Pounding salt

From LoHud:

Housing market in Lower Hudson Valley slows as SALT impact weighs on high-end

The housing market in the Lower Hudson Valley region has shown a slight slowdown in the second quarter, and experts blame the decline on the new tax law that limits the total state and local tax deduction. 

“There was a slight decrease in activity and sales for the first time in quite a while,” said Ron Garafalo, president of the Hudson Gateway Association of Realtors, as he looked at the region’s second-quarter market reports issued recently by the Hudson Gateway Multiple Listing Service. “We’ve seen a larger level of decrease in the very high-end market.” 

In Westchester, the number of single-family homes sold in the second quarter was 1,500, down by 3.9% compared to a year ago.

To compare, 1,643 single-family homes were sold in Westchester in the second quarter of 2016, the highest second quarter in recent years. The number of sales has gradually declined since, and experts have said the lack of inventory was to be blamed. The inventory of lower-to-mid priced properties is recovering, but it’s still lower than where it should be, experts said. 

The median price of single-family homes in Westchester was $705,000 in the second quarter, down slightly by 0.7% from a year ago when the median was $710,000. 

Rockland’s single-family home sales followed the similar pattern: The number of sales in the second quarter was 459, down by 2.3% from a year ago when the figure was 470. 

The median price of single-family homes was $450,000, down by 4% from 2018 when the figure was $468,750. 

“What irritates homeowners and buyers in Westchester and Bergen, and the other high-priced counties in the region, is that the tax reform was supposed to dramatically help them,” Rand said. “And instead of helping them, it’s done really nothing for them because what they’ve got in the lower (federal income tax) rate, they lost it in the SALT cap.” 

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

48 Responses to Pounding salt

  1. dentss dunnigan says:

    First

  2. Yo! says:

    Juice Box, thank you for your response yesterday on the appraisers. Seems like most discipline result from technical violations, such as not doing enough continuing education. What happens to an appraiser who makes values match the client’s request, even if the requested value is fake, say 20% higher than market?

  3. Grim says:

    Would be really fun if appraisers were not permitted to see the list and contract price of the property they were appraising. Would be complete chaos.

  4. Grim says:

    By the way, what you are describing is generally considered mortgage fraud, it’s a felony. The lender would need to be in the loop to make this happen.

  5. The Original NJ ExPat says:

    Isn’t mortgage fraud just a euphemism for the NJ RE Market?

  6. chicagofinance says:

    Ex or Nom (or anyone): My nephew just graduated college and just moved to Norwood MA. I have a regional meeting that I can schedule, and I figured that I could use it as an excuse to go visit him and take him out on a Monday night. Any recommendations? is there a good place in Dedham? I used to work in Needham and at the Riverside T station, so I know the basics, I just want to give a 22 year old a nice dinner. We don’t want to rip it up. It is only going to be his 3 or 4th week of work, and he is still kind of on stun.

  7. The Original NJ ExPat says:

    If you don’t mind spending $100 for two steaks and one glass of wine each:

    http://www.sofiaboston.com/

    Old guy alert: bring your reading glasses. Lights are low and menu fonts are small.t

  8. chicagofinance says:

    Ex: fuking genius…… thank you…..

  9. Mächïne says:

    Ah City/ life

    PT
The jailed suspect in the fatal beating of a Brooklyn artist smirked before dismissing the dead man as an afterthought.
“I don’t care anything about that guy,” said cold-blooded inmate Jason (Kai Kai) Jacobs in an exclusive Friday interview on Rikers Island. “I don’t owe him anything.”
The remorseless Jacobs, 24, insisted despite evidence to the contrary that 63-year-old Marc Faust came at him first, claiming the July 2 beatdown was strictly self-defense after the abstract geometric artist instigated the deadly confrontation.
“I kept punching him and punching him,” said Jacobs, a look of anger and disgust crossing his face. “I had to punch him however much as I needed to.”

Marc Faust (Facebook)
According to cops, the 5-foot-10, 150-pound Jacobs knocked the elderly Faust to the ground after the two engaged in a stare down inside the bodega. Prosecutors said the brutal attack was captured on video, and showed the older man about to walk away when Jacobs unleashed his homicidal rage.

Jacobs was initially charged with attempted murder pending a court appearance next month. “We will seek to upgrade the charges in the grand jury,” said a spokeswoman for the Brooklyn DA’s office.
Jacobs said the pummeling ended after he noticed Faust bleeding from the mouth just before before the man collapsed to the sidewalk, beaten to a bloody pulp outside the Food Corp. Deli in Prospect-Lefferts Garden. Faust, who moved to Brooklyn about 18 months ago from New Jersey, suffered a broken nose, fractured facial bones and severe head trauma in the one-sided fight.
Jacobs was apparently irate because Faust, waiting behind him to buy lottery tickets, asked the much-younger man to hurry up. Jacobs recounted spending $2 on some snack food and a fruit drink before the brawl started
Faust’s family took him off a respirator this past Tuesday. His ex-wife, while waiting for the release of his body to make funeral arrangements, told the Daily News that she was astounded by Jacobs’ version of what happened.

“Wow, that’s crazy stuff!” she said. “Marc may be touchy, but one thing I do know is that he would never go after someone once they walked away. That man is mentally ill … I needed to know that man’s state of mind.”
Jacobs, arrested a few blocks from the scene after the assault, was living in a homeless shelter when the two men crossed paths. Jacobs said he knew Faust from around the neighborhood, and recognized the man when they wound up in line at the bodega.
At the time of the deadly encounter, Jacobs was free on bail after an eerily similar attack just a block away from the deli. Jacobs was busted for a March assault where he smashed a 56-year-old man in the face with a dresser drawer left outside with the garbage. The suspect had five prior arrests — most for criminal trespass and marijuana.
Asked how he was doing behind bars, Jacobs offered a terse reply: “Feeling good.”

  10. Saturday Machinator says:

    Machine,

    This is why you have a draft, work programs, social services.

    At 24 homeless, probably sh7t life so far. He’s angry, bitter, resentful, whishing every minute he had been ab0rted. Here is where the military, employment – housing programs would help.

    If he is just nutz, then the armed forces do a great job of screening them out into the VA and other social services.

    A society that leaves someone stewing in their own miserable juices, usually gets splattered by their misery.

  11. The Great Pumpkin says:

    Rich dad jumped on the fear train.

    “Another reason I wrote “Fake” is because of an article I read in “Time” magazine. On May 28, 2018, I was walking past a newsstand, scanning rows and rows of magazines when the cover of “Time” called out to me with the title, “How My Generation Broke America,” by Steven Brill.

    The article is about academic elites, and Brill knows a thing or two about elites. He is one himself and attended Deerfield Academy, an elite private prep school in Massachusetts, then graduated from Yale University and Yale Law School.

    Quoting Steven Brill from the article:

    As my generation of [Baby Boomer] achievers graduated from elite universities and moved into the professional world, their personal successes often had serious societal consequences.

    Translation: The elites got greedy taking care of themselves, at the expense of others.

    They… created an economy built on deals that moved assets around instead of building new ones.

    Translation: The elites focused on making themselves rich, rather than creating new businesses, new products, more jobs, and rebuilding the U.S. economy.

    They created exotic, and risky, financial instruments, including derivatives and credit default swaps, that produced sugar highs of immediate profits but separated those taking the risks from those who would bear the consequences.

    Translation: The elites created fake assets that made themselves and their friends rich and financial ruin for everyone else. When the elites failed, they were paid bonuses. Mom, Pop, and their kids would pay for the elite’s failures via higher taxes and inflation.”

    https://www.richdad.com/financial-ruin

  12. The Great Pumpkin says:

    Fun games of tomorrow. I imagine this will only get worse.

    “Asen Genov is pretty furious. His personal data was made public this week after records of more than 5 million Bulgarians got stolen by hackers from the country’s tax revenue office.
    In a country of just 7 million people, the scale of the hack means that just about every working adult has been affected.
    “We should all be angry. … The information is now freely available to anyone. Many, many people in Bulgaria already have this file, and I believe that it’s not only in Bulgaria,” said Genov, a blogger and political analyst. He knows his data was compromised because, though he’s not an IT expert, he managed to find the stolen files online.
    The attack is extraordinary, but it is not unique.”

  13. 1987 Condo says:

    Here is the link to the Steven Brill article:

    https://time.com/5280446/baby-boomer-generation-america-steve-brill/

  14. chicagofinance says:

    That Brill article is pure pandering garbage…….. whining and complaining….

    look at this….. “For too many, the present is hard enough. Income inequality has soared: inflation-adjusted middle-class wages have been nearly frozen for the last four decades, while earnings of the top 1% have nearly tripled.”

    If your financial situation maintains against inflation THEN YOU ARE DOING WELL!
    You don’t get to move up unless you are one, two or all of smart, ambitious and lucky.

    Plenty of people are not ambitious, and if you are of average intelligence, then you do well to maintain….. why does the country owe it to you to improve your life merely by living here?

    Brill dispenses pablum dress in a pseudo-intellectual kimono. You also know he is an a55hole because he has to name drop Deerfield and Yale. If is argument is so persuasive, it should stand on its own merits. At heart, he knows he is full of sh!t……. I’m sure he wrote it for either money or tail…… imagine the tail you can attract writing this garbage….. “what an evolved man!”

  15. joyce says:

    “…because he has to name drop Deerfield and Yale.”

    Lol, chicagofinance

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  17. 3b says:

    I think the writer made some valid points. This country is bought and paid for by the lobbyists. And the system has been manipulated to benefit the wealthy and powerful.. the banks were bailed out but not broken up and no
    One of any note went to prison. Ironically all on Obama’s watch. As for the large population of people living in poverty we are importing the poverty through the large amount of poor
    People that immigrate here.

  18. Bystander says:

    3b,

    Umm, TARP was enacted while Bush was in office. Also, all Fed rates cuts to zero happened under Bush. Another fallacy about Obama era that red hats idios use against him without facts.

  19. Joe says:

    Blue wave scumbags won’t recognize it was the Clintons that deregulated the banks in 1999 that caused these events to happen in the first place.

    “Bystander says:
    July 21, 2019 at 2:26 pm
    3b,

    Umm, TARP was enacted while Bush was in office. Also, all Fed rates cuts to zero happened under Bush. Another fallacy about Obama era that red hats idios use against him without facts.”

  20. 3b says:

    Bystander: Excuse me I will clarify in that the bailouts continued under and finished under Obama and he did not advocate for breaking up the banks or sending anyone of note to jail. What a powerful message that would have sent. As for the red hat idiots there are just as many on the other side. Including the liberals who hide their racism. They are easy to uncover however just advocate for low income housing in your town to a friend or family member who declares they are a proud liberal. As for myself I did not vote for Trump or Clinton first time I sat out an election for President. It appears I will do the same in 2020. Of course some sophisticated educated Liberals said because I chose not to vote I helped Trump win!! As I said ignorant on the left as well.

  21. Joe says:

    That Scumbag Sanders wasn’t even paying his own workers 15 an hour.

    Blue hat idiots.

  22. Bystander says:

    3b,

    I agree. Obama was worried about protecting legacy and getting economy stable again. He also set himself for a nice windfall after office. One of marks against him. I still have hope someone will emerge to unseat the Orange moron.

    Joe,

    You mean the Gramm–Leach–Bliley Act of 1999? Three Republicans..nice try.

  23. The Great Pumpkin says:

    Which do I fall under?

    “You don’t get to move up unless you are one, two or all of smart, ambitious and lucky.”

  24. 3b says:

    Democrats and Republicans both supported the repeal of glass stegall
    It’s what their masters wanted.

  25. Libturd, seen crazy things done with ping pong balls. says:

    3B

    Correct!

    The lobbyists are non-partisan.

  26. Joe says:

    Both parties are to blame. What annoys me is when someone blames Bush for the 2008 crash and then talks up how wonderful the economy was under Obama.

    “3b says:
    July 21, 2019 at 9:01 pm
    Democrats and Republicans both supported the repeal of glass stegall
    It’s what their masters wanted.”

  27. The Great Pumpkin says:

    I plan on taking out an equity loan on every dollar I put into real estate and purchasing stocks or real estate. What ever busts first. Patience. The longer this bull runs, the more ammo I build for this bust purchase. Have 12 years left. Waiting game has already begun.

    Village idiot…I’m a wolf in sheep’s clothing

  28. The Great Pumpkin says:

    I blame the elites…but lets rally around giving millionaires tax breaks while they stick it in your a$$.

    Joe says:
    July 21, 2019 at 10:54 pm
    Both parties are to blame. What annoys me is when someone blames Bush for the 2008 crash and then talks up how wonderful the economy was under Obama.

  29. Juice Box says:

    Too late Pumps…

    Elizabeth Warren calling for a crash (markets) in the next two years.

    “Sen. Elizabeth Warren on Monday predicted an imminent economic crisis unless the Trump administration and Congress quickly pass legislation to regulate the financial sector and significantly reduce middle class household debt.”

    https://www.politico.com/story/2019/07/22/elizabeth-warren-economic-crash-1424588

  30. Juice Box says:

    To be clear Warren is saying leveraged corporate loans CLOs as in “cov-lite” as in lite collateral are at risk. Nothing really new here.

    The US CLO market is growing at 100 Billion a year in loans there will be about $700 billion by the end of 2019.

    Nothing a small bailout from the Fed or Gov cannot cover, so party on Garth and party on Wayne.

  31. Juice Box says:

    Bain says they can recover the loans, Bankrupcy and liquidation of the companies etc will work.

    Nothing systemic right? There is nobody sitting in an office in London writing derivative insurance for these loans that threatens the worldwide economy?

    https://www.baincapitalcredit.com/sites/baincapitalcredit.com/files/Credit_Market_Insights-Implications_of_Growth_in_Cov-Lite_Loans_060419.pdf

  32. The Great Pumpkin says:

    Hope not that soon, but I’m ready to go to work today if it crashes. I have a ton of equity just waiting to go to work when the opportunity presents itself. Figure I have a couple bust cycles left in my lifetime. So figure 3-4 epic buying buying opportunities if things go right. If I patiently wait to play these cycles over the next couple decades, should kill it.

    All I know is the next bust cycle is going to be an epic buying opportunity. Should bust hard, but then again, the fed could get in the way of a good bust.

    Juice Box says:
    July 22, 2019 at 9:55 am
    Too late Pumps…

    Elizabeth Warren calling for a crash (markets) in the next two years.

  33. machine says:

    Warren calling for a crash in “2 years” is like saying we’ll have a big thunderstorm this summer. Not exactly a bold prognostication.

  34. No One says:

    If Warren gets elected, her crash prediction will definitely be right.
    I also predict she will be dead within 25 years.
    I predict that a certain poster will post stupid drivel at least 10 times in the next 7 days.

  35. chicagofinance says:

    joyce: Your chronically sour disposition really takes the edge off most of your commentary. When you first started posting here, I found your perspective interesting, focused and relevant. However, I soon realized that you were simply obstinate, humorless, and churlish ….. I doubt you have many good friends.

    joyce says:
    July 21, 2019 at 1:01 pm
    “…because he has to name drop Deerfield and Yale.”

    Lol, chicagofinance

  36. joyce says:

    Obstinate? If there’s some opinion of mine you’d like to change, I guess you’ll have to try harder. There’s opinions of yours I do not agree with; are you obstinate as well after maintaining said opinion after all these years?
    Humorless? Everyone has a different sense of humor. I’m sorry if you don’t find it funny when another points out blatant inconsistencies and hypocritical statements… especially when they’re made in rapid succession.
    Churlish? That’s funny and ironic given the group of regulars.

    … I doubt you have many good friends.
    Yeah, well you can’t come to my birthday party

    Your chronically sour disposition really takes the edge off most of your commentary.
    And judging by some of yours… I was going to make an Uncle Leo joke, but it would probably be misunderstood.

  37. No One says:

    I’m going to still like joyce just to be contrary. She doesn’t post much anyway.
    Plus, anything posted by someone other than he who must not be named is a blessing.

  38. chicagofinance says:

    excuse me…. I generally don’t put forward comments under the guise of “I graduated from Chicago, so my point holds validity.” I do make such assertions about where I grew up, and professional and personal experiences I’ve had.

    I know better than to create even the appearance of such an attitude, because I’ve been hazed by your ilk for decades, and others have actually gone as far as undermine me and sabotaged me. Personally, I’m fatigued by reflexive crap such as yours, because I know these people, and I am not one of them, and you should know better, but you are an obstinate, humorless, churl.

    joyce says:
    July 22, 2019 at 3:34 pm
    I’m sorry if you don’t find it funny when another points out blatant inconsistencies and hypocritical statements… especially when they’re made in rapid succession.

  39. Juice Box says:

    Back to Real Estate, Politics and Ping Pong Palaces.

    Who is up for cleaning up Zoning regulations? Withholding Federal money seems to be coming to force states like NJ to induce zoning change at the local level.

    https://www.curbed.com/2019/7/22/20699372/yimby-cory-booker-elizabeth-warren-election-2020

  40. joyce says:

    Before I respond to the rest of your post, what ilk am I a part of now? Is this another time when you’ll reflexively say “form over substance” ?

  41. The Great Pumpkin says:

    Drivel?

    i just try to spark conversation. I bring my life into it to make it interesting.

    What did I try to spark…a discussion on an investment strategy, but no bites.

    Have patience, wait the game out, prepare, and then attack when the blood has been flowing enough to scare most out of their investments. No one talks about this strategy, but it’s easy if you have the self control, nerve, and patience to succeed at it.

    Anyone an advocate of this approach? Prob too boring for most people..

  42. 3b says:

    Joyce could be a guy as in last name. Just saying.

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  44. Mächïne says:

    Joyce reminds me of a single mom, divorced from a police officer, living in Edison who vacations in wildwood. She has a wrist tattoo, sells Cabi clothes to her friends and enjoys rough relations with Stanley in accounting.

  45. Juice Box says:

    There goes the power. Wind gusts prob took out a tree on the main road.

  46. Bystander says:

    Damn, why didn’t one of you mothers tell me about cotton candy grapes previously? Amazing.

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