Still overpriced?

From the NY Post:

Embattled New Jersey mansion is now a whopping 75 percent off

This northern New Jersey mansion dates to the roaring ’20s, but it’s certainly not roaring now.

The grand property — once one of the state’s most expensive properties — is back on the market asking just $9.99 million. That’s $29 million off its original $39 million asking price in 2013 — a reduction of almost 75%.

Located on 5-plus acres at 83 N. Woodland St. in Englewood, NJ, an affluent suburb of New York City, this 24,000-square-foot spread has struggled to find a buyer.

Not only has the home – called Gloria Crest and, in times past, the “White House of Englewood” – been discounted some five times (other prices over the years have included $24 million, $17 million and $12 million), it’s also been pulled from the market at least three times, Zillow shows.

In 2017, Gloria Crest nearly headed to a foreclosure auction over an unpaid $5 million mortgage. Owner Edward Turen — CEO of Control Equity Group, which through subsidiaries provides facility management and security services to commercial entities around the world — took out mortgages on the home for more than it was worth, The Post reported at the time.

Turen purchased Gloria Crest for $4.8 million in 2000, but its history dates back almost a century. It was built in 1926 for Stefan Poniatowski, a man who claimed to be a Polish count and an heir to the Eastern European country’s throne. Poniatowski was also a silk manufacturer, but he went bankrupt in the 1929 stock market crash. So he sold the mansion and its furnishings and moved to Manhattan, according to the Bergen Record.

This entry was posted in New Jersey Real Estate, Price Reduced, Risky Lending. Bookmark the permalink.

92 Responses to Still overpriced?

  1. WickedOrange says:

    When I commute into work on my gravel bike (2 days a week, March-Dec), I ride right by this house. Always seems like there’s a bunch of contractors working on it. With something that big and old, there’s perpetual maintenance

  2. leftwing says:

    Nice historical artifact…It needs to stay in that time capsule though, when properties like these were assets and not ongoing liabilities.

    Did have to LOL at the used house salesperson’s opening line of the description:
    “Befitting royalty and Hollywood icons alike…”

    Yeah, NNJ is neither Vienna nor SoCal. Better cut that price further.

  3. The Great Pumpkin says:

    She gets it. Trump should fear her, if Democrats adopt her strategy, he is in trouble.

    “Ever the pragmatist, Heitkamp insists this cannot stand.

    “Rural America got left behind,” Heitkamp says of the 2016 election. “I knew she was in trouble when I went to a wedding in western Pennsylvania and I did not see one [yard] sign. If you drove around western Minnesota, there was not one sign for her and there were signs all over for Donald Trump.”

    This time around, Heitkamp is working to make sure Trump doesn’t enjoy an uncontested advantage with rural voters. One Country is organized under two different parts of the tax code, a design that will allow leaders to do both policy advocacy and political activism. She wants to use the group to highlight how Trump’s trade war is costing farmers’ profits, how manufacturing policy is making tractors more expensive and how its policies are keeping high-speed Internet out of many small towns.”

    https://apple.news/AV5G73z3jS-iEj-RlyZcKDg

  4. GdBlsU45 says:

    lol @ joe Biden rescuing the democrat party. He’ll need a tractor trailer to tow his baggage. Dude is so obsolete they’ll have to rig the primary again if he hopes to get that far. As the mooch said, he has three strikes against him, too frail, too pale, and too stale.

  5. ExEssex says:

    As you will see below, nearly 102 million Americans do not have a job right now, and at no point during the last recession did that number ever surpass the 100 million mark. Of course the U.S. population has grown a bit over the last decade, but as you will see below, the percentage of the population that is engaged in the labor force is only slightly above the depressingly low levels from the last recession. Sadly, the truth is that the rosy employment statistics that you are getting from the mainstream media are manufactured using smoke and mirrors, and by the time you are done reading this article you will understand what is really going on.

  6. The Great Pumpkin says:

    So much hate for jersey, it’s unreal. I would honestly take a beautiful north jersey town over SoCal. What’s not to like about a beautiful tree lined street with beautiful homes and well kept landscaping. Oh the pity, get to live in some of the most beautiful towns in America.

    House is taking a price cut for one reason. It’s a very limited buyer pool in the market for 24,000 sq ft homes. Lately, that market of high end buyers does not want used. They want to build their own brand new homes based on their tastes.

    Doesn’t matter what location you go to nationally, it’s difficult to unload a 100 year old 24,000 sq ft home for top dollar right now.

    “Yeah, NNJ is neither Vienna nor SoCal”

  7. Comrade Nom Deplume, The Americanist says:

    Trump may be in trouble with Rural America but there are weapons available to him:

    1. He can turn this on the Dems for obstructing him at every turn, refusing to move policies that would help rural America.

    2. He can point out how Dem obstructionism also emboldens our trade partners (competitors), who don’t want their own protectionist advantage lost and have targeted American commercial spheres (which are largely Trump’s base).

    Both of these, along with other hard Dem trade positions, could be headed up under the title “Economic Treason” and I think that will resonate. Point out who the real enemy is. And it dovetails nicely with the Immigration debate to form a narrative that the Left will literally give the country away to get and keep power.

    Point out also that the overall economy is doing great but it is the Dems policies and practices that are keeping the benefits from flowing to Rural America. That enables Trump to subtly compare the Dems to the Chinese targeting American farmers, etc.

    That is red meat to the base and forces the Left to explain why their policies are better for Rural America than Trump’s

    Will it stop the damage and even reverse it? Wishful thinking but its better than doing nothing.

  8. ExEssex@aol.com says:

    SoCal will spoil you. The weather. Just beats all.

    Legal weed too.

  9. The Great Pumpkin says:

    SoCal is beautiful. I’m just making the point that life is pretty good if you live on a tree lined street say in Ridgewood on the upper side. These individuals do not think nj is a terrible place to live. They don’t wake up and cry to themselves about how they must find a way to leave this awful place.

    ExEssex@aol.com says:
    April 27, 2019 at 9:29 am
    SoCal will spoil you. The weather. Just beats all.

    Legal weed too.

  10. The Great Pumpkin says:

    Like Franklin Lakes for example, just because the price hasn’t recovered to 2006 levels doesn’t mean people aren’t happy living here. It doesn’t mean it’s not desirable. It’s more a reflection of the boomer market. Franklin lakes was their dream town setting for that generation, and the drive up in price reflects it. Should we write off franklin lakes, hell no. This is how you get value. Just because it’s not receiving the same attention from this current generation of buyers doesn’t mean the generation of buyers 5 or 10 years will remain the same. Franklin Lakes is a beautiful place and eventually the market will get strong. It’s only a matter of time not if.

  11. leftwing says:

    “they’ll have to rig the primary again if he hopes to get that far…”

    And that is the soft underbelly. Dems painted into a corner. The last primary was rigged for the Establishment pol and against the populist. They do that again – with basically the same cast of characters – and they are fcuked. It will be civil war in the Party. Will be interesting to watch the ‘winner take all’ primaries and the (mis)use of super-delegates again.

    And, dumbass, as usual your reading comprehension is in the low single grade level.

    I wasn’t trashing your precious Jersey, just mocking the laughable drivel from the stereotypical realtor with an undergraduate ‘C’ in creative writing. There are no ‘royalty’ or ‘hollywood icons’ moving to Englewood sporto.

  12. 3b says:

    Pumps you have no idea what will haven to Franklin lakes or any other towns. You just assume because you like your house in the suburbs that others will too. And if people start flocking back to FL they will eventually over flow to your area in Wayne. You cannot entertain the fact that there could be a fundamental shift. By the way the school age population in FL is declining.

  13. ExEssex says:

    When I sold my Jersey home I was shocked anyone would buy into the community I lived in. Sky high taxes, public schools that fell off a cliff in middle school. Sure, we had a new Whole Foods…but I was honestly grateful to unload the place.

  14. Saturday Comrade says:

    Comrade,

    I think you are missing the trees in the forest. Trump based are the aging, dying, annoying boomers. Every second that passess the votes are pro-democrats.

    However, the dems will very likely deservedly blow it and give the election to Trump. That is best explained by the post below from leftwing. The Dems issue is the corporate democrats/aka Rockefeller Republicans that came in during Clinton and have not yet left, and it will require losing to Trump again to finally get rid of them.

    Simply because from the average person’s point of view – you know what you are getting from Trump and he’ll screw you, you don’t know that from a corporate democrat. Look what corporate democrats did to Obamacare, they were the hardest fighters to kill a public option within Obamacare. In fact, the red line to see who what and where is Medicare For All (M4A). Whoever brings it across the line will get it. Trump is smart enough to know that to win he need to jump on it and he will; if the democrats kill off Bernie/Warren/Any M4A candidate.

    leftwing says:
    April 27, 2019 at 10:03 am
    “they’ll have to rig the primary again if he hopes to get that far…”

    And that is the soft underbelly. Dems painted into a corner. The last primary was rigged for the Establishment pol and against the populist. They do that again – with basically the same cast of characters – and they are fcuked. It will be civil war in the Party. Will be interesting to watch the ‘winner take all’ primaries and the (mis)use of super-delegates again.

  15. Saturday Comrade says:

    Frankly, the democrats feel to me like the USSR from 1982-1986, when after 20yrs of Brezhnev, you had 3 octogenarian one after another (Andropov?/Gromyko?/Chernenko?) before Gorbachev was spit out by the machine.

    Same thing now, with more boomers Octagenarians being vomited out.

  16. leftwing says:

    ^^^ And they kept dropping dead after a short time in office. Still remember a cartoon from that era, had a bunch of geezers lined up representing the Politburo with someone in front saying “we are now going to select the next Secretary General” and standing behind the line was a little guy with a blown up paper bag he was in motion of popping…

  17. leftwing says:

    Last thing on Biden and the Dems….I think one other factor not getting enough consideration is that IMO Biden doesn’t really want it…

    Last time the nomination was his for the taking, with the odds firmly that as a sitting vice president the Presidency was his as well. He didn’t take it then (yes, I know about Beau, see below).

    He was drafted this time by the moderate wing of the Party who came on very hard, duty to country, etc…

    The presidency is not a position he craves, like most sociopaths seeking the office (see: Clintons).

    The guy is 76 years old, he wouldn’t assume the Presidency until he was nearly 79…

    That means, what, maybe he has maybe six more good years of life left before sh1t really starts falling apart? Is he really going to spend two of those years in hand to hand combat with members of his own party and then Trump? Is there anything in his character that says this is what HE personally wants to do? No, in fact the opposite. He’s had a wife and two children pre-decease him. He specifically does not want to spend his final years in the morass of a Presidential race.

    Last time when the nomination and Presidency was a ‘gimmee’ he set it aside for personal reasons when he had a lot more ‘personal’ time left on this frozen rock…Nothing has changed for him, internally. Other than he has even less quality time left now. And fewer surviving family members to spend time with, particularly at that nice $3m beach spread he bought less than two years ago specifically to use for that purpose…

    There is no way this guy wants to spend the months leading up to his 78th birthday battling the Crazy Orange One. There are literally an infinite number of things he would prefer to do.

    Mark this prediction…the Dem power structure are playing for a brokered convention. This whole kabuki dance is to determine who the best non-Bernie nominee will be through the primaries and to box Bernie out at the end without a repeat of the underhanded games last time. The crazy and unqualified left (Warren, Beto) will have fallen away by the convention. There will be three standing candidates, Bernie, Biden and TBD. First round convention vote fails. Biden throws his delegates to the other candidate that made it through ‘for the good of the country’, moving that person to majority. IMO that’s Harris. Biden rides off into the sunset with his family as a kingmaker and elder statesmen, which is all he ever wanted. QED, you have your non-Bernie presidential candidate.

    Not clean, but with ample historical precedent. Also, since the crazies were given a voice but legitimately lost the Dems hope they will be able to hold the young party members together come election time and retake the White House.

    Anyone want to make odds with me on that one?

  18. chicagofinance says:

    The two happiest days of your life are the day you buy the boat and the day you sell the boat.

    ExEssex says:
    April 27, 2019 at 10:46 am
    When I sold my Jersey home I was shocked anyone would buy into the community I lived in. Sky high taxes, public schools that fell off a cliff in middle school. Sure, we had a new Whole Foods…but I was honestly grateful to unload the place.

  19. Saturday Leftwing says:

    Left,

    As I see it, if the dems want to retain the “young ones” they got buy them, and that means a coup de grace to big FIRE that are the essence and raison d’etre of big democratic money right now.

    Are the machine power brokers going to shoot Big Banks by forgiving student loans? The same loan crisis that was created when Clinton privatized Sallie Mae?

    Are the machine power brokers going to shoot Big Insurance/Pharma by having M4A & clamping down hard on Pharma price gouging?

    They are not, so the young one won’t be with them. Even if they overturn Roe v. Wade, which is a boomer issue. The young ones are still in survival mode, soon going into “japanese herbivore male” mode.

    The one thing I do foresee. As Trump continues to stagnate because of his boorish/antagonistic ways. If the dem candidate does not do a M4A (Medicare For All) Trump is smart enough to see what sell tickets and puts behind in the seats and will take the issue and run away with it, which will catapult him into 55%+ nationwide and be re-elected.

    The Dems have it tough. To ascend to their next stage they need to beat the crap of the financial hand that feeds them right now and that is Finance, Insurance and Real Estate and Tech millionaires that care more about a homeless cat or dog, than a homeless human.

  20. The Great Pumpkin says:

    Lefty,

    I think you nail it with that Biden call. Makes lots of sense, and good chance to happen.

  21. The Great Pumpkin says:

    When a place is affluent, that usually doesn’t change. I’d put my life on it that eventually Franklin Lakes goes on a run.

    3b says:
    April 27, 2019 at 10:14 am
    Pumps you have no idea what will haven to Franklin lakes or any other towns. You just assume because you like your house in the suburbs that others will too. And if people start flocking back to FL they will eventually over flow to your area in Wayne. You cannot entertain the fact that there could be a fundamental shift. By the way the school age population in FL is declining.

  22. 3b says:

    Pumps lots of places used to be affluent no longer the case. Right here too in north jersey. Surely you know that don’t you??!!

  23. The Great Pumpkin says:

    3b,

    This not meant to be taken personal, so don’t take it that way. Simply making a point.

    Your type never hits a home run investment because you are unable to purchase any investment when the storms are out. You have no shot in hell by looking at investments with such pessimism that it prevents you from seeing the big long term picture. The only way you really win is by buying when everyone is running. That’s how the value is created.

    Franklin lakes is screaming value. The risk to downside in comparison to potential upside is screaming buy. The sad part is, most people are like you. Instead they will go buy in the town that already appreciated 100% telling themselves this is a safer purchase than a hurting Franklin Lakes home.

  24. The Great Pumpkin says:

    The only time affluent areas became run down was due to racial issues aka white flight. Besides that. Show me how many affluent areas became poor.

    Look at Detroit and their so called apocalypse. Did the wealthy areas still remain wealthy? Did all the rich just pick up and leave?

    3b says:
    April 27, 2019 at 4:47 pm
    Pumps lots of places used to be affluent no longer the case. Right here too in north jersey. Surely you know that don’t you??!!

  25. 3b says:

    Once again you are an idiot. As I have told you repeatedly I own property just not in NJ. Unlike yourself I am not obsessed with real estate and my analysis/opinion is based on what I see around me and the ability to recognize that things have changed and do not appear to be swinging back to the way they were as much as much as you claim they will. I have friends and relatives and neighbors like you all of their so called wealth is wrapped up In their houses as that’s all they have. They refuse to believe their house is worth anything less than the number they have in their mind. As with you no amount of reasoning or facts will sway them from their beliefs.

  26. Saturday Leftwingner says:

    By the way from a Real Estate angle.

    Does everyone realizes that if you get a Medicare For All (M4A), the transfer of healthcare cost of present, future employees and retirees from a local, county and state government is essentially a steal bail-out.

    It will be very sweet to be the governor of a financially troubled state (NJ,etc) when it happens because overnight the State’s balance sheet and cash flow problems poof are gone, as monies set aside for healthcare expenses are routed to pension potholes and new creative ways of graft and political favoritism.

  27. ExEssex says:

    I’ll take it! Better life’s misfortunes are paid for by Gary!

  28. The Original NJ ExPat says:

    So…time to load up on Pancake in a can?

    Hahahahahahahahahhahahahahahhahaha

    Your type never hits a home run investment because you are unable to purchase any investment when the storms are out. You have no shot in hell by looking at investments with such pessimism that it prevents you from seeing the big long term picture.

  29. grim says:

    Does everyone realizes that if you get a Medicare For All (M4A), the transfer of healthcare cost of present, future employees and retirees from a local, county and state government is essentially a steal bail-out.

    At first glance, it’s a brilliant theory. But M4A isn’t a mandate, there is not elimination of private insurance. Suspect the unions will demand private insurance at a level equal to what exists today. They won’t accept this as an option.

  30. grim says:

    This election will be the biggest political giveaway ever.

    With so many democratic nominees – there will be massive pressure to promise bread and circuses. Whoever makes the biggest promises to give away free stuff is going to nail the nomination. Can’t wait to see the oneupmanship begin in earnest.

  31. The Great Pumpkin says:

    No doubt in my mind that the feds come up with some plan like this to deal with pension issue. It’s a national issue, basically a threat to our national economy, therefore feds must come up with a plan.

    Think of it like this. The feds can turn their back on the states, but in the end they are still paying for it. Lots of these people with pensions don’t have social security, and if they do, it’s nothing. Not going to just let them die in retirement, so forced to take care of them no matter what. Without a pension, they can’t take care of themselves and they hurt the economy by having no money to spend. Problem needs to be addressed by feds whether they want to or not.

    Saturday Leftwingner says:
    April 27, 2019 at 8:56 pm
    By the way from a Real Estate angle.

    Does everyone realizes that if you get a Medicare For All (M4A), the transfer of healthcare cost of present, future employees and retirees from a local, county and state government is essentially a steal bail-out.

    It will be very sweet to be the governor of a financially troubled state (NJ,etc) when it happens because overnight the State’s balance sheet and cash flow problems poof are gone, as monies set aside for healthcare expenses are routed to pension potholes and new creative ways of graft and political favoritism.

  32. Sunday Grimmm says:

    Grim,

    I do agree the election will be the biggest give away, but still less than all the stealth big pharma, health insurance, military industrial complex, banking and wall street bail outs since 2001.

    The young one will have to be bought out with M4A & Student Loans write-off. They learned their lesson from the Obama Hope & Change to B3nd Ov3r & Squ3al experience.

    If the Democrat punt because of stepping on the toes of their money gods, Trump will take the issue and run. You already see it with his continual pushing against Obama Care when it makes no political sense, but it makes great strategic sense as the issue is kept lukewarm on the side until ObamaCare becomes TrumpCare ( insert M4A here).

    M4A stealth bail out will definitely lower local/county/state government cost, not just employees, but also present Medicaid and Indigent Care expenses even if they still have to pay for Medicare Supplemental Insurance plans for employees.

    I don’t think NJ is a lucky state. Good luck in my eyes for NJ, will be M4A and a state leadership that picks one of the Rutgers studies and force hard mandatory regionalization of towns and elimination of county and restructuring of state government.

    So theoretically, a decade from now you could be living in City of Wayne (the old Wayne + the old northern end of Passaic County) and paying 50% of present property taxes.

    This is the only way the pro NJ real estate Pumpkin crazy talk makes sense. Otherwise is just gibberish from damage of all that lead, chromium and mercury exposure, plus the 12 times ( 2 accidental and 10 on-purpose) he was dropped on his head as a baby.

  33. The Great Pumpkin says:

    Like clockwork, within a decade, they will experience the same problems as other high growth population areas before them. Florida and Texas will be just like Cali and the northeast. Only a matter of time. Huge populations require massive funding. You need more of everything.

    “Republican plan would cap property-tax growth and raise state sales tax by a percentage point”

    https://www.wsj.com/articles/texas-tax-fight-pits-gop-governor-and-allies-against-local-governments-11556443816?emailToken=e51756ed5c441b8caaf92e98c4124d22sQEtLQvDB8UA4+0cpPToNQyOJC+NgXZ/IHEYipRPei3wiEOV2Nn5GtOPJaiiGmVx32zZQpNL27zeH+LBCsBVWIml3sVSN1ibC9v36KyxhKsLLPShEvIi/in/KH2dywBhlJQpwVdFoIE+NKThomDWDQ%3D%3D&reflink=article_copyURL_share

  34. The Great Pumpkin says:

    Remember the early glory days of nj and Cali. It’s the same crap happening in these locations. Starts off cheap. Great homes and neighborhoods. Everything shiny new. People attracted to value. Come in droves. Never stop coming. Eventually left with high cost for everything. Then shiny new gets old, and costs to maintain infrastructure go through the roof.

    Lesson here, if you didn’t go to these places early 2000’s, you missed. Going there now, getting sold a mirage, your value will turn to shi!. Better hope you are in the affluent area, otherwise, you are flipping a coin….those middle tier priced towns will either go to affluent or poor. Ultimate cas!no bet if you are purchasing a home in those areas now in the mid tier. This is what happened in every other market that went through the huge population growth eventually to high cost area.

  35. The Great Pumpkin says:

    Think Garfield as example in this area. Somewhere that was middle class had to eat it and go poor.

    Oranges another example.

  36. The Original NJ ExPat says:

    Two steps away from bondage? Luckily, Hillary was defeated, otherwise we would be only one step away.

    https://okitsmetalking.wordpress.com/2017/02/24/the-tytler-cycle-in-history/

    This election will be the biggest political giveaway ever.

    With so many democratic nominees – there will be massive pressure to promise bread and circuses. Whoever makes the biggest promises to give away free stuff is going to nail the nomination. Can’t wait to see the oneupmanship begin in earnest.

  37. The Original NJ ExPat says:

    Whovever the Dems put up for 2020 – he, she, or whatever the other 27 genders are, will make Mike Dukakis look like a super star.

    Pocketbook, voting against, look it up. Sure, there are some unpleasant rich people who haven’t been paying their fair share (SALT), but they are just that. The rich who don’t want to pay their fair share…unless it is in other states or at other strata of wealth.

  38. The Original NJ ExPat says:

    Pumps – any news from your deported Dad that really excited your daughter on her last birthday?

    Loser family.

  39. Pumpkin says:

    6:54 hashtag rubmydick fanboy.

  40. PowerBotyom says:

    6:54 bend over whilst I stick my fattie in your tired republican asssss. Bish

  41. The Original NJ ExPat says:

    Highway houses for you and me.

    https://www.youtube.com/watch?v=qOfkpu6749w

  42. The Original NJ ExPat says:

    Celebrate peak Biden with Pancake in a can, on sale today, buy 714 shares for a dollar.

    Hahahahahahahahhahahahahahaha

  43. The Original NJ ExPat says:

    I don’t know many Republicans, but I’ll ask around and see if any of them has an interest in having your wife in their ass.

    bend over whilst I stick my fattie in your tired republican asssss. Bish

  44. The Original NJ ExPat says:

    I wonder if that Englewood property in the main article will now bee renamed from Gloria Crest to Gloria Hole?

  45. xolepa says:

    Indicator of how certain markets are doing in NJ RE:

    My son, who is transferring to work at a Central NJ hospital just got outbid on a Montgomery township property. He offered full asking price in the low $900s with a mortgage contingency. He is after all, just past 30 years old and finishing Fellowship. He thought he had the deal. A new buyer offered full price in cash. He’s out of that one.
    Wells, that’s karma. When he sold his Quincy Mass home 1 year ago. It was upbid $80k over asking price.

  46. xolepa says:

    The market was just like this last year – superheated thru May.

    Then poof.

    I will recommend that he wait till June to start looking again. The late sellers may be desperate. Maybe not.

    Either way, he has his parent’s house in Hunterdon. On a straight shot, commute is only 35 minutes.

    BTW, wife and two kids in tow.

  47. The Great Pumpkin says:

    xolepa,

    But the millennials are leaving nj in droves and never coming back….

    Bidding war in the suburbs? No one wants those homes…

  48. Blue Ribbon Teacher says:

    Xolepa,

    $900k to live in Montogmery, he dodged a bullet there. Traffic jams and farms. Depending on where he is, local bridges always go out for months at a time.

  49. 3b says:

    One millennial comes back and that means there will be hordes of others on their way. It’s just that simple!

  50. PumpkinFlamer says:

    Pumpkin, I know your brain damage is profound, but get real.
    Is a different story with Xolepa’s kid.

    Xolepa paid for whole education. Average MD in same position without parental support 250-500,000 in debt. He and whole family is staying with Xolepa in her hunterdon estate, not paying hotel or rent somewhere.

    The comparison you are trying to make is one of Bloomberg’s daughter getting outbid by one of the Koch’s daughter for a Palm Beach waterfront estate.

    Xolepa is a well know slumlord of the eastern european “sic the hound on the peasants variety. In fact this is Xolepa dealing with a non-paying tenant https://youtu.be/h0iAcQVIokg

    The comparison you should be making in the competition for NJ housing is this https://youtu.be/p-K8fyAmhKE

  51. No One says:

    I hear Montgomery Twp is hot because the high school is high-performing. I also have heard there have been several suicides from HS kids. 40% of the parents want their kids in the top 10% of their class. Lots of Chinese tiger moms there. I guess they aren’t that good at big-picture math.

  52. D-FENS says:

    Seems kinda swampy. People thought the money was going to combat climate change or something.

    https://nypost.com/2019/04/27/aoc-raised-over-11k-for-campaign-in-queens-fund-run/

  53. The Great Pumpkin says:

    We live in one of the richest areas of the country. It’s consistently ranked as one of the richest states. Do you know how many kids are out there like this in nj? Why do you think they can afford to go away to college?

    Those of you wishing for the end of NJ housing and economy can keep on dreaming.

    How many times have I heard that NJ prices can’t be supported or increase because millennials can’t afford it? They are not your typical poor millennial from wherever USA.

    PumpkinFlamer says:
    April 29, 2019 at 9:19 am
    Pumpkin, I know your brain damage is profound, but get real.
    Is a different story with Xolepa’s kid.

  54. Blue Ribbon Teacher says:

    I met a teacher from Montgomery last year. He told me the entire staff is depressed and it’s an awful environment to work in. I wouldn’t pay an extra dime to get my kids into that district over my current unribbony district.

  55. ExEssex says:

    Dolla houses getcha dolla house!

    As the manufacturing industry slowed down, Rust Belt cities lost their economic importance, and their populations began to empty out. Around 40 years later, the wealth gap between these cities and coastal powerhouses continues to widen. Many Rust Belt cities are now littered with abandoned homes that local governments can’t afford to tear down.

    A few of these governments have started selling empty properties for a single dollar, provided that the new owners are willing to fix them up. In just a short time, dollar home programs have begun to symbolize how far Rust Belt economies have fallen — but they might also be a ticket to a more prosperous future.

  56. Juice Box says:

    Interesting write up on Curbed about central Florida housing between Tampa and Orlando. I drove around there quite a bit last week, seems nearly every cow pasture has a new development going up, Interstate 4 is clogged day and night.

    They are expecting a million new residents in that area of Florida, mostly retiring boomers it seems?

    https://www.curbed.com/2019/4/23/18511006/orlando-tampa-real-estate-housing-development

  57. ExEssex says:

    Orlando is humid as fuuuuuck. Nope.

  58. Blue Ribbon Teacher says:

    Any time there are residential developments in Florida, it’s a sign of a market top.

  59. Juice Box says:

    re: “a sign of a market top”

    Sales are down already. I mentioned last week I saw signs for Banco Brazil on a few new projects closer to the theme parks.

    https://www.orlandosentinel.com/business/os-brazil-bank-20150902-story.html

    I wonder who is financing the rest of the developments is the outer ring areas being marketed to US retirees?

    And then there is this Jimmy Buffet monstrosity off of 192? 1/2 Million dollar cottages?

    https://www.realtordaveflorida.com/lp-communities/homes-for-sale-in-margaritaville-resort-orlando/

  60. ExEssex says:

    At those prices, i’d Rather be in the Real Keys! Fugggetaboutit

  61. Blue Ribbon Teacher says:

    In 1988, both my father and my grandmother got burned by buying Florida Real Estate. In 2006, my mother’s friend jeopardized her entire retirement by buying 6 condos (she lives in NYC). My father’s house sold twice since he sold it for a major hit. The selling price 30 years later was less than his 1988 purchase price. And this was a development where a few members of the newly formed Orlando Magic lived at the time.

  62. chicagofinance says:

    Please elaborate.

    Blue Ribbon Teacher says:
    April 29, 2019 at 10:17 am
    I met a teacher from Montgomery last year. He told me the entire staff is depressed and it’s an awful environment to work in. I wouldn’t pay an extra dime to get my kids into that district over my current unribbony district.

  63. chicagofinance says:

    I am having a problem locating an oversized curtain rod. Is there a place that would be reliable and have some selection for 170 inches / 14ft?

  64. Juice Box says:

    re: “oversized rod”

    Maximum package size allowed for UPS shipping is 105 inches, so you will have to splice two rods and bracket them for support.

    Any decent shop should be able to help. For custom try here.

    https://www.highlandforge.com/extraLongRods.cfm

  65. Libturd, can't say I didn't warn you. says:

    Left,

    Your theory on Biden the kingmaker (not wanting it) is one I thought about as well. You could be right there? But I don’t think it discounts my Trump Hatred theory. Bernie voters paid the price for not swinging their vote over to HRC. That won’t happen again this time because the price paid was way to high. This whole two factions eating each other is a non-starter. Each might have very different demands (center vs. far left). But there is one thing they both have in common that didn’t exist in the last election. They both believe Trump is evil.

  66. Blue Ribbon Teacher says:

    I met a teacher from Montgomery last year. He told me the entire staff is depressed and it’s an awful environment to work in. I wouldn’t pay an extra dime to get my kids into that district over my current unribbony district.

    Long story short, the administration treats the entire staff like crap and they are woefully underpaid (which I know from looking at their salary guide). My experience is, that when the staff feels that way, it resonates into the everyday activities and the students get the shaft as well. Better to be in a district where the teachers don’t feel like they are slaves to the administration.

    Based on the salaries they pay, I would assume student performance is the primary driver of the stats of the school rather than strength of teaching/curriculum. I usually say, school performance is 80/20. 80% based on student population…20% based on teacher’s effectiveness. In a school that has a staff that is demoralized, you’re probably losing on the 20% end.

  67. ExEssex says:

    Imagine retiring in the rustbest. Solid little home. Clean as a whistle. $75k
    They’re out there in abundance.

  68. D-FENS says:

    LOL…he said oversized rod…

  69. chicagofinance says:

    Impersonation of the day (Ex-Pat Edition):

    ExEssex says:
    April 29, 2019 at 12:13 pm
    Imagine retiring in the rustbest. Solid little home. Clean as a whistle. $75k
    They’re out there in abundance.

    What retired baseball player also describes the inhabitants of a convent?
    https://en.wikipedia.org/wiki/Rusty_Kuntz

  70. The Great Pumpkin says:

    Cycles..

    “Gen Z keeps confounding Corporate America.
    They’ve shunned beer, they want companies to take political stands and they trust Kardashians to make their makeup choices. But perhaps the biggest surprise about this new cohort of teenagers is the most unexpected of all: They love the shopping mall.
    Around 95 percent of them visited a physical shopping center in a three-month period in 2018, as opposed to just 75 percent of millennials and 58 percent of Gen X, according to an International Council of Shopping Centers study. And they genuinely like it; three-quarters of them said going to a brick-and-mortar store was a better experience than online, ICSC found.”

    https://apple.news/Apiehp5fWTP6PKS03Pg9eiw

  71. D-FENS says:

    It’s roof Korean week. So how’s everybody celebrating?

    https://twitter.com/AsianJ86/status/1122542647460102145

  72. No One says:

    I expect to eventually buy a home in FL, but growing up and living until age 28 in central Florida, I would only live in genuinely upscale areas, and for me, within walking distance of the beach. The challenge is to find such a place that’s also an easy drive to a real city. Having a sea-breeze is a big benefit during the Florida summers.

    The last thing I want is to live near a former NJ Transit worker collecting a pension. And even worse is to live in a trailer park among FL natives.

    That Margaritaville development looks like a hellhole to me. I’d never want to live in Kissimmee, it’s always extra hot there, and probably surrounded by tourist traffic. And there, surrounded by drunks having parties.

  73. Juice Box says:

    re: ” surrounded by drunks having parties”

    My neighbors last week were from South Carolina, a lawyer and his extended family. We partied all week into the wee hours of the morning. Our other neighbors were some Orthodox from New York observing their Passover by walking around in the Florida heat dressed for funerals, they, in my opinion, wasted their money since their modesty makes them too afraid to even swim in their private pool or the communities water park.

  74. The Original NJ ExPat says:

    LOL, Pumps trying to be sarcastic while his highway house is dropping in value.

    My guess is that baby Pumps doesn’t give a shit about grandpa. He’s deported and never shows up for birthday parties. Why wouldn’t you consider him a shit pile?

    xolepa,

    But the millennials are leaving nj in droves and never coming back….

    Bidding war in the suburbs? No one wants those homes…

  75. xolepa says:

    Yes,
    I believe it was Chinese that outbid my son. We had a young Chinese realtor escort a younger Chinese family into the same house when my son was inspecting it on the second pass. We don’t know if it was them, though.
    They are sucked into the ‘high-performing’ districts and Montgomery is consistently rated number 1 or 2 in the state. They have the most AP courses in the state, too.
    As to Chinese and their habits, I can give several analogies/situations.
    1) Next door neighbors own house next door. Eldest son was educated at public school here and went to MIT. Father lives in Taiwan, mother goes back and forth. Ignores her husband.
    2) My middle son had a Mainland Chinese girlfriend in college (Ivy school). Her mother bankrolled her (her spending account balance was in the six digits). Mother lived in China and owned a coal mine. Father and brother in California. Former girlfriend ended up as intern in WS Investment firm. Top pick from all interviewed from this school. She bought my son $2k suits (he still wears them) and other nice stuff. She stiffed him once college was over and saw what real men (read: older) were all about. He was stunned, poor fellow.
    3) When my oldest was still in high school, he was selected to All-State (area??) orchestra. This orchestra did not include stringed instruments. The All-State symphony had the strings. At one concert, the Symphony played first. Dominated by Chinese. After the symphony ended, all the Chinese parents left in lock-step.

    Kind-of embarrassing and extremely impolite. I still find them lacking in common sense. But they are brutal, especially the mothers. I had a couple of managers that were of this breed when I was an independent IT consultant. I quit on them, once I got better deals. He-he.

    asides:

    Pumpkin, millennials are moving back. One of my eldest son’s HS buddy got a job in Morristown area. Lives in neighboring Hunterdon town, CH colonial. Other college frat buddy married a local businessman’s daughter and now lives on a farm that they bought in Hillsborough/East Amwell area. Other HS friend bought in Cranford. He’s a kick ass carpenter but works in IT in the city.

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  77. The Great Pumpkin says:

    Tell me again how the rich are leaving in droves because of property taxes. They are buying second homes it seems like in nj. Didn’t fat boy Christie just do the same? Cries about property taxes and cost of NJ, but he goes and buys a multi-million dollar property on the shore….tell these people to STFU.

    Property taxes are high because costs are high. This is a direct result of lots of rich people competing in our state market driving up the cost of everything….but tell me again how they are leaving in droves. Hit me one more time with the “Tepper” anomaly as proof the rich are leaving.

    https://expo.nj.com/news/g66l-2019/04/af4a620f826032/these-are-the-15-hottest-real-estate-markets-this-spring.html

  78. chicagofinance says:

    Sometimes some good old fashioned cooking of the books is better than any newfangled technology…..
    WSJ
    OPINION
    COMMENTARY

    Do Ride-Sharing Customers Sit in Front?

    An accounting practice at Uber and Lyft that ought to raise eyebrows.
    By Howard Schilit

    What an amazing business Uber and Lyft pioneered. Each built a user-friendly app to allow riders to be picked up and driven anywhere. Yet their financials may create confusion for both investors and riders. Now that Lyft has held an initial public offering and Uber is preparing one, investors can evaluate each company’s audited statements. The record shows both made unusual accounting choices that overstate sales and profitability.

    The most significant accounting distortion in each company’s filing comes from its treatment of rider discounts and refunds. For nearly any business in any industry, discounts and other cash incentives to customers are treated as a reduction of sales, lowering the net sales figure reported to investors.

    Uber and Lyft each provide substantial discounts and incentives to riders, which subsidize the cost of trips and encourage usage. But they don’t account for these amounts in their sales numbers. Instead they categorize them as marketing expenses. That inflates reported gross profits and distorts common analyses of the companies’ unit economics.

    This distortion is possible because both companies inexplicably assert that their customers are not the passengers but the drivers, whom the companies classify for tax purposes as independent contractors. If the passenger isn’t their customer, the companies can bury these costs further down in the income statement, where investors and analysts give them less significance.

    The impact is material. In 2018 Lyft included $338.4 million of rider incentives and refunds in “marketing expenses.” Had it been treated as ordinary sales discounts, reported revenue would have been some 16% lower than the $2.16 billion disclosed. The same year Uber reported that $1.4 billion in “sales and marketing” was for consumer discounts, promotions and refunds. If treated as ordinary sales discounts, sales would have been 12% lower than the $11.27 billion reported. For both companies, reclassifying this spending as part of operating expenses inflates sales and sales growth.

    The companies’ choice in defining the customer isn’t justified by common usage. Typically, a customer is the one receiving the service and paying for it. It’s clear that when a ride-sharing member asks for a ride on his app and his credit card is charged at the completion of the service, he is the customer.

    Yet Uber explicitly claims that “drivers are our customers.” It calls passengers “end-users,” as in its recent Securities and Exchange Commission filing: “Because end-users access our platform for free and we have no performance obligation to end-users, end-users are not our customers.”

    If riders aren’t customers, does that mean management believes that it has no obligations to riders—for their safety, comfort and dispute resolutions? Do the drivers who depend on these companies for wages agree that they are customers, not workers? Most puzzling of all, who’ll be the customer when the cars drive themselves?

    The answers to these questions will inform investors concerned about properly analyzing and valuing the companies—and maybe those answers will help the companies decide who their customers really are.

    Mr. Schilit is CEO of Schilit Forensics and a co-author of “Financial Shenanigans.”

  79. 1987 says:

    Above, Bingo!

  80. ExEssex says:

    Mark Steven Domingo, a 26-year-old former U.S. Army infantryman with combat experience in Afghanistan, faces federal charges in a terrorist plot to detonate a bomb, causing mass casualties. Federal authorities alleged he was an ISIS sympathizer intent on mass murder by targeting Jews, police, Los Angeles freeways, political rallies and tourist destinations.

    Domingo was arrested Friday night after he received what he thought was a live bomb, but, in fact, was an inert explosive device delivered by an undercover law enforcement officer as part of an investigation by the FBI’s Joint Terrorism Task Force, the Department of Justice announced Monday. He allegedly intended to kill as many people as possible at a white nationalist rally in Long Beach over the weekend.

  81. 3b says:

    Why so desperate Pumps ? If you feel so strongly about this property taxes are not an isssue and high cost not an issue then why the constant need to convince those of us who believe differently that we are wrong? Are you convincing us or you?

  82. The Great Pumpkin says:

    3b,

    I’m simply attacking the position that the rich are leaving in droves because of property taxes. I call bs.

    If the rich would leave, this would become a low cost state overnight. Price of real estate would drop like a rock. This would allow for workers to live on much cheaper pay. Lowering costs like a domino effect across the state economy. Guess what, the rich aren’t leaving because the costs keep going up.

    Are poor people driving high prices? That’s impossible….

  83. The Great Pumpkin says:

    “The E-mail To Send To Renters

    If you are a landlord who is faced with higher property taxes due to new legislation voted by the people, you can now send them the below e-mail or letter to raise the rent for the good of the community. Simply swap out the legislation, amount of spending, purpose for spending, amount of rent and timeframe to fit your situation.

    Dear Tenant,

    I hope all is well with you. Due to the passage of Measure RR, a $3.5B bill to maintain our public train system, the city is raising property taxes by roughly $XXX a year over the next 20 years. As a result, your rent will increase by $XXX a month starting on June 1, 2017 for the next 20 years as well.

    Thank you for supporting our public transportation system and great city. Not only does your rent and my property taxes help decrease congestion on our roads, we help create new libraries for our children, keep our teachers employed and help maintain our beautiful parks.

    Respectfully Yours,

    Your Landlord

    It’s important to make your tenant realize the rent increase isn’t just because you want more money to help pay for rising costs. You must also highlight the value proposition of what the new rent provides. People want to know their money is going towards something meaningful.

    Landlords should no longer be frustrated with ever increasing property taxes anymore if they consistently raise rents whenever a new bill that raises property taxes is passed. Renters should no longer be frustrated with rising rents either when they voted for more government spending.

    Everything is rational in the end. It’s up to each of us to stamp out inefficiencies and embrace the goodness of ever increasing property taxes. Together, we will all pitch in to support our community.

    Landlords, have you finally embraced higher property taxes? What is your property tax rate and how in property taxes are you paying a year? Renters, does it help to know that an increase in rent is used to help public works for the benefit of all? Do you believe there are renters out there who vote to raise spending and property taxes but aren’t willing to pay for what they voted on? Don’t forget to pay your property tax bill on time!”

    https://www.financialsamurai.com/property-taxes-by-state/

  84. 3b says:

    Pumps wealthy people are leaving no one said en masse but they are leaving. As for high prices that is and has been driven by low interest rates. By the way Manhattan prices are starting to drop. It will spread.

  85. The Great Pumpkin says:

    Spread?

    Maybe Hudson county, but the majority of nj has supported current pricing for a long time now. It’s not going down because it never went up in the first place.

    Do you know why nyc peaked? Have you looked at the sky line lately while on your train ride? The market just absorbed a sh!t load of inventory. Why would pricing be going up under these conditions? Since when does a massive new supply of inventory drive up pricing? I would say nyc market is very healthy as is the nj market. Both are perfectly fine.

    3b says:
    April 29, 2019 at 7:28 pm
    Pumps wealthy people are leaving no one said en masse but they are leaving. As for high prices that is and has been driven by low interest rates. By the way Manhattan prices are starting to drop. It will spread.

  86. DiannaAcend says:

    Quick sex in u city. Try it, you will like it!

  87. The Original NJ ExPat says:

    Why mess with Real Estate when you can make your fortune by investing in Pancake in a can?

  88. The Original NJ ExPat says:

    Passaic County is the place for me
    Farm livin’ is the life for me
    Land spreadin’ out so far and wide
    Keep Manhattan, just give me Route 23

    New York is where I’d rather stay
    I get allergic smelling hay
    I just adore a penthouse view
    Dah-ling I love you but give me Park Avenue

    …The whores
    …The stores
    …Highway Houses
    …Big Titty Blouses

    You are my wife
    Good bye, city life
    Passaic County we are there

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