The New (Jersey) Suburbia?

From the NY Times:

High Marks for Transit Hubs

WANT to know which New Jersey train stations have the most plentiful supply of parking spaces relative to town population? There’s a list for that. Or what about stations in the areas with the greatest number of jobs? There’s a list for that. Or transportation hubs with the densest populations? There’s a list for that as well.

The timing of the study — which maps income, car ownership, employment, housing, commuter activity, downtown amenities and more — is propitious, given the many indicators that the population will continue to consolidate in urban and commuter town centers.

“It’s funny; the timing is working out so well,” said B. Timothy Evans, the research director at NJ Future, a nonprofit research organization that focuses on smart growth. After three years spent “putting this thing together,” he added, it is a stroke of luck that “the interest is exactly in this sector.”

The interest he cited is being evinced first and foremost by home shoppers. Real estate sales are consistently strongest in towns along New Jersey’s main commuter corridors; the economic downturn has not altered that. The latest survey on home prices conducted by the Otteau Valuation Group found that towns along the rail lines with New York City commutes of less than 50 minutes saw real estate values increase by 3.6 percent from 2010 to 2011, as compared with rural New Jersey, the weakest sector, which saw an 8.7 percent drop in home values.

The future, too, looks bright for the commuter corridor, according to another Otteau survey, which found that building permits in rail towns reached 49 percent of the total permits issued from 2009 to 2010, having grown from 24 percent in the 1990s.

Developers seeking to capitalize on this interest in transit hubs have for the last several years seen their enthusiasm and ambitious plans well rewarded by the state. Public financing for transit-oriented developments, once largely directed at municipalities, is today going directly to developers, in the form of tax credits.

New Jersey’s Transit Hub Tax Credit Program has provided nearly $1 billion in tax credits over the last three years to developers and business owners who have initiated sizable projects in nine cities deemed “distressed” and in need of investment.

Bestowed by the state’s Economic Development Authority, the tax credits are available to companies investing more than $50 million in projects within half a mile of one of the designated cities’ transit stations, and generating more than 250 full-time jobs. Commercial enterprises can receive up to 100 percent tax credit on their capital investment, paid out over 10 years, while residential projects can receive up to 35 percent tax credit on the investment, up from the former cap of 20 percent.

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36 Responses to The New (Jersey) Suburbia?

  1. Fabius Maximus says:

    You have to applaud Hoboken for making these lists. That takes true political graft.

    Tax credit for creating jobs near a train station 9 (mostly) distressed municipalities initially deemed eligible : Camden, EastOrange, Elizabeth, Hoboken, JerseyCity, Newark, NewBrunswick, Paterson, Trenton

    The slide show is worth a look.

  2. Mike says:

    Good Morning New Jersey

  3. I think I know says:

    From yesterday’s post on how or what was the gimmick that BOA was angling for in the foreclosure for rental lease excahnge – I think I got it. Any accountants please chime in. The answer is “cash flow”

    Basically – all the accounting rules forebearance that the Treasury & Fed have allowed gives all the zombie banks the ability to paper over the loses for decades to come. Double entry accounting is a wonderful device that allows license to the creative types like Fastow, et al with its balance sheet. But, there is one accounting statement that is honestly true. That is the Income Statement.

    WAMU, before it failed, played this game. If remember, they changed their own internal rules to declared a bad loan at 240+ days, instead of the original 90 days – to try to massage the accounting figure. But the “cash flow” problem remained & WAMU folded. $1 in & $2 out, you still short $1.

    My view, is that BOA needs money coming in, it needs cash flow. The value of the underlying loan can & has been manipulated into multiple forms in their books. But they can’t make up “cash flow”. So with one half of the problem solved with creative and permissive accounting, BOA is now trying to make that problem into positive cash flow, by becoming a landlord.

  4. cobbler says:

    With the recent fare hikes, taking NJ Transit to work instead of the car commute is a losing proposition for most everyone not working in Manhattan. I will be totally amazed if more than a single train commuter is added per $10 million spent on commercial development near the train stations. If NJ Transit wants more passengers, they better invest into parking next to the stations (not restricted to town residents) and into track improvement (to increase train speed which is outrageously low everywhere except NEC, and to get better on-time performance).

  5. Shore Guy says:

    Rut ro, Jon boy:

    Jon S. Corzine gave “direct instructions” to move $200 million from an MF Global Holdings Ltd. account containing customer funds three days before the securities firm collapsed, according to an employee email reviewed by congressional investigators. The Oct. 28 email was disclosed in a five-page memo released Friday afternoon by a House Financial Services subcommittee. The panel is investigating what caused an estimated $1.6 billion shortfall in customer funds at MF Global, which collapsed into bankruptcy Oct. 31


  6. Shore (6)-

    Go back to sleep. This guy will never be indicted, much less do time.

    None of the people who’ve killed everything will do so much as a day in jail. There’s your tell that the gubmint is at war with us.

  7. This is the salted gold BC tried to sell me yesterday. :)

    “The last time a story of Tungsten-filled gold appeared on the scene, was just two years ago, and involved a 500 gram bar of gold full of tungsten, at the W.C. Heraeus foundry, the world’s largest metal refiner and fabricator…”

  8. cobbler says:

    meat [7]
    If you are seriously concerned about spiked gold bars, switch to platinum. As it has a substantial industrial use, forger will run a 100% risk of being caught when the bar is dissolved for conversion into the catalyst.

  9. AG says:

    Why doesn’t the NJEA try to get their pension money back from Corslime?

    Why is Hussein signing martial law executive orders one after another?

    I have so many unanswered questions.

    The great reset is coming and we all have a front row seat. In my younger years I worked in the restaurant business serving early birds broiled scrod and oven roasted potatoes. At this job I watched in bewilderment as an eighty year old man chased his last pea around a bowl with a spoon. Clearly this guy lived through the great depression and the impacts were life long. I suspect we will get the best of both worlds. Weimar and the great depression all in one gigantic sh_tburger.

  10. AG says:


    Eagles and maple leafs. That is all. Read a letter about a g_n show out west last week. Two 40ft trailers worth of 556 and 308 were sold out by noon. Ruger stopping orders because they cant handle the 1 million orders they already have. Signs of the apocalypse.

  11. AG says:

    Dumbass Americans are buying shares of Netflix and while China and India are walking off with the real money.

    Better learn how to grow chickens idiots.

  12. Fabius Maximus says:


    Getting ready for the Red Bulls game tomorrow. When showing the boy the greatness that is Thiery, I came across this gem from Dennis.

  13. morpheus says:

    1o: actually it is not as bad as it seems. Bought a substantial amount of 556 ammo this year and recently. This year, the price was the same, however, i did not get free shipping.

    What I am finding that for particular models of firearms that I desire, availability is a problem. couldn’t find the marlin papoose for sale, so i had to buy a used one. Should get it next week.

  14. NWNJHighlander says:

    You are surrendering the fight before you make your point by agreeing to use the warped definition of “bailout” misused and abused by TPTB.

    When otherwise interesting economists/finance guys talk about the “bailouts” of the banks in Japan, it’s hard to take them serious now that the “bailouts” have been continuous for 20 years.

  15. morpheus says:

    dicks had a sale on .22 ammo a few weeks ago. cost was 3.2 cents a round. could not find anyone that could beat that price. Needless to say, .22 stockpile is looking good.

    Next step is good scope for the su-16 and light/laser attachment for the shotgun. Why laser? just looks cool. morpheus is entitled to treat himself now and then!

  16. ozerna says:

    Hello everyone,
    Need help in determining a fair offer price on the house in Montville
    The house requires a ton of work but we are just tired looking and hoping for the prices to come down knowing full well how the industry is being manupulated.
    Probably, experiencing a buyers fatigue syndrome, have been looking for the past seven years.

  17. Mike says:

    Ozerna 18 Don’t know too much about Montville but I have to say that fall foilage view from the deck is awesome!

  18. ozerna says:

    fortunately or unfortunately for us, the location is the only attractive feature of that house.

  19. ozerna (18)-

    Seven years? Stop wasting your time.

  20. By the time most alleged “buyers” get into the second year of looking, they are blowing- or walking away from- even good deals. Failure begets failure (even if, in the end, the buyer benefits from his inaction). By the time the market begins to turn the buyer’s way, he’s too mentally paralyzed to be able to take advantage.

    Sign a long-term lease, and get on with your life. A house is four walls and a roof, and the only person who truly owns one has the mortgage paid off and a predictable tax bill.

  21. ozerna says:

    you mean your time?

  22. Anon E. Moose says:

    Meat [22];

    Hey barkeep, pour us another round and tell us about your days slinging used houses.

  23. Anon E. Moose says:

    In my effort to keep looking for the pony amid the pile of [ahem], I am finding unanticipated benefits to being a buyer in the spring. The first was more to shop from. The second is an immense sense of validation when the cr@p that was clearly overpriced last fall comes back on (“New To Market” they say, as I laugh in their faces) at double-digit percentage points below previous asking price. I wonder how many bids above their new asking price were rejected as “insulting”.

  24. gary says:

    Moose [27],

    My advice to those sellers would be to accept the “insulting” bid today or be lowballed forever! :)

  25. Fiddy Cents on the Dollar says:

    ozerna —

    That’s a huge Ranch, 2594 sq ft living area.
    Does that location have a view of Lake Valhalla ?? If there’s even a glimpse, just a seasonal-peak at the Water…..the price goes stratospheric as the Seller believes they own Heaven on Earth !!

    There’s 2 recent sales near that street that might be your Comps….
    Look into 8 Lake Shore Drive and 18 Lenape Ct.
    Both sold for $485K, but both appear to be fully updated. So Estimate how much you would have to spend on Rockledge to get it where you want it to be…….and bid 10% lower than that.

    All of this depends on the Lake View. Absent the Enhanced View, all bets are off.

  26. gary says:

    Did anyone see the front page of the Sunday Bergen Record? The title reads, “More Tax Appeals Denied.”

    Houseowners are being squeezed by declining values and high taxes and are being rejected for tax appeals as thoroughly as a Tyson Chandler smack-down on a red-headed step child.

  27. gary says:


    I’ll 2nd what Fiddy said!! I was thinking a sale price of 15% below current asking is in the ball park.

  28. gary says:

    Does anyone want to call bottom? Sell? Sell to f*cking whom?

  29. Pete says:


    That house sat for a year listed @ 540K., another 3 months @ $525 and now 142 days @ its current list. I can’t garner what is a good offer, but just thought this info might be useful.

  30. Mikeinwaiting says:

    Gary 30 Yes, front page news. Was going to try and did it up to post but figured I would let Grim use it as a header tomorrow, hint, hint. This is the new conversation in housing, are you buying? how cheap is it? gonna appeal the taxes?

  31. Mikeinwaiting says:


  32. ozerna says:

    Thanks to everyone who took time to respond. Your advice is greatly appreciated

  33. Very awesome post! Thanks a lot

  34. Altgold says:

    We’re a group of volunteers and starting a new scheme in our community. Your site provided us with helpful information to work on. You have performed a formidable activity and our whole community will be thankful to you.

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