From HousingWire:
Second look: Home price surge unlikely to last
CoreLogic’s (CLGX) report on Tuesday showed tepid monthly home price growth but a solid yearly growth of 5.6% for February.
While it seemed to suggest that price growth shifted into a higher gear at the start of 2015, analysts at Capital Economics say that with housing close to fair value and the Fed set to begin tightening policy later this year, they don’t expect such rapid monthly gains to be sustained for long.
“The 1.1% (monthly) rise in the CoreLogic house price index in February was unusually strong for this time of year,” writes Ed Stansfield, chief property economist for Capital Economics, in a client note. “Indeed, our own seasonal adjustment suggests that prices rose by an even stronger 1.3% (monthly), following January’s downwardly-revised 0.9% gain. This was close to a two-year high, and pushed the annual rate of price growth to 5.6%, up from 5.1% the previous month.” ?
Stansfield says that it’s not surprising that price pressures have increased at the start of this year. After all, the recent pick-up in home sales, along with the subdued number of homes coming onto the market, has caused supply conditions to tighten. In this context, and with real incomes and employment growing strongly, we expect house price inflation to accelerate to around 6.5% this year.
“However, the scale of the revision to last month’s data, which saw a 1.1% (non- seasonally adjusted) rise cut to just 0.6%m/m, mean that we are inclined to take the latest CoreLogic numbers with a pinch of salt,” he says.
The surge in price growth that they suggest is contrary to the moderation implied by the alternative Case-Shiller index.
“We suspect that the truth may lie somewhere in between,” Stansfield says.
He says with expectations of price growth muted, housing now close to fair value and the Fed set to begin raising interest rates later this year, this seems unlikely.
Good Morning New Jersey
From the Star Ledger:
N.J.’s cities could boost state’s lagging economic recovery, N.Y. Fed prez says
New Jersey’s economic recovery is lagging behind the rest of the country’s, but the Garden State’s cities might be the key to future economic success.
That was one of the messages Federal Reserve Bank of New York President William Dudley had for a crowd of more than 100 professionals at a Business Roundtable at NJPAC Monday morning. The talk was part of a daylong schedule of events in Newark, Jersey City, and Hoboken for Dudley’s regional site visit to northern New Jersey.
“We learn more about what’s happening on the ground, and understand more about local people’s concerns, issues, fears, hopes…and it helps you as a policy maker,” Dudley said of the visit.
During his talk, Dudley told the crowd that recent trends in New Jersey show “the recovery in the economy in general – and in employment in particular – is lagging (behind the rest of) the nation and is not going as well as we would like.” Fewer than two-thirds of the N.J. jobs lost in the recession have been recovered, he said.
“Here is Essex County, there has yet to be any significant upturn in jobs.”
But, Dudley argued that places like Newark and Jersey City could benefit from what is currently happening in N.Y.C. – a trend toward re-urbanization.
“With both commercial and residential rents…high and rising in Manhattan, northern New Jersey has an opportunity to capitalize on its widening cost advantage by attracting companies and residents that value an urban location, but find New York City to be too pricey,” he said.
#2..“With both commercial and residential rents…high and rising in Manhattan, northern New Jersey has an opportunity to capitalize on its widening cost advantage by attracting companies and residents that value an urban location, but find New York City to be too pricey,” he said.
That was the same pitch in 1982 ih when some older guys I worked with at Pru were going to buy into the Renaissance Towers (or something) behind Penn Station and make a killing…don’t think that worked out….
[115] prior thread
chicagofinance says:
April 7, 2015 at 11:21 pm
The End Is Nigh (Comrade Nom Deplume Meets JJ Edition):
LOL! I know that program–when Drexel opened its law school, I was living not far from there and met with the director of the legal writing program to see about being an instructor. I wound up taking another job.
[4]
Hmmm, I’m further away but perhaps there is an opening in that department.
And not the sort of opening JJ is into.
@TODAYshow:
“Looked like he was trying to kill a deer or something.”
-Walter Scott, Sr. on watching the video of the police officer killing his son.
@JohnCassidy: The Walter Scott video is so, so terrible to watch. Surely, it will lead to some sort of change. But I thought the same about Newtown.
Loosely related to post 2…..
http://www.nj.com/hudson/index.ssf/2015/04/baker_apartments_groundbreaking.html
JERSEY CITY – For the first time in a long time, development is happening in Bergen-Lafayette.
Jersey City Mayor Steven Fulop hosted a groundbreaking ceremony today with local developer John Fiorito and Ward F Councilwoman Diane Coleman, Councilwoman at Large Joyce Watterman, and community advocate June Jones at 234 Suydam Ave. — the site of what will soon be a brand new 83 unit residential apartment complex.
“This is the largest project that we have seen in Ward F in a number of years and it really speaks to what we are trying to achieve here,” said Fulop. “We want to encourage development away from the water front so we are very proud to have the partners that we do and we want to make sure this is a great place to live, to work, and to raise a family.”
The apartment complex, which will be named Baker Building after the Baker Coating Factory that used to stand in its place, will be a 100,000-square foot wood frame building at the end of Suydam Avenue — a dead end street, less than four blocks away from the Liberty State Park Light Rail station — according to Fiorito.
The building will have one-, two-, and three-bedroom apartments units priced between $1500 and $2300 per month as well as on-site parking, a gym, a dog walk and dog washing station, and green space with fire pits and grills. It is set to open in April 2016.
“Whatever you would expect to have in a full amenity building Downtown you will have here,” said Fiorito.
Fiorito and his development company — Point Capital Development — have built 17 buildings in Jersey City over the last 10 years mainly in the Downtown area. He says the idea behind building in Bergen-Lafayette is to provide an alternative to the increasingly pricey options Downtown.
“I think this area is in need of rehabilitation and I think this site is very well suited for lower cost residential housing for people who may be getting priced out of Downtown and who may not want to be as far away as Harrison or Newark,” said Fiortio. “Now they can stay in Jersey City but have a more affordable rent.”
Fulop attributes the $20 million dollar investment Point Capital is making in Bergen-Lafayette to the city’s tax abatement program.
“When we started to revamp the tax abatement program in order to incentivize development away from the waterfront, John was one of the people who capitalized on that,” said Fulop. “I think that the program in many ways helped make this a reality and prospect to incentivize away from the waterfront in more beneficial tax abatement programs to encourage development here.”
Both Fulop and Fiortio believe this building is the first of many to be built in Bergen-Lafayette in the coming years.
“I would stay in Ward F and on Suydam Avenue for the next 10 years if I am able to,” said Fiorito, who has already hinted at building a sister apartment building across the street from the current site.
“As we look forward — two years, five years, 10 years at this neighborhood — the city has substantial plans here in developing investment in this area,” said Fulop. “We couldn’t be more excited to see investment in Ward F and we are very proud of it and we look forward to this building coming in the next year
You’re right PumpnSpooge, not the same at all:
“The median home value in Ridgewood is $646,100. Ridgewood home values have declined -5.0% over the past year and Zillow predicts they will fall -2.4% within the next year.”
“The median home value in Newton is $827,100. Newton home values have gone up 1.9% over the past year and Zillow predicts they will rise 1.9% within the next year.”
The Great Pumpkin says:
April 7, 2015 at 8:56 pm
Expat, you are comparing apples to oranges. Boston metro area is not the nyc metro area. They are not the same. Big difference. I don’t really care what you like better, in case you come back bashing jersey.
^^^^^ So maybe the econ professor was correct. If the taxes are too high, the prices will go down.
As long as we’re cherry picking. Millburn’s median home value is $763,200 according to Zillow. Millburn values rose 19.1% over the past year and Zillow predicts they will rise another 5.7% within the next year. These numbers don’t include Short Hills which Zillow calculates separately.
“You’re right PumpnSpooge, not the same at all:
“The median home value in Ridgewood is $646,100. Ridgewood home values have declined -5.0% over the past year and Zillow predicts they will fall -2.4% within the next year.”
“The median home value in Newton is $827,100. Newton home values have gone up 1.9% over the past year and Zillow predicts they will rise 1.9% within the next year.”
The Great Pumpkin says:
April 7, 2015 at 8:56 pm
Expat, you are comparing apples to oranges. Boston metro area is not the nyc metro area. They are not the same. Big difference. I don’t really care what you like better, in case you come back bashing jersey.”
And let’s discuss he geographic distance between Newton and Boston vs Ridgewood / Millburn and Manhattan.
As Mayor de Blasio lay on the beaches of Puerto Rico last weekend with his wife Chirlane, he must have been muttering to himself, “Life is good for me, Bill de Blasio.”
But the city is dealing with some serious issues that need serious attention. So, Mr. Mayor — let me give you some free advice.
You have turned what is sometimes called the second-toughest job in America into a part-time, Rip Van Winkle mayoralty. You’re late for parades and meetings and even important emotional moments, like the commemoration of a downed plane.
At times it seems as if you’re back in your dorm at NYU, and that you’ve smoked a fatty of Hindu Kush that put you in a drug-induced sleep.
You dream of going to Iowa and Nebraska where there are more pigs than people, and less than a year and a half into your part-time mayoralty, you announce your reelection plans for a second term. Wassup with that?
Fact is, you’ve treated your position as mayor as you did your fake, fraudulent, fugazi position of public advocate, when you were a person of no consequence. If you showed up late or were MIA, who cared? The city never lost a beat.
But now, as mayor, the stakes are high.
Start with murders and shootings. They’re up this year. At the same time, Uzbek Beastie Boys and “bad bitches” are pledging themselves to ISIS.
And yet you stubbornly keep your eyes and ears shut, even as the cries for more cops grow louder. Your police commissioner, Bill Bratton, is going to the mat with you on this one. He’s been joined by many of the 51 deadbeats of the City Council.
This is a wake-up call, given that it’s coming from people who are normally your toadies.
Recently The Post reported you don’t work some mornings. One Wednesday, with SUVs in tow, you left Gracie Mansion at 9 a.m. and traveled to the Prospect Park YMCA — to mount an exercise bike for all of 15 minutes.
If you’re going to be a part-time mayor, maybe at least you can multi-task. For instance, the next time you want a morning workout, you and your mayoral posse could head to Brownsville, Brooklyn, where there are 18 New York City Housing Authority developments, most of them high-rise.
Why not join NYPD cops and do a few verticals in the stairwells? Along with getting cardio conditioning, you’ll be able to bond with your cops (who you’ve been at odds with) and tenants, who’ll give you an earful about young thugs hanging out in the stairwells drinking, making noise and terrorizing residents.
And don’t stop there. On your way back to City Hall, you can visit Franklin K. Lane HS in East New York. Prepare to be ridiculed by young adults who now taunt teachers, principals and safety officers because you and Chancellor Fariña have weakened the standards for discipline in the schools.
One visit to Franklin K. Lane is all it would take to make you a True Believer in Eva Moskowitz’s charter schools.
Then make your way back to Manhattan up the Jackie Robinson Parkway and Woodhaven Boulevard. There you’ll see potholes that have grown into lunar craters.
The sides of the roads are littered with the parts of cars that have been dislodged along the way. And there’s not a Department of Transportation repair crew in sight.
At Queens Boulevard, hop onto the E train toward the World Trade Center. As you move from car to car, say hello to the armies of homeless people — smelly, unkempt and babbling to themselves as they suffer through bouts of mental illness.
Working-class people who (unlike some of us) get up early to go to work have to deal with this every day.
Finally, you’ll emerge with your mayoral posse in tow blocks from City Hall. When you get there, you can spend the rest of your half day of work on the phones shaking down contributors for their moolah-shmoolah so that you can run for a second term.
But here’s the bottom line, Mr. Mayor: If you don’t get your mind in the game and take care of the city and its problems, no amount of campaign money is going to help you — whether it’s a second term or the presidency you seek.
The 83 percent of New York voters who did not vote for you probably don’t care about that. But everyone cares about the city.
I have never been into baseball and know guys who thing is to visit every stadium, but I might have a reason now.
The 17 best new MLB ballpark foods for 2015
10. Detroit Tigers: Bacon and Eggs
17. Philadelphia Phillies: Hard liquor
http://ftw.usatoday.com/2015/04/best-ballpark-foods-2015-opening-day-bacon-sriracha-waffle-churro
15 Insane Ballpark Food Items
3. Pulled Pork Mac and Cheese Sandwich, Florida Marlins
http://www.eonline.com/news/643327/15-insane-ballpark-food-items-ranked-by-how-likely-they-will-kill-you-with-calories?cmpid=tweol-manual
If you had white powder available during the bust as many investors did, you could have picked up a lot of sweet deals.
Blackstone Group, America’s No. 1 homeowner, is changing the real estate industry
America’s No. 1 homeowner is not an owner-occupant, but one of the world’s largest and most successful private equity companies — Blackstone Group. With almost 50,000 homes acquired since 2012, it is fair to say that no single entity in history has placed a bigger bet on the U.S. housing market. In the past couple of years, as the pace of Blackstone’s acquisitions has slowed, some have speculated that the trend is winding down, but it’s not. It’s just shifting form.
Breaking down barriers
Enter the creation of Blackstone’s second major play in the single family housing market — B2R Finance (stands for Buy To Rent). B2R Finance is a mortgage company that lends to single-family rental property investors, a category of borrower that has long been a secondary consideration of the mortgage-banking industry.
Blackstone spent several billion dollars buying and renting out homes, and then set out to invest another several billion in mortgage loans to smaller investors. In this way, they are enabling the fluidity of the single-family rental market.
http://www.inman.com/2015/04/07/blackstone-group-americas-no-1-homeowner-is-changing-the-real-estate-industry/
[13] chifi
DiBlasio as president? Not planning on staying in that version of Amerika.
Little Boston news. This sounds very familiar, where did I read this before…think it was an article in 2005.
Lowered prices create bidding wars in hot housing market
Three hundred people came through the open house, 25 made offers, and the bidding war lasted eight rounds and four days. By the time it was over, in early March, the owners of the 2½-bedroom, one-bath condo in Brookline — on a busy street, but tastefully decorated and near the Longwood Medical Area — accepted an offer that was tens of thousands of dollars above the $570,000 asking price.
Eric Glassoff, the listing broker, a man with 13 years of experience, said he could have listed the property at a higher price, “but then we wouldn’t have made as much money.”
It’s a scenario being repeated around Greater Boston, as some real estate agents employ a tactic that seems counterintuitive in a sellers’ market. Rather than setting prices high to take advantage of a market where buyers have few options because of low inventory, some agents in communities with hot markets are going in the other direction — listing properties for less than they expect to get in order to trigger even more interest.
The goal is to attract a mob to the open house and set off a frenzy where emotion trumps the cold math of price-per-square foot.
https://www.bostonglobe.com/business/2015/03/30/forget-location-location-location-some-realtors-have-new-mantra-bidding-war/3gI6wnpNnf82QMvpjN3UWJ/story.html
On a brighter note, NJ, the new governor on this side of the river wants to send you some love. I’ve been reading his new tax proposals and they contain what amounts to a stimulus package for Southern NJ. Sales and Use tax is to be expanded to a whole raft of services, and because of the rule exempting B2B transactions from sales tax, that means it falls squarely on the muppets of SEPA. Oh, and the sales tax is going up by 10%.
So attorneys, accountants, finance types, therapists of all stripes, and many others may decamp for NJ and set up an NJ LLC and give themselves a 6.6 to 8.6% pricing advantage over their PA counterparts (services of this sort aren’t taxed in NJ). And if they still live in PA, they aren’t subject to tax in NJ on income as it passes through and is taxed in PA under the state compact.
Will it move the needle much? Not hardly-the B2B exemption means that lawyers and accountants are little affected, but there should be some cross-river movement for finance, therapists, and some other businesses.
re # 8 – That area by the Liberty State Park light rail is dicey for sure, they have been trying to gentrify it for a long time. No stores or restaurants anywhere near there. Foundry Lofts was built there maybe 10 years ago?
‘Property Brothers’ hit streets of N.Y., N.J., Conn.
WHITE PLAINS, N.Y. — First we learned that Property Brothers was holding a casting call for homeowners in New York, New Jersey and Connecticut. Then we got word that the hugely popular HGTV show was filming in Westchester. Now we hear that entire fifth season will take place in the Lower Hudson Valley, mostly in Westchester but possibly Rockland, too.
“All 13 episodes will be shot in the Lower Hudson Valley,” said Julian Diaz, an associate broker with Better Homes & Garden Rand Realty in White Plains.
So far, four episodes for the fifth season have been shot — two in Westchester and two in Connecticut. That means 12 houses have already been filmed. Each episode features three houses, all on the market.
http://www.usatoday.com/story/life/2015/04/07/property-brothers-hit-streets-of-ny-nj-conn/25445573/
[18] redux,
Should Wolf’s tax proposal become law, that changes the economics of doing business in PA or NJ. Depending on your business and how it is organized, PA might suddenly be more attractive, or NJ could be. This is especially relevant to those of you in Western or Southern NJ or Eastern PA with geographically-based customers. And with plenty of commercial space languishing in these areas, perhaps its time to consult with your tax professional and/or attorney.
What are you trying to tell me? Are you trying to imply that the Boston metro area is more valuable than nyc metro area? I will never agree.
My wife went to school in Boston and even lived out there after school. Massachusetts and Boston in general is great, but it sure is not nyc. Never was, never will be. She moved back to this area for a reason, higher pay.
The Original NJ ExPat says:
April 8, 2015 at 9:03 am
You’re right PumpnSpooge, not the same at all:
“The median home value in Ridgewood is $646,100. Ridgewood home values have declined -5.0% over the past year and Zillow predicts they will fall -2.4% within the next year.”
“The median home value in Newton is $827,100. Newton home values have gone up 1.9% over the past year and Zillow predicts they will rise 1.9% within the next year.”
The Great Pumpkin says:
April 7, 2015 at 8:56 pm
Expat, you are comparing apples to oranges. Boston metro area is not the nyc metro area. They are not the same. Big difference. I don’t really care what you like better, in case you come back bashing jersey.
Thank you for pointing out the flaws in his analysis.
He is trying to convince individuals with high knowledge of real estate that Boston metro area is more valuable than nyc metro area. Biased at all? Leaving jersey for Massachusetts has nothing to do with it? Keep trying to convince yourself, buddy, it’s not going to work on me or others with knowledge of real estate. Remember, I laugh at people that leave nyc metro area for supposedly greener pastures. Nyc, sf, and dc are top of the food chain. I’ll hang around these places and pay the much higher cost of living because I enjoy the opportunity to make a lot more money. I understand if you lack skills and want to leave this area, low skilled individuals have it hard trying to live and survive in this area. People on top of their game want to live in the nyc, sf, or dc area.
Ottoman says:
April 8, 2015 at 9:16 am
As long as we’re cherry picking. Millburn’s median home value is $763,200 according to Zillow. Millburn values rose 19.1% over the past year and Zillow predicts they will rise another 5.7% within the next year. These numbers don’t include Short Hills which Zillow calculates separately.
The northeast is a megapolis – if we go down, we all go down together
Any other conclusion isn’t worth the circle jerk you had to get there.
19, it is a lot better than it used to be but still is really bad. That area in front of liberty state park went from life after people scary to just straight up ghetto now, so there has been a little progress. That’s a risky investment, i’m not sure if those apartments will be able to command that high a rent with all of the inventory set to come on-line in areas far more developed/desirable areas of Hudson county(Over by the Hoboken border, a ton of stuff in JSQ, Downtown, Liberty Harbor,the Beacon,etc). Only thing that has going for it is the light rail, there really isn’t anything else there.
[7] Anon
The story first broke with the side of the police in that he felt like his life was in danger. Add in a little background info of how Scott had a questionable background and that’s where these cases end. When you read that depending on your views of officer, some people typically assume that is “fact”. Being a cynic, I had to scratch my head because a 50 year old man attacking a cop over back child support just don’t sound right. Was he high or something?
Then a video appears showing a man running away from the officer and getting shot in the back. I think shot 8 times in the back. Then proceeds to handcuff him which I assume is standard procedure. Then you get the usual reactions. Supporters of the officer…why did he run? Others….another innocent person shot by a dirty cop.
Depending on local law, the officer could be justified in shooting if for any reason he believed he might harm someone else or still intent on harming the officer.
The fact is, IF there wasn’t a video of what transpired, this man would have died a villain. Actually, there is still a good chance of that happening.
People on top of their game want to live in the nyc, sf, or dc area.
Wasn’t this the battle cry of Pretentious, I mean Pretorious when (S)he used to post here?
That video of that cop shooting that man is disturbing. I don’t care what the guy did, the cop will be tried for murder and will have the rest of his life to play “G0d” in his head as he stares at cinder block walls. That cop is a pyschopath.
I agree with that, but I will also point out the center of this megapolis is NYC.
grim says:
April 8, 2015 at 10:40 am
The northeast is a megapolis – if we go down, we all go down together
Any other conclusion isn’t worth the circle jerk you had to get there.
It’s no battle cry, it’s common sense.
Fast Eddie says:
April 8, 2015 at 10:57 am
People on top of their game want to live in the nyc, sf, or dc area.
Wasn’t this the battle cry of Pretentious, I mean Pretorious when (S)he used to post here?
[28] eddie,
Agreed. Video is damning evidence. Unless there is a seriously robust justification that we don’t know about, the only way this cop gets off is if he gets the same jury that Atticus Finch tried to persuade.
a good lawyer can always twist what you see with your own lying eyes
Comrade Nom Deplume, who needs to stop screwing around and get back to work says:
April 8, 2015 at 11:47 am
[28] eddie,
Agreed. Video is damning evidence. Unless there is a seriously robust justification
Me too, PumpnSpooge, me too.
Keep trying to convince yourself, buddy, it’s not going to work on me or others with knowledge of real estate. Remember, I laugh
Stu: check PRGO
http://www.nj.com/politics/index.ssf/2015/04/nj_lawmakers_seeks_to_ban_towns_from_enacting_paid.html#incart_river
TRENTON — With New Jersey towns increasingly taking it upon themselves to require that businesses provide workers with paid sick days, a lawmaker is seeking to stop them.
State Sen. Steve Oroho (R-Sussex) recently introduced legislation (S2865) that would bar towns from enacting “an ordinance, resolution, or rule or regulation, or taking any other action” that would “set forth the terms and conditions of employment offered by private employers.”
Oroho said that if New Jersey’s 565 municipalities have a patchwork of regulations, it will be harder to attract business.
“It’s going to be extremely cumbersome for a business to say, ‘Okay I’ve got 30 locations in New Jersey and I’ve got 30 sets of laws that I have to abide by with respect to employment,” said Oroho, who is a financial planner.
Oroho’s bill specifically mentions requiring businesses to offer paid sick days to workers or raising the minimum wage above the state’s, but says it’s “not limited” to those two things.
The legislation comes amid a growing debate about the role of New Jersey municipalities in setting certain standards for businesses.
Since 2013, nine New Jersey municipalities have enacted laws requiring businesses to offer paid sick days to workers either through ordinance or by voter referendum: Jersey City, Newark, East Orange, Trenton, Montclair, Passaic, Paterson, Irvington and Bloomfield.
A business coalition in March filed suit against Trenton’s law as unconstitutional and in violation of state wage statutes, causing the city to delay its implementation.
Currently, New Jersey towns are not allowed to enact a minimum wage higher than the state’s, though Assembly Democrats have begun advancing legislation that would allow it.
At this time, Pumpkinhead, Boston area is quite hot. Hotter than NJ, for sure. There are new Commercial office buildings being built across the Belt. That means more employment. You don’t see that in any part of NJ. As to home buying there, just ask my oldest son and his wife. They are closing outside Boston in a few weeks. They were lucky, they didn’t pay full price. However, we saw some of the dumps that were being peddled out there for big money. And there are takers. One open house we went to had overflow crowds. That’s when there was no room to park because of 8 foot high snow banks.
They are beating us. And I’m no fan of Mass
[36] They are constructing a new building right in our office park, about 1000 feet from our building, to accommodate another 2000 employees, all from one company.
Have you taken a walk through jersey city or any location along the Hudson river? Have you gone shopping for a home in any of the nj suburbs within commutable distance and a train line going through the town?
Remember, nj is currently going through a transition period in which our economy is finding new industry to replace the old model. The industry will eventually come and will rise the tide of jersey. If nj is hurting and still ranked in the top 3 in the nation in terms of wealth, she will be okay. Massachusetts is nice, but I see absolutely no reason to pick Boston over nyc. I’m sorry, you will never convince me that the Boston metro area offers more opportunities to make money than the nyc metro area. The nyc metro area is consistently at the top for over a hundred years.
Xolepa says:
April 8, 2015 at 12:55 pm
At this time, Pumpkinhead, Boston area is quite hot. Hotter than NJ, for sure. There are new Commercial office buildings being built across the Belt. That means more employment. You don’t see that in any part of NJ. As to home buying there, just ask my oldest son and his wife. They are closing outside Boston in a few weeks. They were lucky, they didn’t pay full price. However, we saw some of the dumps that were being peddled out there for big money. And there are takers. One open house we went to had overflow crowds. That’s when there was no room to park because of 8 foot high snow banks.
They are beating us. And I’m no fan of Mass
@BBCBreaking:
Officer who shot unarmed man #WalterScott in South Carolina has been fired, mayor says
I hope that this cop being charged will result in people to stop focusing on racism. The guy shot another man and was charged with murder. No need to bring race into it. Justice will be served.
anon (the good one) says:
April 8, 2015 at 1:39 pm
@BBCBreaking:
Officer who shot unarmed man #WalterScott in South Carolina has been fired, mayor says
April 2nd Morris County Sheriff Sale:
2 Cancelled
1 Adjourned due to Bankruptcy
10 sold to plaintiff
4 sold to 3rd Party purchasers!
I’ve been watching these for years and have never seen that high a percentage of FC actually complete and 4 to 3rd party purchasers is even crazier. Maybe the pipeline is opening up.
You don’t see that in any part of NJ.
Try to lease industrial space in NJ…..
Shitty old office buildings, a dime a dozen. Industrial space? No availability and priced for perfection (and finding tenants).
43. really hard to get approvals to build industrial, no land, results in a strange market with high rents and even at that it is difficult to build a profitable project.
44 – Seems like it is the intent of every municipal master plan in NJ to completely eliminate industrial zoning and to repurpose ex-industrial properties for anything but industrial.
I’ve gone through enough master plans to realize that some of NJ’s industrial job loss pain is self-inflicted, and will continue to be.
You can see evidence of this everywhere in NJ, how many industrial properties converted to low-cost self storage uses. A place that could have housed hundreds of jobs now provide work for 3 or 4. By the way, moving from industrial to warehouse usage is specifically spelled out as being preferable in many of the master plans I’ve read.
When you have a property, and need to do something with it, the fastest way is to go with what would be acceptable from a use perspective, otherwise you face a long protracted right. So away go the industrial properties, never to return.
The last point is an important once. Generally it is easy to go from a heavy use to a lighter one. It’s nearly impossible to go the other way.
Grim basically in NNJ unless the site is so tainted that it cannot be used for anything else and you’re willing to clean it up at your expense with no limit to your liability they are not going to approve an industrial use for a plot of land in North Jersey.
This is from 2014. So please tell me again why I should leave this state? It’s amazing how many people complain about this state, but ignore all the money being made here. Even in terrible nj economy, we are still ranked no 1. So please tell me again why I should move to these other states ranked much lower on the list. I’m not a loser, I’m a money maker with skills. Why would I not want to be here? Why would I not want to be in business in the wealthiest and most densely populated area in the U.S, northern nj. I don’t give a crap about paying a little more in taxes if I can make significantly more money. People need to stop crying about taxes and instead point their time to taking advantage of the location and making money. Taxes are a part of life. Get over it. Don’t bash a state because you have to pay taxes. If you are paying a 100,000 in taxes, just the f up. You are making a lot of money and be grateful. A bunch of people would love to be able to pay those kinds of taxes because that means they are making a good amount of money. Sorry the tax issue gets to me after hearing it over and over.
“Across the country, wealth varies hugely from county to county, and often even town by town. But how do the 50 states and Washington, D.C. stack up, wealth-wise?
To determine the richest and poorest states in the U.S., personal finance site WalletHub evaluated the 50 states and the District of Columbia according to income, GDP per capita, and tax dollars per capita, adjusting for population and using data from the U.S. Census Bureau, U.S. Bureau of Economic Analysis, and the U.S. Internal Revenue Service.
Income was weighted doubly, with five income brackets receiving scores ranging from -1 to 2.5, while GDP and taxes received half-weights. Several states earned identical rankings and tied for one place.
Washington, D.C. and New Jersey top the list of the richest states, tying for first place. The nation’s capital claims the highest per capita GDP and taxes in the country. Connecticut and Maryland tie for third place, with Maryland ranking first nationally in income. Massachusetts rounds out the top five. The state ranks sixth in taxes paid per capita, despite the reputation that earned the Bay State the nickname “Taxachusetts.””
http://www.forbes.com/sites/kathryndill/2014/10/13/the-richest-and-poorest-states-in-2014/
47- “while Washington, D.C., New Jersey, Connecticut, Maryland, and Massachusetts have the highest percentages of households earning above $200,000.”
[32] anon
“a good lawyer can always twist what you see with your own lying eyes”
True.
But we aren’t always miracle workers. Unless there is more to the story, this cop has little to cling to.
[48] punkin
DC and Boston also have the highest per capita concentration of graduate degreeholders. And their wealth is spread out a bit more. Connecticut is only on that list because of the uber-wealthy hedgies who live in Greenwich.
Maryland is only on the list because of DC. Ridiculous wealth in Bethesda, Chevy Chase, and Potomac.
[36] xolepa
“They are beating us. And I’m no fan of Mass”
Yes, yes they are. And I am glad for it.
But truth be told, they aren’t beating NJ so much as NJ is beating itself.
Chi:
Prego’s relative value is 300%. That’s a spicy meatball to swallow. Not sure what Mylan sees in them. Me thinks healthcare and especially biotechs are getting awfully bubbly.
@chrislhayes:
We’ll have an extended interview w the man who shot the video of Walter Scott’s death tonight at 8pm on @allinwithchris #inners
Degree holders? Who cares, NJ has COPS!
Who cares about CEOs and Hedgies.
Can we talk about income inequality? From the Star Ledger:
N.J. home to highest-paid cops, and widest gap between them and everyone else, study finds
Besides having the highest-paid police officers in the nation, New Jersey is one of three states in the country where cops are typically paid more than double the median salary.
The median salary for a police officer in the Garden State is $92,250 compared to $40,680 for all salaried workers in New Jersey, according to TheMarshallProject.org. Cops here make $2.27 for every $1 paid to everyone else, the highest disparity in the country.
Those figures don’t include overtime or benefits such as uniform allowances that many officers receive. The value of police officers’ pensions is also omitted from the total. The numbers were compiled by analyzing information from the Bureau of Labor Statistics. A median figure indicates half are paid more than the amount and half are paid less — it is not an average.
The only other states where police officers earn more than twice as much as a typical worker are California and Nevada. Police in the Golden State earn a median salary of $88,740 compared to $39,190 for the rest of the workforce. In the Silver State, police officers are paid a median salary of $68,710, slightly more than double the $33,550 an ordinary worker makes.
[56] Grim – just do the math, for Christ’s sake! New Jersey is the best possible place anyone can live, and EVERYONE knows this. Don’t you want the best cops protecting those who would invade that most sacred of territories with merit? Don’t you? DON’T YOU? Reality Check: If you have the best thing and, of course, everyone wants your best thing, you have to pay to protect and keep it. Right? RIGHT?
fcuk. without merit.
New Jersey is a wonderland.
We got the afternoon
You got this room for two
One thing I’ve left to do
Discover me
Discovering you
One mile to every inch of
Your skin like porcelain
One pair of candy lips and
Your bubblegum tongue
And if you want love
We’ll make it
Swimming a deep sea
Of blankets
Take all your big plans
And break ’em
This is bound to be a while
New Jersey is a wonderland
New Jersey is a wonder
(I’ll use my hands)
New Jersey is a wonderland
Something ’bout the way
Your hair falls in your face
I love the shape you take when crawling
Towards the pillowcase
You tell me where to go and
Though I might leave to find it
I’ll never let your head hit the bed
Without my hand behind it
You want love?
We’ll make it
Swimming a deep sea
Of blankets
Take all your big plans
And break ’em
This is bound to be a while
New Jersey is a wonderland
New Jersey is a wonder
(I’ll use my hands)
New Jersey is a wonderland
Damn baby
You frustrate me
I know you’re mine all mine all mine
But you look so good it hurts sometimes
New Jersey is a wonderland
New Jersey is a wonder
(I’ll use my hands)
New Jersey is a wonderland
New Jersey is a wonderland
Stu: Mylan may be buying PRGO as a takeover defense against TEVA
I was surprised
I was happy for a day in 1975
I was puzzled by a dream
It stayed with me all day in 1995
My brother had confessed he was gay
It took the heat off me for a while
He stood up with a sailor friend
Made it known upon my sister’s wedding day.
Got married in a rush to save a kid from being deported
Now she’s in love
I was so touched, I was moved to kick the crutches
From my crippled friend
She was not impressed
Cause I cured her on the Sabbath
I went to confess
When she saw the funny side, we introduced my child bride
To whiskey and gin
To whiskey and gin.
The priest in the booth had a photographic memory
For all he had heard
He took all of my sins and he wrote a pocket novel
Called The State That I’m In
So I gave myself to God
There was a pregnant pause before he said okay
Now I spend my days turning tables round in Marks & Spencer
They don’t seem to mind.
I gave myself to sin, I gave
Myself to providence and I’ve
Been there and back again
The state that I am in.
I gave myself to sin, I gave
Myself to providence and I’ve
Been there and back again
The state that I am in.
Oh love of mine, would you condescend to help me?
Cause I am stupid and blind
Desperation is the Devil’s work, it is the folly Of a boy’s empty mind
Oh and now I’m feeling dangerous
Riding on city buses for a hobby is sad
Why don’t you lead me to a living end
I promised that I’d entertain my crippled friend,
My crippled friend.
I gave myself to sin, I gave
Myself to providence and I’ve
Been there and back again
The state that I am in.
I gave myself to sin, I gave
Myself to providence and I’ve
Been there and back again
The state that I am in.
I gave myself to sin, I gave
Myself to providence and I’ve
Been there and back again
The state that I am in.
I gave myself to sin, I gave
Myself to providence and I’ve
Been there and back again
The state that I am in.
I gave myself to sin
And I’ve been there and back again
Oh yeah.
–Belle & Sebastian
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