Home purchases post another strong month

From the Otteau Group:

July Purchase Activity Shifts Back in to High Gear

Home purchase demand in New Jersey shifted back in to high gear with another double digit-increase. In July, signed purchase-contracts rose by 21% compared to one year ago. This follows a smaller increase in June as rising home prices and mortgage interest rates caused a pause in buying activity.

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

29 Responses to Home purchases post another strong month

  1. grim says:

    Ok – So one of the coolest houses in NJ just closed, “Mill Cottage” at the top of Roxiticus in Mendham, odd looking place, at least 4 stories top to bottom, right on the river. Built in the mid 1700, architect redesigned. The only way I can describe the layout is think small 4 story NYC townhouse.

    Was in love with this place back in 2005 – Asking price was in mid fives if I remember. It’s not a big place at all, and not for everyone, so that price was a real stretch.

    I think it closed around $450k.

    Just closed again at $305k – 32% off peak. 7 years of ownership, $145k in equity evaporated.

    Whoever bought this place got a killer deal. If I knew they would have taken $100k off asking for it, I’d have bought it, it is *that* cool.

  2. BeachBum says:

    Just a quick hello after a couple of years off. Glad to see the postings are still interesting.
    I never did wind up buying a house in Belmar. Got tied up in some nasty litigation over the sale of a house by 2 brothers who inherited it from their dad, and that was enough to convince me that it was not meant to be.
    Now I rent a nice house in Belmar for a couple of weeks every summer. It looks to me like the prices in Belmar have finally started to be more realistic for what you get.
    Anyway, thought I’d make a quick cameo to say hello to Grim, NJ Coast and the rest of the crew.

  3. BeachBum says:

    PS: Happy Labor Day Weekend!

  4. grim says:

    Revel must really be hurting – got comp’ed a room just for sitting down at a table.

  5. Ottoman says:

    1- If you enjoy being surrounded by traffic jams during rush hour and speeding cars the rest of the day. Plus, if I recall, most of the house is below grade so the traffic on 124 is ever present as you’re in the yard. If you don’t need an actual authentically restored antique home, buy any sh!thole on a quieter street and do the same thing.

  6. NJCoast says:

    Hey Beachbum hope you’re here enjoying the shore. I’m looking forward to getting our beaches and roads back. The traffic around here gets crazy in the summer. September is the best month for the beach. Too bad I’m all tied up with the reopening of the Starland Ballroom.

  7. Comrade Nom Deplume, knee jerk savant says:

    Toon wins, mackems lose. Go Spurs!

  8. Brian says:

    People still need shelter. Weird.

  9. chicagofinance says:

    Was just there last night….when I walked out of the concert at about 11:30PM, there was a woman DJ spinning tunes next to a catwalk with Playboy dancers in lingerie above the tables. Cigarette smoke everywhere…..it was so scuzzy….it feel as if I was in Moscow or something…..upscale sleaze….so nasty….

    grim says:
    August 31, 2013 at 11:35 am
    Revel must really be hurting – got comp’ed a room just for sitting down at a table.

  10. Brian says:

    I love the way you describe stuff. Totally makes me want to go.

    chicagofinance says:
    August 31, 2013 at 5:47 pm
    Was just there last night….when I walked out of the concert at about 11:30PM, there was a woman DJ spinning tunes next to a catwalk with Playboy dancers in lingerie above the tables. Cigarette smoke everywhere…..it was so scuzzy….it feel as if I was in Moscow or something…..upscale sleaze….so nasty….

  11. Cheer up, old Roy Keane
    Oh, what can it mean
    To a sad Mackems bastard
    And a shit football team?

  12. scribe says:

    grim, #1 – pic or street number? couldn’t find it via Google

  13. Ottoman says:

    I’m pretty sure Grim is talking about 9 Roxiticus. Google 7 Roxiticus to see the stone gristmill on the other side of the highway (and route 124 is a highway) that sold earlier this year for $800k. I lived in mendham (still live not too far away) and that intersection is a traffic nightmare, there is nothing soothing about that location and good luck getting out of your driveway in the morning. Doesn’t surprise me that the value rose too high during the bubble and then crashed hard afterwards.

    http://streeteasy.com/new_jersey/sale/753369-house-9-roxiticus-rd-mendham

  14. BearsFan says:

    chi, who played there last night? I was over at the Nugget seeing Grace Potter.

  15. NJCoast says:

    Grace Potter rocks. She’ll be at the State Theatre, New Brunswick on September 8.

  16. Comrade Nom Deplume, packing boxes says:

    From the “Be Careful What You Wish For” Department:

    http://www.fool.com/how-to-invest/personal-finance/taxes/2013/09/01/3-reasons-same-sex-spouses-will-hate-irs-marriage.aspx

    Marriage is a wonderful institution. But who wants to live in an institution?

  17. chicagofinance says:

    BearsFan says:
    September 1, 2013 at 2:27 pm
    chi, who played there last night? I was over at the Nugget seeing Grace Potter.
    http://www.youtube.com/watch?v=sj-LV5QBwA8

  18. Wake me up when the war starts.

  19. chicagofinance says:

    80′s song, right? Is it Wham! or Culture Club? I forget…..

    Scrapple n’Ricin says:
    September 2, 2013 at 12:58 pm
    Wake me up when the war starts.

  20. chicagofinance says:

    The End Is Nigh (All-Terrain Vehicle Edition):

    Man nearly decapitated after riding ATV into piano wire booby trap guarding pot

    A New York man died after being nearly decapitated by a booby trap he set to protect marijuana plants on his property.

    Daniel R. Ricketts, 50, who owns property and a residence on Saw Mill Road in Albany County, was identified as the victim on Sunday, the Times Union reports.

    Albany County Sheriff Craig Apple said Ricketts was driving an ATV on his property on Saturday afternoon when he was nearly decapitated after running into a nearly invisible wire that was part of fortifications he made near four large marijuana plants.

    The wire appeared to be the type used in pianos, but Apple said it’s unclear what purpose it served as a security measure. Other components of the booby traps included barbed wire and a leg trap similar to those used to trap coyotes.

    Alcohol may have been a factor in the accident, Apple said. An investigation is ongoing.

  21. コートニット春のセーターはまだ単一の製品を約束しているが、(レポーターインターン張功の測定値),アディダス シューズ洪浩服装のス&#

  22. Wanker should ruin Ozil’s career within one season.

  23. Fabius Maximus says:

    Too good not to rip off!
    Tebow approached Patriots head coach Bill Belichick in his office. “Welcome, young Timothy,” Belichick said as he beckoned Tebow into his office. “I have been expecting you. I’m looking forward to completing your training. Soon you will call me master.” The pious Tebow calmly shook his head and responded, “You’re gravely mistaken. You won’t convert me.” Belichick laughed a cruel laugh and said, “Oh no, my young tight end. You will find that it is you who are mistaken. About a great many things. Everything that has transpired has done so, according to my design. Your friends on the Jets will be destroyed. As will my former tight ends. It was I who allowed their respective demises. Oh, I’m afraid that the position will be quite in need of filling when the roster is trimmed to 53 men.” Tebow stood his ground, “I will not fight you. Never. I’ll never turn to the Patriot Way. You have failed, Your Highness. I am a Quarterback, like my father wanted me to be.” Belichick then raised his hands toward Tebow and said menacingly, “If you will not be turned, you will be destroyed!” before handing him a form that was already filled out, allowing for his unconditional release.

  24. Fabius Maximus says:

    #24 Clot

    Should we have taken Cabaye instead?. Its going to be a long season for the carToons, that trip to Morecambe was just the start.

  25. See you in the drop zone, gluteus.

  26. Fabius Maximus says:

    #27 Clot

    I have no doubt you’ll be there. Are you signing up for the Goldman Sachs bet? 6-1 on Pardew, that’s free money!
    http://www.oddschecker.com/football/english/premier-league/next-manager-to-leave-post

  27. Fabius Maximus says:

    And a small note to finish off this Labor Day.

    Are they perfect? No. Are they needed? He11. Yes.
    http://www.upworthy.com/my-father-in-law-asked-me-this-very-same-question-once-at-a-labor-day-barbecue?c=ufb1