You were hoping for a job?

From the Star Ledger:

More bad news for office leasing market in N.J., report says

Office leading deals in the first quarter in New Jersey has dropped to its lowest level in nearly a decade, the Wall Street Journal reported.

The first quarter showed the state’s office leasing market posted 1.75 million square feet of lease deals — both new and renewed, according to real estate services firm JLL, the Wall Street Journal reported.

Vacancy rates in New Jersey increased to 24.9 percent, growing 0.3 percentage points from the first quarter of 2016.

Newer buildings and those with high-end upgrades located in commuter-friendly areas have done better at securing new tenants, the report said. But older buildings continue to drag down the market, the report said.

Vacancy rates are likely to improve as more empty spaces are being redeveloped, turning aging B- and C-class buildings and business parks into modern properties with more amenities, the report said.

This entry was posted in Demographics, Economics, Employment, New Jersey Real Estate. Bookmark the permalink.

125 Responses to You were hoping for a job?

  1. The Original NJ ExPat says:

    frist baby!

  2. The Original NJ ExPat says:

    Bottle King has it’s corporate HQ in Livingston. It’s just a matter of time before all of the other economic powerhouses follow suit, no?

  3. Fabius Maximus says:

    Nice piece on a Pats player with class. Better than Palin and Nugent with their selfie at the WH.

    https://www.upworthy.com/while-visiting-trumps-white-house-this-nfl-player-posted-a-powerful-letter-to-obama?c=ufb1

  4. Fabius Maximus says:

    Word

    I’m an American living in Sweden. Here’s why I came to embrace the higher taxes.
    http://www.vox.com/2016/4/8/11380356/swedish-taxes-love

  5. Yo! says:

    Employers are not hiring office workers in New Jersey any more because talent here sucks. State used to lead in pharma and telecom but no longer. Witness the abandoned Lucent and Merck headquarters. Blame the boomers who ran these industries to Boston, California, and large Southeast cities.

    Good news – New Jersey’ dense population and closeness to large Northeast cities makes state ideal for logistics facilities. Warehouse owners are doing record business in New Jersey. These operations require lots of workers and New Jersey’s dense population provides employers with large labor pool they need.

    Only location across suburban New Jersey booming today is Lakewood.

  6. Comrade Nom Deplume, The GOAT says:

    Gluteus,

    The beauty of our federal system is that you can embrace your progressive, redistributionist model writ small: the state level.

    Turn NJ into. Sandernista utopia if you have the votes. I won’t stop you.

    BTW, for everyone else, read up on what has been happening over the past couple of decades with the economy and taxes in Sweden. Fabonomics wasn’t the panacea they thought it would be. Quelle Surprise.

  7. chicagofinance says:

    Fab seriously……can you be objective? Is it possible? I hate to be so crass, but this man is how you describe him, but at bottom, this amounts to a open letter saying O-man….thank you for being black and being The President……no fault of this man or of his O-ness, but it has all to do with WHAT O-man is and not anything he ACCOMPLISHED……….in its own perverse way, it is the true definition of RACISM.

    Fabius Maximus says:
    April 25, 2017 at 6:53 am
    Nice piece on a Pats player with class. Better than Palin and Nugent with their selfie at the WH.

    https://www.upworthy.com/while-visiting-trumps-white-house-this-nfl-player-posted-a-powerful-letter-to-obama?c=ufb1

  8. Grim says:

    NJ didn’t chase telco away, telco died.

    The need for every business to have a switch room and PBX went the way of the dodo. Hosted telephony infrastructure is faster, cheaper, better, more reliable.

    The old telcos were stuck in their archaic ways. Please don’t confuse the innovations of 60 years ago with the last 20.

    Amazon’s new hosted telco infrastructure is going to put major hurt on the remaining telcos and related platforms – voicemail, ivr, etc. VOIP, softphone, webrtc, and the other collaboration and messaging technologies will kill off the rest.

    I may or may not have been involved in a beta test of said technology, if one even existed at all. I wouldn’t be long any telco hardware company right now. Cisco? Avaya? Aspect? Good luck. Startups today don’t even have phones.

  9. Ottoman says:

    Searching google for an Idiot to English translator.

    chicagofinance says:
    April 25, 2017 at 8:07 am
    Fab seriously……can you be objective? Is it possible? I hate to be so crass, but this man is how you describe him, but at bottom, this amounts to a open letter saying O-man….thank you for being black and being The President……no fault of this man or of his O-ness, but it has all to do with WHAT O-man is and not anything he ACCOMPLISHED……….in its own perverse way, it is the true definition of RACISM.

  10. chicagofinance says:

    sorry for speaking the true snowflake

    Ottoman says:
    April 25, 2017 at 8:09 am
    Searching google for an Idiot to English translator.

  11. Grim says:

    By the way – Lucent was a failure.

    Lucent’s acquisition by Alcatel was a failure.

    And the shining star spinoff Avaya, is basically bankrupt, and soon to be a failure.

    You want to play a fun game? These companies all failed AFTER they left NJ. What would have happened if they stayed?

    Maybe Bell Labs and Murray Hill really were the special sauce.

  12. 30 year realtor says:

    leftwing, that area is a black hole for homes in the price range you are projecting. No way to say it kindly. I did say that properly priced property sells. Trouble with your product currently is that there is very limited data available to determine the proper price.

  13. STEAMTurd says:

    I know the owner of Bottle King. He’s a very nice guy. He’s a huge hockey fan and runs the Livingston floor hockey league. With that said, his beer is way too expensive.

  14. 30 year realtor says:

    For a market that so many are characterizing as being “the strongest market in years”, where is the upward pressure on pricing in suburban North Jersey?

    Short sale in a top Urban Farms location in Franklin Lakes assessed at almost 1.1 and listed for 950 did not sell via MLS. All brick ranch of about 4000 GLA brought a top offer of $800,000 while on market. Ended up selling at Bergen Sheriff sale for just shy of 750.

    The reason for this example is to show how weak the top end is in so many areas and to demonstrate that this impacts surrounding communities. Only one closed sale over $700,000 in the last 90 days in Wayne. You don’t have to wonder about this when you can buy a house like I just described in Franklin Lakes for $800.

    I keep repeating this. Historically low interest rates combined with constricted inventory should result in appreciation in a healthy market. What happens in North Jersey if interest rates move up significantly or inventory grows?

  15. 3b says:

    30 year stop it . Pumps has explained it to you before yet you don’t listen. I mean what do you know?

  16. Fast Eddie says:

    Ended up selling at Bergen Sheriff sale for just shy of 750.

    Gee, I should have waited one more year. :)

  17. Grim says:

    Case Shiller tops expectations – up 5.8% nationally.

  18. Alex says:

    Fabmax, from the Vox article.

    The American living in Sweden is enjoying Sweden’s LOWER property taxes, Sweden’s SIMPLER tax forms and Sweden’s more EFFICIENT government.

  19. STEAMTurd says:

    Fab…

    Unfortunately, in one crucial respect, the Swedish experience can’t be duplicated. In the early 1990s, the rest of the world economy was relatively healthy. Sweden could offset the depressing effects of its domestic policies by exporting more — and that’s what happened, aided by a huge devaluation of its currency, the krona. The devaluation made its exports more price-competitive.

    “They let it [the krona] go down by about 25 percent, and that produced an export boom,” says economist Desmond Lachman, a former top economist at the International Monetary Fund who has studied the Swedish crisis. “It allowed them to do massive [budget] adjustment without putting the economy into a deep recession.”

    Austerity is more bearable when only one or a few countries embrace it and when devaluation can stimulate exports. In Europe, neither of these conditions now holds. Many countries — not just Greece, Ireland, Portugal, Spain and Italy — have adopted austerity policies. And all major debtor countries use the euro, making it impossible for any one to resort to a unilateral devaluation. Sweden’s good fortune is that it had its crisis two decades ago.

  20. Grim says:

    So let me get this straight. Canada taxing US dairy imports into Canada, as high as 292%, is OK, but tariffs on Canadian lumber are a problem?

  21. STEAMTurd says:

    Source WP. I abhor those who try to deceive unsuspecting (idiot) readers.

  22. chicagofinance says:

    Liquor prices at Bottle King in Middletown were shockingly low……I don’t live over there so I am seldom visiting……I found a bottle of Laphroaig for $44….I hadn’t seen sub-$50 anywhere for about 10 years……..

    STEAMTurd says:
    April 25, 2017 at 8:51 am
    I know the owner of Bottle King. He’s a very nice guy. He’s a huge hockey fan and runs the Livingston floor hockey league. With that said, his beer is way too expensive.

  23. D-FENS says:

    They had video of the new NJ Amazon warehouse on NJ dot com.

    There’s an awful lot of automation going on in there.

    https://www.youtube.com/watch?v=NU-4P9CS48o

    Yo! says:
    April 25, 2017 at 6:56 am

    Good news – New Jersey’ dense population and closeness to large Northeast cities makes state ideal for logistics facilities. Warehouse owners are doing record business in New Jersey. These operations require lots of workers and New Jersey’s dense population provides employers with large labor pool they need.

  24. D-FENS says:

    We dumped Avaya…for Cisco desk phones. Then a year ago…I got rid of my desk phone.

    All collaboration between corporate sites is done via Skype for business…and my old landline # is routed to Skype for business.

    If my PC goes down…external phone calls are just routed to my corporate iPhone.

  25. Yo! says:

    Warehousing employment has been skyrocketing, even with the automation in the facilities. Warehousing employment +5.3% in past year, +40.3% in past 5 years (BLS stats)

  26. STEAMTurd says:

    Chi: I’m more of a beer man. Though I still love me a foofy Captain Morgan and diet Coke with lime.

  27. Grim says:

    Skype for Business for sure – also keep an eye on Facebook Workplace, it’s got legs.

  28. Yo! says:

    Change from 2006 peak in New York metro (Case Schiller):

    Low tier house -21%
    Middle tier house -14%
    High tier house -10%
    Condo +17% (plus seventeen percent)

  29. STEAMTurd says:

    I suppose, my desire to be inebriated trumps my desire to please my palette. Though, I prefer a good merlot or cab when I want a gentle buzz.

  30. STEAMTurd says:

    Skype for business is taking off at my workplace, though we still have NEC phones (VOIP) for now.

  31. Grim says:

    Funny, we used to spend over a million dollars a year with AT&T to provide global conference calling. Yes, over a million dollars a year.

    Today? Zero.

  32. Alex says:

    D-fens [9:19]

    Powerful and chilling video of Amazon’ warehouse. Hardly any human workers, almost entirely operated via automation, as we see package after package being processed. Is it any wonder bricks and mortar stores are closing in droves?

  33. PumpkinFace says:

    The few bottle kings I’ve been to have been the same price but usually slightly lower than others. Plus, given the large selection they have, I never thought to go elsewhere. Where do you shop?

    STEAMTurd says:
    April 25, 2017 at 8:51 am
    I know the owner of Bottle King. He’s a very nice guy. He’s a huge hockey fan and runs the Livingston floor hockey league. With that said, his beer is way too expensive.

  34. Yo! says:

    “Hardly any human workers”
    Alex, Amazon employs 2,000 worker in that building.

  35. Alex says:

    Yo! In that video, you can see maybe 30 workers.

  36. Juice Box says:

    re: Facebook Workplace. I was in on the early pilot. It is missing a few things but they just added Salesforce integration.

    The new Facebook Live streaming also now allows companies to live stream to groups of employees in high definition and to switch between multiple cameras powered by technology built by the BlueJeans startup.

  37. Juice Box says:

    re: “Is it any wonder bricks and mortar stores are closing in droves?”

    History Rhymes again….

    The death of the strip mall and downtown shopping, as business go under or reinvent themselves online kills commercial real-estate debt. The majority of holders of this debt behind commercial real-estate are pension funds and insurance firms. If pension funds and insurance firms are forced to write down billions in bad loans, then look out below.

  38. STEAMTurd says:

    Bilow’s seem to have excellent sale prices as well as Canal’s when I am in South Jersey (which is too often). What we really need in NJ, though it would wipe out the mom and pops, is BevMo. They don’t pretend that drinking booze is fancy like Stuart Leonards or most wine shops. They are the Walmart of booze sales. They are all over California and Washington.

  39. Juice Box says:

    If there ever was a bellweather it would be the Meadowlands mall the American Dream. It looks more like Pripyat than an active construction project, even Goldman could not sell the 1.15 Billion in bonds needed to finish the project.

    Triple 5 ain’t talking either, so it looks like it’s curtains again for the American Dream.

  40. D-FENS says:

    Interesting concept

    https://twitter.com/officialmcafee/status/856880269160325120

    John McAfee‏
    @officialmcafee

    The John McAfee Privacy Phone, by MGT – first prototype. World’s first truly private smartphone. You gonna love it.

  41. STEAMTurd says:

    That dude is a complete freak. Not sure I would trust him.

  42. The Great Pumpkin says:

    Says the man who sold his condo in Boston because he thought it was the top….mock me all you want you if it make you feel better. You were one of the clowns calling for the end of real estate and the economy in the past.

    The Original NJ ExPat says:
    April 25, 2017 at 6:45 am
    Bottle King has it’s corporate HQ in Livingston. It’s just a matter of time before all of the other economic powerhouses follow suit, no?

  43. The Great Pumpkin says:

    You really are captain cheapo if bottle king is considered expensive.

    STEAMTurd says:
    April 25, 2017 at 8:51 am
    I know the owner of Bottle King. He’s a very nice guy. He’s a huge hockey fan and runs the Livingston floor hockey league. With that said, his beer is way too expensive.

  44. Juice Box says:

    Grim is captain cheapo he brews his own hooch!

  45. The Great Pumpkin says:

    I’m not mocking you, I just think you are looking at it the wrong way. That house in Franklin Lakes prob couldn’t sell for one reason……it was an outdated ranch seeking top dollar….good luck. A ranch type home does not fetch a premium in this area and is not sought after. So why would you see demand for it? Also, using this example is is not that great as it is not the norm for Franklin Lakes style home.

    Also, you realize inventory is very limited right now, right? Just because there hasn’t been a sale, it means no demand? You know that’s not true, it’s the inventory dude! It’s terrible and causing a backlog as no one is offering their homes because they can’t find anything to replace it with. A bunch of people looking, but can’t find anything because nothing is available. So be careful using sales data in north jersey to draw any kind of conclusions at the current moment.

    30 year realtor says:
    April 25, 2017 at 8:53 am
    For a market that so many are characterizing as being “the strongest market in years”, where is the upward pressure on pricing in suburban North Jersey?

    Short sale in a top Urban Farms location in Franklin Lakes assessed at almost 1.1 and listed for 950 did not sell via MLS. All brick ranch of about 4000 GLA brought a top offer of $800,000 while on market. Ended up selling at Bergen Sheriff sale for just shy of 750.

    The reason for this example is to show how weak the top end is in so many areas and to demonstrate that this impacts surrounding communities. Only one closed sale over $700,000 in the last 90 days in Wayne. You don’t have to wonder about this when you can buy a house like I just described in Franklin Lakes for $800.

    I keep repeating this. Historically low interest rates combined with constricted inventory should result in appreciation in a healthy market. What happens in North Jersey if interest rates move up significantly or inventory grows?

  46. D-FENS says:

    Vote for Phil…because he’s just a working class guy…just like you.

    https://twitter.com/PhilMurphyNJ/status/856892153666129920

  47. 3b says:

    Pumps your arrogance which is really insecurity knows no bounds. This is 30 years livelihood in the market everyday for 30 years! And you have the gall to tell him he is wrong and you know why the house did not sell not him!

  48. grim says:

    Kid buys a house from family and proclaims himself to know everything about the market.

  49. 3b says:

    Grim it’s amazing! He is actually lecturing 30 year on the use of sales data and how he needs to be careful! And all the rest! What if 30 year lectured pumps on his job and why he is doing it incorrectly and what he is missing! It’s just staggering!

  50. The Great Pumpkin says:

    So the lack of inventory has no impact on the sales data and a ranch sells fast for a premium in north jersey?

  51. The Great Pumpkin says:

    I don’t care about how many years of experience an individual has, I will still question when I feel it’s warranted.

  52. grim says:

    Upscale sprawling ranches very desirable in many communities.

    I would be more surprised to see a cape, split, or bi-level sell at a premium than I would a ranch.

    Ranches actually the most expensive home type to construct (on a square foot basis).

    Architecturally, mid-century chic is hot, many ranches fit the mold.

    Lend themselves to well flowing open floor plans, tend to be more much expansive than similarly sized CHC.

    Certain areas of BC and other NJ towns – they would absolutely command premium pricing in comparison.

    Despite what pumpkin says, single floor living (no stairs) is a hot commodity across the nation).

  53. 3b says:

    Pumps the bottle king:when you believe it’s warranted? Based on what your opinion ? As opposed to 30 year who does it for a living and has seen good and bad markets? If an individual like that provides his belief based on his years of experience and you discount it. There is something seriously wrong with you. I would add his analysis based on what happens if rates rise is sobering. And that scared the stuffing out of you!! And so you have the gall to say he is wrong based on nothing but your own fear.

  54. chicagofinance says:

    LOL!

    Juice Box says:
    April 25, 2017 at 10:36 am
    It looks more like Pripyat than an active construction project

  55. grim says:

    What’s the deal with actually starting to tear down constructed portions of the mall?

  56. The Great Pumpkin says:

    Come on, I’m supposed to use a property that is clearly not desirable based on list and selling price to deem that the entire high end market is undesirable? Rubbish. Guess I’m not thinking clearly, and will just fall in line since I don’t have the experience or knowledge to question this. I’m not saying the market is on fire, it might be cold, but this example is not the norm. They basically gave it away for whatever someone would pay.

    “Short sale in a top Urban Farms location in Franklin Lakes assessed at almost 1.1 and listed for 950 did not sell via MLS. All brick ranch of about 4000 GLA brought a top offer of $800,000 while on market. Ended up selling at Bergen Sheriff sale for just shy of 750”

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  58. The Great Pumpkin says:

    From what I have seen, ranches are not in demand. They sit the longest and usually go for prices that seem like great deals. Never see them sold for over list or even come close, hence, my lack of desirability comment. CHC rules and that’s just the nature of the beast, but maybe I’m wrong.

    grim says:
    April 25, 2017 at 12:39 pm
    Upscale sprawling ranches very desirable in many communities.

  59. Grim says:

    Please stop talking out of your ass.

  60. The Great Pumpkin says:

    Alright, I’m making it up.

  61. Fast Eddie says:

    What’s with the car-jacking and kidnapping of the 19 year old on Hamburg Turnpike in Wayne at 9:00 PM?

  62. 3b says:

    Pumps yeah your not making it up so are we to assume 30 year is?

  63. chicagofinance says:

    ritavu11 has one post that has substantially greater value than the entirety of pumpkin’s output……

    ritavu11 says:
    April 25, 2017 at 12:53 pm
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  64. The Original NJ ExPat says:

    Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie. Has to be a lie.

    – What the bees inside Pumpkin’s head are buzzing.

    Only one closed sale over $700,000 in the last 90 days in Wayne.

  65. The Great Pumpkin says:

    I didn’t say lie, you f’n idiot. I stated the reason why was not due to lack of demand, but quite the opposite, no f’n inventory. Stop putting words in my mouth.

  66. The Original NJ ExPat says:

    LOL. Do you have some magic power over the Pumpandcantdump?

    Grim says:
    April 25, 2017 at 1:07 pm
    Please stop talking out of your ass.

  67. The Original NJ ExPat says:

    Pumps – just keep paying your exorbitant mortgage and taxes – It’s just the cost of society (and living on a highway).

    Hahahahahahahahhahahahahaha

  68. 3b says:

    Pumps so we are to assume that 30 year missed the lack of inventory in his analysis? Keep going!

  69. The Original NJ ExPat says:

    If I could, they would come out:
    1. concise
    2. logical
    3. congenial

    Unfortunately, I don’t have that power over you…yet.

    Stop putting words in my mouth.

  70. The Great Pumpkin says:

    Yes, it’s amazing, no demand, I’m such an idiot, but a house sells for close to 1.3 million in December, right be me. Someone should have told them to go buy sprawling ranches in Franklin lakes for 750,000.

    Just enough with the bs, you are obviously getting under my skin.

    The Original NJ ExPat says:
    April 25, 2017 at 1:35 pm
    Pumps – just keep paying your exorbitant mortgage and taxes – It’s just the cost of society (and living on a highway).

  71. The Original NJ ExPat says:

    Wayne is so close to Manhattan. I’m surprised you can buy anything for under 2 million dollars there.

    Hahahahahahahahahhahaha

  72. 3b says:

    Pumps so again just so we are clear. You are right and 30 year is wrong.

  73. The Great Pumpkin says:

    Yes, if he claims it’s due to no demand, I’m calling him out. I don’t agree, and prove me wrong. He throws out a statement “nothing sold over 700,000 in the past 90 days” to push an idea that is wrong from the get go.

    Thirty year goes on to say the following, which I don’t agree with. He is asking what happens if the inventory increases and I’m saying that the sales price and volume will follow if the inventory actually opens up. Why am I being attacked for answering something he can’t figure out on his own.

    “I keep repeating this. Historically low interest rates combined with constricted inventory should result in appreciation in a healthy market. What happens in North Jersey if interest rates move up significantly or inventory grows?”

    3b says:
    April 25, 2017 at 1:38 pm
    Pumps so we are to assume that 30 year missed the lack of inventory in his analysis? Keep going!

  74. The Original NJ ExPat says:

    Lincoln Park and Pequonnock, sure it’s only 1 tenth of a mile away, but it just doesn’t have the panache of living on a double yellow 50 mph road in Passaic County. It’s all about the zip code beyotches!

    Hahahahahahahhahaha

  75. The Original NJ ExPat says:

    Pumpandcantdump – I hope you have chosen this phrase for your headstone. It’s *so* you!!!

    I keep repeating this

  76. The Original NJ ExPat says:

    My call. How about my call? Wage inflation. You say I’m an idiot. My Dad is a criminal. It is the cost of society. My call. How about my call? Wage inflation. You say I’m an idiot. My Dad is a criminal. It is the cost of society. My call. How about my call? Wage inflation. You say I’m an idiot. My Dad is a criminal. It is the cost of society. My call. How about my call? Wage inflation. You say I’m an idiot. My Dad is a criminal. It is the cost of society. My call. How about my call? Wage inflation. You say I’m an idiot. My Dad is a criminal. It is the cost of society.

    -All you need to know about Pumpandcantdumpit.

  77. The Great Pumpkin says:

    What’s wrong with Pequonnock or Lincoln Park?

    I have a distant family member that lives in Pequonnock on a double lined road on jacksonville rd who is very well off and intelligent. Is he an idiot for buying on a double lined road? His father, a very successful individual that has more money than he knows what to do with built a home on valley rd (double lined) in Clifton. Is he also an idiot? They would laugh in your face.

    Just because you are too good to live on a double lined road, doesn’t mean anyone else has a problem with it. I sure as hell don’t, and no idea why you make such a big deal about it. Can’t stand that you make the assumption that only idiots buy on a double line county road. You are a fool for taking such a position.

  78. 3b says:

    Pumps you are being attacked because you are not a professional realtor with 30 years in the business. You are being attacked because you are inferring that he is incompetent in his analysis. You are being attacked because you think you know more than he does. You are being attacked because your world view is dominated by the need belief actually obsession that your house is a great investment and you have and will make more money on it. Anything or anyone who challenges that must be wrong including a man who has spent his career full time in the north Jersey real estate market. Then to top it off you attack grim the founder of the blog and a former realtor.

  79. The Great Pumpkin says:

    Expat, you are clearly angry that a millennial you think you are better than, is kicking your a$$ in this game of capitalism you claim to know so much about. It hurts, doesn’t it?

  80. Xolepa says:

    Just got back from the county Tax assessor’s office. Lodged an appeal and it was my turn do the talking. …appeals board will get back to me.. thank you… blah blah…

    I was in a waiting room with others while each person appealing got called in, one by one to present their case.

    Turns out all appealing were investors, except one.

    General consensus: why buy from listings when you can get better deals off the foreclosures. What that means is that the NJ’s belated court forced foreclosures are still keeping prices low, as opposed to the rest of the country, where foreclosures are now history.

  81. The Great Pumpkin says:

    Why can’t he be wrong? Is he always right? And I’m not attacking him, I’m just questioning his analysis. I have much respect for him, but that doesn’t mean I will just agree with everything he says like you do.

    3b says:
    April 25, 2017 at 1:57 pm
    Pumps you are being attacked because you are not a professional realtor with 30 years in the business. You are being attacked because you are inferring that he is incompetent in his analysis. You are being attacked because you think you know more than he does. You are being attacked because your world view is dominated by the need belief actually obsession that your house is a great investment and you have and will make more money on it. Anything or anyone who challenges that must be wrong including a man who has spent his career full time in the north Jersey real estate market. Then to top it off you attack grim the founder of the blog and a former realtor.

  82. 3b says:

    And pumps he does not have to prove Jack to you or anyone else. If anything as a realtor one could argue he should be cheering the market. He is not. And it’s telling . And deny as you might you are concerned about that. That’s why you are desperately trying to prove a market expert wrong.

  83. 3b says:

    Pumps you question his analysis because it scares you. He is in the market you are not. Period. Yes I would certainly believe him over you or candy the local realtor.

  84. The Original NJ ExPat says:

    My mistake. You are all intellects with very high IQs. Sorry for insulting your family Dr. Pumpandcantdump.

    What’s wrong with Pequonnock or Lincoln Park?

    I have a distant family member that lives in Pequonnock on a double lined road on jacksonville rd who is very well off and intelligent. Is he an idiot for buying on a double lined road? His father, a very successful individual that has more money than he knows what to do with built a home on valley rd (double lined) in Clifton. Is he also an idiot? They would laugh in your face.

    Just because you are too good to live on a double lined road, doesn’t mean anyone else has a problem with it. I sure as hell don’t, and no idea why you make such a big deal about it. Can’t stand that you make the assumption that only idiots buy on a double line county road. You are a fool for taking such a position.

  85. STEAMTurd says:

    “Girls with beefy tits blogs”

    I am tempted to click the link. But not at work.

  86. leftwing says:

    “leftwing, that area is a black hole for homes in the price range you are projecting. No way to say it kindly. I did say that properly priced property sells. Trouble with your product currently is that there is very limited data available to determine the proper price.”

    Agree, but would add the (highly variable and thin) demand side of the equation since we’re not dealing with a SFH.

    There may very well be zero people actively looking for land to build in that specific town right now. Wouldn’t surprise me. Pricing the property in the hole does nothing in that scenario.

    If I decide to just dump it I may go an auction route, especially if the alternative is simply body slamming the price on MLS for an extended period.

    For now, I’ll likely do what I described yesterday. Will price below any competing listing, save one. I do have the best soft attributes (neighborhood, location, views) among current listings. When/if anyone is looking those two attributes should ensure I will at least get the call. In the meantime I’ll try to scare up some demand.

    Don’t need to tell you but consumers buying land to build their ‘estate house’ can be a funny crowd. Had an unsolicited approach a while back. Guy was adamant on the sun hitting his TBB house exactly the right way. Literally went to the property at sunrise and staked the view, then adjusted it for seasons. Ended up looking like a sundial was on the lot. Passed, wrong angle, lol.

    On another note, as I type this, CNBC reports a 1/4 acre of dirt in Beverly Hills just sold for $32m.

    Finally, still appreciate any thoughts. If not, remember, I will write a $25k check to anyone who refers someone who purchases the lot. Not kidding.

  87. STEAMTurd says:

    My road doesn’t even have a dashed line on it. And yes, it IS paved.

  88. STEAMTurd says:

    The best part of living in Pequannock is when it rains over an inch in one day and you need a boat to get to route 23. I know. I have a friend who lives on Boulevard.

  89. The Original NJ ExPat says:

    Remember a while back when Pumpandcantdumpit was trying to prove his wealth by saying he would be buying(leasing?) a high end Volvo(as if that would matter)? I’m guessing that didn’t work out for him. I’m guessing he’s still scraping by, pretending to love his adulterous shack. I hear all the furnishings are top end. Maybe even dental molding? It’s probably a real happy place.

  90. Juice Box says:

    Uber trying to get ahead of the “Hell” story?

  91. The Original NJ ExPat says:

    In 1984 I got my first apartment in Pequannock. My own place, exactly ground level on Lyman Ave. People warned me to be wary of the flood plain. Having an engineering degree, I did my own engineering survey. I calculated that no water would reach my doorstep until several other streets went under water. I was exactly correct. Those streets went under water and I ended up with 6’8″ of water in my apartment. Yes, I used to be as dumb as Pumps. The only difference is I saw the error of my ways and made the necessary adjustments.

    The best part of living in Pequannock is when it rains over an inch in one day and you need a boat to get to route 23. I know. I have a friend who lives on Boulevard.

  92. The Great Pumpkin says:

    I have no intention of making a dollar on my home. I plan on living there at the minimum till I retire. What difference does the current market make to me? I’m not going anywhere for at least 15 years unless I happen to stumble upon something amazing(always keep my eye open). I have a 2.75% rate, which means I’m locked in for the length of the 15 year loan, only something amazing can make me move. So keep on telling yourself whatever it is that you do.

    3b says:
    April 25, 2017 at 2:03 pm
    Pumps you question his analysis because it scares you. He is in the market you are not. Period. Yes I would certainly believe him over you or candy the local realtor.

  93. 3b says:

    Pumps then if you don’t care why so desperate to prove the guy who does it for a living is wrong and you are right? You keep telling yourself you don’t care but somehow you do care.

  94. The Great Pumpkin says:

    3b,

    Due to the fact that I have a passion for real estate. You think it’s normal for my generation to buy their first income property 17 years ago? I love real estate, hence, my analysis comes from a labor of love. Take it or leave it, but understand I’ve been following the market most of my life.

  95. 3b says:

    Pum ps your analysis came from a labor of love? Give it a rest that’s just so frigging lame.

  96. 30 year realtor says:

    Sometime later today I will be home in front of a computer and let everyone know the amount of available inventory in Wayne with an asking price over 700.

    The issue is clearly lack of demand for high end housing in mid range towns. For example try getting over 1 million in Paramus. Used to be commonplace and suddenly extreme resistance.

    Funny market!

  97. Yo! says:

    30 year – I pulled sales prices for closed transaction in past year. About 35 Wayne homes sold for $700,000 or more. I also pulled data for a town with similar population but different housing stock, Hoboken. Number of $700,000+ closings there is close to 600 (six hundred).

    How do current dynamics compare to the market in days when you began selling homes?

  98. Brian says:

    Real Estate Question for the Group:

    My wife and I are thinking about putting our first home on the market. We had a few realtors come by to get their thoughts on pricing, improvements, staging, etc. All the realtors we interviewed suggested a list price ranging from $600k-675k even though I can not find any evidence (sales) to support the higher end of that range. This is a huge range in my opinion. The home is your standard 1960’s colonial that has been completely updated. The neighborhood features a mix of colonial, splits, bi-levels, and ranches built around the same time but not nearly as updated. I guess my question is: Do (some) agents suggest an unreasonable list price to get you to commit and then after 3o DOM beginning asking for price reductions?

    If so, would it be reasonable to ask them to cut their commission rate with each price reduction? I’d love to get more for our home, but I want the realtor to have some skin in the game if I need to make pricing concessions because they misread the market.

  99. 3b says:

    There are currently 55 houses for sale in Wayne at 700k and over as per realtor.com

  100. Yo! says:

    So 19 months of inventory in Wayne at $700,000+. Ratio in Hoboken is 3 to 4 months in that price range.

  101. 30 year realtor says:

    Brian,

    The house is worth what it is worth. Price it correctly and it will sell. Doesn’t matter which agent you hire as long as they belong to primary MLS in your area, subscribe to a service that automatically distributes listing to Zillow, Trulia and other internet outlets, hire a professional photographer and they communicate with you. If no one is looking at the property or making offers and the condition is as you describe, the price is too high!

    Nobody wants to under price their home. Have the agent show you the tax assessment, GLA, equalized value and Zillow value on all similar style homes in your community that are on market, UC, or closed in last 24 months. Pick the most comparable properties based upon these criteria and similarity of style. Adjust no more than a few percent for lot size, location or condition (unless extreme). Leave a minimal cushion of $10,000 to $20,000 for negotiation. If you do not have an offer within 2 weeks reduce the price by $5000 to $10,000.

    Negotiate commission up front! There is no problem finding a competent agent who will provide everything you need for between 3.5 to 4%. Stipulate that at least 2% goes to the cooperating broker.

  102. chicagofinance says:

    The End Is Nigh (FlabMax/Ottoman Edition):

    When he was president he called them “fat cats,” but now he’s likely thanking them for a huge payday.

    Former President Barack Obama, less than 100 days out of office, has agreed to speak at a Wall Street conference run by Cantor Fitzgerald LP, senior people at the firm confirm. His speaking fee will be $400,000, which is nearly twice as much as Hillary Clinton, his secretary of state, and the 2016 Democratic Party candidate, charged private businesses for such events.

    Obama has agreed to speak at Cantor’s health care conference in September and will be the keynote luncheon speaker for one day during the event. These people say Obama has signed the contract, but the company, a mid-sized New York-based investment bank, is waiting to coordinate with the former president before making a formal announcement.

    A spokesman for the former president didn’t return a call for comment; a spokeswoman for Cantor said the firm is not in a position to comment just yet, but would not deny that Obama has agreed to speak to the firm and at the $400,000 fee.

    News of Obama’s speaking deal with Cantor, which had yet to be reported, comes as the former president made on Monday his first public comments since leaving office after an extended vacation. In those comments to college students at the University of Chicago, the president spoke broadly about the need for public service and studiously avoided any mention of the current president, Republican Donald Trump, or how he intends to make a living now that he’s a private citizen.

    It’s also likely to be a source of criticism against the former president given Obama’s record of attacks against Wall Street bankers for making huge salaries while average Americans were suffering from the ravages of the 2008 financial crisis. Obama, a progressive Democrat, spoke frequently about Wall Street greed during his eight years as president, and now he’s accepting a speaking fee from the industry he singled out as the main culprit of the banking collapse.

    “Is there an irony here because he spoke incessantly about the income gap and is now earning from those same people he criticized? Yes it is,” said Hank Sheinkopf, a Democratic political consultant. “Should we expect it? Yes, we should because all former presidents do this. He went on the attack against Wall Street and now he’s being fed by those same people he called ‘fat cats’. It’s more hypocritical than ironic.”

    Another irony: Obama will be speaking at a health care conference at a time when his signature piece of legislation – ObamaCare—could be radically altered by President Trump and a Republican Congress. Given the September date of the conference, Obama may be forced to address problems with the controversial health care law, such as massive premium increases, if the GOP repeal doesn’t take shape by then.

    Of course, Obama wouldn’t be the first politician or even former president to accept large fees for speaking to business groups. Most presidents like Obama, who isn’t independently wealthy, also seek to cash in on their celebrity though speaking fees and lucrative book deals (Obama has already signed a book deal worth a reported $60 million).

    Former president Bill Clinton, for example, is a prolific speaker, and by some estimates earned well over $100 million in fees for public appearances since leaving office. But like his wife, Hillary, Bill Clinton’s average fee of little more than $200,000 is nearly half of what President Obama will be commanding for his speech at Cantor, according to people with direct knowledge of the matter.

    President Obama, meanwhile, was elected president while the country was in the midst of the 2008 financial crisis, and then the Great Recession. Public sentiment against the big banks for their role in the crisis was high, and he wasted little time using the public’s anger at the big banks to his political advantage.

    During a 2009 interview with CBS’s “60 Minutes” Obama famously said, “I did not run for office to be helping out a bunch of fat cat bankers on Wall Street,” and gave a series of speeches during his two terms in office demanding accountability from banks, which he characterized as the main culprits of the 2008 financial crisis.

    But even worse for the banks were his actions as president. His championing of the Dodd-Frank financial reform law squeezed bank profits, and forced firms like Goldman Sachs to drop once-lucrative business lines. The Obama Justice Department didn’t indict a single bank for financial crisis related frauds, but it did rack up billions of dollars in penalties against players like JPMorgan, the nation’s largest bank, for alleged abuses.

    Sheinkopf says Obama may receive criticism from Republicans for his alleged hypocrisy over accepting the speaking fee from Wall Street, but he believes the criticism inside his own party will be muted even from such notable class warriors as Massachusetts Sen. Elizabeth Warren.

    “Democrats are lacking so much leadership that they aren’t going to be upset with this,” he said. “They have no heroes anymore, and [Obama] was their last great hero, so how can they turn on him even though he is being a bit of a hypocrite?”

  103. 30 year realtor says:

    The Wayne report year to date…52 active listings over $700,000. 3 closed sales in 2017 over $700,000 with a top sale of $840,000. Currently 12 properties under contract with asking prices over $700,000.

    What this means is that buyers in this price range have plenty of choices. If sellers want offers there will need to be price reductions!

  104. The Great Pumpkin says:

    There is nothing ironic about it on his part. Only thing ironic is the fact that these “fat cats” hated the Presidents guts(attacked him any chance they could) and are now hiring him to speak at twice the rate of Clinton.

    Why are Republicans now counting his money…..thought they claim people shouldn’t do that. All the same all full of sh1t.

    “Is there an irony here because he spoke incessantly about the income gap and is now earning from those same people he criticized? Yes it is,” said Hank Sheinkopf, a Democratic political consultant. “Should we expect it? Yes, we should because all former presidents do this. He went on the attack against Wall Street and now he’s being fed by those same people he called ‘fat cats’. It’s more hypocritical than ironic.”

  105. leftwing says:

    “The issue is clearly lack of demand for high end housing in mid range towns.”

    All towns. Would like to see solds for the ranges below. Back when the stock market was lower and rates higher 2m+ was moving. Not now. But, hey, pumps says all is well.

    Chatham (non-MLS, derived from Zillow)
    Excluding pending, foreclosure, and condos

    97 homes for sale
    27 for less than 1m, eyeball average DOM overwhelmingly less than 60
    26 for more than 2m, eyeball average DOM well over 180, many over 1 yr

  106. The Great Pumpkin says:

    Of the 52 listings, how many are realistic asking prices based on the condition of the home? This is what I implied by stating no inventory. There are almost no realistic listings in the over 700k range. Anything new that is priced right is gone within a week.

    Look at this home, in the current market, it’s just not going to sell unless heavily discounted. People want turn key in this market, that’s where the premium is paid. If this house was turn key, it would sell above ask. Obviously, it’s not, and will sit till the price reflects the undesirability of the appearance of this house’s interior/exterior.

    So I stand by my position that Wayne and other similar towns are suffering from lack of quality inventory as opposed to demand.

    See what I found on #Zillow!
    https://www.zillow.com/homedetails/27-Omaha-Rd-Wayne-NJ-07470/39799382_zpid

    30 year realtor says:
    April 25, 2017 at 4:56 pm
    The Wayne report year to date…52 active listings over $700,000. 3 closed sales in 2017 over $700,000 with a top sale of $840,000. Currently 12 properties under contract with asking prices over $700,000.

    What this means is that buyers in this price range have plenty of choices. If sellers want offers there will need to be price reductions!

  107. The Great Pumpkin says:

    Lefty,

    Anything 1.5 million or higher is a tough market. It will return though. People in that range are sort of speculative buyers looking to profit off their asset. Right now, most of the people that can afford in that range are buying in Hoboken, JC, and train towns. What will happen with time (might be very close) those areas will drive up in price to a point where they can’t realistically go higher. So the gains will stop, the speculative buyers will cash out, and they will all go to the surrounding next best locations that now look like a great value compared to the “it” location that has peaked in value. So like lemmings, they will all start driving up these prices in the new locations they buy in. Happens to Manhatten over and over again, now you are just watching it spread out.

  108. STEAMturd says:

    shoot me now

  109. 3b says:

    Steam I will shoot you and than myself. I thought the bottle King clown pumps might even apologize to 30 year after calling him out. Instead he goes quiet for a bit. Comments on Obama and is right back to pretending nothing happened and the market is excellent. Un freaking believable!!

  110. The Great Pumpkin says:

    All the same price range, but which one would you choose? The value is in places like Wayne right now, imo. You get so much more for your money and you are no way in hell overpaying in Wayne at this part of the market. Hoboken, you are, not much room for appreciation in 10 years. That Wayne home could easily be fetching 3 million in 10 years if the market continues in the direction I think it will. What I’m pointing out, is what the wealthy will eventually realize and act on it. Never ever fails. Look at any market in the country and this happens over and over again the past 100 years.

    It’s all just cycles, but go ahead, tell yourself this time is different.

  111. 3b says:

    Pumps you ate going over the cliff now. Desperately trying to pretend you did not look like a complete butt wipe with your calling 30 year out as you say and saying he was wrong. Now it’s Wayne vs Hoboken @

  112. Bystander says:

    I’ve come to the conclusion that Blumpy is Sue Adler’s retarded son who was kept locked away in a basket.

  113. leftwing says:

    Bystander with comment of the day, LOL.

    “So I stand by my position that Wayne and other similar towns are suffering from lack of quality inventory as opposed to demand.”

    So Pumps, what is the explanation for a lack of inventory offered in a high demand market [I break to get some popcorn].

  114. The Great Pumpkin says:

    3b,
    Same price….how much higher can Hoboken go before this Wayne home starts to look like a total value over Hoboken? There is always a point where the “it” location hits a ceiling and passes the torch onto another location where a better value can be had. I’m not writing off Hoboken, it’s here to stay(just not the consistent appreciation it has experienced), I’m just pointing out the natural evolution of the market. Every time the price rises in these “it” locations, we are one step closer to seeing the torch be passed onto a location that presents a better value.

    So the prices won’t drop in Hoboken, but they will level off. They will only rise again when the surrounding areas catch up in appreciation, once again making Hoboken look like a good value. Right now, the other areas have a lot of catching up to do, but mark my words they will. The cycle never ends till it does.

    See what I found on #Zillow!
    https://www.zillow.com/homedetails/126-Bloomfield-St-1-Hoboken-NJ-07030/2098241184_zpid

    Or

    See what I found on #Zillow!
    https://www.zillow.com/homedetails/1118-Pines-Lake-Dr-W-Wayne-NJ-07470/39799846_zpid

  115. The Great Pumpkin says:

    1. Low rates locked homeowners in
    2. People not willing to risk selling their home with nothing to buy in place of it.
    3. Sellers with unrealistic selling prices (yes, it might be listed, but why count it, if it’s not real?)
    4. The log jam millennials have caused by starting families 10 years later than previous generations.

    I would not state “high demand” market. High demand = paying over ask. I would say normal market, where you “price it right” and it sells almost immediately. High demand is coming in 2020, when we start blowing up this enormous bubble that is coming down the line.

    “So Pumps, what is the explanation for a lack of inventory offered in a high demand market [I break to get some popcorn].”

  116. leftwing says:

    Figured. Re: (1), rates are still at historic lows. Re: 2-4, none makes any sense.

    Econ 101. If there is demand then limited inventory either gets priced up (including and sometimes especially marginal inventory) or more inventory comes on market. Can’t have both demand and lack of inventory without increasing prices.

    If so the below happens, where a 1,400 ft2 house on a 7,000 ft2 lot closes at $1.25m in six weeks over the holidays.

    Try again.

    https://www.zillow.com/homes/recently_sold/Chatham-Township-NJ-07928/house,apartment_duplex,mobile_type/39398415_zpid/60870_rid/priced_sort/40.739758,-74.389957,40.735572,-74.396823_rect/16_zm/

  117. The Great Pumpkin says:

    1. Rates are not at historic lows, now are they? So don’t act like this has no impact on people with lower rates. It causes them to have no motivation to get another house and take on a higher rate.

    2. If you look on the current market, and can’t find anything, there goes not only a loss of sale on your home, but also on the one you were buying, pushing that individual to do the same….like a domino effect down the line. Lots of people are resorting to fixing up or upgrading their current residence due to the lack of desirable inventory on the market. FACT.

    3. How does this one not make any sense? I thought it was pretty much common sense, but I will explain. Yes there are listings available, but if the listing is stubbornly overpriced, is it really a listing? Do you know how many of these homes make up a good portion of the listings in any given north jersey town? Once you search over and over, and only come across nothing but overpriced crap, you tell me there is no inventory problem.

    4. I would also think this one is common sense, but I will explain further. A generation pushes off home ownership/families 10 years later than previous generations, think of the impact it has on the market. Like a domino effect, their pushing off of purchase has caused the rest of the market to push off their purchase causing an inventory problem in the form of a bottleneck. The millennial doesn’t purchase the starter, so the owner of the starter can’t purchase the upgrade, and so on… the result being a self feeding bottleneck that causes people to give up hope of buying and selling which results in limited inventory.

    That’s why demographics are going to drive this next boom. You need the millennials to start buying to push up the rest of the market eventually to the boomers. The boomers and millennials represent two enormous groups in our population. With both buying and selling real estate to adjust their life to the next stage in the cycle of life, it should create enormous economic activity that ripples through the entire economy. This decade is going to be insane!

    leftwing says:
    April 25, 2017 at 7:30 pm
    Figured. Re: (1), rates are still at historic lows. Re: 2-4, none makes any sense.

  118. The Original NJ ExPat says:

    Excellent Pumpandcantdumpit! I think your intention has a good chance of becoming a reality.

    I have no intention of making a dollar on my home.

  119. 3b says:

    Pumps non day. Rates are still at historic lows for now.55 high end homes for sale in Wayne. You said no desirablinventory. You were proved wrong quickly I might add and you twist it now to say that’s not what you said.

  120. The Original NJ ExPat says:

    There’s a couple available at lower speed limits too.

    Hahahahahahahahahahaha

    55 high end homes for sale in Wayne.

  121. Grim says:

    I have a distant family member

    You know you are talking about my godfather and cousin, right?

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