Monthly Archives: March 2008

Florham Park Comp Killer

Posted on March 25, 2008 by grim
Posted in New Jersey Real Estate, Price Reduced | 108 Comments

22 Midwood Drive, Florham Park NJ Purchase Price: $800,000 Purchased: 7/21/2006 Current Asking Price: $599,000 (Short Sale – Lis Pendens Filed) 25% under 2006 purchase price History MLS# 2339326 Listed: 11/8/2006 Original List Price: $799,500 Reduced: $775,000 Days on Market: … Continue reading →

Chester Comp Killers

Posted on March 24, 2008 by grim
Posted in New Jersey Real Estate, Price Reduced | 42 Comments

2 Green Hill Road, Chester NJ Purchase Price: $1,129,000 Purchased: 5/11/2006 Current Asking Price: $950,000 (Short Sale) 16% under 2006 purchase price History MLS# 2447201 Listed: 9/4/2007 Original List Price: $1,199,000 Reduced: $950,000 Days on Market: 182 Active

Philly Fed: Not so different here

Posted on March 24, 2008 by grim
Posted in New Development, New Jersey Real Estate, Risky Lending | Comments Off

From Reuters: Mid-Atlantic banks face more loan losses-report Big Mid-Atlantic banks face more losses from the real estate slump, according to a report on Monday from a regional Federal Reserve that suggests the worst has not passed for the beleaguered … Continue reading →

February home sales fall 23.8%, median price falls 8.2%

Posted on March 24, 2008 by grim
Posted in Economics, Housing Bubble, National Real Estate | 286 Comments

From the National Association of Realtors: February Existing Home Sales National February Sales down 23.8% Year over Year (SAAR) National February Sales down 19.4% Year over Year (NSA) Northeast February Sales down 26.4% Year over Year (SAAR) Northeast February Sales … Continue reading →

Weekend Open Discussion – Part II

Posted on March 22, 2008 by grim
Posted in General | 271 Comments

Now Open, Part II! Prior weekend thread closed due to comment overflow.

Cliffside Park Comp Killer

Posted on March 22, 2008 by grim
Posted in New Jersey Real Estate | 26 Comments

Purchase Price: $900,000 Purchased: 1/27/2006 Current Asking Price: $760,000 (Pre Foreclosure/Short Sale) 16% under 2006 purchase price Highridge Ave, Cliffside Park NJ History MLS# 2638819 Listed: 10/2/2006 Original List Price: $999,000 Days on Market: 22 Withdrawn MLS#: 2646367 Relisted: 12/13/2006 … Continue reading →

Randolph Comp Killer

Posted on March 22, 2008 by grim
Posted in New Jersey Real Estate | 11 Comments

MLS# 2491585 – Orchard Drive, Randolph NJ Purchase Price: $700,000 Purchased: 6/23/2003 Current Asking Price: $469,000 (REO) 33% under 2003 purchase price

Weekend Open Discussion

Posted on March 21, 2008 by grim
Posted in General | 371 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 →

Mount Olive Comp Killer

Posted on March 20, 2008 by grim
Posted in New Jersey Real Estate, Price Reduced | 81 Comments

Purchase Price: $590,000 Purchased: 5/16/2005 Current Asking Price: $499,000 (Short Sale) 15% under 2005 purchase price Dorsett Drive, Mount Olive NJ History MLS# 2255782 Listed: 3/8/2006 Original List Price: $689,900 Reduced to: $634,899 Days on Market: 156 Withdrawn MLS#: 2309154 … Continue reading →

10,300 NJ Jobs lost in 2008

Posted on March 19, 2008 by grim
Posted in Economics, New Jersey Real Estate | 36 Comments

From the AP: N.J. unemployment rate jumps in February New Jersey’s unemployment rate jumps for the second straight month. The rate hit 4.8 percent in February, up from 4.5 percent in January. The state Labor and Workforce Development Department says … Continue reading →

Public enemy number one

Posted on March 19, 2008 by grim
Posted in New Jersey Real Estate, Property Taxes | 285 Comments

From the AP: Leading mayor says property taxes ‘public policy enemy No. 1′ A leading New Jersey mayor calls New Jersey’s highest-in-the-nation property taxes “public policy enemy number one.” In doing so, he beseeches New Jersey lawmakers to reject Gov. … Continue reading →

“But it looks like hell right now.”

Posted on March 19, 2008 by grim
Posted in New Development, New Jersey Real Estate | 5 Comments

From the Record: Xanadu in ugly predicament The architects of Xanadu’s controversial exterior have been summoned to meet with Meadowlands Sports Complex officials next week to explain how the shopping and entertainment center will evolve into “an acceptable finished product.” … Continue reading →

Fort Monmouth redevelopment

Posted on March 19, 2008 by grim
Posted in New Development, New Jersey Real Estate | 1 Comment

From Forbes: NJ redevelopment plan to be shown Sprawled across 1,100 acres, Fort Monmouth occupies a good chunk of New Jersey, but its high-tech mission constitutes an even larger contribution to the state’s economy. But with the Army base scheduled … Continue reading →

Just how low will Benny go?

Posted on March 18, 2008 by grim
Posted in Economics, National Real Estate | 475 Comments

From Bloomberg: Bernanke May Cut Benchmark Rate by Most Since Volcker Federal Reserve Chairman Ben S. Bernanke may be readying the deepest interest-rate cut in a generation as the central bank struggles to prevent a meltdown in financial markets and … Continue reading →

Otteau February Newsletter

Posted on March 17, 2008 by grim
Posted in New Jersey Real Estate | 62 Comments

From the Otteau Valuation Group: WEAK SALES PACE CONTINUES IN FEBRUARY February home sales turned in another weak performance erasing hopes of a housing market recovery any time soon. Following a disappointing January when contract-sales were off by 30%, February … Continue reading →