Upside for Jersey?

From Bloomberg:

Brooklyn Home Sales Soar as Buyers Flee Manhattan Price Hype

Home buyers in Brooklyn competed for a record-low number of listings in the fourth quarter, driving up prices in the New York borough that’s historically been seen as a refuge from Manhattan’s high costs.

Purchases in Brooklyn rose 22 percent from a year earlier to 2,582, while the median price of those deals climbed 15 percent to a record $750,000, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The number of homes for sale at the end of December tumbled 31 percent to 2,232, the fewest since the firms started keeping the data in 2008.

The sales market in Brooklyn, the city’s most populous borough, is moving in the opposite direction to Manhattan’s, where rising supply is offering buyers more choices and the option to walk away from listings they view as overpriced. Manhattan’s median home price dropped 8.7 percent in the fourth quarter to $1.05 million as sellers awakened to a slowdown after years of holding out for all they could get, the firms said last week.

“You have a disconnect with sellers in Manhattan, and Brooklyn is poaching some of that demand,” Jonathan Miller, president of Miller Samuel, said in an interview. “Overall, it’s generally a lower price point, and affordability has been a big issue the last couple of years.”

Buyers seeking lower-priced properties also turned to Queens, where deals climbed 14 percent in the fourth quarter from a year earlier to 3,917, Miller Samuel and Douglas Elliman said Thursday. The median price of those purchases rose 6 percent to $498,000, the second-highest in records dating back to 2003.

With listings in Queens plummeting 22 percent, few sellers needed to accept discounts. An average of 0.7 percent was whittled off the asking price in the quarter, compared with 2 percent a year earlier, the firms said. The absorption rate, or the amount of time it would take to sell all the listed properties at the current pace of deals, was 2.8 months, the fastest in 11 years.

“In the outer boroughs, the sentiment remains that there’s a lot more upside, that there’s still gas in the tank” for prices to rise, Miller said.

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62 Responses to Upside for Jersey?

  1. Mike says:

    Good Morning New Jersey

  2. D-FENS says:

    It isn’t much cheaper over here. No where to run.

  3. Essex says:

    Cali….also expensive……shrug. I think I have decided that any ‘desirable’ metro area along the overpopulated coasts with a huge underclass to support…..is expensive.

  4. Fast Eddie says:

    Essex,

    Aren’t you originally from like, Fargo or something? You can move back there.

  5. Essex says:

    Eddie I’ve lived in 6 states. Some interesting places. All withvpeckerwoods just like you. So you see you sir are at home wherever you may roam.

  6. The Great Pumpkin says:

    Bingo! Doesn’t even matter if they have an underclass to support….all that matters is if its desirable. Someone please prove me wrong, show me one desirable area that is cheap.

    Essex says:
    January 13, 2017 at 7:47 am
    Cali….also expensive……shrug. I think I have decided that any ‘desirable’ metro area along the overpopulated coasts with a huge underclass to support…..is expensive.

  7. D-FENS says:

    Oikophobia?

    http://www.usatoday.com/story/opinion/2017/01/13/donald-trump-class-rural-white-democrats-glenn-reynolds-column/96413412/

    How crazy has the reaction to Trump’s impending presidency gotten? So crazy that Democratic operatives are scared of plumbers, and I don’t mean the Watergate kind.

    No, really. Ned Resnikoff, a “senior editor” at the liberal website ThinkProgress, wrote on Facebook that he’d called a plumber to fix a clogged drain. The plumber showed up, did the job and left, but Resnikoff was left shaken, though with a functioning drain. Wrote Resnikoff, “He was a perfectly nice guy and a consummate professional. But he was also a middle-aged white man with a Southern accent who seemed unperturbed by this week’s news.”

    This created fear: “While I had him in the apartment, I couldn’t stop thinking about whether he had voted for Trump, whether he knew my last name is Jewish, and how that knowledge might change the interaction we were having inside my own home.”

    When it was all over, Resnikoff reported that he was “rattled” at the thought that a Trump supporter might have been in his home. “I couldn’t shake the sense of potential danger.”

  8. The Great Pumpkin says:

    8:29

    Is this real? lol.. Man, some people are really weird.

  9. Comrade Nom Deplume, p1ssed off at this warm spell says:

    DFENS

    Those are classic symptoms of TDS

  10. Ottoman says:

    Darn, I just took down Pumpkin and my comment is awaiting moderation. For what I have no idea.

  11. NJCoast says:

    This created fear: “While I had him in the apartment, I couldn’t stop thinking about whether he had voted for Trump, whether he knew my last name is Jewish, and how that knowledge might change the interaction we were having inside my own home.”

    From what I have seen most of the wealthy Jewish people down here at the shore are Trump supporters.

  12. No One says:

    If only the plumber had been a black trannie, or perhaps an illegal alien of latino persuasion, Ned Resnikoff would have felt much more safe and reassured that his drain was getting unplugged without an aura of hateful thoughts. Then he could also show the plumber his My Little Pony collection.

  13. The Great Pumpkin says:

    Took me down on what?

    Ottoman says:
    January 13, 2017 at 10:19 am
    Darn, I just took down Pumpkin and my comment is awaiting moderation. For what I have no idea.

  14. Fast Eddie says:

    God Bless President-Elect Trump! We finally have someone that represents us!

  15. Tywin says:

    Schedule of inauguration events for President Trump…

    http://www.inaugural.senate.gov/imo/media/doc/Entire%20Program.pdf

    Forecast is for 60 degree weather.

  16. The Great Pumpkin says:

    This article makes me want to buy more. I’ve been hearing the bulls have had it wrong for how many years now?

    https://www.bloomberg.com/news/articles/2017-01-13/europe-s-biggest-fund-manager-says-u-s-stock-bulls-got-it-wrong

  17. chicagofinance says:

    I generally could not care less about stuff of this nature……I find the behavior profiled in this article completely disturbing.

    D-FENS says:
    January 13, 2017 at 8:29 am
    Oikophobia?

    http://www.usatoday.com/story/opinion/2017/01/13/donald-trump-class-rural-white-democrats-glenn-reynolds-column/96413412/

  18. The Great Pumpkin says:

    This manager hasn’t learned that the market can act irrationally for as long as it wants.

  19. Essex says:

    11:37 You mean douchy white people??

  20. chicagofinance says:

    Best line from article……

    “Shoelaces came tied in little knotsies.”

  21. homeboken says:

    Ned Resnikoff is a f$cking pu$$y. It’s not his completely irrational fear that ticks me off here, rather it is his raging narcissism. What snowflake Ned doesn’t realize is that this plumber isn’t giving this pansy a second thought. The plumber could care less about his religion. The plumber is only concerned with how little this scaredy-cat knows about the job at hand so he can extract maximum payment.

  22. Essex says:

    …for the cretins….by the cretins….

  23. Clotpoll says:

    gary 11:37-

    not me. imo, drumpf is mentally ill and will either be impeached/convicted or forced out via the 25th amendment.

  24. Clotpoll says:

    must. kill. lee. greenwood…

  25. Clotpoll says:

    …not to mention this g0lden sh0wers thing has legs 😬

  26. D-FENS says:

    Its more likely Trump will leave office because of the 22nd amendment.

  27. Steamturd thinking about the remains of Hillary's umbilical stump says:

    ““Shoelaces came tied in little knotsies.””

    My grandmother used to tell this joke. The setup, how do German’s tie their shoes?

  28. Steamturd thinking about the remains of Hillary's umbilical stump says:

    Oikophobia – Direct result of the last 8 years of pussification.

  29. The Original NJ ExPat says:

    Madonna is beating around the bush again.

  30. The Original NJ ExPat says:

    I read a dossier today that proves Jim Acosta likes a big steaming load dropped on his chest every now and again.

  31. Fast Eddie says:

    You mean douchy white people??

    Sure, you know, the ones that verify the liberal ideology by supporting their minions.

  32. Fast Eddie says:

    That’s not Clotpoll.

  33. Essex says:

    Trump cost me $$$$ yesterday with his Anti-Pharma ranting.

  34. Ben says:

    Trump cost me $$$$ yesterday with his Anti-Pharma ranting.

    Best not to invest in companies that are 1 step away from losing their unfair competitive edge.

  35. Essex says:

    Ben…you may not quite be as ‘intelligent’ as you fancy yourself.

  36. Ben says:

    Essex, please elaborate

  37. Essex says:

    You are taking a potshot at something so key to the betterment of human lives and the advancement of science….smh

  38. Ben says:

    No I’m not, I’m taking a potshot the act of trying to sell a product for 10 times what it costs in Canada.

  39. Essex says:

    Ben those Canadian pills are just placebos.

  40. Fabius Maximus says:

    Heres a great pharma job in NJ. It might suit a few here.

    Position Summary: Responsible for all aspects of Process Development, Process Validation, Cleaning Validation and Equipment Qualification for topical and suppository products at the NJ facility. “

  41. Ben says:

    Even the medications from Mexico aren’t placebos. Drugs are more expensive in the US than any other country. Drugs do not have to be infinitely expensive for science to advance. Regulation should be rolled back because in order to get a drug approved in the US, you need to spend a few billion dollars. Once they do, the anti-capitalistic shenanigans that occur at all levels of the industry are unacceptable and the pharma companies are to blame for that.

  42. Fabius Maximus says:

    This Russia stuff has legs and it will come out. I think he is in Debt up to his eyballs and there is a boat load of Russian Loans.

    Its the small canarys that give this legs. This guy walking away quietly was a big one for me.
    https://www.washingtonpost.com/news/powerpost/wp/2017/01/05/former-cia-director-james-woolsey-quits-trump-transition-team/?utm_term=.930b1e0ee134

  43. The Original NJ ExPat says:

    New multi-lane tunnel opening up in the Tri-State area: Hillary, working with an aggressive yoga instructor, has been able to get her cankles behind her head for the first time. No more falls, she just rolls around the house.

  44. Fabius Maximus says:

    SO they are going to Repeal OCare, but after 6 years they still don’t have a replacement plan, but they will keep all the good parts.

    This will end well.

    http://www.politico.com/story/2017/01/paul-ryan-town-hall-trump-obamacare-233577

    http://www.politico.com/story/2017/01/gop-governors-republicans-obamacare-233576

  45. 3b says:

    Fab what does Wal-Mart closing stores have to do with trump or Clinton if she won?

  46. Fabius Maximus says:

    3b

    If Trump is going to claim credit for all these job creations, then he can own the losses as well.

    Control of House and Senate, a conservate Supreme Court pick, I expect this country to be a unicorm sh1tiing skittles, within 4 years. He’s going to make America great again, I want to know the moment we get there.

  47. Ben says:

    Anytime a Wal-Mart closes, it’s a win for America

  48. Clotpoll says:

    it’s me, gary. i’m an anarchist, not the follower of a narcissistic, fat cheeto slipping into dementia.

    i’m the guy from that day at jersey wine & spirits who encouraged you to work the gubmint cheese grift for all it’s worth. i still do…but i think you and i have both been able to improve our lot in life since that day and have no real need to advocate for anyone to rip at the teat of mother gubmint.

    however, the rational reaction to an innocuous chicago machine politics hack isn’t to fall in line behind a raving orange shitgibbon who throws his own feces and behaves as though he’s some sort of vi@gra-addled manchurian candidate. there is some proper role for the federal gubmint to weigh in on the large issues of the day (such as: is universal healthcare a human right, or a fungible commodity subject only to market forces?), and drumpf will have the effect of distorting, and ultimately suppressing, the national conversation we need to be having on a host of issues that have implications far beyond the net effect of any number of bomma policy reversals or the sum of any tangible results of another trillion dollar infrastructure boondoggle that ends in bridges to nowhere.

  49. Fabius Maximus says:

    Gary,

    I think I can help you here.

    Signing a Balloon D’or winner!
    http://tinyurl.com/zgouqh4

  50. Steamturd thinking about the remains of Hillary's umbilical stump says:

    Wha?

  51. chicagofinance says:

    not clot…..a decent effort, but lacks the defeated sense of self-loathing coupled with a intellectual nihilism…….

    Clotpoll says:
    January 13, 2017 at 9:46 pm
    it’s me, gary. i’m an anarchist, not the follower of a narcissistic, fat cheeto slipping into dementia.

    i’m the guy from that day at jersey wine & spirits who encouraged you to work the gubmint cheese grift for all it’s worth. i still do…but i think you and i have both been able to improve our lot in life since that day and have no real need to advocate for anyone to rip at the teat of mother gubmint.

    however, the rational reaction to an innocuous chicago machine politics hack isn’t to fall in line behind a raving orange shitgibbon who throws his own feces and behaves as though he’s some sort of vi@gra-addled manchurian candidate. there is some proper role for the federal gubmint to weigh in on the large issues of the day (such as: is universal healthcare a human right, or a fungible commodity subject only to market forces?), and drumpf will have the effect of distorting, and ultimately suppressing, the national conversation we need to be having on a host of issues that have implications far beyond the net effect of any number of bomma policy reversals or the sum of any tangible results of another trillion dollar infrastructure boondoggle that ends in bridges to nowhere.

  52. chicagofinance says:

    sounds like clot on Lexapro

  53. Clotpoll says:

    chifi monmouth county lexapro = a cap of rat poison with four knob creek chasers.

  54. D-FENS says:

    Beta cucks

  55. yome says:

    That Walmart closing is from last year dated Jan 15, 2016

  56. Essex says:

    “Americans, like human beings everywhere, believe many things that are obviously untrue. Their most destructive untruth is that it is very easy for any American to make money. They will not acknowledge how in fact hard money is to come by, and, therefore, those who have no money blame and blame and blame themselves. This inward blame has been a treasure for the rich and powerful, who have had to do less for their poor, publicly and privately, than any other ruling class since, say Napoleonic times. Many novelties have come from America. The most startling of these, a thing without precedent, is a mass of undignified poor. They do not love one another because they do not love themselves.” Kurt Vonnegut

  57. Merci pour tout ce travail que cela représente et pour tout le plaisir que j’y trouve

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