From the Courier Post:
Tough real estate market for the rich, too
There is a house for sale in Brick that overlooks a cove adjacent to Barnegat Bay. It has five bedrooms, 6 1/2 baths and an oversized kitchen with two granite islands. It has a three-car garage, a swimming pool and sweeping views.
And it can be yours for $3.3 million. Make that $2.5 million. Make that $2.25 million.
“It hasn’t been able to sell because of the market,” Jo Vocisano, a Piscataway resident who owns the home, said. “The house is beautiful. Beautiful view. And very different. And you need a person with that taste because the house is so beautifully different.”
The Shore’s million-dollar housing market has been struggling to gain traction. The number of homes for sale seem to outweigh the number of qualified buyers, making for a formula that is no different than the overall market.
Real estate agents say there are signs of hope. Prices have fallen in a correction that puts the market more in line with the economy. But a major hurdle remains: Banks, still burned by the housing bubble, are scrutinizing buyers’ creditworthiness more closely.
“The underwriting guidelines for jumbo loans — $1 million plus — are much tighter than they have ever been,” said Sean Clark, vice president of Advisors Mortgage Group LLC, a mortgage banker in Wall. “Higher down payments are required. Higher (credit) scores. Just all around much tougher.”
No one?
1.
I think that article is overly optimistic. The million + market is essentially dead.
In Short Hills, the Million+ home could sale in 1 day with multi offeres.
Hyde (#126, last post)-
While you’re redeeming your straw man in due course, could you pick up mine?
Love to see the pictures of what some ginny ginch from Pisc@taway thinks is “beautifully different”.
Probably involves quoins, wing walls, fake stucco, a Miami Vice color scheme and appointments that look like they were ripped off Lady Gaga’s head.
In Short Hills, the Million+ home could sale in 1 day with multi offeres.
Price <> Value
In the past few years, the best deals from a value perspective have been in the upper price ranges. I know it’s hard to swallow the fact that a $2m home might be a fantastic deal, and the $400k one fantastic crap shack.
Doom,
Sure, no problem. Got about 600 ounces of Au handy?
Doom,
Assuming you redeem your straw man, then its unlikely you could function in a “normal” manner in “average ” society barring the availability of a personal team of attorneys. Thats my take anyway from what i know.
Shipped my son off for his first day of kindergarten this morning. Man does time fly. We got lucky. He got a teacher who has been at it for 42 years. Some not so lucky friends of ours got the librarian.
From the WSJ:
Banks’ Plans for Foreclosed Homes Will Drive Market
The speed at which house prices fall over the next few months could depend less on mortgage rates and Americans’ appetite for home buying than on how banks decide to manage the huge number of foreclosed homes they own or may take from delinquent borrowers in the near future.
Unlike home owners, banks often are much quicker to slash prices to unload properties quickly.
The upshot is that, the more homes being sold by lenders, the faster prices tend to fall. That pattern was clear over the past two years: Price declines that began four years ago accelerated rapidly in 2008 as banks dumped foreclosed properties at fire-sale prices. By January 2009, the share of distressed sales had soared to 45% of all sales nationally; it was even higher in hard-hit markets such as Phoenix, according to analysts at Barclays Capital.
Wendy,
Thanks for pointing out that fact regarding housing in the #1 school system in the state. Care to be so bold about the other five or six hundred municipalities?
Hey I have a real NJ real estate question.
Looking at a commerical buiding for work in Secacus to store records, they claim no basement but since I have not made it out there yet, is there a place on-line to check this stuff. If building has a basement etc? they have such a site for LI buildings but wonder if they have something like that for NJ? Any public building info for the building available on line would be of interest
JJ (12):
Grow house?
12.
Larry Silverstein would be a good guy to ask. He knows exactly where to store important records and hes even better at predicting when they will be destroyed.
JJ since much of Secaucus sits on a tidal flat there is no way you would even want a place there unless it was second floor storage. Also check to see if fire suppresion system is Halon and not water. Water does not really help preserve documentes in a fire, halon is standard for document waarehousing. That is just this auditors perspective on when I check records management facilities.
servers to store electronic records, however I could go all Weeds with Mary Louis Parker but her BFs either get killed or go to jail.
A little Bob Dylan, I’m in a protest mood for our Greek rioting friends:
How much do I know
To talk out of turn
You might say that I’m young
You might say I’m unlearned
But there’s one thing I know
Though I’m younger than you
That even Jesus would never
Forgive what you do.
Let me ask you one question
Is your money that good
Will it buy you forgiveness
Do you think that it could
I think you will find
When your death takes its toll
All the money you made
Will never buy back your soul.
And I hope that you die
And your death’ll come soon
I will follow your casket
In the pale afternoon
And I’ll watch while you’re lowered
Down to your deathbed
And I’ll stand over your grave
‘Til I’m sure that you’re dead.
Other funny thing is since it is a swamp and the last FEMA study was a long time ago, I head that Zandu and New Meadowlands stadium massive paving over swamp lands may alter flood waters in the next big storm.
Painhrtz says:
September 13, 2010 at 1:01 pm
JJ since much of Secaucus sits on a tidal flat there is no way you would even want a place there unless it was second floor storage. Also check to see if fire suppresion system is Halon and not water. Water does not really help preserve documentes in a fire, halon is standard for document waarehousing. That is just this auditors perspective on when I check records management facilities.
hyde (8)-
I’ve been told the only way to function in the US after redeeming your straw man is to stride into court whenever challenged by the legal system (which will be almost constantly), and declare that you only recognize the UCC and admiralty law.
I figured if anyone can even get to this point, TPTB will Vince Fosterize that person, which sorta moots the whole idea of the straw man redemption.
Stu (9)-
Have you settled into being a black family in the white man’s town? :)
grim (10)-
Obviously, this WSJ reporter hasn’t investigated REO in New Jersey.
“Unlike home owners, banks often are much quicker to slash prices to unload properties quickly.”
John and remember sometimes things are cheap for a reason and it isn’t because they are good value. Depending on the criticality of those servers and the documents stored therein alternative sites less prone to natural disasters are often the best bet. The majority of the data centers that I look at are in Kansas City of all places. Local caves in the area provide for optimal storage conditions at minimal cost.
Poon (20):
“Have you settled into being a black family in the white man’s town?”
Not even close. Just building up the down payment and unemployment insurance fund, while watching home prices finally start dropping in Glen Ridge, albeit a teeny-tiny bit it appears. Unfortunately, we may be treated like your average black family when we move in when the neighbors find out we are actually Montclair escapees.
Can’t blame Glen Ridge folks for not wanting bad Montclair ju-ju to rub off on them.
Lib you can always let it be known you, Gator and lil gator are the chosen people. I’m sure that will have some negative effect when they find out you both are not doctors or lawyers. I can hear it now; How can you be Jewish and not a lawyer or doctor, their parents must be so disappointed, how can they live without here without government assistance, other members of the family must have helped them. take the child away no jewish child living in Glen Ridge should be deprived calvin kline’s and rides to school in an S-Class
Pain – someone in that town is gonna call DYFS when they see Lil Gator pulling up in that 1995 Honda Civic.
I am usually distrustful of any neighbor who moves in. Even more so if they are replacing a good neighbor.Generally speaking race wise, the tri-state area is a tough place to find a place to fit in. My friends who are african, (the are actually from Africa) his parents was a wealthy black dicator who was run out of the country loved Manhattan and Brooklyn, very diverse. When they had kids and wanted to move to surburbs they only wanted a diverse surburb. Originally they thought Valley Stream Long Island might be good as it is short commute to city and is literally 1/3 white, 1/3 black and 1/3 asian. However, they between them make like 750K a year and Valley stream is middle class capes. They also thought schools were important. They ended moving to a 97% expensive white neighborhood with great schools, all the nieghbors are great and love them. However, my friend still worries who his children will date? He would like to continue his african hertige but in a HS that there are really no black kids for his daughter to date he may not end up with his heritigae continuing, he said well she is only two if I have to move when she is 16 that is a long way off.
Libtard says:
September 13, 2010 at 1:26 pm
Poon (20):
“Have you settled into being a black family in the white man’s town?”
Not even close. Just building up the down payment and unemployment insurance fund, while watching home prices finally start dropping in Glen Ridge, albeit a teeny-tiny bit it appears. Unfortunately, we may be treated like your average black family when we move in when the neighbors find out we are actually Montclair escapees.
Well, it looks like Castro was indeed signaling a shift to the RIGHT of the Democrats in the Congress and the NJ Statehouse, when he spoke to that reporter a week or two ago:
http://www.msnbc.msn.com/id/39152912/ns/world_news-americas/
“Cuba to eliminate 500,000 state jobs, spur private sector
Layoffs amount to biggest shift to the private sector since the 1960s
snip
“The statement said eventually more than a million jobs would be cut and, due to efforts to increase efficiency in the state sector, there would be few new state sector openings.
snip
“Our state cannot and should not continue maintaining companies, productive entities, services and budgeted sectors with bloated payrolls (and) losses that hurt the economy,” the statement said.”
snip
“The majority of the data centers that I look at are in Kansas City of all places. Local caves in the area provide for optimal storage conditions at minimal cost.”
Between being centrally locate, and having limestone caves, an educated workforce (at least in the burbs), and low seismic activity, it makes sense, I suppose.
It’s Sept. 13, and the IRS has yet to publish the quarterly expatriate report that was due at the end of July.
Has Angie Kaminsky gone on vacation with no backup, or is there something more afoot?
[29] shore
Old missle facilities are also being used for that. When I was at UMass, the Fed bought an old C&C facility in the Holyoke range, overlooking Amherst. Would have made a great location for a nonproductive Nompound.
located, too
27. Did you tell your buddy that in this country we don ‘t marry the daughters off until college?
Love it that mosque building nuts is a Giants fan, wonder if he bought a PSL and plans to build a mini-mosque their.
Haass asked the imam, “Is compromise one of the tools you are willing to use?”
Rauf said, “Everything is on the table.”
The cleric, born in Kuwait, painted a picture of himself as the quintessential American immigrant.
“I came to America by boat when I was only 17 years old. We sailed into New York Harbor on a sunny, cold day in December 1965, three days before Christmas” he said. “I remember seeing the Statue of Liberty for the first time — that beacon of freedom rising majestically in the harbor.”
Now he’s a U.S. citizen — and a Giants fan, he said.
He insisted the mosque needs to be built to show the world that America’s religious tolerance extends to Muslims.
They have a saying in Africa, once you go white you never go back.
Essex says:
September 13, 2010 at 2:21 pm
27. Did you tell your buddy that in this country we don ‘t marry the daughters off until college?
Don’t worry Japan was on the same side as Germany
NJGator says:
September 13, 2010 at 1:56 pm
Pain – someone in that town is gonna call DYFS when they see Lil Gator pulling up in that 1995 Honda Civic.
#36, what about pasta and pizza?
welcome back and good luck to all GR hunters for the new season.
Good to see JJ – his posts are dense and full of info while others here just repeat themselves.
It’s amazing the doom spin of news given here by some. Greeks have gotten a ~30% haircut and no one complains apart from a few thousands union members.
But Greece is only an experiment. Now our leaders know that, here, where we only know how to whine in blogs, the bottom is much lower. We will have a ~90% haircut before someone moves his ash from the screen. So they might stop at ~80%.
Gator, captain cheapo can always tint the windows and drop lil gator off a block from school.
look at the never ending expanse of pickled flooring (!!!)…. There’s no accounting for taste.
http://www.trulia.com/property/3012895418-183-Grove-St-Montclair-NJ-07042
Thanks!! but headed out soon as I have a large amount of beer to consume in the meadowlands parking lot prior to game time!!!!
poor guy says:
September 13, 2010 at 2:47 pm
welcome back and good luck to all GR hunters for the new season.
Good to see JJ – his posts are dense and full of info while others here just repeat themselves.
It’s amazing the doom spin of news given here by some. Greeks have gotten a ~30% haircut and no one complains apart from a few thousands union members.
But Greece is only an experiment. Now our leaders know that, here, where we only know how to whine in blogs, the bottom is much lower. We will have a ~90% haircut before someone moves his ash from the screen. So they might stop at ~80%.
One of the things I wonder about – how come NJ & NY haven’t gotten on the bandwagon about legalizing grass so they can tax it? I realize that NJ did a limited medical legalization (I think?), but out West, the pot pharmacies are big biz.
I heard the Greeks really care about bottom line.
Great idea, then we can get all those soon to be out of work Jets/Giants PSL reps to start selling Personal Smoking Licenses. For only 20K a PSL you have right to smoke pot without getting busted.
scribe says:
September 13, 2010 at 3:19 pm
One of the things I wonder about – how come NJ & NY haven’t gotten on the bandwagon about legalizing grass so they can tax it? I realize that NJ did a limited medical legalization (I think?), but out West, the pot pharmacies are big biz.
Never heard of the Secaucus cash corridor?
Secaucus is home to most of ATM transactions in the USA and there are dozens of large interconnected businesses doing data centers there.
Lots of big names NYCE, FED, Citi, EDS, Equinix, AT&T, Fiber Media, XO, and Microsoft etc.
I just may jump back in the markets to get a little Fed-sponsored love…..
http://www.zerohedge.com/article/primary-dealers-prepare-invest-27-billion-fed-money-levered-30x-over-next-month-buy-high-bet
Juice box but they are pass through transactions the storage centers are always somewhere else
re: #47 Pain – farting into the wind again? The largest data center with “servers” storing data in the entire New York metropolitan area is in Secaucus.
Warren B says all is well. Too the moon baby!
Looks like a full-court press by TPTB to ramp this puppy up before the elections.
Unexpected HEHEHE (49):
Of course the old man says the economy is great, he is on the inside of all the gubbmint bailouts.
He knows the market is going up into the elections. Obamachev needs all the help he can get. His political life is on the line right now and he will not hesitate to drag uncle Ben and the banks down with him. So we rally for the next 8 weeks, maybe till the end of the year. He is holding the tax cuts over their heads to get them to play ball. If the Democrats lose the majority then no tax breaks for the rich and for the banks.
I must say Zero Hedge has been a wealth of knowledge on how the game is being played. It seemed a little fishy that the markets can rally like this with no data. Uncle Ben is giving free money to the banks via the POMO so it’s rally on till the election.
Sorry for those who are shorting the market.
50.
Indeed. Im wondering what is more real. The WWF or Wall St.
“Indeed. Im wondering what is more real. The WWF or Wall St.”
You see the add for the Republican candidate in Connecticut?
53.
I cant believe Conn. left Schiff out in the breeze while McMahon goes against bankster Dodd.
sumbuddy needs a mini bailout!
http://www.trulia.com/property/9948883-3-N-Brookwood-Dr-Montclair-NJ-07042
its decent house, at 450k.
“I cant believe Conn. left Schiff out in the breeze while McMahon goes against bankster Dodd.”
Actually Dodd’s not running, they got some dude running who has already lied about his Vietnam service. This country is so screwed up.
Anyone else thats been following the metal charts specifically silver notice that the JP Morgan ramp down jobs are becoming more and more ineffectual?
http://www.kitco.com/charts/livesilver.html
“, Everything is on the table.”
Given the tension surrounding this issue, he would haave done well to say, “All peaceful options are on the table.”
People who do not know how to speak to the press should not speak to the press.
The real problem with a multi-million-dollar house in Brick is that, well, it is in Brick.
Shore, the Imam is toast. He already started talking about “… but there are strip clubs there”. There is no way to climb back from that situation when commentators that formerly said “you are doing a good job” start saying “he is a terrorist”. I am sure he may have said something somewhere in the past that amounts to bluntly criticizing the US [or will soon say something inappropriate — all it takes is one moment of anguish], and the media will find it and play it 24×7 — no publicity is good publicity in these cases.
He is collateral damage and the community center is too. We probably are all…
At least something to chuckle at…
A would-be Koran-burner in Amarillo, Texas was foiled by a 23-year-old Texas skateboarder named Jacob Isom, who was among a group of people protesting a planned burning on Saturday. As Isom described it: “I snuck up behind him and took his Koran, he said something about burning the Koran, I said ‘Dude you have no Koran,’ and ran off.”
Amarillo police promptly arrested Isom for petit larceny.
Doom Re#5
“appointments that look like they were ripped off of
Lady GaGas head.” Too funny!!!!!!
Where do you come up with this stuff??
Clot/Doom/Poltroon (whichever is the football fan) –
A little treat for you.
http://i.imgur.com/vATKr.gif
Shore still waiting for an answer from Friday on why you think O should resign.
I suppose we can expect more of these Forbes right wing puff pieces in the months to come. The author is getting crushed in the comments section. He needs a good lesson in African politics 1950- present.
Complaining that unemployment went from 7.7 to 9.6 is like complaining to the ER doctor, (sorry Still, the metaphor is too good to waste) that the gun shot victim slipped into unconsciousness.
Newt 2.0 may see himself a possible 2012 candidate, but if November repeats 1998, he is dead in the water. If he does make it past, it wont be long before someone starts the 503 Deathbed Divorce ads
#63 New
Alas it get disallowed. Here is the original (and the best .. :*)
http://www.youtube.com/watch?v=2D8IW_3_6D8&
JJ Secaucus s full of Data center space. Ask your broker if the space is Tier 3 or Tier4 Data Center compliant. If you get a blank look or a pause, find a new broker.
Most of Wall Street will have some part of their data center wither there or Carlstadt. There is boat loads of storage space and dark fibre network backing that up to their other locations.
Fabius, you’re right. Newt will win only if we the US electorate gets a collective lobotomy.
Newt is working on a new contract with amerikah. This time with clause that include corporate rights to human ownership and banking privileges for the unborn.
new (63)-
Thanks. Always love a perfectly executed Cruyff turn.
gluteus (65)-
One of the highlights of my life was meeting George Best (before a San Jose vs. Memphis Rogues game). I’m pretty sure he was hammered out of his gourd.
sx (68)-
Good. I’m all for bringing back slavery.
serenity (62)-
I’ll be here all week.
Honestly, did you see that girl last night? By the end, she looked like she’d been gangb@nged in an ostrich preserve.
Can somebody send me some Ambi<n to go with my new batch of Knob Creek?
Now you’ve gone ahead and stepped in it.
Clot, you can get Ambien online….
http://ambiendrug.com/index.php/buy-ambien/
time to make the donuts.
SAS
#70 Clot
Probably was hammered, but he had a God given talent.
I rate his San Jose goal the second best ever scored. An object lesson for a striker, keep possession and be patient.
The only player these days that comes close is Ronaldinho.
“Shore still waiting for an answer from Friday on why you think O should resign”
Sorry. I have not been online much lately, what with travel and deadlines, and I missed the query on Friday.
First, I do not believe that he should resign, only that he is a spent force politically. Of course, one could make the case that an impotent leader should move aside to allow a stronger leader to take the helm, but that sort of thing happens in the UK, not in a system like ours.
B.O. is here to stay, but I do believe there is a strong, and growing, chance that he will not sek re-election. He got the post and the Peace Prize. If he retires his spoken book can grab a Grammy, his book a Pulitzer, and maybe a Nobel for literature, and his life story an Oscar. Why put up with four more years of day-to-day battles, which he has shown little interest (and skill) in engaging?
The one who should have resigned was Bush, but then we would have had Darth Vader in charge.
Shore
Your quote
“I did not vote for the man, but I had hoped that he would be a great president. He has not been, is not, and I doubt will ever rise to that standard. Thus, for the good of the nation, it is time for him to go.”
My question, “Why should he go? On what grounds?” Are you pi$$ed at the man or pi$$ed at the policies. Following on from that, what would you like to see in his place. 10 years of President Joe Biden?”
BO will seek re-election, for the one fact the GOP will not be able to put up a credible candidate against him.
You deflect the argument to the UK. Take a good look over there. The Conservatives (GOP equiv) lost power and spent 15 years in the wilderness as they went too far right. Sister Sarah in Iowa should scare the $hit out of you and the GOP middle. At this point the only credible candidate the GOP have to put up with a chance of winning is sadly Huckabee.
Shore, who would have been the ideal president after Clinton? Obama stands way above everyone in the list here, except Hillary…
2000: Gore? Bradley? McCain?
2004: Kerry? Edwards? McCain? Dean?
2008: Hillary*? Rudy-911? Huck? Romney?
*I think she would have probably cut off GOP’s nuts with 60 seat majority…
you mean there is a difference btw O & GOP ?
yeah right… and Sachs doesn’t dabble in cat bonds & insurance fraud..
SAS
“Ronaldinho”
is that anything like a Armadillo?
you know…el little armored one.
SAS
#82 Sas
Yes actually this time round I think there is a difference. The easiest way to explain it is a quote from Jamil.
“BP gave the most political donations in history to the O campaign”
Taking the spin out of this the donations did not come from the company, but from the employees who had to report their employer on the form. Joe and Jane Roughneck stepped to the plate. While John Roberts gave us unlimited corporate person contributions going forward, I think Joe and Jane’s message has been heard .
One thing I have noticed in the last few presidents is that their hair goes gray in the first few years of their presidency. I am sure there that there are people explaining the real world (as Sas knows it ) to them and it has an effect.
Another great day to be a consultant at my IB. Guy who broke his a$$ working extra hours and even weekend time (unpaid 0f course) was let go without even a days notice . He was here 6 months writing business requirements and gaining tons of knowledge. Generally he was liked by everyone. Again, if you are a consultant don’t bother putting in extra time and especially don’t listen to “carrot-dangling” of full time offers. It won’t happen.
Sastry,
I would have voted for Hillary.
The very sad fact is that our system discourages many good people fromrunning and encourages many putzes to run.
“My question, Why should he go?”
You misread my statement. I did not call on him to resign. I did suggest that, as a spent force, he should limp to the end of his term, take his pension, and go away. We do not need eight years of him. Twelve consecutive years of abysmal presidents is already enough.
#83 Sas
I have been surfing pron all night
http://www.youtube.com/watch?v=5DQAols0aZs
#87 Shore
No, pretty sure that :
“Thus, for the good of the nation, it is time for him to go.”
is a call for resignation.
“I would have voted for Hillary.” beggars belief
Does it really matter who the heck runs the country. We all know it’s just the same $hit on a different day. They’ll all find a millions ways to piss away your money.
#90 Essex
Umm, Yea!
#84 – Fabius –
“Taking the spin out of this the donations did not come from the company, but from the employees who had to report their employer on the form.”
I’ve worked for companies that tell you who to contribute to, and how much – Get it???
How can you be so naive?
#92 t c m
I call total BS.
Step up and show the evidence.
The donations are public record. Are you saying that BP employees were instructed to donate to O at the request of the company?
“I call total BS.
Step up and show the evidence.”
Well, you won’t find much physical evidence, so you will just have to accept testimonial evidence. This is a common practice in regulated industries (the more regulated, the more you see it), and was in my office as well. I had the option of demurring, which I did, and you will note that I don’t work there anymore.
So go ahead and call me a liar. And remember, I am bigger than you.
[93] fabius
Of course, if you want to call B.S. and deny that it occurs, I am sure that the folks who coordinate those donations won’t have a problem with that.
#94 Nom
Are you serious here?? I very surprised you would step into this one, even in jest!
Does it exist in the White Shoe law firms, yes. Does it exist in the unions yes! That’s a given.
But that’s not the question here.
Would BP as foreign national conglomerate instruct its associates to plump down hard cash for a candidate? Beyond even that, on policy between McCain and O (I won’t take lobbyist cash) who would BP as the corporate person pulling for?
“And remember, I am bigger than you.”
But I weight more, you lightweight … :*)
When are people going to start realizing that, in NJ, “buying” is not just a reflection of “price” but also a reflection of “total cost to own”, which means that high real estate taxes in NJ are one of the key reasons that homes, willingly for sale or through foreclosure, are still sitting unsold?
What good is buying a low cost home if your total cost of taxes is greater than other people’s mortgages and taxes combined, in other states?
Our taxes are way too high.
Frank
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