Spring is in the air

From the Star Ledger:

Warmer weather, lower prices bringing out prospective homebuyers

Spring is here.

The birds are chirping, the daffodils are blooming and each weekend lawn signs are posted around New Jersey’s neighborhoods, guiding prospective homeowners to open houses.

After what has been a particularly rough housing market in the last few months, real estate agents said things may finally be looking up.

“When people want to buy, they want to buy, and stuff is moving,” said Perri Feldman, an agent with Keller Williams Realty who works in towns along the Midtown Direct train line.

Springtime is a popular home-buying season — warmer weather can encourage people to tour the neighborhood, plus buying now gives new owners enough time to finish renovations and move in by the time school starts in the fall. Add to that historically low interest rates, a glut of unsold homes, a job market that is slowly improving and homes priced under $600,000 that may finally align again with prospective homeowners’ salaries, and buyers who were on the fence are starting to make decisions now.

It can take weeks for sales data to be assembled, but statewide figures from February show pending home sales were up 19 percent compared with January, according to East Brunswick-based real estate valuator Jeffrey Otteau. There were more than 63,000 unsold homes on the market as of February, up more than 4,000 from December.

“I think that things get better from here, but it’s going to be a slow progression,” Otteau said. “It’s going to take a number of years before we get back to a housing market that feels anything like normal.”

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136 Responses to Spring is in the air

  1. Mike says:

    Good Morning New Jersey

  2. grim says:

    From Bloomberg:

    Paulson Sees Falling Home Prices as Risk to Recovery, Echos Says

    U.S. home prices are unlikely to rebound this year because banks aren’t willing to lend while there’s uncertainty over their rights to foreclose, money manager John Paulson told Les Echos in an interview.

    The U.S. needs construction of at least 1 million to 1.2 million new homes a year for a solid economic recovery, Paulson said, according to the newspaper. Less than 300,000 new homes are being built, said the money manager, whose firm, Paulson & Co., oversees about $36 billion.

    “In my eyes, the major risk for the American recovery is the stagnation of the residential real-estate market,” Paulson said, according to the Paris-based financial newspaper. “It will be difficult to have a rebound in real-estate prices this year.”

  3. Mike says:

    Sorry Charlie got booed off stage again

  4. Confused In NJ says:

    They need to boo Ben of his stage. He’s a greater threat.

  5. Confused In NJ says:

    “I think that things get better from here, but it’s going to be a slow progression,” Otteau said. “It’s going to take a number of years before we get back to a housing market that feels anything like normal.”

    Like he really knows what “Normal Is”, Ha, Ha.

  6. Confused In NJ says:

    Japan can’t get a break, another 7.0 aftershock.

  7. 30 year realtor says:

    You are a fraud for insisting the sky is blue. The sky isn’t blue just because you say so or all the newspapers report that it is. In River Edge the sky is a different color.

    How or why argue with such thinking? My synopsis of yesterday’s thread.

  8. gary says:

    I stated this yesterday and will repeat: I went to a few open houses yesterday. One in particular, in the Westwood/Hillsdale area was hosted by a realtor I meet a few years ago. A very, very nice person who has been sending me an automated list everyday. Anyway, she told me, without a doubt, that the market is horrible and we are still heading down in price. She said, do not believe anything otherwise. No secret here, we all know this. She said some sellers are still in La La land but regardless, prices are still heading south. She said the peak of the market was absolute madness with the loan give-aways but the rules have totally changed and there is still more declines to come.

  9. gary says:

    “When people want to buy, they want to buy, and stuff is moving,” said Perri Feldman, an agent with Keller Williams Realty who works in towns along the Midtown Direct train line.

    A blanket statement hoping to snag a meager pittance of easily influenced fence sitters while the data supports the absolute opposite.

  10. Shore Guy says:

    When peoolr like Otteau speak of returning to a normal market, do they mean a normal market, as in pre-bubble, or do they mean nornal as in ovetheated and unsustainable “normal” of the bubble years?

  11. Shore Guy says:

    People

  12. Dissident HEHEHE says:

    I can say from viewing listings in my building that sellers may finally be getting realistic. Listings are back at the purchase prices back in 2005-2006. They’ll be lucky to get that with the increases in taxes etc. but at least the “10% appreciation” fantasy is over.

  13. Shore Guy says:

    I doubt that Sheen gives a rat’s tail for what people think of his “show.” He has sold the tickets and all he has to do is show up. I wouldn’t bother to see him for free, even to take shelter from a storm, but, all one needs is to appeal to 1% of the population and one can make a mint.

  14. Only thing in the air is the stench of death.

  15. freedy says:

    but wait, know it all says this board is all wrong. byw is the spring selling season a bust?

  16. gary says:

    Springtime is a popular home-buying season — warmer weather can encourage people to tour the neighborhood, plus buying now gives new owners enough time to finish renovations and move in by the time school starts in the fall. Add to that historically low interest rates, a glut of unsold homes, a job market that is slowly improving and homes priced under $600,000 that may finally align again with prospective homeowners’ salaries, and buyers who were on the fence are starting to make decisions now.

    Still 2 to 3 years from crash landing and another 20% decline yet to come. The trend line rules. What about the 55% increase in property taxes over the last 6 years? How come that topic never comes up? What about the 15% increase across the board on food prices by Q4 2011? Why isn’t that discussed? Low interest rates? Will that be the mantra one year from now? And, of course, every wannabe buyer has at least 20% saved for the $575,000 house, correct?

  17. Shore Guy says:

    Nom,

    Id that by Estee Lauder or is someone else?

  18. Shore Guy says:

    Gary,

    Two years ago, we did not consider income taxes ot property taxes when deciding wherrr to buy out next property. Now? It is at the top of the list.

  19. gary says:

    Shore [19],

    It’s just another reason why the rosy outlook by these tour guides is a bunch of bullsh1t. When a potential buyer realizes at least another $1000 per month on top of the mortgage, people are not going to “buy when they want to buy” and “stuff is not moving.”

  20. So What Who Cares?? (formerly 3b) says:

    And homes priced under $600,000 that may finally , blah blan balh!!!

    Oh yes homes priced under $600,000.00 that will people out there in droves!!!

  21. So What Who Cares?? (formerly 3b) says:

    #16 Now it is property taxes first, than price.

  22. JJ says:

    Higher Taxes are becoming the new normal. I went to two open houses recently, one on a 100 by 106 plot and one on a 60×100 plot. Both claimed selling point was low re taxes. House one paid 21k. house two paid 16k. I said how is that low so when I went home I looked on line and OMG similar homes had 25k and 18K in taxes.

    Someone on a 60×100 plot now believes 16k is low, just as long as similar homes pay 18K he has a “bargain”

  23. So What Who Cares?? (formerly 3b) says:

    pat: From yesterdays post. I don’t think in the know is grim. I believe it may actually be a resident of River Edge, and they really believed what they posted.

  24. chicagofinance says:

    So What /Who Cares!! (formerly 3b) says:
    April 10, 2011 at 5:04 pm
    #94 Fabius: So you ahd to go and do his homework for him/her. Perhaps IN THE KNOW should change their handle to HASN’T A CLUE!!!

    In the Know = RE101 = :)

  25. grim says:

    It’s not me, I don’t have the time to pull that off.

  26. So What Who Cares?? (formerly 3b) says:

    #25 That is a possibility.

  27. gary says:

    U.S. food prices have been rising in the last year, but it seems the growth is only just beginning. A sharp jump in commodities’ prices this year will soon result in sticker shock for American consumers.

    http://tinyurl.com/3r5sqoy

    When people want to buy, they want to buy and stuff is moving!!

  28. Juice X says:

    re # 26 – grim stop pulling it or you will go blind.

  29. Painhrtz - Cat of God says:

    Remember if you see a zombie realtor, shoot it in the head! It is the only way to kill it.

    Spring housing season of the living dead, new play I’m working on.

  30. Dan says:

    The end is nigh…..

    I closed on my townhouse on Friday. My partial satisfaction knowing that prices dropped a lot since my wife and I started looking at stuff last July but with lease ending July 4 and a baby coming, time was up…..

    Time for the next comp to go on the market 10 to 15% below me :)

  31. ditto says:

    Midtown direct is a plus. Glen Ridge with its excellent schools is a reasonable ride in, 35 mins. I’ve seen people try to claim Ridgewood has a direct line to Penn.

    In the end, I decided I could not stand the godawful Penn Station. NJ Transit is no fun either when you’re stuck under the river. I’m going to slum it in Westchester and commute into Grand Central.

  32. We’re headed straight back to the 15th century, with a stopover at The Grapes of Wrath.

    600K houses bringing them out in droves? How about massive job loss, a “recovery” that only consists of dead-end McJobs, braised IShit for dinner, sashimi of ahi in cesium sauce, light your after-dinner cigar with a Benjamin (or, alternatively, wipe your arse with it), get hard or take a dirt nap, buy a bicycle for when the price of a gallon equals what it costs in Belgium…Belgium? Thank you, Mr. Taxpayer for footing the bill for Portugal’s national siesta; next on tap, the folks who brought you Guinness and fighting as a mode of communication. Hat tip to the cold fusion people in Spain; and don’t forget, their stress tests tell us all is well.

    What we need now is a good, old-fashioned Somali piracy incident to keep us entertained until the next Idol.

  33. pain (30)-

    You can subdue one for several hours by stuffing it full of empty carbohydrates.

  34. grim says:

    dan – we’ve got 18 days until closing. At this point I haven’t seen a comp undercut us, but I’m sure I’ll have a few by winter.

    Not worried at all, the deal makes financial sense for us.

  35. grim says:

    I’ll let the press know when I close, I’m sure it’ll be a big day for the media.

  36. JJ says:

    So if I poke holes in the condoms at all my local drug stores then my town’s real estate prices should go up?

    Dan says:
    April 11, 2011 at 9:47 am

    The end is nigh…..

    I closed on my townhouse on Friday. My partial satisfaction knowing that prices dropped a lot since my wife and I started looking at stuff last July but with lease ending July 4 and a baby coming, time was up…..

    Time for the next comp to go on the market 10 to 15% below me :)

  37. NJ Renter says:

    My email communication with a certain realtor over the weekend; file under “realtors are liars.”

    “Hi ***,

    It was nice meeting you today at my open house.

    We put the unit on the market yesterday and this was my first open house. There is an unit right next door (smaller unit and not as an open layout, even though it is brand new and it is an elevator building) what had an asking price of $510K and got under contract right away.”

    Little did she know about this new invention called the internet, on which one could obtain a lot of information. For example, the “under contract” she referenced was really that someone put down $2,500 to “reserve” the unit. No contract has been signed yet. In addition, the next door building is a new construction, and still has four identical floor plans on the market, each asking below $500.

    Also, a little digging showed that she also overstated the square footage of the unit by over 10% (public deed says 949 sqft, advertising says 1100). When confronted with this information, she responded:

    “Yes, I was referring to *** which is right next door. By the time we priced our unit we based it on the 02 unit [which, BTW, are the units asking below $500k] in that building, which faces the street with the same southern exposure and similar layout. The ones in the back are indeed under $500K but are very dark and can not compare. And the 02 unit on both 3rd and 4th floor are listed just over $500K. Even though that building is new and has elevator, we felt that we have a better layout (their door opens to the small kitchen and is narrower) and a decent size deck and the maintenance is low. So we felt those are the closest comparables.

    * * *

    As for the size of the unit, we went by the old listing when it was on the market when the current owners bought it in 2005. I have other buyers pointed it out for me too so I have changed it to 949 sqft, even though I will do a measuring since I feel it is bigger than that… No the deck is not included and should not be.”

    I guess someone who didn’t do his/her due diligence might have taken the realtor at her words. What has our society come to if you can even trust [gasp] a REALTOR! [Sarcasm off]

    But anyways, I have no intention of buying 949 sqft for $500k; I think anyone who does is crazy and stupid, even if the units are located right next to NYC.

  38. Happy Renter says:

    “When people want to buy, they want to buy, and stuff is moving,” said Perri Feldman, an agent with Keller Williams Realty who works in towns along the Midtown Direct train line.

    Bold statement. Let’s break it down.

    (1) “When people want to buy, they want to buy”

    Well, the logic is a bit complicated, but I think I understand her analysis. Sort of like:

    When people have no money, they have no money.
    When people are unemployed, they are unemployed.
    When banks won’t lend, they won’t lend.
    When taxes are skyrocketing, they are skyrocketing.
    When Virginia wants a pony, she wants a pony.

    (2) “stuff is moving”

    This is where the analysis really makes a bold statement. Is stuff really moving? Well, Perri says it is. Where is this stuff moving from and where is it moving to? Where is my stuff? I look around and see everyone else with stuff, and stuff moving, and I’m thinking, yeah, I want stuff too. I want stuff that moves!

    I guess, if we are just talking real estate, I am pretty sure that some stuff moved at some unspecified point in the last couple of months. Ergo, stuff is moving.

    That’s it — I’m in! Where do I sign?

  39. grim says:

    39 – Post of the day

  40. Shore Guy says:

    Happy,

    Stuff moves, then we flush it.

  41. Shore Guy says:

    I used to live across the street from a farm, I know the smell of spring, and it is not nice.

  42. Nicholas says:

    In the last two months I have seen stuff moving. Unfortunately it has been stuff moving to the curb to sit in the spring rain. Beds, couches, end tables, etc… At least two evictions since the weather turned warmer.

    There are already two “for sale/for rent” signs in our community, I guess we will be adding another two here soon.

    This is just ancedotal evidence gathering that probably suffers from selection bias. Are there any statistics gathered on evictions/eviction notices and where would I go to find this data in table/chart format?

  43. Pat says:

    It’s a Norman Rockwell kind of post. You can feel the love in between the lines. Happy’s the kind of person who saves the reputation of Jersey.

  44. Shore Guy says:

    Pat,

    Is that like saving the virginity of an experienced prostitute?

  45. So What Who Cares?? (formerly 3b) says:

    #26 I find it odd that after all this time, at around the same time that this whole school funding question is really becoming an issue, we all of a sudden get a poster who claims they live in RE, and that prices not only have not gone down, but have actually gone up over 15% in a year. Seems to me to be too much of a coincidence.

  46. chicagofinance says:

    Pat: HEYA!

  47. Juice X says:

    Talking about raising taxes so close to April 18th is a funny way to try and
    win an election. Does David Plouffe really swallow this as a campaign strategy?

    http://online.wsj.com/article/SB10001424052748704366104576255282893680792.html

  48. Juice X says:

    Anyone think Bonds is going to walk?

  49. Mikeinwaiting says:

    Grim when you can send me Gary’s e-mail.

  50. JJ says:

    Why?

    Pest Control Kansas City says:
    April 11, 2011 at 12:35 pm

    Here’s to hoping that we see the normal increase in home sales in spring. I have had more friends visiting open houses and calling my for inspections, than I can remember in recent months.

  51. Dan says:

    JJ says:
    April 11, 2011 at 10:10 am
    So if I poke holes in the condoms at all my local drug stores then my town’s real estate prices should go up?

    JJ,

    If you have a growing population of people stupid enough to buy anyhow in an overpriced market since the rent was going to get jacked up 8% anyway, yes.

  52. Painhrtz - Cat of God says:

    Debt here is a quote related to corrupt DEA enforcement agents but fits the fraud banksters that you should like. Short and profound

    Give people the authority to act unethically without consequences, and they will do so

  53. x (48)-

    No. David Plouffe (rhymes with “fluff”) swallows, though.

  54. x (49)-

    Does anyone care?

  55. pain (53)-

    If the Federal Reserve has a coat of arms, that should be the motto inscribed onto it.

  56. Mr. Toad’s wild ride continues.

    “OK, so the JPM vault that contains a whopping 30,844 ounces of silver (about two hours worth, given the torrid pace at which JPM delivers) was just approved by the COMEX in March. JPM’s probably got lots of silver stashed all over the place, right? Maybe, maybe not. One thing is for sure, JPMs customer(s) are some of the worst investors the world has ever seen. After selling almost 5 million ounces in the first three months of 2011, they’re buying now. That’s right, in March alone they delivered 374 contracts (@ 5000 ounces each) and bought…..zero. So far in April, they’ve bought 92 contracts and sold, you guessed it….the goose egg. And yes, they are indeed buying at new highs (See here and here). How bad would it suck if we learned that this clueless market participant was in fact the US government?”

    http://www.zerohedge.com/article/guest-post-guess-who%E2%80%99s-buying-silver-now

  57. Painhrtz - Cat of God says:

    Debt another classic for the FDA

    Did you know that it has been scientifically proven that if you smoke marijuana, your children will be born naked.

  58. Painhrtz - Cat of God says:

    Look it is the debt and Pain show scary

    nope this was not predicteed in 2006

    http://finance.yahoo.com/real-estate/article/112463/american-ghost-towns-21st-century-247wallst

  59. Anon E. Moose says:

    Memo to bagholders:

    It’s not a game of chicken. The buyers don’t have to buy. In more and more cases, however, the sellers have to sell: they can’t afford the house, or they need to move.

    http://www.theatlantic.com/business/archive/2011/04/housing-stuck-in-place/237035/#

  60. New Yorker says:

    Some good feedback here. I live in NYC and need to move because like most, with one child the city is too expensive and the apartment is too small. I have been looking for over the past year in Chatham and Madison mainly because of the quality of schools and the town that each have. I went to an open house in Chatham for a house listed at $759,000. where in the listing it states “the biggest 3 bedroom in the Boro” This is well above our price range but we have seen such poor houses in the $550-$600k range that I wanted to see if stretching would really get us what we are looking for. Upon getting to the house it was obviously that the property sloped back to front and after hearing about how many houses get water in the basement, was a bit worried but I continued. Entering the house, you could tell that the inside was updated new fixtures, paint, etc. (a nice clean look). kitchen was updated but very small 10×10. the family room that was supposed to be the biggest draw was maybe 15×12 and although update was nothing to shake a stick at. the real treat was the bedrooms. From the listing and confirming when i saw it, master bedroom (no bathroom) 12×10 no closet space, the couple was using the linen closet in the hallway for some extra storage. the second bedroom was 10×10 and the third was 8×10. only one bathroom on that floor and was small where the door blocks the entire shower stall. To me this is crazy as the two bedroom apartment I rent in the city has two bedrooms that are 10×10. There is a basement but if you are 5’9 then you have to duck throughout the whole basement.
    I then spoke with the Realtor, she told me that she wanted to list the house at $799k but the sellers needed to move so they low balled the price to get it sold. I choked as a could not believe what i was hearing.
    I understand that towns like Summit, Chatham Boro, Madison will command a higher price as these have all the “amenities” that families are looking for, but if this is what you get for $800k I feel like I will be looking in Irvington to find something that feels like what you spend is what you get.

    Anyone else in the same boat?

  61. grim says:

    Anyone else in the same boat?

    Everyone coming from NYC that isn’t selling their apartment is in the exact same situation as you. I hear your story at least twice a week.

    You are competing with folks clearing boatloads of money on the sale of their current apartment. Sorry to be so blunt.

  62. Confused In NJ says:

    Congress is forced to increase the debt limit every several years and it’s often a political fight with members of the minority party withholding their votes to extract concessions or direct criticism at the party that controls the White House.

    That was the case in 2006 when Republican George W. Bush was president and Obama, a freshman senator from Illinois, declared on the Senate floor: “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem.”

  63. New Yorker says:

    @ grim

    I am not in that boat. Believe me. I wish I was then I could really take advantage of this market. I am selling nothing. (wish i thought actually put me in a better situation)

    Like I said, my range is 500-600…..thinking I could get a better deal given the market. I just looked at this house to see how far away we are from getting a turnkey place in these towns.

  64. grim says:

    (wish i thought actually put me in a better situation)

    You do, but they get to reap the benefits of geographic price arbitrage.

  65. NJSerf says:

    (64) The only bargains to be found in the desirable train towns are the ones that need work, usually a lot of it. Anything resembling turn-key and a price that reflects today’s market conditions does not last long on the market.

  66. Libtard says:

    “(64) The only bargains to be found in the desirable train towns are the ones that need work, usually a lot of it. Anything resembling turn-key and a price that reflects today’s market conditions does not last long on the market.”

    Yup!

    Find your $430,000 fixer upper, like we did and sink your $70,000 into it.

  67. New Yorker says:

    @ Libtard

    What town?

  68. DL says:

    A friend recommended I “lease with an option to buy” when we move to PA next year. Any thoughts? Are there many sellers willing to enter into such an arrangement? Are there any serious drawbacks? Danke.

  69. HighlyTaxedMontclarian says:

    I know this is kind of an oxymoron however does anyone know of or would recommend a local, reputable moving company? I need to move in a few weeks (local move about 20-miles) and have heard nightmares from the all the people close to me.

  70. Painhrtz - Cat of God says:

    New yorker I live 10 minutes from the train and 15 from Madison and Morristown there are towns just as nice as Chatham and Madison with school systems that are just as good if not better. Your paying for the name in those two lovely little burbs. Look at houses in Harding. Basking Ridge, possibly Bedminster if upwards of 600K is what you are looking for. Also if you are renting in the city, renting in the burbs is not so bad and you have 5 years until little NYer is ready for school.

  71. ditto says:

    Chatham is a bit of commute to Midtown – where do you work in NYC?

  72. grim says:

    71 – Price declines in Basking Ridge/Bernards have been significantly deeper than Chatham/Summit/Short Hills/etc. Ridge HS constantly ranks amongst the best high schools in Jersey. It’s not a bad choice for those looking for a little better value in comparison.

  73. Comrade Nom Deplume says:

    Was just on the phone with a company whose name started with “Bay Area” and the two guys I spoke to were Adam and Cody.

    Adam and Cody seemed to have a less than perfect command of the english language (although my babysitter from Central NJ is similarly limited), but also had pretty funky accents, especially “Cody Foster” (not making that name up, and should have made the connection sooner).

    I said “you don’t sound like any Cody I know. Where you located?”

    India (of course).

  74. Fabius Maximus says:

    #70 HighlyTaxedMontclarian

    Iv’e used Montvale in the past and have been happy. Its nice to see the same movers show up years later. They moved me from Lake hopatcong so Montclair is not to far for them.

    http://www.montvalemoving.com/

  75. New Yorker says:

    71

    Thank you for that information. little NYer is almost two so our time frame is the priority.

    to grim’s point i am a bit concerned regarding homes holding their value in those towns, epecially if the market continues to worsen (which i think it will). I am not looking to flip obviously but something in the back of my head

  76. ditto says:

    New Yorker – why not Glen Ridge. All the schools there are excellent. The place is clean, and an excellent commute. You can have the house I would’ve bought if I hadn’t bought in Taxchester.

  77. Dink says:

    New Yorker..

    “I then spoke with the Realtor, she told me that she wanted to list the house at $799k but the sellers needed to move so they low balled the price to get it sold. I choked as a could not believe what i was hearing”

    Don’t believe it. The realtor is either delusional herself or she’s fishing for marks. Chatham is expensive, but based on your description, that is not a $760K house.

  78. grim says:

    Kid on the way? Way too early to buy into GR.

    We aren’t kidding when we poke fun at the “for sale” signs put up right next to the “congrats/graduation” signs, it’s the truth. Move in before enrollment day, move out after graduation. Think of it as an expensive dorm for your kids.

  79. Painhrtz - Cat of God says:

    NYer you’ll hear this repeated ad nauseum here, can’t get tomorrows price today. Because the declines in those towns are deeper you can get more bang for your buck. Price declines are going to happen, did not stop us from buying last year, PITI and quality of life were more important. If you are worried about declines and getting the little one into a good school system rent in one of those towns, probably on par with your city apartment, continue to save and then you can buy with a bigger down payment. My wife and I traded mobility when we bought but on the other hand we like where we live, cost is NJ reasonable,and the commute is not murder.

  80. New Yorker says:

    @ ditto

    I will take a look thanks. Unfamiliar with many towns are I grew up in NY. Is Glen Ridge in Essex County….unsure why anyone would live there? I saw a house in Montclair for $450k with $21k in taxes a house in west orange for $360k with $11k in taxes. Cant they let just fence the area around Newark so everyones tax bill can be lowered?

  81. Painhrtz - Cat of God says:

    Holy crap we are talking real estate,

    nuclear meltdown, armed insurrection, anarchy, wine business

    there thats better

  82. chicagofinance says:

    NY – you want turnkey AND the premier commuter towns AND el cheapo price?…..asking a lot…..drive away from the train lines…..if you work downtown, then look at Fair Haven……need to be walkable to Pier 11….

    New Yorker says:
    April 11, 2011 at 3:17 pm
    @ grim I am not in that boat. Believe me. I wish I was then I could really take advantage of this market. I am selling nothing. (wish i thought actually put me in a better situation) Like I said, my range is 500-600…..thinking I could get a better deal given the market. I just looked at this house to see how far away we are from getting a turnkey place in these towns.

  83. New Yorker says:

    @ Painhrtz – Cat of God

    LOL

  84. grim says:

    ….unsure why anyone would live there?

    As far as Essex goes, here are the top towns from a desirability standpoint (my rankings)

    #1 – Millburn/Short Hills
    #2 – Glen Ridge
    #3 – Essex Fells
    #4 – North Caldwell
    #5 – Montclair
    (I might be tempted to switch 4 and 5)

  85. New Yorker says:

    @ 83

    No not at all. Just looking for a standard to base things on. A fixer that needs a ton of legitimate updates or renovations to every room in the house should not be $699k because of the town it is in and all the other houses are $20k more with those updates done.

    Not looking for an unrealistic steal, I know it will not happen…just looking for a consistent basis to make comparisons and decisions.

  86. ditto says:

    New Yorker – Montclair HS is a no no. Grim is right – its too early to move if the kid is still biting your ankles. Anway, as a non-NJer I did an excel spreadsheet of every commutable town from midtown, (no more than 35 mins actual journey on the train and no changing!) , good housing stock, low crime, excellent schools at all three levels that you are indisputably zoned for, and where you could buy a decent house for between 400K and 600K. Lots of places got ruled out. I came up with Glen Ridge. We looked at a bunch of good houses there before we ended up actually having to stay in NY State for other reasons. I don’t know about Essex in general, and GR itself has no commerical stuff, but there was a WholeFoods just a few mintes away in one of the Oranges. Decent shelter, excellent schools, affordable, clean and safe. Its not bad.

  87. chicagofinance says:

    Fair Haven…..Whole Foods in 10 mins away….

    The kitchen is a stale of piece of toast….I guess it won’t make you reflexively spit up…..it looks clean enough…
    http://www.realtor.com/realestateandhomes-Detail/84-Hendrickson-Pl_Fair-Haven_NJ_07704_M69956-44970

  88. So What Who Cares?? (formerly 3b) says:

    #79 Move in before enrollment day, move out after graduation. Think of it as an expensive dorm for your kids.

    One could argue that with the way property taxes are going, the move out crowd cannot, as the move in crowd cannot handle the property taxes, with the still high (although lower than they were) prices.

    So much of the tax increase over they years have been earmarked for the schools (renovations/ expansion referendums), all voted yes by the now move out crowd because the local “expert” on the BOE, and the local expert Realtor Candy, told them it will make their houses worth more.

    Seems kind of ironic to me.

  89. Fabius Maximus says:

    heading out to take the boy to Hobbys for dinner and then to the Nets to watch next years first practice session.

  90. Shore Guy says:

    So, what the heck happened between October and April to suddenly make this, I believe it is REO, house worthy of a price hike well above what they couldn’t get then? People are absurd about pricing houses.

    04/04/2011 Listed for sale * $219,900
    10/13/2010 Listing removed * $189,900
    10/02/2010 Price change * $189,900
    09/17/2010 Listed for sale * $199,900
    06/30/2006 Sold $356,500 —

  91. 30 year realtor says:

    I find the “blue ribbon” high school thing to be way over the top. My 3 teens all go to Westwood Regional. Doesn’t make the NJ Mag to 10, but providing a fine educational experience.

    There are lots of towns like Westwood/Washington Twp that are safe, convenient and provide a good education without the super premium price.

    Having spent too many years working the streets of urban Essex County, I could not pay a premium to live next door to East Orange. Sold 2 REO over the years on Midland Ave in EO. Met the former owners before I evicted them. Glen Ridge was only a few houses away. I would not pay extra to have those neighbors.

  92. JJ says:

    Trouble with border jumpers they cause RE taxes to go through roof. Take Great Neck. Back in the 1970s/1980s best public schools in Tristate area and super super low property taxes. Mr and Mrs. rich Jewish couple would buy a home when are 23 run through two kids through school district and die at the age of 93 in the home they raised their children in. They pay 70 years of property taxes yet only use 26 years worth of education for two kids.

    Fast forward to 2000-2011, boarder jumping Asians from Flushing/Little Neck wait till kids hit first grade, jump board to Great Neck run kids through school system and soon as kid is senior jump back across boarder to Flushing. Same home 70 over 70 years town pays for 140 years of education as house constantly has two kids in it.

    The Asians also have poorer English skills which lower SAT scores and their massive influx of kids causes property taxes to rise. The asians seeking low property taxes and good schools eventually ruin it and move on to the next town like Manhasset and Syosset to wreck. They are like a cancer on the host who eventually kills the host and wonders what happened.

    Other things asians do is enroll multple kids from one house. They have kids dropped off at relatives house in morning for bus.

    Funny part my town has good school but not good enough to attract this type of inflow so my taxes are low. I don’t want to get any better or we will end up like Great Neck.

    If everyone stayed put and paid their fair share taxes would be lower.

    So What Who Cares?? (formerly 3b) says:
    April 11, 2011 at 4:50 pm

    #79 Move in before enrollment day, move out after graduation. Think of it as an expensive dorm for your kids.

    One could argue that with the way property taxes are going, the move out crowd cannot, as the move in crowd cannot handle the property taxes, with the still high (although lower than they were) prices.

    So much of the tax increase over they years have been earmarked for the schools (renovations/ expansion referendums), all voted yes by the now move out crowd because the local “expert” on the BOE, and the local expert Realtor Candy, told them it will make their houses worth more.

    Seems kind of ironic to me.

  93. ditto says:

    “The Asians also have poorer English skills which lower SAT scores ”

    Asian students are dramatically over-represented, in proportion to their population, in Ivy leagues and at all top schools in NYC (eg Stuyvesant). SATs at the schools haven’t dropped and SAT requirements at the Ivy leagues haven’t dropped. Your theory sounds like a bunch of Alf Garnett bollocks.

  94. NJSerf says:

    (94) As racist as that diatribe is, there are kernels of truth in it. Fort Lee has a massive problem with Asians that live in NYC and send their kids to their HS using a relatives address…

  95. ditto says:

    oops – to translate I should have written “Archie Bunker hogwash” not “Alf Garnett bollocks”

  96. Comrade Nom Deplume says:

    Wine Tip Of The Day:

    Okay, it has been a while since I suggested some plonk to add to your cellars, but this is what I am adding, and I will tell you where to get it.

    Wente Morning Fog Chardonnay, 2009.

    With case discount, comes to 11.19 per bottle at the Shoprite Liquors in Lincoln Park (near Boonton). I was going to buy it there, but it was a haul from the Brig, and the local Shoprite Liquors (which is independent) matched the price. Not the best chard I ever had, but I really liked it, and at that price point, I really liked it a lot.

    Still, I promised Keith, the mgr., that I’d give him a shout out for being very helpful. So go there, ask for Keith, and tell him some anonymous guy on the web recommended it.

  97. cobbler says:

    JJ [94]
    Myabe flushing asians are a special breed – in suburban NJ I see them as a stabilizing factor. In fact, influx of the ethnic Chinese buyers who want their kids to go to Ridge, to Basking Ridge helped the town retain value disproportionately to its neighbors. Vice versa, progressive migration of the Asians out of Mountainside/new providence/berkeley Heights as bell Labs was moving from being a world wonder to thye average corporate HQ, caused price declines much higher than in the equivalently-schooled (and next-door) Summit and Chatham Twp.

  98. chicagofinance says:

    The Koreans saved Flushing between 1980-1995, then the Chinese infilled and took over. If the Koreans didn’t show up when they did, it was going to be bad news. The area became really dangerous in the late 1970’s.

    cobbler says:
    April 11, 2011 at 5:31 pm
    JJ [94]
    Myabe flushing asians are a special breed – in suburban NJ I see them as a stabilizing factor. In fact, influx of the ethnic Chinese buyers who want their kids to go to Ridge, to Basking Ridge helped the town retain value disproportionately to its neighbors. Vice versa, progressive migration of the Asians out of Mountainside/new providence/berkeley Heights as bell Labs was moving from being a world wonder to thye average corporate HQ, caused price declines much higher than in the equivalently-schooled (and next-door) Summit and Chatham Twp.

  99. chicagofinance says:

    I went to the Mets home opening with my buddies from the old neighborhood. We all went to Hunter. Among us were French Canadian guy, Korean, Cantonese, Trinidadian and me….to be clear, I was really pissed when Vito’s Pizza and Sokal’s Jewish deli closed down on Roosevelt Avenue, but given the benefits, I gladly lived with it……….

  100. ditto says:

    Asians come here with bigger language differences that, say, hispanics, and get discriminated against, but on the last census they showed on average higher educational attainment than whites and higher average household income than whites. People talk all the time about the black-white education gap – but thats not as a big as the black-asian education gap. Other immigrant minorities suceeding like asians would be a good thing for the country.

    I don’t get the hate. Perhaps its a WWII thing.

  101. DejaVu says:

    New Yorker – how about a town home in Summit? Seems to be some nice stuff in good shape. Mid-town direct too.

  102. New Yorker says:

    @103

    Thought about that but at 36 i would like a home not a townhouse. not really looking for a starter home which is what a townhouse is

  103. chicagofinance says:

    Asians are extremely prejudiced and xenophobic. Most of my friends take serious heat for being bananas when they try to take me to places.

    ditto says:
    April 11, 2011 at 6:06 pm
    I don’t get the hate. Perhaps its a WWII thing.

  104. cobbler says:

    [103]
    Or alternatively this one:
    http://new.gsmls.com/publicsite/propsearch.do?method=moredetails&sysid=2820017

    The problem here is that the inside of the house needs to be finished so you can’t get the “normal” financing – but the place is in 5 min walk form the Midtown direct train. (The tax is low as it was for the knocked down old house – certainly will increase once this is bought)

  105. ditto says:

    “Asians are extremely prejudiced and xenophobic”

    Thats not news, every group is. It only becomes a problem for the groups effectively not in power. Mind you, there is a pretense that non-majority groups are not racist which leads to nonsense vocabulary like “reverse racism”.

    I just want to put on the record that I’m all for asian women and latina women moving to wherever I am.

  106. cobbler says:

    I’d say that the U.S. – born generation of Asians is the least xenophobic (and probably the most intermarrying) of the identifiable racial/ethnic groups we’ve got here.

  107. ditto says:

    Really?

    lets continue with the intermarrying to get rid of all the genetic defects you get from in-breeding.

  108. WickedOrange says:

    he Japanese government’s nuclear safety agency has decided to raise the crisis level of the Fukushima Daiichi power plant accident from 5 to 7, the worst on the international scale.

    http://www3.nhk.or.jp/daily/english/12_05.html

  109. freedy says:

    Westwoods downtown is drifting toward third world status with each passing day

  110. Neanderthal Economist says:

    Chi, did you go to hunter college, cuny? I’d be shocked by that.

  111. Shore Guy says:

    Orange,

    Anyone with a clue knew that was where they were weeks ago. By the time this is over, they may redefine the scale.

    Ours goes to 11.

  112. Shore Guy says:

    Ditto,

    I wouldn’t object to groups of nordic women buying the houses for sale on our street. I will willingly suffer.

  113. Neanderthal Economist says:

    “lets continue with the intermarrying to get rid of all the genetic defects you get from in-breeding.”
    I guess this is what chi was referring to when he suggested asians were racist.

  114. Libtard says:

    Don’t be calling no Asian a wacist.

  115. Confused In NJ says:

    MEXICO CITY (AP) — A suspect in the kidnapping and killing of bus passengers near the U.S. border led Mexican soldiers to another set of clandestine graves containing 16 bodies, bringing to 88 the number of corpses found in mass pits in the northern state of Tamaulipas

  116. Confused In NJ says:

    TOKYO – A strong earthquake with a preliminary magnitude of 6.3 has jolted in Tokyo and its environs.

    Japan’s Meteorological Agency said the quake struck at 8:08 a.m. local time (2308 GMT) Tuesday. The epicenter of the quake was located just off the coast of Chiba, east of Tokyo.

  117. Confused In NJ says:

    (Reuters) – Japan is weighing raising the severity level of its nuclear crisis at the Fukushima Daiichi nuclear power plant to a level 7 from level 5, putting it at par with the accident at the Chernobyl reactor in 1986, Kyodo news agency reported on Tuesday.

  118. Libtard says:

    Still Looking,

    Did you ever crack open the Kona?

  119. Confused In NJ says:

    The national average price for gasoline is still under $4 a gallon, but many Chicago stations are not far from the $5 mark.

    Nationally, prices have shot up 19 cents in the last three weeks to an average of $3.76 for a gallon of regular, according to the latest Lundberg Survey.

    But in the Chicago area, prices are generally $3.84 and above, according to a Web site that tracks the highest and lowest prices available.

    The Chicago gas station that first broke the $4 mark continues to lead area stations. The BP station in Chicago’s Uptown neighborhood is charging $4.59 for a gallon of regular

  120. jj (94)-

    The gubmint should pay homeowners to live in a shit burg like Great Neck.

  121. I hate Long Island.

  122. chi (101)-

    I’d hope New Yorkers of all races could come together in hatred of the Mets.

  123. Obviously, ZH has not heard that the de rigeur survival food for the Gottendammerung is braised IPad.

    “Back in October, Zero Hedge discussed a Costco offer for Shelf-Reliance THRIVE’s one year’s supply of dehydrated, freeze dried food, better known as “apocalypse rations.” Six months ago a one year’s supply of food for one person which included 5,011 total servings (84 #10 cans) could be purchased for $799.99 (the link for the offering is here, or rather was, here). A series of events made us encounter a comparable THRIVE offering at Costco. To our amazement in six months, the real price inflation in apocalypse rations, when factoring proportioning, is almost 50%! While the original set that was presented back in October is no longer available, what Costco does offer is a Shelf Reliance THRIVE 6 month supply supply for the price of $579.99: this represents the pinnacle of that ultimate in inflation disguising techniques: cutting the price by X while cutting the amount offered by Y>>>X. Indeed, to last a person a full year, one would need to be two of the 6 month supplies for a price of $579.99 or $1,159.98. And even that has to be indexed: the current set has 2,470 total servings, whereas the previous offer had 5,011, or 203% more. In other words, to index for the proper serving ratio the final price is actually $1,176.65. We can only hope that there are those who purchased this product when we first presented it (and don’t worry, with a 25 year shelf life, it lasts a looooong time) and saved themselves the 47% inflation in 6 months! And then there are non THRIVE product offerings, such as the one below for 2 people for 3 months for $999.99 (and includes its own 55 gallon water storage set), which represents price inflation well over 100% for those who need a little extra caloric kick (and, naturally, post-apocalypse social status with the neighbors). Something tells us in another 6 months, the Costco price today will be just as lamented as the price from 6 months ago currently is.”

    http://www.zerohedge.com/article/end-world-inflation-47-six-months

  124. Amerika has succeeded in making Robert Mugabe appear reasonable.

  125. Kettle1^2 says:

    Juice

    if you can track it down, read the areva report on fukushima.

    in short:

    -exclusion zone should be 50Km
    -food contaminated within that zone (to bad that covers one of japans major food production regions)
    3 of 4 reactors breached
    reactor 4 SPF dry and happily pumping out fission products.

  126. Shore Guy says:

    Robert Mugabe, is he still making wine?

  127. Shore Guy says:

    Kettle,

    It has been clear for weeks this was the case. It is about time that they started telling the truth, or at least not lying completely.

  128. Confused In NJ says:

    Michigan would still be a good place to relocate Japan, in exchage for total debt forgiveness. Detroit would come roaring back.

  129. Comrade Nom Deplume says:

    Anyone remember me saying that we’d start to see capital controls designed to keep the slaves on the plantation? This idea is just a step beyond that.

    http://www.gao.gov/new.items/d11272.pdf

    Seems that another canary may bite the dust.

  130. Comrade Nom Deplume says:

    Then there is this . . .

    http://www.survivalblog.com/2011/03/beware_of_homeland_security_tr.html

    Obviously unauthenticated, and certainly not self-authenticating, but, knowing what I know about law enforcement investigative techniques, prosecution strategies, the behavior of regulatory agencies, and the law in general, I find I cannot get a whiff of BS with this claim. Further, it fits with what I already knew or suspected about how DHS would (indeed, does) interact with local law enforcement.

    Another canary develops a persistent cough.

  131. still_looking says:

    Lib, 121

    Not yet… been working like a rat on acid the past two weeks… came up for air yesterday (after an excruciating Sun night shift) to try and piecemeal together my tax shit for today – appt with acct… still cant some of the shit I need…gonna be a lonnnnng day.

    Will probably open it this morning – I need something to look forward to…

    Was cool seeing you guys! I finished the last of the brownies w/ice cream – small consolation for the drubbing my acct is gonna give me today. :(

    sl

  132. spyderjacks says:

    132:Comrade: I couldn’t get the pdfs to load but the html works http://www.gao.gov/products/GAO-11-272

    Federal Tax Collection: Potential for Using Passport Issuance to Increase Collection of Unpaid Taxes
    GAO-11-272 March 10, 2011

    I think your assertion is a bit of a stretch. Sure, it involves passports. I suppose that having to pay for a plane ticket would be a curtailment of your rights to leave! ;-)

  133. Kendrick says:

    I would like to give thanks very much for the job you have made in writing this article. I am hoping the same effective work by you in the future also.

Comments are closed.