LI Market Burnout?

From LI Business News:

LI home prices fall along with sales

The median prices of Long Island homes contracted for sale in July dropped as the number of sales also declined as compared with the previous month.

In Nassau County, the median price of pending home sales fell to $450,000 last month, a 7.2 percent decrease from the $485,000 median price recorded in June, according to a preliminary market report from the Multiple Listing Service of Long Island. The median price of homes contracted for sale in Suffolk County dipped last month as well, but only slightly. Suffolk’s median price of pending sales in July was $345,000, down just 0.06 percent from the $347,000 median price recorded in June.

However, home prices have risen slightly when compared with a year ago. In Nassau the median price of homes contracted for sale in July is up 1.1 percent from the $445,000 median of July 2015. In Suffolk, the median price for pending home sales last month is up 3.9 percent from the $332,000 median recorded in July 2015.

The number of pending Long Island home sales also fell in July, after six straight months of year-over-year gains in 2016. There were 2,576 homes contracted for sale in Nassau and Suffolk counties last month, a drop of nearly 4.5 percent from the 2,696 pending sales recorded in July 2015. Nassau saw the biggest drop in pending sales last month with a 7.5 percent year-over-year decline.

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

86 Responses to LI Market Burnout?

  1. grim says:

    Man, ain’t it nice to just vote yourself a big fat raise.

    http://www.nj.com/mercer/index.ssf/2016/08/15_pay_raises_possible_for_trentons_mayor_top_offi.html#incart_river_home

    Trenton City Council next month will consider giving double-digit pay raises to themselves, the mayor and the city’s other appointed officials.

    On Thursday, the council is expected to introduce an ordinance that would raise their own salaries as much as 15 percent over the next three years, and raise the salaries of members of the administration by 15.5 percent. The public hearing and final vote is set for Sept. 15.

    The pay increases would be retroactive to Jan. 1.

    Under the measure, by the start of 2018, salaries would increase to $146,061 from $126,460 for Mayor Eric Jackson (15.5 percent); to $133,891 from $115,922 for McEwen (15.5 percent); to $128,332 from $107,231 for Chief of Staff Francis Blanco (19.7 percent); to $117,774 from $101,968 for the municipal judges (15.5 percent); to $129,549 from $112,164 for the chief municipal judge (15.5 percent); to $121,719 from $105,384 for the department directors (15.5 percent); and to $23,000 from $20,000 for council members (15 percent).

  2. Essex says:

    Trenton….after they used to make….less money.

  3. grim says:

    Only in the public sector could you be Trenton and get a contractual 5% a year raise.

  4. Essex says:

    True.

  5. GOP's broken (the good one) says:

    that’s why my kids go to boston latin, to get a dream public sector job

    grim says:
    August 17, 2016 at 6:23 am
    Only in the public sector could you….get a contractual 5% a year raise.

  6. GOP's broken (the good one) says:

    grim, unmod the other one

  7. 3b says:

    Pumps no where in my post did I say an elite education as you put it was not worth it. No where period. What I said was some people send their kids to these schools in the hopes that their children will travel in the same circles. They won’t for the most part. That was all I said period. As for myself the child of immigrants college grad m b a at night. And I worked for many years at the wall st firm that so many dream about. Very successful there. Ironically these people the product of the elite schools did not care where I went to school. What mattered? I worked hard no my job cold and produced. And I was not a douche. I could have lived almost anywhere in Bergen co but stayed where I first bought a house as my spouse liked it. As for my own children they were not getting into the elite universities and by elite I mean the ivy leagues. So there choice was mom and dad pay for your college in state school if your grades are B or better and you graduate in 4 years. Or you can go to one of the many private colleges that deem themselves to be almost like an ivy. No such thing by the way. And you can pay the difference yourselves. They took our offer. The result all graduated in 4 years all are employed in their field. One finished their m b a night and weekends. Second will be done in December and the 3rd does not need one for their field. So pumps please stop lecturing me with your juvenile silly posts. When I do post they geared towards the adults on the blog.

  8. grim says:

    I don’t see it in mod, it must have gone blacklist

  9. grim says:

    I don’t think elite colleges are universally worth it.

    I know lots of folks who are insanely successful, and it has nothing to do with where they did, or didn’t, go to school.

  10. 3b says:

    Fab you proved my point in that you engage in what about nes . As in the republicans. I don’t hate Hillary as you say. She never did anything to me. I don’t believe she is qualified in so many respects. I don’t like trump either he is a moron. I don’t respect the system any more it’s a cruel farce that these 2 are our choices for president. And no fans the founding fathers did not require that I vote for one of the 2. I will sit it out.

  11. 3b says:

    9 grim I agree. I know someone who’s kid attends a local school that had an internship this summer in their field. Had a major idea company lived it going to make big money on it. And apparently in this field a huge coup. The kid will have multiple offers upon graduating next year. In the end that’s all that matters.

  12. Fast Eddie says:

    I know lots of folks who are insanely successful, and it has nothing to do with where they did, or didn’t, go to school.

    I’ve been saying this for years. College is a scam. It wasn’t at one time but it is today. Just this week a co-worker was telling me she “only” has $160,000 left on her loans. She’s in her 30s. Right.

  13. 30 year realtor says:

    NYC market softening. LI market softening. NJ market is softening too. What is behind the trend and how long does it last?

    My feel for what will come over the next couple of years is more drifting. No large moves in value up or down, just a drift up or down by a few percent points depending on news and season. Right now I feel a lack of confidence due to concerns over the election. Holidays will hold back any post election bounce until after year end.

  14. GOP's broken (the good one) says:

    and it depends on the objective.
    quality education was not the goal for W, for example. and that’s leaving aside the fact that he’s mentally impaired

    grim says:
    August 17, 2016 at 8:37 am
    I don’t think elite colleges are universally worth it

  15. grim says:

    I know plenty of worthless idiots who graduated from Princeton, Harvard, etc etc.

    Nothing better than dealing with a “business consultant” from one of the big firms, 3 months real world experience, nothing but bullshit spewing forth.

  16. Essex says:

    7. i know it was a bit of an eye opener for my kid.

  17. Ottoman says:

    grim says:
    August 17, 2016 at 6:23 am
    Only in the public sector could you be Trenton and get a contractual 5% a year raise.**

    **typed on an iPhone built by a 12 year old working 16 hour shifts for 5 dollars a day. And if she’s a girl, r@ped repeatedly for the privilege.

  18. No One says:

    That’s not the working conditions in contract manufacturing these days. That’s more likely the working conditions of girls working the farms in pre-capitalist rural areas in the third world that don’t have the opportunity to migrate to cities and factory work. Except they get paid much less than $5 per day for farming and getting raped.

  19. [1] In Boston the City council determines the mayor’s salary. The city council’s salary? Half the mayor’s salary.

  20. Fast Eddie says:

    **typed on an iPhone built by a 12 year old working 16 hour shifts for 5 dollars a day. And if she’s a girl, r@ped repeatedly for the privilege.

    Did she walk to work up two hills, both ways, in the snow with no shoes and blindfolded, too?

  21. With jj and nj escapee being mia for a long time, Is it just Nom and myself who are non-garden staters?

  22. Essex says:

    22. Lucky

  23. grim says:

    Paterson funding budget gap through issuance of 100 additional tickets a day. Egregious?

    http://www.northjersey.com/news/paterson-avoids-layoffs-with-city-council-approval-of-tax-levy-1.1646305

    The six-week budget battle resulted in the early closing of Paterson’s 36 summer camps and almost forced the city’s municipal pools to shut down. The city is still planning to go ahead with the creation of a night-time traffic detail in the police department, an initiative that officials say will generate an extra $3 million in annual revenue through the issuance of an additional 30,000 tickets per year.

  24. D-FENS says:

    “It’s easy for Hillary Clinton to turn a blind eye to crime when she has her own private security force that, by the way, carries guns.” He then referenced the Second Amendment — intimating that it applies to every citizen, not just the political class — and he said, “I believe all Americans — not just the powerful — are entitled to security.”

  25. grim says:

    **typed on an iPhone built by a 12 year old working 16 hour shifts for 5 dollars a day. And if she’s a girl, r@ped repeatedly for the privilege.

    So what do they pay the girls who make the millions of cheap Chinese phones that are widespread in China? Given that these phones sell for a hundred bucks, I’d imagine child slave labor.

  26. Fast Eddie says:

    Ottoman,

    You’re typing on an electronic device yourself, you phony f.uck. Why don’t you live in the woods and wrap yourself in leaves so you can practice what you preach.

  27. grim says:

    So keep artificially raising salaries here in the US, add additional burdens on top of existing regulation, and watch as more jobs move to China.

    Who, by the way, will never see actual wage inflation due to currency manipulation. Not to mention the fact that Chinese automation is beginning to surpass American automation, which means lower demand for actual Chinese workers. Less demand, less cost.

  28. Anon E. Moose, Second Coming of JJ says:

    Sh!tstool [17];

    **typed on an iPhone built by a 12 year old working 16 hour shifts for 5 dollars a day. And if she’s a girl, r@ped repeatedly for the privilege.

    Because you access the internet exclusively via hardware built in “Merica!” by union labor?

  29. Fast Eddie says:

    30 year,

    NJ market is softening too.

    Right after I bought house. It’s a conspiracy! :)

  30. WalllyMartsky says:

    From Bloomberg;

    https://www.bloomberg.com/features/2016-walmart-crime/

    Walmart’s Out-of-Control Crime Problem Is Driving Police Crazy

    The retailer’s aggressive cost cutting has unintended consequences.

  31. Fast Eddie says:

    [23],

    Ask yourself why Paterson has a funding gap. Better yet, let’s ask Ottoman and GOPs Broken why there is a gap.

  32. We just got one of those realtor post cards in the mail telling us that one of our units sold for $528K. That’s for 1000 square feet, 2BR, 1 bath. Between this and Plumpsky telling me not to, I think it is time to sell.

  33. Paterson should divide itself into two towns, divided right at the train tracks. Name one half West Elmwood Park and the other East Woodland Park and just watch it gentrify.

  34. People should have become suspicious when first year starting salaries stopped exceeding total college outlay.

    I know lots of folks who are insanely successful, and it has nothing to do with where they did, or didn’t, go to school.

    I’ve been saying this for years. College is a scam. It wasn’t at one time but it is today. Just this week a co-worker was telling me she “only” has $160,000 left on her loans. She’s in her 30s. Right.

  35. chicagofinance says:

    NOT IN NEW JERSEY – Gov. Chris Christie will be attached to Donald Trump’s hip today, as the federal government willingly gives the billionaire blabbermouth his very first classified briefing at the FBI’s New York field office. (Insert shudder here.) Staffers from the Office of the Director of National Intelligence (DNI), the nation’s top intelligence office, will be outlining confidential major threats and emerging concerns around the world, ABC News reports. Giving such classified information to someone who defines Europe and Asia as bands from the 1980s is a scary move. But at least our governor will be there to prevent what could become the final countdown. Um, right?

  36. Lenita says:

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  37. What ever happened to “New Jersey Bank”? They used to have their HQ at the PNC Bank building on Garrett Mountain. I think I was less than a year from graduating college and I went there to apply for a student loan with a completed application in hand, I was also a customer. I wanted the loan so I wouldn’t have to bust my butt working to pay for college my last year and figured I could pay the loan off quickly my first year working. They told me to fcuk off because they only gave student loans to customers who banked with them for at least 5 years. That was the one and only time I attempted to get a college loan, so I graduated debt free and absolutely broke.

  38. D-FENS says:

    35 – Hater.

  39. D-FENS says:

    Meanwhile…

    JOE BIDEN Welcomed to Serbia WIth MASSIVE RALLY FOR TRUMP (VIDEO)

    http://www.thegatewaypundit.com/2016/08/wow-joe-biden-welcomed-serbia-massive-rally-trump-video/

  40. D-FENS says:

    Now that’s funny.

  41. Libturd the bourgeois drone, feeling the Berning Cankles says:

    It’s not perfect…but I have work to do.

    http://tinyurl.com/Trenton-bridge

  42. Grim says:

    33 – Brilliant

  43. Anon E. Moose, Second Coming of JJ says:

    Brazil orders seizure of Ryan Lochte’s passport — he already left

    Lochte committed the worst sin a foreign can in Brazil — he embarrassed the host country. Maybe (hopefully) this year’s cluster of an event will cut the legs out of the IOC (Int’l Olympic Crime family). Many cities have already pulled bids to host. Can you imagine if Bloomberg had been successful in getting the 2012 games for NYC?

  44. The Great Pumpkin says:

    Move along, nothing to see here. Guy brags about how rich he is, but skips out on his bill and makes us pay for it. Makes me sick how he extorted the nj taxpayer, but hey, let’s blame teachers because that’s what we do. How can you support this guy for president. If Clinton did this, all hell would break loose, but it’s trump, so you guys will just ignore it and support him because he plays for team red.

    http://patch.com/new-jersey/wayne/s/futxf/donald-trumps-30m-tax-debt-nearly-vanished-under-gov-christie-new-reports-reveal?utm_source=alert-breakingnews&utm_medium=email&utm_term=politics%20%26%20government&utm_campaign=alert

  45. 3b says:

    I have not seen any poster on the blog who says he or she is voting for trump. In fact he has been ridiculed and dismissed multiple times by various posters. The general consensus is both choices are pathetic and the system is broken.

  46. The Great Pumpkin says:

    Yes they will if they network correctly. You clearly are not wealthy enough to understand how the elite network system works.

    3b says:
    August 17, 2016 at 8:36 am
    Pumps no where in my post did I say an elite education as you put it was not worth it. No where period. What I said was some people send their kids to these schools in the hopes that their children will travel in the same circles. They won’t for the most part. That was all I said period.

  47. The Great Pumpkin says:

    47- or you are wealthy, but take the network of the elite for granted.

  48. The Great Pumpkin says:

    Are you aiming for success the hard way or the elite way? You can’t get the best jobs without an ivy degree. Sure you can bust your ass and try to work yourself into these jobs the hard way, but the easy way is with an elite network pass.

    grim says:
    August 17, 2016 at 8:37 am
    I don’t think elite colleges are universally worth it.

    I know lots of folks who are insanely successful, and it has nothing to do with where they did, or didn’t, go to school.

  49. The Great Pumpkin says:

    Great, let’s use one example and apply it to an entire process. Sure, when a given job is in high demand, you can get an easy pass to a good career. What’s happens when the field is flooded? Better have an elite pass to get you that interview. You just don’t get it.

    3b says:
    August 17, 2016 at 8:57 am
    9 grim I agree. I know someone who’s kid attends a local school that had an internship this summer in their field. Had a major idea company lived it going to make big money on it. And apparently in this field a huge coup. The kid will have multiple offers upon graduating next year. In the end that’s all that matters.

  50. The Great Pumpkin says:

    You summed it up. Worthless idiots who have a better job than you because of an elite network pass.

    grim says:
    August 17, 2016 at 9:17 am
    I know plenty of worthless idiots who graduated from Princeton, Harvard, etc etc.

    Nothing better than dealing with a “business consultant” from one of the big firms, 3 months real world experience, nothing but bullshit spewing forth.

  51. Outofstater says:

    46 – I will likely vote for him. I believe Hillary is Lady Macbeth on steroids and she scares the he11 out of me.

  52. 3b says:

    47 bite me butt wipe. I have more wealth than you will ever have. And I was a producer on the street and made a lot of money for myself and my firm. I was not in some back office spot in my 30s doing mindless drone work obviously not important since you can post all day. And I saw more wealth and was and am still friends with many of these wealthy people. As an example I was at a birthday party this past April for a friend and colleague from those days whose husband is a retired fund manager. The event was held in a night club for about 75 people. The place was 3 floors . Rented for an entire Saturday night. The entertainment was a legendary female rock icon from the 80 s. Everything paid for including hotel. Come back to me when you have one of those. You are one little pompous douche!

  53. The Great Pumpkin says:

    50- Btw, big push is coding these days. How long before these jobs are flooded with applicants?

  54. 3b says:

    Grim can you put the douche in time out! He is incredibly bad today!

  55. 3b says:

    Pumps did your connections get you back office gig?

  56. The Great Pumpkin says:

    Save me the bs about wealth. First thing a wealthy individual knows is that you don’t make money off your job income. You make money off your money. F your job income.

    3b says:
    August 17, 2016 at 3:44 pm
    47 bite me butt wipe. I have more wealth than you will ever have. And I was a producer on the street and made a lot of money for myself and my firm. I was not in some back office spot in my 30s doing mindless drone work obviously not important since you can post all day. And I saw more wealth and was and am still friends with many of these wealthy people. As an example I was at a birthday party this past April for a friend and colleague from those days whose husband is a retired fund manager. The event was held in a night club for about 75 people. The place was 3 floors . Rented for an entire Saturday night. The entertainment was a legendary female rock icon from the 80 s. Everything paid for including hotel. Come back to me when you have one of those. You are one little pompous douche!

  57. 3b says:

    57 my dearest douche. When one has the income one can invest and create wealth. You would not see that in a back off financial gig. I guess you got a big chip on your shoulder because you ain’t never going to be in sales or trading or a banker.

  58. 3b says:

    G rim am I reading the douches post right? What you do is going to be farmed out?? And his back office gig is safe?

  59. The Great Pumpkin says:

    No Job is safe. Half of the jobs of today won’t exist in 10 years.

    3b says:
    August 17, 2016 at 4:04 pm
    G rim am I reading the douches post right? What you do is going to be farmed out?? And his back office gig is safe?

  60. Juice Box (busy digging his own grave) says:

    re: # 60 – re: “Half of the jobs of today won’t exist in 10 years.”

    Pumps you are safe they will always need a pivot man.

  61. Hillary: “I’m proud that we have run a campaign of issues, not insults.”

    Wh-wh-what?

  62. [60] Strip club bouncer. Very hard to outsource.

  63. We should have an annual drag race at Pumpsky’s house. Extra points for hitting turkeys.

  64. Libturd the bourgeois drone, feeling the Berning Cankles says:

    “If Clinton did this, all hell would break loose.”

    But it’s perfectly OK for FOREIGN business leaders, many who are dictators from Khazikstan and Nigeria, to buy favor through the Clinton Foundation. Need Uranium? Make a donation. Need U.S. taxpayer funded aid even though you are a known terrorist? Just buy favor through the Clinton Foundation. Need your customer base to remain secret since they are hiding their wealth in your Swiss bank account? Just make a donation to the Clinton Foundation. If you look at all of the foreign donations to the Clinton Foundation followed up by unusually high amounts paid by foreign business owners (many times three times the normal rate) to hear Slick Willie speak, you will see that Christie’s forgiveness is merely a drop in the bucket compared to the endless corruption that the Clinton’s have committed (some might call it treason) through their foundation. You always rail against greed Pumpkin, but the Clinton’s reek of greed. Even moreso than Trump.

    I listened to Trump’s speech last night in Wisconsin. Though it was rife with propaganda, there was something very interesting that he said that peaked my interest. He mentioned that the policies of the Dems in the last fifty years are what caused the black lives matter movement. He is the first politician I’ve ever witnessed to attribute the continued cycle of poverty in the black community to a continued dependence on social aid. And he’s right. What the BLM movement wants will be equally as effective as dumping more money into the schools in the black community. Absolutely nothing! Handouts are the worst thing you can do to help anyone. Give $5 to a homeless person and he will drink it. Give a homeless person a job and he/she will get back on their feet. It’s a shame that Trump us using so much hatred to fuel his campaign. I really think he actually gets it. This country and the rest of the progressive world could use some bullying after this complete pussification cycle we are mired in. I would keep on ranting, but I have to go by a bottle of elderberry extract before Pumpkin does.

  65. [65] Point 1. Why doesn’t Hillary and her supporters spend more time talking about the great things that the Clinton (crime) Family Foundation and Clinton Global Initiative accomplish? It seems to me like Democrats *avoid* talking about these non-profits like it is the plague. Shouldn’t that be something to be brought up?

    Point 2. I think Trump is going to go after the inner cities like a pit bull. Take your pick, Trenton, Newark, Camden, Detroit, Chicago, …and Milwaukee…all under Democrat rule since before most of us were born. Milwaukee hasn’t had a Republican mayor since 1908. In the inner city is 60 years is almost 5 generations. Maybe Trump is the first brave man to ask, “How is it working for you so far?”

  66. D-FENS says:

    Trump support among African Americans now at 14.1%

    http://graphics.latimes.com/usc-presidential-poll-dashboard/

  67. Libturd the bourgeois drone, feeling the Berning Cankles says:

    It’s funny. Trump is completely changing the Republican platform. Did he hijack it? Absolutely. But the change he is bringing is good. Sure traditional Repubs hate to let go of long-held ideals, but it is never easy to embrace change. Regardless of whether he is elected or not, the changes he is making to the Republican Party are completely necessary if they ever want to have a chance of gaining any ground in the traditional blue states. Fear not, Hillary will suck balls as POTUS and the Repubs will have their chance of gaining a lot of power. But not the Republicans of trickle down economics, family values and anti-abortion and neo-con support. If they choose not to embrace a more centric agenda, they will be nowhere closer than they were during Obama’s first election.

  68. The Great Pumpkin says:

    65- Lib, I agree with most of what you say there. Though, what happens if you remove the social support system without replacing it with jobs? Might be even worse than what this country is dealing with now.

    No matter what you do, it’s not easy dealing with the lower classes in any human society.

  69. Libturd the bourgeois drone, feeling the Berning Cankles says:

    D-
    That “Do you intend to vote?” question must really have Hillary changing her Depends more often than a long-haul trucker on double overtime.

  70. No One says:

    3b,
    Here is a song celebrating Pumpkin’s great accomplishments:
    https://www.youtube.com/watch?v=OIoMfVNVx4g

  71. Essex says:

    57. that’s depressing and probably joy really true…

  72. The Great Pumpkin says:

    Doesn’t matter how much income you make at a job. If you become wealthy, it’s because you know how to make money(invest). It’s not because of any job you ever had. It’s what you did with that money. 90% of the population is oblivious to this. They think your occupation determines your wealth. They will never get it, that’s why such small part of the population controls most of the wealth. They know how to get it.

    3b says:
    August 17, 2016 at 4:02 pm
    57 my dearest douche. When one has the income one can invest and create wealth. You would not see that in a back off financial gig. I guess you got a big chip on your shoulder because you ain’t never going to be in sales or trading or a banke

  73. Anon E. Moose, Second Coming of JJ says:

    Gourd [74];

    You should familiarize yourself with this: http://xkcd.com/947/

    Unless you plan to live forever.

  74. chicagofinance says:

    complete caught off guard by this link……I’m dying….
    No One says:
    August 17, 2016 at 5:26 pm
    3b,
    Here is a song celebrating Pumpkin’s great accomplishments:
    https://www.youtube.com/watch?v=OIoMfVNVx4g

  75. What is pumpty doing here? I thought he self exiled.

    It is, however, easy to catch up on the threads…

  76. GOP's broken (the good one) says:

    @fivefiths

    Lochte’s fastest time was getting out of Brazil

  77. 3b says:

    77 chgo that was hysterical!!

  78. 3b says:

    78 he was back in a couple of days.

  79. Juice Box (busy digging his own grave) says:

    LOL

    Why can’t Trump secure our borders and build a wall?

    Hillary, Obama and Biden all voted YEA to build a 700 mile wall in 2006.

    SECURE FENCE ACT of 2006, “A bill providing for the construction of seven hundred miles of double fencing along the U.S.-Mexico border.”

    Hillary Clinton YEA
    Joseph Biden YEA
    Barack Obama YEA

    https://www.govtrack.us/congress/votes/109-2006/s262

  80. Anon E. Moose, Second Coming of JJ says:

    Juice [82];

    Perhaps, but all their REAL supporters know that they didn’t mean it — those votes were only cover to curry favor with the knuckle-draggers on the right to win the general: exactly like Obama and Hillary both opposed gay marriage.

  81. Anon E. Moose, Second Coming of JJ says:

    Back to real estate: Am I the only one appalled at what the owners did to this structure?

    http://www.lloydharbormansion.com/1-lighthouse-point#lighthouse-point

  82. GOP's broken (the good one) says:

    @sportscenter

    Video surfaces of a U.S. swimmer breaking down a gas station door and fighting a security guard in Rio.

  83. Juice Box (busy digging his own grave) says:

    re # 85 – Sounds like a fun night.

Comments are closed.