Grass is greener, taxes are lower

From Fox Business:

Florida-based ‘Unhappy New Yorkers’ campaign targets fed-up taxpayers

Tens of thousands of New Yorkers are leaving the high-tax state and moving to Florida, a trend local real estate developers are looking to capitalize on.

Armando Codina, executive chairman of Miami real estate development firm Codina Partners, helped launch a campaign called “Unhappy New Yorkers,” aiming to attract those “fed up” with taxes and other conditions in the state.

Data from the U.S. Census Bureau showed that while Florida received more movers than any other state last year, New York’s outflows to the Sunshine State were the highest – 63,772 people. New York had the third-largest outflows of any state, with 452,580 people moving out within the past year.

The Unhappy New Yorkers campaign launched around April 15, which Armando called “an awakening day” for people who might be upset about their tax bills – thanks in part to the $10,000 cap on state and local tax deductions enacted as part of the Tax Cuts and Jobs Act. New York was found to have the highest overall state tax burden, according to a recent WalletHub study.

Florida, on the other hand, has no state income tax.

Armando said in addition to tax issues, a new pattern among millennials favoring warmer climates, job portability and the perception of an anti-business climate – bolstered by Amazon’s decision to scrap plans for its Queens HQ2 – has helped contribute to population loss in New York – to Florida’s benefit. He said he has “absolutely” seen an uptick in moves following the SALT changes.

The campaign’s website asks whether visitors are unhappy New Yorkers due to “high taxes,” “rotten weather,” and the “outrageous cost of living.” It also has a section dedicated to “total savings” for people moving to Florida, reportedly at $24,649 for someone with an income of $100,000; $49,509 for someone with an income of $200,000 and $235,197 for people with incomes of $1 million. It is unclear what metrics were factored into those calculations.

New York’s Democratic Gov. Andrew Cuomo has said he expects the cap on state and local tax deductions to have a negative impact on the state’s population – and tax receipts. He blamed a $2.3 billion budget deficit on the new tax law, calling the state’s financial situation “as serious as a heart attack” as wealthy residents leave.

Armando noted that because of falling tax revenues, the tax situation is only likely to get worse for New York residents.

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108 Responses to Grass is greener, taxes are lower

  1. grim says:

    I hear next on the list for Denver is to decriminalize ping pong.

    Denver is 1st US city to decriminalize ‘magic mushrooms’

  2. grim says:

    From Bloomberg:

    Young Real Estate Flippers Get Their First Taste of Losing

    Sean Pan wanted to be rich, and his day job as an aeronautical engineer wasn’t cutting it. So at 27 he started a side gig flipping houses in the booming San Francisco Bay Area. He was hooked after making $300,000 on his first deal. That was two years ago. Now home sales are plunging. One property in Sunnyvale, near Apple Inc.’s headquarters, left Pan and his partners with a $400,000 loss. “I ate it so hard,” he says.

    A new crop of flippers, inspired by HGTV reality shows, real estate meetup groups, and get-rich gurus, piled into the market in recent years as rapid price gains helped the last property crash fade from memory. Many newbie investors are encountering their first slowdown and facing losses from houses that take too long to sell. Meanwhile, they face steep payments on a kind of high-interest debt—known as “hard-money” loans—that helped power the boom.

    “Flipping only works in an appreciating market where homes move quickly,” says Glen Weinberg, the Denver-based chief operating officer of Fairview Commercial Lending, which is tightening its standards for real estate investors. “Those factors are now in flux, and that’s what’s going to lead to the demise of a lot of flippers.”

    About 6.5 percent of U.S. sales in the fourth quarter were flips, or homes sold within a year from when they last changed hands. That was the highest share in seasonally adjusted data going back to 2002, according to real estate data firm CoreLogic. (It’s even higher than during the last boom, when there were more newly built houses for buyers to choose from.) Such deals were particularly attractive in Western markets such as Northern California and Seattle, where prices climbed by double-digit percentages annually. But some areas got too hot, and prices are flattening or falling. Fourth-quarter losses for flippers who sold within a year were the highest since 2009, according to a CoreLogic analysis that looks at buying and holding costs, but not rehab expenses. In the San Jose area, 45 percent of flips lost money.

    Unlike the last decade’s housing crash, in which speculators bought simply to resell, many of today’s flippers sink money into fixing up properties. Their hard-money loans, which come from private investment groups, often have high interest rates and low down payments. The loans also are bigger because renovation costs are folded in.

    Large companies including Blackstone Group LP and Goldman Sachs Group Inc. have gotten into such lending. Competition has helped drive interest rates on some of the loans below 10 percent, says Todd Teta, chief product officer at Attom Data Solutions, a real estate tracker. Now lenders “are easing capital requirements and lengthening loan terms because it’s taking longer to flip homes,” Teta says.

  3. Yo! says:

    Tan man resurfaces, bearish on lux house values on coasts.

    Mozilo Sees Luxury Housing Rout as Tax Bill Bites Coastal Rich

    By Erik Schatzker

    Former Countrywide CEO offers a warning in a rare interview
    Tax overhaul is ‘devastating’ to certain homeowners, he says
    (Bloomberg) —
    Angelo Mozilo had a front-row seat during the collapse in housing prices a decade ago. Now the former chief executive officer of Countrywide Financial Corp. is predicting another drop, and for some homeowners it may be even worse.

    High-end properties in coastal U.S. states may fall as much as 40% from their peak value because many people can no longer afford them after losing deductions in the U.S. tax overhaul that passed in late 2017, Mozilo said in an interview with Bloomberg Television. That compares with a 33% decline across major U.S. markets from the peak in 2006 to the bottom in 2009.

    “There’s too much inventory in the market, and there’s going to be more inventory because this tax bill was devastating to the middle-to-higher-income homeowner who can’t deduct anything except $10,000,” said Mozilo, who’s attending the SALT Conference in Las Vegas. “The volume of sales has dropped dramatically, and values are coming down dramatically, particularly on the upper end.”

    President Donald Trump’s tax reform limited write-offs for mortgage interest and capped deductions for state and local taxes at $10,000 to help cover the cost of cutting rates for corporations and individuals. Mozilo said New York, New Jersey, Connecticut and California, states with a disproportionate number of multimillion-dollar homes, are suffering as a result.

    Read more: Trump tax reform causing freakouts in towns around New York

    A $10 million home in any of those markets could “easily” lose 40% of its value, he said, jeopardizing the recovery and recent highs in residential real estate prices.

    To be sure, Mozilo is a controversial figure in the history of U.S. housing. Now 80, he co-founded Countrywide in 1968 and built it into the nation’s largest mortgage lender. But he was forced to sell the company during the subprime meltdown, and the billions of dollars in losses and legal claims that buyer Bank of America Corp. later absorbed from Countrywide loans turned Mozilo into a poster boy for the financial crisis.

    Mozilo rejects the assertion that Countrywide or even subprime lending played a major role in the economic downturn and swoon in financial markets. In the interview, he said everyone from banks to politicians to bond-rating companies is to blame.

    “Let them believe what they want to believe,” he said. “I never saw it coming. Never.”

    While wealthy residents in the Northeast and on the West Coast may be directly affected by the drop in high-end home prices, Mozilo also predicted that the impact will reverberate throughout the economy. Housekeeping staff and gardeners will be fired, restaurants will lose business and the banks that own those mortgages will have to take writedowns and begin foreclosures, he said.

    “The moral of the story is when you see things inflated and things look so good, it’s time to pull back and worry,” Mozilo said. “When you sense it, if that’s one of the options, get out.”

    Asked why he’s resurfaced after 10 years of mostly lying low and staying out of the public eye, Mozilo said he “has great concerns for the country” and at the age of 80 “it’s time for me to speak my mind.”

    Related ticker:
    BAC US (Bank of America Corp)

    To contact the reporter on this story:
    Erik Schatzker in New York at eschatzker@bloomberg.net

    To contact the editors responsible for this story:
    Michael J. Moore at mmoore55@bloomberg.net
    David Scheer, Sam Mamudi

  4. Yo! says:

    30 year, how do you see spring 2019 selling in Franklin Lakes and similar NJ towns?

  5. grim says:

    Mozillo’s comments are nonsense.

  6. Bruiser says:

    Mozilo rejects the assertion that Countrywide or even subprime lending played a major role in the economic downturn and swoon in financial markets. In the interview, he said everyone from banks to politicians to bond-rating companies is to blame.

    “Let them believe what they want to believe,” he said. “I never saw it coming. Never.”

    LOLOL Thanks for the belly-laugh this morning, Angelo, you ignoranus. You should be spending your golden years in Leavenworth.

  7. chicagofinance says:

    There are only two types of places in the world. Hudson County and everything else. Everything else can rot in hell.

    Yo! says:
    May 9, 2019 at 7:15 am
    30 year, how do you see spring 2019 selling in Franklin Lakes and similar NJ towns?

  8. The Great Pumpkin says:

    What a mess…

    “American health care has real problems; it’s expensive, bureaucratic, and inequitable. But decades of government intervention has, if anything, only made these problems worse—if not created them in the first place. The tax break for employer-sponsored insurance in the aftermath of World War II locked people into job-based coverage and encouraged the purchase of ever-more expensive plans, insulating individuals from the cost of their decisions. The creation of Medicare (and to a lesser extent Medicaid) rapidly funneled huge amounts of federal funding into the hospital system and coincided with decades of increased national spending on health care. Federal health care programs now represent what is arguably the nation’s largest long-term fiscal challenge.

    But now the long term is almost here. And instead of addressing the deep and difficult problems that persist the current system, Sanders and his followers appear to have only one answer, which is to keep doing the same thing, but more of it. Sanders-style Medicare for All isn’t the solution to our health care crisis—it’s just a much bigger, much harder to solve version of the same crisis we already face.”

    https://reason.com/2019/05/08/bernie-sanders-thinks-medicare-for-all-would-solve-americas-health-care-problems-it-would-make-them-worse/

  9. No One says:

    Chifi,
    You got sent to racial justice training yesterday?
    I bet our grandparents would be laughing at all the “privilege” they allegedly enjoyed and bestowed upon us.
    Fortunately for me it’s not too heavy in my office yet. But the affirmative racism is coming in super-hard in my daughter’s prestigious private school. The kids are presumed to be full of racial conscious and subconscious hate, whites are guilty until proven innocent by bowing to SJW masters, and are being taught that the old goal of being “colorblind” (i.e. not considering race important) is actually just a sneaky way of blocking the progress of their racial justice agenda.
    https://www.nais.org/magazine/independent-school/summer-2014/what-white-children-need-to-know-about-race/

  10. The Original NJ ExPat says:

    There only 10 types of people in the world. Those that understand binary and those that don’t.

    There are only two types of places in the world. Hudson County and everything else. Everything else can rot in hell.

  11. The Original NJ ExPat says:

    Just like investing in highway houses Nimfy.

    American health care has real problems; it’s expensive, bureaucratic, and inequitable.

  12. 30 year realtor says:

    I am not bullish on high end, high tax Bergen and Passaic County real estate in the near term. The overall market is dull and the top is worse. It is not that nothing is selling or that prices are falling, there are few places and price ranges where the product is jumping off the shelves.

    The investor market for distressed properties is a feeding frenzy. Buyers are flat out overpaying. We are at a top for these type of properties right now. Every week I see buyers at sheriff sales purchasing properties that are doomed to be bad investments.

  13. No One says:

    Punkin,
    The Reason article was a good share, but I think they make the wrong argument against medicare. Running out of “trust fund” money won’t make leftists question the desirability of a program, it just means they want to spend more on it. And since they have now bought in to modern monetary theory, that rising debt doesn’t matter and cost need never be an argument against any government spending, from green new deal, to medicare for all, to Cadillacs for all.
    The better argument is that, practically, genuinely free markets work better than state-run services, and ethically,that redistributive government is individual-rights-violation on a massive scale.

  14. The Original NJ ExPat says:

    Heh-heh. 3,6,9 & 12 month CDs – all at 2.4%

  15. The Original NJ ExPat says:

    ^^^ and 10 year Treasuries at 2.439%

  16. The Great Pumpkin says:

    Guess Muphy is getting to him. You can hate murphy, but at least someone is finally stepping up to Norcross.

    “Norcross insisted Murphy and his aides were behind both efforts.

    “It’s very difficult to understand the mind that has no end game,” Norcross said. “A mind that has no strategic plan in what they’re trying to do and a mind that politically would be so incompetent as to think that they could dislodge Steve Sweeney as the president of the Senate. … It seemed like a suicide mission. And if you’re going to go after the king, you kill the king.””

    https://www.nj.com/politics/2019/05/powerful-democrat-blasts-gov-murphy-and-his-wife-he-thinks-hes-the-king-of-england-and-mrs-thinks-shes-the-queen-of-england.html

  17. The Great Pumpkin says:

    King….wish I could punch this guy in the face. Blatantly admits that his pawn is King.

  18. D-FENS says:

    South Jersey Democrats are very different from NE Jersey Democrats.

  19. The Original NJ ExPat says:

    Old Camaro vs new Camry

    South Jersey Democrats are very different from NE Jersey Democrats.

  20. The Great Pumpkin says:

    Good point.

    I can also finally agree that free markets work better than state-run services. The reason I believe so has to do with human nature. Profit is a probably the best control mechanism out there, it’s the one thing that can provide some sort of guarantee that the job will get done (of course it is not perfect, but what is? This is the closest we can get to perfection in the market when combined with human nature).

    No One says:
    May 9, 2019 at 9:34 am
    Punkin,
    The Reason article was a good share, but I think they make the wrong argument against medicare. Running out of “trust fund” money won’t make leftists question the desirability of a program, it just means they want to spend more on it. And since they have now bought in to modern monetary theory, that rising debt doesn’t matter and cost need never be an argument against any government spending, from green new deal, to medicare for all, to Cadillacs for all.
    The better argument is that, practically, genuinely free markets work better than state-run services, and ethically,that redistributive government is individual-rights-violation on a massive scale.

  21. Libturd, still in Union, mainly on Thursdays. says:

    Who does Murphy think he is? George Norcross?

    Best comment on that article.

    Sadly, Norcross isn’t any better. Told you all Murphy would destroy NJ.

  22. Thursday NotNimfyFredo says:

    Hey Medicare bashers. Medicare is responsible for;

    -Desegregating hospitals (Grady in Atlanta like most of the south had white & black wings) Remember NYC – catholic hospitals like St.Clare/St.Vincent. Waspy Cornell & Doctors. Jewish Mt.Sinaie/Beth Israel.
    -They outlaw hospital ward. Now you have semi & private rooms.
    -Standardize medical coding/procedures/outcomes/licensing.
    -They are the reasons there are paramedics. Instead of funeral homes picking you up in their hertz.

    Tell those at Reason magazine to go and have their surgery in Brazil or Argentina, and see how they like it.

  23. The Great Pumpkin says:

    “If Governor Murphy is taking on Norcross and making him snitty, he’s doing something right. Norcross’ reaction is an indication that what the Governor is doing is the right thing. Norcross has been pilfering NJ for many years, conspiring with Christie and now has Sweeney under his thumb.”

    “I am no fan of Murphy, but Norcross is absolutely evil. Norcross is one of those shady “power brokers” who was never elected by anybody to anything but has his fingers in everything. Having him for an enemy actually makes me like Phil a tiny bit.”

  24. Libturd, still in Union, mainly on Thursdays. says:

    Paramedics in rental cars hawked by OJ?

  25. The Original NJ ExPat says:

    More OJ fun below. Can’t find the paramedics reference.

    https://radaronline.com/exclusives/2019/05/oj-simpson-kill-former-prison-cellmate-book/

  26. The Great Pumpkin says:

    If the health industry was actually run on a free market, you would never have any of these problems. Maybe you wouldn’t have all these cures available as the free market would never take long shots on finding cures, but the amount of waste would never happen.

    People would make a choice at old age, should I spend 500 k to live two more years, but put my family in debt, or give the money to my family and die…

    You will still have to figure out how to deal with the costs of children that suffer from expensive treatment. Can’t let children die, but others, that’s where the savings will be.

    This is the reality that people would face if this was run by the brutal but efficient free market. Of course, this will never happen. The majority will pay for the sickness of a few because no one wants to make the difficult choice. Places that have health care costs contained, must let the really old/sick just die. That’s how you control costs.

    Thursday NotNimfyFredo says:
    May 9, 2019 at 10:45 am
    Hey Medicare bashers. Medicare is responsible for;

    -Desegregating hospitals (Grady in Atlanta like most of the south had white & black wings) Remember NYC – catholic hospitals like St.Clare/St.Vincent. Waspy Cornell & Doctors. Jewish Mt.Sinaie/Beth Israel.
    -They outlaw hospital ward. Now you have semi & private rooms.
    -Standardize medical coding/procedures/outcomes/licensing.
    -They are the reasons there are paramedics. Instead of funeral homes picking you up in their hertz.

  27. Libturd, still in Union, mainly on Thursdays. says:

    Ex – They are the reasons there are paramedics. Instead of funeral homes picking you up in their hertz.

  28. Libturd, still in Union, mainly on Thursdays. says:

    My dog “DJ” is now 14 and a half. Most doodles have a projected lifespan that ends at 12 or 13 at the most. Though my dog is still somewhat spry, if he required a repair that would cost me over $600, I would have him put to sleep instead. I am the outlier. This is the problem with healthcare. I support death panels.

  29. JCer says:

    Back to the ping pong site. Pumps clearly the Dr. did well on the land, less than 800k for 10 acres even if you can only subdivide into 3 lots is very good and I concur with Grim that he might get 5 or more road frontage lots if he can’t get the facility approved.

    Your water issue is a red herring, unless you have perpetual wet lands which involves the DEP, water management can be installed and you can build on it (they build on piers into the hudson). Clearly you don’t have construction experience, because the site would get graded and a water management system with dry wells, drainage pipes, and retaining ponds would be installed the soil percolation and the water situation on the lot would dictate the cost to effectively mitigate flooding in a severe storm.

    Truthfully if I were him I’d go for something far more offensive than a Ping pong facility and propose something really ugly(a mosque usually gets people upset, something about a huge mineret in your neighborhood) to try to get a 10 lot subdivision where each house has road frontage as a concession when everyone freaks out. The doctor can make a quick 1-2 million and the character of your neighborhood doesn’t change, if anything nice new homes will make your neighborhood more attractive.

  30. The Great Pumpkin says:

    jcer,

    Someone already tried the mosque and were turned down. The previous owner tried. Once again, there is a reason it is an empty 10 acre site in a desirable area of north jersey in 2019. Writing is on the wall…

    It has w-3 wetlands designations on site. This area is vital to the rest of the area. It’s a mountain top. The water must come down and it must feed the other tributaries that eventually goes to pines lake and then Pompton lake.

    You want to put up some big homes, we all have no problem with it as it will enhance our land value. Will it get built? No way. Again, do you know how much an acre of buildable land would cost in that location? This guy bought 10 for 765,000 in 2012…..the price says it all. The original owner took the money and ran. This new owner took a risk, swung, and struck out. It happens every day in business.

  31. The Great Pumpkin says:

    Townhomes? Why would Wayne want that? So now you add 2 or 3 kids to the school system on a residential unit not paying much taxes. That’s the definition of chasing short term while sacrificing the future. On top of that, townhomes do not fit that location. You have to have smart planning, not just develop for the sake of development. That’s how the town goes to sh!t. Making quick rash decisions based on the now instead of the long-term.

    I don’t want Wayne to change anything. I know that in 10-15 years from now, that type of setting (if Wayne remains the way it is) will become highly desirable. Just don’t f it up.

  32. Bystander says:

    “water management can be installed and you can build on it”

    Since blumpy is so close and they are redoing his sewer line again, just pump ping pong facility water through there. Problem solved.

  33. PumpkinFace says:

    You forgot to use logic.

    The Great Pumpkin says:
    May 9, 2019 at 10:37 am
    Good point.

    I can also finally agree that free markets work better than state-run services. The reason I believe so has to do with human nature. Profit is a probably the best control mechanism out there, it’s the one thing that can provide some sort of guarantee that the job will get done (of course it is not perfect, but what is? This is the closest we can get to perfection in the market when combined with human nature).

  34. PumpkinFace says:

    Human nature

    Logic

    Don’t build anything on my street

    It’s as simple as that.

  35. Libturd, still in Union, mainly on Thursdays. says:

    But can flooding mitigation handle the excessive runoff of Asian tears, every time a match is lost?

  36. JCer says:

    Pumps, please see the comments of the professional engineer. He is right, the runoff would be controlled and the water would be cleaner than it currently is. The plan calls for 27k sqft of building, again seems like building that footprint as multifamily rentals would be more profitable than a ping pong facility.

    https://www.northjersey.com/story/news/passaic/wayne/2019/05/07/storm-water-runoff-pingpong-club-colfax-road-wayne/1091018001/

    The land was cheap because of the hurdles required to subdivide and develop. Being it’s a county road and a site with wetlands development is not easy, how much in legal fees, engineering site work, and lets face it bribes would be needed to get a development plan approved. The owner of the site needs to commit real capital and it is at risk until it get approved.

  37. Young Buck says:

    https://www.wsj.com/articles/small-mortgages-are-getting-harder-to-come-by-11557394201?mod=hp_lead_pos5

    Small Mortgages Are Getting Harder to Come By

    Lenders are offering fewer mortgages for cheaper properties even while racing to serve deep-pocketed home buyers

    Some low- and middle-income home buyers are having a hard time getting mortgages for an unexpected reason: The loans they’re applying for are too small.

    Lenders extended about 106,000 mortgages with balances between $10,000 and $70,000 in the U.S. last year, worth $5.1 billion. That is down 38% from almost 171,000 in 2009, according to figures compiled by Attom Data Solutions, a real-estate data firm. The drop-off at the bottom end of the market has been far swifter than at the top. Origination was down a more modest 26% for mortgages between $70,000 and $150,000, and it rose 65% for mortgages above that range.

    Only about a quarter of homes that sold for less than $70,000 were financed with a mortgage, while almost 80% of sales between $70,000 and $150,000 had one, according to an Urban Institute analysis last year. Low-end borrowers had their applications denied at a higher rate than those taking out bigger mortgages even when comparing borrowers with similar credit quality, according to the think tank.

    Housing experts say small mortgages have become rarer because lenders have trouble making profits on smaller loans. Lenders typically have a fixed cost to extend a mortgage, and the smaller the loan, the smaller the profits.

    “The whole system incentivizes high[-balance] loans,” said Michael Bright, the president of the Structured Finance Industry Group.

    Instead, many lenders are catering to more high-end borrowers. Jumbo loans—those too large to sell to government-sponsored guarantors Fannie Maeand Freddie Mac —have been a bright spot for banks. Financial institutions have grown increasingly competitive when trying to attract these customers, in part because they are seen as prime targets for selling additional services.

    The dearth of smaller mortgages is becoming an impediment to home buying in regions where prices are otherwise affordable, especially in Midwestern and Southern cities like Chicago, St. Louis, Youngstown, Ohio, and El Paso, Texas, according to local housing advocates and attorneys.

    For many home buyers, the difficulty of obtaining small mortgages represents another rung sawed off the ladder to upward mobility.

    “Like everything else in our economy, the housing market has become less equitable,” said Julia Gordon, president of the National Community Stabilization Trust, a nonprofit whose work focuses on neighborhoods with low-price homes.

    Bertha Elwood went shopping for an $11,000 mortgage in the last few months for her home in Witt, Ill., but two lenders told her the amount she was looking to borrow was too small. One said she had to borrow at least $50,000 and another told her to borrow at least $75,000, according to Ms. Elwood.

    “I don’t owe that, and I don’t want to pay that,” she said.

    Ms. Elwood needed a mortgage to get out of a contract for deed—a hybrid between renting and buying where the borrower makes a down payment and monthly installments, typically to the seller, but doesn’t get the title or rights of homeownership until the end of the term.

    .
    She entered into her contract in 2014 with a relative, who ran into payment difficulties that resulted in his bank beginning foreclosure proceedings last year. Without her own mortgage to buy the property outright, Ms. Elwood believes she may lose the house, despite having paid roughly $30,000 over the last five years.

    Chelsea Hubbard, an attorney at Land of Lincoln Legal Aid in Alton, Ill., said she has seen many buyers end up in contracts for deed because other financing options aren’t available. In these contracts, home buyers typically have little recourse if they fall behind on payments before having paid the purchase price in full.

    “It just kind of spirals downward if they don’t have access to credit,” she said.

    Real-estate agents and buyers say lenders are less willing to help small-loan seekers overcome obstacles such as credit blemishes that tend to complicate applications for traditional loans, and which may be less problematic for buyers of comparable means seeking bigger mortgages.

    Two of Ms. Hubbard’s clients, Sarah and Joshua Fuller, entered into a contract for deed on their Granite City, Ill., property in 2015 after they were told that a recent bankruptcy made a traditional mortgage unattainable. By last year, they had improved their finances and wanted to take out a mortgage to replace the contract. The couple approached five banks about a $20,000 mortgage.

    They ran into a problem that isn’t unusual with small-dollar mortgages: an appraisal gap. Their property appraised at $27,000, below the $39,000 purchase price. As a result, every lender turned them down.

    “A couple of them even said we were better off cutting our losses because no bank would lend to us,” Mrs. Fuller said.

    Some properties that are sold below $70,000 need updating or are in neighborhoods without enough comparable homes. Because of that, homes can end up appraising at a lower value than their sale price, which scuttles the deal if the buyer can’t pony up more cash to cover the difference.

    Without a loan, the Fullers ended up reluctantly extending their contract for deed. After a series of hardships, they fell behind on their payments and were served with an eviction notice and a lawsuit. Ms. Hubbard was able to get them out of the contract, but with nothing to show for the money they had already put in. They moved in with Mrs. Fuller’s parents on Christmas Eve.

    Sherry Pinkston, who lives in Chicago between the Morgan Park and Beverly neighborhoods, was looking to buy a condo in her building for her daughter a few months ago. But she was denied approval for a $40,000 mortgage.

    Ms. Pinkston said the reason she was given for the denial was her credit score, which is in the mid-600s. That is slightly below the average for the Federal Housing Administration-backed loan she was looking for, but not disqualifying. She said she has an annual income of around $72,000.

    “I see people making less money than me getting $200,000 loans,” she said.

  38. joyce says:

    If the owner of the site really wanted to go with a Mosque or other house of worship, all he would need to do is threaten to sue under RLUIPA. Okay, a little more than that, but it could be done.

    JCer says:
    May 9, 2019 at 11:11 am

  39. grim says:

    It appears they are building what looks like an 8-9 home development on the same wetlands just a few clicks away.

    http://njrereport.com/blog/wp-content/uploads/2019/05/Screen-Shot-2019-05-09-at-12.18.15-PM.png

    Check the lower left, some properties clearly in the wetlands areas.

  40. Libturd, still in Union, mainly on Thursdays. says:

    I wonder which one of these is the pumpkin?

    https://photos.app.goo.gl/4bYqgEZmLFjaFW2L7

  41. grim says:

    Based on that other development, I suspect that if the town rejects this. He’ll claim hardship, file to subdivide for road fronting residential lots – 5 of them.

    If they deny, he’ll appeal and win.

    Wayne’s not going to fight hard against what might be $75k in new tax revenues.

  42. PumpkinFace says:

    You’re such an idiot. In the past, you’ve agreed with comments from grim and others here that the future of North Jersey is that of NYC’s boroughs – higher density. “It’s inevitable” is a phrase you’re also fond of… but you don’t want it in your “NYC suburban” town. Why not? Still don’t think NIMBY is a good description of you?

    Also, you constantly say the taxes here are a good value. If you have children in public schools, maybe they are. You’re okay with the setup as long as DINKs, older folks and people that choose private school subsidize you… but not okay if higher density comes in and you get slightly less of subsidy, relatively speaking? <<<I'm sure you didn't follow that.

    The Great Pumpkin says:
    May 9, 2019 at 11:45 am
    Townhomes? Why would Wayne want that? So now you add 2 or 3 kids to the school system on a residential unit not paying much taxes. That’s the definition of chasing short term while sacrificing the future. On top of that, townhomes do not fit that location. You have to have smart planning, not just develop for the sake of development. That’s how the town goes to sh!t. Making quick rash decisions based on the now instead of the long-term.

    I don’t want Wayne to change anything. I know that in 10-15 years from now, that type of setting (if Wayne remains the way it is) will become highly desirable. Just don’t f it up.

  43. grim says:

    Wayne school enrollment continues to decline catastrophically.

    There are simply no new kids moving to Wayne, existing families having kids are not keeping up with the decline.

    A few apartment complexes would be welcome, the schools have plenty of space and teachers to accommodate.

  44. Young Buck says:

    https://www.wsj.com/articles/ex-new-jersey-gov-chris-christie-tries-hand-at-property-investing-11557394321

    Ex-New Jersey Gov. Chris Christie Tries Hand at Property Investing

    Real-estate fund seeks to raise $150 million for low-income areas covered by U.S. tax break

    Chris Christie’s next act is real estate.

    The former New Jersey governor and one-time federal prosecutor who briefly headed President Trump’s transition team has co-founded a property investment fund, his wife, Mary Pat Christie, who works for the fund, confirmed.

    The fund seeks to take advantage of a federal tax break for development in low-income areas by investing in what are known as opportunity zones. These zones are part of the 2017 federal tax overhaul and allow investors to defer capital-gains taxes by investing in qualifying real-estate projects.

    Mr. Christie and his partners in the fund are hoping to raise about $150 million, according to a person familiar with the matter. The fund will focus on New Jersey and other Northeast states, and its first projects are four apartment developments in Hackensack, N.J., and a self-storage facility in New London, Conn., according to the fund’s marketing material reviewed by The Wall Street Journal.

    Although Mr. Christie’s name doesn’t appear in the fund’s brochure, people involved say he serves as a senior adviser. His wife, a former business development executive at the investment firm Angelo, Gordon & Co., is the fund’s executive vice president.

    Mr. Christie didn’t immediately respond to requests for comment.

    He joins a small but growing list of former government officials looking to cash in on the opportunity-zone program by raising funds and charging a fee to invest in the designated areas. Political connections are valuable to real-estate investors, in part because construction projects often require approval from several government agencies.

    Anthony Scaramucci, who briefly served as White House communications director in 2017, has launched an opportunity-zone fund through his investment firm, SkyBridge Capital. One of the architects of the opportunity-zone program, the former Obama administration senior economic adviser Steve Glickman, runs an opportunity-zone advisory business.

    The Christies started the fund, known as Hampshire Christie Qualified Opportunity Fund LLC, with Hampshire Cos., a real-estate investment firm founded by Mr. Christie’s longtime ally, Jon F. Hanson.

    Mr. Hanson was a campaign donor to Mr. Christie and served as finance chairman for his 2009 and 2013 gubernatorial campaigns. In 2010, Mr. Christie appointed Mr. Hanson as chairman of the New Jersey Gaming, Sports and Entertainment Advisory Commission.

    James E. Hanson II, Mr. Hanson’s son and Hampshire’s chief executive, said discussions over a potential fund started after Mr. Christie left office in January 2018.

    “Both Chris and Mary Pat had information with regard to these qualified opportunity zones, and together we said this might be a great opportunity to do it together,” he said.

    Mr. Christie could contribute through his political connections and his insight into “the various jurisdictions and the politics that go around in order to get approvals,” Mr. Hanson said.

    People who invest their capital gains in qualifying real-estate projects within these tracts can defer their tax bill. And if they hold the investment for at least 10 years, they won’t have to pay capital-gains taxes on any profit from an eventual sale of the property.

    Each state picks the specific census tracts that are eligible for tax breaks. While the opportunity-zone program became law when Mr. Christie was governor, the administration of his successor, Phil Murphy, chose the investment zones for New Jersey.

    Today, the Christies’ office is across the street from Hampshire’s office in Morristown, N.J., according to the younger Mr. Hanson. He said that while he occasionally meets with the former governor, Ms. Christie is more involved in the fund’s operations. Mr. Christie also operates a law firm and a consulting business out of his Morristown office.

    “Nobody really knows New Jersey as well as Chris, because he’s been at the helm for the last eight years,” said Ms. Christie.

  45. Yo! says:

    Thank you for response 30 year.

    Irony about the Opportunity Zones law is it aims to accelerate real estate development in the zones. But instead it has frozen the land market in the zones, delaying developments. One credible and politically connected developer (not Christie) was negotiating to buy land in Jersey City and when the zones were identified,, the land was in a zone, and the asking price instantly went up by $50,000,000. Developer walked.

  46. Yo! says:

    Parents in Wayne need to have 3 kids to maintain the enrollment.

    I moved to suburb where every family moving in has 3 and 4 kids. Bond vote just passed to expand the elementary schools in the district.

    We’ve got 3 kids. Wife wants #4 citing all her friends who have 4. I said no way.

  47. Libturd, still in Union, mainly on Thursdays. says:
  48. Libturd, still in Union, mainly on Thursdays. says:

    I can help make kids. Give me a call. Have your wives give me a call.

  49. The Great Pumpkin says:

    Wtf is wrong with people on here. Are you really advocating for ruining someone’s neighborhood?

    This IS THE BOTTOM LINE. It’s a residential zone, and they are trying to get a variance to change it to commercial. It’s not zoned for commercial. I’m glad you guys are all okay with this. Says a lot.

    At the end of the day, I bought my home based on a price reflecting a residential zone across the street that was zoned for one family houses. That’s it. Changing that zoning and hurting my pocket is wrong and beyond f’ed up.

    For a group that cries about how unfair property taxes and govt regulations are, you have some nerve to cheer this on. HYPOCRITES.

    At the end of the day, if Wayne wants to lose a 30 something-year-old capable of paying 20,000 in property taxes by changing the rules mid-game, so be it. I don’t dwell on things, I move on. If they start building some wild sh!t across the street from me, I will take my loss like a man and move. I will not stay in Wayne after they turned their back on me so they could let a developer make a quick buck while throwing the town down the drain.

  50. The Great Pumpkin says:

    That’s fine, just put them in the correct location. Wayne should knock down Preakness and Wayne hills mall location and develop a downtown there. It’s as simple as that if people want the tax base.

    I’m fine with paying the taxes in Wayne. I don’t cry about them. I will willingly pay the taxes to keep the town the way it is.

    grim says:
    May 9, 2019 at 12:25 pm
    Wayne school enrollment continues to decline catastrophically.

    There are simply no new kids moving to Wayne, existing families having kids are not keeping up with the decline.

    A few apartment complexes would be welcome, the schools have plenty of space and teachers to accommodate.

  51. The Great Pumpkin says:

    Yes, north jersey will become dense, but not in the rich areas. That’s why I want them to keep Wayne the way it is. It will be highly desirable as the rest of the area becomes filled with apartment buildings.

    PumpkinFace says:
    May 9, 2019 at 12:25 pm
    You’re such an idiot. In the past, you’ve agreed with comments from grim and others here that the future of North Jersey is that of NYC’s boroughs – higher density. “It’s inevitable” is a phrase you’re also fond of… but you don’t want it in your “NYC suburban” town. Why not? Still don’t think NIMBY is a good description of you?

  52. The Original NJ ExPat says:

    LOL. Got it. Like yesterday when Nimfy told me I’m jealous of him for “owing” a home.

    Ex – They are the reasons there are paramedics. Instead of funeral homes picking you up in their hertz.

  53. The Great Pumpkin says:

    Grim,

    Another location you can put the apartment buildings is by rt 23 or willowbrook mall corridor. Just don’t mess up the rest of Wayne with something that does not reflect the town. People advocating for developing on every piece of land should sell and move to Clifton. Simple as that.

  54. The Great Pumpkin says:

    Expat,

    I don’t have the time to proofread, but I’m glad that you do.

  55. The Original NJ ExPat says:

    Nobody with kids wants to live on a highway. 55+ community maybe.

    Townhomes? Why would Wayne want that? So now you add 2 or 3 kids to the school system on a residential unit not paying much taxes.

  56. The Original NJ ExPat says:

    ^^^Isn’t the school population falling off a cliff in Wayne? I guess nobody with kids wants to live there. Too many highways running through the township.

  57. The Original NJ ExPat says:

    A lot of dropouts are slow readers, needing to sound out words, etc.

    Expat,

    I don’t have the time to proofread, but I’m glad that you do.

  58. PumpkinFace says:

    That’s why I want them to keep Wayne the way it is.

    So, NIMBY then?

  59. PumpkinFace says:

    In your opinion, zoning and master plans should never be allowed to change? No variances, ever!!

    Unless of course the changes and development happen elsewhere and doesn’t “hurt your pocket”, then it’s fine.

    Simple as that.

    The Great Pumpkin says:
    May 9, 2019 at 1:01 pm

    That’s it. Changing that zoning and hurting my pocket is wrong and beyond f’ed up.

  60. Libturd, still in Union, mainly on Thursdays. says:

    “Yes, north jersey will become dense, but not in the rich areas.”

    Some of the nicest mansions in NJ (some which used to have NYC skyline views) are located spitting distance from the new 11-floor motel in Montclair. This zone USED to be zoned residential. Then the town designated it an area in need of improvement and we got our Queens section of Montclair.

    https://bit.ly/2VqZxML

  61. grim says:

    Just don’t mess up the rest of Wayne with something that does not reflect the town. People advocating for developing on every piece of land should sell and move to Clifton. Simple as that.

    Silly rabbit.

    Clifton turned into Clifton because as it’s population began to age, older voters voted in ways that weren’t necessarily in-line with keeping Clifton where it was. Cut cut cut, chase away everything nimbyism.

    So now, they got what they voted for.

    Wayne will go the same way as Clifton, this is inevitable.

    Increase in the median age and drop in school age children is the way that IT ALWAYS STARTS.

  62. Libturd, still in Union, mainly on Thursdays. says:

    This is a block and a half away.

    https://goo.gl/maps/ALJLV78dwFhBumfC6

  63. Libturd, still in Union, mainly on Thursdays. says:
  64. grim says:

    That’s it. Changing that zoning and hurting my pocket is wrong and beyond f’ed up.

    If zoning never changed, why on earth do we have the “Zoning Board of Adjustment”.

    The name says exactly what they are tasked to do, Adjust the Zoning on behalf of property owners.

    The purpose of the Zoning Board is not to sit around and tell everyone no.

    Even if they tried to tell everyone no, it would be futile, as you could simply appeal to the state. Please don’t have any thoughts that people deciding this on the state level have ANY emotional connection to the topic.

  65. The Great Pumpkin says:

    Give it some time. Wayne is not really a starter town. Give the families some time for their boomer parents to give them some money, or for them to make enough to move on up. Patience. It’s all cycles, but people are so quick to overreact.

    The Original NJ ExPat says:
    May 9, 2019 at 1:21 pm
    ^^^Isn’t the school population falling off a cliff in Wayne? I guess nobody with kids wants to live there. Too many highways running through the township.

  66. grim says:

    When you buy a piece of property… The fact that it is across the street from a single contiguous 10 acre lot should have raised some alarm bells for you, and you should have bid accordingly.

  67. grim says:

    Give the families some time for their boomer parents to give them some money, or for them to make enough to move on up. Patience. It’s all cycles, but people are so quick to overreact.

    It’s a 15 year decline. Anybody waiting to make money to move here, has already had their kids elsewhere.

  68. The Original NJ ExPat says:

    At the end of the day, I bought my home based on a price reflecting a residential zone across the street that was zoned for one family houses. That’s it. Changing that zoning and hurting my pocket is wrong and beyond f’ed up highly humorous to all the rest of us.

  69. The Original NJ ExPat says:

    I think the previous owners faked a divorce just to unload the property to Nimfy at a “great deal” on a “turn key” home.

    When you buy a piece of property… The fact that it is across the street from a single contiguous 10 acre lot should have raised some alarm bells for you, and you should have bid accordingly.

  70. grim says:

    Wayne NJ school enrollment

    2010 – 8,679

    2018 – 7,932

    Probably end the decade with 1000 fewer kids enrolled.

  71. The Original NJ ExPat says:

    When I used to drive a school bus in Montclair all the kids on that street were put on the school bus by their nannies. There was only this one kid who wasn’t. His Dad, always dressed in a shirt and tie, cardigan sweater and Clark Kent glasses too, I think. He always had a mug of coffee in his hand, didn’t look like he had any stress in his life.

    This is a block and a half away.

    https://goo.gl/maps/ALJLV78dwFhBumfC6

  72. The Great Pumpkin says:

    Grim,

    Please tell me you think it’s alright to change a residential zone to commercial on a property with residential homes up against it (add in the insult that these homes are paying as high as 43,000 in taxes)?

    How the hell is this okay? Especially with the insult of adding a “ping pong” facility. This is disgusting and one cruel joke, but keep supporting this crap.

    How would you feel if this was happening to you?

    Are you a social!st now? Trying to harm a few individuals so that you can get a couple of pennies back in new tax revenue?

    Answer this question. Will I get the same amount of money as I paid for my property with a new commercial warehouse across the street? I will get murdered….all because the rules were changed mid-game.

    In order to get a variance, no property owner’s value should be harmed. If it hurts the property value of an individual while enriching the property owner asking for the variance, it should be shot down dead on arrival. It shouldn’t even be entertained. You shouldn’t be picking winners and losers based on the power of a zoning board…that gives that board way too much power. Just inviting corruption in the form of bribes.

  73. The Great Pumpkin says:

    It’s a residential neighborhood. Not in my wildest dreams did I ever think someone would try to change it to commerical…..come on, man!!

    grim says:
    May 9, 2019 at 1:35 pm
    When you buy a piece of property… The fact that it is across the street from a single contiguous 10 acre lot should have raised some alarm bells for you, and you should have bid accordingly.

  74. The Original NJ ExPat says:

    That’s exactly what preceded Rockaway Townsquare Mall being built in the late 70’s and a slew of townhouses adjacent in the early 1980’s. That area blew up so fast in late 1950’s and early 1960’s, all new construction, all 20 something parents with 3-4 kids at the same time, completely built out by 1965. 12 years later you had 40 something empty nesters everywhere who weren’t leaving. My graduation class dropped from about 315 in 1977 to about 110 kids 8 years later before the HS population started going up again.

    Increase in the median age and drop in school age children is the way that IT ALWAYS STARTS.

  75. The Great Pumpkin says:

    Grim, are the boomers leaving in droves? Until they open up their home for sale, no younger families can move in. It’s all cycles.

    grim says:
    May 9, 2019 at 1:35 pm
    Give the families some time for their boomer parents to give them some money, or for them to make enough to move on up. Patience. It’s all cycles, but people are so quick to overreact.

    It’s a 15 year decline. Anybody waiting to make money to move here, has already had their kids elsewhere.

  76. The Original NJ ExPat says:

    ^^^ Some HS kids from my school in the mid 1990’s did something pretty cool, which is where I got the numbers from. They published a web site with the full class lists of every graduating class beginning in 1952 when the first HS was built. By 1972 they had to build a second HS to cut the 550 count classes in half, then it peaked in the late 1970’s.

    They just had a column of names for each class and if you emailed them and requested it they would put your email address next to your name so others could contact you. I wonder if those kids went on to found classmates.com?

    As each name was in alpha order and numbered, you just had to flip through the class web pages to see the demographic trends.

  77. Grim says:

    I tell everyone buying real estate the same thing.

    Don’t fall in love with the view unless you own it.

  78. Grim says:

    Maybe the ping pong thing is just a ruse to get the residential subdivision approved?

  79. The Original NJ ExPat says:

    Maybe the ping pong thing is just a cover for an Asian rub and tug squirreled off somewhere in the same building?

  80. Grim says:

    Asians are good at ping pong

  81. JCer says:

    Lib too much money to be made with the density, that is why you have the development in Montclair. Truth be told anywhere it is permitted it occurs.

    A county road is precisely where developers try to put density because to ExPats continued insults the demand for single family homes on double yellow roads seriously impacts the value of the land. That and it has the traffic carrying capacity to support apartment communities.

    Frankly as a real estate investment, Wayne doesn’t strike me as great. Not really close enough to Manhattan to appeal to NYC commuters(Unless NJTransit miraculously improves train service). Property taxes are Essex county bad. The housing and economic mix is less than desirable, some very high end homes, some middle class and frankly some shacks and a bunch of malls that are well past their prime. From a commercial standpoint it doesn’t seem like the properties have done well(not counting willowbrook and rt 23 corridor, which even still seem to have under-performed their potential), lots of closed stores and frankly too much retail for the local market. And it’s Passaic county as well, don’t forget about the apartment complexes. It is a value substitute for the more expensive Bergen or Essex suburbs, not a bad place but it trades at a discount relative to Bergen, so just apply a haircut to a comparable house in Wyckoff and you have the ceiling for a Wayne property.

    Grim’s numbers point to an overall decline in desirability, welcome some development and maybe there can be a resurgence because it isn’t happening with the current state of things.

  82. No One says:

    Last year Bridgewater had a big fight over someone who had bought a 30 acre lot who wanted to develop it into 18 new homes. Basically wild space on a mountain. All the neighbors were in an uproar because their forest views would be turned into a neighborhood, and so they told stories about how the deceased owner of the lot had always told them that he wanted it left undeveloped, and a bunch of sob stories of people saying they never thought it could be developed. Anyway they successfully pressured the town to buy the lot for $2m to keep it a breeding ground for deer. Now this same gang of anti-development people have a new Republican mayoral candidate to back who has become an anti-development candidate in the next Repub vs Repub mayoral vote. Bridgewater is still growing their commercial business, but the 60 year olds with crappy houses located on busy highways don’t like that any more.

  83. JCer says:

    Funny expat, South Mountain is one of a few double yellow roads I’d live on. The others are Ridgewood Ave, and Wyoming Ave. Lots of great houses on those streets, but funny we looked at houses on all of those streets and my wife didn’t like the busy road with the kids. I grew up on a double yellow so it doesn’t bother me, especially with enough lot size.

  84. The Great Pumpkin says:

    Jcer,

    Maybe you are too well off which clouds your perspective on this. Wayne is a huge value to people like me. I couldn’t afford the million plus price when I was purchasing my home. I still wanted good schools, nice area, with a predominantly white population. Wayne is the only town I could afford that meets this requirement. To the majority of the population, Wayne is well off. For people like you, you need a 1%er town to deem it well off. For the majority of the population, a 1%er town like upper saddle river is the stuff of fairy tails/legend, aka “filthy rich.” Had to throw that in there for lefty because he fails to realize how the majority of the population views those towns he considers high end.

    Do I consider myself rich? Yes, very much so. Do I consider myself filthy rich, nope. I still have to work, although I could retire now before the age of 40, but would not enjoy that cheaper lifestyle. Eventually, barring bad luck, I will be a 1%er too, making 6 figures while not working.

  85. The Great Pumpkin says:

    I try to find the positive in anything. Maybe this zoning change is a good thing. Force me to move into a house where expat will stfu about the double yellow.

    Just hope they don’t force my hand, I really love my home and where I live. I’m not going to find anything close to it in this price range. I will be forced to prob spend a million on my next purchase. Now tell me again how Wayne isn’t a great value. I have absolutely no chance of finding a home like this in another town (similar school ratings and demographics) priced at the same level. Will have to pay 200-300k more just for the town name. Kid will be getting the same safe neighborhood, same schools, and similar demographics, but paying way more in price because it’s “Bergen” or “Essex” county.

  86. The Original NJ ExPat says:

    Yep. Perfect for uneducated racist dick weeds like you.

    Maybe you are too well off which clouds your perspective on this. Wayne is a huge value to people like me.

  87. The Great Pumpkin says:

    I’ll take the “value” that comes with the town that offers the same exact stuff, except the prestigious county name. Value is in the eye of the beholder and to me Wayne is a tremendous value in comparison to its competition.

  88. The Great Pumpkin says:

    Racist? So when Mexicans want to live in a “Mexican” neighborhood, that’s fine. When a white guy wants to live in a “white neighborhood,” that’s racist. This country is insane.

  89. The Original NJ ExPat says:

    Here you go Nimfy. Better than 95% White (though down form 97% White in the 2010 census). Lots of uneducated people who share your values too.

    https://en.wikipedia.org/wiki/Pennsville_Township,_New_Jersey#Demographics

  90. Blue Ribbon Teacher says:

    So basically we have now confirmed:

    1. Pumpkin’s house and yard actually look decent
    2. He does in fact live on a double yellow line
    3. The speed limit is 45
    4. He did have the garage door open with an economy car parked inside

  91. The Original NJ ExPat says:

    That garage door doesn’t work, that’s one of the turn-key features of his house. You just turn the key in the ignition and drive away.

  92. The Great Pumpkin says:

    Based on how much he paid for the 10 acres, he should have known why it was so cheap….you can’t build on it. Now this hotshot is trying to go the political route to change the zoning laws governing his purchase. Yes, the same zoning laws that allowed him to purchase this property for so little. So he wants to change the rules to enrich himself at the expense of others. No way, no how should this be allowed. You are blind if you support this crap.

    Now I know why developers are the scum of the earth. Selfish pricks.

  93. The Great Pumpkin says:

    Look at this high roller, calling a bmw an economy car. I like how you roll.

    It’s 35 mph…

    Blue Ribbon Teacher says:
    May 9, 2019 at 3:27 pm
    So basically we have now confirmed:

    1. Pumpkin’s house and yard actually look decent
    2. He does in fact live on a double yellow line
    3. The speed limit is 45
    4. He did have the garage door open with an economy car parked inside

  94. The Original NJ ExPat says:

    Yeah, you bought it to celebrate your three degrees earned at Area 51.

    Look at this high roller, calling a bmw an economy car. I like how you roll.

    It’s 35 mph…

  95. The Original NJ ExPat says:

    Hey Nimfy – pretty soon you might have an endless supply of cracked ping pong balls. Save them up and have a nice wigger Easter egg hunt on your lawn.

  96. JCer says:

    I get that, I said it was a value play, there is nothing wrong with that but typically value plays in real estate track price changes more slowly and can totally miss big market swings.

    Unless the suburban office park revives, higher priced sales will remain sluggish in most suburbs.

    Even in NYC commuting areas the high end is tough. So house next to mine is some 1960’s ugly, just hit the market 4bd 2.5 bath 3000 sqft home that is moderately renovated, hit market at 790k sold in 4 days. Another house 2 doors down much bigger 4500 Sqft plus finished basement, wine cellar, pool landscaping hits the market around the same time for 1.3m and it’s been sitting for 6 weeks. Tells me the high end is soft, another house on my street was built in 1948, original owner died in it and it was terrible looking inside and out and it sold in a week at the ask of 600k, current owner took the roof off, added a level, replaced all systems, siding, windows, etc. total gut job. So the less than a million price point seems like a competitive market, almost anything priced around 600-800k sells really quick, and once above 800k it seems it takes some time. Over ask sales seem to be the norm below a million and above a million homes are selling below asking.

  97. Blue Ribbon Teacher says:

    lol, I don’t care what you drive. I drive a honda civic with a dented in door and a broken rear view mirror right now. I still haven’t fixed the solenoid and occasionally have to roll down the hill to start it up.

  98. The Great Pumpkin says:

    That’s why Wayne market didn’t get hot till 2019, imo. Took a long time to get here.

    Grim, school enrollment should start to reflect the hot market. Prob hit bottom, and now slow climb up. Might not hit previous enrollment levels, but should see growth.

    JCer says:
    May 9, 2019 at 4:04 pm
    I get that, I said it was a value play, there is nothing wrong with that but typically value plays in real estate track price changes more slowly and can totally miss big market swings.

  99. leftwing says:

    Just watched Blumenthal on breaking up Facebook.

    Most frightening is this feeble minded idiot was AG of Connecticut, with ultimate responsibility for prosecutorial decisions on people’s lives.

    Was he dropped on his head as a baby?

  100. The Original NJ ExPat says:

    Smoking hot.

    The median home value in Wayne is $441,000. Wayne home values have gone up 0.0% over the past year and Zillow predicts they will rise 0.1% within the next year.

  101. The Original NJ ExPat says:
  102. JCer says:

    Pumps, changing zoning or improving land is how developers make money……As currently zoned the property is close to useless, a developer takes property and puts it to it’s most productive use. My dad had some partners who owned a 75 acre parcel off the turnpike in a residential neighborhood they wanted to build a 500k sqft warehouse on which unfortunately was zoned residential with 3 acre minimum lot size, considering the land they could get 20 home sites. They were defeated on the industrial zoning but managed to compromise and get the zoning changed to half acre lots, which made the calculus much better and they sold off the land for a profit to khov I think. The 20 home sites were totally uneconomic and therefore were never built, it took a zoning fight to get the zoning changed so they could get 100 homes on the site. With 20 homes running a sewers, building drainage, roads, site clearing, etc would have cost a ton and they would have been building homes that no one actually wanted, the market in this town couldn’t support the 500 sqft homes on 3 acres that would have had to have been built for a developer to make any profit. Think of it this way they added 100 middle class homes in a state with a housing shortage….

    So despite you thinking the development hurts you, if the developer gets housing approved they are contributing to the local housing market and providing housing options for people. Same thing with a commercial facility, it is serving a purpose and paying taxes.

    The current zoning is not purposeful, it was historically zoned in a way that perhaps made no sense, in reality it should be either housing lots or drainage. The developer takes a risk to change a property to it best use economically, it is a zero sum game frequently because failure further hurts the value of the property and they lose all the money spent lobbying the government to change the zoning.

  103. The Great Pumpkin says:

    I would hope they build residential homes that reflect the neighborhood. No problem with that. I do have a problem with commercial buildings. We all know why commercial is not next to residential…..it’s the blight. How long does a property lay vacant when a commercial business goes under. It turns into such an eyesore. Why would we willingly sign up for that? You would have to be insane to embrace this.

  104. leftwing says:

    “..Mr. Christie…serves as a senior adviser. His wife, a former business development executive at the investment firm Angelo, Gordon & Co., is the fund’s executive vice president.”

    Yeah that will end well. Political hacks running $150m of OPM.

    “Mr. Christie could contribute through his political connections and his insight into “the various jurisdictions and the politics that go around in order to get approvals,” Mr. Hanson said.”

    That encapsulates everything wrong with this state and government. It’s not even hidden any more…flat out admission of favor mill. How pathetic a fat assed human are you when your business partners openly admit to the press that your only business use is political hack.

  105. leftwing says:

    “We’ve got 3 kids. Wife wants #4 citing all her friends who have 4. I said no way.”

    Get the secret snippy-snip. Keeps the peace….’honey, must be the tighty whiteys, I’m trying!’

  106. 3b says:

    US birthrate is declining among all socio-economic segments except whites women in their 40s as per the Census Bureau. Don’t think these forty somethings will be popping out 3 and 4 kids these days.

  107. 30 year realtor says:

    Wayne market over $500,000 for condos is dead! SFH market over $800,000 is dead! Prices continue to drop at the high end. All the action is in mid and low priced housing.

    I have a high priced townhouse in Wayne that is languishing on the market. Price is marginally above the most recent model match unit and my unit is all new inside. Only 2 showings in 45 days on market. The market is like a black hole.

  108. The Original NJ ExPat says:

    Yep, that’s how we played it. I met my wife when she was 27, I was 30. We lived together for about 9-1/2 years, got married when we were 40 & 37. We had our first kid when she was 39, our second when she was 41. Here in Boston, but also in Manhattan, that’s pretty common. All of our friends that we’ve made in Boston did pretty much the same thing. All of us will be about mid-60’s when our kids our through college.

    US birthrate is declining among all socio-economic segments except whites women in their 40s as per the Census Bureau. Don’t think these forty somethings will be popping out 3 and 4 kids these days.

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