North Jersey Contracts – October 2012

(Source GSMLS, except Bergen which is based off NJMLS)

October Pending Home Sales (Contracts)
——————————-

Bergen County
October 2011 – 549
October 2012 – 640 (Up 16.6% YOY)

Essex County
October 2011 – 403
October 2012 – 519 (Up 28.8% YOY)

Hunterdon County
October 2011 – 226
October 2012 – 282 (Up 24.8% YOY)

Morris County
October 2011 – 434
October 2012 – 599 (Up 38.0% YOY)

Passaic County
October 2011 – 343
October 2012 – 431 (Up 25.7% YOY)

Somerset County
October 2011 – 362
October 2012 – 450 (Up 24.3% YOY)

Sussex County
October 2011 – 230
October 2012 – 334 (Up 45.2% YOY)

Union County
October 2011 – 381
October 2012 – 474 (Up 24.4% YOY)

Warren County
October 2011 – 202
October 2012 – 274 (Up 35.6% YOY)

This entry was posted in Economics, Housing Recovery, North Jersey Real Estate. Bookmark the permalink.

69 Responses to North Jersey Contracts – October 2012

  1. grim says:

    From Otteau’s November MarketNews:

    Housing Recovery Presses On

    The New Jersey housing market turned in another strong month in September with home purchase contracts increasing 23% compared to the same month last year. YTD purchase activity through September 30th has increased 24% over last year with no signs of a slowdown. The September increase is the 12th consecutive month that sales have increased since a modest 1% decline in September 2011.

    http://ih.constantcontact.com/fs126/1101411333082/img/591.jpg

  2. Johnny Boy says:

    OMG OMG OMG – I’m FIrST!

  3. Fast Eddie says:

    YOY contracts are up. Ok, I get it, especially with a high 3/low 4 handle attached to lending rates. But, I have no idea what they’re buying. It seems like I’m looking at the same 15 houses spanning 6 towns, over and over again. Obviously I’m not alone because 3B is running into the same issue. There’s nothing to buy. Let me rephrase: there’s nothing to but unless you don’t mind a highway behind you, no C/A, no formal dining room, a wet basement, no backyard and obscure layout.

  4. grim says:

    Gary – Even the wreck on Pine caught a bid…

  5. grim says:

    Andover caught a bid in just a few days (under a week), with an asking price that was 5% under their lofty 2006 asking price of $640k.

  6. grim says:

    Even Victor – Which was basically built on the shoulder of 208, caught a bid in a month.

  7. Fast Eddie says:

    grim,

    I’m curious to know what the hammer price was on Pine. I’m trying to remember what was on Andover and Victor… it’s becoming a blur. lol!

  8. grim says:

    Just peeking back at the higher tier towns in BC in the last week..

    Wyckoff – Andover – $600k – ARIP in 7 days
    Wyckoff – Fairfield – $723k – ARIP in 5 days
    Westwood – Fairview – $515k – ARIP in 9 days
    Ridgewood – Valley View – $959k – ARIP in 4 days
    Ridgewood – Morningside – $429k – ARIP in 3 days
    Ramsey – Sauna – $690k – ARIP in 4 days
    Paramus – Ashley – $370k – ARIP in 8 days

  9. grim says:

    Andover was the one you looked at online this week, Victor was the nice builder remodel at the end of the street next to the highway.

  10. Fast Eddie says:

    Oh wait! Victor was the re-done expanded split! Yes? Trying to remember Andover…

  11. Mike says:

    Good Morning New Jersey

  12. Fast Eddie says:

    How is it that there are fewer and fewer houses to look at but yet the YOY contracts are up. I’m searching all the listing sites and seeing the same exact houses for weeks. It’s to the point where I can look at the little price tag on the listing maps and actually describe the house. Those YOY numbers are bullsh1t.

  13. Fast Eddie says:

    Pictures do no justice. This one had this secret stairway off the kitchen where it looked like a dungeon loft. It looked like a f*cking fire trap. The basement reeked and was stuffed with sh1t. The house was dirty… skeevy dirty. Take a look at the layout of the kitchen in the pics… a disaster.

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1229099&dayssince=&countysearch=false

  14. Fast Eddie says:

    This one needs to be gutted. The realtor shrugged every time we looked her way at the open house. She could read our mind. The old man who lives here will be dead before this one sells. My daughter was clinging to me as to not fall down the sideways basement stairs. The kitchens and baths were peeling and disgusting. Open the front door, toss in a hand grenade, wait for aftermath, remodel. Period.

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1233722&dayssince=&countysearch=false

  15. Fast Eddie says:

    The smell was nauseating in this one. Mix stale cigar smell and dead body laying there for weeks and you’ll get the picture. Actually, you won’t unless you tour this one. This one is so dated I thought Nixon was still president.

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1123535&dayssince=&countysearch=false

  16. Fast Eddie says:

    Another one where pictures do no justice. I felt like I had to walk in the bedrooms sideways. It has no flow… hard to describe. You feel strange when you walk into this one. We’ve run into the realtor at this open house about 1o times and every time I see him, I cringe more than the last time. I think he’s the cannon fodder of realtors; like a prop the other realtors use when they don’t want to sit there all day on a Sunday. He was trying to explain how “Euro” the kitchen was and we were trying to explain how much we didn’t give a sh1t. If we’re so wrong, why is it still for sale?

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1232987&dayssince=&countysearch=false

  17. Fast Eddie says:

    They called us begging to make an offer on this one. It’s a shoebox. If you offer $400,000 for this one, they’ll accept it. Check out the wall oven in the kitchen; I asked the realtor at the open house if it was a space ship:

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1232174&dayssince=&countysearch=false

  18. Fast Eddie says:

    Looks pretty nice, doesn’t it? Go visit this one. The yard needs to be scraped, the skylights are leaking in this wasted, cavernous upstairs room; three bedrooms are really closets, it’s filthy dirty, there are gaps in the side of the brick facing in the family room by the fire place, the windows need to be totally replaced, there’s something that resembles a three-season porch that’s disgusting… should I go on?

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1233230&dayssince=&countysearch=false

  19. Ernest Money says:

    You can pick any house you want- for free- after the marauding revolutionary gangs have moved thru BC.

  20. Fast Eddie says:

    I always come back to this one… it’s like coming home to me. It’s the ultimate “abuse the seller” house. It’s a f*cking beauty. All it needs is a few junkies sitting in one of the empty rooms whacking smack to be the cherry on the cake. It’s the pottery barn antithesis of absolute disgust:

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1230031&dayssince=&countysearch=false

  21. Fast Eddie says:

    Ernest,

    Some of these sellers are f.ucked. There’s just no way around it. They’re totally f.ucked. There’s another leg down coming. You could smell the salty air as the sea wall approaches.

  22. Fast Eddie says:

    LOL! Forget the house, click on the link and look at the phone plastered to the ear of the realtor on the right! OMG! Is it 1983 again?

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1231479&dayssince=&countysearch=false

  23. Mike says:

    The realtor in number 16 looked cute, but like you said can’t go by the pictures

  24. 3b Buying says:

    #3 Fast: 30 year rates now at around 3.15%! That is what is driving this. But you are right, inventory sucks!!

  25. nwnj says:

    Throw lowballs at the empty houses and remodel them how you’d like. That’s the only way to get a place below market.

  26. joyce says:

    Nom,
    Where in PA are you again? I live in Essex County, NJ and go to East Sroudsburg, PA once or twice a month and the gas prices have ALWAYS been higher in PA. Not by 50% of anything outrageous, but still always higher.

    145.Comrade Nom Deplume says:
    November 16, 2012 at 10:43 pm
    [139] chi

    NJ. I was surprised to see not a lot of damage, but even in western NJ, gas prices are higher than in PA.

    Also learned that two trees from my old backyard went down, taking out the neighbors fence. These are huge trees so the fact that they didn’t land on anyone’s house is fortuitous.

  27. joyce says:

    After the storm damange is mostly repaired, are they going to lower property taxes by 20% across the board? I figure if 20% of the properties/residents are gone, we’ll need 20% less services. For some reason, I don’t think it’s going to work out that way.

    144.NJGator says:
    November 16, 2012 at 9:14 pm
    Toms River repair bill: $35 million

    TOMS RIVER — The township might have lost 20 percent of it property tax base when superstorm Sandy tore through its beachfront resort enclaves, and a $35-million bond issue approved by the Township Council on Friday is just a first step toward repairs, Mayor Thomas F. Kelaher said.

  28. Comrade Nom Deplume says:

    [26] Joyce,

    I’m in Chester county, close to DelCo. PA gas taxes are higher than NJ. In fact, every state is higher. So I would always tank up or fill cans in NJ.

    But I can see that NJ prices are still high even though power is back and deliveries are happening. In some places on 202 where I would get gas, it was significantly more, but overall, it is only marginally more than PA.

    Suggest you monitor prices on your drive and of you find PA cheaper, tank up. But either way, I don’t see huge savings.

  29. zieba says:

    Joyce,
    Do you arm yourself prior to heading out to the E.S. for gas? The Bronx riviera is such a sh*thole.

    Gary,
    People will fall all over themselves to buy all sorts of crap. A couple I know were distraught to learn the below deal fell apart in contract because… the loved knotty pine paneling (childhood thing I guess). A cracked 85 foot retaining wall was the only thing – well that and stubborn tone deaf sellers – standing between them this lovely time warp. Point is, while I am equally repulsed by your links, there are a lot of people out there with really, really bad taste and an inability to analyze longer term repercussions of their actions.

    http://www.trulia.com/property/photos/3029682646-124-Saint-Stephens-Pl-Staten-Island-NY-10306#item-4

  30. Fast Eddie says:

    zieba,
    A cracked retaining wall should serve as a whack to the head by a 2 X 4 when logic and reasoning leave the senses.

    nwnj,
    Believe me, I have the same thoughts but when you tally up the gigantic amount of time and money required to make the place liveable, one loses hope. 589K for a house that should go for 370K pretty much kills the incentive.

  31. zieba says:

    Some would scoff at it but, given the quality of inventory, there is something to be said for turnkey read-to-live factor that a condo offers. I never understood the appeal of a wood paneled basement “man cave”.

  32. chicagofinance says:

    chicagofinance says:
    November 16, 2012 at 11:27 pm
    Like clockwork:
    http://www.businessweek.com/articles/2012-11-15/the-complete-2012-business-schools-ranking

  33. chicagofinance says:

    If you enter NJ via 202, then I can see why gas prices may be higher, but if you cut into NJ via BFB or BRB and go 295 or NJTP, all of South Jersey is a good 10 cents less than North Jersey, and all are cheaper than PA. The storm inflation probably needs to wear off. Down by me I see wide gaps in prices…….

  34. Comrade Nom Deplume says:

    Stryker laying off another 1,170 due to obamacare. This on tip of previous layoffs, also tied to obamacare.

    Part of the reason is obviously a slowdown in work. Fewer elective procedures and who knows if gov will pay for joint replacements at same pace in future.

    One thing I can predict: Stryker and other med devices move production offshore for sales offshore as there is a greater incentive to keep the earnings offshore than there was before. I’d love to see the effects of this tax someday. Something tells me that this is going to be an epic example of deadweight loss.

  35. joyce says:

    (28)
    Comrade,
    Good to know. I have not been there since the storm so I probably didn’t notice. Just took me by surprise is all.

    (29)
    Did I say I go to Stroud for gasoline?

  36. Marilyn says:

    Fast Eddie, what a great laugh. Keep it going. Love it!!!

  37. An observer says:

    Re #34 Comrade –

    You can blame it on Obama care, but as someone that works in a hospital environment and deal with their products a lot, let’s say that they are overprice and their product’s quality is the same as those early 80’s chevys.

    For those not in the know – let me take hospital beds. They use to be simple – now they are self-propelled, mp3 playing, multiple adjustment mattresses and multipoint bending with multiple type of physical vibrating therapies monsters. The striker beds have had multiple recalls because of failures and their reputation with quality and reliability has taken a big hit that make their high prices justified.

    Stryker might blame Obama care, but in reality is their crappy, badly engineered 90% built in China, expensive hospital beds.

  38. Comrade Nom Deplume says:

    AFL-CIO blaming greedy WS types for Hostess.

    Where’s Dope?

  39. Comrade Nom Deplume says:

    [37] observer,

    I don’t propose to know why Stryker is saying what they are, only that they are blaming their layoffs, at least in part, on obamacare.

    And I didn’t know they made hospital beds.

    Anyway, sounds like your beef is with them.

  40. Essex says:

    Boehner looks about ready for a good cry.

  41. The Original NJ ExPat says:

    Does anybody else overpay their mortgage statement and their servicer tries to encourage you *not* to pay the next month? We overpay our mortgage by about 60% and are now knocking down $2 in principal for every $1 in interest. Our monthly statements show up with the principal and interest properly credited (the overage marked as “curtailed principal payment” or some such thing). The weird thing is that the “Next Payment Due” date is always at least 5 months ahead. Our October statement says “Due March 01, 2013”. Our servicer is Chase (we took our mortgage out with WaMu, Fannie or Freddie holds the mortgage, I forget which). Anybody else seen this?

  42. The Original NJ ExPat says:

    For anybody playing Where’s Waldo JJ ? : I triangulate his position as being very close to where Oceanside, Rockville Centre, and East Rockaway meet by this data:

    JJ says:
    June 14, 2012 at 9:57 am
    It is not only the restaurants it is all types of food. I have three bagel shops, four chinese restaurants, four pizzerias, three 7/11′s and two red mangos walking distance from my house and Six supermarkets within one mile. Even the Supermarkets are always being renovated and offering specials as with six in a one mile radius it is tough.

  43. Ernest Money says:

    We are all well and truly fuct. All over but for the crying.

  44. Ernest Money says:

    Bring on Hannibal, the elephants and the hordes.

  45. Mikewaited says:

    Sussex county blows the doors off over 45% increase! For the life of me do not know where same listing just sitting in the areas I look at.

  46. Ernest Money says:

    mikey (46)-

    Increase is investors paying cash for the most blown-out, underwater stuff. I’m not a Sussex expert, but I bet a lot of those units in that ritzy golf debacle changed hands.

  47. Ragnar says:

    freedy, 48
    As the spambot of post 50 says, “it fits your mouth quite nicely”. It appears to be written by a group of European leftists, where socialists actually identify themselves as socialists. It takes their multi-decade dislike for things American, and adds another decade for refreshment. Thus US is perishing due to its hostility to big government? Reagan’s only accomplishment was Grenada?
    Sounds like it could have been written by the NY Times editorial page.

  48. chicagofinance says:

    He is something for the hordes that are missing JJ….not quite a substitute, but it gets you in the ballpark…..
    http://www.nypost.com/p/news/local/manhattan/wakeup_call_it_your_hotel_dirty_BLLrG6Y3uaMA9udfVKlwNK

  49. Ernest Money says:

    Let the redistributionists write away. We are all now simply fighting for the last few scraps left for the few remaining dinosaurs of a disintegrating planet.

  50. Ernest Money says:

    The Decline of Western Civilization is almost complete.

  51. Ernest Money says:

    Just spark up a medical spliff, and relax. Let the oblivion wash over you.

  52. Sweet internet site, super design and style, really clean and employ friendly.

  53. 250k says:

    I never thought an article about the handling of a weather emergency by a mass transit system would leave me speechless, but this one has. NJT’s (mis)management takes incompetence to a new level. Zero accountability. Zero.

    http://www.reuters.com/article/2012/11/17/us-storm-sandy-newjersey-railway-idUSBRE8AG0K220121117

    Grim, any chance this could be tomorrow’s headline? As I see it, it impacts NJRE on account of the ease of access to NYC being a tagline for so many towns. If anyone hated their commute into the city from NJ before the storm via NJT, how do they feel about it now? All joking aside, Port Authority is now third world. The scene at Penn Station during rush hour is fairly close.

  54. Ragnar says:

    250k,
    State run enterprises are inefficient and provide poor customer service, and are generally mismanaged. Given this, we should be surprised that the trains are running at all. Yet the trend is for rising state control of economic activity.

  55. Fabius Maximus says:

    #56 Ragner

    The UK is a perfect example of what happens when you attempt to take rail into the private sector. This piece written by the Japanese does a good job in highlighting lost of the issue. Overall privatisation was viewed in the UK as a total ClusterFcuk.

    http://www.jrtr.net/jrtr34/f16_mat.html

  56. Ernest Money says:

    All hail the gubmint! Suckle at its teat, and drink the narcotic elixir that renders you stupid and poor.

  57. Brian says:

    The sun came up again today.

  58. Comrade Nom Deplume says:

    [57] fabius,

    This country has taken a dim view of UK politics for nearly nearly 250 years. And what’s with the awful teeth and jellied eels?

  59. chicagofinance says:

    This quote is stunning. It is the equivalent of punching someone in the face and saying “I am not punching you in the face, and I am not about to punch you in the face.” Then winding up and punching them again.
    xxxxxxx
    James Weinstein, NJ Transit’s executive director, said he did not expect the loss of equipment to have a significant effect on service in the coming weeks and months.

    250k says:
    November 18, 2012 at 9:12 pm
    I never thought an article about the handling of a weather emergency by a mass transit system would leave me speechless, but this one has. NJT’s (mis)management takes incompetence to a new level. Zero accountability. Zero.

  60. Fast Eddie says:

    Regarding Hostess: Can anyone explain how this sugar tariff works that in essence, killed the company? And does anyone find it ironic that a Mexican company is going to buy the iconic brand?

  61. Fast Eddie says:

    Brian [65],

    I didn’t even think of it. Thanks for the reminder. :)

  62. Comrade Nom Deplume says:

    [61] Brian,

    I wonder how many folks voting for NJs secession are from other states?

    For that matter, apply same question to Texas.

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