Monthly Archives: October 2007

Essex Fells Comp Killer

Posted on October 31, 2007 by grim

Today’s Comp Killer* comes to us from Essex Fells, NJ. This home was purchased in June of 2006 for $2,700,000: GSMLS# 2205254- 15# Oval Road, Essex Fells NJ List Date: 11/17/2005 Original List Price: $2,950,000 Purchase Date: 05/03/2006 Purchase Price … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 252 Comments

What a fine mess…

Posted on October 31, 2007 by grim

From NorthJersey.com: N.J. to vote on tax relief funding Voters will get to decide whether to amend the state constitution to dedicate one cent of the state’s 7 percent sales tax to property tax relief through a ballot question next … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 3 Comments

October S&P/Case Shiller Home Price Indicies

Posted on October 30, 2007 by grim

From Bloomberg: S&P/Case-Shiller Home Prices Fell 4.4% in August, Index Shows Home prices in 20 U.S. metropolitan areas were down from a year earlier for an eighth straight month in August, a private survey showed today. Values dropped 4.4 percent … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 189 Comments

Mahwah Comp Killer

Posted on October 30, 2007 by grim

Today’s Comp Killer* comes to us from Mahwah, NJ. This townhome was purchased in December of 2005 for $616,000. The purchaser likely thought they were getting a “good deal” as the purchase price was significantly under the original $669k asking … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 5 Comments

Can we afford open space?

Posted on October 30, 2007 by grim

From the Record: Is open space worth $200M? Should New Jersey borrow $200 million to preserve open space at a time when the state is $33.7 billion in debt? That’s the question facing voters on Election Day next week. Conservationists … Continue reading →

Posted in Economics, New Jersey Real Estate | 8 Comments

A Slow-Motion Train Wreck

Posted on October 29, 2007 by grim

From NY Magazine: The Catastrophist View Peter Schiff is laughing at me. I’ve just asked him to entertain the following notion: that we dodged a bullet during August’s financial-market turmoil and, with the stock market bouncing right back from every … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 244 Comments

Should we raise the gas tax?

Posted on October 29, 2007 by grim

From the Philly Inquirer: Raising gas tax can benefit N.J. After the deadly collapse two months ago of a bridge in Minnesota – a span strikingly like New Jersey’s iconic Pulaski Skyway in its construction – the state Department of … Continue reading →

Posted in Economics, New Jersey Real Estate | 12 Comments

Weekend Open Discussion

Posted on October 28, 2007 by grim

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

Posted in General | 361 Comments

Housing Bubble Deja-Vu

Posted on October 28, 2007 by grim

From the Record: Area housing slump echoes earlier slide House prices soar for years, until even small starter homes are out of reach for first-time buyers. The air seeps out of the real estate market, and property sales — and … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 22 Comments

No quick recovery for housing

Posted on October 27, 2007 by grim

From the AP: Analysts: Housing pain to worsen The current housing slump, which began in late 2005, probably has another year to go before things turn around. Before it is over, home prices — which soared during the boom years … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 2 Comments

“[This] cycle has a very long time to run its course.”

Posted on October 26, 2007 by grim

From the Asbury Park Press: Outlook bad, but not terrible Expect at least another 18 months for the state’s economy to heal from the bursting of the subprime mortgage bubble. But demand for homes could start to creep up again … Continue reading →

Posted in Economics, New Jersey Real Estate | 4 Comments

The “soft landing” is dead.

Posted on October 25, 2007 by grim

From the Wall Street Journal: With Buyers Sidelined, Home Prices Slide Tighter Credit, Anticipation of Further Declines Add To Worst Glut Since Late ’80s; the Foreclosure ‘Fear Factor’ By JAMES R. HAGERTY October 25, 2007; Page D1 So many houses. … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 252 Comments

More bad news…

Posted on October 25, 2007 by grim

From the NY Times: Reports Suggest Broader Losses From Mortgages Every time economists and Wall Street executives think they have acknowledged the full extent of the losses from the meltdown in real estate mortgages, more bad news turns up. Merrill … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | Comments Off on More bad news…

NJ to Businesses – Get Out

Posted on October 25, 2007 by grim

From the APP: Unfriendly business climate hurts New Jersey, experts say New Jersey needs a more business-friendly climate or it will continue to lose companies and skilled workers to lower-cost states, Gov. Corzine’s economic growth chief said Wednesday. Gary Rose … Continue reading →

Posted in Economics, New Jersey Real Estate | 2 Comments

September home sales “plunge” to 8 year low

Posted on October 24, 2007 by grim

From Bloomberg: U.S. Existing Home Sales Fall More Than Forecast Sales of previously owned U.S. homes fell more than forecast in September, signaling no letup in the real-estate slump that threatens to hobble economic growth. Purchases declined 8 percent to … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 178 Comments