Bergen Comp Killer!
MLS# 2845722 15 Terhune Ct, Upper Saddle River NJ
Purchased: 6/1/2006
Purchase Price: $1,600,000
Original List Price: $1,699,000
Sold: 3/6/2009
Sale Price: $1,250,000
21.9% below 2006 purchase price
MLS# 2829680 123 Woodland Ave, Ridgewood NJ
Purchased: 8/29/2006
Purchase Price: $1,350,000
Original List Price: $1,449,000
Sold: 3/12/2009
Sale Price: $1,175,000
13% below 2006 purchase price
MLS# 2901544 293 S. Central Ave, Ramsey NJ
Purchased: 9/18/2007
Purchase Price: $985,000
Original List Price: $979,900
Sold: 4/3/2009
Sale Price: $859,000
12.8% below 2006 purchase price
MLS# 2904948 405 Burlington Rd, Paramus NJ
Purchased: 8/11/2006
Purchase Price: $505,000
Original List Price: $495,900
Sold: 3/10/2009
Sale Price: $398,000
21.2% below 2006 purchase price
MLS# 2835150 23 River Dell, Oakland NJ
Purchased: 5/18/2006
Purchase Price: $799,900
Original List Price: $769,900
Sold: 3/23/2009
Sale Price: $610,000
23.7% below 2006 purchase price
MLS# 2850322 52 Walton Ave, Oakland NJ
Purchased: 2/6/2004
Purchase Price: $412,000
Original List Price: $639,000
Sold: 3/18/2009
Sale Price: $355,000
13.8% below 2004 purchase price
MLS# 2900082 48 Fairway Terr, Norwood NJ
Purchased: 7/28/2004
Purchase Price: $1,400,000
Original List Price: $1,599,000
Sold: 3/17/2009
Sale Price: $1,200,000
14.3% below 2004 purchase price
MLS# 2807120 833 Blanch Ave, Norwood NJ
Purchased: 4/2/2004
Purchase Price: $490,000
Original List Price: $639,000
Sold: 3/6/2009
Sale Price: $385,000
21.4% below 2004 purchase price
MLS# 2900219 639 Trenton St, New Milford NJ
Purchased: 2/9/2007
Purchase Price: $362,500
Original List Price: $399,900
Sold: 3/27/2009
Sale Price: $340,000
6.4% below 2007 purchase price
MLS# 2854372 68 Alcott Rd, Mahwah NJ
Purchased: 12/18/2007
Purchase Price: $830,000
Original List Price: $839,000
Sold: 3/10/2009
Sale Price: $750,000
9.6% below 2007 purchase price
MLS# 2821708 344 Watson Ave, Lyndhurst NJ
Purchased: 11/15/2007
Purchase Price: $412,000
Original List Price: $355,000
Sold: 3/5/2009
Sale Price: $290,000
13.8% below 2007 purchase price
MLS# 2840721 19 Long Valley Rd, Lodi NJ
Purchased: 11/15/2006
Purchase Price: $410,000
Original List Price: $299,900
Sold: 3/23/2009
Sale Price: $290,000
29.3% below 2006 purchase price
MLS# 2906999 156 Euclid Ave, Hackensack NJ
Purchased: 8/9/2006
Purchase Price: $509,000
Original List Price: $393,750
Sold: 3/26/2009
Sale Price: $322,500
36.6% below 2006 purchase price
MLS# 2827625 54 Catalpa Ave, Hackensack NJ
Purchased: 9/1/2005
Purchase Price: $370,000
Original List Price: $359,000
Sold: 3/16/2009
Sale Price: $280,000
24.3% below 2005 purchase price
MLS# 2829909 8 Buckingham Rd, Fort Lee NJ
Purchased: 12/29/2003
Purchase Price: $1,475,000
Original List Price: $1,750,000
Sold: 3/6/2009
Sale Price: $1,450,000
1.7% below 2003 purchase price!
MLS# 2902836 365 Kennedy Dr, Fairview NJ
Purchased: 12/26/2004
Purchase Price: $349,000
Original List Price: $250,000
Sold: 4/2/2009
Sale Price: $250,000
28.4% below 2004 purchase price
MLS# 2822648 43 Albert Ave, Fair Lawn NJ
Purchased: 2/14/2007
Purchase Price: $491,500
Original List Price: $539,000
Sold: 3/20/2009
Sale Price: $465,000
5.4% below 2007 purchase price
MLS# 2848465 12-42 Roosevelt Pl, Fair Lawn NJ
Purchased: 12/1/2005
Purchase Price: $417,500
Original List Price: $475,000
Sold: 3/3/2009
Sale Price: $294,000
29.6% below 2005 purchase price
MLS# 2854352 128 Rockwood Pl, Englewood NJ
Purchased: 6/8/2006
Purchase Price: $438,000
Original List Price: $505,000
Sold: 4/3/2009
Sale Price: $325,000
25.8% below 2006 purchase price
MLS# 2825654 398 Liberty Rd, Englewood NJ
Purchased: 9/18/2006
Purchase Price: $385,000
Original List Price: $400,000
Sold: 3/31/2009
Sale Price: $260,000
32.5% below 2006 purchase price
MLS# 2851253 78 Park Ave, Englewood NJ
Purchased: 6/18/2004
Purchase Price: $335,000
Original List Price: $299,900
Sold: 3/10/2009
Sale Price: $175,000
51% below 2004 purchase price
MLS# 2908405 148 Jefferson Ave, Emerson NJ
Purchased: 3/13/2008
Purchase Price: $535,000
Original List Price: $524,777
Sold: 3/27/2009
Sale Price: $505,500
5.5% below 2008 purchase price
MLS# 2849426 39 Godwin Ave, Elmwood Park NJ
Purchased: 1/18/2006
Purchase Price: $398,000
Original List Price: $433,000
Sold: 4/2/2009
Sale Price: $350,000
12% below 2006 purchase price
MLS# 2817503 40 Williamson Road, Bergenfield NJ
Purchased: 12/10/2004
Purchase Price: $349,000
Original List Price: $380,000
Sold: 3/19/2009
Sale Price: $300,000
14% below 2004 purchase price
MLS# 2851387 49 Murray Hill Terrace, Bergenfield NJ
Purchased: 9/9/2004
Purchase Price: $395,000
Original List Price: $475,000
Sold: 3/4/2009
Sale Price: $385,000
2.5% below 2004 purchase price
MLS# 2853248 160 Bergenline Ave, Closter NJ
Purchased: 8/2/2006
Purchase Price: $765,000
Original List Price: $755,000
Sold: 3/2/2009
Sale Price: $650,000
15% below 2006 purchase price
MLS# 2843463 139 E 53rd Street, Elmwood Park NJ
Purchased: 3/3/2006
Purchase Price: $412,000
Original List Price: $470,000
Sold: 3/23/2009
Sale Price: $285,000
31% below 2006 purchase price
frist!
Nice collection of architecturally abhorrent homes.
Ah Man. I never quite get here in time.
http://www.ft.com/cms/3cf2381c-c064-11dd-9559-000077b07658.html
New York panel: The Future of Capitalism
HEHEHE – I have been listening to a discussion at FT this AM. You might find it interesting.
This is part two where the point is made that in the 1990’s, there were 350 IPO’s a year – now we have 50. And that the financial services have not been paying enough attention to the importance of business innovation.
Banking got so caught up in securitization that they have neglected the business community…something we need to change in these times of rising unemployment.
Also interesting is the point that we need to have in mind where we want to go because the new regulations we enact today are going to be with us for a while. And that it would be a crime to return to “business as usual.”
Part one looks at the causes that got us here – also very good. I am returning now to listen to part 3.
Panel members: Joe Stiglitz, Larry Fink, Edmund Phelps, Martin Wolf
Cindy,
I’d agree, once the IPO/Dot.com bubble blew it was all securitization/LBO’s driving revenues. I don’t see where they envision any revenue growth coming from going forward other than trading profits.
(4) HEHEHE – We seem to be exposing our flaws for all to see. That is good and probably helps the “no business as usual” cause. Banks should be supporting business – that is where we have lost our way.
Innovators will need financial support. I hope we can refocus our attention – there we have a chance to supply the jobs America will need. We sure don’t need the construction industry to return to the glory days.
People need to work. Doing what? Where? What does the world need? It sure isn’t more repackaged loans. I simply agreed with Edmund Phelps that economic policy is not paying enough attention to the importance of innovation.
To be clear, I’m talking about business innovation – not banking innovation. I’ve had enough banking innovation – thank you. (They address that as well.)
Why not busy yourself with the act of being. Get outside. Take a long walk. Spend some time with something other than a keyboard.
That was not…btw..directed to Cindy…it was just a random thought. I am really tired of all the by the second news and the lies spewed from one side or another. The web is dying imho.
The web is ‘death’….life is beyond cyberspace…..way beyond.
Nice collection of killers. Gator was showing me homes last night that were priced at least 20% where they would have been just a year ago. We actually questioned whether the MLS was broken. Some houses are still listed at stupid prices, but finally others are reflecting more realistic values. I look forward to purchasing one next year!
Essex=hypocrite
Essex, I treasure the time I have on the W/E to read and roam the web. I do not have that luxury during the week except in the early AM.
I will be sure to meet my friends promptly at 8:30 for our usual weekend walk. (Therapy session as well.) Thanks for being concerned with my mental health and general well being.
The sale vs. list on these are incredible.
AAhhh..Cindy.don’t worry…it’s grey and super windy here in the NYC region and he’s just cranky with the low barometric pressure…let me draw everyone’s attention to yet another POS overpriced home…MLS#2669834…this home is interesting for a couple of reasons..first it came on the MKT 2 years ago (yes 2 years) at 973k where it languished and followed the mkt down to an eventual selling price of 845..quite a haircut to be sure but still overpriced. the new owners did a few small things not the least of which was cleaning up a house which had old original owners and crap everywhere. Less than 6 months later the house is back on the mkt for 899…54k more than they paid 6 months ago…WHAT? oh the humanity
http://www.car.org/newsstand/newsreleases/mppstory/?view=Standard
“C.A.R. Launches Mortgage Protection Program”
“Through C.A.R. Housing Affordability Protection Program, first-time buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month, for six months, to help make their mortgage payments.”
Sort of like the car payment guarantee..
I read a few days back that Lennar Homes had a similar idea – “insurance”
added to the mortgage.
(14) Laurie – Flippers? OMG.
Flippers are supposed to fix up the house at least sa little… all they did was clean out 45 years of crap…OMG you should seen what was in the garage alone!!!
Here are some of the Montclair listings that Stu was talking about. Grim or someone else with GSMLS access – what’s the gotcha hidden in these?
2619358 – 601 Upper Mountain
LP 399000
Tax Assessed: 570,800
Sold 6/12/06: 570,000
2661137 – 82 Essex Ave
LP 399000
Tax Assessed: 715100
Sold 10/30/03: 440,000
comp killers!!!!! finally!!!!!
was having ‘comp killer’ withdrawal….just in time grim!!!
even in upper BC? closter? say it ain’t so
thanks…
grim, any chance of a morris county comp killer edition? really craving some morris county comp killers…..
PLEASE??
Not quite done with bc, will finish up later
No prob, will hit all nnj counties this weekend.
Proving once again that people in Bergen County…have no taste.
http://www.pbs.org/moyers/journal/04032009/watch.html
William K. Black – “The Best Way to Rob a Bank is to Own One.”
Re: Bansters – Driven by fraud – calculated dishonesty
HT – Naked Capitalism
22-No prob, will hit all nnj counties this weekend.
You can skip Hunterdon, we no longer have home sales.
Good Morning Everyone!
This little newd item came out this morning. Enjoy the read!
Proposal would call for N.J. pension fund to buy ‘toxic assets’
http://www.nj.com/news/index.ssf/2009/04/proposal_calls_for_nj_pension.html
“Original List Price: $639,000
Sold: 3/18/2009
Sale Price: $355,000
13.8% below 2004 purchase price”
This would seem to put some of these homes at 2003 prices.
Also, the one that stood out to me was the one priced at 250 th&t sold for 250. Without knowing more than the photo showed, it seemed, by the pricing standards of North Jersey, reasonable and priof of Clots mantra that sellers have to price in the loss of value from the start.
All hype,
Are they insane? No, nevermind, no need to answer that.
If those assets were long-term gold mines I feel fairly certain that the Buffets etc. of the world would have purchased them well before anyone else.
All hype,
Are they insane? No, nevermind, no need to answer that.
If those assets were long-term gold mines I feel fairly certain that the Buffets etc. of the world would have purchased them well before anyone else.
“Proposal would call for N.J. pension fund to buy ‘toxic assets’”
say goodbye..
“Hedge fund paid Obama adviser Summers $5.2 million”
http://news.yahoo.com/s/nm/20090404/pl_nm/us_summers_hedgefund
“I, John, am the one who heard and saw these things. When I had heard them all and had seen them all, I turned to the angel who had shown them to me, and knelt at his feet to worship him; but he said, ‘Don’t do that: I am a servant just like you and like your brothers the prophets and like those who treasure what you have written in this book. It is God that you must worship.” See Rev. 22:9
and then there is this:
http://www.thesun.co.uk/sol/homepage/showbiz/film/article2357203.ece
I saw that Albert house in Fair Lawn last summer. If I recall, it was asking in the high 5’s originally, but I’ve seen so many POS that I mat be confusing w/ others. Still looking, by the way…
I saw that Albert house in Fair Lawn last summer. If I recall, it was asking in the high 5’s originally, but I’ve seen so many POS that I may be confusing w/ others. Still looking, by the way…
indeed, a rather ugly collection of homes. love saturday mornings … a little NPR on the radio, a visit to costco, and some R&R before the great basketball games tonight.
clot, have you seen 300? if society devolves into that situation, i’d like to be part of that fearless army …
“grim says:
April 4, 2009 at 9:22 am
No prob, will hit all nnj counties this weekend.”
Hi Grim,
Thank you for all the hard work you put into making this a great blog.
One North Jersey county that doesn’t get the attention it deserves on this site is Hudson County.
Regular posters have apparently failed to notice that a Hudson County home recently sold at a record high price for the county.
Sales price = $3,800,000. This is it.
http://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?&district=0911&block=44&lot=1&qual=
A few interesting tidbits about this one:
The annual property taxes equate to less than 1% of the most recent sale price.
It sold in 2002 for $1,500,000. This highlights that 3 years after home prices peaked in New Jersey, many transactions are happening in the state that aren’t comp killers. This contrasts with the astoundingly biased content of this blog, which has the unfortunate effect of creating false expectations for New Jersey renters who continue to wait for a “sand state” decline in New Jersey home prices.
To be sure, the local housing market is weak and plenty of negative comps exist in Hudson County. However, this blog would benefit tremendously from greater balance on part of the posting community. I suggest the moderator takes the lead.
BREAKING NEWS: Gunman kills 3 police officers in Pittsburgh, official says; others wounded
second straight day of some crazy shooting in this country…
In one program, designed to restart small-business lending, President Obama’s officials are planning to set up a middleman called a special-purpose vehicle — a term made notorious during the Enron scandal — or another type of entity to evade the congressional mandates, sources familiar with the matter said.
In another program, which seeks to restart consumer lending, a special entity was created largely for the separate purpose of getting around legal limits on the Federal Reserve, which is helping fund this initiative. The Fed does not ordinarily provide support for the markets that finance credit cards, auto loans and student loans but could channel the funds through a middleman.
At first, when the initiative was being developed last year, the Bush administration decided to apply executive-pay limits to firms participating in this program. But Obama officials reversed that decision days before it was unveiled on March 3 and lifted the curbs, according to sources who spoke on condition of anonymity because the discussions were private.
Obama’s team is also planning to exempt financial firms that participate in a program designed to find private investors to buy the distressed assets on the books of banks. But Treasury officials are still examining the legal basis for doing so. Congress has exempted the Treasury from applying the restrictions in a fourth program, which aids lenders who modify mortgages for struggling homeowners.
http://www.msnbc.msn.com/id/30040075
holy crap where is the freakin outrage over this ridiculous desperate and probably illegal nonsense?
Regular posters have apparently failed to notice that a Hudson County home recently sold at a record high price for the county.
Oh please.
1-11 Hamilton came on the market with an original asking price of $7,500,000 in 2008.
SEVEN AND A HALF MILLION DOLLARS.
It was reduced to $5.85 million in January, and it sold for $3.8m in March, after two years on the market. The sales price was HALF the original asking.
Based on the photos, Thomas Maoli (a developer who owns one hell of a house in Far Hills, must completed a massive renovation of the property. By the looks of the fixtures and authenticity of restoration, I wouldn’t doubt that the work done likely cost in excess of a million dollars, and that might be lowballing it.
I agree that the asking price was stupid. But asking prices don’t matters, comparable sale prices do.
This property sold for $2.3 million higher than the same property sold for in 2002. This fact shouldn’t be dismissed – like postive comps frequently are these days – as a bad comp because the property probably benefited from a nice renovation.
Grim, here’s another repeat sale of a property located a couple hundred feet from 1-11 Hamilton.
Sold in 2004 for $1,700,000. Same place sold again in December 2008 for $2,100,000.
http://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?&district=0911&block=45.01&lot=4.01&qual=C0019
Did this one have a million dollar restoration too?
I know one damn thing. I’m not about to give my damn house away to some vulture/cat/snake buyer for a mere pittance. I’ll swan dive into hell, before I’d ever do that.
If you want my house, you’re going to pay. You vultures, snakes and cats can forget about submitting a damn bid.
Cindy 3
thanks for the link.
It puzzles me though. This is not the future of capitalism but the past. IPO economy is what we had 10 years ago. For some reason, this is another story, this sort of economy failed. In absence of profits they turned to securitization. Now that this failed they are going back to IPOs. Why would it work this time and why isn’t it their hope for the next bubble?
PITTSBURGH – A man opened fire on officers during a domestic disturbance call Saturday morning, killing three of them, a police official said. Friends said he feared the Obama administration was poised to ban guns.
Sold in 2004 for $1,700,000. Same place sold again in December 2008 for $2,100,000.
How about 15 Regency? Right next door to that.
Sold for $2.3m in 2007 and again for $2.1m in 2008. $200,000+ loss, 1 year of ownership.
This is a cliff house in Weehawkin that would only be a comp for a dozen houses on that street. Nice to see Chinese national are taking an interest in US properties,reminds me of the Japanese real estate investors back in the 1980s.
Lurkerd: I know the first place. A lot of work went into it. A lot. Not rally comparing apple to apples here
Grim,
Can you let me know if 9 Hidden Lake Dr, North Brunswick, is under contract and if sold, how much did it go for? It was originally listed in the high 500’s, relisted twice, final listing at 514,000.
Thanks so much.
Lurkerd: I know the first place. A lot of work went into it. A lot. Not rally comparing apple to apples here
Like I said, easily a million investment into the restoration of this place.
The address might be the same, but it ain’t the same house
“grim says:
April 4, 2009 at 12:18 pm
Sold in 2004 for $1,700,000. Same place sold again in December 2008 for $2,100,000.
How about 15 Regency? Right next door to that.
Sold for $2.3m in 2007 and again for $2.1m in 2008. $200,000+ loss, 1 year of ownership.”
A relevant comp. I won’t attempt to dismiss it.
By the way, I’m trying to provide some balance and content to a super blog that has become increasingly one-sided and often moves off the topic of New Jersey real estate.
Alap (39)-
“But Obama officials reversed that decision days before it was unveiled on March 3 and lifted the curbs, according to sources who spoke on condition of anonymity because the discussions were private.”
The financial oligarchy is completely in control of this country. Soc1alism, anyone? Oh yeah, redistribution to the rich.
Lawrence H. Summers, the top economic adviser to President Obama, earned more than $5 million last year from the hedge fund D. E. Shaw and collected $2.7 million in speaking fees from Wall Street companies that received government bailout money, the White House disclosed Friday in releasing financial information about top officials.
Mr. Summers, the director of the National Economic Council, wields important influence over Mr. Obama’s policy decisions for the troubled financial industry, including firms from which he recently received payments.
http://www.nytimes.com/2009/04/04/us/politics/04disclose.html?_r=1&hp
The 1-11 Hamilton sale broke the record set in November 2008.
The November 2008 sale occurred at Maxwell Place, a condo in Hoboken.
Doesn’t seem like somebody who pays more than $3,200,000 for a condo in Hoboken is a person we’d want looking after our financial affairs.
That’s a problem, because the buyer’s name is Jon Corzine.
Victorian 52
I voted for Obama and each day I am regretting it. He is obviously put in place to save the ruling class and, at the same time, calm the masses.
Yeah….sure….McCain/Palin would have saved us a bundle. Quit whining.
lurkerd,
I don’t have access to the Hudson Co. MLS.
That is the primary reason I don’t focus on it.
The 1-11 Hamilton sale broke the record set in November 2008.
IMHO, the record belongs to 83 Kingswood, an amazing palace on the cliffs.
$3,925,000 on 3/3/2009.
Original asking was $6,998,000
Without a doubt, the best views of NYC that can be found in NJ, anywhere in NJ.
The best part about 83 Kingswood is the infinity edge pool that overlooks Manhattan.
Amazing place.
Drool over this house porn.
https://njrereport.com/images/2811252a.jpg
https://njrereport.com/images/2811252b.jpg
https://njrereport.com/images/2811252c.jpg
https://njrereport.com/images/2811252d.jpg
https://njrereport.com/images/2811252e.jpg
https://njrereport.com/images/2811252f.jpg
https://njrereport.com/images/2811252g.jpg
If you Google Map the address, you’ll see the house under construction a few years back. Right over the Lincoln Tunnel helix.
Thanks grim, I missed the Kingswood sale.
Same little neighborhood had 2 sales in high 3s last month.
What is going on in that ‘hood?
Essex 56
well, you never know. mccain might have feared selling out. Obama under the modicum of people support and change is selling us out. Quit sleeping.
I dunno (62) I have very little faith in the government, but I do like the investment in education and healthcare in the new budget. The banks are a whole nutha ballgame but this game is in the early innings unfortunately.
60. Used to see that every day on my commute…but can you imagine the fumes that place must endure from the traffic?
What is going on in that ‘hood?
Just because the number is big doesn’t mean the property is overpriced, or that the market is hot.
I can show you “distress” sales over the past year that were twice as expensive as these. Properties sold were bargains, even with sales prices near the $10m mark.
Likewise, I can show you homes that sold near $300k that were completely overpriced and not worth the dirt they stood on.
When will the stupid people in Hoboken realize that the only way to sell in this market is to drop your price by a lot. Inventory is at 700+ but no one is dropping their prices. When will they give up and lower the prices?
“March Comp Killer!”
Homes are still selling for these high prices. Wow I thought the 8.5% unemployment would dent the overpriced home sales. Guess I was wrong. You call this a recession?? Give me 2 of them. I wish I could sell my house for these rip-off prices.
Grim,
On March 3, 2009, a home sold at a record price for Hudson County. Two weeks later, that record was broken by a home a few hundred feet away.
Are these transactions anomolies that should be ignored? I don’t think so.
When one applies excessive skepticism to information that doesn’t match one’s preconceived notions, it is evidence of bias.
Grim, please show us a few distressed sales that happened near the $10 million mark.
Why would pay $1M for a 4 bedroom house when you can get one for 275K closer to NYC?
http://www.realtor.com/realestateandhomes-detail/1-Chamberlain-Farm-Ct_Old-Bridge_NJ_07747_1104207412
Gator #18. I’ve been eyeing down that Upper Mountain house for a while now. It actually had 3 other listings withdrawn
LP -569,000; 184 DOM
LP – 499,000; 91 DOM
LP – 399,000; 183 DOM
Its current listing has been 103 DOM. I don’t know what the catch is either, b/c if the 399K is legit, theres no way it could sit this long.
The Essex house was listed for $599K for a year. The current listing is 26 DOM and the remarks say “Do Not Show.Home to be withdrawn from market, waiting for fully signed change form”
http://www.google.com/hostednews/ap/article/ALeqM5gxAP_ul1xtDvN-3H8XQ5EaI6_7cAD97BOV5O0
Another guy laid off who went over the deep end.
“On March 3, 2009, a home sold at a record price for Hudson County. Two weeks later, that record was broken by a home a few hundred feet away.
Are these transactions anomolies that should be ignored? I don’t think so.”
This post is so absurd as to verge on pathetic. Of course these economic outliers need to be ignored. They, just like certain low-priced outliers lie so many standard deviations from the mean as to be worth nothing in an analysis of the current housing situation.
essex
education is in private and/or municipal level. Not much gov can do. Healthcare remains to be seen. Yet to make those changes-the social ones because there won’t be economic ones- one needs two things:
1) willingness to go against the status
2) money
The first doesn’t seem to exist in practice (in talk yes). The second are diluted crumbs.
Not true….unfunded federal mandates kill education….no not the ones that stu dreams of….(man dates)…..
money but not control or quality–not much maybe mccain would give same–who knows
Essex,
Lick my balls!
I could have turned out that Englewood one at that price.
(44) Poor Guy
“IPO economy is what we had ten years ago.”
I took the reference in the discussion to IPO’s to mean new companies in general – entrepreneurship – new ideas – business innovation.
I have read horror stories of small businesses being late for a payment then having their CC – only source for a credit line – hit with a 30% interest hike.
New businesses – small businesses need to thrive now.
Sorry Grim, that is all. Those posts at 59 were breathtaking.
77….ew. stu.
cindy 79
agreed. nothing wrong supporting innovation entrepreneurship etc unfortunately they can even turn good ideas into bad ones. credit is not a bad idea either but look what happened.
REALLY good read in new yorker re: US vs. Europe and how they’re handling hte economic situation:
http://www.newyorker.com/talk/financial/2009/03/30/090330ta_talk_surowiecki
European economic policy seems to reflect the conviction that inflation, not stagnation, is the greatest threat to an economy. If the episode that haunts the U.S. is the Great Depression, in Europe, where the Germans have been dominant in shaping economic policy, the defining historical moment is the hyperinflation of Weimar Germany, when prices rose more than seventy-five billion per cent in just one year, 1923, and, in the words of Walter Benjamin, “trust, calm, and health” vanished. The legacy of that episode lives on not just in German policymakers’ inflation phobia but also in their sense that there is something fundamentally distasteful about debt. For Germany, fiscal rectitude even in the face of a crisis is not just economically sensible but morally correct.
lurkerd says:
April 4, 2009 at 12:24 pm
By the way, I’m trying to provide some balance and content to a super blog that has become increasingly one-sided and often moves off the topic of New Jersey real estate.
can you really talk about JUST real estate day after day after day? that’d be like going to a bar that ONLY served corona day after day after day.
there’s plenty of other interesting s*it going on that is marginally-related to RE (or not closely related at all) that are worth talking about. for instance, some of the cheap wine tips here have been great.
grim says:
April 4, 2009 at 12:52 pm
Drool over this house porn.
https://njrereport.com/images/2811252a.jpg
https://njrereport.com/images/2811252b.jpg
https://njrereport.com/images/2811252c.jpg
https://njrereport.com/images/2811252d.jpg
https://njrereport.com/images/2811252e.jpg
https://njrereport.com/images/2811252f.jpg
https://njrereport.com/images/2811252g.jpg
awesome pics. would rather be IN manhattan, though.
Grim – Do you still have some photos of the Craftsman you looked into a few years back? Now that was a pretty place.
grim 84 IN MOD
poor guy (81) Consumer service/product innovation – not financial product innovation. Yikes!
Yikes,
I agree with the need for something other than the RE to be discussed here on occasion. If the topic doesn’t suit your liking, hit the space bar and proceed past.
On the cheap wine advice, we polished off our first case of Coastline cab and bought a case of the 2007 yesterday. We’ll report back once we crack one open. By far, it is the best deal on a cab I’ve ever witnessed. Almost tastes like a merlot actually.
cindy
are you kidding? then they risk too much, they need to study something else apart finance math, and if they gain they will have to share their profits with nerds and geeks. it didn’t happen back then it won’t happen now. Easier to steal sheep here and china.
Stu – Did you listen to my post @ 24? It’s only 28 minutes. I think you will like it.
grim the comps here show big corrections–never imagined. one more vote for morris ct comps
I don’t think you could be of two points of view at the same time – (1) that the whole PPIP thing is a giant giveaway from the taxpayers to the private investors, and (2) that NJ pension fund being one of these investors is a terrible thing and will complete our ruin. So decide which one you like better and stick with it – or maybe there still is some chance that both sides will actually gain.
“Pittsburgh shooting”
another person on the serotonin reuptake inhibitors.
in almost all cases, nut job shooters are on serotonin reuptake inhibitors.
another prozac zombie.
also, ironically, these shoots happen when people are buying up guns.
when I hear stories like this, i think manchurian candidate & MK Ultra to have a situation that you sell the public to induce gun control laws…because the prozac zombie public will ask for it.
and if you think things like this don’t happen… just look into it.
SAS
“Disney eliminates about 1,900 jobs at its domestic theme parks”
http://tinyurl.com/dnfk82
-The bulk of the cuts occurred at Walt Disney World in Orlando, Fla. The move signals that the entertainment giant is bracing for an extended downturn in its resorts business
“FedEx to Lay Off 1,000”
http://tinyurl.com/d4sdta
How is this for deal?
http://www.coldwellbankermoves.com/Property/PropertyDetails.aspx?PropertyID=1325546&WT.MC_ID=372310000000000
Cobbler…
The banks look at large pension funds as suckers – who else doubled down their Citi bet in 2008. I bet that pension fund managers buy the worse performing toxic assets while the hedge funds and investment banks get the best. So if the pension funds get very little out of it while the other participants reap wild profits, then you can hold these two points of view. Not like any of those pension fund managers are going to be fired. After all it is OPM – other people’s money.
Gerry [97]
In a long run, performance of most pension funds is as good if not better as most other large investors. They definitely did better than Bear or Lehman… If one takes the conspiratorial view that everyone’s goal is to screw the pension funds (then, why only on toxic assets?) the only investment left to them will be stuffing cash in a very large mattress. And by the way, pension funds managers do get fired…
93….those are depression meds you describe and while their use does provide some relief from the symptoms of depression and the lift to perform daily activities, they are not necessarily used to treat schizophrenia. That is a whole nother ball game there SAS. Nice try brofus.
http://washingtonindependent.com/37160/fannie-freddie-quietly-lift-moratorium-on-foreclosures HT CR
Fannie -Freddie Quietly Lift Moratorium on Foreclosures
“A ban on foreclosure sales and eviction from houses owned by mortgage giants Fannie Mae and Freddie Mac, which began as the government tried to come up with homeowner rescue plans, is over.”
So how does this affect things, Grim?
There is also a nice section in the piece on the merits of renting.
lurkerd,
Always good to have some balance. You claim that renters here may be wasting their time waiting for a bottom b/c of some record sale prices in Hudson. My opinions:
-Most readers/posters aren’t looking at $3M homes and up.
-Most buyers who are, do not scan RE blogs for help in buying said homes.
-You will always have anomolies or clusters of data points that defy larger trends (due to ignorance, bottomless bank accounts, necessity, or other reasons)
That said, your posts are interesting to read about, but I would not imply that a few multi-million dollar home sales (even w/out renovations) signal an end to statewide price drops. Most of us are looking in more modest price ranges, and this is where (I think) most of the credit bubble was.
Sean says:
April 4, 2009 at 4:25 pm
How is this for deal?
http://www.coldwellbankermoves.com/Property/PropertyDetails.aspx?PropertyID=1325546&WT.MC_ID=372310000000000
What’s wrong with it – wastewater plant behind? You couldn’t buy even just the materials used to construct this for the asking price.
Essex,
read the insert abd clinical trial data.
sas:
I met counter-terrorist guy the other day. 20 + years of experience in the Middle East. He has some interesting stories. The best ones were about Bin Laden
I do not find some of your theories that crazy any more.
Leftwing and Sean-
I know a woman who owned that home in the 70’s and 80’s She sold it in ’83 for $310,000. The house is now in forclosure. Current owners owe the foreclosing bank (first lienholder) $999,000. It’s a great house. Property taxes are $27,060.
News reports like this:
http://money.cnn.com/2009/03/26/real_estate/California_comeback/index.htm?postversion=2009040311
need to be considered with reports like this:
http://www.cnn.com/2009/LIVING/04/02/foreclosure.dream.homes/index.html
From the first, prices in CA are down 41% over a 12 month period. Take a moment to digest that. From the second are examples of homes going for less than HALF of what they once sold for. This is great for CA buyers, and shows that unmanipulated (note: NOT unregulated) markets can recover – and quickly.
Grim, please unmod…
Seriously, what am I doing wrong?
I also think the Positive Headline Spin thing is real and quite unsettling. Who is directing this??
Check out the title of the first article in my prior post:
“There’s is a lot of activity out on the coast that may indicate a reawakening of the housing market there – and across the country.”
“and across the country”?? The ENTIRE article only refers to CA RE. WTF?
103….”better living through chemistry”…my motto for years.
“FedEx to Lay Off 1,000″
“Disney eliminates about 1,900 jobs at its domestic theme parks”
But they said on CNBC that these unemployment numbers are bottoming, and that it was all the already announced layoffs from the fall, and there’d be no more major layoffs, and everything would be rosy and all the forest creatures would join hands and sing a song of praise to Jim Cramer and his proclamation of recession over!
Rev (107)-
“Seriously, what am I doing wrong?”
– Multiple links.
re:105 NJCoast – 160 Portland Rd Highlands is very tempting ….I am a boater and would love a place like this, but the 27k in taxes is a turnoff for sure.
75#, essex, my impression is that stu is not seeking man dates… he is just too upset with two of his mistresses: one is S-shaped commercial real estate agent and the other is BB-sized illegal chinese immigrant.
37#, lurkerd, have you ever asked sean hannity to change his opinion on man dates? while we understand your good intention, please respect our feeling. we want the price fall down to the level we like.
The Sudden Charm of Public School
http://www.nytimes.com/2009/04/05/realestate/05Cov.html?hpw
Maybe the gap between Manhattan and NJ suburbs prices which had been almost non-existent 20 years ago and became 2x plus two years ago (2 br UWS coop vs 4 br split in say Summit) will begin to re-fill again…
Bi,
Coherence. You lack it.
Victorian @111,
Ahhhh… Thank you!
I was thinking about posting 3 words at a time.
#115 cobbler
Most people I know own apartments that cost five or six times their income. And most people are spending so much money on their apartments there is nothing left for private schools.”
Cry me a river. How much will those apartments be worth as companies jam people with pay cuts and reduced bonuses? Should get interesting if.when interest rates go up.
We saw a house that as per below site was bought by current owners for $300k in 2003. My realtor says they actually paid $400k+ because of upgrades. She is very adamant that below site does not reflect the price with upgrades. Please advise.
http://tax1.co.monmouth.nj.us/cgi-bin/prc6.cgi?menu=index&ms_user=glou&passwd=data&district=0801&mode=11
no conflict here… and summers is supposed to regulate the companies that just paid him a few million?
Hedge Fund Paid Summers $5.2 Million in Past Year
Top White House economic adviser Lawrence Summers received about $5.2 million over the past year in compensation from hedge fund D.E. Shaw, and also received hundreds of thousands of dollars in speaking fees from major financial institutions.A financial disclosure form released by the White House Friday afternoon shows that Mr. Summers made frequent appearances before Wall Street firms including J.P. Morgan, Citigroup, Goldman Sachs and Lehman Brothers. He also received significant income from Harvard University and from investments, the form shows.In total, Mr. Summers made a total of about 40 speaking appearances to financial sector firms and other places, with fees totaling about $2.77 million. Fees ranged from $10,000 for a Yale University speech to $135,000 for an appearance paid for by Goldman Sachs & Co.
http://online.wsj.com/article/SB123879462053487927.html
but really, summers is here to save us all…
A former quantitative analyst at Harvard Management Company, the university’s once-vaunted endowment manager, tells the Harvard Crimson she was fired for voicing concern to then-university president Larry Summers’ chief of staff about the money manager’s risky use of derivatives the traders didn’t understand.
http://tpmmuckraker.talkingpointsmemo.com/2009/04/larry_summers_ignored_frightening_trading_practice.php?ref=fp1
sas
this one is for you
Bill Moyers talks to Bill Black about the fraud that pervades the financial industry and the Obama government
http://www.pbs.org/moyers/journal/04032009/watch.html
Oh, and regarding drugs, I work in the pharma industry and get to see quite a few of the dirty little secrets. Modern pharma is about sales, not about helping people
122……………B.S.
great news!
wonder what the rest of that 1933 trend looked like?
iggest 4-Week Bull Market Since 1933
http://www.businessinsider.com/henry-blodget-biggest-4-week-bull-market-since-1933-2009-4
essex
what specifically is BS?
Your take on pharma….cynical.
Marketing and sales drive a huge piece of the business….but R&D and the improvements made in the lives of millions cannot be denied.
You caught me essex, i just hate the world ;)
Again….’working in the business’…..could mean you man a fork lift in a warehouse.
Or just a little self loathing.
Spain’s savings banks could face ?40bn hole in capital
Caja Castilla la Mancha is only a small bank. But the Bank of Spain’s rescue of this caja, or savings bank, has raised alarm bells – for good reason. The cajas, which are mutual banks controlled by regional politicians, have a bigger problem with bad debts in Spain than shareholder-owned counterparts such as Santander and BBVA. The cajas were more aggressive during the good times – loans to developers increased by more than 50pc in 2006, and account for a fifth of their total loan books. This explains why the ratio of non-performing loans stands at 4.5pc for the cajas, against 3.2pc for commercial banks.
It looks like the Bank of Spain, which kept Spanish banks from buying toxic assets out of the US, wasn’t prudent enough at home. True, banks were ordered to build a thick cushion of generic provisions during the good years. But for some cajas, these provisions will be eaten up by losses. In the last year, the sector’s ratio of provisions to bad debts, or coverage ratio, has fallen from about 200pc to just 56pc. As property prices fall and new developments sit unsold, the cajas’ losses mount. Credit Suisse estimates the cajas will need to raise ?60bn just to keep the ratio of equity to non-performing loans at 160pc. That may be high. Suppose 10pc of whole loan book – and a quarter of the ?172bn of loans to developers – go bad. And suppose only 40pc of their value of the loans is recovered. The total losses would be about ?34bn – eliminating nearly half of the current equity in the sector.
http://www.telegraph.co.uk/finance/breakingviewscom/5100631/Spains-savings-banks-could-face-40bn-hole-in-capital.html
self loathing?
is that why i cant stop all the coke and hooker binges?
Are you also going to try and convince me that the banks dont have this administration by the short and curlies? (not that this would be the first one)
Or perhaps that monsanto and cargill only have the well being of the consumer in mind?
Oh well gotta run tot he corner for an 8-ball, cheers
essex,
I am a highschool janitor who works weekends for a major pharma corp. They let me mop the mens room for a few dollars!
116#, cyber, lack of coherence? no way. we lost of down payments since we put money on stocks and oil; we paid more than average taxes but they ended up to bailed-out bank’s profit and our losses on ultrashorts; our only hope is gold but IMF is planning to sell it to help irresponsible poor nations…
Oh, and regarding drugs, I work in the pharma industry and get to see quite a few of the dirty little secrets. Modern pharma is about sales, not about helping people.
Gee, that almost sounds like the NJEA saying “its all about the Children ” Which is what Joyce Powell said this morning on channel 12 news in a paid advertisment for NJEA.
My wife and I could not stop laughing, wondering how people keep buying into this BS.
JIM
You would be amazed at how many people actually do a job, be it teach or pharma, because they are good at it and believe in the work they do. Politics aside…it is the work of these people who make a difference.
…and these are just ‘jobs’. Try living with integrity and honor.
8 UC in Hoboken this week. You call this a recession?
http://hudson.fnismls.com/publink/default.aspx?GUID=11b6d3ff-6557-4e7a-b18e-9dd53e902438&Report=Yes
Judgments, value judgments concerning life, for or against, can in the last resort never be true: they possess value only as symptoms, they come into consideration only as symptoms – in themselves such judgments are stupidities.
Friedrich Nietzsche
Future Comp Killer?
86 Jupitor, Clark, Union County
Bought 11/04 – $540,000
Asking 4/09 – $519,900
135
obama promises and failure to deliver and reward accordingly will raise the level of cynicism to new heights-don’t be surprised
Australia’s unemployment rising. The gobermint is “requesting” the big 4 banks to allow canned workers to skip up to 12 months of mtg and car payments. Of course the accrued interest is tacked onto the loan.
Australia mtgs are recourse.
#141
http://www.smh.com.au/national/banks-agree-to-swan-mortgagerelief-deal-20090404-9siw.html
essex – wife is in pharma. so is a close relative. the industry is a joke. both admit it. embrace it, actually. they just like the pay.
dont you remember this?
http://www.nytimes.com/2005/11/28/business/28cheer.html
For what it’s worth, I drove forklifts for pharma to pay my way through college. Ortho, Squibb and Syntex (makers of Ben Johnson’s anabolic steroids).
Bank of America CEO Ken Lewis cracked a joke at the expense of his peers who’d lavished praise on the administration: “Mr. President,” he said, “I’m not going to suck up to Geithner and Summers like the other CEOs here have.” Lewis also urged the president not to paint all the banks with the same broad brush.
http://www.politico.com/news/stories/0409/20871_Page2.html
Yes we can because we have inherited this mess….
Mr. Omama’s characterizations of his budget unfortunately fall into this pattern. He claims to reduce the deficit by half, to shave $2 trillion off the debt (the cumulative deficit over his 10-year budget horizon), and not to raise taxes on anyone making less than $250,000 a year. While in a Clintonian sense correct (depends on what the definition of “is” is), it is far more accurate to describe Mr. Omama’s budget as almost tripling the deficit. It adds $6.5 trillion to the national debt, and leaves future U.S. taxpayers (many of whom will make far less than $250,000) with the tab. And all this before dealing with the looming Medicare and Social Security cost explosion.
http://online.wsj.com/article/SB123871911466984927.html
internet bubble created these bad legislations. now we are undoing it. in the meantime, we are going to create more regulations to address problems by housing bubble. 5 years later we will undo it again. you’d better be a lawyer.
Mark-to-market rules, while well intended, have historically been a problem. During the Depression, Nobel-winning economist Milton Friedman noted, mark-to-market rules caused many banks to fail. That’s why FDR repealed them in 1938. Those rules had remained dead until two years ago, when they were reimposed as part of a frenzy of ill-considered financial reregulation.
While we applaud Congress, Democrats and Republicans alike, for undoing this, there’s still more to be done.
One important move would be to loosen the Sarbanes-Oxley rules that have burdened so many businesses with extraordinarily costly compliance requirements in the interest of “transparency.”
In fact, SarbOx has hampered U.S. companies’ competitiveness and sent companies seeking to raise capital overseas to float their shares on stock exchanges where the rules are far less strict.
http://www.realclearmarkets.com/articles/2009/04/mtm_relaxation_makes_market_se.html
bi – just curious … what do you do as a job?
“Try living with integrity and honor.”
Give examples.
yikes says:
April 4, 2009 at 10:20 pm
essex – wife is in pharma. so is a close relative. the industry is a joke. both admit it. embrace it, actually. they just like the pay.
_____________________________________
I work in pharma and disagree that it is a joke. When you work on a drug the really helps patients in need, it is a truly rewarding experience.
I worked on a drug called HUMIRA and it works wonders for patients with Crohn’s Disease. When HUMIRA does not work, patients have little options and subsequently, have major abdominal surgeries, including total colectomies.
I think the cynicism comes from when a team is dedicated to finding a drug to cure xyz, and the plug is pulled b/c the market anaylsis showed there wasn’t enough shareholder payback. Or, a drug with questionable trial results is ushered through the FDA, heavily marketed directly to consumers (5 min commercial followed by “ask your doctor about [insert miracle drug]”), and prescribed eagerly by doctors who recieve corporate kickbacks arranged by an exceptionally well paid sales force.
I think the neg comments are for the industry/business model/marketing machine as a whole, not the rank and file folks who may actually care about what they’re doing.
Wife is in healthcare and deals with the sales ppl. Back to RE.
Frank,
BE elimated, clot is happy and I am sitting hear wondering if there are two of you????
8 per week In hobo is a 1 and half year supply….
So, North Korea successfully launched a missile that went over Japan. And our president said on Friday that the international community would take action if they launched. So, what is he going to do?? Ring the doorbell and run away?? He’s got to do something, right? But what? Any ideas? Raise the tariff on kimchee? Send Geithner over to show them how to revive their economy? I gotta get some sleep.
ALL – not so much the drugs and helping people, but the way the sausage gets made
(ie – the free lunches, free dinners, gift cards, the reps who wear short skirts and low-cut tops, etc, etc)
No country for old men
http://news.yahoo.com/s/ap/20090405/ap_on_re_us/children_slain
#150 All Hype – You worked on HUMIRA?? THANK YOU!!! I have read the comments of psoriasis patients and many of them truly consider it a miracle. They feel they have their lives back after years of suffering with a very visible incurable condition. Wow. The people you meet on a blog.
NJGator,
You seem knowledgable about property taxes.. I saw on the NJ gov’t website about the “avg ratios more than 100 are assumed to be 100” thing you mentioned. How would this work in practice? If you had a prop with an assessment at $500K, an avg ratio of 100 w/ an upper limit of 115, and you buy the house at $495K, will you win your appeal?
Ordinary range:
$500K/1.15 = $435K
$500K/1.00 = $500K
$500K/0.85 = $588K
But upper 115 gets changed to 100, so assessment range is actually:
$500K/1.00 = $500K
$500K/1.00 = $500K
$500K/0.85 = $588K
So since $495 < $500, I am victorious in my appeal!! [Cue band]
Outofstater says:
April 4, 2009 at 11:32 pm
#150 All Hype – You worked on HUMIRA?? THANK YOU!!! I have read the comments of psoriasis patients and many of them truly consider it a miracle. They feel they have their lives back after years of suffering with a very visible incurable condition. Wow. The people you meet on a blog.
………………………………
I will send the thanks to a friend of mine who was in charge of that program. She did a tremendous job running the studies and helping get it approved for psoriasis.
Follow-up on my #151:
I also don’t mean to imply the sales folks are bad. Just gears in the system like the rest of us. NOW, I’m back to RE.
yikes says:
April 4, 2009 at 11:26 pm
ALL – not so much the drugs and helping people, but the way the sausage gets made
(ie – the free lunches, free dinners, gift cards, the reps who wear short skirts and low-cut tops, etc, etc)
…………………………….
We used to go to the big arthritis and GI meetings and have a good laugh. It is not this way in the EU by the way, those big meetings are much more professional.
As a side note, i had a friend move from the HUMIRA development team to the sales side and hated it. He kept on getting knocks on his reviews cause he did not spend enough money out with the doctors. He told me that he was not a sales rep but a maitre’d and gambling enabler. He got sick of it and left.
Grim, Clot, and other experts: What do you figure this house (click here)is going to go for? I have a friend who is looking to buy and doesn’t want to go over like $365K. House across the street from this one (POS cape, virtually no updates, small dormer for bathroom, crappy landscaping) went for $387.5K recently. This house is nicer — great landscaping, the stone patio is exquisite, good roof. Any thoughts on whether she should even bother looking at this with an intro listing price of $409K?
for anyone interested:
employment per field in NJ 1990 to present, from St Louis Fed
http://www.scribd.com/doc/13991400/NJ-Employment-in-Thousands-of-People
Does anyone have insight on what’s going on in princeton? I’m happy renting but the mister is getting antsy. Prices still seem ridiculous. Will they go down? The realtor we have our rental through says they won’t fall…lol
Comp Killer
77 Christopher Drive, Princeton, NJ
Original listing price: $1,325,000
Sold 4/6/09 @ $1,153,000
10% below 2004 purchase price
Purchased on 6/17/04 @ $1,286,000