Monthly Archives: November 2007

Upper Montclair Comp Killer!

Posted on November 24, 2007 by grim
Posted in Housing Bubble, New Jersey Real Estate | 6 Comments

Today’s Comp Killer* comes to us from Upper Montclair, NJ. This home was purchased in December of 2006 for $490,000: GSMLS# 2312373 – 48 Northview, Montclair NJ List Date: 08/23/06 Original List Price: $529,000 (Multiple relistings, actual OLP $649,000) Purchase … Continue reading →

“How did things go so wrong?”

Posted on November 23, 2007 by grim
Posted in Economics, Housing Bubble, National Real Estate | 5 Comments

From the New York Times: Banks Gone Wild By PAUL KRUGMAN Published: November 23, 2007 “What were they smoking?” asks the cover of the current issue of Fortune magazine. Underneath the headline are photos of recently deposed Wall Street titans, … Continue reading →

“Prices have to continue to fall to deplete a bloated inventory”

Posted on November 22, 2007 by grim
Posted in Housing Bubble, National Real Estate | 1 Comment

From Bloomberg: Home sales, prices decline nationwide Home prices fell in more than one-third of US cities last quarter as stricter lending standards caused a 14 percent decline in sales nationwide. more stories like this If you think tough times … Continue reading →

“This is not business as usual.”

Posted on November 21, 2007 by grim
Posted in Economics, Housing Bubble, National Real Estate | 325 Comments

From the Wall Street Journal: Paulson Shifts on Mortgages Treasury Secretary Seeks Broad Moves by Lenders; ‘Not Business as Usual’ By DEBORAH SOLOMON November 21, 2007; Page A8 U.S. Treasury Secretary Henry Paulson, concerned that millions of homeowners aren’t being … Continue reading →

“We still have not hit the worst point …”

Posted on November 21, 2007 by grim
Posted in Housing Bubble, Risky Lending | 1 Comment

From Reuters: U.S. mortgage-related losses likely up to $300 bln: OECD Overall losses from the U.S. mortgage market crisis could be up to $300 billion but financial firms and policymakers need to buy time to ensure an orderly work-out, the … Continue reading →

SFH construction falls to 16 year low

Posted on November 21, 2007 by grim
Posted in National Real Estate, New Development | Comments Off

From the Associated Press: Home construction hits record low Construction of single-family homes in October skidded to the lowest level in 16 years, although the slide was cushioned somewhat by a rebound in apartment building. The Commerce Department reported yesterday … Continue reading →

“The housing recovery is absolutely going to be measured in years, not in months”

Posted on November 20, 2007 by grim
Posted in National Real Estate, New Development | 1 Comment

From Reuters: November home builder sentiment at record low Home builder sentiment stayed at a record low in November, weighed down by a record supply of unsold homes lingering on the market, an industry group said on Monday. The National … Continue reading →

A New AC?

Posted on November 20, 2007 by grim
Posted in New Development, New Jersey Real Estate | 2 Comments

From the AP: Mega-casinos will change Atlantic City ATLANTIC CITY, N.J. – Five years from now, you might not even recognize this place. A burst of new, luxurious mega-casino projects to be built by 2012 will transform the face of … Continue reading →

“If they pull back, the economy will unravel into recession.”

Posted on November 19, 2007 by grim
Posted in Economics, National Real Estate | 247 Comments

From Bloomberg: Slowing Economy Proves Fitzgerald Wrong: Rich Aren’t Different F. Scott Fitzgerald had it wrong: In a slowing economy, the rich aren’t that different from everyone else. Affluent consumers, pinched by shrinking stock portfolios, falling property values and smaller … Continue reading →

Cross-sell, up-sell, mortgages go retail.

Posted on November 19, 2007 by grim
Posted in National Real Estate | 2 Comments

From the Record: Big bank gives thanks When executives at the Iselin headquarters of Chase Home Lending count their blessings on Thanksgiving, they could include the collapse of the subprime market. The financial debacle is helping the mortgage-lending division of … Continue reading →

Affordable Trump

Posted on November 19, 2007 by grim
Posted in New Development, New Jersey Real Estate | Comments Off

From the Record: Ordinary folks in Trump’s EnCap condos? A Donald Trump residential project might evoke, for many, thoughts of exclusive — and expensive — high-rise condominiums. But if the Manhattan real estate mogul is to achieve his goal of … Continue reading →

Weekend Open Discussion

Posted on November 17, 2007 by grim
Posted in General | 491 Comments

This is the time and place to post observations about your local areas, comments on news stories or the New Jersey housing market, open house reports, etc. If you have any questions you wanted to ask earlier in the week … Continue reading →

Comp Killer! 11/17

Posted on November 17, 2007 by grim
Posted in Housing Bubble, New Jersey Real Estate | 8 Comments

Marquette Road, Montclair NJ Purchased: 4/26/2006 Purchase Price: $561,000 MLS# 2439368 Sold: 11/16/2007 Sale Price: $535,000 Clayton Street, Hillsdale NJ (Short Sale) Purchased: 10/6/2005 Purchase Price: $630,000 Currently listed as MLS# 2743411 Original List Price: $499,900 List Price: $479,900 DOM: … Continue reading →

NJ Debt: $38 billion

Posted on November 17, 2007 by grim
Posted in New Jersey Real Estate, Politics, Property Taxes | 6 Comments

From NorthJersey.com: N.J.’s debt burden tops $38B A new report shows New Jersey’s record debt is now above the $38 billion mark, a figure Governor Corzine has vowed to slash in half with a yet-to-be disclosed “financial restructuring” plan that … Continue reading →

Comp Killer! 11/15

Posted on November 15, 2007 by grim
Posted in New Jersey Real Estate | 28 Comments

West Orange Comp Killer! It was purchased in December of 2005 for $699,000. It was recently listed for sale, and sold: GSMLS# 2441306 List Date: 09/05/07 Original List Price: $699,000 Reduced to: $649,000 Sale Date: 11/15/07 Sale Price: $655,000 In … Continue reading →