No impact?

From NJ1015:

NO MELTDOWN: NJ HOME VALUES RISE, DESPITE FEARS OF TAX LAW

When federal tax law was changed a year and a half ago, alarms were rung by the real-estate industry warning it would be a gut punch to home values in high-tax, high-price states – especially New Jersey.

That hasn’t been the case, at least not yet.

The median sales price for a home in New Jersey is nearly 5% higher than one year ago, at $319,000, according to New Jersey Realtors. That’s in line with the year-over-year change nationally and in the Northeast.

Since the changes to the federal tax law were enacted in December 2017, the year-over-year change in the median sales price of all properties sold in New Jersey has ranged monthly from 2.5% to 7.4%, with the current 4.8% right in the middle.

That’s not to say the tax law has had no impact, as the number of sales are down nationally and in particular in New Jersey. The inventory of homes for sale in the state is also 10% less than a year ago. But the impact doesn’t seem to have been more acute in New Jersey.

“We haven’t seen the results of it yet. I think next year will be an interesting time to tell,” said Ilene Horowitz, president of New Jersey Realtors. “I think we’re going to see more next year how it has affected us.”

Horowitz said that now that people have filed their taxes once under the new law, they have a better understanding of the impact and that it could affect their home-buying plans. But she also said “the summer was even busier than the actual spring” in terms of buyer interest.

Moody’s Investors Service had said the effect would peak in 2019, then fade. It said 15 of the 30 counties where home values would be hit hardest are in New Jersey. Values weren’t expected to fall, necessarily, just be lower than they would have been otherwise.

The tax law was expected to affect housing prices in three ways: by capping at $10,000 the amount in state and local taxes that people could deduct from their taxable income; doubling the standard deduction, which reduces the need for mortgage interest deductions; and lowering the size of a mortgage, from $1 million to $750,000, on which a person can claim an interest deduction.

“When we talk to our buyers, it does come up in conversation, with the cap that we have now to write-offs for properties where the tax is over $10,000,” Horowitz said. “I think buyers are looking into it with caution with the higher taxes, but we haven’t seen a big effect yet.”

While home values haven’t fallen, the decline in home sales can be seen in the state budget.

Revenues from the state’s realty transfer fee, paid by home sellers, has increased for seven straight years, by an average of nearly 12% annually. However, the increase from the certified 2018 total to the revised 2019 projection was just 1.6%, and the increase for fiscal 2020 is forecast at 0.3%.

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

247 Responses to No impact?

  1. dentss dunninan says:

    First

  2. leftwing says:

    “…in the deaths of David Kimowitz and nanny Karen Bermudez-Rodriguez at Kimowitz’s home on Walton Road….Police responding to calls of a woman being assaulted found Bermudez-Rodriguez, 26, lying on the ground several houses away…Kimowitz, a father of two baby girls, was found dead inside the house, authorities said. His wife and children were not home at the time of the attack…”

    Sounds like psycho boyfriend got tired of daddy banging his squeeze on the side…Mom is the big winner here…saves her years of divorce and messy litigation over the value of a comedy club business…she wakes up and gets not just half, but all, and no alimony, child support, and ex-spouse BS issues to deal with to boot…

    File that away for future use, anyone on shaky marriage ground….not saying it’s the case here but what a brilliant strategy…help your spouse get deeply involved then ignite the affair’s significant other.

  3. Bystander says:

    It is unofficial groundhogs day in DC. Not weather related but first Monday after a violent, gun massacre filled weekend. All Republicans go hide in their hole and don’t poke heads out until NRA gives them the clear. On another note, too bad Moscow Mitch only hurt his shoulder.

  4. The Great Pumpkin says:

    I bet plenty of people are in my position. Really low interest loan combined with nothing on the market that is desirable enough for me to make a move. How many people like myself contribute to the lower sales? Values holding up and increasing means the demand is there, the volume is reflective of other forces at play.

    Stand by my call that north jersey properties will be much more valuable 20 years from now.

    “While home values haven’t fallen, the decline in home sales can be seen in the state budget.”

  5. The Great Pumpkin says:

    Did the boyfriend use a gun or other weapon to kill them?

  6. The Great Pumpkin says:

    The sky is falling…run. People that read this blog knew better. It was explained many times by different posters that this would have minimal impact. Fake news..

    “When federal tax law was changed a year and a half ago, alarms were rung by the real-estate industry warning it would be a gut punch to home values in high-tax, high-price states – especially New Jersey.”

  7. The Great Pumpkin says:

    I wonder if anyone was able to get a great deal buying a home on the salt fear?

  8. The Great Pumpkin says:

    “Academics debate why American workers are in many ways worse off than their counterparts elsewhere, but there is overriding agreement on one reason: Labor unions are weaker in the United States than in other industrial nations. Just one in 16 private-sector American workers is in a union, largely because corporations are so adept and aggressive at beating back unionization. In no other industrial nation do corporations fight so hard to keep out unions.

    The consequences are enormous, not only for wages and income inequality, but also for our politics and policymaking and for the many Americans who are mistreated at work.

    To be sure, unions have their flaws, from corruption to their history of racial and sex discrimination. Still, Jacob S. Hacker and Paul Pierson write of an important, unappreciated feature of unions in “Winner-Take-All Politics”: “While there are many ‘progressive’ groups in the American universe of organized interests, labor is the only major one focused on the broad economic concerns of those with modest incomes.”

    As workers’ power has waned, many corporations have adopted practices that were far rarer — if not unheard-of — decades ago: hiring hordes of unpaid interns, expecting workers to toil 60 or 70 hours a week, prohibiting employees from suing and instead forcing them into arbitration (which usually favors employers), and hamstringing employees’ mobility by making them sign noncompete clauses.”

    “America’s workers won’t stop thinking the system is rigged until they feel they have an effective voice in the workplace and in policymaking so that they can share in more of the economy’s prosperity to help improve their — and their loved ones’ — lives.”

    https://www.nytimes.com/2019/08/03/opinion/sunday/labor-unions.html?action=click&module=Opinion&pgtype=Homepage

  9. leftwing says:

    “Stand by my call that north jersey properties will be much more valuable 20 years from now.”

    Wow. What a bold call. Really out on a limb there.

    NO ONE here believes otherwise, dumbass….And history demonstrates a 100% probability of that occurring…..SMH

    So what is this, the third installment of him proving Dunning correct? “Some people are so stupid that they don’t possess the skills to realize how stupid they are”.

  10. Blue Ribbon Teacher says:

    Two weeks ago, I did DC, Williamsburg, Virginia Beach, and OC Maryland. The Jersey beaches are much nicer IMO. The southern food in Williamsburg was damn good. Made the air and space museum and Washington monument for the 50th anniversary of the Moon Landing and saw Neil Armstrong’s suit. DC was a great time other than the idiots riding those electric scooters all over the place (sidewalks and paths) . Those things are a nuisance and it was my first experience with them widespread.

  11. ExEssex says:

    10:23 I don’t think current trends or personal income support anything like the run up I have seen in property values. In twenty years i’d Bet on 1/2 the valuation. Things are not actually good economically. The top tier will become fewer and far between. Just watch.

  12. ExEssex says:

    sus·tain·a·ble
    /səˈstānəb(ə)l/
    Learn to pronounce
    adjective
    adjective: sustainable
    1.
    able to be maintained at a certain rate or level.
    “sustainable fusion reactions”
    conserving an ecological balance by avoiding depletion of natural resources.
    “our fundamental commitment to sustainable development”
    2.
    able to be upheld or defended.
    “sustainable definitions of good educational practice”

  13. The Great Pumpkin says:

    Essex,

    Disagree. I think concentration of wealth will correlate with concentration of economic expansion in specific areas of the country. Nyc metro area being the headquarters for economic output not only on a national level, but international level.

    If economy didn’t collapse in 2008, doubt it will now.

  14. The Great Pumpkin says:

    Essex,

    Great. So they are producing a self induced market correction. How long will it stay down? Doubt for long, they have all that cash on the sideline ready to buy back in. What a dirty game finance is.

  15. 3b says:

    I believe real estate in general will be much cheaper over the next two decades for many
    Reasons.

  16. 3b says:

    Blue I am in Surfside SC this week. First time. Beach is beautiful and quiet waters are refreshing and not cold. Food is good. I am impressed and I am a fan of Jersey Shore.

  17. JCer says:

    essex and pumpkin, I see an even more stratified state, expected the hudson coast and urban markets to perform if NYC remains strong and if the nimby/nyc rent control kick continues. The middle is a dead man walking expect some towns to enter the high-end firmly and others to fall to the low end. Where will your town fall? I’m no soothsayer but I expect the poor will be evicted from the urban centers(Jersey City, Newark, maybe even Camden and be displaced to some suburban locale. 20 or more years is a long time, income growth is key. If the government gets the inflation they need people will look at home prices and say they were massively low. In the last 25-30 years inflation has been tame and housing hasn’t really gone up in crazy fashion outside of the bubble periods and certain bubble places.

    I don’t think Pumps Ping Pong Palace has even tracked inflation in the last 8 years.

  18. leftwing says:

    “10:23 I don’t think current trends or personal income support anything like the run up I have seen in property values. In twenty years i’d Bet on 1/2 the valuation.”

    Suspect you’re just trolling me, which makes the idiot’s subsequent response even funnier….

    I’m sure I don’t need to inform you, but a simple 2% p.a. appreciation means even Pumps highway house will increase in value from $700k to $1.0m……

  19. Blue Ribbon Teacher says:

    I’ll have to check it out. Don’t get me wrong, I loved all the beaches, but it makes me appreciate the Jersey Shore more so.

  20. Joe says:

    I’m buying some more stock today. The lower the price the higher the dividend yield as a percentage. The 30 year treasury bond is only 2.29%. In my opinion the worst I see a correction lasting is early October so I will keep buying.

  21. abeiz says:

    I don’t post often, nor do I check in as much as anymore given the hijacking of this blog, but given the circumstance I figured I would stop in for actionable advice:

    My landlord called the Saturday and opened with “Do you have a minute to talk?”. A few seconds later she was making me a right of first refusal on the property I’m in (2FAM 3B/1.5BA Fort Lee with 3rd stand alone apt/meter). The property is not attractive from an investment perspective for various reasons.

    With a wife and toddler at home, this is causing a bit of anxiety but we know we want to stay in the Fort Lee area for the NYC/walkbility, schools, parks. However, now that tax advantages of buying are no longer as usable as they once were, I am even more reluctant to follow the herd. I have to live somewhere though. Speaking of living somewhere, eyeing a 4unit (2(3/2) and 2(2X2)) workforce housing in Cliffside by Gorge Road area where I can park myself and put in some sweat equity for a year or two. Also, BIL has investment property nearby and rent payments are lumpy and comprise of IOU’s.

    some takeaways:
    – I can’t make the numbers work on some of these houses. I should not have to worry about negative cash flow on multis in prime NYC metro.
    – Many condos for sale in Edgewater, Fort Lee @ 1999, 2003, 2006 prices. Wasn’t Edgewater just tall grass and sludge in ’99?

    thoughts on how exuberant it is out there? Should I buy single unit to live and stick to my passive investments in midwest/rustbelt RE funds?

  22. The Great Pumpkin says:

    Yes, it’s screaming value for god’s sake. You think grim is stupid? If Wayne was desirable to us, what makes you think it won’t be desirable to future millennials? My brother and sister are both millennials and have bought in Wayne in the past 5 years. I don’t consider them stupid either. ESP not my sisters husband.

    “I don’t think Pumps Ping Pong Palace has even tracked inflation in the last 8 years.”

  23. The Great Pumpkin says:

    If Wayne was in a desirable location, I would move ASAP. The fact that it hasn’t appreciated hard is not a sign of lack of desirability. It’s a reflection that the town’s closer to nyc went up first. Now it is Wayne’s turn. Prob best value in north jersey in commuting distance to nyc. For how long? I would not bet too long.

  24. No One says:

    abeiz,
    Thanks for offering a genuine real estate question. I remember back around 2006-7 there were lots of people asking the rent or buy question to the board.

    The low rental yields suggest to me that it’s still a better time to rent than buy in the NYC commuting area. But the downside is that you can get asked to leave. But I think others can advise you on that better than I can.

    There’s an interesting site that compares rental yields around the world, and I note that NYC fares quite poorly (like most global destination cities) in terms of gross rental yield of 2.9%. Shanghai is even worse at 2.1%. That tells me that a lot of the low interest rate policies worldwide is sloshing money into real estate in major cities, and now people are buying speculating on capital gains. In Shanghai most apartment owners don’t even bother to rent the apartment – they leave unfinished until they are ready to flip the property to someone who is willing to buy.
    In comparison, New Zealand rental yields are reportedly over 5%, over 7% in Puerto Rico, and over 9% in Jamaica.
    https://www.globalpropertyguide.com/rental-yields

  25. The Great Pumpkin says:

    Joe,

    Good moves my man.

  26. The Great Pumpkin says:

    Sign of too much money at the top. Unwilling to risk it because they have a massive fortune. So they resort to 0% yields and real estate to safeguard their fortune.

    “That tells me that a lot of the low interest rate policies worldwide is sloshing money into real estate in major cities, and now people are buying speculating on capital gains. In Shanghai most apartment owners don’t even bother to rent the apartment – they leave unfinished until they are ready to flip the property to someone who is willing to buy.”

  27. The Great Pumpkin says:

    Abeiz,

    Do you plan on staying in the same location long term? So why wouldn’t you buy, dude? No brainer.

  28. PumpkinFace says:

    “The fact that it hasn’t appreciated hard is not a sign of lack of desirability.“

    Reposting

  29. Bystander says:

    Don’t listen to Blumpkin. He stole his Granny’s house. Imagine holding a house whole life, sell it being nice and 3 years later, your dip$it grandson gets rewarded mother of all bubbles. Poor Grans, must have been a bitter pill to swallow. Blumpy has alpha wife he earns while he diddles away posting nonsense. He has one lonely child too. If you are some breadwinner and plan on more kids, be real careful jumping in. The world is heading for turmoil and NYC RE was due to foreign buyers who are pulling out.

  30. The Great Pumpkin says:

    In a De­mo­c­ra­tic de­bate last week, Ver­mont Sen. Bernie Sanders ar­gued that to deal with the mi­gra­tion cri­sis at the U.S. south­ern bor­der, “we’ve got to ask our­selves, ‘Why are peo­ple walk­ing 2,000 miles to a strange coun­try where they don’t know the lan­guage?’ ”

    It’s a sad day when a sep­tu­a­ge­nar-ian U.S. sen­a­tor can’t grasp the rea­son for Cen­tral Amer­i­can poverty.

    The mi­grants were born in coun­tries that lack rule of law, re­spect for pri­vate prop­erty, and eco­nomic free­dom. The na­tions of the North­ern Tri­an­gle—El Sal­vador, Gua­temala and Hon­duras—in­stead have pur­sued Sanders-style so­cial jus­tice as a path to pros­per­ity. It’s hardly a sur­prise their cit­i­zens en­joy nei­ther.

    https://www.wsj.com/articles/guatemala-doesnt-need-bernie-sanders-11564955452?emailToken=15e69aab3b3df25869d5d10cbc192080EIH2N+5wH7hs3q9Bh/7CO+27qleeE9Y/U3uiqqChCjHDgFn344BTlXzSHrH5+weNxmV0rvdAuHXnOOeJjPR2tTa2PvDcxnsDnmO7yCihFlo%3D&reflink=article_copyURL_share

  31. abeiz says:

    No One,

    Thank you for your response.

    Wife and I are first generation and I know what the inside of a tenement looks like, but at the same time expect to be a HNWI sometime in my early 40s. We are professionals but not high earners with W-2 under 200K. We bucked the trend of the sheeple and opted to save and invest rather than to swipe the CC at Home Depot. I am a tail end millennial.

    I’m at a bit of a crossroads in that I know it is a better time to rent than buy, I feel my hand is being forced. My wife is okay with renting, but it is getting a bit silly to continue to do so.

    Maybe I should should YOLO on FHA financed multi and just let equity build ignoring the razor thin cap rate? I suppose in the long run and given inflation it’s a win if you have the reserves.

    I know I should probably direct this to the deal sponsor, but do you have any experience with passive RE funds and downturns?

  32. abeiz says:

    Pumps,

    Not really, there are a few other places we’d rather live. Whatever little family I have here is on the cusp of retirement with fat pensions and lifetime health. They swear they’ll travel all over the world, but I know them better.

    You’re right, who cares if my condo is 400 or 500K as long as I have a roof over my head and am paying things down. Agreed. However, my concern is that when I will want to move I will have this floundering out there for 4+ months and competing with other lower priced units.

    I have funds for multiple down payments, and while there’s really no reason I would sell if I chose to leave, the price at which I bought in could pose a problem. I guess the best way to sum this up is that a future refi is unlikely and tying up capital today in primary is unfavorable.

  33. The Great Pumpkin says:

    You just don’t get it.

    Wayne, such a terrible place to live…

    PumpkinFace says:
    August 5, 2019 at 3:29 pm
    “The fact that it hasn’t appreciated hard is not a sign of lack of desirability.“

    Reposting

  34. The Great Pumpkin says:

    Very understandable and the right approach. Real estate is not for everyone. Just understand that the big boys are buying up real estate as opposed to stock. So don’t be too scared of real estate, it should be a part of everyone’s portfolio.

    “I have funds for multiple down payments, and while there’s really no reason I would sell if I chose to leave, the price at which I bought in could pose a problem. I guess the best way to sum this up is that a future refi is unlikely and tying up capital today in primary is unfavorable.”

  35. No One says:

    abeiz – you sound like me and my wife 20 years ago. Making good money numerically relative to national standards but in NJ costs are high. Bought my first house when we were 30, and put almost all our cash into the 20% down payment. It wasn’t much of an investment but we lived there for 10 years and it was a stable decent place to live.
    Libturd has more insight than I do regarding owning multis, and making money on sweat equity.
    I think it also depends a lot on your opportunity costs for your time. I put my extra time into sharpening my skills in a career that I knew had big upside if I could prove to people the performance I could deliver, so that’s what I did rather than basically taking on a second job (in real estate investment or whatever else I might have done). Also because I’m no handyman, so that would have never been a good fit for me. That decision paid off for me, but if investing in your career doesn’t offer that kind of upside, then it makes sense to direct your money and time in other ways.

    As for your question about RE funds and downturns, go look how a range of listed instruments performed during the last market bust of 2008. I don’t offer personal advice but I will note that correlations tend to rise when markets fall. So I have doubts that RE funds listed on stockmarkets will ignore general market moves.

    At this particular time, I’d be conservative financially. It’s been 10 years since the last recession and I suspect the next one will shake out some surprises and weak hands. But you never can tell for sure.

  36. PumpkinFace says:

    Nobody gets it but you. You’re a genius, clearly, not to respected in this day. We don’t deserve you. Please go enlighten others.

    The Great Pumpkin says:
    August 5, 2019 at 3:47 pm
    You just don’t get it.

  37. abeiz says:

    Pumps,
    I think you meant to say active real estate isn’t for everyone. I do invest passively. If you run the numbers, a professionally run fund will return the same over 30 years as a DP on a multi on the coast. But this analysis ignores inflation, which I am not sure a fund can fully capture in its exits.

  38. No One says:

    Pumpkin,
    “The Big Boys” are often very dumb.
    I never heard of this Tiger21 group. Paying $30,000/yr to join a group of other people who worry about how to invest their money?
    24% of their assets are in private equity?
    I’m not in that field but I have a suspicion that Private Equity valuations are being inflated by people sending in more money than the asset class can easily support, coupled with ultra-low borrowing rates. It probably seems safe because the assets don’t trade or get priced often.
    Anyone here closer to the private equity industry and have opinions?

  39. The Original NJ ExPat says:

    I bet not.

    The Great Pumpkin says:
    August 5, 2019 at 9:27 am

    I bet plenty of people are in my position.

  40. No One says:

    Here are some funny photos of homes.
    Some of my favorites:
    bathtub with shag carpet sides
    Jacuzzi in a kitchen
    toilet at the end of a narrow hall

  41. abeiz says:

    No one,

    I am enjoying our exchange.

    I am a consultant CPA in the business of finding money for clients (contract compliance examinations) but am in a small shop. I enjoy the low-key lifestyle and spending time with my family. I can head to big4 for a commute, raise, deadlines, possible divorce and tachycardia; or their mid market competitors for more of the same albeit lite.

    I have been toying with the idea of automating what has been a relatively expensive and labor intensive service and making it accessible to more business managers/attorneys via a web application. I should be working on this late into each night, but anxiety saps all motivation.

    Pumps: funds in question are not publicly traded (think Fundrise) and invest in a particular sub-type asset class. I like multifamily workforce housing.

  42. The Original NJ ExPat says:

    If my wife was desirable, I would sell her. The fact that she is worth less and less every year is not a sign that she is not desirable.

    If Wayne was in a desirable location, I would move ASAP. The fact that it hasn’t appreciated hard is not a sign of lack of desirability.

  43. leftwing says:

    abeiz, fwiw…

    First and foremost a home is a place to live. I wouldn’t view your primary as an investment. Obviously you don’t want to catch the top of the market or a falling knife and the place needs to fit with your life plans, your immediate family and the one you came from if desired.

    Regarding multis, Lib is your guy…imho he has all the experience and best advice you could hope for.

    I’m in No One’s camp….I’m kind of old fashioned, an asset is worth the sum of net cash flows it produces. Similar to you and No One I can’t find anything around here that after taxes, financing costs, and maintenance makes sense. I agree too many people are buying in anticipation of capital appreciation…if that works out they’ll proclaim themselves geniuses and pat themselves on the back. If it doesn’t they’ll hold it long enough to break even on a nominal, net equity basis and call that a victory. Fact is, none of us knows when or if the outside of normal distribution price movements will occur…

    Best advice I can give after 50+ trips around the sun is to make your decision on a ten year time frame…most wild gyrations seem to come back to norm in that period (markets c. 2000, real estate 2008, etc).

    If you reasonably expect to live contently in a situation for that long you shouldn’t find yourself in the ultimate downside scenario you sketch out, eg, going into your pocket to exit or working for your rental rather than having it work for you…

    Especially in Ft Lee, can a condo on a 15 year work for you guys? Have to imagine it would be hard to get damaged badly on that one unless market values/economy peaks right after you buy it?

  44. abeiz says:

    Left – input from the old guard is always appreciated!

  45. The Great Pumpkin says:

    I’m not a genius, but you can’t ignore that I’m right more than I’m wrong on my calls.

    So let me waste my time so that you can understand Wayne is a value.

    First, what is undesirable about the town? Not much to talk about since they have bought up most of the flood area.

    Second, it has a train, multiple highways, and no traffic ever in town.

    Third, it has a great school system and great sports program.

    Fourth, it has plenty of retail and commercial. A very healthy balance.

    Fifth, it hasn’t hit major appreciation YET. Do you understand math. Do you understand logic. Well if all the towns in front of it have hit appreciation, how long before it hits Wayne? It doesn’t have to hit jersey city or Rutherford type appreciation, but it will see strong appreciation. It’s inevitable because of what I highlighted above and the dynamics of how markets work.

    Do you get it now? I might be early to the game, but the rest of the herd will eventually realize it’s a strong value in comparison to the other towns and act on it.

    Put it this way. Would you rather have my home for 650k or an apartment in Hoboken for 1 million? Easy answer for me, and others will realize it too. It’s a great town in a great location with a lot to offer.

    PumpkinFace says:
    August 5, 2019 at 4:09 pm
    Nobody gets it but you. You’re a genius, clearly, not to respected in this day. We don’t deserve you. Please go enlighten others.

  46. The Great Pumpkin says:

    Good post. Couldn’t give better advice.

    A house is a home. It’s not a monetary investment, but an investment in quality of life. If you make money on it, that’s great. You just don’t want to lose money on it. So if you lived in your home for 10 years, but it didn’t appreciate, you still made out. The fact that it’s still worth what you paid for after using it for 10 years says a lot. Those boomers that got to live in it, do nothing to it, and make insane appreciation are really lucky. They were given winning lottery tickets served on a plate. Crazy thing, it can still happen in the nyc metro market, the economy is that powerful here.

    leftwing says:
    August 5, 2019 at 5:06 pm
    abeiz, fwiw…

  47. The Great Pumpkin says:

    Taxes and improvements are not negative costs. Both were an investment in quality of life. Lots of towns were saved from riff raff due to the taxes. That’s a winning investment in quality of life. So including them in housing costs is bs, they are not an investment in real estate, but rather an investment in quality of life. That’s how I look at it. Installing an in ground pool is not a real estate investment, it’s a quality of life investment. If someone is seeking a similar quality of life, they will pay up for pool when purchasing your house. If you sell to someone that does not value a pool in their life, they will not give a penny towards the pool purchase.

  48. PumpkinFace says:

    How long before it hits Appalachia?

    The Great Pumpkin says:
    August 5, 2019 at 5:55 pm

  49. The Great Pumpkin says:

    🤣🤣

    PumpkinFace says:
    August 5, 2019 at 6:09 pm
    How long before it hits Appalachia?

  50. The Great Pumpkin says:

    PumpkinFace,

    Just thought of another factor going for Wayne. It’s a great town for families. Millennials are already moving into the family space. This factor alone says Wayne will see nice appreciation within 10 years.

  51. PumpkinFace says:

    Keep going with your list Copernicus. See how many more times you can try to say the same thing with different words.

  52. The Great Pumpkin says:

    PumpkinFace,

    I’m just giving my two cents on what I think is the best value going in north jersey. Not because I live there…it’s not like I’m selling my house. So what does it matter to me. I’m just trying to give any readers out there what I feel is a good tip on north jersey housing.

    What’s your call? What’s the best value in north jersey within commuting distance to nyc. Where can millennials buy a 450k home with a good school system and that’s safe?

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  54. The Great Pumpkin says:

    This is in a bad location, and it just sold. Pumpkin don’t know jack!! Yet, because the house was desirable, it still sold. FYI, this is a real “double yellow busy road.”

    https://www.zillow.com/homedetails/116-French-Hill-Rd-Wayne-NJ-07470/108634049_zpid/

  55. The Great Pumpkin says:

    Declared them currency manipulators for first time since 1994. This is getting real. Economic warfare is here.

    There goes my roaring 20’s 2.0 calls. 🤦🏼‍♂️

    https://www.nytimes.com/2019/08/05/business/economy/us-china-yuan-renminbi-trump.html?smid=nytcore-ios-share

  56. The Great Pumpkin says:

    “Late Monday, the Treasury took the unusual step of labeling China a currency manipulator — the first time it has done so since 1994. In a statement, the Treasury said that Steven Mnuchin, the Treasury secretary, “will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions.””

  57. The Great Pumpkin says:

    Thank god for trump. Finally putting an end to these leeches. China is so stupid. They were given everything and in an envious position in most country’s eyes. They threw it all away with greed.

    “In 2001, when China joined the WTO and officially entered the world trading system, politicians and economists of every stripe confidently predicted that China would soon become very similar to many other Western market economies. The recent shocking revelations about Huawei show just how wrong they were.

    Back then, few people outside China, even in the telecom industry, had heard of Huawei. Today, Huawei is the world’s largest provider of internet and telecom equipment, with $100 billion in sales last year. And as a new federal investigation shows, Huawei is also heavily engaged in espionage and intellectual property theft as a routine part of business.

    In 2017, Huawei paid $4.8 million in fines after being caught stealing trade secrets from wireless telecom company T-Mobile. The federal indictment shows that the theft from T-Mobile was far from an isolated case. Huawei ran an organized, company-wide program that gave bonuses to employees for stealing valuable technical information and trade secrets from competitors. As someone who worked for U.S. and Canadian networking companies for 14 years, this is not a surprise. Huawei built its business on copycat products.

    In China, Huawei is a rock star. It has a huge campus in Shenzhen. Chinese people visit Huawei just to tour the campus. China’s CEOs and executives regard Huawei as an example to emulate. The idea of stealing the West’s best ideas, and using them to build a champion company, is simply a good thing.

    This is why the United States needs to change its business relationship with China. It’s not just technology theft. There is also the danger of Chinese networks being used to spy on Internet users. We know this practice is widespread in China. The head of Britain’s spy service, Alex Younger, recently said that security teams in China “use and manipulate data sets on a scale that we can only dream of.””

    https://morningconsult.com/opinions/huawei-case-shows-china-keeps-stealing-its-way-to-success/

  58. Bystander says:

    “May God bless the memory of those who perished in Toledo,” the president said in an address on Monday from the White House. “May God protect them. May God protect all of those from Texas to Ohio.”

    People should be ashamed for voting for this complete imbecile.

  59. PumpkinFace says:

    “I’m just giving my two cents on what I think is the best value going in north jersey. Not because I live there…”

    Bullish!t

    “I’m just trying to give any readers out there what I feel is a good tip on north jersey housing.”

    No matter how many hours you spend here, this isn’t your job. You aren’t required to spam this place with your every waking thought.

  60. Leftwing says:

    Bi (as in bipartisan) you are aware that Biden offered his condolences to the people of ‘Ohio and Michigan’, right?

  61. Leftwing says:

    Oops, even better. ‘Houston and Michigan’

    Also addresses my wtf comment from the debate on his website address. Screwed the pooch on that too lol.

    https://nypost.com/2019/08/05/biden-completely-flubs-where-mass-shootings-occurred/

  62. Walking bye says:

    3b , we discovered myrtle beach a few years back as well. The local hospitality warm ocean water , new ocean front homes made staying in crappy homes on the jersey shore a thing of the past. It is a long drive, so I have learned to have the wife fly home with kids and grandparents while I drive back to jersey. A one way ticket to Newark will run you around $150 or less. Not having to deal with3 kids in a car fir 12 hours priceless.

  63. The Great Pumpkin says:

    Spam? Seriously, what is your problem with me? Why so much hate.

    I just backed up my position with Wayne with actual proof. A house one house away from a traffic light and on a 40 mph road went for almost 800,000 dollars two weeks ago. How much bull sh!t have I heard about my house. Talk about spam. No one will say sorry.

    Seriously, why so much hate? It started 6 years ago because I came on here and started stating that the sky isn’t falling. I stated that wage inflation and a strong job market would begin 2017/2018. I said this will then drive the housing market in the early 2020’s to an economic boom I coined the roaring 20’s 2.0. I said there was a chance for a recession in 2019, but 2020’s is when it starts going off as millennials housing purchases and family building provide solid foundation for a booming economy.

    I was laughed at and put down(where you at clot? You were wrong know it all. The guy you were bashing was right) I never swayed. Is this why I’m hated so much? That I stood my ground, took the abuse, and came out on top in the end. Pumpkin was right. Get over it, accept it, and be respectful now. It’s alright to be wrong for god’s sake.

  64. The Great Pumpkin says:

    I’ve been to the Carolinas and give me the jersey shore. Why would I go that far for an inferior product? Just my opinion, don’t beat me up.

    Walking bye says:
    August 6, 2019 at 8:40 am
    3b , we discovered myrtle beach a few years back as well. The local hospitality warm ocean water , new ocean front homes made staying in crappy homes on the jersey shore a thing of the past. It is a long drive, so I have learned to have the wife fly home with kids and grandparents while I drive back to jersey. A one way ticket to Newark will run you around $150 or less. Not having to deal with3 kids in a car fir 12 hours priceless.

  65. Bystander says:

    Great Left..two senile idiots. Of course, Biden is not president giving a first speech on incident from WH. I could care less about Biden. Hopefully he does not get nomination

  66. Fast Eddie says:

    From CNN no less:

    (CNN)A Twitter account that appears to belong to Dayton mass shooter Connor Betts retweeted extreme left-wing and anti-police posts, as well as tweets supporting Antifa, or anti-fascist, protesters.

    https://www.cnn.com/2019/08/05/us/connor-betts-dayton-shooting-profile/index.html

  67. Fast Eddie says:

    I could care less about Biden. Hopefully he does not get nomination

    They’ll either give the nomination to that Larry David dude or that Pocahontas chick but it doesn’t really matter, they’ll lose anyway.

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  69. Blue Ribbon Teacher says:

    I’ve been to the Carolinas and give me the jersey shore. Why would I go that far for an inferior product? Just my opinion, don’t beat me up.

    Because there is other stuff to do outside of going to the beach

  70. Fast Eddie says:

    I say we impose another 10% tariff on China and let them devalue again. They can keep going. What’s that China? You need to import food for the masses? Hmm… it’s gonna cost you. Wait… you need more oil, too? Sigh… We suggest you get it now, before the third increase in tariffs.

  71. The Great Pumpkin says:

    Screaming value.

    “Once again, Wayne area schools made the list. The district ranked 56th this year.

    Each New Jersey district received a letter grade in the following categories: Academics; Diversity; Teachers; College Prep; Clubs & Activities; Health & Safety; Administration; Sports; Food; and Resources & Facilities.”

    https://patch.com/new-jersey/wayne/wayne-among-top-nj-school-districts-new-rankings?utm_term=article-slot-1&utm_source=newsletter-daily&utm_medium=email&utm_campaign=newsletter

  72. ExEssex says:

    I wouldn’t try to predict the outcome of the next election just yet.

    A lot can and will happen.

  73. The Great Pumpkin says:

    Blue,

    Just my opinion. My good friend goes to the outer banks every year. For me, it doesn’t make sense. Why go that far every year when nj is has beaches on par or even better than most of the east coast? Mine as well go to Miami at that point if making the trek that far south. Def go to the Carolina beaches to experience it, but every year, you have to be nuts if you live in jersey. Then again, different strokes for different folks. Some want to get out of jersey every year and this is their only vacation.

  74. Fast Eddie says:

    The outer banks were nice… no crowds and a nice big house for a week. I went a decade ago. Maybe again some day but it wasn’t “to die for” territory for me. I did like it, though.

  75. Fast Eddie says:

    Essex/Bystander, et. al.,

    I discovered this one a few days ago. I especially loved the last 5 or 6 minutes when Hackett was jamming. I never heard of the lead singer before; sounds like a cross between Phil Collins and Cat Stevens… a really cool, creepy look to him. lol. Put on a pair of good ear phones/buds:

    https://www.youtube.com/watch?v=BC2IoAlSlPc

  76. 3b says:

    BRT first time for us down at SC beaches and they are nice. It is cheaper than the shore to rent for a week much cheaper. We were invited down. Outer Banks nice but not much to do away from beach no restaurants night life etc. north jersey people like me to go as it’s a sign of what sophisticated affluent North Jersey people do and you need the bumper sticker of course. Any how nice down here but Jersey shore still
    the best overall.

  77. Trick says:

    We do OBX every other year, beaches are clean and not crowed. Couple of years ago we rented on the 4×4 only section. Had a blast driving the truck on the beach,

  78. 3b says:

    Walking bye the cost savings on renting a house down here is huge even with flying back. I understand the attraction for people even with the drive. Don’t think I would do it every year but I understand. Lots to do in Myrtle Beach too. We are staying in Surfside and definitely loving the warm water.

  79. joyce says:

    Elisha Bokman has been out of school for eight years. Still, her student loan balance is half a million dollars.

    Today, for her doctorate degree in naturopathic medicine and master’s in acupuncture from Bastyr University, she owes $499,322.69.

    https://www.cnbc.com/2019/07/12/she-owes-500000-in-student-loans-giant-balances-are-on-the-rise.html?__source=twitter%7Cmain

    Thanks, Eisenhower – Kennedy – Johnson – Nixon – Ford – Carter – Reagan – Bush – Clinton – Bush – Obama – Trump!

  80. abeiz says:

    Convinced Pumps is someones contrived experiment in sarcasm and we are its subjects.

    Pumps,
    Wife and I would rather slit our wrists than live holed up somewhere in Wayne, especially with $20K in taxes given recent tax changes. People commuting via crumbling public transit from the city to hole up in these screaming deals are not living life.

    We are firm believers that your kids don’t want more space; they want your time and attention.

    The Wayne place you linked to sold 10 years later for $25K gain – 8% discount from asking – with 200K spend on taxes, am I interpreting this correctly? GTFO. Though I will concede that until recently some portion of a portion of the carry costs was deductible.

    https://gothamist.com/2019/05/23/nj_transit_sanity_commuting.php

    Meet Nick Buono. Nick bought a house in Clark because he’s been told that kids = large house and space. Now he gets home at 8PM after a crushing commute from the city. Why would you spend 750K on a single fam with large tax overhead and a 1.5 hour commute? Nick now blogs about missing out on life sitting slowly rolling on a NJ transit train. Nick and I are different; Nick values space and prestige, while I value time.

  81. IP & Trade says:

    Some believe the way to manage the China situation is to stop the IP theft. There is a school of thought that IP theft is the head of the beast…

    For those of you that live in NJ-11, your congressional representative has worked in conjunction with members from the other side of the aisle to try to thwart the IP developed at colleges with significant research components to them.

    You don’t hear from Sherrill a lot, probably because she is too busy getting stuff done. Must be her military training (US Naval Academy grad) or the discipline required of her to be a competent helo pilot flying missions in the gulf. Would me nice to see members from both sides of the aisle set aside the poor drama and theatrics and implement well thought out solutions to our nations challenges. Hard to do your job when so much time is spent on Twitter, TV etc. The people at the office constantly chatting or refilling their coffee cups are not the ones who get stuff done. The empty vessel makes the most noise.

    https://sherrill.house.gov/media/press-releases/rep-sherrill-introduces-bipartisan-bill-safeguard-federal-research-foreign

  82. ExEssex says:

    10:30……ooooo that is nice. A Joe Satriani vibe for sure.

  83. The Great Pumpkin says:

    The wealthy are jumping all over real estate.

    “Wealth Manager Iconiq, Known for Silicon Valley Ties, Widens Real-Estate Holdings
    Investment firm that worked with Facebook CEO Mark Zuckerberg is buying rental apartments in U.S. cities”

    https://www.wsj.com/articles/wealth-manager-iconiq-known-for-silicon-valley-ties-widens-real-estate-holdings-11565089200

  84. ExEssex says:

    abeiz…..damn. That sounds horrible for anywhere.
    When we were in Jersey we justified the taxes by saying “well at least they are feeding my pension/salary” as I taught there. Long commutes are miserable and though everyone does not go into the city, prior to my teaching gig I worked in NYC and commuted from Montville by train. It was long, the train quit running at something like 9:30 am and there was literally NOTHING in Montville.

    When we moved to Essex Co. it was actually really nice. You felt like you were in these little towns nestled next to one another, lots of good places to eat and shop. Taxes were still onerous and the schools were less than stellar so we faced private school for the kiddo while still paying out-sized taxes for our little 3/2 split and we just decided what the hell. Let’s get the f’ out. I actually miss Jersey, but its a racket and if you live there you are the mark.

    The insanely generous public pensions are simply not sustainable in Jersey or any of the other overextended states. This will end in tears.

  85. Fast Eddie says:

    Essex,

    I didn’t realize he was such a laid back type of player. He has a good sound, looks like a Les Paul/Marshall setup but such sweet sounds whatever he’s going through.

  86. The Great Pumpkin says:

    Albeiz,

    Just because you don’t want that life, doesn’t mean others don’t. I value space, I don’t want to live like a rodent in some little apartment to say I live so close to the city while paying through the a$$ per sq ft. No thank you.

    Dude, do your hw. 2010 the market in Wayne was still high as hell as was most of northern nj. This was a “brand new house.” Now apply this to your analysis. They are lucky they made money on it, they bought far from the bottom and a brand new house. They used it for 10 years, and still made money..aka the home depreciated but the land went up to cover the cost of new construction.

    Stop including taxes as a zero sum loss. Why do you do that? In north jersey, it’s a fact that taxes play a role in quality of life. Roads, parks, schools, police, fire etc don’t pay for themselves. Plus, taxes pay for kids school. You have three kids? You are making out like a bandit in Wayne. Crying about the tax cost, meanwhile has three kids using the school system. Can’t make this stuff up. You clearly don’t understand why families would have no problem paying Wayne taxes, it’s flying over your head.

    Oh yea, it wasn’t 200k in taxes, I would imagine it’s less. Taxes were lower in 2010.

  87. No One says:

    abeiz,
    Try to ignore this guy. He’s real, and as dumb as he sounds. He’s constantly talking his book to convince himself he’s not as dumb as people tell him he is.
    My office is in central Jersey so I have a 10 minute commute alongside a big house, so dont have to compete with the NYC commuters. If Phil Murphy goes full crazy on tax and spend, I wouldn’t be surprised if my company leaves the state.

  88. JCer says:

    pumps, you are becoming a bit unhinged. 2010-2011 is darn near the bottom of the market, I think it bottomed out in 12. Based on value proposition I think Albeiz actually has a better feel for the market and what is desirable than you. Wayne lacks the downtown, is further out than desirable given the deplorable state of infrastructure in the NYC metro, and has relatively high taxes. The train towns in Essex, Bergen, and Union are closer by road and transit, feature equally as good or better schools, similar tax bills, and town centers. This is why Ridgewood is trading at a big premium to Franklin Lakes etc. Unless Wayne can effectively redevelop some of it’s shopping centers it has a problem and no replacing Wayne hills mall with a shop rite is not the kind of development you need.

    There is nothing wrong with Wayne and there may be an opportunity for appreciation but that should not make it the constant focus of all posts. Next point you overpaid for Pumps Ping Pong Palace, it may have been the right move for your personal situation at the time but it was not the smart money move at the time. Hindsight being 20-20 there was stuff I looked at back then where a 100% realized gain above purchase price was entirely possible in less than 8 years, leveraged return looks even better(figure 130k on 650k purchase, back out taxes, maint, et al because that’s a living expense, sell it and clear a million after transaction costs, pay back 400k mortgage gives you 600k-130k, you’ve made 470k on a 130k investment over 8 years, 350% return).

    That’s an investment, if you bought the right property in Jersey City or Hoboken that’s where you’d be. Oh and if you didn’t want to live there or sell it you could rent it and make 7-8% on invested capital using your super low mortgage. I bought a property but not the right one made a little(probably 20% gain based on recent sales) but nowhere near that much, but it was the right move for me personally.

    As for the big boys, they are suckers just like anyone else, there was huge interest in real estate so guys like Blackrock and PE have gotten into the game. They are not doing the best due diligence, when your customer is waiving dollars you need something to sell. My dad unloaded some industrial properties on some PE guys and they lost their shirt on the deal, they overpaid and had difficulty managing the real estate, they lost their tenant as a result(the tenant was able to break the lease because of their incompetence) and the building went into foreclosure and the building was sold to a real estate company. I think they recovered maybe 20c on the dollar of their investment.

    On a side note I think if Grim blacklists “Wayne” pumps postings maybe reduced to an acceptable level.

  89. The Great Pumpkin says:

    Wayne didn’t bottom till 2013. 2010 was pretty much close to peak for Wayne. Pumps is an idiot and knows nothing, but constantly proves these haters wrong.

  90. Bruiser says:

    Joyce, 11:03 AM
    “Today, for her doctorate degree in naturopathic medicine and master’s in acupuncture from Bastyr University, she owes $499,322.69.”

    LOL
    She must have been smoking some really good isht by thinking a doctorate from No Name U in Snake Oil Studies was going to be the path to economic success.

  91. Fast Eddie says:

    Wayne: I made a bid on this house in 2007. I bid around 600K and was laughed at by one of the cunt house guides. It sold for 650K. It’ll sell for 75K less as of today.

    https://www.trulia.com/p/nj/wayne/11-coventry-rd-wayne-nj-07470–2006552605#lil-streetViewTab

    Pumpkin seed, you’re not a financial person at all and you’re satire is starting to wear thin. Invent a new handle/persona.

  92. The Great Pumpkin says:

    Jcer,

    My wife wanted a home and not an investment. There is no way in hell she would have agreed to purchase another investment property in jc/Hoboken. I wanted to, but she didn’t. I wanted to remain living on the first floor of my rental apartment that was gutted and brand new. In the end, her argument won. She said she is not going to live forever and wanted a better quality of life over money. She wanted a center hall colonial and it took us 3 got damn long years to find this home. My wife is extremely picky. 650 was the lowest they would go on the home. We got them down from 700k. There was no way in hell we were going to get it for 600k or 500k like you imply. No way, no how. So if we wanted the house, 650k was the price. We were sick of looking, we didn’t want to waste anymore time. If we overpaid by 50,000 who cares? What’s 50,000 if you are happy?

    In the end, it’s a market. The individual buys what they want or need. It’s not easy to get good deals in real estate, aka ripping off the seller by taking advantage of their situation or conning ignorant people.

  93. Bystander says:

    Yet the irony is that dufus is trying to tell everyone that Wayne is great investment. Truly dumb.

    Ed,

    Nice. Not super into Hackett other than early Genesis albums. Very melodic but I can’t do the singer. I am a ‘shut up and play’ type, which is why Jeff Beck is someone I still never miss.

  94. Fast Eddie says:

    Bystander,

    Do guys like Yngwie Malmsteen ever appeal to you? No singing necessary there but after 10 minutes he became too much. How many scales at 100 MPH can one listen to? I love Beck, by the way.

  95. MikeNJ says:

    https://www.trulia.com/p/nj/wayne/17-highview-ct-wayne-nj-07470–2006555955

    Dollar for dollar the taxes are well over double what my Chatham house comes in at for the exact same market value. Admittedly you get more space (and very bad taste all around) but is that much space really worth it?

    Wayne Hills HS is #2,633 in the national ranking on US News, Chatham is #351

    Are you getting top dollar for what you are paying for (in taxes)?

  96. The Great Pumpkin says:

    The millennials are coming. They will see the value of that Wayne home fast Eddie was willing to pay 600k for back in 2007, but is now 575. If that’s not screaming value, I don’t know what is. If you go chasing property that went up 50 to a 100% in the past 10 years, you are very limited on appreciation. It’s like buying an expensive stock that already had its big run. I’m simply pointing out that Wayne is that undervalued stock that won’t be in 10 years. If you want a shot at good appreciation, why not Wayne? It has plenty of room to go in appreciation in comparison to its competition. Simple as that.

    I stand by my call. We will see in time if I’m correct.

    I ask the people that think I’m crazy to put out their calls for best value in north jersey. Let’s see who ends up being right. I’ve made my call, let’s hear yours.

    Bystander says:
    August 6, 2019 at 1:45 pm
    Yet the irony is that dufus is trying to tell everyone that Wayne is great investment. Truly dumb

  97. The Great Pumpkin says:

    Chatham had a huge run up. It’s also no value. You think millennials can afford Chatham? Yea, right. Get so much more in value with Wayne including a better commute.

  98. The Great Pumpkin says:

    My house in Chatham would be like 1.3 million

  99. The Great Pumpkin says:

    Is it safer? Quality of life that much better? Are the schools really that much different? I’ll take Wayne for half the price thank you.

  100. Fast Eddie says:

    My house in Chatham would be like 1.3 million

    But it isn’t and it doesn’t. Wayne is not Chatham, you just admitted it. But then again, I’m not sure you live in Wayne at all while you attempt to post satire.

  101. Fast Eddie says:

    Who’s the guy who used to post here that had a house on a cliff and was hell bent on moving to Alpine?

  102. Fast Eddie says:

    Hey Pumpkin Seed, you want value?

    Move the Haskell, you’re 60 seconds from Wayne anyway.

  103. No One says:

    On those student loans, it’s sad that our government run schools have so much time to teach propaganda, but very little time to teach home economics or financial planning.
    Under Bernie, who offers unlimited debt forgiveness to students, no one will ever need to learn how to compare costs to expected benefits.

    I see that Walgreens pharmacists make from $60k to 120k per year. That doesn’t seem like a lot of pay for something that cost this lady $300k to get a degree in, and takes at least 6 years of college. On the other hand, for someone coming from nothing, borrowing $300k for what will probably secure them on average a $70-$80k income for their first five years, and could go up to $100k+ isn’t necessarily a bad thing. Depends on what their life alternatives were. Joining the military and then letting them pay for schooling is probably a better financial decision for those starting from nothing. The risk is that pharmacies become increasingly automated and demand for pharmacists fall off. With an interest rate of 6%, this person will be paying about $40,000 per year for ten years for these loans. That means really just scraping by.

    As for the $500k debtor with an alternative medicine degree. Bernie is her only hope. Or maybe convincing Montclair to hire her as the town naturopath. This is the kind of non-cost-benefit analysis Bernie’s free stuff policies would bring to our entire economy.

  104. No One says:

    My house and lot in Manhattan would easily sell for above $100m.

  105. Bystander says:

    More fascinated by blues based guitarists so not much into Malmsteen. I can appreciate guys like Buckethead too but listening for long periods sort of dulls me. I saw Dweezil Zappa for first time last year. I never got to see Zappa Plays Zappa. He definitely blew me away, particularly Muffin Man encore. Heard he is doing Hot Rats on tour Here is preminent version IMHO – Frank, Belew, Bozio on drums.

    https://youtu.be/oDpfa7gjNvg

  106. No One says:

    Imagine paying over $2m for this ugly double yellow line house in Alpine, and then on your kid’s first day of school, the other kids make fun of him/her for being one of the poorest kids in town.
    https://www.zillow.com/homedetails/88-Church-St-Alpine-NJ-07620/37848715_zpid/

  107. MikeNJ says:

    Safety and quality of life are very subjective. I am only stating that for the tax dollar for tax dollar, Wayne seems high comparatively.

    I have millennials moving into my street ever year or so. These are lawyers, traders, FANG management related folks, but they are indeed millennials and seem to be doing just fine.

  108. Fast Eddie says:

    Bystander,

    Nice! I saw Zappa at the Felt Forum at his Halloween show with Bozio, Steve Vai, etc. :)

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  110. ExEssex says:

    I wrote this one — my old pal sings it and I play guitar:

    https://www.reverbnation.com/rockrollsol/song/24443461-colorado-sung-by-j-stewart

  111. JCer says:

    Pumps, how does this compare to the Ping Pong Palace?

    Here is a double yellow special in Franklin Lakes, footage is approximately the same as yours, lot size is better 1 acre, taxes are about half of your taxes price is 48k more than you paid. Please tell me how your home at 650k is a value compared to this listing?

    https://www.zillow.com/homedetails/1023-High-Mountain-Rd-Franklin-Lakes-NJ-07417/37912095_zpid/

  112. Fast Eddie says:

    Essex,

    Nice! Very Good! :)

  113. ExEssex says:

    3:07 thanks man!

  114. ExEssex says:

    Anybody see the latest Tarantino flick yet? Caught it the other day. Lot of fun.
    That guy has an eye for detail. Love that period in the seventies. Anyone into the whole thing as I am fascinated by “true crime’ genre should check out the podcast “You must remember Manson”. For kicks I visited the Spahn Ranch yesterday, mosrt of it is gone, but I went to Manson’s cave and looked around. Acid-fueled young people living in a gully off the 118.

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  116. No One says:

    ex,
    Good guitar playing.
    That Tarantino movie – my wife doesn’t like violence – am I correct I shouldn’t take her to this movie (just as she shouldn’t see any prior Tarantino movies)?

  117. Blue Ribbon Teacher says:

    Chatham had a huge run up. It’s also no value. You think millennials can afford Chatham? Yea, right. Get so much more in value with Wayne including a better commute.

    Millenials in Chatham are likely set up with cushy 200k jobs by their parents at the age of 22. So yes, they can afford.

    I’ve know of a family, both pharma execs. They secured their English and Film major daughters salaries at $250k in their Pharma companies.

  118. ExEssex says:

    3:21 In this one the violence is fairly intense, but a very short part and it elicited laughs and shrieks of “delight” from the audience. Thanks for listenin!

    Ex

  119. abeiz says:

    LL asked if I wanted contract+90days, +120 days, just to let her know and she will accommodate via sale contingency. I’m starting to understand that if I vacate tomorrow she will not re-rent and is out cold hard cash every month for an undefined period of time (she has no mortgage on place so not cash flow issue).

    Apparently, the owner of a local mainstay neighborhood supermarket who is a family friend was interested but could not swing because too many irons in fire. 3BR/1BA X 2 + inlaw suite for a $999K with 16K now most likely nonrefundable taxes? Old kitchens 60’s stoves in both units.

    I am told the rationale for not listing it at a million plus – I mean after all what’s an extra 50-100K? – was that most people tend not to select +1MM in the drop down box when searching for homes. No lie.

  120. ExEssex says:

    3:25 pharma is my family’s bread and butter. The teaching gig was essentially beer money and the “pension” would likely buy groceries for the rest of my life. Perhaps a modest condo. If we had stayed in Jersey “madison” had more value in my opinion. BUt we also liked Essex Fells.

  121. Charlesvaf says:

    Weaknesses: DL LB, S.
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  122. Charlesvaf says:

    “We are not going to indict a player based on one bad game that he had,” Smith said. “It happens, simple as that. He’ll come back next week. He hit one long good one to get us off, a good start right away. That won’t happen again.”
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    Playing the correct angles? A dying science.

  123. The Great Pumpkin says:

    Yes, and that’s my point on value. Why would you go to Chatham for the status label when Wayne will offer you almost the exact same lifestyle at half the cost.

    Just explain to me, what is so much better about Chatham? What double the price advantage does it offer me?

    Remember, Chatham had its big run up. 10 years ago, you were getting much better value in Chatham. They ran up the price and now Wayne is the absolute value in the comparison. There is no way you can tell me otherwise. Now do I expect Wayne to be half the value of Chatham in 10 years…no. That’s why I’m telling people to buy in before Wayne goes on a run.

    You guys clearly don’t understand markets or you wouldn’t be busting my balls. You would simply agree.

    So I ask, how can you justify to me to sell my house and pay double the price for the same home in Chatham? What advantages am I getting for this money. If someone can explain it to me, I’ll shut the f up.

    Fast Eddie says:
    August 6, 2019 at 2:19 pm
    My house in Chatham would be like 1.3 million

    But it isn’t and it doesn’t. Wayne is not Chatham, you just admitted it. But then again, I’m not sure you live in Wayne at all while you attempt to post satire.

  124. joyce says:

    abeiz,
    Taxes are a “business expense” for investment properties. They are deducted in full. The recent changes to SALT did not affect this. Now, if it’s partially owner-occupied, that will change things a little bit.

  125. The Great Pumpkin says:

    Will Wayne be on par value with Chatham in its run up…no, but it will significantly close the gap because there is no way to justify the price difference right now.

    HENCE, ITS A VALUE

  126. The Great Pumpkin says:

    Proof, it’s now what you know, but who you know. Networking is so important.

    Also proves what kind of nepotism exists in the private sector. If public sector did this, all hell would break loose.

    And I understand there will be millennials to drive Chatham market, but the pool of buyers to drive the Wayne market will be much larger. Hence, Chatham won’t see the same appreciation as Wayne in the next 10 years. Wayne has a lot more room in its price to move up.

    “Millenials in Chatham are likely set up with cushy 200k jobs by their parents at the age of 22. So yes, they can afford.

    I’ve know of a family, both pharma execs. They secured their English and Film major daughters salaries at $250k in their Pharma companies.”

  127. Yo! says:

    SEC a-ok with Jon Corzine running other people’s money again. One of the most difficult things to do in NJ real estate is lose money on a Hoboken condo but MF Corzine sold his Hoboken condo for $400k less than he paid.

    https://www.sec.gov/rules/other/2019/ia-5315.pdf

  128. ExEssex says:

    6:43 newsflash…..the public sector does this too.

  129. The Great Pumpkin says:

    Yes, it’s reflective of my point on this board for years. Human nature. There is no way to stop corruption, it can only be contained. Public or private, makes no got damn difference when the same human nature is at play. For some reason, though, some people on this blog think it only exists in the public sector. They have no idea what type of corruption takes place in the private sector.

    ExEssex says:
    August 6, 2019 at 7:09 pm
    6:43 newsflash…..the public sector does this too.

  130. The Great Pumpkin says:

    Jcer,

    My wife would never touch this pos. Don’t insult me.

    JCer says:
    August 6, 2019 at 3:05 pm
    Pumps, how does this compare to the Ping Pong Palace?

    Here is a double yellow special in Franklin Lakes, footage is approximately the same as yours, lot size is better 1 acre, taxes are about half of your taxes price is 48k more than you paid. Please tell me how your home at 650k is a value compared to this listing?

    https://www.zillow.com/homedetails/1023-High-Mountain-Rd-Franklin-Lakes-NJ-07417/37912095_zpid/

  131. The Great Pumpkin says:

    Meaning, don’t compare my house to that pos. Apples and oranges.

  132. The Great Pumpkin says:

    And that’s why that house can’t sell. It’s not desirable, it’s a pos. Did a half a$$ cover up job hoping to sucker someone in, but no one wants to redo the house from top to bottom. My house was built in 1994 and totally redone from top to bottom before I bought it. This pos is still stuck in 1979. It’s not desirable at all because it needs a ton of work. And how busy is this street that they have trees blocking the road from the house. I hate that crap. I love gorgeous big lawn complimenting your home.

  133. The Great Pumpkin says:

    I have a tree lined street on my side of the road. This house doesn’t even have a sidewalk in front of it. Yet, you compare it to mine.

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  135. Crushednjmillenial says:

    Abeiz…what is your counteroffer price to your landlord? 750k? 800k? It seems your torn on your decision but didn’t mention what price would be acceptable for you to buy the place.

    Is $1m really market rate for a two-family in Fort Lee right now?

  136. ExEssex says:

    7:44 that home is quiet beautiful. The Yard is great. Area is fine. That’s BD territory.

  137. The Great Pumpkin says:

    It needs a lot of work.

    I have a high end wife. Call it what you will, she will not settle for living in that.

    Not that we are going to move, but we are always on the lookout in real estate. Something much better comes along and we will bite. There’s nothing out there unless we want to step up to the 900-1.2 range. We can afford it, but why leave a 650k home you love with 11.5 years left at 2.75. The house has to check every box. Hard to find.

    ExEssex says:
    August 6, 2019 at 9:12 pm
    7:44 that home is quiet beautiful. The Yard is great. Area is fine. That’s BD territory

  138. The Great Pumpkin says:

    North jersey real estate is no joke. Still cheap places out there, but not for much longer.

    Crushednjmillenial says:
    August 6, 2019 at 8:54 pm
    Abeiz…what is your counteroffer price to your landlord? 750k? 800k? It seems your torn on your decision but didn’t mention what price would be acceptable for you to buy the place.

    Is $1m really market rate for a two-family in Fort Lee right now?

  139. JCer says:

    Pumps that’s an easy reno on a pretty standard 1970’s home, Franklin lakes doesn’t typically have sidewalks. It has good solid hardwood floors, refinish them with dark stain to update, maybe paint the small brick fireplace and add a nice mantle. I’ve seen a lot of real stinkers in Jersey, that’s not a bad house it looks fairly livable. I’m not sure what the ping pong palace looks like but this has an acre of property in one of the wealthiest towns in NJ and only has a 10k tax bill.

    This looks to be a normal sale, if you are shopping for value buy distressed, it may be a little trashed when you buy it but there will be more meat on the bone. I wouldn’t be so afraid of work as long as you are getting it cheap enough. Also this house isn’t across the street from a potential ping pong facility/brothel/potential low cost housing site……..

    Abeiz on your ft lee property, I’d try to value it and negotiate down the price. The LL might find it easier to sell at a lower price rather than listing it, mind you if they list it they are staring at 50k in realtor commissions.

  140. 3b says:

    North jersey real estate is way over valued there is not the demand or desire or need to commute to far flung suburbs for the house that used to be the dream house and lifestyle of yesterday. People getting married older having kids older and one or two and done. It’s a different world. Anyone waiting for a flood of older millenials to come buy their houses is a fool.

  141. JCer says:

    On Chatham vs Wayne, the difference is the wealthy don’t have Wayne on their radar. That is not likely to change, people want to be among their own. To some of the wealthy a million or 2 is not big deal, the real wealthy do not buy homes in Wayne, too many middle class people they cannot live amongst the proletariat. Short Hills, Rumson, Essex Fells, Mendham, Basking Ridge, Bedminster, Montclair, Glen Ridge, Ridgewood, Franklin Lakes. Ask yourself the question at work where does the higher management live? Not trying to be a snob but there is truth to it.

  142. JCer says:

    3b, to some extent I agree. Rich towns continue to be a destination for the wealthy and have ever higher prices. The misery senior leadership in most companies have been heaping on the rank and file has led to a hollowing out of the middle class. At the higher levels some have been doing really well. NJ’s inept government also hurts companies aren’t growing middle class jobs here it’s too expensive at every level from employee comp to costs of doing business.

    Want to make money in jersey real estate, buy apartments for the H1B crowd. They don’t want houses 2 bedroom apartments are money. Companies are chock full of imported IT people, as tech gets more and more complicated…..and poorly built the need for people to support it only seems to be growing.

    You can’t live in this market with a normal job between taxes and cost of living you’ll be eaten alive.

  143. The Great Pumpkin says:

    You are talking top of the food chain in America/world. I’ll use sf,or better yet, nyc. What happen to the areas like harlem that were god forsaken? Economy grew, and pushed them out. Why do you disrespect the north jersey economy. It’s pretty powerful right now, and it’s expanding. It’s inevitable that Wayne will make the jump due to its location and school system. There is no doubt in my mind.

    Wayne is a big f’en town. 55,000. It takes 15 minutes to drive through it and it touches so many different counties and towns. Wayne is made up of different neighborhoods that would be considered towns in Bergen or Essex county. Some neighborhoods are middle class and others are pretty wealthy. It has 3 middle schools and two high schools for example. If you took the neighborhood I live in, I will put it up against most high end towns. You can’t afford to live here unless you are well off. There are middle and lower class sections that bring down the avgs. You have apartment section and river rats. Then you have a couple of pure middle class neighborhoods. The rest are upper middle class.

    JCer says:
    August 7, 2019 at 12:10 am
    On Chatham vs Wayne, the difference is the wealthy don’t have Wayne on their radar. That is not likely to change, people want to be among their own. To some of the wealthy a million or 2 is not big deal, the real wealthy do not buy homes in Wayne, too many middle class people they cannot live amongst the proletariat. Short Hills, Rumson, Essex Fells, Mendham, Basking Ridge, Bedminster, Montclair, Glen Ridge, Ridgewood, Franklin Lakes. Ask yourself the question at work where does the higher management live? Not trying to be a snob but there is truth to it.

  144. The Great Pumpkin says:

    Again, if you don’t fall for the label. Wayne is a fabulous value in comparison to Chatham, Montclair, ridgewood, glen rock etc. Passaic county, the horror. Lmao. Thanks for the discount.

  145. The Great Pumpkin says:

    No way, no how. Do you see the earnings? This area is only becoming wealthier, look at the data.

    3b says:
    August 7, 2019 at 12:06 am
    North jersey real estate is way over valued there is not the demand or desire or need to commute to far flung suburbs for the house that used to be the dream house and lifestyle of yesterday. People getting married older having kids older and one or two and done. It’s a different world. Anyone waiting for a flood of older millenials to come buy their houses is a fool.

  146. The Great Pumpkin says:

    Jcer,

    As for the fixer upper. No one wants to fix it. They will pay the premium to avoid the headache like I did. Anything desirable that is turnkey sells easily and usually above asking price in north jersey. Fixer uppers that are high priced…not many people lining up for it. To get that home up to desirable level and turn key is going to cost a lot of money and time.

    I can’t sleep…shoot me.

  147. Bystander says:

    Geez, morning everyone..except Blumpy. He fell asleep in parents basement with copy of Wayne Real Estate Weekly in one hand and pud in the other..

  148. Bystander says:

    Ed and other guitar lovers,

    Check out Wings of Pegasus channel on ytube. I spent a few hours there last night. Guy has hundreds of video disecting wide range of guitar solos and artists. Very knowledgeable dude. I gotta say Marcus King might be best young guitarist around. Kid just has it all.

  149. The Great Pumpkin says:

    Nj is booming.

    “Employment levels in the Garden State increased in June while the state’s unemployment rate fell to an historic monthly low, according to estimates produced by the U.S. Bureau of Labor Statistics. The state’s unemployment rate fell by 0.3 percentage points to 3.5 percent — the lowest monthly rate since state-level records began in 1976 — and below the national unemployment rate of 3.7 percent.

    Total nonfarm wage and salary employment in the state increased by 10,200 in June to reach a seasonally adjusted level of 4,204,600. Gains were realized in both the private (+9,600) and public (+600) sectors of the state’s economy.

    Looking at the longer term, from June 2018 – June 2019, employment in New Jersey was higher by 47,600 jobs, with gains recorded in both the private (+45,400) and public (+2,200) sectors of the New Jersey economy. Since February 2010 (the low point of the last recession), New Jersey’s private sector employers have added 410,900 jobs.

    Based on more complete reporting from employers, the previously released total nonfarm employment estimate for May was revised higher by 600 to show an over-the-month (April – May) decrease of 7,000 jobs. Preliminary estimates indicated an over-the-month decrease of 7,600 jobs. The state’s revised May unemployment rate was unchanged at 3.8 percent.

    In June, employment increases were recorded in eight out of nine major private industry sectors. Industry sectors that added jobs were professional and business services (+3,000), trade, transportation, and utilities (+2,600), manufacturing (+1,000), information (+800), education and health services (+800), construction (+700), leisure and hospitality (+600), and other services (+100). The financial services industry sector was unchanged over the month. Over the month, public sector employment was higher by 600 jobs.

    Preliminary BLS data for July 2019 will be released on August 15, 2019.”

  150. Fast Eddie says:

    Bystander,

    I’ll check out the ytube thing. There really is so much hidden talent out there. I used to laugh years ago when guys with limited talent thought they were the next rock star. Even for the natural ability I had as a guitar player, I realized at an early age that my chances of being known was on par with hitting the lottery.

  151. The Great Pumpkin says:

    411,000 jobs added since 2010. Do the math. Real estate will only go up under these conditions. I’m giving you the data, 3b. It’s up to you to accept it. Nj is really really strong right now. Prob strongest economy in nj’s history.

  152. Juice Box says:

    Pumps – Growth rates in neighboring states is over 3% or nearly double what it is in NJ is. Economy is booming elsewhere and we are treading water. The historic monthly low in June that is now claimed has been enjoyed by other states many months before NJ, we are just keeping up with Alabama and Arkansas which also claimed June as their lowest unemployment on record. Nice to you you are in good company I guess.

  153. abeiz says:

    Pumps,
    The fixer uppers don’t just need fixing. To the extent buyers can afford to be choosy, they don’t want dated floor plans. You can only do so much to fix up something old.

    Joyce,
    Hmmm. Can I buy primary qualifying on single income, lease it out to wife and treat it as an investment for tax purposes?

    Crushed,
    True 3B/2BA do seem to trade at the 875-1MM range. These are big brick top/bottom boxes with 2 garages at least one attached to unit, with large usable yards. I think I am more torn between finally buying or not. The house we are in is on a extremely steep lot, steep driveway, steeply terraced back yard (unusable for kids), then there’s the 1 bath in each unit and LL pays water for whole house. There are stairs everywhere, split level stairs, stairs to garage, stairs up from driveway, and another half flight to kitchen, two flights just to get up the front door, stairs, stairs, stairs. Did I mention stairs and tight corners? Per LL, some time ago one prospective renter for the upstairs unit made a joke about suing the her for a slip/fall at the time of the viewing. Neeext!

    The type of buyer looking for a 2FAM is likely to opt for the many on-market 2FAMs that are on a flat lot with that second bath in each unit and a usable lot. Those btw, are advertised with stoves in finished basements. So they also have a third small unit that I am told nobody checks up on.

  154. Juice Box says:

    Speaking of music KoRn and Alice in Chains tonight at PNC, $18 bucks for the lawn seats at PNC mud waders not included.

  155. ExEssex says:

    Got front row seats for Blondie and Elvis C. In Santa Barbara tonite. Taking my 15 year-old. She loves Debbie.

    rip Layne Staley

  156. ExEssex says:

    9:06 those jobs better each pay well to buy in NJ.

  157. Bystander says:

    “Water, water everywhere, Nor any drop to drink.” – The Rime of the Ancient Mariner

    Pretty much sums up good paying middle class finance jobs in NYC region. You want $115k for a job that used to pay $150k then I guess area is booming. I still look around, My Linkedin is embellished and yet only idiot recruiters once in blue moon with sh*tty paying jobs. Most lying 22 year olds just looking to get into my connection list.

  158. Juice Box says:

    Speaking of fixing up. I have IPE decking on my porch and back yard decking areas. Since it’s mostly covered/shaded the fading/graying has occurred on the edges and steps. Anyone ever sand ot scrape IPE? I am going to restain it darker and seal it exotic hardwood pigmented sealer. The part that is not faded has a semigloss stain that I have to remove so the coat is even and not splotchy etc.

    Bear in mind I am cheap and handy, I am not paying someone to spread a gallon of the stuff just need advice on to whether to try and strip it or sand it.

  159. ExEssex says:

    9:05 it’s also about the lifestyle. You have to tour relentlessly to “get famous”.
    It’s a real tough lifestyle. Lot’s of casualties .

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  161. abeiz says:

    Also, TOOL just released their catalog on Spotify.

  162. Fast Eddie says:

    I’ve been immersed in concerts, songs, artists on ytube for weeks now. It’s really amazing the amount of incredible music out there. You can escape into another world for hours!

  163. Juice Box says:

    re” You can escape into another world for hours!”

    I have a very large collection going back to before everyone here was born and perhaps their parents too. I will donate a copy to Pumps if he promises again to never come back again.

  164. The Great Pumpkin says:

    Won’t happen over night, but…

    “Governor Murphy has set his sights on reclaiming New Jersey as an innovation hub – fostering an innovation economy that utilizes forward thinking and investments into the high-tech industries of the future, to better position New Jersey when it comes to economic competitiveness.

    Naroff says the focus on fostering an innovation economy is certainly smart, but cautions that it will be a long process before the state truly reaps the benefits.

    “It doesn’t turn things around overnight. You have to look at it as an investment into the future rather than something that will necessarily create jobs and centers of business in the near term. But unless you do that, you’re not going to get the concentrations you need to be competitive in this country in terms of research and STEM,” Naroff says.

    “We have to be nimble enough to focus on innovative young companies that have the potential to create substantial growth in the future, but we also need to be prepared and able to react appropriately if a bigger company is considering a move out of state,” Hughes adds. “We have to realize that our tax structures are still generally business-unfriendly, so some of the incentive programs need to counteract that.”

    Additionally, new technologies – such as automation – can lead to disruptions that have a noticeable impact on the economic landscape in the country and state. However, when it comes to automation, some of the concerns on its negative impacts may be a bit overstated.

    “Every advance in the past did cause some short-term dislocations, but ultimately created newer jobs in the long run,” Hughes says. “I think that is still going to be the case now.”

    He adds that while automation eliminating certain jobs can be a difficult process, workforce development programs and retraining programs can go a long way in easing the transition for affected employees.

    “It’s really great to have automated warehouses, but somebody has to build that machinery and somebody has to take care of it,” Naroff says. “It’s not as if just because it’s automated it doesn’t break down. The care of [machines] creates different kinds of jobs.

    “It also works to New Jersey’s benefit because we have moved much more heavily into a transportation economy. A robot makes moving goods and services more efficient, and you will still have to have goods and services distributed.””

  165. ExEssex says:

    Ooops! Philly. Not Boston

  166. The Great Pumpkin says:

    I just see the future potential. I see the change taking place and am confident in the long term health of this economy.

    This trade war is going to hurt us more than 99% of the states. We have to survive this period since we rely on trade as a percentage of our economy.

    Juice Box says:
    August 7, 2019 at 9:11 am
    Pumps – Growth rates in neighboring states is over 3% or nearly double what it is in NJ is. Economy is booming elsewhere and we are treading water. The historic monthly low in June that is now claimed has been enjoyed by other states many months before NJ, we are just keeping up with Alabama and Arkansas which also claimed June as their lowest unemployment on record. Nice to you you are in good company I guess.

  167. Blue Ribbon Teacher says:

    Speaking of music KoRn and Alice in Chains tonight at PNC, $18 bucks for the lawn seats at PNC mud waders not included.

    Was planning on going but with the rain and thunder, hell no. I saw AIC’s original comeback show with Ann and Nancy Wilson of Heart years back in Atlantic City. That was a great show. But it’s not the same without Layne Staley.

  168. The Great Pumpkin says:

    Agreed. There’s a reason there is such a variation on pricing and time of sale on the same sq ft home.

    abeiz says:
    August 7, 2019 at 9:17 am
    Pumps,
    The fixer uppers don’t just need fixing. To the extent buyers can afford to be choosy, they don’t want dated floor plans. You can only do so much to fix up something old.

  169. Blue Ribbon Teacher says:

    Also, TOOL just released their catalog on Spotify.

    New album coming out soon as well

  170. Blue Ribbon Teacher says:

    lol, Wayne is going to close the gap on Chatham? haha

  171. NJCoast says:

    Count Basie Theatre renovations means no concerts or work until September but more beach time and relaxing at my daughter’s brewery. Connecting the new addition to the old theatre. New smaller venue, backstage kitchen and dressing rooms, rooftop bar and lobby expected to be open January 2020.

  172. abeiz says:

    NJCoast,

    I can’t remember the number of times I wanted to make the trek up. I did check in via website and it is looking good!

  173. The Great Pumpkin says:

    If you read what I said, I didn’t say on par, but no way in hell does double the cost remain in place. The market will go to work and balance it to where Wayne isn’t a complete value in comparison anymore. Understand how markets work…they didn’t think jersey city would be getting Manhattan pricing either right? Laughed at, correct? Well the market said f you and your assumptions.

    Blue Ribbon Teacher says:
    August 7, 2019 at 10:22 am
    lol, Wayne is going to close the gap on Chatham? haha

  174. Bystander says:

    Marcus King opens for Chris Stapleton at PNC Friday. Just sayin’

  175. Blue Ribbon Teacher says:

    I never said that about Jersey City…so it wasn’t my so called assumption. But your town ain’t closing the gap on shit. It’s widened over the past 20 years. The best you can hope for is a return to a year 2000 comparison.

  176. The Great Pumpkin says:

    The f u was not towards you. It was a making a point to the people that looked down on jersey city and never thought it could be nyc.

    I broke down all the ingredients at play for Wayne growth. Watch and learn.

    Blue Ribbon Teacher says:
    August 7, 2019 at 11:11 am
    I never said that about Jersey City…so it wasn’t my so called assumption. But your town ain’t closing the gap on shit. It’s widened over the past 20 years. The best you can hope for is a return to a year 2000 comparison.

  177. PumpkinFace says:

    None of the posters here have any idea of how markets work, myself included. We know nothing about real estate or economics. Only you do. You are the smartest. Wayne is the best town with the best value that all millennials will flock to, okay? Now give it a fukcing rest. You have pretty much singlehandedly ruined this blog.

    The Great Pumpkin says:
    August 7, 2019 at 10:55 am

  178. The Great Pumpkin says:

    Blue,

    Again I ask. What is the benefit to my family if I sell my current home and pay double the price for the same home in Chatham? What benefit? The market will realize this. It’s called value. Just like Hoboken and jc were a complete value to manhattan. Now the gap has been closed significantly by mr market.

    I don’t care about your current assumptions about Wayne, that’s why it’s a value. I only care about the long term reaction to the market in my call for Wayne as the best value in north jersey.

  179. The Great Pumpkin says:

    Face,

    It’s a nj real estate blog and I’m getting bashed for talking nj real estate. Get a life!!

  180. ExEssex says:

    11:38 It might not make sense for “you” but someone shopping for a top tier town —

  181. Juice Box says:

    Pumps – re value war between Chatam and Wayne

    For Starters.

    Mall at Short Hills > WillowBrook Mall

    Then there is the neighboring towns to Chatham none of really full of crap shacks.

  182. PumpkinFace says:

    You’re being criticized for being overbearing and annoying. Ask yourself why you’ve felt the need to “quit” and stop posting so many times. Not being able to follow through with it for more than 16 consecutive seconds just adds to your overbearing and annoying nature.

  183. Yo! says:

    Wayne public school enrollment -12% in past 10 years from 8,894 to 7,866. Statewide enrollment flat over same time period.

    What is going on with Wayne schools?

  184. 3b says:

    So all the millenials are moving out to the suburbs and it’s just a matter of time for values in all towns to equalize? Even towns further away from nyc and Gold Coast? I wonder what happens to nyc and the Gold Coast? Are there enough millenials to absorb all the houses in all the towns? It’s a different world in my opinion. I see it everyday!

  185. The Great Pumpkin says:

    Old people won’t leave. I’m sure that trend is already shifting.

    Yo! says:
    August 7, 2019 at 12:51 pm
    Wayne public school enrollment -12% in past 10 years from 8,894 to 7,866. Statewide enrollment flat over same time period.

    What is going on with Wayne schools?

  186. The Great Pumpkin says:

    Juice, you are missing the point.

    Just answer this question. Why should I sell my house and pay double the price in Chatham. I want cold hard facts. What justifies double the cost? My family safer? My commute better? Schools that much better? What am I getting for my money?

    Until someone can come up with an answer for me….Wayne is the value. Simple as that.

    Juice Box says:
    August 7, 2019 at 11:56 am
    Pumps – re value war between Chatam and Wayne

    For Starters.

    Mall at Short Hills > WillowBrook Mall

    Then there is the neighboring towns to Chatham none of really full of crap shacks.

  187. 30 year realtor says:

    Pumpkin, You paid $650,000 in 2011. Equalized value is currently $658,000. House at 285 Colfax sold last year for $550,000 and is almost same square footage as your own. Condition was inferior to what you say your home is in but $100,000 in reno goes a long way. Appreciation since purchase? I don’t think so!

    Chatham has a snob appeal that Wayne never will. Comparing apples to oranges.

  188. Fast Eddie says:

    I found the school enrollment figures for my town: It’s at its highest level in 20 years only because the chart only goes back 20 years. It’s up 30%. I suspect most upper Bergen towns are showing the same trend. My point is and has been that every house sold in my neighborhood is a family with young kids. The houses don’t last long once listed.

  189. leftwing says:

    “Now give it a fukcing rest. You have pretty much singlehandedly ruined this blog.”

    THEN STOP RESPONDING TO HIM PLEASE.

    He is an idiot. You are debating a fool…

    “This trade war is going to hurt us more than 99% of the states. We have to survive this period since we rely on trade as a percentage of our economy.”

    He is clueless. He is mocked. He is insulted and derided. And he doesn’t care.

    He just keeps coming here wrecking any chance at meaningful conversation.

    And he will do so until you STOP RESPONDING TO HIM.

    His continued presence on this blog and his idiocy is not on him…It’s on anyone that responds to him.

    Just stop responding already. Please.

  190. ExEssex says:

    Now for Chatham:

    https://www.schooldigger.com/go/NJ/district/00004/search.aspx

    We sent my own kid to a place called Chatham Day School. Was great for her!
    It was to escape the shiteshow that was her local middle.

  191. Juice Box says:

    Pumps – If you cannot afford to live in Chatham then you settle for a place you can afford just like everyone else. The rich New Yorkers leaving Manhattan for suburban life choose Chatham. Wayne does not even make their list of towns to look at. Truth is Wayne was a trade up for the locals BnR and immigrants from Little Falls, Haledon, Clifton and Paterson and still is. Not the same demographic for Chatham, Short Hills or Summit.

  192. leftwing says:

    Exited GE. Still believe it’s a short, it’s just that I tripled my money in six trading days….

    About 20 minutes ago someone made a large bet, 2.6 million share equivalent through the 9/20 puts by way of a 11.00/9.00 spread…Paid about $3.75m for it. He’ll make $1.5m if it goes through 9.00.

    Good sized trade, kind that makes one stand up and take notice.

  193. The Great Pumpkin says:

    Again, another example of house that is shot. That’s why it sold for 550. It’s shot and not desirable. The lot it’s on is terrible.

    Equalized value at 658? Rotflmao …find me a house on the market like mine for 658k…good luck.

    30 year realtor says:
    August 7, 2019 at 1:06 pm
    Pumpkin, You paid $650,000 in 2011. Equalized value is currently $658,000. House at 285 Colfax sold last year for $550,000 and is almost same square footage as your own. Condition was inferior to what you say your home is in but $100,000 in reno goes a long way. Appreciation since purchase? I don’t think so!

    Chatham has a snob appeal that Wayne never will. Comparing apples to oranges.

  194. The Great Pumpkin says:

    Again, I never said Chatham and Wayne are on par. Why that keeps getting thrown in my face is beyond me. I simply pointed at that Wayne has now become a complete value in comparison to every single north jersey town. It has major room to grow. When you go diving for value in a market, you don’t go grab expensive stocks that have seen strong appreciation. You go for the beaten down ones. Those are the plays. Getting there before everyone else realizes it and drives it up.

    The fact that Wayne gets beat up on this blog makes me even more confident in my call. If you all were jumping and screaming it’s a value…obviously it would mean to run and it’s not a value anymore.

  195. ExEssex says:

    Relax no one’s trying to steal your sunshine .

  196. Juice Box says:

    But Pumps the taxes are not on par!

    Wayne Effective Tax Rate is 2.84
    Chatham Effective Tax Rate is 1.634

  197. The Great Pumpkin says:

    Wayne hills ranked no 1 in sports in state. #30 in the nation for sports.

    Ranked 77 out of 411 high schools in the state.

    https://www.niche.com/k12/wayne-hills-high-school-wayne-nj/rankings/

    Chatham ranked 59 out of 411.

    https://www.niche.com/k12/chatham-high-school-chatham-nj/rankings/

  198. Blue Ribbon Teacher says:

    Again I ask. What is the benefit to my family if I sell my current home and pay double the price for the same home in Chatham? What benefit?

    The same benefit you supposedly get by driving a BMW over a Honda. But actually, you are right, there would be no benefit if you tried to live in Chatham. You couldn’t afford it.

  199. The Great Pumpkin says:

    No doubt, but Wayne does give a lot for that money. They offer a lot of services. Wayne is hardcore republican now. They have done a fabulous job with holding down taxes and generating tax revenue. The town is in good hands right now.

    Juice Box says:
    August 7, 2019 at 2:32 pm
    But Pumps the taxes are not on par!

    Wayne Effective Tax Rate is 2.84
    Chatham Effective Tax Rate is 1.634

  200. The Great Pumpkin says:

    Blue,

    Wayne isn’t a Honda. Wayne is a bmw. Chatham is a Porsche. Short hills a Lamborghini. That’s a better way of describing it. You don’t think people call Wayne snobby?

  201. The Great Pumpkin says:

    Think it’s a poor town or something?

  202. The Great Pumpkin says:

    The doctor that removed my sisters tonsils lives three houses away from me. Yea, real poor.

  203. ExEssex says:

    No buddy. Wayne’s a Honda. A good ol’ boring Honda.

  204. ExEssex says:

    Doctors drive Honda’s.

  205. chicagofinance says:

    Stu:
    Who is the mortgage guy again?

  206. ExEssex says:

    Name one thing that is “quaint or interesting” in Wayne.

    One fun Bistro….? One nest little store.

    Can you hop a train into NYC, Mmm k.

  207. grim says:

    Name one thing that is “quaint or interesting” in Wayne.

    Distinguished Lecturer Series at WPU attracts some notable speakers in a comfortable venue. If you are a fan of Jazz, they attract some really solid Jazz talent. I got to spend an evening talking with Neil deGrasse Tyson about astrophysics with about 30 other people. I understand he’s now hated by the liberals.

    Viaggio is a fantastic little restaurant, top notch. On par, or better, than some of the dining options across the “top towns”. Quaint sounds like something a grandmother would like, so we’ve got that covered, High Society Tea House, not my cup of… But it is quaint. We’ve got Wayne’s first craft brewery being built out in the old “Woodworker” building on Rt 23, looks pretty cool. Hipsters, check.

    Packanack Lake, if you live in Packanack, or Toms Lake if you are outside. We can walk to the lake. It’s fantastic in the summer with kids. It’s inexpensive, incredibly clean, and the town invests a good amount in the town pool (which is better than most resort pools), and the lake, which is perfect for killing a few hours late on a summer afternoon. Very community oriented, we know all our neighbors, our kids all know each other. This sense of community is nearly non-existent across NJ these days.

    Dey Mansion, which served as Washington’s Headquarters multiple times during the Revolutionary War. The Van Saun home which served as the headquarters of the Marquis de Lafayette at the same time. We have real history.

    Passaic County Golf Course, if you want to hit balls but are poor. You’ve got North Jersey Country Club and Preakness Hills Country Club if you want to spend the coin. There is also a little club in Packanack if you want something in the middle. Two decent private clubs, one semi-private, and a public option. Not too bad.

    Laurelwood Arboretum is absolutely beautiful and a gem. Terhune Park is also a hidden gem.

    We’ve got a brand new gun range if you are into that kind of thing. If you are part of the Starbucks crew, we have 5 of those now. We also have Trader Joes, and the Whole Foods is being finished. Ice Vault is a pretty cool rink, all things considered.

  208. Juice Box says:

    One fun Bistro –

    In the exclusive secluded mountainous lake filled superhighway of Wayne New Jersey there are ten bagel shops you can get your Taylor Ham Egg and Cheese with Salt Pepper and Ketchup, most are open late too, with special VIP parking for BMW owners. Top that Chatham!

  209. The Great Pumpkin says:

    Essex,

    Yes, there are some Honda neighborhoods, but a majority of Wayne is def upper middle class neighborhoods. Family incomes are def in the 6 figure range even after apartments and flood areas bringing down the avgs.

    You can take a train or bus. You also can drive your car to Clifton or Passaic and jump on those stops. Viaggio is a quality bistro. I think the point of Wayne is not to attract outsiders. Willow brook mall is away from town and everything. So you don’t have to worry about traffic or these people clogging up local roads. Wayne wants people to go visit other towns, but come home to the quiet safe setting. So go out to Montclair for dinner, but come home to a quieter setting.

  210. Juice Box says:

    Grim – you just walked into the house party, your own house party and took a dump in the middle of the living room.

  211. Juice Box says:

    Ticket Alert. Do to the massive downpour and the need to bring your own inflatable lawn seats are now 11 bucks to tonight’s KoRn and Alice in Chains show.

    https://www.stubhub.com/alice-in-chains-tickets-alice-in-chains-holmdel-pnc-bank-arts-center-8-7-2019/event/104064320/?sort=price+asc

  212. The Great Pumpkin says:

    One of the best restaurants in jersey..my wife is a foodie.

    “Viaggio is a fantastic little restaurant, top notch. On par, or better, than some of the dining options across the “top towns”. Quaint sounds like something a grandmother would like, so we’ve got that covered, High Society Tea House, not my cup of… But it is quaint.”

    Right down the road from me. I bike ride around pines lake and regularly take walks in the Arboretum. It’s beautiful. You also forgot about hiking up in the trails behind wpu on the mountain ridge between franklin lakes and Wayne.

    “Laurelwood Arboretum is absolutely beautiful”

  213. ExEssex says:

    OK…OK…It sounds delightful. I’m still more a Maplewood kind of guy…..methinks.
    I like the tall older trees, the stately vintage homes, and the proximity to a ghetto.

  214. Juice Box says:

    re: “and the proximity” to C*ock Fights!

    We know how much you love those Essex!

    https://patch.com/new-jersey/wayne/rooster-fighting-ring-illegal-alcohol-sales-paterson-bar-pd

  215. 3b says:

    I had a serious question before who is going to absorb all this surburban and urban inventory? Later marriage small families .

  216. Juice Box says:

    3b – immigrants – about 25% of NJ population today are immigrants just over 2 million crammed into the cities, looking to leave the cities and get away from the c*ock fighting, drugs and crime. Same reason you moved and my family moved out of the boogie down Bronx, to get away from it and live the dream of the tiny ticky tacky box in the burbs. 500,000 undocumented as well even the ditch diggers and landscapers deserve a 3br POS cape on a busy road to call home.

  217. D-FENS says:

    Just saw Breaking Benjamin there. They make you rent a chair for $5 apiece now.

    Juice Box says:
    August 7, 2019 at 3:36 pm
    Ticket Alert. Do to the massive downpour and the need to bring your own inflatable lawn seats are now 11 bucks to tonight’s KoRn and Alice in Chains show.

    https://www.stubhub.com/alice-in-chains-tickets-alice-in-chains-holmdel-pnc-bank-arts-center-8-7-2019/event/104064320/?sort=price+asc

  218. 3b says:

    Juice I understand to a point but what of the massive residential construction that is everywhere?? Are they all upping and leaving for all the surburban towns in north jersey even the far flung ones? And the prices and the property taxes etc. are all these employed millenials going to up and leave for the burbs? Some but all a majority? I don’t see it. I am surrounded by millenials and there are those on paper at least that could by a house but don’t want to. The burbs are not appealing to so many of them. It’s different then it was in my day when the white ethnics fled the cities.

  219. Juice Box says:

    3b – when those neighborhood’s turn (and they will just like Fordham road up Mosholu Parkway to Woodland did) people will clamor for the safety and better schools. The story never repeats exactly but it does rhyme. The young and immigrants living in the highrises in the cities will want to get out and take out 18.45% mortgage rate on a WWII era POS even if they must.

  220. No One says:

    Here below is what Neil Tyson said that got the leftists upset.
    It’s all factual. His timing wasn’t great.
    He had balls to say it, or maybe he’s just on the spectrum and didn’t realize virtue signalling is more important than facts.
    In the past 48hrs, the USA horrifically lost 34 people to mass shootings.
    On average, across any 48hrs, we also lose…
    500 to Medical errors
    300 to the Flu
    250 to Suicide
    200 to Car Accidents
    40 to Homicide via Handgun
    Often our emotions respond more to spectacle than to data.

  221. juice box says:

    The parkway is a pretty decent class II Rapid right now

  222. 3b says:

    Juice I just don’t see it. I don’t think the new revitalized urban areas are going to turn like the old days in the Bronx. And while the immigrant community is growing the native born is declining birth rate is declining among all demographics except white women in their 40s. If anything and in fact you can see it in some Bergen co
    Towns they are starting to look and feel like the old inner city neighborhoods of 30 /40 years ago. As for the Bronx it did not catch the Brooklyn regentrify bug but Woodlawn and a few other areas are still good. 25 minutes from Woodlawn to Grand Central on metro north.

  223. Joe says:

    He is a very smart man. Anyone else saying that would be called a racist.

    “No One says:
    August 7, 2019 at 5:07 pm
    Here below is what Neil Tyson said that got the leftists upset.
    It’s all factual. His timing wasn’t great.
    He had balls to say it, or maybe he’s just on the spectrum and didn’t realize virtue signalling is more important than facts.
    In the past 48hrs, the USA horrifically lost 34 people to mass shootings.
    On average, across any 48hrs, we also lose…
    500 to Medical errors
    300 to the Flu
    250 to Suicide
    200 to Car Accidents
    40 to Homicide via Handgun
    Often our emotions respond more to spectacle than to data.”

  224. Bystander says:

    I really love the big pharma/pharmacy machine. They try to act like they are separate industries with no collusion. My son has light asthma. QVAR offered $25 off inhaler. CVS Caremark cost was $44 for 30 day supply so I paid $19 in July. Not bad. Go to refill today and they quote me $63 for same item. I said wait you must have processed wrong. Nope. CVS doubled the price to $88 and I get $25 off that. They said I could get discount with 3 month supply and pay $121. Of course, QVAR coupon is per “fill” so I only get $25 off 3 month supply. Effectively they all worked together to get me for an 80% markup in one month and going forward. Love this system.

  225. The Great Pumpkin says:

    I know it’s hard for you to understand, but north jersey is urbanized. It’s not the suburbs. Suburbs is Sparta. The quicker you understand this, the more it will make sense. You are talking 15 miles from the center of Manhattan dude. It’s inevitable, 3b. Whoever holds land in northern nj inside that rt 287 barrier will make a killing holding real estate. No matter where you buy. Yea, some locations will be better than others, but this is a Forrest Gump move. Can’t f it up.

    Understand this area is like a magnet. It’s sucking people from all over the world. Even the one’s that leave the area, they usually come back. Not always, but you would be surprised at how many do.

    3b says:
    August 7, 2019 at 5:39 pm
    Juice I just don’t see it. I don’t think the new revitalized urban areas are going to turn like the old days in the Bronx. And while the immigrant community is growing the native born is declining birth rate is declining among all demographics except white women in their 40s. If anything and in fact you can see it in some Bergen co
    Towns they are starting to look and feel like the old inner city neighborhoods of 30 /40 years ago. As for the Bronx it did not catch the Brooklyn regentrify bug but Woodlawn and a few other areas are still good. 25 minutes from Woodlawn to Grand Central on metro north.

  226. The Great Pumpkin says:

    A bunch of Muslim money is working its way through northern nj as we speak. You know how many I see driving land rovers? Big money.

  227. The Great Pumpkin says:

    Smart Asians flocking to northern nj. You know how much money they are making here and telling all their relatives? Why do they pick this area that’s far away from the west coast?

  228. The Great Pumpkin says:

    So you can have your head up in the clouds, or realize nj is not dying. Specifically northern nj. No way, no how.

  229. grim says:

    Who wants to live in Union county with all the f*cking tornados.

  230. leftwing says:

    Was kicking around this company, went to its site. Interesting page here on locations…

    Popped in to look at ROIs…sample size of one but the Clayton (Raleigh) neighborhood on the golf course seems to rent for $2100. Current comps listed $360k or under, taxes $4k. FWIW for our rental return discussion of the other day.

    https://lease.invitationhomes.com/search?_ga=2.42914469.1494566369.1565205494-1511460761.1565205494&location%5BlatLng%5D%5Blat%5D=38.555474567327764&location%5BlatLng%5D%5Blng%5D=-95.665&location%5Bzoom%5D=3&sort_by=distance&sort_direction=asc

  231. 3b says:

    Pumps Don’t you ever ever lecture me. Now back to ignoring you.

  232. The Great Pumpkin says:

    Yes, the return is wild in some parts of the country. Kicks the hell out of established areas. I would imagine there is some hidden risk not easy to see. There’s no free lunch, but right now it looks damn good on paper.

    Maybe hidden risk? The pool of renters all decide to start buying homes. Lots of land, could leave you holding a sinking ship. Those markets are dangerous with used homes because everyone wants “new” there.

    leftwing says:
    August 7, 2019 at 7:52 pm
    Was kicking around this company, went to its site. Interesting page here on locations…

    Popped in to look at ROIs…sample size of one but the Clayton (Raleigh) neighborhood on the golf course seems to rent for $2100. Current comps listed $360k or under, taxes $4k. FWIW for our rental return discussion of the other day.

  233. The Great Pumpkin says:

    I don’t think I’ve ever seen 2/3rds of New Jersey in a severe thunderstorm warning at one time. @JGodynick @Meteor_Mike @DaveCurren

  234. The Great Pumpkin says:

    I’m not lecturing you. I’m trying to help you. Your position had a lot hope back in 2008-10 era. Nj hit rock bottom. Christie came in and did some good things to control costs because of this. That era is gone. No economist will take the position that nj is dead. It reinvented self, and rather quickly for what position it was in. North rapidly urbanized. I’ve lived in Wayne for 7 years, and in those 7 years, they have built on almost every piece of vacant land. It’s slowly all going to be a direct connection to nyc. The transportation system is going to change dramatically to handle this dense of a population. There is going to be a lot of apartment buildings going up. If you can’t see this happening before your eyes, you are not willing to see it. Just picture these other cities in America, how can you not tell me that North Jersey is really becoming a direct extension of the nyc economy. Like a Kentucky bluegrass spreads…that’s exactly what the nyc economy is doing before our very eyes.

    3b says:
    August 7, 2019 at 8:12 pm
    Pumps Don’t you ever ever lecture me. Now back to ignoring you.

  235. The Great Pumpkin says:

    None of these other cities in America will ever catch up to nyc. This beast is simply unstoppable. Will only get stronger and stronger. It’s already the heart of the economy from Boston to dc.

  236. The Great Pumpkin says:

    Over the weekend, my wife and I rented a room at a hotel with a roof top pool for the kid and played tourist. The amount of construction was staggering. Visited Hudson yards for dinner at Wild Ink. It had a view of nj. Nj looks like a major city along the river. Simply amazing.

  237. The Great Pumpkin says:

    Run from this? Are you crazy? I’m embracing this nyc economy. Next dip, I’m going nuts at the opportunity to buy some discounted property. Just building ammo.

  238. The Great Pumpkin says:

    Like a snake, you patiently wait. Best part, doing the person a favor. Buying an asset that no one wants at the moment. They will shake your hand and say thank you for taking their money. Capitalism isn’t pretty.

  239. The Great Pumpkin says:

    People in the Verona area. Go check out Bloom. New BYOB place. Pork belly is amazing. Korean/French background.

  240. Mike S says:

    Viaggio is damn good.
    Bloom is walking distance, but I haven’t gone yet.

  241. The Great Pumpkin says:

    You live in Verona? That’s a great value too. Has lots of character. Great family oriented town. Starting to hit it out of the park restaurant wise. See a lot of appreciation potential there. Town pool is a scene out of that movie “sandlot.” Get that vibe of togetherness.

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