From the Record:
Home prices coming down to earth in Bergen County, could signal market turnaround
With typical prices below $400,000, and mortgage rates south of 4 percent, homes in Bergen County in 2011 reached their most affordable levels in years — just about at the point where a majority of households can afford the typically priced home, an analysis by The Record has found.
That has opened the door to more middle-income buyers and raised the possibility that home values may begin to stabilize.
“There was a point a few years ago where you had to be pretty rich to afford a house in this area. Now, you don’t have to be so rich,” said David Blitzer, a housing economist at Standard & Poor’s.
The move toward affordability is evidence that the real-estate market, at least in Bergen County, may be reaching a turning point. Even amid a high rate of foreclosures, tight credit standards and high unemployment, the fact that more buyers can afford homes eases some of the downward price pressure in the region, and gives hope to discouraged sellers that there may be buyers out there.
“I don’t think [sellers] will have to keep dropping and dropping and dropping the price,” Blitzer said.
…
“If interest rates were any higher, there’s no way we would have been able to buy our house,” said Joshua Baris, a Coldwell Banker real-estate agent who bought a three-bedroom Dutch colonial in Tenafly last year. He and his wife, Hilary, locked in a rate just below 4 percent and a price — $660,000 — that was down dramatically from the earlier asking price above $800,000.Similarly, Jaclyn and Nick Casasnovas didn’t think they’d be able to buy in northern Bergen County when they decided to move from their North Arlington apartment. But lower prices and interest rates allowed them to afford a three-bedroom house in Waldwick.
“I didn’t even think it was feasible that we could move to an area like this,” said Jaclyn Casasnovas, 30, a proposal writer for a telecommunications company and mother of a 1-year-old son.
The numbers clearly show how the market has changed. For example, a $392,000 house in a middle-tier community like Midland Park now costs about $2,347 a month in mortgage payments, property taxes and homeowners’ insurance, which consumes about 32 percent of the typical household income in the county.
That’s down from 2007, when a Midland Park house priced at $465,000, the county median, cost $3,056 in mortgage, property tax and insurance payments and consumed 41 percent of typical household incomes.
…
For its analysis, The Record adopted the federal government’s benchmark for affordability, assuming that housing payments (including mortgage, property taxes and insurance) total no more than 31 percent of a household’s gross income. It assumed a mortgage interest rate of 4 percent and 2011 median home prices: $392,000 in Bergen County and $288,000 in Passaic County, as well as incomes averaging $87,400 in Bergen County and $59,600 in Passaic.The analysis also assumed a 20 percent down payment, a longtime benchmark — though, admittedly, one that is difficult for many households to achieve.
At those numbers, Bergen County households with a typical income would spend 31.9 percent of their monthly income to buy the typical home, down from 42 percent at the height of the housing bubble in 2006 and just below the 32 percent level of 2000. Median-income households in Passaic, by contrast, would have to spend 37.8 percent of their income on housing.
…
“Monthly mortgage payments, relative to family income, are back to 2000 levels,” said David Stiff, Fiserv’s chief economist. “All the deterioration in affordability that occurred during the housing bubble has been erased.“But New York is still an extremely expensive market,” he continued. “If you’re a low-income household, affordability is a real problem.”
…
Otteau said the increased affordability is a signal to buyers that “if you’re considering buying a house, it’s now a safe time to cross the road.”“Prices are not likely to go lower except in outlying, rural parts of the state or in the largest urban centers,” he said.
But that doesn’t mean sellers can pump up their asking prices. Buyers can’t overpay because their incomes aren’t rising much and banks are no longer willing to write unrealistically large mortgages.
“The likelihood of recouping a price from three or four years ago is very low,” Otteau said. “If you’re a seller, it’s a better time to sell now, but the property needs to be priced competitively.”
foist ….at the shore !
2nd first
“The likelihood of recouping a price from three or four years ago is very low,” Otteau said.
Thank You Captain Obvious. In other news It is hot in the summer, Thanksgiving is on a Thursday this year, and NYC is an island.
I read this article above in the Record this morning. This, on top of an article I read yesterday from Jeremy Grantham:
Remember that history always repeats itself. Every great bubble in history has broken. There are no exceptions. At GMO, we have a database of 35 bubbles. Of the 33 that have ended, every one broke all the way back — not halfway back — to the trend before the bubble started.
It’s a no-brainer… like shooting fish in a barrel. We still have a way to go. Just look at the trend line and you’ll see the intersection somewhere around 2014.
The analysis also assumed a 20 percent down payment, a longtime benchmark — though, admittedly, one that is difficult for many households to achieve.
Through all the smoke, haze and bullsh1t, this is the statement that separates the wannabes from the crowd.
How do you overcome the property tax problem in NJ?
freedy 6 Better read one of Meats posts. I kid you not, everyone in power has a vested interest in seeing the present system continue. If you are under the delusion that some crusading politician is going to fix it supported by the over taxed majority well good luck.
There have been many ideas floated here many have merit and would do much to redress the problems but it ain’t going to happen till it collapses on itself.
more coffee, prolific use of “many”, must proof.
Hey Gary this one sounds challenging.
Global IT Manager
Thorlabs, Inc. – Newton, NJ
Ability to present ideas in business friendly and user-friendly language. Develop, and continually monitor and review budget for North American IT department…
Email me if you want link.
http://www.fastcompany.com/1841146/how-hoboken-new-york-s-baby-brother-built-an-innovation-scene-of-its-own
That could be our very own WickedOrange quoted in that article.
33 bubbles of 35 broke all the way back – let’s make it 34 of 36!!!
Still mulling over decking. Now leaning towards wood after hearing about bad chalking for ALL the composites, including the TimberTech EarthWoods and XLM products. Kuiken Bros. has something called PerennialWood, but it’s horrifically expensive. Anyone know anything about it?
“How do you overcome the property tax problem in NJ?”
Move.
“How do you overcome the property tax problem in NJ?”
I think the yoke of insane and ever increasing property taxes will just
naturally continue to pull prices down. Interest rates can’t go much lower,
incomes are not increasing, so the only thing that can give is price.
I see nice looking houses in Maplewood, priced in the
mid 400’s with 16K – 17K property taxes!
Someone on this blog said that soon it will be “take my house for free, just pay the property taxes”. It may be hyperbole, but it is certainly the direction we’re headed.
No wonder not many posts this weekend.
http://www.nj.com/news/index.ssf/2012/07/male_my_little_pony_fans_gallo.html
re: Perennialwood
The brand is owned by Eastman Chemical, think about that one. I believe it is some kind of acetylized wood (not the typical arsenic or copper treated). The goal is to chemically replace the hydrophillic with hydrophobic and make it water-repellant. Jury is still out with how well it will perform long term (I’d argue that UV is the wildcard). The first batch of composites performed poorly, but it took years to for the problems to materialize and get corrected. Devil you know vs. the devil you don’t I guess. At that price, Ipe is an option, and it looks much better when oiled.
I thought jj invented Perennialwood.
I believe you can get it at Lowes too, might be a bit cheaper.
I picked up $2000 worth of Trex Enhance at Lowes this morning. They were running a $50 off each $500 decking special (10%) and I was able to combine it with another 10% coupon (which you aren’t supposed to be able to do), and I got 3.5% tax because I got it in Paterson.
I went with the Enhance because I wanted a darker gray (Clam Shell) decking for the body. The accents and picture framing will be the lighter Transcend gray (Gravel Path). Skirting, toekicks, trim, everything else will be white Azek.
My local guys and even Kuiken couldn’t even come close to the price.
grim, make sure you get a permit so your town can tax you on that improved deck of yours.
Grim shopping , wow that a Stu style buy. Good man.
“Housing Affordability back to year 2000 levels in Bergen (including taxes)”
Any questions??
Not bad Grim. But I would have paid for whatever was left over with a Lowes gift card which I brought at ShopRite with my 5% back on groceries AMEX blue cash. Though I do swear by that Paterson Lowes. By far the best daddy store (as my son used to call it) in the area.
Just got back from my first weekend at the Jersey Shore, my rental house runs from now thru Labor Day. I am heading back Tuesday afternoon and again on Friday. I know the shore is just too far to commute for a sane person but I really do love it down there.
`cause down the shore everything’s all right. You and your baby on a …’
Libtard #23: Now that I know where that Lowes is, I may start going there….especially with the 3.5% sales tax. And the prices at the Micro Center there are INSANE. Just got an iPad 2 there for a very nice price.
The thing with the decking is that I want something that’ll hold up, look nice, and not make me feel I wasted my money. The maintenance is an issue because I know who’ll be doing it, and she’s 4’10” tall and female, not 6′ tall and male. But the PerennialWood is $54 for 1-1/4 x 6 x 16 which is like almost 10x as much as pine.
The deck is in the back of the house, and once it gets to be afternoon, it’s in the shade of the house, because the property slopes towards the back and there are a number of tall oak trees. So I need something that I can clean if I start getting mildew or moss (which is something my concrete steps get).
I’d really love some more recommendations, because I’m driving the contractor crazy already and we haven’t even agreed to the work yet.
Stu 23 How did I know you would find a way for further discount. LOL
24 juice
I had summer rental from ’91-’94 in Avon and it was great. Head down Friday’s after work and would stay sometimes until Monday morning…and exit 100 is not too far south. But now I’m an old fart who travels frequently on business and likes nothing better than weekends at home.
Where is your house?
Jill get Stu to go shopping with you , even if you take him & the Misses out to a nice lunch you will come out way ahead.
Caljn – Spring Lake Heights east of rt 71 not far from the train tracks. House is large 3k sq ft, it was for sale but no takers so it is a rental for now. I rented at the last minute for the remainder of the season and negociated a nice discount. It is a bit of a hike 6 blocks from the beach but has 4bed, 4 full bath with master suite, fenced in yard for the kids etc. We looked at a few places this year and were considering another place one block from the beach but it was dirty with grimy carpet instead of hardwood and dated everything , and no yard plus allot more $ to justify a 5 block difference. It is funny how friends and family come crawling out of the woodwork went it hits 100 degrees. I am almost booked up, ran into another friend tonight at home in Hoboken, first question was when can I come down to the shore?
shore 14 Concise.
Jill – I Skype on the iPad 2 with the grandparents, I follow around my son with the iPad like a filmmaker as he shows them his world at a 3 ft height. I am no fan boy of Apple but they really did it right with Skype video calls.
Hey Sean,
I’d make that commute all summer if I could swing it. Enjoy.
PS – Thanks for the ol’ grammar lesson.
Grim,
Which contractor did you use for for the project “Grim’s Renovation” – Major project #1 – Fix Damp basement”
I have a similar issue and try to find a reliable contractor for the job.
Did you ever consider Rub-R-Wall?
Tom
Okay, the saga continues. . . .
Relo service required we get two market analyses. The Pru broker came in at what we considered a low figure while the Coldwell Banker broker came in 19K higher. Fact that CB “owns” the Brigadoon market and that they project a value 19K higher seems to be a no-brainer. But the Pru broker has been very responsive and the CB broker seemed to be phoning it in.
So now we have a decision to make: Go with the seemingly harder-working Pru broker, who thinks our house is worth less, or the complacent CB broker who thinks its worth more.
What Would Grim Do?
Boy, you know its serious when Obama sides with the Republicans on a tax issue
http://news.cnet.com/8301-1009_3-57449375-83/u.n-could-tax-u.s.-based-web-sites-leaked-docs-show/
Just thought I’d drop you a line to tell you your njrereport.com really rocks! I have been looking for this sort of information for a long time.. I don’t usually reply to posts but I will in this case. WoW terrific great.
You sure you’re not using Facetime? Skype is a microsoft product.
Juice Box says:
July 1, 2012 at 10:26 pm
Jill – I Skype on the iPad 2 with the grandparents, I follow around my son with the iPad like a filmmaker as he shows them his world at a 3 ft height. I am no fan boy of Apple but they really did it right with Skype video calls.
#35 Nom – Both brokers have the same data available. Choose the broker you prefer and the price you prefer. I assure you the Pru agent will accept the listing, even if it is $19,000 higher.
Have you sat down in front of a computer with both agents to get their explanation of how they reached their pricing recommendation?
Home prices coming down to earth in Bergen County, could signal
market turnaroundcontinued decline due to rising property taxes coupled with continued high white collar unemployment and underemployment.Facetime is for Mac to Mac video calls, and only with newer facetime devices (older isight cameras excluded). Skype is not Microsoft, it is platform neutral.
You sure you’re not using Facetime? Skype is a microsoft product.
[40] ^^^I know it’s MS acquisition, but not really a MS product…yet.
Microsoft silently kills silent, automatic Skype install via Updates:
http://www.theregister.co.uk/2012/07/02/microsoft_skype_silent_install/
Muni Refundings have pushed new issuance of long-term municipal bonds to a 63% increase through the first six months of 2012 over the same period in 2011 – Granma getting spanked
BTW homes were not affordable in 2000. I bought my home in December 1999 as homes were already flying straight up since inflation adjusted bottom in 1996. MY POS home that was 260 in Spring of 1999 when rates were like 6.5% was already up to 320 by spring of 2000 and rates moved up to 8%.
1999 home prices were rising all year while interest rates rose all year. When we get back to 1996-1998 levels houses will be affordable again.
“If interest rates were any higher, there’s no way we would have been able to buy our house,” said Joshua Baris, a Coldwell Banker real-estate agent who bought a three-bedroom Dutch colonial in Tenafly last year”
Notice the word buy and bought from realtor for a house the bank owns. He did not buy a house. The bank did, and he is in a rent to own situation. He owns that car as much as he owns that leased Caddie he drives clients around in.
Remember mortgage burning parties? They were celebrating they finally owned home. Mr. Baris has a loan obligation not a home purchase.
Point is, Apple products are nice and all but don’t thank them for skype……
The Original NJ ExPat says:
July 2, 2012 at 6:39 am
Facetime is for Mac to Mac video calls, and only with newer facetime devices (older isight cameras excluded). Skype is not Microsoft, it is platform neutral.
You sure you’re not using Facetime? Skype is a microsoft product.
[45] I like that Apple Firefox. It runs on a PC too.
Point is, Apple products are nice and all but don’t thank them for skype……
I know some people from HS (more than a few) who “own” their parent’s old house. It defies logic that they have $350K mortgages on houses their parents “bought” for less than $20K. I know one woman from grade school, divorced, 3 adult kids (is 18+ adult anymore?). Her widowed Mom died last September, still lived in the modest house they bought new in 1959 and the divorced daughter lived there too. Her, then 73 year old, Mom refinanced the house for $138K in 2003 or so. The house is worth maybe $300K. The problem is the house has pretty much been in default since 2006. She just got herself an apartment a few months ago one town away. She doesn’t even care what happens to the house, it’s not her house, not her problem. I’m sure her dad, who bought the house in 1959 and died in 1987 is doing many rpm under ground. I guess the Mom really created her own reverse mortgage and timed it OK, I guess.
Notice the word buy and bought from realtor for a house the bank owns. He did not buy a house. The bank did, and he is in a rent to own situation.
[47] And when I say “it’s not her house”, it really is, as she’s the only heir, but I guess she figures there’s no profit left in trying to sell it so she’s just walking away and her dead Mom’s default shouldn’t affect her credit.
[47] And a lot of those kids I knew in HS received their parents house free and clear and still managed to leverage themselves out of the house. They used to be owners, now they’re renters I know one kid even had the house go all the way through to sheriff’s sale, they’re out. They actually bought the house for $40K with a $25K mortgage but just kept refi-ing themselves until they were out on the street and now somebody else owns the house they could have owned free and clear if they weren’t stupid. Is it my imagination or do mostly bad things happen to kids you knew in HS who, for whatever reason, never left your home town?
another closed in The ‘Fly…for $100K off OLP:
Last LP: $895,000 ML#: 1202523
Addr: 185 ENGLE ST RES/S
Twn: TENAFLY Zip: 07670
Orig LP: $969,000
Sold: $867,200
Taxes: $19,742
SD: 6/29/2012 UCD: 3/4/2012 DOM: 44
another closed in The ‘Fly, part deux:
Last LP: $709,000 ML#: 1205952
Addr: 32 N BROWNING AVE RES/S
Twn: TENAFLY Zip: 07670
Orig LP: $709,000
Sold: $670,000
Taxes: $13,369
SD: 6/29/2012 UCD: 5/7/2012 DOM: 81
23 – Lib – I’ll be getting the railing and trim at Home Depot, using my Chase Sapphire points to buy HD gift cards (I was part of the 60,000/$600 promo) , and I’ll get a 10% discount using a Lowes coupon that they will cross-honor.
another one bites the dust in The ‘Fly:
Last LP: $699,000 ML#: 1143514
Addr: 81 JOYCE RD
Twn: TENAFLY Zip: 07670
Orig LP: $750,000
Sold: $660,000
Taxes: $13,970
SD: 6/28/2012 UCD: 3/12/2012 DOM: 103
I think there is the makings of a game show here…instead of “Alex, I can name that tune in 4 notes” it will be something like this:
Alex: We are looking top replace a deck with with a high quality synthetic decking..first to you Grim…go ahead and buy that deck!
Grim: I can buy that deck with Lowe’s gift cards purchased with sapphire points.
Lib: I can buy that deck with discounted Shoprite, 5% cash back gift cards!
Grim: I can buy that with sapphire points AND a $50 of $500 deck purchase, Alex.
Lib: I can do the same, but buy it in Paterson with only 3.5% sales tax!
Grim: I can do all that in addition to using a 10% off cross-honored Lowe’s coupon.
Lib: I am gonna tell Grim to…GO AHEAD AND BUY THAT DECK!
[38] 30 yr,
I did ask them and I learned that they view compare differently. The Pru broker seemed to just be more conservative. My concern is that she is interested solely in a quick buck rather than maximizing my return. OTOH, the CB broker may be pumping to get the listing.
One final thing was that the CB broker did bring a team of people from the office through the house. Did not think it was a pricing team but it could have been.
Seif, does lowball seem to be the game in the Fly? There are bids wars here sometimes, but I understand the Fly to be desireable, so that is a bad portend.
56 – I have seen one come in above listing in the last few months, 1 or 2 at listing price and everything else is under OLP. What should we consider a lowball? Some of these seem as if they were priced higher just to get closer to where the market really is after negotiations.
You are such a deviant…..
raging bull jj says:
July 2, 2012 at 7:16 am
Granma getting spanked
Nom – It’s all price, there is no working harder to get it sold or marketing smarter to attract a higher price, that is all pitch to get the listing. Advertising is all about attracting new listings, just like open houses are all about attracting new buyers. That said, I’d always pick the most active broker in town, simply because they’ll usually have the highest buy-side activity as well. I’d caution though, even that doesn’t have a strong enough impact to correct for a poor price or incurable defect.
Another day and still no f*cking pony.
BTW, I was just looking at an expanded bilevel on a cul-de-sac in Allendale approaching a “4” handle on the list price. We’re approximately two years from crossing the trend line and we still have no idea how low is low based on decoupled property taxes. It’s like trying to hit an R.A. Dickey knuckleball! :)
I am HARP refinancing my primary home with a 15 year rate of 3%.We are planning to retire in 5 years and move to the mother country.We are leaving the home to my two kids.I will owe $180k by the time they take over on the payment.They have 10 years to pay the mortgage and it will be free and clear.The mortgage will still be under my name coz it is not transferable.And transfer it to their name once the mortgage is paid.
I cleaned the equity on the house in 2004 bought a 2nd home cash.I will sell the second home before we retire.
I am giving them a choice ,if they want a house that they can call their own or they can do what they want with it.I will not be here except when I visit.
U.S. home prices rose in May: CoreLogic
REUTERS — 2 MINUTES AGO
NEW YORK (Reuters) – U.S. home prices rose in May in a fresh sign the battered sector is stabilizing, data analysis firm CoreLogic said on Monday.
CoreLogic’s home price index gained 1.8 percent from April and was up 2.0 percent from a year earlier.
Excluding distressed sales, prices fared even better, gaining 2.3 percent in May and 2.7 percent from a year ago. Homeowners in danger of foreclosure, or in “distress”, often sell their homes at a significantly reduced price.
“The recent upward trend in U.S. home prices is an encouraging signal that we may be seeing a bottoming of the housing down cycle,” Anand Nallathambi, chief executive officer of CoreLogic, said in a statement.
“Tighter inventory is contributing to broad, but modest, price gains nationwide and more significant gains in the harder-hit markets, like Phoenix.”
The report’s pending home price index indicates home prices will rise by at least another 1.4 percent in June and 2.0 percent excluding distressed sales, CoreLogic said.
Of the top 100 statistical areas measured by population, 29 showed year-over-year declines, down from 41 in April.
Grim,
Lowes store card is a straight 5% across the board so you don’t have the hassle with gift cards.
Patterson also has a nice new Home Depot further up Rt20
Good luck with that housing recovery.
Financial Giants Are Moving Jobs Off Wall Street
http://www.cnbc.com/id/48041538
New York’s biggest investment houses are shifting jobs out of the area and expanding in cheaper locales in the United States, threatening the vast middle tier of positions that form the backbone of employment on Wall Street.
The shift comes even as banks consider deeper staff cuts here, which could undermine the state and city tax base long term.
“Places like New York or London will remain financial centers, but most of the players are taking a much harder look and asking whether they can move large numbers of jobs,” said James Malick, a partner at the Boston Consulting Group who advises banks on relocation. In addition to higher taxes in the New York region, employers face real estate and labor costs significantly above the national average.
Consultants say they have seen a sharp pickup in this trend, known as near-shoring, as opposed to offshoring overseas. Goldman Sachs [GS 96.11 0.25 (+0.26%) ], during a presentation to investors in late May, even boasted of the cost savings that relocating jobs can bring.
Deadbeats should be shot by the US Govt. Case in point I am trying to buy a little REO beach house and looked at a few. Latest was bought in December 1999 for 200k and bank foreclosed in Spring 2011 with a 450K outstanding mortgages.
Amazing, remember this is a vacation home. Back in 1999 banks required 25% down on vacation homes so guy put down 50K and financed only 150K.
Yet he borrowed 450K against house. Meanwhile today house is worth like 330K. By now he should have a house with over 200K equity by just owning it instead he went bk. It takes two insane people to do insane things, bank for lending him 450K against a tiny bungalow and him for doing it.
65
If that person found someone willing to loan 450K against the house, I’d say they were a genius… not insane.
If I owe you a little bit of money, that’s my problem.
If I owe you a LOT of money, that’s your problem.
We won’t shoot them though, we’ll reward them.
Whistleblowers win $46.5 million in foreclosure settlement
http://money.cnn.com/2012/07/02/news/economy/whistleblowers-foreclosure-settlement/index.htm?iid=Lead
67 _ iam not sure why you would “shoot them” but if you did, Mitt could help you get rid of the bodies:
http://www.motherjones.com/politics/2012/07/romney-bain-abortion-stericycle-sec
re #65 -66 They weren’t a genius during the bubble millions of people were doing a form of investment arbitrage with equity extraction.
It’s all still turning to shit…and at an accelerated pace.
No one will be spared.
69
what they did with that 450K might not have been smart, but that’s beside the point
Grim…Those credit card deals are awesome. I probably make about 4 to 5 K per year doing them. Plus there’s other hidden goodies such as 0% loans which they occasionally offer and surprise discounts on gift cards that make your points even more valuable than originally quoted. Now if only we could pay our mortgages and taxes and on these cards. That would be soweeeeet.
If the patio is ground level, or a few steps away, a bluestone patio is the way to go over decking. Do it once, no maintenance, looks great.
#72
I used to pay my property tax on my second home with a credit card.Which gives me another month before the credit card bill comes in before I pay it in full plus the points that comes with it..I was notified last quarter that they will start charging 15% of the amount to put it on the card.It may not be wise to do that anymore.On my primary they always charged 10% that is why I paid with a check.Now,It will be painfull to write those two property tax checks at the same time
Pennsylvania bluestone is sexy, but expensive. Cost will be higher than a paver patio, for reference. Make sure the guys laying it are old Italians or Polish, I wouldn’t trust a paver guy to set the concrete base right, pavers are forgiving, stone isn’t.
[60] gary – Then we should ask the NY Yankee hitters when the is coming;-)
BTW, I was just looking at an expanded bilevel on a cul-de-sac in Allendale approaching a “4″ handle on the list price. We’re approximately two years from crossing the trend line and we still have no idea how low is low based on decoupled property taxes. It’s like trying to hit an R.A. Dickey knuckleball! :)
Jill,
Have you given any thought to stamped concrete? We had a companay called North Jersey Bomanite install a patio last year and we’re very happy with it. Its not as nice as blue stone, but its close and about half the price.
[76] the bottom, that is.
Here is median home prices in Singapore.Almost any South East Asian Countries pirices of box homes are much more expensive compare to the US
The median size of units declined 24 percent to 667 square feet in the first quarter the previous three months while the median price slid 18 percent to S$786,340, it said.
http://www.bloomberg.com/news/2012-07-02/singapore-private-home-prices-rebound-to-record-in-2nd-quarter.html
http://www.bloomberg.com/news/2012-07-02/singapore-private-home-prices-rebound-to-record-in-2nd-quarter.html
Price of Toyota Corolla cars in Singapore are equivalent to the price of homes in Jersey
Funny part is it is a Fannie Mae Loan so you and I as taxpayers gave him the cash. Be funny if he used it to pay taxes and student loan debt.
joyce says:
July 2, 2012 at 9:48 am
65
If that person found someone willing to loan 450K against the house, I’d say they were a genius… not insane.
If I owe you a little bit of money, that’s my problem.
If I owe you a LOT of money, that’s your problem.
Would anyone have a recommendation for a home inspector serving Bergen county? Tried the uberinspector, Peter, recommended by many on this board but he is booked the next couple of weeks. Any help would be much appreciated….
[79] yo –
High cost of living in NNJ == good
therefore
Higher cost of living in Singapore == better, right?
There always tends to be a premium on housing in locations that offer the most growth opportunities. I about 50% expect to retire to Southeast Asia and I’ve never been there. I figure it’ll be the only place left for my kids to pursue productive careers and lives 15 years out.
Here is median home prices in Singapore.Almost any South East Asian Countries pirices of box homes are much more expensive compare to the US
The median size of units declined 24 percent to 667 square feet in the first quarter the previous three months while the median price slid 18 percent to S$786,340, it said.
Comrade,
You know that the price you get has nothing to do with the realtor’s estimates?
The price you get is the intersection of what you’re willing to take with what your most motivated buyer is willing to offer. All that your realtor can do is help create situations of motivated buyers. They can also do a good bit of subtle negotiation/footwork to help keep the sellers from falling off the hook during inspections/attourney review. Mine even helped keep some paperwork mistakes from messing up closing.
They also need to match your personality/tactics. The lazy one with the high estimate sounds right if you’d like to keep your house listed for a long time at a high price hoping to find just the right buyer. The low one sounds good if you want to get your house sold sooner rather than later.
Not that I’m an expert. Someone actually in the business should know more.
Nearly everyone in Singapore lives in public housing. Its only really millionaires and expats who live in privately owned apartments, so isn’t really relevant.
“The lazy one with the high estimate sounds right if you’d like to keep your house listed for a long time at a high price hoping to find just the right buyer.”
Of course, the terms of the relo package also come into play.
Actually the Realtor just makes it harder to close. They are an extra roadblock.
Lets take FannieMae as an example. A cash buyer of a home cannot put in a bid for a home. On-line bids go to a realtor. Why is that. Why cant I just submit proof of funds and get pre-approved up to a certain amount and Fannie throws listing up there auction style for 60 days and high price wins. What value does a realtor add?
Personally every bank REO should be listed in a single database, buyers get a preapproved mortgage or show proof of cash up to a certain amount and that will be our bidding max. The realtor is useful in handholding individual owners, it is a shame the NAR lobbied congress to make it illegal for a bank not to use a realtor to sell real estate.
A.West says:
July 2, 2012 at 1:57 pm
Comrade,
You know that the price you get has nothing to do with the realtor’s estimates?
The price you get is the intersection of what you’re willing to take with what your most motivated buyer is willing to offer. All that your realtor can do is help create situations of motivated buyers. They can also do a good bit of subtle negotiation/footwork to help keep the sellers from falling off the hook during inspections/attourney review. Mine even helped keep some paperwork mistakes from messing up closing.
They also need to match your personality/tactics. The lazy one with the high estimate sounds right if you’d like to keep your house listed for a long time at a high price hoping to find just the right buyer. The low one sounds good if you want to get your house sold sooner rather than later.
Not that I’m an expert. Someone actually in the business should know more.
Glad to hear NJ’s financial position is so strong! Is Christie just doing this so he can run for president and say he cut taxes? (while everyone is taxed to death)
NJ’s Christie says third of surplus may go to tax cuts
http://www.reuters.com/article/2012/07/02/us-newjersey-christie-tax-idUSBRE86113620120702
I’m impressed of njrereport.com , I need to say. Really not often do I encounter a blog that’s each educative and entertaining, and let me inform you, you have got hit the nail on the head. Your concept is outstanding; the difficulty is one thing that not sufficient people are speaking intelligently about. I’m very blissful that I stumbled throughout this in my seek for something regarding this.
MSP #77: The problem is that the basement is walkout level so the deck will be off the kitchen — one floor up.
I went to Kuiken this morning. The guy said don’t even bother with the Enhance, get the Transcend. The thing is, I don’t like the way the Transcend looks. The colors are very dark and it looks more like plastic than the Azek boards do. The Fiberon looked much nicer, does anyone know about that? For wood, we’re looking at treated Fir or cedar, everything else is much too expensive. I’m more confused than ever.
Jill,
My experience growing up with boats is that cedar is a great wood. I can’t speak to its use as a house deck material but, based on what I experienced back in the day, if I were faced with a choice between fir and cedar, I would pick the cedar for my own deck. Of course, teak is also a great wood, but pricy. Cedar also smells great.
Posted without comment:
Will Rutgers-Camden Fill Only 100 of 269 1L Seats This Fall?
#91… Had a cedar deck built in 1996, just had to replace about 10 boards this year, others are going but railings are fine. Restained every 3 years, so about 15 years of life out of deck. But those composites look great, at least new, but are pricey.
best deck material is ipe or cumaru, it’s a b*tch to work with but it is nice wood that will last easily for 50 yrs. Not sure of the cost either.
They didn’t have decks in the 16th century. And that’s where we’re headed.
Wake me when the ultra-violence starts.
Those are the best. Also the names are likely to prompt a JJ story.
best deck material is ipe or cumaru
http://www.nj.com/mercer/index.ssf/2012/07/trenton_detectives_investigate.html
All comments are welcome
http://www.nj.com/news/index.ssf/2012/07/new_on_ebay_1_slightly_used_ph.html
High school being auctioned on ebay .Anybody want to buy the Newark School system
http://www.nj.com/news/index.ssf/2012/07/nj_reggae_singer_arrested_by_c.html
What is the over /under on this guy being deported ? are they kidding ? He’s been here since 77 and should have been deported in 97.
The city where the Waldo Canyon fire destroyed 346 homes and forced more than 34,000 residents to evacuate turned off one-third of its streetlights two years ago, halted park maintenance and cut services to close a $28 million budget gap after sales-tax revenue plummeted and voters rejected a property-tax increase.
The municipality, at 416,000 the state’s second-largest, auctioned both its police helicopters and shrank public-safety ranks through attrition by about 8 percent; it has 50 fewer police and 39 fewer firefighters than five years ago. More than 180 National Guard troops have been mobilized to secure the city after the state’s most destructive fire. At least 32 evacuated homes were burglarized and dozens of evacuees’ cars were broken into, said Police Chief Pete Carey.
“It has impacted the response,” said Karin White, a 54- year-old accountant, who returned home June 28 to a looted and vandalized house, with a treasured, century-old family heirloom smashed.
“They did above and beyond what they could do with the resources they had,” she said. “If there were more officers, there could have been more manpower in the evacuated areas.”
Taxpayer Revolt
Since the start of the 18-month recession in December 2007, U.S. cities have faced shrinking revenue and diminishing state support, leading to budget cuts and reductions in services and workforces. Cities faced a fifth-straight year of revenue declines in 2011, according to the National League of Cities, which estimated that municipalities would have to fill budget gaps of as much as $83 billion from 2010-2012.
Colorado Springs, which depends on sales tax for about half of its revenue, was hit harder than most. The city — the birthplace 20 years ago of the Taxpayer Bill of Rights, which later passed statewide and has been pushed around the country to restrict government spending — became a high-profile example of cost-cutting. The law restricts government spending to the previous year’s revenue, adjusted only for population growth and inflation.
“People are going to be looking at the aftermath of this disaster to see what is possible,” said Josh Dunn, an associate professor of political science at University of Colorado, Colorado Springs. “How far can you go in cutting the size of city government?”
http://www.bloomberg.com/news/2012-07-02/wildfire-tests-police-force-in-colorado-anti-tax-movement-s-home.html
America’s Generation Y not driven to drive
>[O]lder people are driving more, researchers at the University of Michigan found. In 2008, those age 70 and older made up the largest group of drivers on the road, more than 10 percent, which was slightly higher than those in their 40s or 50s.
The Michigan researchers offered a few reasons why some younger drivers hesitate to get behind the wheel: the high cost of owning, fueling and maintaining a car…<
Effing Locusts.
Meat [95];
I seriously think that the greatest risk to trigger a true societal breakdown that you harp on is if Obama loses in November and refuses to leave office. They and their willing accomplices in the media will paint attempts to enforce an election result adverse to their side as a “Coup”. He would force aggressive and proactive efforts to exchange power, and the aggressor can always be cast by appeasing ‘advocates of peace’ as incorrect and instigating unrest.
If a shooting war breaks out between the Rethugs and Dumbocrats over the election, I hope they all kill each other.
I call that a win for all of us.
Clot’s next screenname?
Dark meet?
Dark meat.
clot: they are already preparing for the inevitable….
http://news.yahoo.com/drive-tank-crush-car-minn-firm-153648120–abc-news-topstories.html
chi (106)-
I think they’ve found a solution to the housing crisis.
“And for the extra adventurous, customers can drive a tank through a trailer home for $3,500.”
102 – great point! fabulous…really fabulous.
102
Wow. You really hate O, don’t you?
Though I would attribute such an action to the criminal Cheney.
Think I found Moose’s mini me on smart money blog.
2:28 pm June 28, 2012
Anonymous wrote:
As a young person, I am thrilled to pay for you idiots over 65. Go die; you are strangling my generation. You are disgusting mooches with no self worth whatsoever. And yes, I am under 26 and have my own insurance – my peers who do not are as pathetic as the boomers.
2:50 pm June 28, 2012
mitch wrote:
to anonymous: Yes I’d hide my idenity also if I’d just made such a childish and uninformed comment.
3:23 pm June 28, 2012
K wrote:
To anonymous – WOW! Although I’m quite certain (hopeful) that your comment was to get a reaction. If not, you may want to schedule a consult with a mental health provider.
3:27 pm June 28, 2012
Anonymous wrote:
LOL – do you really think my generation won’t hesitate to pull the plug on all of you when we are paying 50% taxes to make sure the government is there to wipe you after you go the bathroom? You have abandoned us now, and you shall reap what you sow.
5:07 pm June 28, 2012
Anonymous wrote:
Just voting in Romney won’t solve the problems. We need to vote forConservative Senators as well.
102
Moose purely genius… just like all the conspiracy theories about Bush not leaving office either.
Neither the Dem’s or Rep’s will save you.
Pathetic
109
Caljn,
Correct, Cheney deserves the fate of someone convicted of treason. Most politicians do. Why wouldn’t you lump Obama in the camp as well? In terms of unlawful foreign policy by invading other countries, continuing to occupy countries, continuing to torture, continuing to eliminate due process, assasinating people by executive order… why give him a pass?
Do you really think the unlawful police state has not continued to expand under Obama as it has for the past several administrations/congresses?
Food for thought:
http://www.ncpa.org/sub/dpd/index.php?Article_ID=22072
Who Are the Rich and How Do We Know?
It is often a little difficult for rational economists and policy analysts to understand President Obama’s near-obsession with certain arbitrary and self-imposed standards like his definition of the “rich.” The basis for numerous policy stances and delineations, the president’s classification between rich and non-rich is grossly misleading and myopic, says Merrill Matthews, a resident scholar at the Institute for Policy Innovation.
President Obama has repeatedly claimed that in the current economy, an individual is rich if they are making more than $200,000 a year (for families, the figure is $250,000). This grouping is incomprehensive and misleading.
•These classifications that are based entirely on incomes fail to take into account assets, which can tell us much more about the comfort in which one lives than incomes.
•One person, for example, may have $10 million in assets that offer an annual 1.5 percent return, thereby providing that person with $150,000 in income.
•The abovementioned individual is, by the president’s standard, not rich, while a person with no savings, no house and no other real asset but with $200,000 in annual income is defined as rich.
The president’s seemingly arbitrary distinction also fails to consider the relative expense of living in a given area. An income of $200,000 would amount to far less if the worker is in a place like New York or San Francisco, where it is not uncommon for a third of pretax income to be lost on rent.
snip
100
yo,
Let’s not let that crisis go to waste.
OT alert:
http://news.yahoo.com/blogs/lookout/anderson-cooper-gay-comes-154527163–finance.html
Not exactly news. And I am glad to see he is keeping himself honest.
Not that there’s anything wrong with that:
http://www.youtube.com/watch?v=Oj3VphK9AMk
Comrade, AC is very popular with the trans-vestites in Key West. He covers their annual new years eve celebration including Sushi a real looker lowered from a balcony in a giant red pump.
112
While not letting O off the hook, I think there are forces greater than the President.
Somewhat related, I fly weekly and it is becoming farce with people nearly disrobing at security, walking about in bare feet, holding their hands above their head do be doused with radiation (?), then sitting on the other side getting dressed, putting on belts etc.
But “they’re keeping us safe!!”
Am I missing something, or are the Pro-Aborted Fetuses people now Anti-Aborted Fetuses Disposal?
[118] caljn,
I don’t fly nearly as much but I am coming to hate it. I’m almost to the point where ill look for ways to get out of flying; if we need to pick a city for a meeting, I try to get a close one.
Nom [120];
I haven’t flown commercial in quite a few years. GenAv can fill some of that void, but not all of it, and not for most people.
Personally I think that the TSA is merely a barometer for the government of how much pointless oppression the people will tolerate without revolt.
Thanks for the guidelines you have provided here. Something else I would like to mention is that personal computer memory requirements generally rise along with other advances in the know-how. For instance, whenever new generations of processors are brought to the market, there is certainly usually a similar increase in the scale preferences of both the personal computer memory in addition to hard drive room. This is because the software program operated by these processors will inevitably rise in power to leverage the new technological know-how.
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