From the Star Ledger:
These 15 N.J. real estate markets are sizzling hot right now, spring edition
15. Hoboken
Current home value: $788,190
Yearly growth: 8.16
Hoboken is a strong city for working millennials. It’s is a little younger than the rest of the state and is almost half non-family households.14. Spring Lake
Current home value: $1,840,061
Yearly growth: 8.82
This one’s for the retirees: a third of Spring Lake’s population is over the age of 65.13. Alpine
Current home value: $3,044,317
Yearly growth: 10.28
Alpine is the priciest municipality measured by Zillow, so it’s surprising it has room to grow. It’s also the smallest municipality on the list, with a population of only 1,500.12. Westfield
Current home value: $752,887
Yearly growth: 10.56
This town of 30,000 is one of the wealthiest in Union County. It also has a higher-than-average percent of married couple households, at 82 percent.11. Montclair
Current home value: $676,734
Yearly growth: 10.62
Montclair has made a name for itself as a millennial hub with a walkable downtown area.10. Verona
*BARGAIN ALERT*
Current home value: $484,090
Yearly growth: 10.64
Verona has the lowest home value on this list, indicating that it could be a relative bargain before its home values go up further.9. Bradley Beach
Current home value: $558,114
Yearly growth: 10.68
Bradley Beach, a town 4,300, has a median income below the rest of the state — a rare quality on this list.8. Summit
Current home value: $942,536
Yearly growth: 11.31
Summit’s home values are well above the rest of Union County.7. Cresskill
Current home value: $624,987
Yearly growth: 11.96
This borough of 8,700 is nearly 90 percent married-couple households. Its median household income was $117,000, well above the New Jersey median but far from the highest in Bergen County.6. Glen Ridge
Current home value: $678,930
Yearly growth: 12.48
This borough between Montclair and Bloomfield outpaced the growth of both towns this year, although Bloomfield is close behind.5. Cranbury
Current home value: $730,387
Yearly growth: 12.69
This township has only 3,800 residents in its 13 square miles, and leans older and wealthier than the New Jersey average.4. New Providence
Current home value: $659,631
Yearly growth: 14.29
New Providence has a median income almost double the rest of New Jersey. About 80 percent of its households are married couples.3. Berkeley Heights
Current home value: $637,622
Yearly growth: 15.76
This town of 13,000 also has a median income almost double the New Jersey average.2. Weehawken
Current home value: $734,698
Yearly growth: 19.27
Weehawken has benefitted from the gains in its Jersey City neighbor. The borough, one of the most expensive in Hudson County, is a close drive to New York City.1. Jersey City
Current home value: $447,300
Yearly growth: 25.25
Jersey City remains at number one despite many changes to the list. Its more than 25 percent annual increase has been a boon to its population, but it came at a cost: The city recently conducted its first property assessment in decades, raising taxes in the downtown area.
First
One of my friends from college has a “nice” house in Cresskill. They bought it in 1999 for $390,000. Cresskill had a reassessment last year. My friend’s taxes are now nearly Pumpkin highway large at $17,000 and the value of his home has dropped from $1.1 million to about $950,000.
Zillow has it even lower, $877K.
My friend, being college-educated, lives on a cul-de-sac, not a highway.
I think I’d like my next job to be US Ambassador to Canada.
Well, the bottom hit and we are now on the upward curve. You used to easily be able to get a house in Paterson in the 100,000 range. Good luck with that. Clifton same thing, the price appreciation since 2016 has really shot up. All happening like I said it would. Last chance to get into towns like Paramus, Wayne, and Fairfield. They are still a great value, but not for much longer. When it costs 300,000 to get into Paterson, better believe that’s a signal for price growth for the towns above it. Paterson is the bottom, so it says a lot when that market is seeing significant appreciation.
I think this is the season when Pumps has his windows open and inhales the most car exhaust fumes.
All happening like I said it would.
per article above, it seems that the wealthy liberal is sticking around NJ after all
Where else are they going to go? They can’t afford New York.
per article above, it seems that the wealthy liberal is sticking around NJ after all
and what are the taxes in Summit?
the fukc people moving to low-tax, 4-day week schools, rightward, incel land, Oklahoma
8. Summit
Current home value: $942,536
Yearly growth: 11.31
If they go anywhere else they might accidentally bump into sane people who are not suffering from Trump Derangement Syndrome.
All the millionaires are leaving! Only problem with that bs, the housing data states otherwise. How can prices be going up in these locations if the rich are fleeing?
Very Stable Genius says:
May 21, 2018 at 8:04 am
per article above, it seems that the wealthy liberal is sticking around NJ after all
$24k in property taxes is a bargain for 2 kids attending best schools
11. Montclair
Current home value: $676,734
Yearly growth: 10.62
Montclair has made a name for itself as a millennial hub with a walkable downtown area.
So you admit that jersey is cheap in terms of tri-state area? So how exactly is the “cheap location” dying? Makes absolutely no sense when the people like 3b make claims that nj is dying.
The Original NJ ExPat says:
May 21, 2018 at 8:07 am
Where else are they going to go? They can’t afford New York.
per article above, it seems that the wealthy liberal is sticking around NJ after all
10% growth rates say it all
The Great Pumpkin says:
May 21, 2018 at 8:13 am
So you admit that jersey is cheap in terms of tri-state area? So how exactly is the “cheap location” dying? Makes absolutely no sense when the people like 3b make claims that nj is dying.
The Original NJ ExPat says:
May 21, 2018 at 8:07 am
Where else are they going to go? They can’t afford New York.
per article above, it seems that the wealthy liberal is sticking around NJ after all
Having spent a week in Florida, NJ’s roads are too damn cheap.
Turnpike each way needs to be increased to $30.00.
Parkway tolls need to be $5.00 minimum. Beach exits should have an additional $5.00 premium.
Routes 4, 17, 78 and 80 need to have tolls installed.
Delaware Memorial Bridge needs to be at least $5.00.
HOV lanes should be installed that require a $25 monthly registration, in addition to meeting the passenger requirements.
Wayne high end is very dead at the moment. The homes in Horizon and Vizcaya are still depreciating. Very few homes sold over $700,000 in past year. Bottom half of price structure has firmed up and sales are strong.
There is little reason to fear getting priced out in Passaic County and most of Northern Bergen County at this moment in time.
Grim
Didn’t Corrine want to raise the parkway tolls 800%?
Texas toll roads are extremely expensive compared to Jersey.
And a $5 per toll surcharge if you don’t pay for the pass, and they have to read your license plate to pay it.
No cash tolls, zero.
You are welcome to stop at the first rest stop and pay $25 to register for a device.
It’s no wonder taxes are low in Florida, the revenue generated by the toll insanity there likely makes enough revenue to pay for the entirety of the infrastructure and then some. Not to mention having gas and diesel taxes in the top 10 nationwide.
Alright, I figured out what the dumb f.uck who was driving that school bus on route 80 did. He was the *lead* bus. He got off route 80 West onto 206 North. He missed the first exit on 206N to Waterloo Village while he watched the other buses take the exit in his rear view mirror. He continued up 206 and turned around somewhere. Coming South on 206 he missed the exit again and found himself getting back on route 80 West. If you use Google maps streetview to put yourself on the 206S ramp onto 80W you’ll see the extremely poor judgement that killed people. Of course, I’m assuming it was a man.
The unlucky dump truck driver probably kept moving left to avoid the bus (maybe even right at the last second), even as the bus kept moving more and more left, on his way to having his bus broadside across all three lanes of Westbound Route 80 traffic.
https://patch.com/new-jersey/longvalley/was-school-bus-trying-make-illegal-u-turn-rt-80-crash
Investigators told NBC 4 that video footage from a Department of Transportation camera shows the bus cutting across lanes of traffic to attempt an illegal U-turn through an area for emergency vehicles. The video reportedly shows the dump truck slamming into the bus as it attempts to get onto I-80 eastbound.
The bus involved in the crash was apparently the only one to miss the exit for Waterloo Village, where the school field trip was being held, ABC 7 reports. The other two buses safely reached the destination, only to head back to school minutes later when word arrived about the deadly crash.
…
In a preliminary report released Thursday night, New Jersey State Police said the bus got on I-80 west from southbound Route 206, and collided with a dump truck near milepost 25.1, just past Exit 25.
It’s not clear why the bus would have taken southbound Route 206 to travel from Paramus to Waterloo Village in Stanhope. Online directions say the fastest route from Paramus to Waterloo Village is to take I-80 West to Route 206 North.
NJ.com reports that for the bus to have pulled onto Route 80 from Route 206, the crash would have had to have happened as the bus was still on the on-ramp for the crash to take place at mile marker 25.1.
Look at your post. Read it over. You clearly explain how it’s your last chance to get an awesome value in places like Wayne. Bottom half has shored up, correct? Prices in Paterson and Clifton are appreciating quickly. As the bottom market gets fed big price gains, they will sell and move up, feeding the market above them. It’s all happening right before our eyes.
The fact that you point out that it’s still depreciating says it all. Nothing will be depreciating two years from now, it will all be appreciating.
30 year realtor says:
May 21, 2018 at 8:31 am
Wayne high end is very dead at the moment. The homes in Horizon and Vizcaya are still depreciating. Very few homes sold over $700,000 in past year. Bottom half of price structure has firmed up and sales are strong.
There is little reason to fear getting priced out in Passaic County and most of Northern Bergen County at this moment in time.
grim,
Where in Florida were you? I visit friends and family up and down the gulf about once a year. If memory serves, the tolls are all +/- $1. And in the Sarasota / Siesta Key area, there are no tolls.
Is the east coast completely different?
It’s all appreciating! Last chance get in now! Even Paterson is feeling the love! Sounds like bubble to me . Same cheerleading I have heard over the years. So let’s go! Get those mortgage rates up to 5 ,6 and 7 percent! And if the strength is there than the increased rates won’t matter right? That’s what the cheer leaders say.
Grim,
I also was in Florida last week. Drove from Tampa International to Sarasota area and back. About 80 miles one direction. Paid $1.50 each way. And that was only for the St. Pete’s bridge. Car rental guy told us to pay cash. This way you don’t have to use their toll pay package.
If the dump truck was fully loaded, there was no possibility of stopping.
A few years back I watched a dump truck T-bone a Suburban that ran a red light – moved into the intersection to make a left turn before they had the green/green arrow.
The dump truck locked tires and even though it was full skid for a good 30-40 feet, did not slow for one damn second. It barely slowed down when it hit the suburban and sent it flying sideways.
At 55mph on the highway, not a chance, not a chance.
Pay by plate in Florida is a $2.50 surcharge per transaction passed on to the car rental agencies and then your credit card. Toll booths are centered around the tourist attractions.
The NJ Turnpike is the largest toll generating road in the US, parkway pulls in another cool $400 million or soo.
Too bad most of the money about 2/3rds goes to pay off the bonds and then there are those expensive salt sheds.
Interchange 1 Salt Shed: Contractor: Dobco Inc.
Contract Amount: $56.9 million
Peruse the spending.
Facilities Improvements
The Facilities Improvements Program in the CIP includes projects to replace four deteriorating
facilities for Troop D of the New Jersey State Police, to rehabilitate 16 Turnpike and Parkway
maintenance district facilities to bring them into compliance with current building codes and
operational standards, and to make life safety and operational improvements at all Turnpike
toll plaza buildings. The facilities improvements also include a new central services facility. In
total, under the Facilities Improvement Program, the Authority will construct 42 new buildings
and rehabilitate 18 others. The CIP includes $652.6 million for Facilities Improvements, and the
Authority anticipates spending $49.3 million in this program area in 2018.
http://www.njta.com/media/3511/2018-capital-project-investment-plan.pdf
The NJ Turnpike is the largest toll generating road in the US, parkway pulls in another cool $400 million or soo.
Florida Turnpike system – $720 million, Expressways another $350 million. I’m sure there are a half dozen other authorities that collect.
Keep in mind that these are not major arterial thoroughfares like NJ’s roads are.
Orlando to Miami is $20 something each way on Florida’s Turnpike, and those aren’t even all of the tolls along the way, just the long stretch.
The more you dig around these documents, the more it will make you sick.
The GSP now has all new police barracks, maintenance yards, rest areas and salt sheds. All absolute necessities when the NJDOT runs out of money earlier and earlier every year. What I don’t get is why we don’t pay attention. 60 million a salt shed and there are like 10 of them. That’s 1/2 a billion dollars on structures that most states simply use tarps and some cement blocks to perform the same function. Now Pumps, tell me how it’s all about my ideology.
Make the use of salt illegal as an environmental pollutant. It runs off and pollutes streams, lakes, the ground, and drinking water. Not only the salt, but all of the other heavy metals and other chemical pollutants.
Done.
https://bit.ly/2rW1Gzq
or
https://bit.ly/2IyDehT
Salt also prematurely kills all of your car’s undercarriage parts. We have to replace our mufflers twice as frequently as everyone else in warmer climates.
I only listed one of the Salt Sheds.
Another example in 2016 they spent more money on the new facilities, and technology improvements that they did on resurfacing.
Your tolls are paying for a bunch of overweight blowhards with even fatter paychecks and retirement plans. Never could I have imagined how much waste there is with extortion money if I didn’t work for a municipality for five years. I left because my brain was getting atrophy and I felt like I was stealing money.
I know someone on the inside at the federal level. I swear, besides being penalized for working too hard and repeatedly being told to pipe down whenever it came to ways to be more efficient. There’s also biweekly retirement parties, promotional celebrations, constant job trainings in far away (resort) places. There’s also a rubber room too. He tells me that his supervisors are all dumb as rocks and basically complain about how boring their jobs are all day to their underlings. All of this is 100% true.
Juice Box,
For residents of Florida the $2.50 surcharge for pay by plate is per monthly statement. Obviously, it’s cheaper to get a sun pass but I’m pretty sure the rental agencies get billed monthly per plate also but pass on more fees just cause they can.
By the the way, I’ll take all of this for no income and 1/3-1/2 property taxes. And I do use the toll roads regularly.
grim says:
May 21, 2018 at 8:37 am
And a $5 per toll surcharge if you don’t pay for the pass, and they have to read your license plate to pay it.
No cash tolls, zero.
You are welcome to stop at the first rest stop and pay $25 to register for a device.
It’s no wonder taxes are low in Florida, the revenue generated by the toll insanity there likely makes enough revenue to pay for the entirety of the infrastructure and then some. Not to mention having gas and diesel taxes in the top 10 nationwide.
Florida doesn’t have to cover costs of plowing and clearing the roads in the winter. The freezing and thawing of ice on the roadways in the Northeast is also very destructive.
Salt is also very destructive to concrete.
Yeah, but Florida has to pay extra for the little black outlines around each of the white highway lane markers…
..from the hit song..”it is so bright I can’t see white!”
No – I’m saying morons of a feather live in highway houses together.
So you admit that jersey is cheap in terms of tri-state area? So how exactly is the “cheap location” dying? Makes absolutely no sense when the people like 3b make claims that nj is dying.
I want chimps like unstable p.ussy to keep believing their tax dollars are going towards the causes that are rattling around in their coconut heads. At lease we know we’re being duped.
I love it when el stupido tries to school 30 year in his chosen profession and then goes on to tell him that he said the opposite of what he said.
Look at your post. Read it over. You clearly explain how it’s your last chance to get an awesome value in places like Wayne.
Privatize everything and make everything ala carte – every service and every function. I hope every fat motherf.ucker milking the system gets clogged arteries and goes face down in their canned spaghetti. The amount of waste from the local to the federal level is mind-numbing.
I hit an old guy in a big Buick or Pontiac with a School Bus on Grove Street in Montclair. The old guy saw a parked Yellow school van on the other side of the street and thought he had to stop (the van was parked, nobody in it, no flashing lights). He locked up his brakes and I locked up mine. I not only hit him, I hit him at least 3 times (hit, punt, re-hit, punt, re-hit, punt) as I came to a stop. We both continued in a perfectly straight line. His full size GM car had literally no trunk when I was done with him. No damage to the school bus at all. Cops gave me a ticket but I beat it in court, pro se.
I had a coffee in one hand, and a buttered roll in the other. Didn’t drop either.
Wow, still in the AM and we hit every major RE topic without any politics of the Orange one or gun control. Let’s see how long we can hold that, must be a record.
On the lead-in article and a couple thoughts on the comments….
Any discussion of nearer term metro NJ RE values is irrelevant without a view on NYC and LT rates. Metro NJ values are a direct derivative of NYC prosperity and values…as one of our more rational posters likes to state occasionally (forget who) “no one wakes up in the morning and says gee, I really want to move to Jersey”. If NYC does well, there will be spillover to Metro Jersey. If it doesn’t, it won’t. Same thing for rates…when LT rates move appreciably affordability for the new/move up buyer gets seriously squeezed. As we’ve seen, if there isn’t anyone below you to take you out at a gain, you’re less likely/able to do the move up and drive those prices. Values get compressed at all levels.
It’s a fallacy to discuss metro NJ values without a view on the City and LT rates…..
Some interesting notes from the lead-in article….Looks like there is a lot of ‘spillover’ on that list including among the growth areas….NP and BK are moving as people are priced out of Chatham and Summit…the price/value differential between the former and latter have just become too large….ditto Weehawken relative to Hoboken/JC…no one in their right mind would choose Weehawken over the other two, they are forced to…same for Bradley Beach relative to Spring Lake (and Sea Girt). Another case of spillover from the desired area into the next best affordable alternative.
What does that indicate for near term Metro-NJ value direction….this type of rapid price growth in ‘spillover’ areas often signals a ST top approaching, think of recent declines from the 80s forward and the spillover areas in those runups that ‘got hot’ immediately before, too many to count. Also, more generally, the value increases across most markets recently are coming on narrowing volume. Rapidly spiking prices on declining volume is as sure a short signal as you’ll find…..
Bottom line, long term (15+ years) of course nominal values will be up…general population growth, duh. Medium term (5-15 years) I would expect that values will be both higher and lower than now. If you truly can make that timing call you shouldn’t be posting here, you should be stock investing, you’ll generate enough gains to buy half the Caribbean. The next five years? Tell me what happens in NYC and with the ten year and you have your answer.
That must be why they store it on concrete, so they have to build new sheds every few years.
Salt is also very destructive to concrete.
Beijing agrees to “significantly” increase its purchases of American goods as threats of a tariff or trade war are dismissed.
The DOW is up 350 points.
Another Trump victory!
Trump now being blamed for 3 00 gas all over Facebook. And the left is supposed to be the educated class.
Ex yep it always amazes me when pumps tells a 30 year veteran of real estate he is wrong.
3b/expat,
I’m calling it like I see it. Since when are real estate agents good at the economics of their market? They sell, not predict.
Might as well toss in a bike lane story.
A million + in State and County grants for a bike lane?
“ENTNOR, N.J. –
The Murphy Administration announced that the City of Ventnor is one of only five communities in the State to receive a Bikeway Grant.
The Ventnor grant totals $190,000 and will be used to create bike lanes on Atlantic Avenue from the Margate border to Jackson Avenue.”
“The City is also implementing other recommendations of the plan by securing grants for streetscape improvements in the North Beach commercial section of Atlantic Avenue and for bike racks in critical locations though out the City.
An $800,000 grant from the New Jersey Economic Development Authority will fund new sidewalks, trees, decorative lighting and bump outs on Atlantic Avenue from S. Weymouth Avenue to S. Surrey Avenue. Construction is expected to begin in September.
Commissioner Tim Kriebel stated, “The streetscape project along with the new bike lanes will help to stimulate business in the commercial district.”
Ventnor has partnered with the County and the City of Margate to attract a $275,000 grant to place 25 designer bike racks throughout the City. The bike racks should be installed by the end of the year.”
http://www.snjtoday.com/story/38192931/ventnor-wins-190000-bikeway-grant
If anyone on this blog would have listened to me 5 years ago and maximized loans into real estate, you would be doing very well right now. You would have taken advantage of the bottom of the market, combined with ultra low free money rates. Killer combo right there in investing.
Instead I was called an idiot. I was told that the rates would never go up and housing was dead in nj. Okay, sure!
Many of middle school kids in our town were riding their bikes today to school en mass. Must be some kind of school program. They all rode on the sidewalk, no bike lanes…We need to think of the children and pay a few million to plant trees so they can ride in the shade…
WTF?
Man rams car into restaurant, killing his daughter and daughter-in-law who were dining inside?
https://www.independent.co.uk/news/world/americas/north-carolina-father-crash-car-daughters-dead-restaurant-bessemer-a8360751.html
The Great Pumpkin says:
May 21, 2018 at 11:19 am
3b/expat,
I’m calling it like I
seefantasize about it.Spring Lake where the tax rate is .66c and the property taxes barely make a dent in the retirees SS checks …
Grim,
Having people pay for what they use does wonders for resource allocation efficiency.
A lot of Florida roads didn’t exist 25 years ago. Tolls help connect supply and demand.
Makes more sense than taxing Peter’s income to pay for Paul’s “free” commute.
We spent lots of time here talking about New Providence being a new hot market a few years ago, there was a window when it was relatively affordable. Once they jumped up the high school rankings, it was all over, prices shot quick.
I had lots of clients at the time interested in NP, that didn’t previously consider it (more Westfield spillover than Summit spillover).
I can’t get over thinking about that stupid bus driver. His murderous act reminds me of my view on the douchebag who backs up down the highway because he missed his exit. Suspension of license for life should be part of the punishment for making an active and informed decision that your time is worth gambling with someone else’s life right here, right now. It’s worse than speeding, texting, even drinking and driving because I think all of those have an addictive element. Doing what he did is saying, “F.uck everyone’s safety, the clock time necessary to deal with my personal mistake is worth gambling away everybody’s safety.”
Same craziness I saw in 2005-2006… People trying to stretch in panic, once the bills start coming in 2019 with high mortgage interest and no property tax rebate, the first thing that will happen is foreclosure..
I would argue that Wayne has no real high-end market at all.
Vizcaya? Pines Lake?
Nah.
There are some clusters of ‘more expensive’ homes around. Packanack has some, Webster, the ones above, etc etc.
But we’re talking about a cluster roughly banded in the $750,000-$999,999 range.
The issue is, they aren’t really aspirational for anyone, even the folks living in Wayne. There is zero “I really want to move to that part of town”.
Also, once you get into the low $1m range, there is tons of beautiful inventory everywhere, properties and neighborhoods that are much more ‘high end’.
Wayne tops out at upper middle class. Look, there are tons of solid neighborhoods in Wayne, with surprising household income stats, but there is nothing that stands out as high-end.
My father was at Tracey Morgan’s new house a few weeks back.
Now, that’s high end.
Left,
I tried to show a dummy like Blump that NYC is shedding a lot of support banking jobs yet his pea size brain thinks it is just “the losers” leaving. AllianceBernstein has been in NY for 50 years. As someone actively engaged in job hunting, there is a wake up call going on. I have talked to enough recruiters and the rates are being driven down as banks and investment firms move functions out. You need lots of 150-200k non – front office jobs to keep city cranking along but cost cutting, outsourcing, near sourcing, H1 are reducing salaries to 125k or less. The area can’t survive or RE grow at these new normal ranges. 95% of financial professionals are not front office marketable. This is a bad harbinger for NYC.
125K sounds like a nice salary but maybe I live a frugal lifestyle. I like a nice home in a quiet area with people that I can relate to in the community. I got all three.
Bradley Beach! One of my favorite, under the radar places. If you go over to Avon and Belmar, way too much hype and crowds. There’s nothing like coming off the beach, going to Vic’s for pizza and then stopping at the Beach Plum for ice cream. And then don’t forget to stop at Del Ponte’s Bakery on the way home for the best biscotti in the state!
Bystander,
I get it, you are in a bind, but nyc is not falling off a cliff. You think wall st is just going to pick up and go? Nyc is way too important of a location. Sometimes it goes through growing pains, but it will be fine long term. There is always going to be change and turnover with business in a location like nyc. If a business that has been operating in nyc for 50 years suddenly wants to move to Nashville, bet your a$$ they are in trouble and doing anything they can to lower costs. Hopefully, they survive in Nashville, but the prestige factor will be hard to overcome.
London is currently experiencing problems too, but you think it’s going to die? Come on, now!
Huge Fish, more correctly marine life, tanks, right?
My father was at Tracey Morgan’s new house a few weeks back.
Eddie,
I think you need to go ask your boss for a raise asap if you think $125k is a good NYC salary. It is good for 30 year old bearded millennials without kids, or 60 year olds, with kids raised, heading towards retirement or the latest just arrived from Chennai types..but for people with 20 years experience and kids, that is barely surviving range.
Pumps how about addressing bystanders comments point for point? Instead of just rah rah b.s? As for London they are in trouble and if its a hard brexit they are dead.
And that’s why two good incomes are required today to live in this area.
Blumpkin,
Reading comprehension..I never said NYC is dying but I refute your belief that the NY metro/NJ area is on precipice of major RE appreciation growth. I am telling you from the front lines, it is bs. Do you code? Are you front-office trading? Are you in direct client sales? Are you a doctor? Are you a lawyer? Are you connected govt. worker? I know the answers are no so enjoy these times now because in a few years you will wonder what happened.
Pepper your resume with references to AI, Automation and Machine Learning, you’ll be beating them off with a stick.
Introduce yourself to everyone as an expert in cost reduction through automation and AI, if anything, you’ll scare the hell out of them.
Use the word “terrifying”, “job loss” and “retooled workforce” as much as possible in conversation, it makes you an expert.
3b,
Yep, as discussed numerous times. Of course, easier said than done if you have health concerns or your kid needs help. The cracks are getting very large these days.
Hah, grim..thanks..maybe I will say my favorite movie is AI in the ‘About me’ section of my resume. Can’t refute it although it is a lie. Putting in Apocalypse Now would probably exclude me from searches.
Here is a tip for everyone.
Download Workfusion RPA Express, it’s free.
Learn it.
Automate everything in your department, make everyone else redundant.
Disruption starts from within.
When the CIO announces a big RPA/AI projected, nonchalantly stand up and say.
About time, we’ve been doing this for 6 months now. We’ve automated 37 processes and have saved the company $375,000 on an annualized basis, and it didn’t cost a penny to implement, had an immediate ROI, and is already done and live.
By, thought of you. An efinacialcareer article popped up in my linkedin feed from someone. Was UK originated but talked of the carnage in your space with numbers. Feel for you. I’ll see if I can find it and post it.
Grim, still like NP on a relative value basis. Understand it popped but just pulled up zillow. Only three homes of 93 over a million, nice selection in the $750 range. Towns North or East can’t touch that (Chatham, Summit, Madison, SH, Millburn). With the schools coming around it hits the final criterion. Always had a nice home-towny feel, not heavily commercial….a lot of recent upgrades, the dodgy gas station on the main intersection is an Investors savings bank now, the shuttered Friendly’s is becoming a bank, main shopping center had a major facelift as did the storefronts on the Springfield/South St corner, not on any highway but very accessible to 78 (major bennie avoiding 24), easy enough to train it, very close to high end amenities like Summit restaurants and SHM….overall a nice little community
It’s probably still the best value in that neck of the woods, and has a decent likelihood of holding much of that value in a downturn. BK, would rate less on nearly each count above and would be concerned in a downturn.
Bystander,
Are you talking about back office jobs? What do you do?
re: “make everyone else redundant”
The robots cannot yet sort through the complexities of technology and various vendors big and small and then tell the lawyers and purchasing what language they must include in our contracts.
Speaking of lots of big name shops are sending out last minute “click here” addendums to their contracts with inclusions for GDPR, so I may just ask for a raise!
I think a lot of long term readers visiting this site got blind sighted and lost out on house appreciation by not getting into the market.. By having -ve thoughts all the time..
If you didn’t buy in 2016 or before, you have to wait for a long time for prices to stabilize or get in now into uncertainty..
Either PUMP is going bust or NJEXPAT..
re: “When the CIO announces a big RPA/AI project”
We have a cacophony of this going on, the problem is the expectations vs reality.
Eddie,
Mostly project management in change and transformation. Basically, funded projects that have complex global compliance reach or architecture realignments/system decoms.
Bystander. Understand. It’s a shame it’s either or today but it is. Also as for front office trading well that is being moved as well in some cases at least portions of it. In addition trading is becoming automated and traditional commission based brokerage is dying off as well. More and more it’s managed money.
Also one of the big wall street firms is already testing robotic investing with its employees and hopes to unveil the platform in the Fall the last I checked. Basically you go on line answer some questions investment objectives risk tolerance etc and the system builds the portfolio. It’s a 5000.00 minimum investment.
NYDECAN – not sure who you are but I think nearly everyone on this blog owns a home. I think Eddie and I were the last two holdouts who bitched and moaned all the way through the chubby realtor’s delusional acid tour of overpriced sh*t boxes.
I got into the housing market in 2012 and have realized the appreciation in my home. Probably 100k. Had I taken my downpayment and kept it in just a general market fund, I would have realized a lot more. And wouldn’t have dropped 20k on random repairs. Staying out of the housing market doesn’t mean you missed out on any gains. Last time I checked, the Dow and S&P went nuts.
Russia, Russia, Russia !Arabs, Arabs, Arabs!!https://www.nytimes.com/2018/05/19/us/politics/trump-jr-saudi-uae-nader-prince-zamel.html
We spent lots of time here talking about New Providence being a new hot market a few years ago, there was a window when it was relatively affordable. Once they jumped up the high school rankings, it was all over, prices shot quick.
I had lots of clients at the time interested in NP, that didn’t previously consider it (more Westfield spillover than Summit spillover).
I predicted the New Providence jump in rankings 3 years ago given what I heard from agents and suggested that the real estate values would follow suit.
Bystander,
I’m one of those guys who bailed out a week before signing papers after I visited this site.. Then the bubble burst in 2006. The best decision ever..
Now, I held out too long and feel I missed out..
Blue – “have realized the appreciation in my home”
No you have not, you are a bag holder until the day you die or sell and then and only then will you either realize gains or losses. Even then your cost basis should be adjusted for many factors including inflation.
Seriously folks the home you live in is not an investment, I can feel us moving back to that train of thought. Put it out of your mind or you will go crazy like the pumpkin..
https://www.youtube.com/watch?v=Jh_BUNbn58Y
We have a cacophony of this going on, the problem is the expectations vs reality.
Expectation: HAL
Reality: That Excel spreadsheet that Mary in finance needs to FTP to the vendor every Friday afternoon, we can automate that.
RPA is so ridiculously overhyped that well known talking heads are struggling with keeping up with the level of bullshit.
Only thing more overhyped is blockchain.
Housing turns like an aircraft carrier. Renting is not a horrible thing. It saves you a ton of time and provides mobility. You’ll know when the timing is right.
Not me. I’m out of the RE market and may never buy in this country again. Second crash, maybe. I might even beat Lib to CR.
NYDECAN – not sure who you are but I think nearly everyone on this blog owns a home. I think Eddie and I were the last two holdouts who bitched and moaned all the way through the chubby realtor’s delusional acid tour of overpriced sh*t boxes.
Juice yep! I remember some years back when someone I know did a kitchen remodel north of 100k there were some raided eyebrows but the person said it’s no big deal because when they sell in 20 years they will get all that money back!!
Eddie was always a home owner. He just moved to a nicer house at a lower elevation.
NY,
It looks like blog saved your rear. I would not worry about hub-bub of rising prices. Each seller has their own time line. I would just pay attention to past sales of the home. Lots of people trying to unload bad 2006 – 2009 decision and get profit. Run away from those listings. I still have guy up street trying to get 100k more than his 2008 buy. Place is absolute joke. Neighbors next to me sold for 40k more than 2012 buy. They probably broke even, no more
The AI talking heads have resorted to making up outrageous bullshit in their presentations.
I just last week heard a speaker say she heard her 6 year old talking to Alexa, asking it if they were best friends, and she said that Alexa responded by asking her daughter to share a secret, because best friends share secrets. OHMYGOD THE IMPLICATIONS.
Not for nothing, but I know a good number of people on the Alexa team. Would never happen. There are tons of easter eggs, but for someone to code that, legal would throw them out the door.
April tax receipts down year over year for the month of April. Up in most other states due to economic expansion…NJ described by Moody’s as an “outlier”.
Not a good economic picture for the state.
http://www.nj.com/politics/index.ssf/2018/05/tax_collections_wont_bail_lawmakers_out_of_difficu.html
Yep. Nothing appreciates more than a 20 year old kitchen. Our Boston condo had a modern kitchen. Built in 1926, remodeled in 1979. I’m guessing Almond appliances were the rage back then. Not sure about the red tile backslplash. BTW, that 1979 Almond refrigerator was frost free and more than half of our $120+ electric bill each month. Still running after 40 years though. Almond convection oven too. That must’ve been the sh!t back in the day.
Juice yep! I remember some years back when someone I know did a kitchen remodel north of 100k there were some raided eyebrows but the person said it’s no big deal because when they sell in 20 years they will get all that money back!!
Right, he sold his home at same time that he was buying another. I just remember some classic rants.
New Providence:
I don’t see the excitement. Lucent/Bell Labs has disappeared, and how long will Nokia stay in its old HQ? It’s got a little train station and a little downtown both inferior to Summit’s. Enron CFO Andy Fastow is the most famous graduate of it’s K-12 public education. The houses there look like they were built for phone company mid-level managers of the 60s through the 80s. And it seems like every week someone from New Providence gets into a car accident trying to merge onto 78.
I think they built a bunch of residential units in the Murray Hill section right next to the rail station
Unless you have $1.5-2m to spend, I don’t see why anyone would care about Summit or Short Hills either. Same shit, 2x the price.
I am going to skip this round of AI and wait
for the Smart Robots….Industrial 4.0
Autonomous everything….
Heh-heh. I chipped the enamel on that Oven back in 2002. I was practicing low chip shots from the kitchen , through the living room, and down the hallway to the bedrooms (lightweight foam golf balls of course). I hit the oven with one of my wedges on a follow-through that went a little too far.
Back then I put a scrape on our living room ceiling too. I thought 9-1/2 foot tall was high enough to clear my driver. High enough for the 3 wood, not enough for the driver.
Bystander,
I took the 50K 10% down payment by backing out from that house in NJ ( 2006) and invested in RE abroad. And put another 50K until 2012.
That is around 600-700K now. After currency depreciation vs $ and capital gain tax, I should net atleast 400K. Its a long process to do but I did hedge, even-though it was not into US stocks..
Yes, I’m on my third home and the last for a loooong time. Rants don’t ‘t begin to describe the last ordeal in house hunting. I still think house tour guides serve no purpose and once and a while, I visit an open house to remind myself of the torture I endured. I can’t recall one memory that sticks out, the were all excruciatingly painful. My favorite probably is having a nail technician (code for house guide) tell me to take out a 2nd mortgage to purchase another house but to lie to the bank as to the purpose of the loan.
The aroma of cabbage and beer still brings back haunting memories when I visit the classic 650K sh1tholes. They still exist in great numbers and the owners are still sl0bs.
When I walked in my current house, I sort of knew I had to make an offer. It was too nice and felt like home. I made some concessions but to have a 2/3 of an acre of green around me was too much to pass up. I also made some really nice friends and been to a few house parties. And I surprised myself on signing the contract knowing that I may have had to carry two mortgages temporarily. Thank G0d my house sold within a few days and above asking.
I know a woman who owns a house in that range in Short Hills. She was my manager at McDonalds when she was 23 I was about 18. Her Sugar Daddy was or later was the owner of the franchise. She got found out by the wife when she was 35, still the manager at Micky D’s. Her Sugar Daddy hid her away at Cornell where she became a 35 year old freshman in college, graduated in 3 years then went on to Yale Law. She eventually married the old guy but he died about 5 years ago. She’s a top lawyer in NJ now, chairs the Investment Management group at an esteemed practice . I only found her because my best friend is a lawyer, met her at a conference and somehow the conversation converged on McDonalds and then me. I’ll tell you this about her. She was a brutal manager and incredibly focused and hard-working at 23 years old. Hot looking too, but that’s besides the point. After busting her ass for more than a decade at Micky D’s I’m guessing Cornell was a piece of cake for a focused 35 year old, and probably Yale Law was even easier at 38.
Unless you have $1.5-2m to spend, I don’t see why anyone would care about Summit or Short Hills either. Same shit, 2x the price.
What spooked me to backout in 2006 was the following
1- The rush people were in to buy
2- Houses looked expensive even for a good earner like me
3- Houses selling with bidding
4- Everyone said, if you dont now you are screwed.
I found this site googling and went over all the posts for 2 days and backed out..
Ny decan everybody said you are screwed back in 1987 too.
Back in 1987 you still had good paying manufacturing jobs and runners on the stock exchange floor. Now, these jobs are no where to be found. It beckons the question, what will people do for a living in the future that will provide employers with impetus to pay them large salaries to live in NY area? In Blumpkin’s split mind it will just happen though he concedes that it is not happening today as wealth is being concentrated
Bystander back in the late 80s in our mid to late 20s we all had good jobs with a house and most wives were stay at home at least until kids were in school.
Our health care costs for full family coverage was under 30 bucks a month and no co pays. We had pensions, profit sharing plans,401ks nice bonuses and all the rest. I feel bad for the millennials or whatever they are called young people etc. I don’t know how any one save pumps can think things are better today. No one should be cheering high housing prices and outrageous property taxes.
Tomorrow’s job might not even exist…Today. Whoa.
Things are great at any time if you are healthy and employed. Toss is dead-sexy and we are talking trifecta
NP okay…… not on Main Line of NJT. Need to switch trains most of time at Summit…..kind of a big deal….
No One says:
May 21, 2018 at 2:04 pm
New Providence:
I don’t see the excitement. Lucent/Bell Labs has disappeared, and how long will Nokia stay in its old HQ? It’s got a little train station and a little downtown both inferior to Summit’s. Enron CFO Andy Fastow is the most famous graduate of it’s K-12 public education. The houses there look like they were built for phone company mid-level managers of the 60s through the 80s. And it seems like every week someone from New Providence gets into a car accident trying to merge onto 78.
I think they built a bunch of residential units in the Murray Hill section right next to the rail station
https://www.bloomberg.com/news/articles/2018-05-21/n-j-heading-for-2-4-billion-shortfall-in-murphy-spending-plan
Dedicated to Stu:
https://www.bloomberg.com/news/articles/2018-05-21/nj-transit-rush-to-finish-safety-work-may-worsen-hellish-commute
2:21 Yeah cause nothing prepares you for study of Juris prudence like cleaning a grease trap and sucking off your boss after your mop the floors. Sure.
Asbury Rising
After 50 years of bowling, more than a decade of punk and indie-rock performances, two years of renovation and months of speculation over just how altered the beloved Jersey Shore space would be upon completion, here we are: Asbury Lanes is finally back in business.
The iconic Asbury Park haunt reopened Friday night, and upon arrival to the old venue, which still sits a block from the beach and around the corner from the legendary Stone Pony, it didn’t appear as though much had actually changed since iStar — the city’s master redeveloper — overtook the building in 2015 as part of a multibillion-dollar overhaul in the revitalized Shore town. The white-brick exterior, the cursive lettering and the illuminated bowling-pin sign all looked more or less as they always had.
Grim on Short Hills it’s funny, one of my contractors was doing a serious remodel on a house there and he was telling me how he didn’t get why anyone would want to live there. He was like what is it about that town that someone would pay over a 1m for a house that as he described it, “is the size of your garage, but is in rough shape” and the taxes are almost 20k. I don’t get it, as you say either you’ve got the dollars(~2m) to play in the big leagues or you shouldn’t play in that market at all, most houses around a million need work and are small.
I attended my cousin’s graduation at Mt Holyoke yesterday.
http://www.gazettenet.com/mount-holyoke-graduation-17521985
Nancy Pelosi was the keynote.
The college bequeathed an honorary Doctor of Laws degree to her.
She was asked what the degree was, and she told the assembled audience that she needed to receive the Doctorate first so she could read what was in it.
New Providence just drive and park in Summit. Lots of people on even the Morris line do it.
The comment on houses built for mid-level AT&T managers nails it though. That is exactly who one section in Chatham was explicitly built for and knock downs there are back at $900k, with renovated original houses at $1.3m. If NP comes anywhere close to the value of its neighbor over time it’s a double.
If I were on a 10-15 year horizon with a young family I would look at NP. Of course, if you want to drop $2m somewhere else and feel like those carrying costs do that, but for the standard issue family it’s a nice little town close to all those amenities you don’t have to pay for with an entry price half of three contiguous ‘name’ towns. You’ll likely get solid appreciation and if you don’t you wrap up your kids’ years with a neat lifestyle.
Just went through there a couple hours ago…they have all these red, white, and blue banners hung throughout town on the lampposts “Hometown Heroes” with photos and names of resident Armed Services members, WW1 to present…Never lived there but I like the small town feel.
“It’s no wonder taxes are low in Florida, the revenue generated by the toll insanity there likely makes enough revenue to pay for the entirety of the infrastructure and then some. Not to mention having gas and diesel taxes in the top 10 nationwide.”
Ding Ding Ding. We have a winner. The southern states are not cheaper, they just nickel and dime you every step of the way.
Also he NJTP comparison is a bit off. At least in Florida you can take the streets. Crossing rivers like the Hackensack and Passaic outside of the TP or Parkway is a pain.
“her 6 year old talking to Alexa,”
That’s sort of why I don’t have Alexa or Google in my house. The Kids XBox Kinnect also gets unplugged when not in use.
I automated a job on my way out the door of an IB 15 years ago that is still firing off every month.
When I started looking into DevOPS and IAAS, my first thought was that’s what I’ve been doing for the last load of years. How do you think my team has accomplished so much with so few resources. My teams write scripts and I beat one mantra into them. Keep it generic. Spend a little longer to make it generic, then its easier to adapt.
I would add AWS and CISSP into your job advice. Easy learning, an easy exam and lots of open doors.
In Mod
Anyone do a lot of towing? I need something to haul a new camper. My Minivan maxes out at 3500lbs, which is fine for my pop-up, the new requirement will be 5000-7000lbs + Need a usable third row as there will be 6 or 7 driving back from FL this summer. That takes out a lot of Crew cabs as only a few can sit three in the front.
Mrs Fab wont take an old used unless it has bullet proof reliability Otherwise its new or 3 year old certified pre-owned. I looked at an X5, light on towing capacity and a little non-plussed.
Anyone have any suggestions? At this point its a 2104 Toyota Land Cruiser or Sequoia.
I hereby demand, that you roll initiative.
https://twitter.com/DungeonsDonald/status/998434750858645505
12 +5 Russian assistance
Spent lots of time looking at heavy SUVs for tax purposes.
Tahoe, Suburban, Expedition, Land Cruiser, Sequoia, Cayenne, Q7, LX570, etc.
Thanks Grim. here’s were we are.
Tahoe – No – ride handling
Suburban – No ride handling
Expedition – Her Yes, Me No
Land Cruiser – Yes
Sequoia Yes 2008- 2014 only
Cayenne Me Yes, Her No
Q7 – No Reliabilty
LX570 – Yes
G Wagon – No Expensive
Land /Range Rover – No Expensive
Trucks – seating for six always an issue
F150 – Possible
RAM – Possible
Nissan Titan Possible
Tacoma – Tow Capacity
Ridgeline – Tow Capacity
New Providence is 50 to 60 minute train ride to New York if the system works on time. That means a 75 minute or more commute. Too long for me and many others.
“Asbury Lanes is finally back in business.”
The locals hate the new Asbury Lanes. They had to take down their Facebook comments because they were getting blasted with unflattering posts.
7:41 which locals? Crack addicts or the Starbucks literati?
7:30 new player enters….Though Subaru’s sales game has been unstoppable in recent years, even as it keeps making fun and good things for us to drive, there’s one lucrative segment it has yet to conquer—the big three-row crossover one. The 2019 Subaru Ascent aims to change that, and unlike the black sheep Tribeca it actually looks and feels like a Subaru.
And I’m happy to report it handles far better than anything made to haul seven or eight people really should. / jalopnik
Cali, I looked at it and its a non starter for me. At 5000lbs its too little towing capacity.
If they had allowed a bigger engine it might have made the cut.
Lincoln Navigator – though it probably is over the price limit you are thinking of given your previous comments.
Cant beat the RangeRover sport.. 2015 or newer.
Blue – “have realized the appreciation in my home”
No you have not, you are a bag holder until the day you die or sell and then and only then will you either realize gains or losses. Even then your cost basis should be adjusted for many factors including inflation.
Seriously folks the home you live in is not an investment, I can feel us moving back to that train of thought. Put it out of your mind or you will go crazy like the pumpkin..
Never said it was an investment. I consider it a money pit. That being said, if I sold today, I’m taking in $100k more than I paid for it, easily. I got in at a price that most people would have paid another $50k on top of it. They priced their home too low and I swooped it up. Owe it to my real estate agent. He closed the deal because the second it got listed, their agent went to Germany or somewhere in Europe. He did his job and her job to get the deal done right away. The gist of my post was that anyone who even comes out ahead in real estate, they would have come out further ahead with just some modest stock investments.
” The gist of my post was that anyone who even comes out ahead in real estate, they would have come out further ahead with just some modest stock investments.”
Yup!
Mary Is o’bliged to pay this back:
Apex Bank is claiming Mary J Blige and her ex-husband, Martin ‘Kendu’ Isaacs have defaulted on an $8 million loan and a $2 million loan in court docs.
The $8 million loan was used to buy a $12 million home in Saddle River, New Jersey in 2008, while the $2 million loan was used to buy a home in Cresskill.
The company claims that as of March 2018, Blige owed $7,637,856.05 on the $8 million loan and $1,494,559.28 on the $2 million loan.
Apex is suing for the entire unpaid principal for the two loans, totaling $9,132,415.33 plus interest and other damages .