From LoHud:
Housing market strong in Lower Hudson Valley
The Lower Hudson Valley housing market continued to show its strength, as the total number of first-quarter home sales in Westchester, Rockland and Putnam counties went up by 14.5 percent over the same period last year, according to the real estate sales report released Monday by the Hudson Gateway Association of Realtors (HGAR).
Market conditions in Westchester and Putnam were also rated strong and stable in another quarterly report recently issued by Douglas Elliman.
…
The HGAR report shows that 1,847 homes sold in Westchester County in the first quarter, up 14 percent from the prior year quarter.Sales activity in Westchester — along with Long Island and Fairfield County in Connecticut — since last year has remained strong because more consumers are seeking affordable homes in surrounding suburbs, said Jonathan Miller, CEO and president of Miller Samuel Inc., a real estate appraisal and consulting firm, which monitors 18 real estate markets in the region.
“Affordability is dropping in New York City, and we’re seeing the pressure of pushing out to the suburbs in terms of property demand,” said Miller, who is the author of the Elliman report.
According to Miller’s report, Westchester’s overall sales volume stabilized in the first quarter: The number of closed sales was 1,640 while the figure was 1,647 in the prior year quarter. But the number of total sales under contract surged 16.3 percent to 2,338 over the same period. During the first quarter, 1,928 contracts were signed, up by 19.2 percent over the same quarter last year.
The luxury market in Westchester — defined by the Elliman report as the upper 10 percent of all single-family sales — continues to show weakness, with median sales price falling 16.8 percent to $1,985,000 over the same period.
…
The number of the first quarter sales in Rockland went up 9.4 percent to 467 over the same period last year; the median sale price of single family homes remained almost the same at $399,000.“Over the past year, we have seen a very balanced market,” said Rosemarie Pelatti, a real estate broker and owner at Keller Williams Realty Hudson Valley in New City, noting that the trend continues in 2016.
…
The number of sales in Putnam has continued to rise over the prior year level, mirroring the growth in Westchester.A total of 227 homes were sold in the first quarter, up by 26.8 percent from the prior year quarter. Of those sales, 87.2 percent were single-family homes and 12.8 percent were condominiums, according to the Elliman report.
The median sale price was $290,000, up by 3.6 percent from a year before.
Miller said Putnam’s market growth is also “connected to what’s happening in New York.”
First
Great. Suburbs. You know what’s coming, right?
Good thing I’m uber busy today. No time for a mile long stream of Pumpy
lol….Won’t put you through it.
Comrade Nom Deplume, Recovering From The Slopes says:
April 18, 2016 at 7:43 am
Great. Suburbs. You know what’s coming, right?
Da Burbs.
Who’s the group’s preferred lender for refis these days? I’d like to try to do a cash out refi to put on an addition. Might finally have enough equity in this house I bought in 2005.
When a two family in Ridgewood Queens sells for a million bucks you can bet people will be moving out to the burbs.
Hoboken rents since I left 3 years ago have skyrocketed.
2BR with parking in now $3,800 a month and up.
In the new “luxury” rental buildings 2 BR’sare closer to $4,800 a month.
I was paying $2,700 for a prime newer rental with parking on uptown Hudson St. Day I left landlord turned it over for $500 a month more. Now same rental is at least $1000 a month higher.
Nutso.
popping back in to ask a question and hoping 30 year realtor or others in industry are still here: future FIL is getting foreclosed on. It took nearly five years to even get an auction date. He has other plans but isn’t in a hurry to move. Q: Are these properties pushed through the eviction process and emptied prior to REO asap, or do they just linger in another queue post auction?
only in America
Shocker…
Long-stalled Meadowlands megamall delayed once again
The developers of the American Dream have announced that, once again, the massive Meadowlands entertainment endeavor is facing a delay, according to reports.
Triple Five said in a statement it was pushing back its self-imposed March deadline to start selling off $1 billion in public bonds, which will help finance the 91-acre complex slated to be stacked with a number name-brand stores as well as various entrainment and dinning options, CBS reports.
Voicing frustration over the long-stalled project, the East Rutherford’s Mayor James Cassella told The Record Friday the borough is concerned this move may indicate Triple Five will seek to restructure the current deal.
Still waiting for them to break ground on the Millennial marketplace AKA THE POINTE
Sayreville, NJ, just over the Dirscoll Bridge on the Parkway.
It was announced in 2012 with a 2017 Opening date. Right now however nothing on the site seems to have changed much, they are just continually bulldozing the giant dirt pile on the site back and forth every few months like they have been for the last 30 years.
http://thepointenj.com/wp-content/uploads/2016/02/MasterPlan_1.pdf
re # 10 – Grim – Goldman Sachs could not find buyers for 1 Billion in non-recourse revenue bonds? Lol…..
Today, I’m mailing out checks that are just for estimated tax payments that I am sure easily dwarf the salaries of anon/Fabius/yome/ccb, and may even dwarf them collectively.
That’s just for estimated. I’m pretty confident that I pay more in tax than all of them put together, and you can throw in pumpkin and Raymond for good measure.
So when they want to spout about paying “fair share”, I’ll give my response now: Go Fcuk Yourselves.
Re: lead article
In my neck of the woods (Fairfield County), heat is certainly up. Since we moved in last year, four $1 million plus homes have been built and sold and couple more under construction. Plenty of 700-800k priced homes going in too. I also have to eat crow on two houses near that I thought were 15%. Both under contract. Guy bought in 2005 for 570k. I can’t be certain how much he improved place but pending at 700k. Guy up street has nice place. Bought in early 2000k for $350k. House is tip top with beautiful pool in back. He listed at 825k. I figured 700k but it went pending when he dropped to 800k two weeks ago. Don’t understand where these folks are coming from. I paid 13% below what someone paid in 2005 just last year. People are crazy.
Told you. It’s all a cycle. No set time periods for the cycle, but the cycle always comes through. Jobs and wage inflation can change a market quick. Wait till we see some real wage inflation. You will then realize my call for an enormous bubble in the 2020’s is dead on.
Bystander says:
April 18, 2016 at 12:27 pm
Re: lead article
In my neck of the woods (Fairfield County), heat is certainly up. Since we moved in last year, four $1 million plus homes have been built and sold and couple more under construction. Plenty of 700-800k priced homes going in too. I also have to eat crow on two houses near that I thought were 15%. Both under contract. Guy bought in 2005 for 570k. I can’t be certain how much he improved place but pending at 700k. Guy up street has nice place. Bought in early 2000k for $350k. House is tip top with beautiful pool in back. He listed at 825k. I figured 700k but it went pending when he dropped to 800k two weeks ago. Don’t understand where these folks are coming from. I paid 13% below what someone paid in 2005 just last year. People are crazy.
If I’m included in that measure, no way you are paying more, but you never know.
“That’s just for estimated. I’m pretty confident that I pay more in tax than all of them put together, and you can throw in pumpkin and Raymond for good measure.”
The developers of the American Dream have announced that, once again, the massive Meadowlands entertainment endeavor is facing a delay, according to reports.
And then finally, when there’s nothing left, when you can’t borrow another buck from the bank or buy another case of booze, you bust the joint out. You light a match.
13 – Classy
If means-testing isn’t on the Dems’ wish list, then this particular piece of legislation works at cross-purposes to the Administration’s goals for retirement savings, and against retirement plan design in general.
https://www.congress.gov/bill/114th-congress/house-bill/4972
But, if the goal is to further burden-shifting by letting “your side” draw down so that future taxes are avoided by all but the wealthy, this legislation is consistent.
I bet my AGI is higher than nearly everyone’s here. Of course it helps that I received 250K in W2-Gs last year. On the bright side, when you factor in my taxes paid vs. my AGI, my effective tax rate is under 7%! It sounds nice in theory. In reality, of that 250K, I took home a little over 60K.
“Sales activity in Westchester — along with Long Island and Fairfield County in Connecticut — since last year has remained strong because more consumers are seeking affordable homes in surrounding suburbs…”
Affordable home = crap shack
If the median is $290,000, then half the sales were below that, which means that “affordable homes” are apartments turned into condos and specimens like this one: http://tinyurl.com/hkfhqyt
13
How much income would there be if not for the govt?
[22] Joyce
Nearly 2x as much
So the new job you’d have to get would pay you the same amount?
and I have small hands…oh, that is not how this works…..
Nom [13];
Re: “Fair Share”
Even reliable Hollywood lefty Aaron Sorkin knows how the game works:
https://youtu.be/716qbOv3a4M
blump,
I talked about it already – it is called price conditioning. When the govt. put a floor under house values, it would eventually get to point where younger buyers would have no clue or history about bubble pricing. We are seeing it now. A kid who was 19 when things exploded was too busy trying to get some stank to even notice. Now at 28, he is settling down and 2005 seems like a lifetime ago when he was doing skateboarding tricks and sneaking malt liquor. To me, it represents the marker of three card monte financial products and general greed and tom foolery. I won’t pay that price or above it for nothing in return. People like fast and I are clearly in the minority now though. I don’t believe for a minute that these young people make much more than me. They just are conditioned to believe 700-800k is normal and they’ll leverage themselves to get in on it. Things don’t change.
You aren’t buying a $700k house today with no income and a 3% down payment.
Folks that just bought around the corner.
Engineer (the kind with a stamp) for a municipal utility and a registered ER nurse, first time buyers, probably early 40s. They probably clear $300k, probably have gold plated benefits as a result of the government job, etc.
So they paid $550k.
I can’t imagine that in their early 40s with that kind of income, they didn’t manage to at least save $100k for a down payment.
I think folks like that are probably much more representative.
Bystander [27],
I agree.
You aren’t buying a $700k house today with no income and a 3% down payment.
They aren’t putting $140,000 down. They don’t have that chunk of wood because it meant sacrificing their lifestyle and there is no f.ucking way they gave up the cruise to St. Croix and the import p1mp ride. That engineer and nurse are netting less than half of 300K. Way less! I mean, c’mon, let’s get real. They paid 550K which is proof that they aren’t making that kind of dough. Because of they were, they’d be going for the 800K digs. Prestige has a price and Bystander is absolutely right. The market is still very f.ucked up and the muppets buying are even more f.ucked up.
re # 31 – “Prestige has a price” Isn’t 550k prestigious in Wayne?
Nah
geez….
Grim,
I never said no income but I bet 10% down and $150k total income gets you that 600k mortgage. It is all about low rates still. Sh!t, I have two people close to me who probably have that income vs mortgage debt. They put over 20% down though. I still consider it leveraging ones self.
There is no way that couple in your post is a common buyer situation. That is 1 out of 100 probably.
550K in the better towns in North Jersey is called a house with four walls. You want a paver walkway and private yard? 700K plus is your “starter” home.
Paver walkways? That reminds me I need more poly sand, lots of moss growing in between my brick pavers that I need to power wash away.
I am also doing some brick work, my fire pit cap bricks cracked from the heat. I have some 3.5″ thick standard blocks that were cut to be caps. I want to replace it with a flag stone cap.
Anybody know where I can find flag stone in NJ? Check the picture below of what I am trying to find.
http://tinyurl.com/zj69owh
Two different realtors told me I should consider “expanding my budget” so that I can start seeing houses in the 700k range. 550k was a problem. Of course, the real problem was that greedy sellers asking 700k for 550k. They eventually capitulated.
What do you think homebuyer’s from the 50’s said about the home prices in the 70’s? What did the 70’s buyers say about the 90’s prices? What did the 90’s buyers say about today’s prices?
The in demand real estate never goes down. It’s the nature of the beast. Real estate goes down, but in demand will never go down. Every location that you speak of is an in demand location. Every location fast Eddie speaks of is an in demand location.
You want stagnant or falling pricing, look in places no one wants to live (patersons, vernons, etc). So if they are in commutable distance to nyc, they will be ghetto. Otherwise, they are like Vernon, stuck in a terrible location with no demand.
Bystander says:
April 18, 2016 at 3:16 pm
blump,
I talked about it already – it is called price conditioning. When the govt. put a floor under house values, it would eventually get to point where younger buyers would have no clue or history about bubble pricing. We are seeing it now. A kid who was 19 when things exploded was too busy trying to get some stank to even notice. Now at 28, he is settling down and 2005 seems like a lifetime ago when he was doing skateboarding tricks and sneaking malt liquor. To me, it represents the marker of three card monte financial products and general greed and tom foolery. I won’t pay that price or above it for nothing in return. People like fast and I are clearly in the minority now though. I don’t believe for a minute that these young people make much more than me. They just are conditioned to believe 700-800k is normal and they’ll leverage themselves to get in on it. Things don’t change.
Anybody in the market for a used (slightly) flame thrower?
Every registered nurse that I know makes 6 figures. Bet the engineer does too. Think grim is dead on with his 300,000 call (they are in their 40’s).
Other part you neglect to mention is help from family with the down payment. As the older generation sells and makes a big profit in their home sale, they pass down some of this money back to the younger generation buying homes. Also, if their family passes, younger generation gets all their money. You have to consider this for areas like north jersey. A lot of families with money to pass down to their kids.
Btw, they will be getting that 800k home when they grow their family. Every thing is just taking longer these days.
Fast Eddie says:
April 18, 2016 at 3:49 pm
You aren’t buying a $700k house today with no income and a 3% down payment.
They aren’t putting $140,000 down. They don’t have that chunk of wood because it meant sacrificing their lifestyle and there is no f.ucking way they gave up the cruise to St. Croix and the import p1mp ride. That engineer and nurse are netting less than half of 300K. Way less! I mean, c’mon, let’s get real. They paid 550K which is proof that they aren’t making that kind of dough. Because of they were, they’d be going for the 800K digs. Prestige has a price and Bystander is absolutely right. The market is still very f.ucked up and the muppets buying are even more f.ucked up.
Agree with everything except a paver walkway and a private yard coming with a “starter” home anywhere. Maybe in some non demand location, but not where people want to live.
Fast Eddie says:
April 18, 2016 at 4:25 pm
550K in the better towns in North Jersey is called a house with four walls. You want a paver walkway and private yard? 700K plus is your “starter” home.
Gourd-o [41];
Every registered nurse that I know makes 6 figures. Bet the engineer does too. Think grim is dead on with his 300,000 call (they are in their 40′s).
The Nurse can easily make $100k, more if she works enough OT shifts, which are usually readily available — call it $120k. I’d have put the self-employed PE Engineer in the $150k-ish range, except that he works for a municipality — KA-CHING! You know, poor, down trodden public servants with cushy deadlines and plantium pensions. We need to pay those guys top dollar so they aren’t lost to the private sector [eye roll]. Easilly $180k – and there you have it.
Anybody know where I can find flag stone in NJ? Check the picture below of what I am trying to find.
Every major paver company sells that kind of thing as a standard package – they are available – but they are pre-cut.
Re#44 – I am cheap, I am not top dollar for stone.
Extensions filed, letters sent, now the hard work starts. Tomorrow.
Surprised it’s been awhile since an IRS facility got bombed, kamikazed, etc.
RealEstateinvestor101?
http://www.nj.com/bergen/index.ssf/2016/04/sex_with_hooker_on_flight_from_nj_part_of_nypd_probe_report_says.html#incart_river_home_pop
Suburbs – In the 1960’s we had “white flight” leaving for the suburbs. Now that whitey wants back into the city we have “poor flight” (I guess it rhymes better if we call it “plight flight?). Either way, it’s RE jujitsu – use your opponent’s motion against him and then execute the move.
Ah man…
DORIS ROBERTS RIP..
Went to Wegman’s for the first time today in Chestnut Hill. I was pleasantly surprised. I thought it would be like I remembered King’s in the 1980’s – All presentation and marked up prices.
re # 49 – it’s false demand, so F the Pumpkin….. Bunch of Hipsters and Chinese. My neighbor tells me 1/3 of cash closing in NYC are still Chinese buyers.
we might as well be putting our money in a barrel and burning it.
Wow. She outlived Peter Boyle by 10 years and she was 10 years older than him to start with. I guess it’s true. Women generally outlive men because they usually don’t have to endure the stress of living with women.
Juice Box says:
April 18, 2016 at 7:48 pm
Ah man…
DORIS ROBERTS RIP..
Seriously…a metal chimnia & a little lighter fluid – we’re there.
https://g.co/kgs/RQY0Y
[47] splat
I was in the Springfield NJ IRS offices the day a guy flew a plane into an IRS bldg in Texas. Nary a warning.
Will it cook a pumpkin?
Splat What Was He Thinking says:
April 18, 2016 at 5:30 pm
Anybody in the market for a used (slightly) flame thrower?
I love your blog.. very nice colors & theme. Did you create this website yourself or did you hire someone to do it for you? Plz respond as I’m looking to create my own blog and would like to know where u got this from. thanks a lot
I really like your blog.. very nice colors & theme. Did you design this website yourself or did you hire someone to do it for you? Plz answer back as I’m looking to construct my own blog and would like to find out where u got this from. appreciate it