From the NY Times:
Behind Foreclosures, Ruined Credit and Hopes
After Franklin Abazie fell behind on his mortgage last year, he tucked one of his foreclosure notices, still in its ripped envelope, into the visor of his car — a looming reminder of why he had to take a second job.
Rashid and Yvonne Moore, a middle-aged couple whose lenders are threatening foreclosure because they have fallen behind on their mortgage payments, have begun thinking the unthinkable: moving in with his parents.
For Quintin Fields, it may take a miracle to keep his house; he owes nearly as much in late payments as he will earn all year.
“Everything is closing in on me right now,” Mr. Fields said.
Broad swaths of Newark are groaning under the weight of mortgage debt, much of it accumulated in the building boom of recent years that has transformed some parts of the city with gleaming redevelopment.
But in many of these neighborhoods, a heavy mortgage debt has led thousands of residents — many of them first-time homebuyers — close to financial ruin, experts and local officials say. According to recent census figures, more than 40 percent of Newark homeowners spend more than half their income on housing, one of the highest percentages in the New York metropolitan region and among the highest in the country.
…
Federal lending data show that a high percentage of mortgages for homes on the north, south and west sides of Newark — as much as 50 percent in some neighborhoods — are subprime loans. And a national study by the Center for Responsible Lending, a nonpartisan research group based in North Carolina, predicts that more than 18 percent of the people holding those loans will go into foreclosure in the next three to four years.
From the Boston Herald:
Falling housing costs may crush predators
On the same day that Rep. Barney Frank announced congressional hearings into the subprime mortgage scandal, I got a letter in the mail from a company I had never heard of.
Using information they got from my current mortgage provider, they promised to lend me another $50,000 and still cut my monthly payments by a third.
Only in the fine print on the back did they admit this was merely a teaser rate. In due course my bills could double – or worse.
It’s hard to argue with Rep. Frank, Attorney General Martha Coakley or Mayor Tom Menino, all of whom are pressing for a clampdown on misleading and predatory lending. But none of that will address the root cause behind the subprime mortgage meltdown, or the sudden spike in foreclosures around Boston and elsewhere.
Desperation.
Many people got way in over their heads, borrowing money they could never hope to repay, because it was the only way they could buy a home in Boston.
i’m wondering how many alt-a and prime 5yr-arm/io loans are out there ready to reset.
in 2003 I had an addition put on my house and had to call my lender for an extra $20,000. i was worried if i qualified or not. the lender told me i could borrow between 350-400,000 ( that would be the balance of my mortgage) i said i can’t afford that he said it didnt matter thats what he could get me. as it was the balance was 280,000 and was too much we sold within a year and are now renting. this is when i came to the conclusion “bubble”. If I took a 5-arm it still wouldnt have reset. how many 02-03 loans are out there people were given plenty of rope then to hang themselves
From the NC News & Observer:
Plastics company plans 165 jobs in Pitt County
New Jersey plastics company will use $600,000 in state and local incentive grants to move its operations to Ayden.
CMI Plastics will receive the state and local grants contingent on creating 165 jobs and investing $7.1 million over three years. Half the incentive package will come from the state’s One North Carolina Fund program and the other half from the Pitt County Development Commission.
CMI Plastics was founded in 1939 as a maker of model airplanes and now specializes in making plastic packaging for the cosmetics and medical industries. The company is looking to hire machine operators, material handlers, warehouse personnel and others for an expected opening toward year’s end.
…
CMI expects to move between 20 and 30 employees from New Jersey.
CMI considered staying in Cranbury, N.J., and also considered Pennsylvania, Maryland and Delaware, human resources director Aileen Marcelino said. North Carolina prevailed because of the incentive package.
From Bloomberg:
Subprime Mortgage Collapse Eviscerates California Headquarters
The words “New Century” used to flash several times a day on caller ID at Taleo Mexican Grill in Irvine, California, where diners wash down Salmon Veracruz with $7 hand-shaken margaritas. Reservations were often for 10 or more.
Not anymore, said Nic Villarreal, the owner of the restaurant, located two blocks from New Century Financial Corp.’s headquarters. “We don’t get any.”
In Irvine, where just nine months ago office vacancies approached a three-year low, home prices were at an all-time high, and unemployment was less than the national average, at just 3.6 percent, the unraveling subprime mortgage market is ruining the recent prosperity.
Hometown lenders including New Century and Ameriquest Mortgage Co. already have fired more than 3,000 people, house and condominium prices are down 17 percent since June and office vacancy rates are poised to double this year, said John McDermott, regional manager for Orange County at commercial real estate broker Sperry Van Ness.
“It’s a huge engine that has been shut off,” McDermott said. “I don’t know where the new influx of jobs are if you take the lending market out of the equation.”
At Phillips Auto in nearby Newport Beach, California, no one from the mortgage industry is shopping for Porsches these days, said Theresa Seradsky, the dealership’s general sales manager. Instead, they’re putting their Porsches up for sale through the consignment program, she said.
No Buyers
“Two years ago, every other day we had somebody coming in to buy,” Seradsky said. “In the last two weeks, we’ve had nobody.”
From MarketWatch:
Mortgage applications dip slightly
Applications for mortgages at major U.S. lenders dipped 0.2% in the past week even as interest rates fell, the Mortgage Bankers Association reported Wednesday.
Total applications — including purchase loans and refinancing loans — fell 0.2% week-on-week and were up about 17% compared with the same week a year ago.
The number of applications to refinance an existing mortgage dropped 0.5% in the past week after hitting an 18-month high two weeks earlier. Refinance applications are up about 41% compared with the same week a year ago. Refis accounted for 45.1% of applications.
The volume of loan applications to buy a home rose 0.1 %. Purchase loans are up about 2% compared with a year ago.
http://www.usatoday.com/money/economy/housing/2007-03-27-states-subprime-help-programs_N.htm?csp=34
http://quote.bloomberg.com/apps/news?pid=20601170&sid=aANd6ZRadG1c
http://www.washingtonpost.com/wp-dyn/content/article/2007/03/27/AR2007032701721.html
“Byzantine” and “arcane.” Why does this NOT sound like the best way to drive a bus?
I like the Rabbi’s approach from J.B.’s post yesterday. If it looks like an oven and works like an oven…it IS an oven.
“Subprime Mortgage Bonds Sold in ’06 May Be Worst Ever, S&P Says”
“It was the layering of risk,” Stock said in an interview. “There is no equity in the home, no income verification and a first-time homebuyer.”
“Investors demand an extra 7.5 percentage points in yield over benchmark rates to hold five-year bonds rated BBB- and backed by floating-rate home loans that are primarily subprime, up from 3 percentage points three months ago, according to Charlotte, North Carolina-based Wachovia Corp.”
“Almost eight out of 10 borrowers in 2006 had low- documentation loans where lenders didn’t require proof of the borrowers’ income, S&P said in the report.”
http://www.bloomberg.com/apps/news?pid=20601170&sid=aEtwcRJfM01Y&refer=home
Weeeeeeee, I thought I could afford a $325K house on a $24K income, weeeeeee!!!! Welcome to America Franklin. How about trading that expensive car you got for a bike?
Odd, yesterday’s posts would show, for example 32 posts on the Home page under a certain article. But when I clicked on the comments I would only see say 29.
So then I would try posting something. That wouldn’t appear either.
Today, all of yesterday’s comments are revealed to me.
Is something up with the site?
Hmmm, maybe I should just reset everything. Computer, cable modem, wireless hub, coffee maker, alarm clock, cell phone…
Unless of course this comment shows up. Then I’ll assume all is well.
Rich
Huzzah! All is well!!
Rich [11],
Same with me. I posted today around 7:20, it showed up at 8:00.
On another note is there an R in the air?
“Orders for U.S.-made durable goods rose less than forecast in February, limited by lower demand for metals, machinery and appliances. Orders excluding transportation unexpectedly fell.”
“Orders for non-defense capital goods excluding aircraft, a proxy for future business investment, fell 1.2 percent.”
“We’re starting to see the slowing housing market take hold, and that means suppliers of appliances and other goods that go into new construction are going to get hurt,” Naroff said.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a7fwJzQZYrL0&refer=home
i’m wondering how many alt-a and prime 5yr-arm/io loans are out there ready to reset.
Itulip has a really nice chart on mortgage resets; showing the volume or resets and type of mortgages set the reset:
http://www.itulip.com/forums/showthread.php?t=1114
It’s definitely worth looking at.
1. Sub prime lenders going out of business.
2. Sub prime borrowers facing foreclosures.
3. Depletion of Planktons – I mean first time home buyers.
4. Starter home dwellers can’t sell their homes to move to bigger houses.
5. Baby boomers downsizing to smaller houses.
6. Over 1 million empty houses due to over construction.
1+2+3+4+5+6+… = ?
a. recession
b. depression
c. prosperity according to Sally
d. a and b but not c
e. all of the above
I see the dark clouds hovering over US economy.
Renting [15],
Wow.
Odd, yesterday’s posts would show, for example 32 posts on the Home page under a certain article. But when I clicked on the comments I would only see say 29.
It’s due to the caching. An unfortunate side effect of the caching is that pages don’t get re-cached every time someone posts a comment. So when you post, it seems like your comment disappeared. It didn’t, it’s just not in the cache yet. I’m doing this to reduce the server load until the hosting company can resolve whatever issue they are seeing.
When they’ve got these performance issues resolved, I’ll turn the caching off so that comments will *always* appear as soon as they are posted.
jb
investor [16],
How about adding a choice;
f. hyper inflation
From Monday’s thread:
ChiFi said:
att-sbc: To start….I have a document that used to be available on the net, but it was pulled. It functions as a marketing piece for Rydex Investments. It has two killer charts, one relates to Sectors and the Economic Cycle, and the other breaks down Sectors and Industry groups. The working assumption is that you are looking to “learn stuff”. Good place to start learning about equity investing from a “macro-economic” viewpoint. Since you do not have fundamental financial analysis skills, your approach to education is going to have to be “top-down” by necessity. Contains the concept of correlation, but you should be able to hit that Uncle Charlie pretty easily.
First lesson – separate “the company” from the financial instruments that derive their value from the company. It is the best way to understand why a good “story” or a well managed comapny can be a bad stock.
Fixed Income is much more difficult, and should wait until you digest this stuff.
ChiFi.
Can you please recommend a good book or another resource where I can read and learn about this.
Thanks for your inputs. Really appreciate it.
From Monday’s thread:
ChicagoFinance said:
att-sbc: To start….I have a document that used to be available on the net, but it was pulled. It functions as a marketing piece for Rydex Investments. It has two killer charts, one relates to Sectors and the Economic Cycle, and the other breaks down Sectors and Industry groups. The working assumption is that you are looking to “learn stuff”. Good place to start learning about equity investing from a “macro-economic” viewpoint. Since you do not have fundamental financial analysis skills, your approach to education is going to have to be “top-down” by necessity. Contains the concept of correlation, but you should be able to hit that Uncle Charlie pretty easily.
First lesson – separate “the company” from the financial instruments that derive their value from the company. It is the best way to understand why a good “story” or a well managed comapny can be a bad stock.
Fixed Income is much more difficult, and should wait until you digest this stuff.
ChiFi.
Can you please recommend a good book or another resource where I can read and learn about this.
Thanks for your inputs. Really appreciate it.
It appears that the entire housing bubble was built on the fact that lenders stopped qualifying borrowers on documented income.
If they now do away with loan products that don’t require income documentation, we can count on a reversion of home prices back to the point where the majority of the loans were done full doc. In other words, we’re going back to 2000 pricing, maybe even more.
That chart on iTulip took my breathe away.
Good morning everyone,
This is a little off topic but it’s been mentioned a lot on this blog. I’m 27 and for obviously reasons did not really track real estate prices and price declines during the bubble-burst back in the 80’s-90’s. I tried a quick seach of old posts to try and find this information to no avail. I’m curious if anyone knows off hand how much prices in NJ declined off their peaks in the aforementioned time period? Any good sources I could tap for these stats?
Thanks,
Bill
Uh, Bob…how’re you factoring in real flat to negative wage growth in there to avoid the stag word?
http://news.bbc.co.uk/2/hi/business/5303590.stm#graph
or
http://www.cepr.net/index.php?option=com_content&task=view&id=1053&Itemid=8
Regarding housing inventory, I was listening on the news today that discussed how there will be in the very near future a glut of homes to come on the market. Not because they would not normally but because many of these homeowners are nearing retirement and have little if no savings and will need the equity in the home to retire on.
What do you all think about that?
What do you all think about that?
Absolutely. Many boomers have done a poor job of saving for retirement. When the housing boom happened, the perceived need to save went out the window. “Why should I save”, said the boomer. “I live in a winning lottery ticket. I was savvy enough to buy a house and now the house does the saving for me.”
Of course, what happens when too many boomers think alike and try to head for the exits at the same time?
BCamp0180,
Any good sources I could tap for these stats?
You can scrub through this:
Home Prices Do Fall
HOw about – If you do not have enough savings you do not retire??
Its amnazing, but true now all the talk is starting about how could nayoen know, we thought it might be bad, but not his bad, this was nto the way it was supposed to happen. And my favorite WAHHHHHHHHHHHHHHHHHHHH my American dream is turing into a nightmare.
***** WHEN THE 500K POS Colonial becomes 400k, and the 450K POS Cape becomes 360K, then I buy.
Until then I rent.
Joel Says:
there will be in the very near future a glut of homes to come on the market….because many of these homeowners are nearing retirement…and need the equity.
We’ve all been thinking along those lines for this area but I’m beginning to wonder. The statistics show 72,000 people leaving the state every year but just as many immigrants are arriving. Many of them earn good salaries in computers and medical. Jersey isn’t emptying out, just the contents are being changed.
No surprised from Bernanke..
From Marketwatch:
Bernanke expects moderate growth, slower inflation
Despite heightened risks from the contraction in housing and the slump in manufacturing, the U.S. economy will mostly likely achieve moderate growth this year with gradually slowing inflation, Federal Reserve Chairman Ben Bernanke said Wednesday. In prepared testimony to the congressional Joint Economic Committee, Bernanke expanded on the Federal Open Market Committee’s statement from last week’s meeting. “Thus far, the weakness in housing and in some parts of manufacturing does not appear to have spilled over to any significant extent to other sectors of the economy,” he said. “Overall, the economy appears likely to continue to epxand at a moderate pace over coming quarters.” One big risk: “core inflation remains uncomfortably high.” However, core inflation “seems likely to moderate gradually over time,” he said.
#29 And many more of much mroe humble and modest means,a nd cannot afford the prices,and are doubling and tripling up in apartments.
In Some Bergen towns that are undegoing demographic change, some that have managed to buy homes are renting out rooms in SFH to make ends meet.
None of this is a sign of strength, and local services in many of these towns are being strained to the breaking point.
Sorry for the terrible site performance, it looks like the issue is at the host at this point.
They inform me that they are doing everything possible to resolve the issue as quickly as they can.
jb
Subprime Players Get
Washington Summons
Regulators Ask Wall Street
If Investor Demand Led
To Looser Loan Standards
By DAMIAN PALETTA
March 28, 2007; Page A2
WASHINGTON — Federal bank regulators are summoning Wall Street firms and other mortgage-market players to discuss whether high investor demand for subprime mortgages led to excessive lending and some of this market’s problems.
The April 16 meeting will look at Wall Street’s effect on both easier access to credit and lower underwriting standards, Federal Deposit Insurance Corp. Chairman Sheila Bair said. Critics allege these trends have fueled rising foreclosure rates on certain high-risk, high-cost home loans.
http://online.wsj.com/article/SB117504426372651216.html?mod=home_whats_news_us
More and more stories every day of families near breaking point over stretched finances.
LOT of people suffering due to the national obsession with getting more people to pay a mortgage rather than paying rent.
Did anyone see the front page of WSJ this morning? how many and what kind of jobs are going to “offshore”?
I get the paper subscription, not online.
It’s truly scary. It says, accounting/booking – over 1.8 Million jobs to go offshore
And another 360,000 computer programming related jobs to go to offshore.
What will happen to our kids and grandkids?
NO jobs?????
Did anyone see the front page of WSJ this morning? how many and what kind of jobs are going to “offshore”?
I get the paper subscription, not online.
It’s truly scary. It says, accounting/bookkeeping – over 1.8 Million jobs to go offshore
And another 360,000 computer programming related jobs to go to offshore.
What will happen to our kids and grandkids?
NO jobs?????
Guess the carrying cost of this Luxury flip in Hoboken is getting too high.
http://newjersey.craigslist.org/search/rfs?query=maxwell+sohoboken&minAsk=900000&maxAsk=max
Bernanke, “correction in the housing market could turn out to be more severe than we currently expect
Bernanke testimony today seemed to keep in line with a continued trend toward a negative outlook for the housing market.
Notably absent from his remarks today were any predictions for a recovery or even stabilization in the housing market. In previous statements, he has always tempered his negative comments over what has happened in the housing market with something more positive about the future like “signs of stabilization have appeared”.
He has dropped any reference to stabilization or a recovery and instead refers to the future as “uncertain”.
I wonder if the Bernanke word mincers have picked up on this shift?
http://www.federalreserve.gov/boarddocs/testimony/2007/20070328/default.htm
bbb [28],
OK, my 365k bid was not accepted. I’ll bid $367,242. Final bid, fill or kill.
My most recent bazar observation:
Some agencies are withdrawing their houses from the Realtor.com, while still listing them on their web-sites and MLS/Gmls systems – I am talking about never putting new houses up to realtor.com, I am talking about remopving the ones which were listed for a long time.
Anybody else noticing this??
Interesting link in this iTulip article.
http://www.itulip.com/forums/showthread.php?t=1101
There is a chart in that article “US Total New Privately Owned Housing Units Authorized by Building Permits”. In almost every housing recession, the bottom has been when that number has fallen to about 750-800k. We are still far away from that, but it sort of validates the point made by a blogger on this site recently about a bottom hapenning when new construction falls to around 800k. The rest of that article is very informative, excellent analysis.
I am currently looking at MLS# 2700396 in River Edge. I think it was originally listed at $549, then $546, and now $537. I just put in an offer of $475 and I’m hoping that they bite.
I know I could probably get a better price if I wait, but I really want to get my kids into a better school district.
Can anyone recommend a good RE lawyer in the area?
MikeyMike Says:
Why not offer lower? At least 20%. They obviously lowered it 3 times b/c nobody is knocking on their door. I would have bid between 4-425k so it gives me room to play/bargain with them.
#25 Rich,
Thanks, that was exactly the information I was seeking.
NJSUX,
Why not lower? Because the house is in a cul-de-sac, is in an excellent school district (Cherry Hill grammar), has a large property (over 1/4 acre), and has been expanded and updated to suit my tastes (not to mention my wife’s).
I’m not looking to rob anyone. I believe my offer is a fair amount.
#41 Mikey/Mike: That house has been on and off the market for over the last year if I rememebr correctly.
As faras a better school district, nto sure where your are coming from, but river Edge test scores have been dropping over the last few yers, and 2005/06 saw a very big drop, same thing with the high school. Not to mention taxrs are out of control, with no end in sight, as the new elemntary addition will just be coming on line this year. The increase this year alone on the school budget is almost 10%, and it is only starting.
You might want to consider other options, Wyckoff Mahwah Pascack Hills
“Mortgage servicers offer help to avert foreclosures”
“Whenever we have to foreclose and take a property back we end up losing 40 to 50 cents on the dollar. I’d rather take less money on an interest rate basis from the borrower than I would have having to take the property back,” said Litton, whose firm services $60 billion of subprime and Alt-A loans, which are a step below “prime” in credit quality.”
http://www.reuters.com/article/bondsNews/idUSN2838866620070328
Mikey/Mike That Blue Ribbon award they refer to is over 10 years old, and the program is no longer in place. plus when it was in place, you applied for it, it was not awarded, just so you know ALL the facts.
That Cherry Hill grammar addition is going to break the town. Already this year the School Board has spent the budget surplus, it is gone.
It will not be there next year.
And they have barely scratched the surface as far as the huge additional tax increases the town is going to face becasue of this addition , over the next few years.
Just want to make sure you have ALL the facts, not just what your realtor may have told you.
I was under the impression that this house came on the market in January. Can anyone with MLS access verify this?
As far as schools go, I’m coming from Cliffside Park. So, this will be a world of a difference! Anyway, I would rather not move too far north due to distance to my job.
“I’m not looking to rob anyone”
[45],
Does your realtor/lender/town/state have the same intentions??
MikeyMike,
History of Property:
ACT $184,500 1/25/1997
W-T $184,500 2/3/1997
BOM $184,500 2/5/1997
ACT* $184,500 2/5/1997
ARR $184,500 2/20/1997
ACT* $184,500 2/24/1997
U/C $184,500 2/26/1997
BOM $184,500 3/28/1997
ACT* $184,500 4/4/1997
U/C $184,500 4/21/1997
SLD $177,000 6/1/1997
ACT $559,000 1/4/2007
PCH $546,500 1/30/2007
ACT* $546,500 2/9/2007
U/C $546,500 2/20/2007
BOM $546,500 3/3/2007
PCH $537,000 3/20/2007
Taxes $10,608; 47x110x108x56; 3bd – 2 bth; C/A; fplc
—–
1 Warwick: 3Bd-1 1/2bth; C/A; fplc Sold 11/04 $477,000
288 Lexington: 3-2; No C/A; No fplc Sold 7/06 $466,000
229 Princeton: 3-1, C/A; No fplc Sold 1/05 $405,000
195 Princeton: 4-2 1/2; C/A; No fplc Sold 8/05 $525,000 (Inground pool)
321 Taft: 3-2; C/A; Fplc Sold 3/07 $485,000 (Inground pool)
272 Van Saun: 2-1; C/A; No fplc Sold 1/07 $401,000
Rich
“I’m not looking to rob anyone”
“Does your realtor/lender/town/state have the same intentions??”
I don’t believe any of the parties that you mentioned intend to rob anyone. Do you?
Mikey/Mike Not as big a difference as you might think. There is the RE of yesterday, anf the RE of today.
You can look in Paramuss right next door, schools are just as good if not better, taxes much lower, also Emerson.
Don’t get tied up in the Blue Ribbon, but if you go ahead and buy, be prepared for huge tax increases over the next couple of years.
Alsokeep in mind that Oradell is looking to dissolve the River Dell regional district, becasuse they pay more of the budget, but send far fewer kids to the middle and high school.
If this happens, or if the state approves a change in funding for Oradell this will mean an even larger tax increase for River Edge going forward.
Just want to make sure you have ALL the facts.
Rich,
Thank you for the info! It seems to me like $475000 is a fair price for this house.
BergenBubble,
Thank you for your info as well. I had no idea about River Dell schools being possibly dissolved. I’ll have to think about this some more.
Anyway, my offer is only valid for 3 days. If they don’t accept in that time, I intend to lower it considerably when they come back. And I fully expect them to not accept by Friday; they have another open house this weekend.
Mikey/Mike, if you can go maybe 5 miles north of there, try Washington Township. There are a bunch of houses on the market in this price range; lots are larger (mostly 75 x 100) and taxes are lower — even after the recent revaluation, which also means that you won’t have to deal with that now for a while. Ask your realtor to show you houses in the area between the cemetery to the south, Washington Avenue to the north, Lafayette Ave. to the east, and Pascack Road to the west.
Or also check parts of Westwood, where taxes are even lower because Westwood has a thriving downtown and ratables.
Bcamp0180,
Your welcome, but thanks go to the James Bednar (webmaster of this site) who compiled all that info!
att Says:
March 27th, 2007 at 6:35 pm
From yesterday’s thread:
Can you please recommend a good book or another resource where I can read and learn about this.
Thanks for your inputs. Really appreciate it.
att-sbc: grim was supposed to e-mail you a file – yeah there is a book by Sam Stoval of S&P, but it is $495 hardcover /$192 paperback (on Amazon)…..figured you may want to get a taste before I pull you under.
If slacker falls down on the job (yet again), please e-mail me a chicagofinance@yahoo.com
Respond when you get this, which I assume will be some time in April based on how this site works now.
James Bednar Says:
March 28th, 2007 at 9:13 am
It’s due to the caching. An unfortunate side effect of the caching is that pages don’t get re-cached every time someone posts a comment.
jb
Sounds to me that the problems we are experiencing are due to CASHING, or lack thereof :(
Okay,
My son does tell me all the time Mommmm friends (guys) always say mean things to each other. I guess Chicago and Grim are really tight!!
On another note, even though this is a foreclosure,sub-prime thread.. lets talk inventory. I want to put in my prediction for hitting 32,000 on GSMLS. Last year it was october before we hit that number. I am saying April 17th Tax day. Booyaaaaa
KL
KL – does that signify that I am friends with Reech?
more pointless pontifications from chicago. at least you’re consistent.
A repost from yesterday — in case it got lost or missed:
just curious — wanted to know the fate of
78 woodcliff lake road saddle river
938? or 933? saddle river rd hohokus
as usual… thanks in advance..
sl
Looks like the house we ever finally decide to buy will have an mls number starting with 300 something…. all the latest are starting with 238 or so…including all the (unbelievable number of ) relists
also, if possible, the address of
gsmls 2390261 – Thanks!
sl
Still Looking,
Woodcliff Lake Rd, Saddle River History
ACT $749,000 6/19/2000
ACT* $749,000 9/18/2000
U/C $749,000 9/22/2000
SLD $700,000 2/13/2001
ACT $1,450,000 5/7/2006 (Also listed as Land)
W-U $1,450,000 6/16/2006
ACT $1,500,000 9/1/2006 (Listed as Land w/”ABANNED HOUSE ON LOT”)
Mort: 2/2001 $612,500
Lis Pendens: 7/2005 $490,000
E Saddle River Rd, Ho-Ho-Kus History (you’re killing me!)
ACT $1,595,000 2/18/1999
ACT* $1,595,000 8/9/1999
U/C $1,595,000 8/9/1999
SLD $1,362,500 12/17/1999
ACT $1,895,000 1/29/2002
W-C $1,895,000 3/5/2002
EXP $1,895,000 7/29/2002
ACT $1,895,000 4/5/2002
PCH $1,795,000 6/7/2002
EXP $1,795,000 10/5/2002
ACT $1,895,000 11/14/2003
W-U $1,895,000 4/7/2004
ACT $2,295,000 4/21/2005
W-U $2,295,000 5/25/2005
ACT $2,295,000 9/21/2005
EXP $2,295,000 2/21/2006
ACT $2,295,000 6/2/2006
PCH $2,249,000 11/8/2006
EXT $2,249,000 12/1/2006
PCH $2,199,999 1/31/2007
EXT $2,199,999 1/31/2007
Same agent & broker for ALL of the transactions. Taxes $25,902
I do not have GSMLS access.
“more pointless pontifications from chicago.”
Pontiff as in Pope, that would be Pope Benedict XVI.
#57 Mikey/Mike: No offense but the fact that you think 475k for a slightly expanded ranch in River Edge is a fair price, illustrates in my opinion why this correction is going so slow. The correction is happening but not fast enough, with all due respect you guys are slowing it down.
Anyhow as far as RIver Dell, well it is true, how it all turns out remains to be seen, but Oradell has officcially taken steps to dissolve the district, they have filed their petition with the county and they wre waiting for a reply from the Bergen Co Superintendent of Education.
People in River Edge are ignoring it, in fact pretending it is not even happening, but it is.
Thats the problem here, we are supposed to pretend all is well, and ther are no problems, but they are and they are serious. You will not here that form the Realtors, as alll they do is rah-rah blue ribbon.
Not telling you what to do, but you should know, there is the River Edge of yesterday, which is not the River Edge of today.
Some of the same issues that are making you leave Cliffside Park, are probably mean of the issues that you are going to find in the River Edge of today.
One final note there are plans also for a lot more new rental houisng in town, on top of the large amount we already have, which caused school crowding, and the building of a massive new addition.
Additional new rental housing more classroom crowding.
As far as Westwood, the schools are not highly regarded, how they compare to River Edge I cannot say, but there are better choices.
Westwood too has a large component of rental housing, which puts extreme pressure on the towns facilities just like River Edge.
10 15 minutes further north is worth it (Wyckoff Mahwah, Montvale), or if not Paramus, vwey good schools, very attractive taxes.
Mikey/Mike
475K is going to be tough, it may happen next year but not this year. Judging from comparable sale prices (my guess) probably it will go for 525K, may be more. It is not worth that much, but some people will pay that amount. You have to consider that the seller did lots of updates (looking at the pictures)
I know Cliffside Park well, the high school is bad but some of the grammar schools are ok in comparison. Look at the report card of #6 and the two in River Edge I don’t see significant difference.
Interesting post on CR:
http://calculatedrisk.blogspot.com/2007/03/rescap-investor-forum.html
Seems like standards are tightening at a pretty rapid rate.
jb
GSMLS # 2390165 — a 2 bedroom condo in Pisc, listed for 229k. I am familiar with the neighborhood this is in and that price was ‘market price’ back in 2002-2003. Thought I’d share.
Cliffy,
I disagree, caompared to comps that I’ve seen, $475k can happen now.
And not only caompared to comps but compared to comps also!
“Obviously I’m not happy about it,” said Jerrold Fried, 42, of Berkeley, who could lose the $135,000 deposit he paid in 2005 on a house being built in Dayna Estates. “I don’t think it’s fair to the consumer. I had the expectation that when I gave the deposit, it would be my house.”
Lukewarm response to Kara home sale
Bankrupt builder raises $19M
Posted by the Asbury Park Press on 03/28/07
BY MICHAEL L. DIAMOND
BUSINESS WRITER
http://www.app.com/apps/pbcs.dll/article?AID=/20070328/NEWS/703280337
Rich In NNJ
I will be more than happy to be wrong. If it goes for 475k more power to our freind.