Author Archives: grim

New Home Sales Tank

Posted on March 26, 2024 by grim

From Newsweek: Home Sales Collapse in Several States Sales of new homes in the Northeast and the Midwest plunged in February, helping to bring down the market overall across the country, as elevated mortgage rates dissuaded buyers from purchasing property. … Continue reading →

Posted in Housing Bubble, National Real Estate, New Development | 78 Comments

Better move fast

Posted on March 25, 2024 by grim

From the Star Ledger: N.J. ranks second in nation for fastest selling homes. See latest list. Homes in New Jersey sold within a median of 39 days in February, the second fastest in the nation, the latest data from Realtor.com showed. Only … Continue reading →

Posted in Economics, Housing Bubble, New Jersey Real Estate | 71 Comments

Bubble buyers first to bail

Posted on March 24, 2024 by grim

From Fortune: Housing market data suggests the most optimistic buyers during the pandemic are more likely to stop paying their mortgages Traditional methods for forecasting housing prices and broader economic indicators are proving insufficient. In our recent research, we explored an … Continue reading →

Posted in General | 36 Comments

Welcome to Spring – Best February Prices Ever

Posted on March 22, 2024 by grim

From CNN: US home sales surged last month, despite highest February prices on record Sales of previously owned homes in the US unexpectedly soared in February to the highest level in a year, in a sign that buyers are returning … Continue reading →

Posted in Comp Killer, Housing Bubble, National Real Estate | 149 Comments

Six figures ain’t what it used to be

Posted on March 21, 2024 by grim

From CNBC: The salary a single person needs to live comfortably in 25 major U.S. cities Here’s the income a single person needs to live comfortably in the 25 U.S. cities with the highest cost of living:

Posted in Crisis, Demographics, Economics, Employment, National Real Estate, NYC | 101 Comments

Back to normal or just gridlocked?

Posted on March 20, 2024 by grim

From Mansion Global: U.S. Home Price Growth Is Back to Where It Was Pre-Pandemic After three years of drastic price fluctuations—with values surging and then cooling down—home price growth in the U.S. is back to where it was before the … Continue reading →

Posted in Demographics, Economics, Housing Bubble, National Real Estate | 138 Comments

Building 200,000 Affordable Homes

Posted on March 19, 2024 by grim

From the Record: Senate passes bill to overhaul how NJ towns will meet affordable housing mandate How much affordable housing will New Jersey towns be required to zone for, build, convert or renovate over the next decade?  Gov. Phil Murphy … Continue reading →

Posted in Demographics, Economics, New Development, New Jersey Real Estate, Politics | 92 Comments

NY Metro Rents Skyrocket

Posted on March 18, 2024 by grim

From the Record: Rents are skyrocketing. This report breaks down just how much Housing prices just don’t seem to be letting up. In February, rentals saw the largest increase in price nationwide in more than a year, according to Rent.com’s … Continue reading →

Posted in Demographics, Economics, Employment, Housing Bubble, New Jersey Real Estate, NYC | 90 Comments

Commergeddon

Posted on March 17, 2024 by grim

From the WSJ: America’s Office Fire Sale Has Barely Begun If offices are in such hot water, where are all the forced sellers? Office-building owners have been under pressure since the Covid-19 pandemic hollowed out their buildings in early 2020. According to data … Continue reading →

Posted in Demographics, Economics, Employment, Housing Bubble, National Real Estate | 36 Comments

Yeah, but will it really change?

Posted on March 16, 2024 by grim

From CNN: The 6% commission on buying or selling a home is gone after Realtors association agrees to seismic settlement The 6% commission, a standard in home purchase transactions, is no more. In a sweeping move expected to dramatically reduce the cost … Continue reading →

Posted in National Real Estate, Politics, Unrest | 24 Comments

Even AI wants to live in NJ

Posted on March 15, 2024 by grim

From ROINJ: CBRE: New Jersey data centers find AI operators are dominant occupiers of space Strong demand for data center space during the second half of 2023 resulted in a new all-time low vacancy rate for the New York tri-state region, … Continue reading →

Posted in Economics, New Development, New Jersey Real Estate | 102 Comments

Transit-based redevelopment

Posted on March 14, 2024 by grim

From Newsweek: Housing Market Solution Could Help New Jersey New Jersey might have just found a solution to its affordable housing crisis, and it involves the undeveloped land outside of its transit system. The Regional Plan Association found 74,000 acres of land … Continue reading →

Posted in Demographics, Housing Bubble, New Development, New Jersey Real Estate, Politics | 95 Comments

Thanks Mom and Dad!

Posted on March 12, 2024 by grim

From Coldwell Banker: 2024 Consumer Survey Key Findings – March 2024 Over a quarter (26%) of surveyed consumers have not provided or do not plan to provide financial support for their child(ren)’s first home, compared to 38% who said they … Continue reading →

Posted in Demographics, Economics, Mortgages, National Real Estate | 103 Comments

Unexpected demand for Gold Coast rentals

Posted on March 11, 2024 by grim

From NorthJersey.com: Short-term rental demand rose in New Jersey after Airbnb restrictions in New York City It’s been just about six months since New York City placed major restrictions on short-term rental properties like Airbnb — and North Jersey is … Continue reading →

Posted in Economics, Gold Coast, New Jersey Real Estate | 88 Comments

Say YES! to $56k in property taxes

Posted on March 10, 2024 by grim

From the Record: Daybreak, an updated 100-year-old brick mansion in Montclair, hits market for $7.5M

Posted in New Jersey Real Estate, Property Taxes | 26 Comments