Monthly Archives: November 2006

Weekend Open Discussion

Posted on November 12, 2006 by grim

This is the time and place to post observations about your local areas, comments on news stories or the New Jersey housing bubble, open house reports, etc. If you have any questions you wanted to ask earlier in the week … Continue reading →

Posted in General | 222 Comments

“His luck ran out”

Posted on November 12, 2006 by grim

From the New Brunswick Home News Tribune: Shaky ground As lenders clamor to get paid, Kara Homes owner files for bankruptcy Zuhdi Karagjozi stood outside the courtroom in U.S. Bankruptcy Court in Trenton last month, looking defeated. His shoulders drooped. … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 7 Comments

Looking at exurbia

Posted on November 12, 2006 by grim

From the Pocono Record: The exurbia phenomenon They have a name for places like ours — the fast-growing communities on the outer fringe, beyond the suburbs of major metropolitan communities, with a growing number of urban commuters: Exurbia. … “People … Continue reading →

Posted in National Real Estate | 12 Comments

This one ought to be a doozie

Posted on November 11, 2006 by grim

Part-two of Bill Bonner’s essay, The Million Dollar Trailer: THE MILLION-DOLLAR TRAILER, PART II In the year of our Lord, 2005, on the Pacific coast of the North American continent, a two-bedroom trailer was offered for $1.4 million. This was … Continue reading →

Posted in Housing Bubble, National Real Estate | 3 Comments

“The market doesn’t appear likely to turn around any time soon.”

Posted on November 11, 2006 by grim

From the Times Herald-Record: Housing continues its slump The local housing market continued its steady decline in October, with sales and median prices down in Orange and Ulster counties, according to county boards of Realtors. Sullivan County data was unavailable … Continue reading →

Posted in Housing Bubble, National Real Estate | 25 Comments

Mortgage-credit spiral

Posted on November 10, 2006 by grim

From Inman News: Mortgage credit to impact housing next year Housing markets are the slowest-roller of all. The last buyers in the party get burned by a routine and minor retreat in price in the year after the peak, but … Continue reading →

Posted in Housing Bubble, Risky Lending | 43 Comments

20% Cut in Property Taxes?

Posted on November 10, 2006 by grim

From the AP: Latest tax plan would cut costs 20% Most New Jersey residents would see their property taxes slashed by an average of 20 percent under a plan that calls for changing school funding and pushing local governments to … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 101 Comments

A wave of bankruptcies on the horizon?

Posted on November 10, 2006 by grim

From CFO.com: Experts Predict Wave of Bankruptcies Most professionals involved in bankruptcy restructuring expect a rise in bankruptcies within the next 12 to 18 months, according to a survey. Over 70 percent of 90 restructuring pros in a survey by … Continue reading →

Posted in Economics, Risky Lending | 14 Comments

100,000 Affordable Homes?

Posted on November 10, 2006 by grim

From the Jersey Journal: Corzine trumpets commitment to affordable housing Gov. Jon Corzine dropped in on West New York to help break ground for two new affordable housing developments, which include 70 homes for seniors. “We have a real need … Continue reading →

Posted in New Jersey Real Estate | 9 Comments

Targeting overcrowding

Posted on November 10, 2006 by grim

From the North Brunswick Sentinel: N.B. ordinance targets overcrowding in homes Due to a growing problem of severe overcrowding and unsafe living conditions in town, the Township Council has put forth an amended ordinance in regards to code enforcement standards … Continue reading →

Posted in General, New Jersey Real Estate | 1 Comment

“We’re going to miss the Sands”

Posted on November 10, 2006 by grim

From the AP: Sands Casino to Close After 26 Years Willie Samuels walked away from the Sands Hotel & Casino for the last time with the satisfaction that he was a winner, even if it was only $8. Sands is … Continue reading →

Posted in New Jersey Real Estate | 7 Comments

Riskiest real estate markets

Posted on November 9, 2006 by grim

From the PMI Group: Fall Real Estate and Economic Trends (click to enlarge) There’s no longer any doubt that the housing market is cooling. As homeowners or prospective homeowners we pore over each new data point, trying to figure out … Continue reading →

Posted in Housing Bubble, National Real Estate | 26 Comments

Incentives cause conflict of interest

Posted on November 9, 2006 by grim

From the Wall Street Journal: Do Real-Estate Agents Have a Secret Agenda? Home buyers have a new reason to be wary in this weakening housing market: Real-estate agents increasingly have lucrative incentives to push one home over another. Slow sales … Continue reading →

Posted in National Real Estate | 116 Comments

One hell of a hangover

Posted on November 9, 2006 by grim

From the Daily Reckoning: HOUSING SPECULATION HANGOVER According to the chief economist of the National Association of Realtors (NAR), the housing market is now transitioning from and “unsustainable boom” to a “permanently high plateau.” According to an October 25 NAR … Continue reading →

Posted in Housing Bubble, National Real Estate | 25 Comments

Gerber goes age-restricted

Posted on November 9, 2006 by grim

From the Woodbridge Sentinel: Planners OK project for defunct Gerber site Continental Developers Inc. will soon convert the old Gerber property site on Green Street into 192 age-restricted multifamily apartment units. The Zoning Board unanimously approved Continental’s application at the … Continue reading →

Posted in New Development, New Jersey Real Estate | 26 Comments