from $1 million to $2.5 million.

    But Chen said that, since the condos are so big (1,800 square feet to 3,300 square feet, with 60 percent of the 131 units over 3,000 square feet), the per-square-foot cost is not so outrageous.

    “It’s a reasonable price in comparison to what you would have to pay in New York,” said Mary Boorman, in a refrain echoed by every real estate marketer on the Gold Coast. She’s a senior vice president at the Chatham-based Pinnacle Cos., which is developing the project in conjunction with Kohl Partners and Craftex.

    Boorman said 12 or 13 units have been sold, although the Aurora sales office doesn’t open until spring.

    With the towers on the cliff at the top of Gorge Road, the views are touted as panoramic.

    “Whereas some of the views of the Gold Coast from the waterfront are in-your-face Manhattan, being up on the cliff with wraparound windows means you can see from the George Washington Bridge to the financial district,” Boorman said.

    The space between the two towers has been designated for common outdoor living, with a pool, hot tub, spa and dining area. Inside are a “world-class” fitness center and Zen relaxation spa and a dining suite with lounge and catering kitchen so that you can hold parties downstairs rather than in your condo.

    “This is very much the kind of thing you could see in the capitals of Europe, and in New York City,” Boorman said. “The trend is for people to move to more urban environments, with one-floor living and amenities in the building that make it very self-contained.”

    Chen said that 20 years ago Fort Lee was the place to be. But today, the boundaries have melted and everything along the Palisades is one big market. And there’s something to be said for moving south, to be closer to the ferry and the Lincoln Tunnel.

    Chen also likes the Aurora because it will be smaller than the 17- to 31-story high-rises in Cliffside Park. Aurora has 11 floors of condos, with five units to a floor in the north tower and seven to a floor in the south tower.

    “One hundred thirty-one units is very intimate,” he said. “I like the whole small New York building concept. There’s something to be said for fewer people around. The doorman knows everybody very well.”

    Chen is resigned to living in his 280-unit high-rise in Fort Lee for a couple more years.

    “The Aurora is new, beyond new, with high-end design finishes and spectacular views,” he said. “I think the product is special enough that it’s worth the wait.”

    Moving up from the close-in suburbs to farther out? Downsizing? Moving from one part of town to another? E-mail Mary Amoroso at MaryAmo@aol.com

    ——————————————–

    Sales Commence at Pinnacle Downtown’s Aurora Over The Hudson
    Distinctive Gold Coast Property Will Be the First Collaboration with YOO By Starck in New Jersey
    CLIFFSIDE PARK, N.J. 02/20/07
    More than 200 prospective buyers and brokers packed Frank’s Restaurant in North Bergen on Feb. 15 for the unveiling of Pinnacle Downtown’s Aurora Over the Hudson, which will introduce the firm headed by internationally acclaimed designer Philippe Starck, YOO by Starck, for the first time on the New Jersey Gold Coast. YOO by Starck, which has brought design-focused development to more than 8,000 apartments throughout the world, including in London, Sydney and the Far East will design the development’s signature elements, such as the resident club areas and reception lobbies, as well as the home layouts, kitchens and baths. Pinnacle Downtown, a subsidiary of Chatham-based The Pinnacle Companies, has partnered with Kohl Partners and Craftex on this landmark new condominium community in Cliffside Park and recently announced the launch of a new Web site where buyers can get more information and see each of the distinctive floor plans at http://www.auroraoverthehudson.com.

    While there was interest in Aurora before sales officially began, the turnout on Feb. 15 was overwhelming, Pinnacle representatives said.

    “The floodgates have opened and the response has been incredible with almost 20 homes sold before we begin. Philippe Starck’s name is synonymous with world-class design and people clearly want to be a part of that here,” commented Mary Boorman, Pinnacle’s senior vice president for marketing and strategic planning. “Aurora will set a new standard for luxury living on the Gold Coast, and we are thrilled to have the world-renowned design of YOO By Starck create many of Aurora’s signature elements.”

    The 131 residences in the Aurora Towers will provide the experience of penthouse living on every floor on a scale unmatched on the Gold Coast. All of the two- and three-bedroom residences will feature YOO by Starck designed kitchens and bathrooms offering the latest in sleek European elegance with fine cabinetry and Viking appliances, signature faucets, free-standing baths and vessels on stone counter tops. The homes also feature floor-to-ceiling windows, private terraces, individually controlled heating and cooling systems and hardwood flooring in the living and master bedroom areas. Many of these features — which are considered upgrades at many condominium communities — are considered standard at Aurora. Some residences also offer fireplaces, dens and family areas off the kitchen.

    The homes will also feature state-of-the-art technology, including personal electronic concierge interface; in-home wireless Internet access; multiple telephone lines; interactive communication with security; and fiber-optic integrated outlets for Internet, telephone, cable and networked computer systems.

  111. Donald says:

    For anyone planning to buy a new luxuxry condo on the Gold Coast, it s a seller’s market. I have seen developers raise prices repeatedly. And forget about all the incentives… they are a thing of the past. Flippers in Hoboken and Jersey City are still making decent profits.

  112. make money says:

    donald #113,

    “Flippers in Hoboken and Jersey City are still making decent profits.”

    You can’t be serious. Who are you? What are you smoking?

  113. Donald says:

    Sorry, but flippers are still making money. Buildings like Maxwell Place and Hudson Tea have made people large profits, especially those who got in at the ground floor.

  114. Donald says:

    Hey, where did everyone go? Did I shut everyone up with the articles I posted? Don’t worry, there are plenty more where that came from…

  115. Donald says:

    SALES SOARING AT MANDALAY ON THE HUDSON
    QUARTER OF HOMES PRE-SOLD IN THREE MONTHS

    JERSEY CITY, NJ, OCTOBER 10, 2006 — Pinnacle Downtown is pleased to announce that one quarter of the homes at Mandalay on the Hudson in Jersey City have been pre-sold, achieving Pinnacle’s initial sales goal in just three months. Closings for the units will begin at the end of October, with residents able to move in soon after.

  116. Donald says:

    1025 MAXWELL LANE CONSTRUCTION NEARING COMPLETION
    While sales are well underway at Maxwell Place’s second building, major progress is being made on the construction of the first building, 1025 Maxwell Lane. It is virtually sold out; however, a few homes on the 12th floor are still available for the most discerning buyers.

  117. BC Bob says:

    “Sorry, but flippers are still making money”

    Where? Re-runs on tv.

  118. Donald says:

    Look around you. Nearly all the new condos on the Gold COast are SOLD OUT. Anyone who wants to get in has to buy a flip unit. Sorry, but that is the reality. And if a building is not yet sold out, all the good units are usually taken so you either have to buy resale or take an undesireable unit from the developer.

  119. 3b says:

    Notice how Doanld The Younger includes an article from Oct of 2006, 8 monts ago.

    Young Donald falling house prices is a GOOD!!! thing, you will learn Grasshopper, they all learn in the end.

  120. Donald says:

    In The Region | New Jersey
    Many Condos Drop the Enticements
    Timothy Ivy for The New York Times
    SIGNS OF AN UPSWING Two incentives have been discontinued at the Trio condo complex in Palisades Park: a $10,000 credit toward closing costs and a 4 percent discount off list prices.

    By ANTOINETTE MARTIN
    Published: February 25, 2007
    THERE are signs that the residential market slowdown is over — at least for new condominiums, especially if they are near the water. At a number of condo projects, sales are going well enough that buyer incentives like free upgrades or discounted prices are being reduced or eliminated.

    Tolls Brothers
    At the 115-unit Harborside Lofts going into an old warehouse at the Hudson Tea complex in Hoboken, no incentives are being offered, but about 70 percent have been sold.
    “We still like to incentive-ize our buyers,” said Chris Winslow, director of marketing for the northeast at the Tarragon Development Corporation. “We felt the need to retool, though, because of the strength of the market.”

    Last month, Tarragon cut two juicy incentives that it had been offering at its Trio condo complex in Palisades Park: a $10,000 credit toward closing costs and a 4 percent discount off list prices.

    In downtown Hoboken at Tarragon’s 1100 Adams building, an incentive of up to $9,000 toward closing costs was reduced to $5,000, and as of March 1, buyers will no longer be eligible for a year’s free common charges, Mr. Winslow said.

    And in Edgewater, where Tarragon is building a high-rise tower beside the Hudson River called One Hudson Park, all incentives have been removed. The major come-on had been an offer of two years without monthly common charges, which was worth up to $25,000, depending on the size of the apartment.

    The Edgewater complex will begin opening for occupancy by summer, and sales have been brisk in recent months, Mr. Winslow said. “We’ve noticed stronger sales at One Hudson Park, Trio and 1100 Adams since about mid-December,” he said.

    When sales opened earlier this month at another Edgewater project, Peninsula at City Place, buyers were offered a year’s free common charges. But within 10 days, 20 contracts had been signed, and Savanna Partners, the developer, decided it didn’t need to stimulate sales at the 201-unit converted rental apartment building, said Sean Osher of CORE Marketing, which is handling sales promotion.

    “We are not going to continue doing it because we don’t have to,” Mr. Osher said. “We’ve evidently had the good luck of coming to the market at the turn of the upswing.”

    Mr. Osher and other market watchers said they could only speculate as to why the residential market is picking up along the Jersey “Gold Coast.”

    Some developers and sales agents mentioned the plus-size year-end bonuses handed out to Wall Street financiers as one factor spurring home purchases generally. In addition, the exceedingly tight — and pricey — market in Manhattan may be producing a significant “spillover effect” along the western banks of the Hudson, they said.

    Furthermore, the Jersey waterfront has begun to exert its own appeal to people who might be Manhattan-centered, according to Benjamin D. Jogodnik, a senior vice president at the City Living division of Toll Brothers.

    “Two or three years ago, all that mattered was that you could get a 40 percent price break coming across to the Jersey side,” Mr. Jogodnik said. “It was all about the price break, and people thought they were compromising to gain dollars and cents.

    “Now, with the Hudson County side coming to fruition, builders really delivering and amenities like a 30 percent increase in park space in Hoboken becoming reality, and new retailers coming, people are seeing how neat it all is — and they are showing up in droves at our sales centers,” Mr. Jogodnik said.

    For City Living’s latest condo project in Hoboken, the high-end Harborside Lofts now being created in an old warehouse building at the Hudson Tea complex, no incentives are being offered — and yet, as many as 75 home shoppers show up each weekend day, he said. Sales opened last fall, and the 115-unit building is now about 70 percent sold out.

    At Maxwell Place in Hoboken, which Toll Brothers is building in partnership with the Pinnacle Companies, Mr. Jogodnik said 300 of 376 units in the second tower have been sold preconstruction.

    He and other developers said that distinctive condos at the high end of the scale seem to be the hottest properties right now — even at locations that are not on the waterfront.

    In Chatham, Sterling Properties is building a group of 56 town homes with prices starting at $1.225 million. Twelve of 18 units in the first phase of development at the project, which is called Rose Valle, were sold over the last few months.

    In Wall, where Franklin Development Group is building Cedar Hollow Estates, a group of 11 condos set in horse country, free upgrades that were worth as much as $100,000 and included an in-home elevator have been eliminated. Interest in the six homes that remain available — all of which offer up to 5,000 square feet and are priced in the $1 million range — is sufficient to warrant this, the developers said this month.

    Over all, signals point to the possible end of the housing decline in New Jersey, said Jeffrey Otteau, who analyzes market data for brokers. December was the first time in 16 months that there was a higher number of homes sold than in the comparable month a year earlier, he recently reported. Sales were up 2 percent, according to Mr. Otteau.

    He is compiling comparable figures for January and said he expects sales to be up even more.

    Mr. Otteau does not compile separate figures for condo sales. But he said that in Hoboken — where large numbers of condos have been sold in recent years — the pace of sales was up 55 percent in December 2006 over December 2005.

    Mr. Osher, the marketer of the Peninsula at City Place in Edgewater, said, “I think we’re seeing a general rising tide,” after 250 brokers and potential buyers attended a party 10 days ago at the opening of sales. “I spoke with brokers from all over the area today, and everyone is saying things are definitely looking up.”

  121. 3b says:

    Young Donald 151 Coops/Condos and Town houses listed for sale on njmls, from low 200’s up to 800k. Looks like there is no shortgage of inventory. Coops/Condos/Townhouses for everyybody!!!!

  122. 3b says:

    Young Donald 357 available in Ft Lee. YEA something for everybody.

  123. nnj guy says:

    That article in #123 was at least 2 months ago.

    The condo market is stable and doing fine. I was at Valley View Montvale townhouse open house last week. (KHOV) Seems like they sold most units and the incentives are a lot less than 5 months ago

  124. 3b says:

    Young With all of this wondeful news, can youe explain why your peice of rela estate is not selling?

  125. Donald says:

    “Young Donald 151 Coops/Condos and Town houses listed for sale on njmls, from low 200’s up to 800k. Looks like there is no shortgage of inventory. Coops/Condos/Townhouses for everyybody!!!!”

    Buyers want brand new builidngs with ammenities and NYC views. I doubt most of those for sale offer this

  126. BC Bob says:

    “Anyone who wants to get in has to buy a flip unit.”

    Donnie [121]

    This flip is flopping, just reduced. By the way, how’s the activity doing at your flip?

    http://newjersey.craigslist.org/rfs/320069110.html

  127. 3b says:

    #128 You would know Donald, you are the expert. So all these high rises have no NYC views? HMMMMMMM I guess they are 25 floor wlak up tenements.

  128. Richard says:

    >>Donald The Younger and Sir Richard of Westfield are going to see what a bust really is.

    if i went negative equity on my properties it would be the end of the world as we know it and we’d all have bigger problems!

  129. Donald says:

    Read the article. It says the demand for NEW builidngs is storng. There are no new builidngs in Fort Lee, excpet for that poorly built rental conversion they have that I heard is a dump.

  130. Richard says:

    >>There are more people selling quickly than you think.

    no one that i know. sure it happens but they’re the extreme minority and i don’t buy the argument that the last sales price sets all future prices. sure there’s impact but there are other factors.

  131. Donald says:

    I agree #133. At one of my competitors, there is a brand new Acura sitting in the driveway. Obvivously does not sound like the guy has financial problems. Another seller I know wants to move to Italy. She is in no rush and can sit on her house until you know where freezes over.

  132. Richard says:

    Donald don’t bother with your counter arguments. You can’t preach to the converted.

  133. 3b says:

    #132 Okay Young Donald so let me get this straight betwnn Cliffside and Ft. Lee there are over 500 listings, but they are all dumps, crap, not new with no amenties such as NYC views, and that is why they are sitting there. Is that about right.?

  134. Donald says:

    The fact remains that, in Bergen County, the most affluent county in NJ, there are very few sellers who must sell fast for financial reasons. Now, if you are in Passaic or Essex County, that is probabaly not the case as the people there are not as rich.

  135. Donald says:

    “#132 Okay Young Donald so let me get this straight betwnn Cliffside and Ft. Lee there are over 500 listings, but they are all dumps, crap, not new with no amenties such as NYC views, and that is why they are sitting there. Is that about right.?”

    I heard that a condo in Cliffside Park recently sold for $1,270,000 in 2 weeks. So the market for condos still belongs to the sellers.

  136. 3b says:

    #135 Richard what counter arguenments might that be? I mean think about it here is a guy who bought in 05, and has had his property on the market for almost a year,and cannnot sell it.

    Do you really think he is credible? First off I am not even sure he is believeable period but he is fun to play with.

    As far as you going negative equity on your properties, do not worry, we are ready.

  137. Donald says:

    Sorry renters, but it is a seller’s market for luxury condos. Go make a lowball offer on one of them and let me know what happens….

  138. Donald says:

    One more thing:

    The fact remains that the market for luxuxry condos is strong. Please read:

    ttp://www.nytimes.com/2007/02/25/realestate/25njzo.html?ei=5088&en=d1661f5d12831c05&ex=1330059600&partner=rssnyt&emc=rss&pagewanted=all

  139. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:
  140. 3b says:

    #137 Young Donald take a look at all the inventory in those Bergen County towns, FL’s the SR’s ALD, Wyckoff etc, tons and tons of inventory, and prices fell there before too.

    Its not different this time (but it is scarier), prices go up too far too fast they fall;simple as that.

  141. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:

    every try cat food?
    It’s cheaper by the bag.
    yummy.

  142. 3b says:

    #134 so if you have an Accura sitting in your drive way, that means you do cannot have money problems. Ah Donald, so young, so silly, but you will learn my child.

  143. Donald says:

    Ok, now all of you, with the exception of Richard, are acting like children. Read the article below and try to find a leg to stand on, on the argument that it is a buyer’s market for luxury condos:

    ttp://www.nytimes.com/2007/02/25/realestate/25njzo.html?ei=5088&en=d1661f5d12831c05&ex=1330059600&partner=rssnyt&emc=rss&pagewanted=all

  144. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:

    remember real well in 1993 how cat food eating bunch would literally assault you and beg for a bid. No different than today.
    Alot of lifestyles going down the pooper.
    BOOOOOOOOOOOOOYAAAAAAAAAAAAAA

    Bob

  145. njpatient says:

    OMG – I just read the entire troll Donald thread from yesterday, busting a gut the entire time.

    “I am very clever.”

    *snort*

  146. skep-tic says:

    #112-122

    don’t get the fascination with living in a $1MM highrise in NJ. Why wouldn’t you just move to Manhattan if you have that kind of money and want that lifestyle?

  147. Donald says:

    “#134 so if you have an Accura sitting in your drive way, that means you do cannot have money problems. Ah Donald, so young, so silly, but you will learn my child.”

    Yeah, you are right and I am wrong. People who cannot afford their mortgage payments and are facing foreclosure are all running out to buy brand new luxury cars. Get a life!

  148. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:
  149. njpatient says:

    Donald – I didn’t realize you were selling a luxury condo.

  150. njrebear says:

    New Jersey Pension Fund Probed by SEC, U.S. Attorney

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aVX24rBeYLUo&refer=home

    New Jersey Governor Jon Corzine, a Democrat who took office last year, has said the state failed to make required annual contributions to the pension fund in the decade before he took over as lawmakers sought to shore up state budgets. The lapses helped to create a funding gap at the ninth-largest U.S. retirement system that is estimated at as much as $56 billion!!!

  151. njpatient says:

    146 – is that because Richard thinks that RE is magically impervious to market forces?

  152. Rich In NNJ says:

    Donald,

    Are you selling a luxury condo along the Hudson in Bergen County?

    Rich

  153. Donald says:

    And FYI: The seller with the Acura is actually selling his house and plans to move to a MORE EXPENSIVE town so that he can be in a top notch school district. Nothing to do with money. I doubt he will be taking a lowball anytime soon.

  154. njpatient says:

    “The lapses helped to create a funding gap at the ninth-largest U.S. retirement system that is estimated at as much as $56 billion!!!”

    Thanks again, Christy.

  155. njpatient says:

    “I doubt he will be taking a lowball anytime soon.”

    Then I doubt he will be in a top notch school district anytime soon.

  156. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:

    all those leased range rovers mercedes lexus are probably going to be repo’d soon. at least you can afford the cat food. Buy in bulk cheaper.

    babababababa

    pleeeeeeeeeeeeeeeeze put in a bid……..pleeeeeeeeeezzzzzzzzzzz.

    BOOOOOOOOOOOOOOOOYAAAAAAAAAAAA

    Bob

  157. startingoverinNJ says:

    I have been working, not lurking for the last few days and just tuned in to the Donald show. Wow.

    I’m doing both a sell and a buy (or a rent) since I will have to move my children somewhere quickly when I finally get rid of my place. I can’t afford my ex-husband’s palace now that he and his bimbo and his wallet moved on :>).

    I have now reduced my asking below what we paid in 2003 for several reasons. First, my house has also been empty the last few weeks (except for a neighbor and a gawker at the open house). I really want to be settled before school in fall if there is anyway to make that happen.

    Second, I have 9 (NINE!) perfectly acceptable houses on my “possible buy list.” I try to keep about 5 houses on the list at any time but the total jumped this week. Four houses that had been on the list until they went under contract to someone else have come back on the market in the last few days. Sure, I will take a loss and will have less money to work with when I can finally go shopping. But I figure, with 5 to 9 possibilities, I can keep bidding low until I find the Sellers that need to sell their place as much as I need to sell mine.

    That’s reality, Donald, and I am who you are competing with.

  158. Donald says:

    A lot of sellers in Bergen County are also renting out their houses. Rather than take an insulting offer, they will just rent out their houses to renters like you. Keep waiting for the market to crash in a rental. I am considering renting out my house next year. My realtor said that the house can go for about $4,000-$4,500 a month.

  159. Read My Lips: NO REBOUND 2008 Misery -Real Estate Depression says:

    Can you feel the de de de de Desperation?

    A total lifestyle reversal. get used to it.
    pass the friskies……….

    hehehehehe

    Rational buyers; Your patience time and sacrifice must be rewarded.

    bababababababa

  160. thatbigwindow says:

    Acuras are good cars, but definately not a ballers car. If a seller isn’t rocking a Bentley or some kind of AMG I won’t even look at the property.

  161. Donald says:

    “That’s reality, Donald, and I am who you are competing with.”

    No your not. I doubt you are in Bergen County. Go back to your Essex slum.

  162. njpatient says:

    Did Donald really hold up the increase in MOM new home sales for 4/07 over 3/07 as an indication of a rebound in the RE market?

    That is so dreadfully sad. How embarrassing!

  163. njpatient says:

    what about her not?

  164. Rich In NNJ says:

    Donald,

    So you don’t own a luxury condo along the Hudson in Bergen County.

    What information do you have for SFH in Bergen County since it sounds as this would be your market?

    Rich

  165. Donald says:

    “A total lifestyle reversal. get used to it.
    pass the friskies……….”

    Sorry to disappoint you, but I will just rent the house out for $4,500 and live in a rental in Cresskill for $2,000. After I pay the mortgagage/taxes, I will pocket $2,000 every month.

  166. njpatient says:

    “Rather than take an insulting offer, they will just rent out their houses to renters like you.”

    That’s a good way to lose money – as the market stagnates/drops over the coming years, you will be hemmorhaging equity.

  167. njpatient says:

    “I will just rent the house out for $4,500 and live in a rental in Cresskill for $2,000.”

    Isn’t that the very definition of a lifestyle reversal?

  168. BC Bob says:

    Rich In NNJ Says:
    May 31st, 2007 at 2:02 pm
    Donald,

    “Are you selling a luxury condo along the Hudson in Bergen County?”

    Rich,

    There may even be a Lexus in the Hoboken garage. Oh my, qualified sellers?

  169. Donald says:

    RING RING

    Did you hear that? That was a Korean agent calling wanting to show my house. I love Koreans! They are rich!!!

  170. njpatient says:

    “I will just rent the house out for $4,500 and live in a rental in Cresskill for $2,000. After I pay the mortgagage/taxes, I will pocket $2,000 every month.”

    Wait a minute – so you’re saying that the house you bought for $900K in 2005 now costs you only $500/month in morgage and taxes combined?? Did you put 75% down when you bought?

    Something begins to smell like a lie.

  171. Donald says:

    No, I will pocket the $2,000 from my house which I can put towards the rental. I will be living rent free. Fool. I put down just over 65%.

  172. njpatient says:

    you will pocket the $2K or you will put it towards the rental? You’re confusing yourself now.

  173. Donald says:

    Hey, what happened to Casey’s blog. He was making tons of money from it! Why did he shut it down? What an idiot. He just threw out $100,000.

  174. make money says:

    Donald,

    3B is right, I never thought I’d agree with him. You will learn.

    Donald, what is it exacltly that you do? How do you make a living. Why are you selling your home?

  175. njpatient says:

    So you put down $660,000 in cash on your $900,000 home, and now you’re selling it a mere two years later why? And going to live in a POS why?

  176. Donald says:

    The $2,000 will go towards the reanl so I live for free. The tenanats, like yourself, will may my mortgage, taxes, and my rent.

  177. thatbigwindow says:

    Donald has discovered the secrets to internet wealth.

  178. make money says:

    Donald,

    Since when is Acura considered a luxury car? Do people that buy up luxury million dollar condo’s drive Acuras.

    What is your purpose for coming to this blog?

  179. BC Bob says:

    Donnie,

    It is obvious that you never owned a stock. Your risk management is nightmarish.

  180. RentinginNJ says:

    Donald,

    I’ll give it to you that Hoboken is stronger than many other places in NJ. Bob Toll, however, see signs of weakening.

    Earlier this month, he downgraded Hoboken/JC from an “A+…Kill’in them in Hoboken” to “B+”. Not bad at all, but a sign of weakening nonetheless.

    He gave NJ suburbs an “F”.

    To be honest with you, I think spending a lot of time talking about a small handful of buildings in a few select neighborhoods (not even whole cities) is a waste of time. These neighborhoods are basically NYC overflow propped up by Wall Street money, professional athletes, trust fund kids, etc. The market in these particular neighborhoods will be driven to a large extent by what happens on Wall Street.

    What does this mean for the rest of NJ? Absolutely nothing. Wall Street plays a smaller role for most of the rest of the state… Note Bob Toll’s ratings…”rest of NJ and gets an ‘F’”

    What does a strong market in Hoboken mean to you and me? Absolutely nothing. Instead of wasting your time arguing about a few neighborhoods, you should be getting ready for open house season.

  181. Rich In NNJ says:

    Donald,

    In what town are you selling your house?

    Rich

  182. Donald says:

    “Donald, what is it exacltly that you do? How do you make a living. Why are you selling your home?”

    Part of the reason I am selling is that I want a bigger lot. The main reason I will keep private. But I can definitely say that it has nothing to do with money. Like I stated before, I can afford to sit on the house for the next 10 years. I am every buyer’s worst nightmare. If a bid comes in below $840,000 I will throw the offer into the garbage.

  183. John says:

    FYI back in the late 1980’s mortgage money was easy too. The Dime Savings bank was giving 5% down mortgages to any bozo who wanted a coop and let you have a neg am loan to boot. My ex bought at the peak in 1988 and could not refinance as she had negative 20K equity on a 100K coop in which she put 20K down on only three years earlier with the balance rising weekly. Remember in the stock market crash of 1987 real estate went up in 1987, 1988 and some of 1989 and the “smart money” made back some of their stock market losses in real estate until the house of cards collasped. Wow doesn’t this sound familar to our recent 2000-2005 period. My day trading neighbor went right to house flipping in 2000 and now it dried up on him in 2005 but guess what the market is back and he is day trading again!!!! Wow I think his retirement plan is put it all on 21 black or NJ lotto!!!

  184. BC Bob says:

    “The $2,000 will go towards the reanl so I live for free. The tenanats, like yourself, will may my mortgage, taxes, and my rent.”

    That’s funny. Those like yourself, that bought in 2005, are paying all my expenses, even the filet on the barbie. Kudos to you.

  185. njpatient says:

    So Donald, why did you buy a $900K house and then, a mere two years later, decide to sell it in the middle of a market downturn so you could have the privilege of living in a $2K/month piece of crap?

  186. BC Bob says:

    “FYI back in the late 1980’s mortgage money was easy too.”

    Maybe in your hood.

  187. Donald says:

    “In what town are you selling your house?”

    The house is on the Gold Coast in Bergen County. That consists of Fort Lee, Cliffside Park, and Edgewater. I will leave it at that. I don’t like to give away too many details online. I am not Casey Serin.

  188. thatbigwindow says:

    #190: Obviously when you have tons of money, you can buy and sell houses on a whim.

  189. Donald says:

    That $2k “piece of crap” is a luxury apartment in Cresskill.

  190. UnRealtor says:

    RE: #105

    This, or legal action from a lender, must be why Casey Serin pulled the plug:

    May 7th, 2007

    Galina Serin: Enough is Enough!

    This has been a pretty tough weekend emotionally. Galina, my wife of 3 years pretty much told me that she has had enough of this financial mess and my “irresponsible behavior”. Paying rent by borrowing from the corporation along with the brainstorming trip to Tahoe was the last straw.

    I don’t blame her. We have NEVER really had financial stability in our marriage. Sure there was the time when our bank account peaked at $90 grand from the property cash backs sometime around April 2006. However, the repair cost overruns and the $20k/month burn rate on 6 properties and related bills ate through that sum pretty quickly…

    Filed under personal / feelings, finances / income

    http://64.233.167.104/search?q=cache:b3kNSdUaRjEJ:iamfacingforeclosure.com/+site:iamfacingforeclosure.com&hl=en&ct=clnk&cd=1&gl=us&lr=lang_en

  191. fanshawe says:

    LOL, nothing like a few good trolls to revive the blog from the Memorial Holiday malaise.

  192. njpatient says:

    ” If a bid comes in below $840,000 I will throw the offer into the garbage.”

    I recently bid $890K on a house listed for $995K. Seller ignored the bid. I raised to $925K and gave him a day to accept. Seller countered at $989K. I told him to jump in a lake. Three weeks later he tried to accept the $925K bid. I had lost interest. That was three months ago. His house is still languishing on the market.

    I’m glad you don’t need to sell anytime in the next 8 years, since you won’t be selling anytime in the next 8 years.

  193. thatbigwindow says:

    “Fort Lee, Cliffside Park, and Edgewater…”

    wow, very classy towns indeed. I know many people who would love to one day be privledged enough to live in Fort Lee.

  194. thatbigwindow says:

    Somehow when you combine the words “Luxury” and “Apartment” it strikes me as amusing

  195. Donald says:

    “wow, very classy towns indeed. I know many people who would love to one day be privledged enough to live in Fort Lee.”

    Are you being sarcastic? I am considering a move to Alpine or Cresskill, much better towns.

  196. 3b says:

    #192 None of those towns are noted for theie school systems;none of therm. Hey maybe in addition to your over priced house, its the schools thing. Not to mention all 3 of those towns are crowded and congested.

  197. thatbigwindow says:

    Alpine is very similar to Cresskill

  198. njpatient says:

    “That $2k “piece of crap” is a luxury apartment in Cresskill.”

    So you want a bigger lot, and you’re living in an apartment, and content to do so for the next ten years? LOL!

    The dream of a big lot will die hard.

    Maybe no one wants to buy your house for $900K because they want a yard for that price. You know, like you apparently do…

  199. Donald says:

    Oh, trust me. I have no regrets of denying the bid for $750,000. If I got another bid for this much, things are going to get ugly.

  200. njpatient says:

    #199 window

    I had the same reaction

  201. njpatient says:

    “things are going to get ugly.”

    LOL!!!

    You’re so cute when you’re distressed.

  202. Donald says:

    Edgewater is the fastest growing town in Bergen. People pay 7 didgits for brand new condos. The market dictates what is good and bad, and the market says that Edgewater is good. One Hudson park in Edgewater is 75% sold out.

  203. 3b says:

    #187 Donny don’t worry I wont be knocking down the door to live in any of those 3 towns.

  204. Donald says:

    Leonia High School (ranked as #67) is a good school. I graduated from there. It also serves Edgewater. And before you make any wise cracks, one of my classmates got into Columbia.

  205. BC Bob says:

    “The Gold Coast of Bergen County”,

    Is this de facto housing? What a bunch of crap. On the flip side, great entertainment.

  206. njpatient says:

    “one of my classmates got into Columbia.”

    ROFLMAO

    Keep ’em coming – I haven’t had this many laughs in a long time!

  207. thatbigwindow says:

    Also, another interesting fact about Edgewater is that only a few years ago it was a toxic dump. Nice!

  208. 3b says:

    #207 Schools in Edgewater and CLiffside, marginal at best Ft Lee, maybe OK. Like I said,none are noted for their schools, and if people are buying a house over a condo, then chances are they want the schools.

  209. John says:

    Back then S&Ls kept the paper and were more than happy to cozy up to developers and sponsors to become the lender of choice to buyers in the coop conversion boom of the mid to late 1980’s. In fact my building the single branch S&L loaned the sponsor over one million to convert it, he could not sell more than halp the units and since the sponsor must pay maint on empty units and rates were high he went bankrupt which in turn bankrupted the bank which in turn stuck RTC with the 43 unsold remaining units which sold for 30K each which in turn caused the 43 units which sold at 100K with 5% down through Dime Savings to be in a negative 65K equity state and half of those people went bankrupt too, causing Dime to limp along as this happened to them hundreds of times over until WAMU bought them for a song. There was easy money in sponsored developments and you can thank the Bushes and Milken for that crises! This time along we can thank Greenspan for this and plenty of half finished Jersey City units where the sponsor is recomending financing deals that won’t be occupied till 2009 may suffer the same death as my old building!

    BC Bob Says:
    May 31st, 2007 at 2:21 pm
    “FYI back in the late 1980’s mortgage money was easy too.”

    Maybe in your hood.

  210. make money says:

    Donald,

    The Spring Selling season is all gone now, It sucked. Enjoy the house you have now cause finding a moron to buy your house is not going to be an easy task.

    During 2003-205 house went up 1% per month. During 2007-2009 house will go down 1% per month.

    Enoy your house with no backyard. You can always barbecue indoors.

  211. Donald says:

    Lots of rich people live in these 3 towns. I live near a nationally known surgeon and a real estate mogul who is worth well into the 7 didgits.

  212. chicagofinance says:

    For all of you who have never visit the kannekt.com site, The Donald has given you a quickie tour with this thread…..

  213. Rich In NNJ says:

    Donald,

    You’re looking to sell your condo and move into a SFH further north?
    Alpine has THE best taxes around. I just can’t afford to even look at some of those homes.

    Good luck,
    Rich

  214. njpatient says:

    “I live near a nationally known surgeon and a real estate mogul who is worth well into the 7 didgits.”

    Simply amazing! How do you keep coming up with these one-liners?!?

    Do me a favor and check your spelling. I thought it was a typo the first time, but apparently it wasn’t. That could distract from your pithy arguments.

  215. thatbigwindow says:

    The real estate mogul who I live next door to is worth well into the 8 didgits…uh didgets…no, didgets. digit. yeah thats it

  216. gary says:

    Donald,

    Oh yeah? Well, top this one: my dog can smell a moron from three blocks away.

  217. njpatient says:

    #217
    thanks, chifi
    now I can cross one thing off my list of “things to do before I die.”

  218. 3b says:

    #188 I did not see that in the late 80’a at all. I would imagine if that was available you would have had to have had stellar credit, especially since the originator of the mtge (Dime), was a savings bank, and probably kept their own mortgages.

    The norm form everybody I knew back then, including mtg brokers, was a minimum of 10% down, with most putiing 20% or more, and clean, clean,credit

  219. thatbigwindow says:

    Damn Leonia schools :(

  220. njpatient says:

    “You’re looking to sell your condo and move into a SFH further north?”

    No, Rich. He’s looking to RENT his HOUSE and then RENT himself an APARTMENT.

  221. Donald says:

    Sorry you do not want to admit that rich people live in my area. Shoud I also mention that both U.S. Senators and the governor live on the NJ Gold Coast?

  222. UnRealtor says:

    RE: Acura in the driveway

    Fancy car = economic stability?

    Try this:

    Homeowner takes out adjustable HELOC, buys Acura and “granite counters,” can’t afford payments adjusting upwards, loses house to foreclosure.

  223. chicagofinance says:

    The Donald:

    I live in Hudson Tea [you chucklehead], and my next door neighbor paid $520,000 for an as-is non-upgraded studio in November 2005 that is 735 sq.ft. to be an investment property.

    Their property taxes are roughly $5,000 a year and their maintenance is about $375 a month.

    They rent the place for about $2,350 a month.

    I am so envious!!!!!!!!!!!!!!!!!!!!!!

  224. njpatient says:

    “Sorry you do not want to admit that rich people live in my area. ”

    It wasn’t funny because I don’t believe that rich people live in Edgwater and environs; it was funny because your proof consisted of knowing the whereabouts of one mogul.
    Kind of like the one kid from your year in Leonia who got into a second tier Ivy. It kind of stands for the opposite proposition than the one that you apparently think it stands for.

  225. Donald says:

    “Homeowner takes out adjustable HELOC, buys Acura and “granite counters,” can’t afford payments adjusting upwards, loses house to foreclosure.”

    Soory, but you are wrong. His house has been for sale longer than mine. If he was desperate, he would have drastically dropped the price or the house would have been foreclosed on. No banks are foreclosing. He actually raised his price $50,000, but lowered it back to the original amount.

    Most people that are selling are not doing so because they are desperate. They are a minority. People sell to trade up, to move to a different part of the country, to move closer to work, etc.

  226. chicagofinance says:

    njpatient Says:
    May 31st, 2007 at 2:42 pm
    Kind of like the one kid from your year in Leonia who got into a second tier Ivy.

    njp: Both Bob Toll and I went to Cornell :( :( :P

  227. 3b says:

    169 Listings in Eedewater, something for everyone!!!!

  228. gary says:

    I knew somebody who knew somebody that waved to Donald Trumps sidekick, George and he waved back.

  229. njpatient says:

    Bob “no soul” Toll?

    Folk complain of the cold, but I think Cornell is gorgeous.

  230. UnRealtor says:

    Donald update:

    Still hovering around stages 1 and 2:

    1) Denial
    2) Anger

    3) Bargaining
    4) Depression
    5) Acceptance

    Does the cat food come into play at 4 or 5?

  231. Donald says:

    The doctor I live near:

    http://en.wikipedia.org/wiki/Mehmet_Oz

    Oh, and the U.S. Senator that lives in my town is worht about $90 million. He is the 6th richest member of the Senate. Stay in denaial you fool.

  232. make money says:

    Donald,

    You want to sell your condo and move into Alpine. You got to be kidding me right?
    You never owned a stock in your life and you can afford a multimillion dollar Alpine home? You envy your next door neigboors Acura and you can afford Alpine?

    You can’t have a salary job and afford Alpine.

    Donald you’re a joke. You’re not real.

  233. njpatient says:

    “169 Listings in Eedewater, something for everyone!!!!”

    But nothing for Donald, who hasn’t sold and won’t soon.

  234. thatbigwindow says:

    #228 chifi: their mortgage payment and taxes and association fees are probably over 3000 a month assuming they have a 416,000 mortgage on that 520k condo

  235. UnRealtor says:

    “Leonia High School (ranked as #67) is a good school.”

    Wouldn’t a “good school” be, I dunno, 8th or 9th?

  236. 3b says:

    Donny Maybe so called rich people live in some of those condos, but they ar not buying houses, if they are buying houses, they want schools, and your gold coat towns don’t offer the schools.

    Maybe you should have bought a condo?

  237. njpatient says:

    #235

    I think the cat food arrives at 4 (once the bargaining is over).

  238. Donald says:

    “1) Denial
    2) Anger
    3) Bargaining
    4) Depression
    5) Acceptance”

    I have actually experinced 4 of the stages. As soon as I experience #4, I return to #1 and start the whole proces over again. Why are you people so eager for me to lower my price?

  239. njpatient says:

    “Wouldn’t a “good school” be, I dunno, 8th or 9th?”

    I dunno. Anyone there ever get into Columbia?

  240. 3b says:

    #240 At least the top 25.

  241. njpatient says:

    “Why are you people so eager for me to lower my price?”

    Frankly, it’ll be more amusing if you don’t.

  242. lisoosh says:

    Wow, I’m beginning to think that each troll this blog attracts has serious mental problems.
    These diatribes aimed at strangers are just not balanced.

  243. Donald says:

    #237,
    Never siad I was going to buy a mult-million dollar home. I can easily stay under $1.5 million.

  244. chicagofinance says:

    My take, with the exception of a handful of projects, most of the Gold Coast is in trouble. It just so happens that the “handful” include all of The Donald’s examples, and his examples include virtually the entire domain.

    All you need to do is drive up Port Imperial Way north of Baldwin Avenue up to River Road to see how badly this excess is going to twist out of control.

    Even the Toll Brothers have laid off so much staff that their construction times are dragging out significantly.

    Go look at some of the people in 700 Grove, Maxwell Place and Harborside Lofts who put down deposits and are being told that they will have to wait up to 24 months from the point they committed.

  245. BC Bob says:

    “Shoud I also mention that both U.S. Senators and the governor live on the NJ Gold Coast?”

    Oh my. What about Carla and Eli?

  246. njpatient says:

    “I can easily stay under $1.5 million.”

    Particularly easily if you can’t sell your yardless house.

  247. Donald says:

    “Wow, I’m beginning to think that each troll this blog attracts has serious mental problems.
    These diatribes aimed at strangers are just not balanced.”

    We think the same way of you peole on Kannekt. In fact, we do not have to deal with you fools because our moderator will simply delete your posts a minute after you submit it.

  248. 3b says:

    Donny ya wont find much for that price in Alpine,and if you do, you will be the poor boy in town.

  249. Donald says:

    Nearly every development GC development is SOLD OUT. The properties you see in the NJMLS are resales. The developers made out good. They may be losing money in the rest of the country (with the exception of Manhattan), but not in NJ.

  250. make money says:

    We think the same way of you peole on Kannekt. In fact, we do not have to deal with you fools because our moderator will simply delete your posts a minute after you submit it.

    JB are you still in Arizona?

  251. gary says:

    One pill makes you larger
    And one pill makes you small
    And the ones that mother gives you
    Don’t do anything at all
    Go ask Donald
    When he’s ten feet tall

    And if you go chasing rabbits
    And you know you’re going to fall
    Tell ’em a hookah smoking caterpillar
    Has given you the call
    Call Donald
    When he was just small

    When men on the chessboard
    Get up and tell you where to go
    And you’ve just had some kind of mushroom
    And your mind is moving low
    Go ask Donald
    I think he’ll know

    When logic and proportion
    Have fallen sloppy dead
    And the White Knight is talking backwards
    And the Red Queen’s “off with her head!”
    Remember what the dormouse said:
    “Feed your head
    Feed your head
    Feed your head”

  252. 3b says:

    3252 Tell us again why you house has not sold? I am sure you clowns over there delete the posts, becasue the truth hurts. You will learn young Donald, they all learn in the end.

  253. njpatient says:

    “In fact, we do not have to deal with you fools because our moderator will simply delete your posts a minute after you submit it.”

    Nothing like not having to actually engage the arguments of the other side. Especially helpful when the facts are being stubborn.

  254. Jersey4Life says:

    Donald,

    Being a Cliffside Park High School grad, I can tell you that the school system there is a shithole. Fairview sends their kids there and Fairview is the armpit of Bergen County. Good luck to the flippers that buy those apartments and then want to sell in a couple of years.

  255. make money says:

    Donny ya wont find much for that price in Alpine,and if you do, you will be the poor boy in town.

    Doony,

    I’ll tell you what you are. You’re a broke bagholder can’t spell investment. Enjoy your house that you put all of your lifesavings in and don’t plan to retire anytime soon.

    You’re house poor. End of Story.

  256. 2008 Buyer says:

    Is the process to purchase a condo that is in the construction phase….. put down a deposit to reserve the unit and AFTER construction is complete, that’s the time when you actually get a loan and purchase the unit? So having said that, with the subprime mess, lenders cutting out plenty of loan programs and requiring down payments (novel idea) ……the question is….can these lucky buyers get financing TODAY or after completion?

    Also buyers walking away from their deposits (can’t get financing?) a good thing for the builders….the builder still has to make payments on their construction or bridge loans, so cancellations is nothing to be happy about on anyone’s end.

  257. Donald says:

    The fact remains that GC market is STRONG! I spoke to some buyers looking to get in on the new devleopments. They submitted offers that were lower than sking and they were rejected. A week later, the apartment was sold for full price to someone else.

  258. UnRealtor says:

    “In fact, we do not have to deal with you fools because our moderator will simply delete your posts a minute after you submit it.”

    Prima facie evidence of closed-mindededness and willful ignorance, no?

  259. thatbigwindow says:

    Don’t listen to the haters Donald, remember the 1st rule of real estate investing: they aren’t making any more land.

  260. BC Bob says:

    “We think the same way of you peole on Kannekt. In fact, we do not have to deal with you fools because our moderator will simply delete your posts a minute after you submit it.”

    Chi,

    You had it pegged.

    Donald,

    I don’t know anybody in Hoboken that has not owned a stock in their lifetime.

  261. make money says:

    My wife is duying for this 8M home in Alpine but I refuse to because I know I can’t afford it. I can buy it cash but then I have to go get a full time job and eat cat food for dinner.

    I strongly suggest you go to COSTCO and buy in bulk.

  262. NJGal says:

    This is too funny. I am starting to get into the “Donald isn’t real camp.” I’m not sure why someone who really wants to sell their home but can’t comes on here all angry and screaming about how great the market is and tells someone living in Essex and Passaic that they live in a “slum.”

    Why do people think that, by the way? Essex at least is greener and prettier by far than Bergen County, which I have always seen as an overcrowded craphole akin to Long Island, except very far north.

    If people in NJ are too busy having p-ssing contests over who has richer neighbors, I’m glad I’m moving to a more “humble” area in Westchester where I’ll only have to contend with the rabble like Martha Stewart and George Soros!

  263. pesche says:

    Hey wait a minute Cliffside’s got to go
    a way , shitholes Wallington and Lodi
    will give you a run .

    But it’s Bergen County, where prices never,
    ever go down.

    Fairview, see the Mexican flags waveing.

  264. Rich In NNJ says:

    Donald,

    There are only 4 out of 33 SFH in ALpine for under $1.5m.

    Rich

  265. Donald says:

    Good for you! Move to Westchester and enjoy the radiation from Indian Point. Talk to me when you glow green.

  266. BC Bob says:

    “Build a system that even a fool can use, and only a fool will want to use.”

    George Bernard Shaw

  267. Donald says:

    “There are only 4 out of 33 SFH in ALpine for under $1.5m.”

    I know and I have seen most of them. There is a 5th, but it is not in the MLS.

  268. NJGal says:

    “Good for you! Move to Westchester and enjoy the radiation from Indian Point. Talk to me when you glow green.”

    Ha. Yeah, I’m so worried. Please, I grew up on Long Island – nothing worries me since I probably already have cancer. Besides, I’ll take my trees and acreage to a dump under the GW Bridge anyday.

  269. John says:

    Nice faux gold coast – If it was a real gold coast there would not be sheet-rocked prefab condos!!

    FYI Leonia High School is a dump. Who are your famous graduates, how many CEOs went there, how many students went to IVY league or even a four year college?

  270. rmb says:

    Not humble… have family and Friends in Westchester and Ct..I am the only one of 10 in NJ… I noticed people are more polite… Totally like Stepford… But the same p***ing contests are there too. Really don’t know why that is..

  271. thatbigwindow says:

    Actually, there are 2 houses in Alpine not on the MLS. One is owned by a real estate mogul who has a really large amount of money.

  272. NJGal says:

    “Not humble… have family and Friends in Westchester and Ct..I am the only one of 10 in NJ… I noticed people are more polite… Totally like Stepford… But the same p***ing contests are there too. Really don’t know why that is..”

    You’re right, and it’s because we live in the tri-state area – it’s everywhere. I just prefer it to be a little bit more subtle…

  273. George says:

    Well I made over $4million last year alone and I wouldn’t touch real estate now, especially the overhyped “Gold Coast”.

    I prefer my money older, and classier. I’ll just hop into my Bentley, lower the top and enjoy the breeze as I cruise towards the Hamptons. Maybe I’ll be lucky and get to share air with Jerry and Billy.

    Natch. But if we are all engaging in a pissing match, might as well enjoy it.

  274. Donald says:

    Leonia High School Alumni (From Wikipedia):

    Paul Collins, rock musician

    Toomas Hendrik Ilves, President of Estonia (Class of 1972)

    Ann Brown, Broadway Actress

    David Mansfield, rock musician

    Ivory Sully, former NFL Cornerback who played for nine seasons, mostly with the Los Angeles Rams

  275. thatbigwindow says:

    You need a great education to become a rock musician or a cornerback

  276. thatbigwindow says:

    Move over Stephen Hawking, here comes Ann Brown, Broadway Actress and graduate of Leonia High

  277. rmb says:

    I begged to move.. I would have loved to live in CT but.. Hubby is NJ all the way .. As long as I get my place in Block Island I will be ok in NJ. Now there is a place like Cheers everyone is friendly.

  278. marcopolo says:

    the reaction to this Donald character drastically changes my impression of the people on this blog.
    it’s pretty obvious that this blog is comprised of a very gullible bunch…but this is ridiculous. you people aren’t so smart after all.
    Donald must be laughing his a$$ off everytime one of you give in. look how much traffic he’s generated…lol!

  279. NJGal says:

    “I begged to move.. I would have loved to live in CT but.. Hubby is NJ all the way”

    I love CT too. But the commute was terrible to NYC. So, it’s Northern Westchester, which is where my hubby’s heart lies. It’s a good enough substitute.

  280. thatbigwindow says:

    #283: just having fun, just like Donald is.

  281. NJGal says:

    “it’s pretty obvious that this blog is comprised of a very gullible bunch…but this is ridiculous. you people aren’t so smart after all.”

    I think people know him for what he is, but it’s fun – after all, who wants to be doing work on a day like today?

  282. 3b says:

    #283 We know he is a troll, and playing with us so to speak. We are not gullible, just having soem early Summer fun;thats all. Coops/Condos, Houses for everyone !!!!!

  283. Donald says:

    “the reaction to this Donald character drastically changes my impression of the people on this blog.
    it’s pretty obvious that this blog is comprised of a very gullible bunch…but this is ridiculous. you people aren’t so smart after all.
    Donald must be laughing his a$$ off everytime one of you give in. look how much traffic he’s generated…lol!”

    Suckas, if I ha my own blog and sold advertising space, I would be able to afford a mansion in Alpine. I usually go against the common flow so that is why I am always popular on every forum/blog I use.

    I wonder if the doamin name “iamfacingforecluse.com” is for sale….

  284. Rich In NNJ says:

    NJMLS Stats for Jan 1 – May 31 for Fort Lee, Cliffside Park, and Edgewater

    Condo, Co-op & Twnhs
    Year Sold U/C Med$
    2005 569 727 $378,000
    2006 336 374 $372,500
    2007 369 424 $360,000

  285. UnRealtor says:

    RE: Post #279

    The scale needs a 6th stage: Desperation.

    Also, check out this gem from the other thread:

    Donald Says:

    May 31st, 2007 at 11:43 am

    Sorry, but that philosphy is worng. I am clever. My realtor has repeatedly took the house off the market and re-listed it the next day to makie it look like a new listing. An excellent way to fool buyers. My home has been on the market since August, but you would never know that by looking at the listing. According to the listing, my home has only been on the market for 2 weeks. And it works. Nobody is smart enough to figure it out.

    “I am clever,” and the house sits on the market for a year, despite intentional deception…

  286. Donald says:

    Sorry to disappoint you, but there is a lot of speculation that interest rates might coeme down to help the housing sector. That will give pathetic “wait and see” buyers like you less negotiating room.

  287. njpatient says:

    I think Donald is really JB. He’s too funny – can’t possibly be real. The list of Leonia alumni is the funniest yet.

  288. njpatient says:

    “Sorry to disappoint you, but there is a lot of speculation that interest rates might coeme down to help the housing sector.”

    Can’t wait to see what that does to inflation!

  289. afe says:

    Donny,

    Don’t get depressed. We aren’t eager to see you lose money on this. We just love toying with you or at least who you represent to us. Lower, stay the same, even increase the price then lower like your neighbor, stay on the market, go off the market, it really doesn’t matter. You are playing this game with the “market” not any one of us.

    Re: your idea to rent the place…my landlord is thankful that I am not even looking at open houses at this time. He even let me know if I stay next year, $1500 bonus! All for little ole me. Wow. Imagine that. He may actually realize that I will find a better rental next Spring with all of the “for sale” signs languishing outside.

    afe

  290. njpatient says:

    Donald’s greatest hits:

    1. “I am clever”
    2. “Someone from my class at Leonia went to Columbia”
    3. “I know a real estate mogul”
    4. The list of Leonia alumni

    Any other nominations?

  291. njpatient says:

    oooh – I forgot the MOM increase of 16% in housing sales. That’s 5.

  292. 3b says:

    NJ Gal Good luck on your Westchester house, wish I could join you, but cannot leave because of school issues.

  293. UnRealtor says:

    marcopolo, I haven’t laughed so much in a single day for months. Donald, real or not, has been a hoot. And if you read all his posts, you’ll see he’s “real.”

    This must be one of the all-time top 5 threads here. This thread is history in the making.

  294. NJGal says:

    Thanks 3B, we’re looking forward to it – a BBQ will be our first purchase, and a hoe, so that after our dog buries himself in the dirt, as he likes to do, we can fix it again.

    And Donald, I would love it if interest rates came down – unfortunately, my mortgage broker says they have been rising.

  295. Donald says:

    “Can’t wait to see what that does to inflation!”

    Who cares? If home prices come back up, people will spend money again. We once had a strong housing market with lots of inflation. And do we not have inflation right now? Have you filled up your car lately?

  296. BC Bob says:

    marcopolo,

    Where else can you get this entertasinment for free?

    I was surprised that P.T. Barnum was not on the Leonia alumni list.

  297. BC Bob says:

    entertainment.

  298. njpatient says:

    “And do we not have inflation right now? Have you filled up your car lately?”

    This may be #6.
    You are aware, I hope, that rising gas prices are not a result of inflation?

  299. Donald says:

    “my mortgage broker says they have been rising.”

    Then your broker is lying. The Feds have repeatedly left interest rates untouched. They did not raise them and they did not lower them. You might want to find a new mortgage broker that does not lie to you.

  300. njpatient says:

    jb – you really should have ads. And you should send a percentage cut to Donald.

  301. 3b says:

    #00 Hysterical!!!!!!

  302. pesche says:

    Where did Carla go to high school.

    They should have her address the crowd.

    What a girl.

    Made good.

  303. UnRealtor says:

    “I was surprised that P.T. Barnum was not on the Leonia alumni list.”

    You’re killing me!

  304. NJGal says:

    “Then your broker is lying. The Feds have repeatedly left interest rates untouched. They did not raise them and they did not lower them. You might want to find a new mortgage broker that does not lie to you.”

    But the Fed Rate doesn’t always control the 30 year, which you would know if you had a clue. And I didn’t say rising a lot, but certainly with the 10 year where it is, they have been ticking up a tad in the past few weeks.

  305. 3b says:

    Sorry #300 HYSTERICAL!!!!!

  306. Rich In NNJ says:

    Donald,

    Mortgage rates are not controlled by the Fed.

  307. Donald says:

    The Fed sets the interest rates that banks charge eachother and that affects mortgage rates.

  308. 3b says:

    DONNY WE LOVE YOU!!!!! HOUSES FOR EVERYONE!!!!

  309. RentinginNJ says:

    The Feds have repeatedly left interest rates untouched

    The rate for a 30 yr. fixed rate mortgage is closely correlated with the yield on the 10 year US treasury note. The Fed doesn’t set this rate, the market does. The market also adds a risk premium to mortgage rates.

  310. skep-tic says:

    NJGal,

    They don’t have this in Katonah:

    http://www.njguido.com/

  311. Rich In NNJ says:

    Affected, yes.

    Controlled, no.

    Mortgage rates have been rising.

    Due to Fed? No.

  312. NJGal says:

    Ha! No skep-tic, they don’t. They also don’t have this one that someone posted a while ago:

    http://getoffourisland.com/

    We can see why the hubby did not want to move to LI…

  313. RentinginNJ says:

    Taking a break from Donny Bagholder for a moment…

    GOP sues for Corzine-Katz e-mails

    http://www.nj.com/news/index.ssf/2007/05/gop_sues_for_corzinekatz_email.html

  314. startingoverinNJ says:

    #267 NJGal

    Donald assumed, for whatever misguided reason, that I live in an Essex slum. In fact, I live on acreage in Hunterdon horse country. (I might be able to sell faster if I lived in an Essex slum.)

  315. chicagofinance says:

    Donald Says:
    May 31st, 2007 at 3:33 pm
    The Feds have repeatedly left interest rates untouched. They did not raise them and they did not lower them.

    feh :(

  316. NJGal says:

    Sounds lovely startingover…horse country is the place to be if you want peace and quiet!

  317. AntiTrump says:

    #49 Don’tald says:

    “How come nobody is citing the fact that new home sales are up 16% — an all time high? What was that about a market crash? I can’t hear you, speak up!”

    Reuters Reports:

    http://tinyurl.com/3bgsjl

    New homes sales rise 16.2 percent in April

    In April, the median sales price of a new home fell $28,500 to $229,100 from $257,600 in March.

    Lower Prices = Higher Sales Volumes.
    Builders got the message. Individual Sellers will eventually get the same message

  318. BC Bob says:

    “Then your broker is lying. The Feds have repeatedly left interest rates untouched. They did not raise them and they did not lower them. You might want to find a new mortgage broker that does not lie to you.”

    Donnie,

    OK, you never owned a stock. Now, you indicate that you know less than zero regarding the bond market. Did Leonia HS send anybody to WS?

  319. par4156 says:

    hehehehehehe. this is too funny. is that you Grim???

  320. rmb says:

    I would take Martha any day!

  321. Donald says:

    You people are fools. You could have increased your networths by purchaisng apartments in Manhattan. But if you want to keep renting and throw money down the toilet, go right ahead.

  322. startingoverinNJ says:

    NJGal–A lot more peace and quiet since the old man left . . .

  323. Donald says:

    If I had money burning a hole in my pocket, Manhattan is where I would go. And please do not even attempt to say that the market there is bad You will just make yourself look like a fool. Prices there appreciated by 19% in 2006.

  324. Donald says:

    Question:

    How do you post an article on the home page?

  325. NJGal says:

    Donald, what planet do you come from? Seriously, you start out with something that COULD be legit and now you’re on apartments in Manhattan? Trolls are annoying but fun…but for some reason you’re a DESPERATE troll. Very bizarre.

  326. NJGal says:

    “A lot more peace and quiet since the old man left . . .”

    Ha!

  327. Donald says:

    I do not own in Manhattan. I used to. If I could have done it all over again, I woulld have purchased another apartment since it would have appreciated a lot. Have you seen the appreciation rates for Manhattan? They are very impressive.

  328. Jamey says:

    Donald: You can’t even hold your own in a three-hour message board discussion, so I hardly think you’re up to holding your ground till some nitwit plunks down nearly $900k for your white elephant.

    Must suck to be you.

  329. NJGal says:

    Uh, yeah, we know Manhattan is great Donald. But you don’t live there, we don’t live there and no one is buying there. Your point?

  330. John says:

    Well since we are having a bragging contest my limo is so long its rear bumper is in Alpine while its front bumper is already in Southampton!!! By the way I have to run – I am getting busy with A-rods wife right now so I can Ka-ching in on some of that Yankee Cash!!!

  331. Jersey4Life says:

    Off Topic – Wikipedia defines McMansions

    http://en.wikipedia.org/wiki/McMansion

  332. njpatient says:

    #322 Antitrump

    Rise in sales volume in April is standard seasonal change, and in fact sales for April 2007 were DOWN year-over-year from April 2006, even with the lowered prices. Donald was spouting numbers without understanding them.

  333. Donald says:

    You guys are fools. The good folks on Kannekt called you “hyperventilated renters.” They were right.

  334. rhymingrealtor says:

    My My what interesting banter today, we really needed the Donald.

    The only thing I can add to this conversation is stats, Current listings in Edgewater ( all types) 279 – Sold in all of 2006 was 196 ( all types) so the numbers tell me 17 month supply.

    KL

  335. Donald says:

    My point is that you should buy in Manhattan. DUH! Buy a piece of real estate that will never go down in value instead of renting.

  336. NJGal says:

    “The good folks on Kannekt called you “hyperventilated renters.” They were right.”

    Ah, so now we know who Donald is…a real estate agent who spends all day on kannekt.

  337. gary says:

    Donnie,

    Am I a hyperventilated homeowner?

  338. NJGal says:

    “My point is that you should buy in Manhattan. DUH! Buy a piece of real estate that will never go down in value instead of renting.”

    Hmmm, and prices in Manhattan have never gone down? Yeah RIGHT.

    I already bought, so it’s irrelevant to me, and I’ll take my SFH over a condo or co-op anyday.

  339. Donald says:

    “The only thing I can add to this conversation is stats, Current listings in Edgewater ( all types) 279 – Sold in all of 2006 was 196 ( all types) so the numbers tell me 17 month supply.”

    That number is under-valued because it DOES NOT include all the people that went under contract at One Hudson Park. Add them to the list, and the number of properties sold increases by over 100. 2007 will be better for Edgewater because that is when OHP will have their closings.

  340. Jersey4Life says:

    Donald,

    I work in White Plains and about half the folks I work with live in Manhattan. Most told me horror stories about the last real estate bubble that burst in Manhattan. No area of the country is immune to speculative bubbles.

  341. Donald says:

    “Hmmm, and prices in Manhattan have never gone down? Yeah RIGHT.”

    The last time prices there went down was almost 20 years ago. I made triple didgit gains on my apartment.

  342. 3b says:

    #345 You mean Sludgewater

  343. John says:

    http://www.msnbc.msn.com/id/18757087/site/newsweek/

    In the list of top 1200 high schools in 2007 I see only one in NJ anywhere near the top, lots of Long Island, my HS was only number 41 in the country.

  344. Donald says:

    “No area of the country is immune to speculative bubbles.”

    Well, right now Manhattan is immune and the signs do not indicate an upcoming slump. Manhattan has lots of foreign buys due to the low value of the dollar.

  345. NJGal says:

    Well, Donald, if you are willing to spend 1.5 million and are so hot for Manhattan, go back.

  346. Donald says:

    #348

    Nobody is saying that NJ has better schools than NY. I am with you. NJ does have better colleges, though.

  347. abamitphd says:

    My lease currently expires at the end of August. I’m paying $3430 for a nice three-bedroom apartment in Florham Park, but they are raising the rent to almost $3700.

    I sent the office message politely declining to renew the least at those terms, pointed out some townhouses that I could rent in Livingston at similar prices, and countered to extend my least for one year at the current rent.

    Any other suggestions on how to handle this situation?

    Any other suggestions on nice places to live should my counter be rejected? We would prefer to live within a 10 mile radius of Morristown.

    Sincere thanks for your thoughts.

  348. John says:

    • Nikki Blonsky, actress who will star as Tracy Turnblad in the 2007 film version of Hairspray
    • Quinn Early – National Football League player[21][22].
    • Jamie Gorelick – former Deputy Attorney General of the United States.[23]
    • Mark J. Green – Politician.[24]
    • Talia Shire, actress.[23]
    • Dawn Steel, movie studio executive.[23]
    • Jon Avnet, producer of Risky Business and director/producer of Fried Green Tomatoes.
    • Nikki Blonsky, actress who will star as Tracy Turnblad in the 2007 film version of Hairspray
    • David Baltimore, winner of the 1975 Nobel Prize for Physiology or Medicine
    • Mary L. Cleave, Astronaut, Associate Administrator of NASA’s Science Missions.
    • Kenneth Cole, Clothing designer
    • Francis Ford Coppola, director of The Godfather and Apocalypse Now
    • Richard Epstein, James Parker Hall Distinguished Service Professor of Law at the University of Chicago School of Law
    • Phil Hankinson, Former National Basketball Association player for the Boston Celtics.
    • Ilan Hall, Winner of Bravo’s reality series Top Chef
    • Emily Hughes (12th grader), figure skater and member of the U.S. Figure Skating Team at the 2006 Winter Olympics in Turin.
    • Sarah Hughes, gold medalist in women’s figure skating at the 2002 Winter Olympics in Salt Lake City, Utah
    • Andy Kaufman, comedian / actor, known for his role as Latka Gravas in Taxi
    • Ed Myerson, Film / Television Producer, A Producer of Director Peter Brook’s Emmy Award winning The Mahabharata
    • Laurie Puhn, TV Host of “i on New York” and Author of “Instant Persuasion”
    • Lauren Zalaznick, president of the Bravo TV network

    This is Great Neck Graduates – just to compare to that NJ HS – Just for fun!!!

  349. Rich In NNJ says:

    FYI: Preliminary NJMLS Bergen County stats for May show number of units sold down 8% and units under contract down 11% compared to last year.

  350. rmb says:

    John,

    Check the next article on Public Elites.. They didn’t include these schools because they performed way above any of the 1200.. Its in Bergen County.. NJ

  351. Donald says:

    Landlords could not care less what other places are renting for. The rental market is strong and if you do not want to pay the $3700, buy a house.

  352. njpatient says:

    digit.

    digit.

    DIGIT!

    D-I-G-I-T!!!!!

  353. njpatient says:

    “This is Great Neck Graduates – just to compare to that NJ HS – Just for fun!!!”

    My mom should be on that list

  354. njpatient says:

    #350
    “Well, Donald, if you are willing to spend 1.5 million and are so hot for Manhattan, go back.”

    He can’t.

    He is unable to sell his house at a break-even price. Despite how wonderfully the RE market is apparently doing.

  355. Jamey says:

    NJGal (267): I disagree: Donald is REAL camp–campy as a Batman TV show marathon or a Warhol exhibit.

  356. John says:

    For fun here are all the top HS in NJ for 2007 by rank on the 1200 list

    Rank School Location State Index Subs. Lunch E & E
    27 McNair Academic Jersey City N.J. 4.822 36.600 78.300
    100 Ridge Basking Ridge N.J. 3.375 0.700 46.600
    170 Millburn Millburn N.J. 2.798 0.000 50.500
    196 West Morris Mendham * Mendham N.J. 2.655 0.800 81.000
    205 Cresskill Cresskill N.J. 2.630 2.000 51.900
    213 Bernards * Bernardsville N.J. 2.611 4.400 60.000
    214 Princeton Princeton N.J. 2.608 6.000 51.700
    262 Summit Summit N.J. 2.412 12.200 53.800
    491 Holmdel Holmdel N.J. 1.906 0.100 44.200
    564 Ridgewood Ridgewood N.J. 1.800 0.000 43.100
    602 North Hunterdon Annandale N.J. 1.752 1.000 51.500
    613 Union County Magnet Scotch Plains N.J. 1.736 4.000 69.400
    674 Montgomery Skillman N.J. 1.664 2.000 40.600
    738 Mainland Regional Linwood N.J. 1.574 12.000 28.700
    745 Cranford Cranford N.J. 1.571 0.000 34.400
    787 Northern Highlands Allendale N.J. 1.524 0.500 37.600
    798 Governor Livingston Berkeley Heights N.J. 1.517 0.000 34.000
    810 Westfield Westfield N.J. 1.494 1.000 42.100
    830 Fair Lawn Fair Lawn N.J. 1.462 5.000 37.000
    855 Livingston Livingston N.J. 1.436 1.000 36.000
    861 Ocean Township Oakhurst N.J. 1.429 10.300 27.100
    866 Mountain Lakes Mountain Lakes N.J. 1.426 0.000 13.900
    883 Benjamin Cardozo Queens N.Y. 1.409 25.000 39.900
    894 Glen Ridge Glen Ridge N.J. 1.402 0.000 n/a
    920 Montclair Montclair N.J. 1.374 17.000 30.100
    921 Glen Rock Glen Rock N.J. 1.373 n/a 38.300
    934 Haddonfield Haddonfield N.J. 1.358 n/a n/a
    953 Tenafly Tenafly N.J. 1.332 2.000 41.200
    989 Montville Township Montville N.J. 1.285 0.500 24.700
    1009 Bridgewater-Raritan Bridgewater N.J. 1.265 3.400 27.200
    1023 East Brunswick East Brunswick N.J. 1.249 17.500 36.600
    1025 Watchung Hills Warren N.J. 1.247 1.000 33.500
    1071 Northern Valley Regional Demarest N.J. 1.205 1.900 34.600
    1105 Teaneck Teaneck N.J. 1.172 16.000 23.000
    1127 Wayne Hills Wayne N.J. 1.149 2.000 32.700
    1135 Rumson-Fair Haven Rumson N.J. 1.141 0.000 39.100
    1145 Voorhees Glen Gardner N.J. 1.129 2.700 28.700
    1163 Johnson Clark N.J. 1.112 1.500 29.000
    1196 Cherry Hill East Cherry Hill N.J. 1.073 5.000 35.200
    1217 Columbia Maplewood N.J. 1.058 19.000 21.400
    1219 Pascack Hills Montvale N.J. 1.058 0.900 38.200
    1235 Ocean City Ocean City N.J. 1.045 11.000 28.300
    1255 Warren Hills Regional Washington NJ 1.026 1.000 20.400
    1266 Hopewell Valley Central Pennington N.J. 1.022 0.700 23.200
    1272 Freehold Freehold N.J. 1.015 14.000 22.600

  357. NJGal says:

    Wow, where is that top high school list from? Wonder who bothered to compile that one!

  358. Donald says:

    Get ready for some more people like me. I will be pasting a link to this thread in Kannekt before the end of the day.

  359. rmb says:

    Please John move on I was born and raised in LI and your are the exact reason why I moved out..

  360. Donald says:

    So tell me, what does it feel like to see your rent go up? Perhaps someone up there is tryng to tell you to bu a house? Even if house prices go down more, you will still lose by renting because rents will continue to go up every year.

  361. njpatient says:

    “Get ready for some more people like me. I will be pasting a link to this thread in Kannekt before the end of the day.”

    WOOHOO!! More fun! JB really has to start selling adds, now that Donald has promised to increase his traffic!

  362. make money says:

    Donald,

    You have an IQ of 2.

    Yours trully,
    make money

  363. njpatient says:

    “rents will continue to go up every year.”

    Or not. Am renting a 4BR 2.1BA for $2400, which is the same rent I paid back in 2004. And more rentals keep coming on the market every day.

  364. make money says:

    The good folks on Kannekt called you “hyperventilated renters.” They were right.

    I’m a hyperventilated owner and investor.

  365. John says:

    RMB – Hey I am just having a laugh. Anyhow it is just the Newsday 2007 Best HS list and it sorts by state, I did no work. Actually I am interested in moving to NJ as I used to work in Montvale and thought it was very nice. Kinda shocked their high school was so low. People from LI and NJ who live in snotty neighborhoods and work in NYC are cut from the same cloth so moving won’t help people wise I just want more land.

  366. NJGal says:

    “Get ready for some more people like me. I will be pasting a link to this thread in Kannekt before the end of the day.”

    Awesome. More folks to remind me why I think Hoboken sucks and am glad to be leaving!

  367. Rich In NNJ says:

    Why do you all continue to feed the troll AFTER he admitted he has no TRUE interest other than to receive responses?

    I usually go against the common flow so that is why I am always popular on every forum/blog I use.

  368. BC Bob says:

    “Get ready for some more people like me.”

    Are they upside down also? Get long life preservers.

    http://www.iboats.com/Life_Jackets_Safety/dm/category_id.15–session_id.206608604–cart_id.050039931–view_id.15–search_type.category

  369. abamitphd says:

    Just ignore the Don.

    My problem is that I have been owning (sold last year) and don’t have experience negotiating with landloards and sold last year.

    But since most of you are renters, I just wanted to know effective ways to deal with proposed rent increases?

    Is a letter proposing a rent increase just a stupid tax? In other words, a way of discriminating between people who can pay more but don’t ask questions and those could but won’t?

    If this unit sits on the market for one month the landlord loses by rejecting my counter, and that doesn’t take into account the cost of cleaning and marketing the place. Would a landlord really be inclined to take that risk?

  370. Jamey says:

    John: You mean you actually went to PUBLIC school? That’s nice, I guess…

    Now can we quit slagging Leonia. I happen to like living there. And my kids are geniuses, so who cares what the schools are like ;)

  371. UnRealtor says:

    “So tell me, what does it feel like to see your rent go up?”

    Feels much better then the $67,000 hit your hoping to take.

  372. make money says:

    #376,

    Great advice.

  373. njpatient says:

    oh my – rate resets hitting the fan NOW (and other lovely RE charts):
    http://bigpicture.typepad.com/comments/2007/05/some_more_housi.html

  374. John says:

    Other than the registered sex offender 600 feet from the high school it sounds great.

    ARMANDO ROLA
    250 BROAD AVENUE
    LEONIA, NJ 07605
    Distance: 682 feet
    Convictions:
    ENDANGERING THE WELFARE OF A CHILD

  375. rsv says:

    I believe this is Donald’s house in Cliffside Park

    MLS# 2719972

    http://www.njmls.com/cf/details.cfm?mls_number=2719972&id=999999

    Maybe someone with better access than me can verify this and check the history.

  376. 3b says:

    In keeping with the spirit of the silly season, go over to the Star Leger forums (www.nj.com), click on home buying, and you will find a lovely debate on burying a St Joseph statue to sell your house.

    Now Donny get yourself over there and straighten those poor fools out.

  377. NJGal says:

    RSV, I think Donald claimed to own a condo.

  378. chicagofinance says:

    Calvin Klein’s no friend of mine
    Don’t want nobody’s name on my behind
    Lee on my legs, sneakers on my feet
    D by my side and Jay with the beat……..

    In light of its academic excellence, The Wall Street Journal recently identified Hunter College High School as the top public school in the nation and a feeder to Ivy League and other leading colleges.

  379. njpatient says:

    NJGal – Donald talked a lot about condos, but always said his place was a house and he wanted a larger lot.

  380. UnRealtor says:

    RE: Post #180

    Architectural style: “Late Shoebox”

  381. NJGal says:

    Right you are njpatient. If that’s the house, I can see why it’s not selling. Someone call “Sell this House” quick!

  382. njpatient says:

    “Late Shoebox”

    LOL!

  383. NJGal says:

    This one in Cliffside Park is nicer…maybe it’s this one.

    http://tinyurl.com/2bfkc6

  384. NJGal says:

    See, even I can give Donald the benefit of the doubt if it is the second house that’s his that he thinks will sell. If it’s the first one, well, you got ROBBED in ’05.

  385. NJGal says:

    Ok well I just looked on property shark and indeed, RSV, that house sold for 840 in ’05. Donald, call a stager at the very least.

  386. njpatient says:

    I thought Donald said his house was 5BR 4BA…

  387. njpatient says:

    yep – he said 5/4, which would be the first one.

  388. pesche says:

    869 for that dump. how many famlies can
    you get into that house.

    Cliffside, my oh my

  389. UnRealtor says:

    RE: Post #180

    I think you’re right, shows up in Zillow as bought in Oct 2005 (absolute market peak) at $840K.

    And check the Zillow aerial photo (‘West’ view shows the front):

    * Back yard is 10 feet.

    * Building takes up every square inch of the lot.

    * Neighbor’s house is 4 feet away (great bathroom window views?).

    * Rear porch overlooks busy road and Newark-style rowhouses.

    * The property is surrounded by houses assessed 1/5th and 1/2 as much for blocks in all directions.

    * If I was an appraiser, I’d peg this house at $400K, tops. My rented place is paradise next to this, and doesn’t feature a $67,000 loss (best case).

    All that said, it’s really not polite to ‘out’ the guy’s address…

  390. jcer says:

    Nothing wrong with the public schools in Leonia, actually most of NJ is fairly decent compared with other states around the country. Some places are better than others but I can tell you right now that list above is not accurate at all. And to whomever is calling Essex county a slum have they ever been to Essex Fells, Estate Section of Montclair, Short Hills, or Lwellyn Park in West Orange. I can assure you that these areas are not slums and many areas of Bergen are far worse and I am from bergen county.

    As for the Bergen vs. Essex,LI vs. NJ, LI vs. Westchester vs. CT vs. NJ. Guess what fundamentally they are all rather similar it all depends on where you live in these areas. I will give it to Westchester and even LI have better train service, NJ has superior roads otherwise you can substitute one for the other. If you watch stuff like HGTV the only identifiable thing in any of these places is NYC suburbs. They all have their black eyes.

  391. pesche says:

    leonia ,,, speak the chinese and clifside
    its a free for all.

  392. New In Town says:

    It seems sleazy to me to be ‘outing’ a poster here. Even if you strongly disagree with their posts.

  393. fanshawe says:

    An $840k house on that street?

    Donald probably has a better view of the rundown apartment buildings across Palisade Ave than he does of NYC.

  394. fanshawe says:

    “leonia ,,, speak the chinese and clifside
    its a free for all.”

    pesche, no wonder you’re so bitter at immigrants. They speak and write your own language better than you.

  395. lurkerA says:

    i know i normally lurk, and only post a couple of times a week, so i should say i didn’t have time to stop by at all today …. but i have to say – wow i missed some fun today.

    i just wanted to add that my graduating HS class (a public school) had over 10% of the graduates go on to ivy league schools, and yet houses for sale in my home town that are overpriced continue to sit on the market. so i wonder how the one dude from leonia that went to columbia is impacting real estate there? just needed to get that out. not really knocking leonia or anything.

  396. NJGal says:

    “As for the Bergen vs. Essex,LI vs. NJ, LI vs. Westchester vs. CT vs. NJ. Guess what fundamentally they are all rather similar it all depends on where you live in these areas. I will give it to Westchester and even LI have better train service, NJ has superior roads otherwise you can substitute one for the other.”

    Agreed. Long Island has by far the worst roads, but has, sadly, way superior train service to NJ and CT. Westchester beats everyone in that arena. I’m not sure NJ has great roads. The turnpike is very handy, but I could easily leave Rt. 17. Southern Westchester has bad roads, with Northern having slightly better. But yes, in many ways, they are all similar.

  397. SG says:

    NJ Builder Update.

    Hovnanian reports quarterly net loss of $28.1 mln
    Housing market has continued to slip further, CEO says
    By Alistair Barr, MarketWatch
    Last Update: 6:00 PM ET May 31, 2007

    SAN FRANCISCO (MarketWatch) — Hovnanian Enterprises reported a fiscal second-quarter net loss of $28.1 million late Thursday. The homebuilder’s Chief Executive Ara Hovnanian said the housing market has continued to slip further.

    http://www.marketwatch.com/news/story/hovnanian-reports-loss-ceo-says/story.aspx?guid=%7B38323F96%2D2286%2D4A27%2DB1CB%2D6DC93F086DE5%7D&siteid=yhoof

  398. UnRealtor says:

    RE: Hovnanian reports quarterly net loss of $28.1M

    Guess they didn’t get the memo that “new home sales are up 16%.”

  399. PeaceNow says:

    Since everyone is posting (and bragging) today, I might as well too.

    Graduated high school (Freehold) with Springsteen.

    Bought co-op in Manhattan at insider price of $40,000 in ’93. Sold for $1,200,000 in ’05. Bought a t-shirt today that says: “Life is good.”

  400. James Bednar says:

    This has been one heck of a thread for a weekday, sad I missed it.

    jb

  401. lurkerA says:

    did my post come off as bragging? i didn’t mean for it to, i was just making fun of donald. his comment “we even had one guy go to columbia” made me laugh. a lot.

  402. James Bednar says:

    Question:

    How do you post an article on the home page?

    You send me a link and ask for it to be on the main page. It must be recent, relevant, and not an attempt at advertisement.

    jb

  403. BC Bob says:

    “Graduated high school (Freehold) with Springsteen.”

    Peace,

    Just another Roll the Dice.

  404. James Bednar says:

    JB are you still in Arizona?

    I’ll be in Arizona until Tuesday.

    This place would undoubtedly be ground zero during a real estate collapse. I’ve never seen an area (Scottsdale, North Scottsdale) so dependent on real estate.

    Just about every Starbucks I’ve been in has been filled with real estate agents and mortgage brokers. You can’t go 10 feet without seeing a mortgage, sales center, real estate, or builder office. It’s unbelievable.

    jb

  405. Donald says:

    Sorry everyone, but neither of those are my houses. Nice try though. My house is not currently in the MLS as my agent took it out in order to make it appear as a new listing.

  406. Donald says:

    FYI: I bought my house in April of 2005, not October.

  407. Donald says:

    Before you trash my prperty vlaue, please go to zillow and type in 14 Edgewater Road in Cliffside Park. It is not my house (unfortuantely), but it will show you why property values are higher than you think

  408. D says:

    #254 “Nearly every development GC development is SOLD OUT. The properties you see in the NJMLS are resales. The developers made out good.”

    Made out good. THAT’s what Leonia HS gots you!
    Donald is a fake. Wait… what is the NJ word… (checks with hubby…) POSER!

  409. BC Bob says:

    “FYI: I bought my house in April of 2005, not October.”

    Since Peace brought up the Boss;

    You were walking in, I was walking out.

    I know you never owned a stock. However, did you ever look at an overbought/oversold indicator? I guess you won’t be called a market timer.

  410. Donald says:

    So property vlaues in CLiffside Park are low? Please look at the following. The house belongs to a famous surgeon who regulalry appears on Oprah:

    http://www.zillow.com/search/Search.htm?addrstrthood=14+Edgewater+Road&citystatezip=Cliffside+Park%2C+New+Jersey&GOButton=%3CSPAN%3EGO%3C%2FSPAN%3E

  411. Donald says:

    Thankfully, neither of the 2 houses belongs to me. In fact, I did not pay $840,000. I paid more. I changed some of the numbers to prevent anyone from knowing too much. But you guys are pretty low for trying to out me. JB should ban your IP address for that. Should anyone find my house and something happens to it (or worse, me), I can hold this site legally responsible.

  412. D says:

    curious… Donald does your house (not listed or I’d check myself) have new granite countertops? THAT is what sells.

    What a great thread. It took way too long to read! :)

  413. BC Bob says:

    Donald [416],

    Who would waste their time? There are thousands of depreciating assets within a small range of everybody on this site.

    By the way, if I ran into you, I would buy you a drink. Kudos to you and those like you.

  414. Donald says:

    “Donald does your house (not listed or I’d check myself) have new granite countertops?”

    Why? So you can find out where I live when I relist? No thanks. That is confidential.

  415. Donald says:

    I have fun here, but seriously; posting addresses without someone’s consent is crossing the line. That is broderline stalking. Luckily, I have an unlisted phone number because I have no doubt that my number would be all over the internet if it was listed.

  416. D says:

    Interesting link ie: the top high schools. Mine was #317… sister’s was #77… I’ll need a psychologist to figure that one out, of course. Maybe I’ll use the equity in my house to work it out. *lol*

    JB, I’ve read so much about the housing situation in AZ via the Housing Bubble Blog… will you give us some insight on it from your first hand experiential visit?

  417. D says:

    Donald, you can’t tell me if your house has granite b/c I’ll stalk you? Do you REALLY want to sell???

    *lol* Only having fun. I don’t want to live where you are selling. I like where I live. I’m also not of the stalker persuasion.

  418. James Bednar says:

    I changed some of the numbers to prevent anyone from knowing too much. But you guys are pretty low for trying to out me. JB should ban your IP address for that. Should anyone find my house and something happens to it (or worse, me), I can hold this site legally responsible.

    Donald,

    You do realize that immediately before you made this statement you posted an address of a “famous surgeon who regulalry appears on Oprah”, don’t you?

    You want your own privacy respected, yet you don’t extend others that same level of respect? Should we hold you liable for any damages to his property?

    I’ll gladly delete any post here that you feel infringes on your own privacy, just email me with the comment number.

    jb

  419. John B says:

    LOL. “Should anyone find my house and something happens to it (or worse, me), I can hold this site legally responsible.”

    Something “financially bad” is going to happen to you. LOL

    BTW I met the guys here at the TARA some months bach, and outside of me, there were no tough guys. LOL

  420. Donald says:

    There is a difference: I did not say his name. There is nothing wrong with mentioning famous people in a town… but privacy should be respected.

  421. Rich In NNJ says:

    You don’t need a name once you provide an address.

  422. Rich In NNJ says:

    Tax records will get you the name.

  423. Donald says:

    I proabably should not have given the address, but his name and address does turn up in Google. Mine does not. If you type “my name + my address, you will not get anyhting. That is not the case for the doctor.

  424. Donald says:

    I just did a Google search and the dotor’s name and address are listed on a website for the whole world to see. So there is a little bit of a difference. I will not give out the link.

  425. James Bednar says:

    JB, I’ve read so much about the housing situation in AZ via the Housing Bubble Blog… will you give us some insight on it from your first hand experiential visit?

    Realize that anything I’ve observed is likely so fraught with bias it should be looked at as a notch above worthless. I’ve invested very little time into researching enough about this market to know whether or not my observations are even remotely correct. I’ve read the same sites as you, and I came here with that preconception already firmly in mind, hardly an impartial observer.

    Like I mentioned above, it seems that the entire economy here is predicated on real estate development. This isn’t an inexpensive market by any means. In fact, so expensive that I’ve spent some time wondering where the money comes from to support this economy. My hotel room looks over the foothills and valleys here in Northern Scottsdale. A bit off in the distance is a development where homes start at $1.5m. Down the road a bit are two other developments, one also in the $1.5m range, the other $2m+.

    Real estate companies have kiosks and agents in the shopping malls, new development signs seem to take over the intersections, and quite a few homes are for sale here. Up in Northern NJ, we have Manhattan to fall on as a rationale for pricing, I’m not sure what the rationale is here. I can’t seem to figure out where the wealth comes from, aside from real estate development. It does, however, seem that there is an amazing amount of wealth here, or at least an amazing amount of conspicuous consumption. Perhaps the Sonoran Desert is really just a playground for the rich?

    I watched an agent try to talk two younger gentlemen into a “great investment”. I really shouldn’t have listened in on the conversation but I couldn’t help myself. The sales pitch was very smooth, he was a seasoned pro, they didn’t stand a chance.

    I’d really love to know how many of the area jobs are directly and indirectly related to the RE market here. Like I said, I’m biased so my observations are flawed, but man, there is at least one real estate agency, title agency, and mortgage company in every “luxury” strip mall around.

    jb

  426. BC Bob says:

    “Donald does your house (not listed or I’d check myself) have new granite countertops?”

    “Why? So you can find out where I live when I relist? No thanks. That is confidential.”

    Donald (Kaos)
    What a clue, granite countertops. Agent 99? Oh, the cone of silence. Do you sleep with the light on because you’re scared of gollywoggles? Are you freaking kidding me?

  427. Donald says:

    I think people in Scotsdale have money because they are retirees from NYC or they made their money in Vegas/Los Angeles.

  428. Al says:

    433 comments???? already?

    I guess the RE bust really started

  429. Donald says:

    No, no re bust. Just lots of posts because of my presence.

  430. James Bednar says:

    Donald,

    To some extent I agree, and I think that it holds true for any of the warmer weather destinations. However, it seems that a significant portion of the development here is just too new for this phenomenon to be anything other than a relatively recent one.

    jb

  431. Donald says:

    Except Florida. Their market totally crashed. It is the epicenter of the re slump. Specualtors killed FL’s market.

  432. njrebear says:

    Donald,

    Nearly 80 posts without ducking :)

  433. rsv says:

    Re: Post #430

    Donald,
    I have no access to non-public info. You gave a choice of 3 towns and the specifics of your property. In Cliffside Park, Fort Lee and Edgewater there are only 2 properties listed at $869,000. According to Bergen County tax records (posted on the internet) only 1 sold for $840,000 in 2005. Verified against the picture on Zillow, that leaves only one.

    That siad, for you to assume that anyone reading or posting to this blog bears some form of ill will against you and would damage your property because you express a different opinion exposes how you feel about those who disagree with you. My only point for posting it was as a comparison to the “slums” you appear to believe everyone here live in.

  434. Donald says:

    I guess I am here because:

    1) Kannekt keeps deleting my posts
    2) Casey shut down iamfacingforeclosure.com

  435. afe says:

    Thats what I was saying Donald not YOUR presence but what your “character” represents to those who frequent this board. Trolls have a personality where they need to think others are paying attention to *them* and they get off on that but all you did was to provide entertainment and at the very least a voice from the other side. I mean we do have Richard but he frankly doesn’t get the same response he used to. So I am sure we won’t see you for a while then you will pop up again like MM has and start having conversations with yourself. It’s all very thought out but do you have a day job?

  436. Donald says:

    “My only point for posting it was as a comparison to the “slums” you appear to believe everyone here live in.”

    Excuse me, but someone here said that I live across the street from Newark style row houses.

  437. BC Bob says:

    “I guess I am here because:”

    Who am I? Why am I here?

  438. Donald says:

    Lots of people disagree with me. I told the people in Hudson County on Kannekt that their schools are sub-standard, but they think they are better than those in the affluent suburbs. Go figure.

  439. Donald says:

    Actually, you cannot always locate someone’s house if you know the name. I tried looking for Sean Combs’ address in Alpine on the databses, but nothing popped up. Almost half the homes there are owned by LLCs. Celelebrities use them to hide their purchases and addresses from people like us.

  440. shopping around says:

    Donald less time on the blog more time focusing on getting your home sold. Homes priced correctly get sold quickly. Went to see a home tonight, 2 other groups were seeing it as well. 7 days on market. But price a big factor.

  441. Rich In NNJ says:

    shopping around,

    What town?

  442. shopping around says:

    Cedar grove. go figure. the other 2 homes did not have anyone else. (priced higher)

  443. Rich In NNJ says:

    Thanks.
    I was in Wyckoff tonight (house on market about 1 week) and there were two other groups there as well.

  444. Donald says:

    3 gropus at a single time is impressive! I never saw that happen back when the market was good. Lookls like the market is not crashing after all. It is just slowng down.

  445. Donald says:

    How much is the Wyckoff home? (Don’t worry, I won’t post pictures and the address of it).

  446. Donald says:

    And just curious: why do you want to go all the way out to Wyckoff? That is a LONG commute to the city everday. If you buy more east, you can take the ferry and be in Manhattan in less than 10 minutes

  447. ML says:

    I live in Cliffside Park… east of Palisade Ave. (Yes that’s a big distinction for the people who live on the east side. We feel superior. lol j/k)

    Anyway the thing about Cliffside Park is, it has a great public transportation option to NYC. You can take 156 and 159, both for which there is express bus service to NYC during commute hours (so you don’t have to ride through the ghett.. I mean, West New York for an hour).

    But the biggest problem with Cliffside Park is extremely narrow lot sizes. And when I say narrow, I mean narrow, as in 33 feet. You cannot possibly rebuild a nice looking home on these kind of narrow & deep lots. And most cpark’s houses are like this. That’s never going to change.

    And unfortunately, bigger lots (50×100 for example) have all been converted to duplex units, which effectively gives you even narrower lot. (25×100!!!) The borough did stop issuing permit to build these duplexes recently (at least on the lots east of Palisades ave).

    And somebody pointed out before, Cpark school is a joke. There are so many illegal renting going on here that so many cars are parked on the street. And taxes have gone through the roof.

    Anyway, thanks for letting me know who lives on the big Edgewater Rd mansion. I’ve always wondered as I drive through that road to get to Mitsuwa or Edgwater Golf driving range. lol

    Anyway, best of luck to you.

  448. ML says:

    ^oh, my point of the post was, cpark is a pretty lousy place to own a house, especially if you’re raising a family.

    However, it makes a pretty decent place location for condos/apt for the young people, people w/o family, or retired people who are looking for easy access to the city.

  449. Rich In NNJ says:

    Donald,

    1. Three “possible buyers” at one time because the older occupant doesn’t want a lockbox and wants her son present when the house is being shown (he works and resides in Westchester). So this home isn’t “easy to show”.

    2. I don’t work in the city.

    3. Listed for $700k

  450. Hobokenite says:

    Hey Donald,

    I’m willing to bet that any post on kannekt that refers to this site will be promptly deleted.

  451. bruiser says:

    Donald, spend any time at the myriad of Casey Haterz sites? I frequent a few of them regularly and your humor would be appreciated in the future now that the trainwreck is over.

  452. thatbigwindow says:

    #365: “Donald Says:
    May 31st, 2007 at 4:18 pm
    So tell me, what does it feel like to see your rent go up? Perhaps someone up there is tryng to tell you to bu a house? Even if house prices go down more, you will still lose by renting because rents will continue to go up every year.

    Probably the same way I feel when my property taxes go up every year. Seems like I am renting my house from the great state of NJ.

  453. John says:

    http://www.trulia.com/#start

    FYI this is a good site to see the current prices of homes for sale overlayed with the prior sales prices in a map form.

    FYI in bigyellow.com people pages you can see reverse phone look-up, address lookups and it even gives you name and age.

    NYC has the most outrageous privacy system, they posted all stuff on the NYC official website. They even put your mortgage application up there sometimes as well as mortgage amounts co-owners etc.

  454. PBS:) Housing in the United States is taking a big hit …..

    Housing in the United States is taking a big hit as “too-good-to-be-true” home loans fail, refinancing dries up, and foreclosures surge. How did the market plummet so quickly — and are current homeowners paying the price? NOW revisits a California town whose real estate fortunes have taken a hard turn for the worse.

    see Video:
    Past Due and Pay Day

    http://www.pbs.org/now/shows/317/index.html

    The real estate reality kicks in !!!

  455. John says:

    Pending Sales of Existing Homes in U.S. Fell 3.2% in April

    By Bob Willis

    June 1 (Bloomberg) — An index of pending sales of existing homes in the U.S. unexpectedly fell to the lowest level in more than four years in April, a further sign the real-estate slump may linger.

    The index of signed purchase agreements, or pending home resales, fell 3.2 percent to 101.4, the lowest since February 2003, after a revised 4.5 percent decline in March, the National Association of Realtors said today in Washington. The index was down 10.2 percent from April 2006.

    Rising mortgage defaults are putting more houses back on the market and prompting banks to tighten lending standards, making home purchases less affordable. Federal Reserve policy makers are forecasting that the glut of unsold homes will probably prolong the housing slump, already the deepest in a decade and a half.

    “`There is still a lot of inventory,” Mark Zandi, chief economist at Moody’s Economy.com in West Chester, Pennsylvania, said before the report. The housing market “is going to continue to correct for at least another year.”

    Economists had forecast pending home sales would rise 0.3 percent, from an originally reported 4.9 percent decline the prior month, according to the median of forecasts in a Bloomberg News survey. Estimates ranged from a 1 percent decline to a 2.5 percent gain.

    Payrolls Report

    Earlier today, the Labor Department reported that employers added 157,000 jobs in May, compared with 80,000 in April.

    The index of pending home resales is considered a leading indicator because it tracks contract signings. The National Association of Realtors’ existing-homes sales report tracks closings, which typically occur a month or two later.

    The Realtors group reported May 25 that sales of existing homes, which make up about 85 percent of residential sales, dropped 2.6 percent in April to the lowest level in almost four years.

    “Psychological factors seem to be holding buyers back as they look for clear signs that the market has bottomed,” said Lawrence Yun, senior economist for the Realtors. “That varies from one area to another.”

    Today’s report showed pending resales declined 10.4 percent in the Northeast and 10.2 percent in the West. They increased 2.3 percent in the Midwest and 0.7 percent in the South.

    Sales Forecasts Lowered

    Citing tightened lending standards, the National Association of Realtors on May 9 lowered its forecasts for home construction and sales. It forecast existing home sales will decline to 6.29 million this year, from 6.48 million in 2006, while housing starts will drop to 1.49 million from 1.8 million in 2006.

    The Realtors group forecast that median existing-home prices may slip 1 percent from 2006, the first annual decline since it began keeping records. Home values in 20 metropolitan areas fell 1.4 percent in the first quarter from a year ago, their first drop in almost 16 years, according to a report May 29 by S&P/Case-Schiller.

    Falling home prices leave consumers with less in equity gains to borrow against. Economists surveyed by Bloomberg forecast that will help slow consumer spending this year to a 2.6 percent annual pace in the fourth quarter from a 4.4 percent rate in the first three months of the year.

    Residential construction subtracted from growth for the last six quarters, and many economists are saying construction won’t begin to add to growth until 2008.

    Fed’s Outlook

    Even the Fed, in its May policy meeting, acknowledged the housing recession was likely to linger.

    “The correction of the housing sector was likely to continue to weigh heavily on economic activity through most of this year,” the Fed said in minutes of the May 9 Federal Open Market Committee meeting released May 30. That assessment was “somewhat longer than previously expected,” the Fed said.

    New home construction in the U.S. may not return to last year’s level until 2011, said David Seiders, chief economist for the National Association of Home Builders, in a May 29 interview in Washington.

    “We’ve fallen way below trend because we soared way above trend during boom times,” Seiders said. “The upswing will be relatively slow, unlike earlier cycles.”

    Late payments on subprime mortgages drove up U.S. foreclosure filings in the first quarter of 2007 by 35 percent to almost 437,500 compared with the same period last year, according to research company RealtyTrac Inc. That prompted banks to tighten lending standards, making it harder for more people to get loans.

    “One of the biggest unknowns right now is how serious the change on the mortgages side will be on home sales,” Seiders said.

    Homebuilders are cutting staff as sales drop. Pulte Homes Inc., the third-largest U.S. homebuilder, will fire 16 percent of its staff, further shrinking a workforce that has been cut by a quarter since the industry slump started, the Bloomfield Hills, Michigan-based company said May 30.

    “The homebuilding environment remains difficult,” Richard Dugas, chief executive officer, said in Pulte’s statement.

    To contact the reporter on this story: Bob Willis in Washington bwillis@bloomberg.net .

    Last Updated: June 1, 2007 10:00 EDT

  456. Donald says:

    Yes, I also live on the east side of Palisade Avenue. The last place in the world I would ever want to live is on the west side. Talk about a ghetto.

    What the above poster said about lot sizes is not completely true. In the east side, the smallest lots are 50 X 100. Some lots are triple this size.

    Oh, and do not even bother attending the viewing of the fireworks this July 4th on Esplandae (aka Calabrese Avenue, LOL). You cannot see anyhting and the police are real bastards because they do not want us hardworking taxpayers to get too close to the mayor’s house. They actually tie a rope in the middle of the street to segregate the middle class residents from the upper class ones with the 7 didgit homes with NYC views.

  457. Jamey says:

    re: 379.

    John, it’s nice to see that you keep tabs on your old cellmates.

  458. John says:

    NEWS FROM REUTERS

    JPMorgan Quietly Climbs Subprime Ladder

    By Tim McLaughlin

    NEW YORK, May 31 (Reuters) – JPMorgan Chase & Co. is downplaying its role in subprime lending even as spectacular flameouts in that sector have turned the Wall Street bank into one of the biggest originators of risky mortgages.

    “We don’t do much in the subprime business — at all,” JPMorgan Chief Executive Jamie Dimon told investors earlier this month at the company’s annual meeting. “It will be a good business, by the way.”

    Indeed, the No. 3 U.S. bank, along with other Wall Street companies, has stepped into a void triggered by a meltdown in the market for lending money to homebuyers with weak credit.

    JPMorgan’s first-quarter subprime mortgage originations, through Chase Home Finance, jumped 11 percent to $3.02 billion, according to Inside Mortgage Finance. The bank was No. 11 in a ranking that included No. 7 New Century Financial Corp., which now is being liquidated in bankruptcy.

    Not much subprime business at JPMorgan translates into a subprime mortgage portfolio that stood at $13.2 billion at the end of last year, or about 3.6 percent of the company’s $367 billion consumer loan portfolio. JPMorgan sold most of its 2006 subprime production, offloading risk.

    JPMorgan does not specify how much subprime lending contributes to its bottom line, but the earnings potential is there. In March, Charles Scharf, head of JPMorgan’s retail division, said home equity loans and subprime mortgages have the potential to contribute a total of $800 million in annual net income when working with the company’s investment bank.

    Profits increase when JPMorgan’s investment bank packages pools of loans into securities and sells them to investors. That’s one key reason why Wall Street banks have stepped up their subprime game.

    CitiMortgage, a unit of Citigroup, originated $8.1 billion in subprime mortgages during the first quarter, a 29 percent year-over-year gain that catapulted the bank to the top spot among U.S. subprime lenders.

  459. John says:

    Who Needs a Computer? Getting
    Home Values Via Cell Phone

    By Lauren Baier Kim

    Note: This is the fifth installment of “The Smart Surfer,” a feature that reviews real-estate Web sites and tools available online for home buyers/sellers and investors.

    Web site: Housefront.com, launched in April 2007, has home-value, property and sales-history information that can be accessed online or via cellphone through text messaging.

    Related Articles

    More The Smart Surfer columns

    Coolest functions: Out for a Sunday drive and see a house you like? Text the home’s address to 46873 (“HOUSE”) from a mobile phone and get information on the property’s potential sales price, size and number of bedrooms and bathrooms, etc. (The site doesn’t charge fees for its text-message service; your mobile-phone carrier’s normal rates apply.) Housefront.com also shows sale date(s) and price(s) paid, so for nosy individuals who want to know how much a neighbor paid for his or her house, this site is for you. To his knowledge, Housefront is the only free site that make the names of past buyers available, says James Eberhard, Housefront.com’s chief executive officer. (Other sites — such as RealEstateABC.com — post past residential sale prices and transaction dates, but no names.) If you sign up for a free account with the Web site and give a cellphone number, any Housefront.com report received via text message will be saved to your online account — along with your previous queries — so they can be viewed later on a computer.

    Home valulations and past sale data are available to consumers via cellphone from Housefront.com.
    How it works: Housefront.com aggregates housing information from public records, and Multiple Listing Service (MLS) data. (The site obtains its MLS information through partnerships with real-estate professionals.) Click on the “View Map” tab to bring up a larger Google map (with street map, satellite and hybrid views available) to see the home’s location on a larger scale. Choose “Compare to Similar Homes” to pull up a chart that will list information such as the subject home’s prior sold price, prior sold date, number of bedrooms and bathrooms and lot size, shown side-by-side with data on comparable properties nearby. Selecting “Filtering options” will allow you to limit the number of homes shown by factors such as location and price. Clicking on “My Searches” brings up a chart of the homes you have queried (which is useful for comparing and contrasting properties’ prices, sizes, current values, etc.). Hit “Compare Checked Homes” for a side-by-side comparison of those properties.

    Pluses: Your Housefront home-value text messages needn’t consume too much of your phone’s memory, since they’ll be kept on the site in your account. Email alerts on updates to neighborhood property values or when local homes come up for sale are also available to registered users. The site accepts public comments about properties — which gives homeowners and house hunters an opportunity to share critiques on a home. Zillow.com has a text messaging service similar to Housefront.com’s, but Zillow does not make consumer’s searches via cellphone available online.

    Drawbacks: As with other home-value Web sites, past sales data and property information may be limited or not available for some homes. A specific address is needed to perform a home-value search, so a newcomer to an area can’t use the site to get a general feel for property values in a neighborhood without first finding a home’s exact street address. While the site provides sales history and property data, one crucial piece of the real-estate puzzle for any neighborhood — for-sale listings — aren’t published on the site. The public comment option may provide consumers with valuable insight on properties, but there is potential for abuse as any visitor can post “opinions” about specific properties, whether or not that person is actually familiar with those homes or not. The email alert system may be helpful to any consumer who wants to track a specific housing market, but the function is only available to site visitors who register with Housefront as a home’s owner. Although it is public record, some people might not be pleased to find all the details regarding their home purchase — including their name — available for everyone to see on the Web.

    Insider tips: Check out the “Search Popularity” box for each home that you search. Housefront.com keeps track of searches by all users and will note a property’s “House Rank” — or popularity (out of all homes searched on the site), as well as a city’s and a neighborood’s rank. Click on “House,” “City” or “Zip Code” on each home-search page to get the 100-most popular homes, cities or ZIPcodes searched on the site. As early as the end of this month, Housefront.com will allow real-estate agents to post for-sale listings on the site, says Mr. Eberhard.

  460. Greg says:

    Wait until the 10 year bond is around 5.5% – then something is going to hit the fan. BTW, found this new forum http://WWW.JERSEYLEGALFORUMS.COM

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