Atlantic City in the Top 10 … worst performing markets

From HousingWire:

These are the top and bottom 10 housing markets right now

As the year comes to a close, Pro Teck Valuation Services’ latest home value forecast of the top 10 best and 10 worst performing metros ended the year on the same note, fluctuating little over the year.

The rankings are based on a number of leading real estate market indicators, including: Sales/listing activity and prices, months of remaining inventory, days on market, sold-to-list price ratio and foreclosure and REO activity.

Pro Teck measures Core Based Statistical Areas which consist of the county or counties with a substantial population, along with adjacent commuter communities. It refers collectively to metropolitan statistical areas and micropolitan statistical areas.

This month’s Bottom 10 CBSAs include:

Fort Lauderdale-Pompano Beach-Deerfield Beach, Florida
Huntington-Ashland, West Virginia-Kentucky-Ohio
Joplin, Missouri
Lake County-Kenosha County, Illinois-Wisconsin
Lake Havasu City-Kingman, Arizona
McAllen-Edinburg-Mission, Texas
Milwaukee-Waukesha-West Allis, Wisconsin
Midland, Texas
Atlantic City-Hammonton, New Jersey
Jacksonville, North Carolina.

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

37 Responses to Atlantic City in the Top 10 … worst performing markets

  1. The Great Pumpkin says:

    I know lefty spoke about eventual gentrification. Anyone think this is a good long term (30 years?) buy right now? Has to be close to bottom? You know the old saying….buy when there is blood in the streets.

  2. The Great Pumpkin says:

    It’s on the beach. Have to think that anything on the coast has a chance.

  3. leftwing says:

    At least a generation or two out, if ever.

    Catskills, Poconos, Adirondacks, AC…..all prime holiday destinations a century ago for everyone from presidents and robber barons to the middle class.

    All barren now. Sometimes things just change and there is no putting humpty-dumpty back together.

  4. yome says:

    President Barack Obama signed into law a measure easing a 35-year-old tax on foreign investment in U.S. real estate, potentially opening the door to greater purchases by overseas investors, a major source of capital since the financial crisis.

    Contained in the $1.1 trillion spending measure that was passed to avoid a government shutdown is a provision that treats foreign pension funds the same as their U.S. counterparts for real estate investments. The provision waives the tax imposed on such investors under the 1980 Foreign Investment in Real Property Tax Act, known as FIRPTA.

    “FIRPTA has historically made direct investment in U.S. property a non-starter for trillions of dollars worth of foreign pensions,” said James Corl, a managing director at private equity firm Siguler Guff & Co. “This tax-law modification is a game changer” that could result in hundreds of billions of new capital flows into U.S. real estate.

    Foreign investors have flocked to U.S. real estate since the global economic meltdown, drawn by the relative yields and perceived safety of assets from office towers and shopping centers to apartments and warehouses. The demand has helped drive commercial real estate prices to record highs. Many foreign investors structured their purchases to make themselves minority investors and bypass FIRPTA.

    REIT Purchases

    The new law also allows foreign pensions to buy as much as 10 percent of a U.S. publicly traded real estate investment trust without triggering FIRPTA liability, up from 5 percent previously.

    “By breaking down outdated tax barriers to inbound investment, the FIRPTA relief will help mobilize private capital for real estate and infrastructure projects,” Jeffrey DeBoer, president and chief executive officer of the Real Estate Roundtable, an industry lobbying group, said in a statement.

    Cross-border investment in U.S. real estate has totaled about $78.4 billion this year, or 16 percent of the total $483 billion investment in U.S. property, according to Real Capital Analytics Inc. Pension funds accounted for about $7.5 billion, or almost 10 percent, of the foreign total, according to the New York-based property research firm.

    “Foreign pensions are such a low percentage of foreign investment in U.S. real estate because of FIRPTA,” Corl said.

    Investment Surges

    Foreign investment has surged from just $4.7 billion in 2009, according to Real Capital. Foreign buying this year as a percentage of total investment in U.S. real estate is about double the 8.1 percent average in the 10 years through 2012.

    Despite a perception that FIRPTA was a response to the wave of Japanese buying of trophy U.S. property in the late 1980s and early 1990s, including Rockefeller Center and Pebble Beach, the act was actually passed in 1980 in response to international investors buying U.S. farmland. Under old rules, foreign majority sellers had to pay 10 percent of gross proceeds from the sale of U.S. real estate as well as additional federal, state and local levies that could increase the total tax burden to as much as 60 percent, according to the National Association of Real Estate Investment Trusts.

    The change “is a huge deal,” said Jim Fetgatter, chief executive of the Association of Foreign Investors in Real Estate. “There’s no question” it will increase the amount of foreign investment in U.S. property, he said.

  5. Juice Box says:

    Would it be wrong to rent a wheelchair and cut the line to see star wars?

  6. Comrade Nom Deplume, the anon-tidote says:

    [5] yome

    This is a big deal. I’d write about it but I don’t work on foreign pensions

  7. Raymond Reddington formerly known as Phoenix says:

    5 Yome
    Disgusting and treasonous. Out of all the things he did this is one that he should be impeached for.

  8. Raymond Reddington formerly known as Phoenix says:

    Ones country should never be able to be sold at any price. ….

  9. yome says:

    So it did pass of course!!

    Income exclusion for mortgage debt that’s been forgiven: When you sell your home for less than what you owe the bank or your home goes into foreclosure, the bank may agree to forgive the remaining debt you owe. But the IRS typically treats that forgiven debt as taxable income to you.
    The tax package temporarily extends for 2015 and 2016 a provision that lets you exclude the forgiven debt from your income for tax purposes.

  10. leftwing says:

    “Disgusting and treasonous. Out of all the things he did this is one that he should be impeached for”

    I have no problem with it. Foreigners hand us money for something that by definition cannot be moved from this country.

    When the US hits massive default we have both the money and the property. Suckas.

  11. Comrade Nom Deplume, the anon-tidote says:

    Today, I saw what I thought was an oil can fire in an Xmas tree lot.

    My first thought was of Clot

    I have to get away from this place

  12. leftwing says:

    Hahaha. I took a couple years off. No joking, I woke up one morning realizing my mental attitude was deteriorating by the daily pounding. Housing market was a lot worse.

    Still want someone to remind me who the poster was with crossbow skills; he had some priceless comments on stealth elimination skills.

    Think we purchased you about 20 different nompounds. My favorite was the former missile silo for sale. Hardened and all. I found that listing and when my first thought went to “nompound!” I knew I needed a break LOL.

  13. Libturd at home says:

    Gator Junior knows what teabagging is. Lord help us.

  14. Essex says:

    16. you should really lock your bedroom door.

  15. The Great Pumpkin says:

    Tens of thousands of people have protested against Poland’s new conservative government for the second weekend in a row, saying they are defending the constitution.
    Demonstrations took place in Warsaw and around 20 other Polish cities.
    The Law and Justice party won elections in October, and has since tried to appoint judges of its choice to the Constitutional Court.
    Critics are concerned the government is trying to neuter the court.

    http://www.bbc.com/news/world-europe-35142582

  16. homeboken says:

    From yesterday ” The Great Pumpkin says:
    December 18, 2015 at 10:04 pm

    Pretty close in height, but wrong on weight. 5’10 175-180 lbs. I’m in pretty good shape. I get carded wherever I go. Ac makes me stamp my hand. So I don’t look my age. ”

    I have been operating under the presumption that Pumpkin was female all this time. Am I alone with that?

  17. The Great Pumpkin says:

    18- Americanization of Poland. The elite are taking over and buying out the polish govt, just like they did in America. Putting in judges that will change the constitution/govt to fit their needs/agenda.

  18. The Great Pumpkin says:

    19- are you serious? Why, because I have a gentle caring side?

  19. Landlord/Tenant Dispute says:

    Off-topic Question:

    Below is a quote from a NJ statute regarding notification (or lack thereof) of security deposit information and the penalty assessed when landlord fails to notify and cure. Following that are my questions:

    “If notification is not given or if the security is not deposited or invested in accordance with this law, the tenant has the right to require that the security deposit, plus 7 % per year be applied toward any rent due.”

    Notification of original deposit information (and an account change that occurred 6 months later) was never given during a 6 year tenancy. A request for the required deposit information – and the 30 days to cure – took place after tenant had already moved out of the rental home and satisfied all rental payments. Does this still entitle tenant to the 7% interest rate on deposit, for failure of the landlord to comply with and then cure, what is required by the statutes on notification? Or is 7% interest only applicable if the tenant requests that it be applied to rent?

    Any information would be much appreciated.

  20. Not Landlord/Tenant says:

    The bigger issue for you is collecting. End of story.

    Safe thing is always to use the amount you think you are owed for security deposit money mishandling and deduct it from the last few months of rent. Let the landlord come after you.

    Even if you file suit. It will be heard in small claims court. The judge will try to make you negotiate with a law student as arbitrator. If you win. The judge will remind you the sherriff’s office will take 10% and they have a large case backload of months/years

  21. Landlord/Tenant Dispute says:

    Well…the deposit was approx $5,500. With 7% compounded interest that become roughly $8,250. If I go to court, it is beyond small claims court but it should be noted that the court automatically doubles the amount owed, should the tenant prevail. Plus, landlord can be made to pay legal expenses. This makes the amount at least $16,000.

    The money cannot be deducted from the rents, as all of this occurred after moving out. Rent has all been paid.

  22. NJT says:

    #6 – “Would it be wrong to rent a wheelchair and cut the line to see star wars?”.

    Buddy, his family and mine went to Great Adventure a few years ago. Buddy’s wife had
    twisted her ankle bad the day before so he rented a motorized scooter type thing for her to ride in. She refused. Well, he paid for it so WE rode it around. When we showed up at the end of a line for a ride they moved us right to the front. Hmm… didn’t wait on line for any ride the rest of the day.

  23. Not Landlord/Tenant says:

    When I had my incident a few years ago, there was no 7% clause that I was aware of. However, they automatically triple the security deposit amount.

    But, I think you are being a little naive. Legal matters are about attrition and how long can you force the other person to spend/wait it out. This is a lot like getting a traffic/parking ticket where you did nothing wrong, but simply the cop needed to make his quota and you are the chosen poor bastard he picked. You might be able to prove and win the case, but is just a lot cheaper and less stressful to write the check.

    Now what you got to understand is that the landlord has experience in this matters and is going to fight back and produce a lot of receipts and pictures that somehow show that at the end of the day you owe him more than he owes you.

    Again, you can spend some nice money in legal fees getting the court judgement against the landlord. Then if he does not pay it, start the fun of trying to collect it using the Sheriff’s Office.

    I say sue him in small claims court, cheap filing fees, but don’t expect an easy, honest or short fight. File suit and use it to negotiate an amount of money that you are comfortable with. And in the future deduct the security deposit from the lasts few month of rent. If any damages you pay for it from the deposit.

    If there are any problems is always a lot better and cheaper for you to have the landlord do the work of coming after you. Then arbitrate and settle it for a lot smaller amount and write the check, then to you go after the landlord.

  24. NJT says:

    #22

    I place the security deposit into a interest bearing account labeled ‘Security deposit for X’ then present the tenant a paper showing the account info. I also offer to pay them the interest every year (if they stay that long). NEVER had an issue.

    Um, wait, there was one. Had a tenant break the lease and try to sue me for the security.

    *Dude wasn’t sure if he wanted to renew or not. Gave him a week to think about it (after lease had expired). He said “OK, I’m renewing” then a week later told me he changed his mind (after signing new lease) and wanted his money back.

    Needless to say, he lost and not graciously. Had to file a ‘no contact’ order against him. Wound up in court where the judge old him “If you bother these people again you’re going to jail”.

    BTW – ALL of my leases/rentals are now month-to-month.

  25. Landlord/Tenant Dispute says:

    #26
    “Now what you got to understand is that the landlord has experience in this matters and is going to fight back and produce a lot of receipts and pictures that somehow show that at the end of the day you owe him more than he owes you.”

    In NJ the court doubles the deposit amount. I haven’t seen anything about tripling it. As far as evidence, receipts, photos, etc. I have everything I need…including a police incident report from when the landlord approached my wife at her place of employment (a public school) and tried to bully her into taking a $1000 settlement, shoving a letter and check into her hands.

    The landlord doesn’t have much experience or common sense. She thought that she deserved 90 days notice of me moving out…and also threatened to sue me for rent through June 2016 because I left after school had already started. I hadn’t signed a document or lease since 2001. The landlord is a moron.

  26. nwnj3 says:

    #20

    And so what, apparently the party reforming the courts was elected democratically.

    We elected the fat windbag here twice under the promise of overhauling the supreme court and instead he cut a deal to promote his presidential chances. It would be nice to find a party interested in actually promoting the interests of the populace rather than a globalist agenda or self interest.

    Idiots like you really are the reason why Trump is so popular right now.

  27. leftwing says:

    “Pretty close in height, but wrong on weight. 5’10 175-180 lbs. I’m in pretty good shape. I get carded wherever I go. Ac makes me stamp my hand. So I don’t look my age.
    I have been operating under the presumption that Pumpkin was female all this time. Am I alone with that?”

    Still suspect it is my ex- trolling me. Could be. Description fits post divorce, she put on some pounds.

  28. leftwing says:

    “Americanization of Poland….Putting in judges that will change the constitution/govt to fit their needs/agenda.”

    Yeah, horrible when that happens. FDR was such a pr1ck.

  29. leftwing says:

    Re: landlord/tenant. Some good advice above.

    Possession is 9/10ths of the law. Much better if you had the credit and landlord had to make the cost/benefit decision of chasing you. Comments are correct about the length of time, inefficiency, and the “let’s make a deal” atmosphere of the Courts notwithstanding contract or law.

    Also, for the poster who said he’s all month to month now, what difference does that make?

  30. NJT says:

    #32

    Easier and quicker for either party.

    *My goal is to keep the cash flowing – my tenants can only pay in cash.

  31. Hughesrep says:

    25

    See that a lot at Disney. People whose disability is being fat. Slobs riding a scooter with a pineapple whip and a turkey leg in each hand.

  32. Comrade Nom Deplume, the anon-tidote says:

    [32] wing

    I advised my LL clients to go month to month and avoid annual leases. In some jurisdictions, you can go to court sooner. Cannot speak for NJ in that regard.

  33. NJT says:

    #34 – ‘Beep, Beep’ outta the way, disabled coming through! – I made him say that, I couldn’t.

    *Forgot I was wearing an old USAF t-shirt.

  34. NJT says:

    #34 FYI – (Re: the Great Adventure thing) Both of us (Buddy and me) are 5′ 10″ and around 180-190 LBS with no beer bellies, incredible strength in the extremities (it is fading but…that happens along with a bit of arthritis).

    *One of my grandfathers beat me arm wrestling when he was 70 and me 25!

    Not a ‘softie’ just went with getting a good deal without asking for it (‘line-cut’).

Comments are closed.