From Bloomberg:
Buffett Says Gains in Housing Fall Short of Equilibrium
Warren Buffett, the billionaire chairman and chief executive officer of Berkshire Hathaway Inc. (BRK/A), said the U.S. housing market has made progress and still has a way to go in recovering.
“It’s coming back,” Buffett, 83, said yesterday during an event at the New York Public Library. “Pricing is better in almost all markets by a reasonable percentage from a few years ago. Housing starts are up somewhat. They still are not where I would regard as an equilibrium point, where they match household formation.”
A rebounding housing market has helped Omaha, Nebraska-based Berkshire’s subsidiaries that make carpet, bricks, insulation and houses. Some of those businesses have expanded in recent years through acquisitions as the industry recovers from the worst slump in seven decades.
Buffett has been predicting a real estate revival for years and positioning his company to benefit from it. He said in early 2010 that the turnaround would probably begin “within a year or so.” While that call proved wrong, he has since reiterated that the industry would rebound because of increasing population and limited supply.
Berkshire also has invested in some of the nation’s largest mortgage lenders, including Wells Fargo & Co. (WFC) and Bank of America Corp.
This one looks like mish-mosh. These people are horrible at decorating. If you’re going to sell the joint, at least make it neutral in appearance. F.ucking fake it somehow. Jeezus! They bought at the peak for 700K, currently asking 650K. They still have a ways to go on price:
http://www.trulia.com/property/1089111608-29-Lynwood-Rd-Cedar-Grove-NJ-07009
Oh, and despite the fact that they are probably underwater, you gotta love the BMW in the driveway. You know, appearances and sh1t. When in doubt, ask yourself, “What would Theresa Giudice do?”
Those deck railings do not appear to be to code…
Neighbors place closed just about exactly where I expected it to, new buyers got a good deal ($120k off the 2008 purchase price), but still, that six handle feels really weighty. Surprisingly, it’s priced under some recent comps. Market out here is pretty f’ing crazy right now. I’m seeing places closing at $75k or more than where they would have closed 1 year ago.
Great property but the inside looks like it was infected with the Tandy and Allen virus:
http://www.trulia.com/property/3134469299-31-Rockledge-Pl-Cedar-Grove-NJ-07009
Market out here is pretty f’ing crazy right now.
You mean prices are all over the place?
5 – They should have spent a little less money on the builder, and a little more money on an architect, that front elevation looks abysmally monolithic.
Garage doors need additional trim to make them pop, plus they need some kind of faux bracketry to break up the lines. The windows, way too small, and way too simplistic, they almost detract from the shrine to siding that’s the front of that place. They need windows with some kind of architectural details, I’d go with with a prarie style grille and some extended trim to make them pop – oh – and double the size, easily. Maybe a bit of an overhang over the garage doors to break up the flatness, something, anything!
Stone or brick appliqué to get rid of that plain block, and the light fixture looks like a zit on the face of that place.
I despise that house layout – garagemahal.
Just had an REO listing in Bloomfield sell for about 8% over asking price in about 10 days on the market. There is strong demand for listings that are properly priced. The rest just sits.
Banks pricing instructions? Recommend a price that will bring multiple offers in the first 30 days on market.
You mean prices are all over the place?
Closing prices well above where my radar estimates them.
One of the nicest streets in Little Falls. This one has been sale since forever. It was originally in the high 500s and the pudgy, slow b@stards decided to ride the market down. It needs 100K to get it nice. I was inside a year ago, I know. It’s at 440K ask at the moment. This one will sale at 200K off of OLP. Not that that means anything because people are f.ucking mor0ns when it comes to money but you get the drift:
http://www.trulia.com/property/3096621249-27-Kingwood-Dr-Little-Falls-NJ-07424
5 – The yellow sign with the arrow above the toilet, that says “Unload Here,” yeah, that’s classy.
Just curious, percentage wise, how much does a brand new roof add to the ask price of a house? Wink! Wink! Nudge! Nudge! :)
The loading docks are behind the house, Mack. Leave the papers at the front desk and Muriel will check you in:
http://www.trulia.com/property/3119473300-48-Morningside-Circle-Little-Falls-07424-Little-Falls-NJ-07424#photo-1
No explanation required:
http://www.trulia.com/property/1073725079-70-Parkway-Little-Falls-NJ-07424
14 – Suppose they are due some credit for honesty
“Hi, is Melissa and Joe Gorga home?”
http://www.trulia.com/property/3129526548-121-Big-Piece-Rd-Fairfield-NJ-07004#photo-1
Nice house but I’m thinking it is in flood, even if it’s never got water before.
I can’t find a description for the living room. At least I think that’s what it’s supposed to be. There’s a flat screen TV there but you might as well put a regulation basketball rim in there, too:
http://www.trulia.com/property/3128855050-129-Big-Piece-Rd-Fairfield-NJ-07004#photo-1
grim,
I suppose the whole street is in a flood zone; a lot of houses for sale on Big Piece Road. What a name! lol!
Yeah it’s in AE – if it wasn’t in flood it would easily be in the 7s or 8s.
Careful with Fairfield, there are a number of neighborhoods that are not in flood, but become trapped during flood events as all access roads run through flood.
That said, if the Passaic River Basin flood tunnel project ever gets built, those properties will see a big pop for sure. Although in reality, it’s probably cheaper to just buy out all the flood homes and return them to wetlands. I’m sure a 40 foot diameter tunnel through bedrock, from the junction of the Pompton and Passaic Rivers – to Newark (that they estimate will take 15 years to dig) – might cost a couple more bucks than we expect it to.
Suddenly we are all about RE? Where’s anon?
The no-bid contract to POS Canadian outfit mystery has apparently been solved. An imbecile like anon would know that deal didn’t pass the smell test.
http://dailycaller.com/2013/10/25/michelle-obamas-princeton-classmate-is-executive-at-company-that-built-obamacare-website/
I am not sure there’s a worse place to buy real estate than my county.
23. Awesome
[24] nwnj
I’m shocked, shocked, to discover that there’s gambling going on here!
Not to worry. MSM has already declared it to be a nonstory. Like Solyndra and its ilk, it means nothing.
[29] redux
O, as our next Anointed One would say “what difference does it make?”
@ianbremmer: EU residency — Going Rate (via real estate purchases)
Spain €500,000
Portugal €500,000
Greece €250,000
Hungary €250,000
Latvia €71,000
Comrade Nom Deplume, leaving smelly Wilmington soon says:
October 26, 2013 at 8:03 am
Suddenly we are all about RE? Where’s anon?
[29] anon
Seems the Europe you long for us to emulate has gone to the Dark Side:
http://www.spiegel.de/international/europe/immigrants-buy-visas-in-latvia-as-europe-locks-out-the-poor-a-926543.html
[30] redux
Note that this is just a residency program, not a citizenship program, so the appeal is limited. It’s more about access to the Schengen area and/or the ability to access a safe haven if TSHTF in their country.
Not so useful for our wealthy; Schengen access isnt a concern for many and our wealthy don’t risk being locked up for the crime of being well off. Not yet at least.
I think anon would make a fine fluffer in the Latvian p0rn industry.
If Latvian residency permit comes with EU job authorization, it’s a potentially interesting proposition for many here, especially if one can speak some language other than English. Obviously, if you can only get a job in Latvia proper it only boosts the local realtors.
[35] cobbler,
You buy the property in Riga then rent it out and go to Paris. Only 20% of the visa properties are owner occupied.
Congrats Grim! Unicorns are now in your town and poping realtor skittles. Hurry hurry time to buy
————————————-
Neighbors place closed just about exactly where I expected it to, new buyers got a good deal ($120k off the 2008 purchase price), but still, that six handle feels really weighty. Surprisingly, it’s priced under some recent comps. Market out here is pretty f’ing crazy right now. I’m seeing places closing at $75k or more than where they would have closed 1 year ago.
nom [34]
If some Chinese or Russian has $100K to spare he/she wouldn’t have a problem getting Schengen (sp.?) visa – so they can go to Paris without having to buy a place in Riga. If having the Latvian residency allows to live/work anywhere in EU as a resident (rather than visitor), it’s a different story – but unclear from the article.
@NewsBreaker: 5 people found shot to death in Phoenix, police say http://t.co/GhtNM9nD1g – @FoxNews
I’m seeing bidding wars on Toll Brothers houses; they’re selling for $100K over asking price. It was time to buy when the market was filled with fear. Today, there is little fear.
To clarify above, I’m referring to new construction selling at 100K above asking.
[42] cobbler,
Can’t say I know off the top of my head. Could find out easily enough but I’ve got better things to do. My guess is that it provides guaranteed residency for 5 years, easy access throughout the Eurozone, and if you decide you don’t need a lifeboat property, sell it and it becomes cheap insurance.
@NewsBreaker: A man in New Jersey just took a giant dump. The stool exhibited twice the creativity of Anon.
I know everyone loves it when I make predictions about what will happen with Obamacare.
Here’s another that I made, but as it turns out, it’s been tried.
http://www.mass.gov/legis/bills/senate/186/st02pdf/st02170.pdf
http://www.latimes.com/nation/la-na-roads-black-boxes-20131027,0,6090226.story#axzz2iwWJHVLN
black box in your car to tax miles driven ..
sunday drives are over
Vigoda > Lou Reed
Life’s like a mayonnaise soda
-Lou Reed