Monthly Archives: April 2009

Home prices to fall an additional 15%, stay at bottom for 2 years

Posted on April 14, 2009 by grim

From Bloomberg: New York Area Home Prices to Fall 15%, Rosen Says Home prices in the New York City metropolitan area will fall as much as 15 percent as Wall Street firms cut jobs and slash bonuses, according to Kenneth … Continue reading →

Posted in Economics, Housing Bubble, New Jersey Real Estate | 169 Comments

Rents fall 5.9% across Manhattan

Posted on April 14, 2009 by grim

From Bloomberg: Manhattan Apartment Rents Fall as Unemployment Rises Manhattan apartment rents fell as much as 5.9 percent in March from a year earlier as a record jump in unemployment damped demand, Citi-Habitats Inc. said. Average rents declined for apartments … Continue reading →

Posted in Economics, Housing Bubble, New Jersey Real Estate | 185 Comments

Weekend Open Discussion

Posted on April 10, 2009 by grim

Weekend Gossip! CC’s new digs in Alpine, NJ. NJMLS# 2908472 Original List Price: $15,000,000 Under Contract Date: 2/24/2009 Closed: 4/8/2009 Sale Price: $14,900,000 Transaction: CASH Transaction brokered by: PROMINENT PROPERTIES SOTHEBY’S From the NY Post Page 6: CC SAFE AT … Continue reading →

Posted in General | 322 Comments

North Jersey March Home Sales

Posted on April 8, 2009 by grim

Preliminary March sales and inventory data for Northern New Jersey (GSMLS) is in. Please note that this data is subject to revision. The first graph plots the unadjusted sales data (closed sales) for the counties listed. Please note the lower … Continue reading →

Posted in General | 408 Comments

Propaganda Points

Posted on April 8, 2009 by grim

Ever wonder why every Realtor seems to be parroting the same asinine lines? Below is a media talking points document distributed by a local Realtor board. Board details redacted, but you’ll get the point. I’d estimate a good three quarters … Continue reading →

Posted in Humor, New Jersey Real Estate | 164 Comments

Curb the optimism, this is not the bottom

Posted on April 7, 2009 by grim

From Reuters: Mortgage delinquencies soar in the U.S. More U.S. consumers are falling behind on their mortgages, an indication that the housing market has yet to hit bottom, a top credit bureau executive told Reuters. Dann Adams, president of U.S. … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 101 Comments

Cut, borrow, or tax to bridge the gap?

Posted on April 7, 2009 by grim

From the Philly Inquirer: New Jersey faces “historic” tax-revenue drop New Jersey is facing a “historic tax-revenue collapse” that could leave the state with a $100 million deficit by the end of the next fiscal year. That was the assessment … Continue reading →

Posted in New Jersey Real Estate, Politics, Property Taxes | 183 Comments

March 2009 Warn Notices, 2000+ Jobs Lost

Posted on April 6, 2009 by grim

From the NJ Department of Labor and Workforce Development: 2009- March WARN Notice Company | City | Date | Workforce Affected ALUMINUM SHAPES LLC DELAIR 9/9/09 182 AMERICAN DISTRIBUTION SERVICE RIDGEFIELD 5/12/09 101 ASCO FLORHAM PARK 5/31/09 350 CATALENT PHARMA … Continue reading →

Posted in General | 47 Comments

Affordable housing? Sure doesn’t feel like it.

Posted on April 6, 2009 by grim

From the NY Times: Housing Affordability Improves TRADITIONALLY, there is happy news about the residential market in springtime — always its busiest season. Here is this year’s bulletin: Home prices have declined so much in the state that average buyers … Continue reading →

Posted in Economics, Housing Bubble, New Jersey Real Estate | 235 Comments

March Comp Killer 2!

Posted on April 5, 2009 by grim

Morris Comp Killer! (in progress, keep checking back. Price descending order, so scroll through to see updates) MLS# 2609747 132 Ormont Rd, Chatham NJ Purchased: 9/13/2005 Purchase Price: $890,000 Sold: 3/12/2009 Sale Price: $726,000 18.4% below 2005 purchase price MLS# … Continue reading →

Posted in Comp Killer | 148 Comments

March Comp Killer!

Posted on April 4, 2009 by grim

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 … Continue reading →

Posted in Comp Killer | 164 Comments

Fashionably late, Manhattan joins the party

Posted on April 3, 2009 by grim

From the NY Times: Apartments Sell for Less if They Are Sold at All Hard times have come to the Manhattan real estate market, according to a series of quarterly sales reports to be issued on Thursday. Relatively few apartments … Continue reading →

Posted in Foreclosures, Housing Bubble, National Real Estate | 267 Comments

Countrywide settlement to aid NJ borrowers

Posted on April 2, 2009 by grim

From the Record: Countrywide to provide foreclosure-relief fund in N.J. Countrywide Financial Corp. will set up a $3.7 million foreclosure-relief fund in New Jersey to settle allegations that it wrote high-priced and unaffordable subprime mortgages, Governor Jon S. Corzine announced … Continue reading →

Posted in New Jersey Real Estate | 53 Comments

New Jersey Home Price Tracker

Posted on April 1, 2009 by grim

The New Jersey Home Price Index Tracker has been updated to include: January S&P Case Shiller (Aggregate, Tiered, Condo) Q4 OFHEO HPI and Purchase-Only Index Q4 New Jersey Association of Realtors (NJAR) Median Price (click to enlarge) S&P Case Shiller … Continue reading →

Posted in Economics, New Jersey Real Estate | 864 Comments

No bottom for home prices – PMI

Posted on April 1, 2009 by grim

From Bloomberg: Home Prices in U.S. to Decline Through 2010, PMI Says Home prices will fall in more than half of the largest U.S. cities through 2010 as the recession slashes jobs and reduces buying power, according to PMI Mortgage … Continue reading →

Posted in Economics, Housing Bubble, New Jersey Real Estate | 53 Comments