Existing home sales stronger in September

From the WSJ:

U.S. Existing-Home Sales Hit Highest Level of Year

U.S. home sales reached the highest level of the year in September, a sign of slowly building momentum in a housing market whose recovery has come in fits and starts over the past year.

Sales of previously owned homes climbed 2.4% from a month earlier to a seasonally adjusted annual rate of 5.17 million in September, the National Association of Realtors said Tuesday. That marked the fifth increase in six months.

The report suggests the housing market resumed the steady climb it began early this year, rebounding from a soft spell in August. Interest rates are near historic lows, and stronger job growth is boosting consumers’ confidence and pay.

“The signs of life in the housing market are generally positive and the resale market appears to be strengthening again,” economist John Ryding of RDQ economics said in a note to clients.

Despite the latest progress, the market continues to underperform. Sales in September were down 1.7% compared with a year earlier. Many Americans are continuing to rent or live with others rather than buy, a sign that credit standards remain tight and many families remain financially strained.

Tuesday’s report showed housing inventory loosened. The number of for-sale homes rose 6% in September compared with a year earlier. At the latest sales pace, it would take 5.3 months to exhaust the housing supply

Home prices, meanwhile, continue to climb. The median sale price for a home last month stood at $209,700, up 5.6% from a year earlier. Prices have risen year over year for 31 consecutive months.

Sales in September rose in every region but the Midwest.

Investors made up 14% of home purchases in September, down from 19% a year earlier. Meanwhile, purchases by first-time buyers have yet to climb significantly after falling earlier in the recovery.

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

92 Responses to Existing home sales stronger in September

  1. grim says:

    This is one of the most disgusting, egregious abuses of power I’ve ever seen, and is an absolutely damning precedent for any New Jersey property owners. I almost can’t believe my eyes. I hope this is struck down in superior court, because it is completely unreasonable, and amounts to an illegal taking.

    What you are going to see this translate to is into massive jumps in rent for new tenants in Teaneck, and condition of apartments drop significantly. You know not what you do.

    From the Record:

    Teaneck freezes rents; to consider future tie to consumer price index

    Officials on Tuesday night adopted an ordinance that freezes rent for tenants in the township for at least one year.

    In a 5-1 vote, the Township Council reauthorized its rent control ordinance with a 0-percent increase, which landlords and some homeowners at the meeting opposed.

    But, in a year, council members indicated they would do away with the freeze and tie future increases to the region’s consumer price index.

    “I am not of the belief that every tenant is struggling or that every landlord is doing well, but we can consider a 0-percent increase,” Mayor Lizette Parker said before casting a vote in favor of ordinance.

    Parker was joined by councilmen Jason Castle, Mohammed Hameeduddin, Henry Pruitt and Alan Sohn. Deputy Mayor Elie Katz was absent from the meeting. Councilman Mark Schwartz was the only member to vote no and to speak out against the ordinance.

    “Until such time that we are going to freeze a landlord’s taxes, we should not be sitting up here telling them to freeze their rent,” Schwartz said before the vote.

  2. The Original NJ ExPat says:

    Maybe next year they’ll lower rents in the People’s Republic of Teaneck?

  3. Juice Box says:

    The rent is too Damm high party scored a victory.

  4. grim says:

    Why exactly would a 15 year old girl want to join ISIS? You’d probably be put to work cleaning toilets and preparing food, worse, married off to some dirty shitbag, which is really nothing more than forced prostitution. They’ve got no problem with marrying 14 year olds out there, don’t fool yourself to think you’d actually have that choice. Besides, what’s the highest you’d ever amount to? Blowing yourself up?

    Maybe they should have just let them go? Idiots.

  5. Juice Box says:

    Re #7 – Grim they know the local boys won’t marry them. Those local boys are too in love with their right hand and their Xbox controller. How else is a good Muslim girl ever going to get laid in the USA without the possibility of an honor killing?

  6. Juice Box says:

    Grim your filter sux two of my posts answering you went down the black hole.

  7. The Original NJ ExPat says:

    In 1983 I lived on campus at FDU in Teaneck in a 1960’s garden apartment complex(753-819 CEDAR LANE, ~60 units on 4.75 acres). FDU owned the complex but sold it off, the current owners bought in ’92 for $2.5 million. The complex was assessed at $9 million for 2011 and 2012 but the assessment has dropped to $8.5 million for 2013 and 2014.

    2014 property taxes: $218,535.00

  8. The Original NJ ExPat says:

    I think the earliest symptom of ebola is an insatiable desire to travel by plane or cruise ship.

  9. The Original NJ ExPat says:

    [9] Wow! These guys are better at grieving taxes than jj. If you search for “Cedar Lane” in the following document you’ll see that the owners of the complex got the assessment lowered from $9.7 million to $9.0 million in 2012 before getting it lowered to $8.5 million the year after that.

    http://www.judiciary.state.nj.us/taxcourt/july_12judgments.pdf

  10. grim says:

    Not for nothing, but ISIS isn’t exactly known for it’s progressive feminist stance. Look, I’m all about fighting for a cause you believe in, but the closest a girl is going to get to fighting in Syria is putting away her husband’s AK-47 before serving him dinner, and washing his clothes, and taking care of his kids, “hastily fulfilling his desires”, you know, all the things that are “the responsibility of a good wife”. Irony in all of this is that these girls are probably expecting something more similar to the opportunity they would have in the Israeli army.

  11. Juice Box says:

    Grim don’t you see the romance?

  12. Ottoman says:

    In America we reward men who knock women unconscious with million dollar football contracts and record breaking TV viewership. We also enjoy making decisions for them regarding their own bodies and when they speak up against things like misogyny in video games, they get death threats. And we consider bombing innocent people and starting unnecessary wars nothing more than collateral damage. Also remember, according to American policy, ISIS beheading people is bad. Saudi Arabia beheading people is good.

    “Not for nothing, but ISIS isn’t exactly known for it’s progressive feminist stance. Look, I’m all about fighting for a cause you believe in, but the closest a girl is going to get to fighting in Syria is putting away her husband’s AK-47 before serving him dinner, and washing his clothes, and taking care of his kids, “hastily fulfilling his desires”, you know, all the things that are “the responsibility of a good wife”. Irony in all of this is that these girls are probably expecting something more similar to the opportunity they would have in the Israeli army.”

  13. Ottoman says:

    Wonder if you consider your mortgage and property tax deduction to be a “legal taking”.
    Same question for the depreciation deduction for rental properties.

    “This is one of the most disgusting, egregious abuses of power I’ve ever seen, and is an absolutely damning precedent for any New Jersey property owners. I almost can’t believe my eyes. I hope this is struck down in superior court, because it is completely unreasonable, and amounts to an illegal taking.”

  14. grim says:

    17 – Funny thing is, the same politicians spewing this kind of communist policy sure don’t seem to have a problem giving themselves raises every year. Do as I say, not as I do.

  15. grim says:

    Look, it’s no skin off my back, but the folks who will be taking the brunt of this are the renters, and most especially the new renters.

    I suspect rents will rise significantly for new tenants, as new tenants will be forced to make up for the shortfalls in rent. Since rent control doesn’t govern tenant turn-over, this is where you’ll see the increases move to. So instead of the advertised rent on the unit being $1500, it’s now $1700, take it or leave it.

    Great news for existing tenants, terrible news for anyone looking to move in Teaneck, or especially move to Teaneck. New tenants shouldn’t be forced to make up the slack, but they will be, because the mayor and the council have made it so.

    Secondly, it’s not great news for existing tenants, since this is going to translate into reduced maintenance in the place they live. Maybe it will be minor at first, but it will be noticible. Hallway rugs aren’t getting cleaned regularly, more lightbulbs out in the hallways, perhaps slower to respond to maintenance requests, or maintenance tasks transition from replacing old items to repairing old items, landscaping and common areas don’t see the same amount of attention. Planned capital improvements delayed, put off, canceled, or worse, instead of investing in this complex as a landlord, I’ll instead favor the complex another town over, the one without rent control. You know what a new roof costs on an apartment complex? So instead of a new roof in Teaneck, I’ll let it leak, repair the leaks, repair the drywall for the next few years until I get enough turn-over to rebuild the rent rolls.

    Should the gap between average rent and market value deviate significantly, the game plan is clear, because this happens every time, condo conversions. What’s next, Teaneck going to make it illegal to do a condo conversion? Again, conversions are generally bad for renters, since most rent controlled renters with significant deviation from the median probably couldn’t afford to buy their unit if given the chance.

    Price controls don’t work, rent control doesn’t work.

  16. jj says:

    This is the lowest taxed house based on value in all of the tre-state area.

    74 Cranberry Hole, Amaganset NY, 11930
    $3,999,999
    5 beds, 5 Full/1 Half baths, 6,000 sqfte
    Panoramic Ocean Views, Including A Down-The-Coast-View Of Napeague Dunes. Custom-Built House Including 6,000 Sq. Ft. Of Living Space. 5 Bedrooms, 5.5 Bathrooms, Gourmet Kitchen, Formal Living Room, Dining Room, Fireplace, Private Balcony Hot Tub, And Additional Summer Living Area.

    Taxes: $2,240

    Original NJ ExPat says:

    October 22, 2014 at 7:55 am

    [9] Wow! These guys are better at grieving taxes than jj. If you search for “Cedar Lane” in the following document you’ll see that the owners of the complex got the assessment lowered from $9.7 million to $9.0 million in 2012 before getting it lowered to $8.5 million the year after that.

    http://www.judiciary.state.nj.us/taxcourt/july_12judgments.pdf

  17. anon (the good one) says:

    if prices ain’t up, rent mustn’t go up

    @Reuters: Consumer prices barely rise as energy costs fall http://t.co/pM0D94pqAY

  18. anon (the good one) says:

    W,
    thanks.

    @MotherJones: We spent $7.6 billion to crush the Afghan opium trade—and it’s doing better than ever http://t.co/BUBIHVPzy0 http://t.co/oP4MVe95ho

  19. Libturd in Union says:

    “Same question for the depreciation deduction for rental properties.”

    Better to let the government run everything. 6.6 billion budget for the CDC and they can’t even spell Ebola, let alone teach our hospitals how to deal with it. But bonuses for all! Let guys like your pen1s hero Barney Frank, who sees no issue in accepting personal favors from criminals like Mozillo, provide housing for all.

    Get off it man!

  20. Libturd in Union says:

    “if prices ain’t up, rent mustn’t go up”

    But property taxes are up and up and up regardless of inflation. It’s ok for the government to give out raises to people with unnecessary jobs (gubmint job creation is better than paying welfare right?), when the private sector is laying people off to survive. Is the foundation for progressive thought built on the concept of the money tree?

  21. The Original NJ ExPat says:

    [24] Lib – I was thinking the same thing, but I never directly answer an anon post.

  22. Ragnar says:

    Grim,
    On rent control: we live in a country soaking in the altruist ethics combined with economic illiteracy. Tis better to give than receive, and the government will dictate the giving. Even terrible Keynesian economists are supposed to acknowledge the basic economics and distorting effects of price controls and subsidies, but do we hear them speaking out against the minimum wage, rent controls, the milk pricing laws, or ethanol (and all ag) subsidies/mandates? No, because modern economics is just the handmaiden for their altruist ethics. Look at the caricature of an economist Krugman has become – the only end he really cares about is egalitarianism enforced by the state.

  23. Ragnar says:

    Grim, part 2,
    Why do teenagers wear Che shirts, celebrating someone who killed in the name of communism. Further, we cannot assume that this girl came from a normal American teen’s mindset. They may have set off to put into practice what their preachers and family were preaching. Teens actually tend to be more idealistic and possibly less hypocritical than adults. The problem comes when one’s “ideals” come from what Nietzsche called “preachers of death”. It’s good to sacrifice one’s life for Allah, or in the name of Christ? Consider the “Children’s Crusade” of 1212.

  24. Libturd in Union says:

    And Grim..the rent control thing in Teaneck is absolutely absurd and surely illegal. It turns my stomach just reading about it. Having worked in New York City since 1995 minus a 20-month stint in Los Angeles, it’s absolutely astounding the number of well off individuals that I know that are living in rent controlled apartments. Moms and dads move out and essentially sublet them to their friends and children. It’s a great gig another example of unintended consequences of price controls. What the progressives truly don’t get is that the greedy fat cat slumlords are beholden to what the the market is willing to pay.

    Here’s an idea for the ultra libs. Take all of your campaign contributions and use it feed and train the impoverished. You can thank me later.

  25. Ragnar says:

    Libturd,
    You ask about the money tree as the foundation for liberal thinking. Yes, basically. Here’s how Ayn Rand vividly described their mindset (which she classified as “the mystics of muscle”:

    “What is the nature of that superior world to which they sacrifice the world that exists? The mystics of spirit curse matter, the mystics of muscle curse profit. The first wish men to profit by renouncing the earth, the second wish men to inherit the earth by renouncing all profit.

    Their non-material, non-profit worlds are realms where rivers run with milk and coffee, where wine spurts from rocks at their command, where pastry drops on them from clouds at the price of opening their mouth. On this material, profit-chasing earth, an enormous investment of virtue—of intelligence, integrity, energy, skill—is required to construct a railroad to carry them the distance of one mile; in their non-material, nonprofit world, they travel from planet to planet at the cost of a wish. If an honest person asks them: “How?”—they answer with righteous scorn that a “how” is the concept of vulgar realists; the concept of superior spirits is “Somehow.” On this earth restricted by matter and profit, rewards are achieved by thought; in a world set free of such restrictions rewards are achieved by wishing.

  26. jj says:

    Rent Control in Manhattan does not harm landlords. I lived in a small rent control/rent stabalized building in the 1990s, they usually sell at a certain multiple of rent roll.My building of 23 small studio apts only sold for 600K right before I moved in and a few months before I left it sold again for 900K. Neither owner we ever met just LLCs and no owner did any work in building.

    The owners at tme of WWII in Manhattan who had large apartment buildings with no rent control got slaughtered over time so did owners in the 1970s when we had hyper inflation and they were locked into rents they could not raise quick enought.

    My old landlord has been plugging at 2-5% rent increases since I left and over that 15 years period that adds up. Also when I left my 800 a month apt he could jack to 1,200 (50 percent max increase if renovated), he renovated it a bit relisted at 1,200 and rented it out same day as it was still a bargain. That was 1998. Do the math even at 2.5% a year increase that apt is a lot more money than I paid when I left.

  27. anon (the good one) says:

    maybe that girl is just pissed that her rich father is a greedy bastard with lots of dough in the bank, but unwilling to buy a nice house

    Ragnar says:
    October 22, 2014 at 9:32 am
    Grim, part 2,
    Why do teenagers wear Che shirts, celebrating someone who killed in the name of communism. Further, we cannot assume that this girl came from a normal American teen’s mindset. They may have set off to put into practice what their preachers and family were preaching. Teens actually tend to be more idealistic and possibly less hypocritical than adults. The problem comes when one’s “ideals” come from what Nietzsche called “preachers of death”. It’s good to sacrifice one’s life for Allah, or in the name of Christ? Consider the “Children’s Crusade” of 1212.

  28. Libturd in Union says:

    Maybe that girls father is Al Gore?

  29. grim says:

    I suspect the property tax per rental unit in NYC is 1/10th of the property tax per rental unit in Teaneck.

    ExPat’s example above was $3,600 per rental unit in Teaneck.

    I suspect in NYC, the property tax per rental unit is well below $400.

  30. Fast Eddie says:

    Ragnar [29],

    So, if I click my heels together and make a wish, I can have anything I want? Who would have thunk it.

  31. FKA 2010 Buyer says:

    I thought sub-prime loans were limited to areas like Irvington, East Orange, and Newark?

    Rural areas seek piece of subprime-loan settlement

    http://wane.com/2014/10/22/rural-areas-seek-piece-of-subprime-loan-settlement/

    Long seen as having devastated Sun Belt cities, the subprime mortgage crisis unleashed turmoil on Ohio and other rural areas. Now federal officials are pledging regulatory attention and financial help.

    Subprime loans were distributed in the rural U.S. at even higher rates on average than in metropolitan counties. Much of it was concentrated in Appalachia and other areas stretching from Ohio, West Virginia and Kentucky to Mississippi, Louisiana, Texas and the Great Plains, according to government data provided to The Associated Press by researchers at the U.S. Department of Agriculture and Middlebury College.

    It’s a shift from conventional wisdom that larger metro areas were the hardest hit, due in part to gaps in federal mortgage data. But new research is helping shed light on many long-neglected rural counties with high rates of risky lending, coming as U.S. banks pledge relief to hard-hit communities as part of multibillion-dollar legal settlements for their role in selling shoddy mortgage bonds. Lawmakers want rural counties to get their fair share.

  32. FKA 2010 Buyer says:

    NY says Ocwen backdated foreclosure letters, company shares slide

    http://www.reuters.com/article/2014/10/21/ocwen-financial-new-york-mortgages-idUSL2N0SG1JB20141021

    Oct 21 (Reuters) – Ocwen Financial Corp may have harmed hundreds of thousands of borrowers by sending backdated letters about loan modifications and foreclosures, New York state’s financial regulator said on Tuesday, sparking a selloff in shares of the mortgage servicer.

    The company denied loan modifications in letters that borrowers received more than 30 days after they were mailed, cutting off their opportunity to appeal, according to an Oct. 21 letter from New York Financial Services superintendent Benjamin Lawsky to Ocwen.

    Borrowers facing foreclosure received letters from Ocwen with cure dates that had passed months earlier, the letter said. Such activity violated state and federal laws, Lawsky said.

  33. Michael says:

    The teaneck story gives me chills. That is really insane if they go through with this. Rent should be controlled by the market. It’s as easy as that. Are they trying to force the landlords out of teaneck so that they can buy the properties for themselves? What gives? Where is this coming from?

  34. Anon E. Moose says:

    Re [37];

    As the old saying goes, everyone is conservative about that which they know best. When the leftist locusts come for your rent roll, now you’re aghast? “Rent Control” has been practiced in this country for decades. The power to control rents includes the power to freeze increases. Maybe some more economic “improvement” next year will necessitate mandatory across-the-board rent reductions? On what principled basis is 0% or -2% any different than +1.5%?

  35. Ragnar says:

    Fast Eddie,
    As long as you are sending your wishes to the right people and/or deities.

  36. Libturd in Union says:

    Passion Fruit.

    What gives most likely is that the council members, minus Schwartz, want to be reelected for another term (pensions/healthcare benefit for sure). By freezing the rents, this is achievable. For we all know that there are a lot more renters than investment property owners voting in Teaneck. Why should it be any different at the local level than it is at the federal level?

  37. Libturd in Union says:

    PF…I think in many ways, we think similarly, though I am much less schizophrenic. We both are pretty liberal when it comes to social causes, but both know that the government is so corrupt and non-accountable that the few dollars that are earmarked to help those who need it actually get it.

    Fifty years ago, when a politician was publicly questioned on ethics, he would graciously step down. Today, you can lie, cheat and steal and not only do you not step down, but you get reelected by the dumb sheep who don’t see it for what it really is as the voters are a bunch of moronic imbeciles. I proudly voted none of the above for more years than I can remember. I want to reserve my right to vote, just in case an unbought politician comes along some day.

  38. Libturd in Union says:

    Don’t actually get it. Sorry again. Too busy to be here. Back to the salt mines as Nom says.

  39. jj says:

    I LOVE LOVE LOVE that article. WHY cuase it calls them Borrowers not Homeowners. Borrowers face foreclosure never a home owner. Yet liberal media loves to say a homeowner is being foreclosed on which is impossible.

    FKA 2010 Buyer says:

    October 22, 2014 at 12:03 pm

    NY says Ocwen backdated foreclosure letters, company shares slide

    http://www.reuters.com/article/2014/10/21/ocwen-financial-new-york-mortgages-idUSL2N0SG1JB20141021

    Oct 21 (Reuters) – Ocwen Financial Corp may have harmed hundreds of thousands of borrowers by sending backdated letters about loan modifications and foreclosures, New York state’s financial regulator said on Tuesday, sparking a selloff in shares of the mortgage servicer.

    The company denied loan modifications in letters that borrowers received more than 30 days after they were mailed, cutting off their opportunity to appeal, according to an Oct. 21 letter from New York Financial Services superintendent Benjamin Lawsky to Ocwen.

    Borrowers facing foreclosure received letters from Ocwen with cure dates that had passed months earlier, the letter said. Such activity violated state and federal laws, Lawsky said.

  40. jj says:

    After Sandy in the Rockaways landlord grabbed a lot of cheap condos and bungalows and houses.

    Property tax is very low in NYC and unlike an incorporated NJ town or LI Surburb no nosey building dept, you can slap it together with off the books workers and rent right away. I know a guy who buys destressed properties all over Queens. But he avoides large single family homes and coops. Occassional condo and mainly small two or three family houses or small single family bungalows. He wants to keep reno costs down.

    After Sandy you could have got a gutted bungalow in Rockaway for around 60k. pay 40K to do a cheap full renvocation and you can get up to 2k a month rent and many pay 800 bucks property tax. Big cash flow.

  41. grim says:

    Look, Teaneck had rent control previously, the issue is the egregiousness of mandating a freeze in rents, 0% increase, regardless of what a landlords underlying cost structure is.

    This is far beyond the realm of the reasonable. Especially in a town that saw it’s own budgets increase, school, municipal, salaries, budgets, expenditures, etc. A town that did nothing to control it’s own budget to the tune of 0% increase. I don’t recall a news article praising the mayor, and council, for mandating wage freezes for all town employees and public servants as well.

  42. grim says:

    The fact that an outright freeze would pass, and not be challenged in court, would make it fair game anywhere around NJ, especially for a council or mayor looking to secure their reelection. What better way to pander to the township voting population?

  43. grim says:

    Stu beat me to it

  44. joyce says:

    Moose is correct. Once the power is given to (or taken by) the govt to control rent increases … there is no difference between capping increases at 1.5% and 0%.

    Look at how the definition of the word reasonable has changed with respect to the 4th amendment.

  45. The Original NJ ExPat says:

    [3] grim – yeah, that’s the number I came up with this morning. I figure 2+ months just to cover taxes per unit. Imagine how much higher it was a couple years ago when it was assessed at $9.7 million instead of $8.5.

    ExPat’s example above was $3,600 per rental unit in Teaneck.

  46. Libturd in Union says:

    No biggie Grim. Whenever there appears to be a nonsensical motive, one can almost always attribute the purpose to politics.

  47. Michael says:

    Minus the schizophrenic part, I’m probably a younger version of you. I was a lot more liberal in my 20’s. As you can see from my posts over the past two years, I have slowly become more conservative. I guess it comes with age. I’m assuming you went on the same journey as me. Started off in your late teens and 20’s trying to understand society through compassion. Then you slowly start to realize that your compassion is actually doing more harm. Then the corruption factors in govt comes to light and causes you to lose all hope in the govt.

    Funny, I gave my vote to the green party the past two presidential elections. I refuse to vote for the current two parties.

    Libturd in Union says:
    October 22, 2014 at 12:56 pm
    PF…I think in many ways, we think similarly, though I am much less schizophrenic. We both are pretty liberal when it comes to social causes, but both know that the government is so corrupt and non-accountable that the few dollars that are earmarked to help those who need it actually get it.

    Fifty years ago, when a politician was publicly questioned on ethics, he would graciously step down. Today, you can lie, cheat and steal and not only do you not step down, but you get reelected by the dumb sheep who don’t see it for what it really is as the voters are a bunch of moronic imbeciles. I proudly voted none of the above for more years than I can remember. I want to reserve my right to vote, just in case an unbought politician comes along some day.

  48. keypro says:

    Libturd-From yesterdays thread, thanks for the referral to Carl, so far, so good. Looks like I’m poised to cut 6 years off my mortgage with 0 costs and a lower payment.

  49. Libturd in Union says:

    Excellent. Let me know how it goes post close. I would hate to continue recommending someone that doesn’t deserve the business.

  50. Comrade Nom Deplume, a.k.a. Captain Justice says:

    [22] anon

    You’re just mad because W caused a spike in the price of your smack, and it hasn’t come back down yet.

  51. Comrade Nom Deplume, a.k.a. Captain Justice says:

    [43] libturd

    Actually, I ripped off that line from Shore Guy.

  52. Comrade Nom Deplume, a.k.a. Captain Justice says:

    Just in from a very long meeting and heard about shooting in Canadian Parliament.

    My first thought was how long until anon, Ottoman, and MSNBC blame it on the NRA?

  53. jj says:

    Condos pay a lot more than $3,600 each so why is that high?

    The Original NJ ExPat says:

    October 22, 2014 at 1:38 pm

    [3] grim – yeah, that’s the number I came up with this morning. I figure 2+ months just to cover taxes per unit. Imagine how much higher it was a couple years ago when it was assessed at $9.7 million instead of $8.5.

    ExPat’s example above was $3,600 per rental unit in Teaneck.

  54. anon (the good one) says:

    from the headlines: “Middle Class….only $25,000 in retirement…”

    ‘Middle Class’ is such a meaningless, bogus concept. If you only have $25,000 to retire, you ain’t middle class.

  55. The Original NJ ExPat says:

    [58] jj – I think there is significant value and tax gap between your typical 1960’s garden apartment rental and the same complex converted to condo. Owners Mortgagers, historically at least, tend to keep their places up better. How attractive do you think your condo would be as a weekly Summer sublet if it were an apartment complex instead of a condo? Also, the owner has volume buying power (and possibly payoffs and bribes) to get his $9.7 million dollar complex down to $8.5 million assessed instead of maybe $13 million as an aggregate assessment of condos. Also, if you just walk across the bridge you are in Hackensack which means “residents” of Hackensack are can just walk across to say “hi” to you too.

    Condos pay a lot more than $3,600 each so why is that high?

  56. Ragnar says:

    59,
    As long as the US government can issue more debt (claims on the future income of productive people) to pay for other people’s cozy retirement, who needs savings? What could possibly go wrong?
    I’m surprised Krugman hasn’t recommended doubling social security payments right away, given that retirees have a high propensity to consume, and funding it with faster debt growth, which he says is no problem at all.

  57. Anon E. Moose says:

    Hey, NJ is no longer alone in its thuggish auto dealership protection racket.

    Tesla blocked from Michigan with law backed by dealers, [Government] Motors

    “We could even be barred from telling people about our car.”

    What First Amendment?

  58. jj says:

    My condo is a 1960s garden apt style rental converted to condos in 1979. I have several abandoned lower units post sandy. I already won a tax grievance on my unit and filed 43 tax grievances withing building. I even had assessor come down and take pictures. I am trying my best to take advantage of a bad situation. I am also the Treasurer of complex and I am a CFNO – Not a CFO. Folks who are serial grievers cant help them self. I have a multiple year plan of grieving and paying down expenses and building reserves and out goal is in 2018 start with a lot of quality of life renovations, new black top, power washing, bushes, painting making it really nice. By then I will get taxes down to 3k a unit and maint down to under 4k a year. Everyone on board is on my page. Long term value, short term pain.

    Also my condo charges same maint every unit as all are same size about and all cost association the same. But some like my unit are sunny uppers with double balconies and some have a single small balcony and face the parking lot or even have the dumpster outside front door. And some are below grade units that are dark.

    Summer rentals only happen in the 20% of units that have the sun and the double balcony. My unit you can sunbath on a deck 20 feet up while other units have a small dark deck right next to trash can.

    Maint is a funny thing it is based on cost allocation not on price of unit in secondary market. A coop does it that way. I think condo buildings with equal maint buying the better unit even if in my case cost 55k more than worst unit is well worth it.

    I would never buy a condo again. But in spite of all my condos craziness nothing gets paid period unless I approve invoice and I will squeeze the last nickle out of everyone. I almost wish I owned whole building. I think with my cost control and rent collecting ability I would do well managing the complex.

    The Original NJ ExPat says:

    October 22, 2014 at 4:41 pm

    [58] jj – I think there is significant value and tax gap between your typical 1960′s garden apartment rental and the same complex converted to condo. Owners Mortgagers, historically at least, tend to keep their places up better. How attractive do you think your condo would be as a weekly Summer sublet if it were an apartment complex instead of a condo? Also, the owner has volume buying power (and possibly payoffs and bribes) to get his $9.7 million dollar complex down to $8.5 million assessed instead of maybe $13 million as an aggregate assessment of condos. Also, if you just walk across the bridge you are in Hackensack which means “residents” of Hackensack are can just walk across to say “hi” to you too.

    Condos pay a lot more than $3,600 each so why is that high?

  59. anon (the good one) says:

    61,
    the concept of “Middle class” is a crutch, a shield for the working class to avoid class consciousness

  60. NJT says:

    Lib (re: a post yesterday about a two family for sale)…

    After I observed the Realtor’s interaction with one of the tenants….NO WAY I’m knocking on that door! (or the other one) without serious (costly) backup.

    As the saying goes “Police will be there in minutes”. Yeah, in this town for sure but, a bullet travels…

    Seems to be some type of ‘tuckyians entrenched there.

    I’ll wait. Maybe the winter will make them leave (oil heat).

  61. Liquor Luge says:

    Just arm me to the teeth, then tell me who to bust a cap on.

  62. Liquor Luge says:

    Ragnar (61)-

    I just found out today exactly where Bernank will be at exactly 9 PM, exactly one week from now. How should I proceed?

  63. Liquor Luge says:

    Anazingly, Bernank will be addressing a roomful of “Mexican bankers”.

  64. Liquor Luge says:

    …not to be confused with Mexican quants…

  65. Liquor Luge says:

    Does anyone freebase anymore?

  66. Liquor Luge says:

    Evidently, I’m the only person ever to attend UNC and both play a sport and attend class.

  67. Liquor Luge says:

    Nobody from Dook better say a word to me. Ever. Again.

  68. Liquor Luge says:

    When the fcuk did naming your kid Nigel become a good idea?

  69. chicagofinance says:

    This whole thing is a crock…..everyone knows that being a landlord follows a “Cost Plus” model. Why should rent be controlled by the market?

    Michael says:
    October 22, 2014 at 12:09 pm
    The teaneck story gives me chills. That is really insane if they go through with this. Rent should be controlled by the market. It’s as easy as that. Are they trying to force the landlords out of teaneck so that they can buy the properties for themselves? What gives? Where is this coming from?

  70. joyce says:

    74
    Chicago

    Touche
    Should I find and post his previous comments?

  71. matt crorkz says:

    lTBoKP Whoa! This blog looks exactly like my old one! It’s on a completely different topic but it has pretty much the same layout and design. Outstanding choice of colors!

  72. Libturd in the City says:

    Hey Otto and Anon,

    Put this in your pipe and smoke it.

    “Cheney in Post 9/11 Era May Be to Thank on Ebola Vaccine” How could it be?

    http://finance.yahoo.com/news/cheney-post-9-11-era-040100544.html

    Baa. Baa. Baaaaaaaaa.

  73. Ottoman says:

    Speaking of the American right’s hatred for women, let’s take a look at their hero Ayn Rand. For those who don’t know, Dagny in Atlas Shrugged is supposed to be the epitome of a strong self sufficient and self determined woman.–

    “Dagny’s first lover, the mining heir Francisco d’Anconia, treats her like a possession: he drags her around by an arm, and once, when she makes a joke he doesn’t like, he slaps her so hard it bloodies her lip. The first time they have sex, he doesn’t ask for consent, but throws her down and does what he wants: “She knew that fear was useless, that he would do what he wished, that the decision was his.”

    Later on, Dagny has an affair with Hank Rearden (who’s married to someone else at the time, but this is the sort of minor consideration that doesn’t hold back Randian supermen). The first time they sleep together, it leaves Dagny bruised and bloody, and the morning after, Hank rants at her that he holds her in contempt and thinks of her as no better than a whore. Almost as soon as their relationship begins, he demands to know how many other men she’s slept with and who they were. When she won’t answer, he seizes her and twists her arm, trying to hurt her enough to force her to tell him.

    Believe it or not, none of this is meant to make us judge these characters negatively, because in Rand’s world, violent jealousy is romantic and abuse is sexy. She believed that women were meant to be subservient to men — in fact, she says that “the most feminine of all aspects” is “the look of being chained” — and that a woman being the dominant partner in a relationship was “metaphysically inappropriate” and would warp and destroy her fragile lady-mind.”

    http://www.salon.com/2014/04/29/10_insane_things_i_learned_about_the_world_reading_ayn_rands_atlas_shrugged_partner/

  74. Ottoman says:

    “Cheney in Post 9/11 Era May Be to Thank on Ebola Vaccine” How could it be?

    Let’s see, Ebola has killed 4000 including 1 American. Cheney’s unjustified war in Iraq killed 200,000 plus including 5000 Americans.

    Shall we discuss the 20,000 Americans killed by aids before Reagan even uttered the word?

    Perspective, you lack it.

  75. Libturd in the City says:

    Is Gitmo closed yet?

  76. Libturd in the City says:

    And what does one have to do with the other?

  77. Ottoman says:

    Because Ebola is not an actual threat to the first world, and certainly much less of a threat than right wing warmongering. You are so much more of a sheep than you realize. And it’s hilarious that you think everyone on the left supports Obama and/or clinton or even fell for them back in 2008. Of course, given the choice between them and the outright criminals on the right…

    Also thanks for proving that government is the answer to big problems like vaccines and cures.

  78. "Libturd in the City says:

    “Of course, given the choice between them and the outright criminals on the right…”

    That’s all you needed to say.

  79. crorkz says:

    Wo0o0M Hi there, I discovered your site via Google whilst searching for a comparable matter, your website got here up, it appears great. I’ve bookmarked it in my google bookmarks.

  80. Cristal says:

    Hi there, You’ve done an incredible job. I will definitely digg it and personally suggest to my friends. I’m sure they will be benefited from this website.

  81. Major thankies for the blog post.Really looking forward to read more. Really Cool.

  82. I think this is a real great post.Thanks Again. Great.

  83. Very good blog post.Thanks Again. Much obliged.

  84. Thanks for sharing, this is a fantastic post.Really thank you! Cool.

  85. exzmtagyjv says:

    2qLeXW bgvqnfjjhexn, [url=http://qucpzjdiqsvb.com/]qucpzjdiqsvb[/url], [link=http://oypdfyyuashw.com/]oypdfyyuashw[/link], http://mhyhdhcqyotz.com/

  86. nprehzurad says:

    lZ1rqJ erabnucmwtrd, [url=http://shvblmtbnwdx.com/]shvblmtbnwdx[/url], [link=http://jyezvgwcpoih.com/]jyezvgwcpoih[/link], http://uzwroglsdjzo.com/

  87. Adrien says:

    Thank you for another fantastic post. Where else could anybody get that kind of info in such an ideal way of writing? I’ve a presentation next week, and I am on the look for such info.

Comments are closed.