From NJBIZ:
Housing data give reason for optimism
The weak housing market has long handcuffed the economic recovery, but new data released today suggest a housing recovery may be gaining steam.
The latest S&P/Case-Shiller Home Prices Indices show home prices nationally were up 1.2 percent in the second quarter versus 2012, and up 6.9 percent from the first quarter of the year. In the New York metropolitan area, June home prices rose 2.1 percent over May of this year, though that represented a 2.1 percent downshift from a year ago.
Jeffrey Otteau, president of Otteau Valuation Group Inc., in East Brunswick, said New Jersey’s housing market is in a similar, relatively good spot.
Otteau’s firm found median home prices in New Jersey down half a percentage point in the second quarter versus the previous quarter, but he said the rates of decline have been shrinking. He said home prices tend to be a backward-looking indicator, because there is typically a two- to four-month lag between the time an existing home sale price is negotiated and the time the deal closes. The lag is even longer for new home construction.
“It’s really a look in the rearview mirror of where the housing market was,” he said.
Other indicators from the second quarter show positive movement. Home purchase contracts, for instance, were up 18 percent in the first half of this year versus 2011, according to Otteau. The stock of unsold inventory in New Jersey is at its lowest seasonally adjusted average since 2005, he said.
Another good sign is that foreclosures don’t seem to be making a major dent thus far. New Jersey had the second-largest backlog of unresolved foreclosures of any state, Otteau said, and if those homes all hit the market at once, it could depress prices and create a glut of excess housing. So far, he said, the release of foreclosures into the market has been relatively slow, and alternate resolutions — such as short sales or investors converting foreclosures into rental units — have helped keep homes off the market.
From HousingWire:
FNC: Home prices rise for fourth consecutive month
U.S. residential property values gained more traction in June amid signs of slower economic growth and a stagnant labor market, according to FNC’s latest residential price index.
The index comes out on the heels of the S&P/Case-Shiller home price index, which also showed rising prices.
Home prices in June rose for the fourth consecutive month, FNC’s RPI showed. They were up at a seasonally unadjusted rate of 1.1% from the previous month. The figure is based on recorded sales of nondistressed properties, including existing and new homes, in the 100 largest metros.
On a quarterly basis, home prices rose 2.7% during the second quarter, the largest increase in six years. Year to date, home prices were up nearly 4% since January.
Fewer sales of distressed properties continues to be an important factor in driving home prices higher. Rising demand has narrowed the gap between homeowners’ asking prices and final sales prices to a five-year low. Asking prices, meanwhile, have risen to a four-year high.
Good Morning New Jersey
Even otteau knows that home prices rise, crash, plateau every 10-15 yeas like clockwork. Why would it be any different this time? On another topic CC rocked it last night.
On Long Island home prices rose 1/2 of 1% in last 12 months. Basically the same as a one year FDIC insured CD. Realtors rejoice at the great investment. Stocks are up like 13%, Bonds up like 10%, Heck 5 year Ally Bank CDs are up 2%, Heck I Bonds beat that as well as TIPS. Actually, unless you leave your money in a commercial bank savings or checking account or your Broker dealer cash account it is pretty hard to have earned less than 1/2 of 1% in last 12 months even with the super low rates. NYS and NJ Munis are up like 5% in last year, does not sound like much to you realize that is 10 times 1/2 of 1%, or in other words a decade of home price increases in one year tax free. I do think housing is recovering, but braging about 1/2 of 1%. Really, even Chase at the branch apolgized for the 3/10’s of a percent they pay to customers, yet realtors brag about 5/10s of a percent. Kinda of crazy.
Pending home sales due out this morning
Repost of the local July contracts/pendings numbers:
Bergen
2010 – 574
2011 – 596
2012 – 769 (Up 29.0%)
Essex
2010 – 278
2011 – 283
2012 – 421 (Up 48.8%)
Hunterdon
2010 – 97
2011 – 111
2012 – 126 (Up 13.5%)
Morris
2010 – 358
2011 – 379
2012 – 431 (Up 13.7%)
Passaic
2010 – 168
2011 – 183
2012 – 279 (Up 52.5%)
Somerset
2010 – 243
2011 – 254
2012 – 289 (Up 13.8%)
Sussex
2010 – 107
2011 – 107
2012 – 140 (Up 30.8%)
Union
2010 – 258
2011 – 252
2012 – 339 (Up 34.5%)
Warren
2010 – 56
2011 – 59
2012 – 78 (Up 32.2%)
We’re headed off a cliff at 140 mph. Hurry, it’s a great time to buy.
Daughter is taking a class at kolledge on Argentina in the early ’90s. Should make for some fun conversations. They are watching Memorias del Saqueo this week, and here is the text for the course:
http://www.amazon.com/And-Money-Kept-Rolling-Out/dp/1586482459
CC’s speech at the convention
http://www.youtube.com/watch?v=TiO2usdhgg0
JJ, a new homeowner gets 5:1 leverage. How do you get that with CDs. This measly 0.5 becomes 2.5 . Of course if it goes down it sucks. But you gotta do the numbers
Even if you have a 3% mortgage, you are borrowing at 3% to make 1/2 of 1%. Yes you have leverage, but right now backward leverage. I will forget the tax breaks, but I will also forget costs to maintain home. Unless it is a rental property with positive cash flow, unless your home at a bare min is rising in value in excess than the after tax interest rate on your mortgage what is point of leverage?
I rather go back to 7% mortgages and 20% appreciation any day of week than 3% mortgages and 1/2 of 1% appreciation.
Working on a short sale tonight with owner, sadly only short sales, reos, distress sales etc make sense even after sell off. Homeowners are all selling their vacation homes at prices that make it a break even or a monthly loss each month and tell me that is ok as I will make it up in appreciation. Really, that is gambling, an investment is something that produces returns with some risk, not an investment that is guaranteed a loss.
Tonight’s house I am shooting to buy for 400K, spend 50K to do a nice renovation. It rents for 30K in summer and $2,700 a month in winter. I am assuming I can only really rent in winter from October to April for $18,900, I lose a month with turnover. So rent is 48,900 a year. I will put down 120K, mortgage 180k which is 1k a month, and assume taxes, homeowners maint is 1k a month. So house costs 24k a year to own and I rent for 48,900K, positive cash of 18,900. But I need to add back in the 170K I sunk into house. My bonds have an average coupon of 6.8%, so I am losing $11,560 interest income so net is $7,300 a year. So sure 30 years from now I own home free and clear but I do take on huge risk. Remember, I can make $7,300 a month trading at my desk 15 minutes a day so $7,300 a year is no big deal. I am only doing as I want an investment property and this is a beach house. Down the road I want to spend the summers in it. Or use it to retire. Otherwise would not bother.
Carlito says:
August 29, 2012 at 8:03 am
JJ, a new homeowner gets 5:1 leverage. How do you get that with CDs. This measly 0.5 becomes 2.5 . Of course if it goes down it sucks. But you gotta do the numbers
There were no reports of injuries as dawn broke over the Gulf Coast area. Property damage reports were just beginning to come in. There were scattered reports of people stranded in their homes by rising water in the New Orleans area.
Dozens of residents of Plaquemines Parish, La. are stranded, while there are multiple reports of people trapped in attics.
Who cares, Sandra Fluke is going to speak at the Democratic Convention. And besides, Romney still needs to release his tax records.
#10 JJ Who is going to rent a house from Oct until April?
Hey Jeff house prices ar backwards looking? So what happens in the Fall/Winter, when they typically fall? So will they be forward looking come Spring too?
Grim,
Un-mod me.
We’re supposed to believe that in the first 3 months of the year, home prices increased almost 7 percent.
That in the face of high unemployment, gas prices hovering around $4.00 a gallon, food prices rising, and crippling property taxes, that:
$400,000 houses are now selling for $428,000.
$500,000 houses are now selling for $535,000.
$600,000 houses are now selling for $642,000.
MBA saying that refi apps are down 6% this week, purchase apps up 1%.
15 – We can talk about average prices till we turn blue, but the fact of the matter is there isn’t any such thing as an average house, it’s not something you can buy.
#10 JJ: I would rather rates at 7% too, this way I could actually value the property. 3 and change mtg rates are distorting the market. If rates rise the theory is economy booming so no worries. However, rates could rise do to massive inflation, and we have stagflation. Which I believe far more likely than a booming economy. I am also told that a huge number of mtgs issued now are FHA 3.5 downpayment. I was considering that, but decided against it. The difference is I have money. I think the overwhelming majority of FHA people are going that route, because that is all they can scrape together. So I am in competition with the morons.
#15 Jason: Guy quoted in the NY Times this morning is taking yesterdays Case Shiller monthly increase and now stating that annualized prices are rising 10% a year. This is the nonsense that is out there.
Let’s put it this way; whatever defines the average house in North Jersey, you need at least 6 digits of down payment to qualify or you can forget it. Otherwise, find a cape in the Hillcrest section of Paterson.
3
“On another topic CC rocked it last night.”
CC didn’t even pitch last night, Hughes did. If you mean Chris Christie…he rocked what? He did plenty for his own cause but nothing for Romney and the party THIS year. All Christie did was leave people who are already voting with us wishing that he was the nominee. He should have been touting Romney.
This is especially so in dramatically bifurcated markets, the kinds we find in North Jersey.
Average sale price in 2012.Q1 in North Jersey was $340k.
When you look at what’s selling, you’ve got a pile of crap selling for significantly under average, and you’ve got the desirable properties selling for significantly over average.
What’s in the middle? Nothing.
Thus, the average house doesn’t exist, it’s like the hole in the donut. Folks look at the “average prices” and misunderstand them to mean that those are illustrative of the homes that are selling (which might be an accurate assumption if the distribution was standard), the fact is, couldn’t be further from it.
3b, did you see this listing? It’s a short sale, but updated:
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1104836&dayssince=&countysearch=false
Spice Drive is over on the west side of town, backs up to GSP but this is a lot of house for this money and not a teardown.
#22, “Average” –potentially meaningless, useless and perhaps worthless depending on the distribution of the sample population. Perhaps NJ Housing market is similar to US employment market, jobs and good pay for those in demand, not so much for others….
#23 Jill: I saw it in the mls, but did not really look at it. Does the property back up to the GSP?
I find it amazing that for every pound of weight Rex Ryan loses Chris Christy gains a pound
UncleFloyd says:
August 29, 2012 at 9:04 am
3
“On another topic CC rocked it last night.”
CC didn’t even pitch last night, Hughes did. If you mean Chris Christie…he rocked what? He did plenty for his own cause but nothing for Romney and the party THIS year. All Christie did was leave people who are already voting with us wishing that he was the nominee. He should have been touting Romney.
Grim in comment #22 just defined my life for the last two months. There’s an epic void in the middle. I’m looking at 550k to 650k sacks of sh1t that need an additional 100k to turn into a home.
#27 gary: You should take a look at the one in WT for 519K.
Tons of people. Usually season is Sept 15 to May 15. Teachers, Kids who live at home, college kids, Pilots, Airline people etc. My ex GF used to rent this amazing bay front home in Atlantic Beach Long Island every year. She went in with five girl friends. Fully furnished etc. You can really enjoy beach for most of Sept to Nov and March till May. Summer prices jumped through roof and she just moved back home. Between taking summer vacation, sleeping at BF house and hanging out single people dont really need a place in summer. Back then she rented a million dollar five bedroom home for $1,600 a month, her share was $400 bucks a month. Her 8 month rental was $2,800 a year. Apts back then were like $800 a month 12 months a year. Quite frankly my apt in Manhattan was a waste of money all summer. Only slept there 4 nights a week and took two weeks vacation. One house I looked in Long Beach LI had had same winter tenant for 20 years. Pilot and family rented huge great home in NY off peak 8 months and then rented huge great home in Florida all summer off peak, no funriture, no repairs, no property tax etc. Guy let him stay whole school year in NY and only rented Summer place for July1st to Labor day peak time.
3B says:
August 29, 2012 at 8:50 am
#10 JJ Who is going to rent a house from Oct until April?
I stopped looking at non distress sales as low rates are bringing out the 3.5% down sludge who only care about downpayment and will over pay. I am focus now only on short sales and REOs where banks will sell at a better price to someone with proof of funds, good credit and a large downpayment.
owners just care about selling price, they could care less if guy has zero down.
3b,
What street is it, I’ll take a look.
#31 Fast: It is on Coolidge. Listing below. Ranch.
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1230058&dayssince=&countysearch=false
JJ #29/30 I did not realize there was that kind of demand for short term rentals like that. And the 3.5 crowd is what I am dealing with. I am afraid of short sales (after hearing all of the horror stories) so I am staying away from those.
Another productive real-estate tour of the Atlantic coastal areas of NC and SC. My impressions are that prices have dropped some more and that I could toss my EZ Pass and live south of the Virginia border.
Overpriced in the middle…I have a listing in River Vale that has been shown 25 times in 2 weeks without an offer. House is priced between 500-600,000 and need to be reduced by about $30,000. Clean home inside and out but the price is just too high to get buyers to make an offer.
E-mailed seller for a reduction. Seller is ignoring my request so far. If they reduce by the suggested amount the house will be under contract within a week.
I guess they need the extra 30K to pay your commission.
30 year realtor says:
August 29, 2012 at 10:23 am
Overpriced in the middle…I have a listing in River Vale that has been shown 25 times in 2 weeks without an offer. House is priced between 500-600,000 and need to be reduced by about $30,000. Clean home inside and out but the price is just too high to get buyers to make an offer.
E-mailed seller for a reduction. Seller is ignoring my request so far. If they reduce by the suggested amount the house will be under contract within a week.
From the NAR:
The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.4 percent to 101.7 in July from 99.3 in June and is 12.4 percent above July 2011 when it was 90.5. The data reflect contracts but not closings.
The PHSI in the Northeast increased 0.5 percent to 77.0 in July and is 13.4 percent higher than a year ago. In the Midwest the index grew 3.4 percent to 97.4 in July and is 20.2 percent above July 2011. Pending home sales in the South rose 5.2 percent to an index of 111.7 in July and are 15.6 percent above a year ago. In the West the index slipped 1.7 percent in July to 109.9 but is 1.3 percent higher than July 2011.
34
Shore,
As Ive mentioned to you before, I love the OBX. I’m not sure how expansive a search you are performing, but if you think certain jersey shore towns are DEAD in the winter… the OBX is abandoned, almost.
From the WSJ:
U.S. Pending Home Sales Highest Since April 2010
The number of U.S. home buyers who signed contracts to purchase previously owned homes rose last month to the highest level in more than two years, the latest sign of a strengthening housing market.
The National Association of Realtors said Wednesday its seasonally adjusted index for pending sales of existing homes increased 2.4% in July from a month earlier to a reading of 101.7. The results were the highest since April 2010 when buyers were taking advantage of federal tax credits. The index for July was up 12.4% from the same month last year.
The index was better than expected. Economists surveyed by Dow Jones Newswires had forecast pending home sales would increase 1.0% from June’s figures, which were unrevised.
Christie seemed like a little boy full of wonder and awe at how he, a relatively obscure New Jersey politician could be on the National stage. His style of speaking breathlessly about what he’s done for New Jersey left most people back home asking….wha??
I’ve been pretty disappointing with Christie. Great rhetoric, but seriously, the large state worker bureaucracy still exists. Balancing the budget is meaningless when the state still spends into oblivion. Maybe if they can bring spending in line with other states, we wouldn’t be complaining about our sky high taxes. He’s simply taken an awful situation and transformed it to less awful.
30 year realtor,
Why don’t your clients make an offer based on your assessment and not the sellers asking price?
Essex,
Of course. What we really need is a governor who trolls truck stops looking for c*ck.
NJ first had a gov that liked a$$ now you have a gov who is a fat a$$
Sounds like a conversation I had with a realtor recently, she told me to put in an offer. Seller thinks house is worth 429K which is too much, I think it is worth around $409K so put in an offer for what you think it is worth. I then say how is it relevant what I think it is worth? She goes well the seller thinks is it worth one thing, you think it is worth one thing and I think it worth one thing. I say none of that matters and is totally relevant. I say how about regardless of what three of us think how about I offer to pay the actual market value of home. She goes honey Real Estate does not work like that. You offer what you think it is worth not what it is actually worth and seller sells for what she thinks it is worth not what it is actually worth. It aint like a used car where seller and buyer make a transaction on actual market value.
Fast Eddie says:
August 29, 2012 at 10:55 am
30 year realtor,
Why don’t your clients make an offer based on your assessment and not the sellers asking price?
NJ needs a governor who can SEE his c*ck
I feel bad for his wife having to put that big belly on her head
gary says:
August 29, 2012 at 11:20 am
NJ needs a governor who can SEE his c*ck
#35 30 year: Are you saying it will sell for full price after the 30k drop?
Seller thinks house is worth 429K which is too much, I think it is worth around $409K so put in an offer for what you think it is worth.
In the $400-500k range, $20k is noise.
Yes, you heard that right, I said it’s noise.
Subjectivity and external factors alone can push the sales price of a transaction that much. I’ve seen people pay a premium to market because they had family on the block. To them it was worth $15k more, to Joe Shmo it wasn’t. I’ve had people bid similar amounts under market because they didn’t like the color of the siding.
Anyone buying or selling a $500,000 house in increments of $1,000 is wasting their time. Lately even bids and counters have been moving in $5k increments or more.
Suppose the only other way to describe it is that most everyone would think it absurd to bid on a house with a price that included anything other than “00” to the right of the decimal point. Well, to some extent that exists at least 3-4 digits to the left as well.
I always scratch my head when I see an MLS price change that drops the ask $500.
Huh?
I’d rather be laying dead on the corner of 154th street and Amsterdam Avenue than alive in Indiana.
50 – Hell yeah, I can only imagine the JJ-esque story that would have led up to that.
154th Street? I can only imagine there would be hookers involved.
Fast Eddie-I represent the seller.
3b-Not saying it would sell for full price. It will cause an offer which should negotiate to market value.
Who cares about income and jobs? Supply of housing is in shortage. People need a place to live and we’ve been under building for 5 years now. Plus millions of homes are taken off market due to foreclosure. Even if economy continues to tank prices can stabilize or go up.
Who puts granite flooring in a garage?
Oh yeah, someone who is stuck into selling their home in a short sale.
You can’t make this sh*t up. Have a house listed in Clifton for 2 months starting at $389,000. Seller reduces price in 3 small drops over the course of 30 days to $379,000. We receive an offer of $380,000 with $6000 in seller concessions, equal to $374,000. Seller counter offers at full price. Buyer says no. Seller offers $3000 in concessions. Buyer says no. Seller accepts offer and buyer walks away. Seller decides to increase price to $389,000. Less than 10 showings in more than 60 days on the market.
I have asked the seller if he has lost his mind. Asked if he really wants to sell the house. Told him about the strong increase in transactions year over year and he tells me, “there will be showings and offers when everyone returns from summer vactions. The house will sell for $380,000 because it is worth it”.
[55] Well, 30-year, you can’t expect him to give his house away, right?
BS 20K is noise. I sell a 20K 30 year muni paying a 5% coupon and paying that extra 20K is a loss of 20K upfront and a loss of 1k a year tax free income for 30 years. The loss is 50K, if I reinvest the 1k a year for 30 years I would most likely get another 15K insterest, so total loss is 65K
I would walk away from a deal over a nickle. Realtors are nuts for telling folks homes will rise 10% over two years. First buyers dont believe it, second desperate seller believe it and now it will be even hard to sell a home. I know a bunch of sellers who pulled listing or put off retirement so they can now sell home for 10% more.
grim says:
August 29, 2012 at 11:29 am
Seller thinks house is worth 429K which is too much, I think it is worth around $409K so put in an offer for what you think it is worth.
In the $400-500k range, $20k is noise.
Last guy I was negoiating with had nerve to tell me dealing with you feels like my pants is around my ankles and you are going to F me hard. Then he called me a bottom feeding scumbag. Then he called me two days later to meet for coffee and to negoiate some more. Guy used to be a wheeler dealer in the day, 50 rentals properties had italian guys with bats to bust up tennants who did not pay.
30 year you can’t fix stupid.
Clifton is a shit hole , and fading fast . Try the Hala meat markets
#52 30 year: That is what I thought you meant. Thanks.
57 – Totally different markets and totally different assets.
Ask 10 people what they would pay for a property, you’ll get 10 different answers, and you’ll get a pretty broad range across the set.
Sellers always dream about getting that top bidder (they actually think everyone is the top bidder), but guess what, bidder #10 ain’t around this week, so try again. Bidder #9? He changed his mind. Bidder #8? Sorry, he put in an offer on another property last week. Bidder #7 is still around, but he’s offering $20k less than you want.
So, seller can take #7 and close the deal, or let it go and wait six more months for another Bidder #10 to show up.
And this is the kind of situation that yields $20k being noise.
(And this pretty much the mindset of any seller chasing the market down).
#53 Even if economy continues to tank prices can stabilize or go up.
I don’t buy that at all. And I will leave it at that.
Actually watched a few minutes of the RNC last night. All I saw were two guys positioning themselves for a run in 2016. It’s weird how the party is raising money for him hand-over-fist, yet no one seems to be able to stomach the guy.
Santorum really should be hit by a truck.
#57 JJ: I agree: Peopel can say whatever about the street, but there is certainly more rationality here ( in many cases) than in the real estate market. Plus price transparency and discovery
sx (40)-
Christie’s only legacy so far will be talking a tough game, but caving in to the collectivists at every point where he needed to dig in his heels and take a stand.
There is no Jersey recovery. There will never be a Jersey recovery. Instead, we will be Argentina 2.0.
#57 JJ: Like I said guy this morning in the Times (not a Realtor) quoted as saying on an annualized basis prices are up 10% this year.
gary (43)-
I’d take a bat-smoking gubnor…as long as he slashed runaway spending and broke the municipal unions.
Unfortunately, the bat-smokers are part of the dependency constituency.
3b – Coolidge went arip the other day, btw. I posted a message for you. Only took them 8 days to get into AR, so they probably caught a bid over that first weekend it was listed (5 or 6 DOM).
30 year (55)-
Thanks for reminding me why I’m no longer in RE. One more of these idiots, and I would’ve committed a murder.
3b (65)-
Muppets don’t get transparency and price discovery on WS. Only the guys with high-frequency algos and dark pools get that.
“Plus price transparency and discovery…”
>>>Essex says:
August 29, 2012 at 10:46 am
Christie seemed like a little boy full of wonder and awe at how he, a relatively obscure New Jersey politician could be on the National stage. His style of speaking breathlessly about what he’s done for New Jersey left most people back home asking….wha??<<<
This whole damn thing is a stinking RINO fest is you ask me. THERE IS NO T-PARTY REPRESENTATION AND THEY WANT TO ACT LIKE WE DON'T EXIST AFTER WE VOTED IN THE MID-TERMS. THIS IS BULLSPIT.
What we need is Glenn Beck back and we need a new restore honor march. Look at this damn link for the true face of the damn republican party that the damn RINO's are trying to hide away in a stinking corner at the damn convention:
http://www.youtube.com/watch?v=TFerRGB7nYM
This is the real republican party dammit and the stinking RINO's don't want to acknowledge it. Guess what? They can run all the hell they want, but they can't hide. We're gonna make damn sure that America knows about us and the damn platform had better have our issues on it. Stinking RINO's make me sick.
Face it, Tard. The Republicans are led by a cultist financial skimmer…most of the party hates him…and the agenda is fascist/right.
The Demz are even more disgusting, as they are a collection of crooked, self-serving co-dependents.
Going back to my short sale tonight. I have to put in a rational bid. Women bought in Spring 2003. Prices are back to around Spring 2003. Women did nothing to house but house now needs two bathrooms ASAP due to leak and two exterior doors looks like she was robbed or something as they are broken. Also needs a 1/2 bath. I told realtor I am bidding her purchase price minus the cost of two and 1/2 new bathrooms and cost of two new doors. We are at 2003 prices. When she bought nine years ago these bathrooms and doors were perfectly fine. She said put together offer, basis for offer attach proof of funds last two paychecks and lets do this. I think she is assuming I will counter. But why would I counter when I am bidding scientifically what it is worth and can do deal non-contingent on mortgage. I have not yet got out of her what bank it is.
#71 Ernest: Not Disagreeing. I am speaking for myself, and in determining what an assset is worth. I have a tought time doing that in the current real estate environment.
>>> Ernest Money says:
August 29, 2012 at 1:13 pm
Face it, Tard. The Republicans are led by a cultist financial skimmer…most of the party hates him…and the agenda is fascist/right.
The Demz are even more disgusting, as they are a collection of crooked, self-serving co-dependents.<<<<
They don't need no stinking voter ID to suppress the damn vote. Shlt, with a damn choice like this, I might have to stay the hell home.
#69 grim: Sorry did not see the message. I am not surprised it went over in some ways, because they did a real nice job on the rebuild/renovation. Of course 500k for a ranch is still insane IMO, but compared to the smelly old krap out there, I could see how some one might really want it. Plus 8K taxes!! Plus from what I am starting to hear WT is becoming a so called hot town. Relatively low taxes, and the HS ranked 57 in the NJ montly rankings.
Question for Realtors, can you designate commissions?
This is interesting,
“The individual is always screwed. In Iceland, mortgages are adjusted according to the currency fluctuations. If you borrow 1 million Icelandic króna and the currency declines by 50%, you now owe 2 million. Because the banks were brain-dead in their investments, now they have put that burden on the homeowner. People now owe more than what they paid for the house. Wages do not fluctuate in such a manner.”
http://www.martinarmstrong.org/economic_projections.htm
3b, that house on Beech still has a for sale sign out front, and not one that says “Under Contract”. This is what, 2 weeks already? Maybe grim can check into it?
I just read CC’s speech. Is it me or do the mentions of Mitt/Ryan seem like he filled out the enter name here blank in a Mad Lib?
It was good in that he really didn’t attack the other side (nice for a change). But it was typical political pomp and circumstance with nothing even close to details. He was kind of like the fattest cheerleader ever.
#80 Jill: From what I understand negogiations are still going on. If it pops up again, we will jump on it.
In the over $500K range, $30K makes a difference?
30 year realtor says:
August 29, 2012 at 10:23 am
Overpriced in the middle…I have a listing in River Vale that has been shown 25 times in 2 weeks without an offer. House is priced between 500-600,000 and need to be reduced by about $30,000. Clean home inside and out but the price is just too high to get buyers to make an offer.
3b, that house on Beech still has a for sale sign out front, and not one that says “Under Contract”. This is what, 2 weeks already? Maybe grim can check into it?
It is UC, estimated close date is 10/1.
I have a listing in River Vale that has been shown 25 times in 2 weeks without an offer.
There are roving bands of rabid buyers that descend on fresh listings like locusts, even overpriced ones. Getting 20 shows by the end of the first weekend on market isn’t even a surprise these days.
God bless Martin Armstrong.
We are facing something far more serious. This is about the very economic structure of perpetually borrowing with no intent of ever paying anything back. Communism failed because of the Marxist theory that government can eliminate the business cycle through centralized government planning. In the West, Keynes followed Marx insofar as the basic proposition that government is capable of manipulating the business cycle. Sorry! Both were dead wrong and we now are paying the price for those failed theories!
We are on the verge of a systemic global meltdown and if you do not understand what we face, you will lose your shirt, pants, wife, kids, and the farm. This whole nonsense of HYPERINFLATION PRESUMES government will just continue to print forever. They do not even address the reality that the bondholders are the very people who are demanding to raise taxes and impose austerity to ensure that they are paid back…and not with devalued funny money.”
http://www.martinarmstrong.org/files/Verge%20of%20a%20Profound%20Systemic%20Global%20Meltdown%2008-04-2012.pdf
I thought you would be off in your summer place.
chicagofinance says:
August 29, 2012 at 2:19 pm
In the over $500K range, $30K makes a difference?
#84 grim: Thanks. That one would have worked. On another note can Realtor commissions be designated?
What do you mean by designated?
Who puts granite flooring in a garage?
Oh yeah, someone who is stuck into selling their home in a short sale.
I saw porcelain tile once, it looked terrible. What happens when you pull in a little too fast on a snowy day?
Grim you remodel your lower floor den.
In Jersey it means a body is under the garage.
grim says:
August 29, 2012 at 2:47 pm
Who puts granite flooring in a garage?
Oh yeah, someone who is stuck into selling their home in a short sale.
I saw porcelain tile once, it looked terrible. What happens when you pull in a little too fast on a snowy day?
Think I’m loony? This is Martin Armstrong, former political prisoner of the US gubmint:
“It is not fiat, lead bars in Fort Knox, not HYPERINFLATION we need to worry about. How about plain old fashioned extinction of society as we know it today?”
#89 grim: If we buy without a realtor, can we designate the commission or portion of the commission be designated to another realtor, such as yourself?
That damn Martin Armstrong needs his ass detained. YOU DON’T YELL FIRE IN A CROWDED THEATER. That damn guy made me crap in my damn pants scaring me like that.
I don’t like to make things too difficult. Solving our damn problem is simple–GET RID OF LIBERALS AND RINO’S.
If we got rid of Obama and elected Sarah Palin to office, our damn problems would be over with. If this punk Armstrong were serious, this is what the hell he’d be calling for. Nowhere in that piece did I see him take the stinking liberals and RINO’s to task—hell he didn’t mention them at all and that tells you right there that HE DOESN’T KNOW WHAT THE HELL HE’S TALKING ABOUT. All he’s trying to do is scare people.
Sx and fast Eddie, you can argue over the Fat Man forever. I’m out of here so here’s your bag. I’m done holding it.
Nom being from NJ in some strange ways I am determined to fix it in others I am jealous of your imminent departure
Fix it with a neutron bomb.
…and mass lobotomies.
94 – not unless that other agent puts in the offer.
The listing agent is going to want you to sign a dual disclosed form and take the full commission herself.
Unless Clot knows something I don’t, but if you submit an offer with the listing brokerage, it’s going to be hard to argue they aren’t procuring cause after the fact.
Shameless plug – If you ever want to punt an offer over, it’d take me all of about 15 minutes to write it up and submit it. I did one deal with a local on here in that manner, he saw a place at an OH and sent me an email. We were able to negotiate another $5k off based on our side cutting our commission to bridge the gap.
I’d like to explore being able to rebate commissions back to buyers in this circumstance, but I just haven’t gotten there yet. (The reason for this is that sellers inevitably feel they should share in the savings when I cut commissions for my buyer’s benefit, and I just don’t agree).
That post in no way constitutes an advertisement of said rebate in any way, shape, or form.
[97] pain,
It can’t be fixed. A shame really.
It is comforting to know that the charge of liberal bias in the media is overblown…..
Yahoo News has fired its Washington bureau chief after he was caught on a microphone saying Mitt Romney and his wife were “happy to have a party with black people drowning.”
Company spokeswoman Anne Espiritu said Wednesday that David Chalian’s remark was inappropriate and does not represent Yahoo’s views. She says Yahoo is apologizing to the Republican presidential candidate and his supporters, and has reached out to the campaign to convey the message.
Chalian made the remark during a “hot mic” moment before Yahoo began its live coverage of the GOP convention on Tuesday evening. Yahoo is streaming coverage in association with ABC News.
The remark is an apparent reference to the GOP convention happening as Hurricane Isaac hits the Louisiana coast.
Ernest Money says:
August 29, 2012 at 4:45 pm
…and mass lobotomies.
http://www.youtube.com/watch?v=_0aNILW6ILk
FLORHAM PARK (NJ) – New York Jets football practice was delayed nearly two hours today after a player reported finding an unknown white powdery substance on the practice field. Head coach Rex Ryan immediately suspended practice and called the police and federal investigators. After a complete analysis, FBI forensic experts determined that the white substance unknown to players was the GOAL LINE.
Practice resumed after special agents decided the team was unlikely to encounter the substance again this season.
50. I lived a couple of summers in an Ohio river town in Indiana. Hooked up with hotties, rode my motorcycle sans helmet, very cool place to live. FWIW
grim (101)-
I guess a purchaser could demand that an agent pay a referral fee to a licensee not involved in the transaction. I would have any dual disclosed agent put a referral agreement in writing prior to writing any offer, though. I can’t see why a seller would object to this, as long as the gross commission stays the same.
Just make the referral fee for the amount of commish the buyer wants directed elsewhere.
[104] I don’t know what you are talking about. There is no media bias in 2012, just as there was no media bias in 2011.
http://www.washingtonpost.com/wp-dyn/content/article/2011/03/09/AR2011030901802.html
NPR lost its chief executive Wednesday, a day after the news organization was embarrassed by a secretly recorded video that caught one of its top managers calling Republicans “anti-intellectual” and tea party members “racists.”
Chi (106)-
Here’s what you do with the goal line.
http://www.youtube.com/watch?v=IYEMa465re0
[106] chifi
Let’s hope that Tebow and Sanchez keep them safe and away from that unknown substance.
Note: Boston is NOT on this list.
But then, neither is NYC. Very surprising which city holds the top spot.
http://autos.yahoo.com/blogs/motoramic/10-u-cities-worst-drivers-tilt-towards-coasts-161143248.html
[104] chifi
From the Boston Globe article covering the event:
“PBS NewsHour correspondent Gwen Ifill, who is black, tweeted her support of Chalian Wednesday, saying “one mistake does not change” her opinion that Chalian “is God’s gift to political journalism.”
They don’t even make a pretense of hiding it anymore.
[104] chifi
It gets better:
http://scs.georgetown.edu/departments/11/master-of-professional-studies-in-journalism/faculty-bio.cfm?a=a&fId=161575
[104] chi fi
Well, whaddya expect from those losers in Evanston?
The media are nothing more than the henchmen of the entitlement class and its benefactors.
Hanging your entire Convention identity on an out of context speaking gaffe….Ridiculous.
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