Monthly Archives: November 2012

It’s clear, nobody has any idea what Sandy means for NJ real estate

Posted on November 30, 2012 by grim

From the Record: Housing market expected to recover quickly from Sandy While superstorm Sandy damaged or destroyed about 70,000 homes in New Jersey, the housing market is not likely to suffer long-term effects from the storm, economists from the Federal … Continue reading →

Posted in Economics, Housing Recovery, New Development, New Jersey Real Estate | 141 Comments

Sandy won’t be kind to the NJ housing market

Posted on November 29, 2012 by grim

From the WSJ: N.J. Home Deals in Gridlock Even before Sandy ripped through the Northeast coast last month, the region’s housing market had been among the weakest in the nation. Now, damage from the storm is raising new concerns in … Continue reading →

Posted in Economics, Housing Recovery, New Jersey Real Estate, Shore Real Estate | 205 Comments

Will 2013 be the year of the deal?

Posted on November 28, 2012 by grim

From the WSJ: Will 2013 Be the Time for Home Buyers to Jump? This New Year’s, you may want to make a resolution to go house hunting. Home prices are finally starting to recover, but they’re still low enough to … Continue reading →

Posted in Economics, Housing Recovery | 175 Comments

The Elusive First Time Buyer

Posted on November 27, 2012 by grim

From CNBC: Housing Recovery Is Leaving Behind First-Time Buyers Current homeowners are finally moving up, and distressed sales are making up less of the overall market—all signs of much-needed improvement in housing. Current homeowners accounted for 54 percent of October’s … Continue reading →

Posted in Economics, Housing Recovery | 145 Comments

Redevelop or we’ll take it from you and redevelop. Fair?

Posted on November 26, 2012 by grim

From the Philly Burbs: Evesham to crack down on owners of neglected commercial properties Fix it or risk it. That’s the message the Township Council will be handing down to the owners of neglected commercial sites who are now in … Continue reading →

Posted in Economics, New Development, New Jersey Real Estate | 88 Comments

Sandy Stimulus?

Posted on November 23, 2012 by grim

From Bloomberg: Sandy Seen Boosting U.S. With as Much as $240 Billion Rebuilding John Cataneo is working his 20 employees overtime and still can’t keep up with demand from customers who need plumbing repaired after superstorm Sandy. He says he’s … Continue reading →

Posted in Economics, New Development, New Jersey Real Estate | 153 Comments

Thanksgiving Open Discussion

Posted on November 22, 2012 by grim

This is the time and place to post observations about your local areas, comments on news stories or the New Jersey housing market, open house reports, etc. If you have any questions you wanted to ask earlier in the week … Continue reading →

Posted in General | 65 Comments

Fire sale or the next boom?

Posted on November 21, 2012 by grim

From Reuters: After Sandy, some dump homes, while others hunt for bargains “Reduced for Quick Sale!” reads Mike Montalbano’s Craigslist ad for the three-bedroom home he needs to sell before he can relocate for a new job. The drywall is … Continue reading →

Posted in Housing Recovery, Shore Real Estate | 71 Comments

Rise Up!

Posted on November 20, 2012 by grim

From the WSJ: Shore’s Toll ‘Worse Than We Thought’ . Nearly three weeks after Sandy came ashore on the New Jersey coast, some of the beach towns that made this area famous remain largely empty and dark, shells of their … Continue reading →

Posted in Shore Real Estate | 87 Comments

October Existing Home Sales

Posted on November 19, 2012 by grim

From Bloomberg: Sales of U.S. Existing Houses Probably Held Near Two-Year High Sales of previously owned U.S. homes probably held in October near a two-year high, indicating the recovery in residential real estate is being sustained by cheap borrowing costs, … Continue reading →

Posted in Employment, Housing Recovery, National Real Estate | 62 Comments

North Jersey Contracts – October 2012

Posted on November 17, 2012 by grim

(Source GSMLS, except Bergen which is based off NJMLS) October Pending Home Sales (Contracts) ——————————- Bergen County October 2011 – 549 October 2012 – 640 (Up 16.6% YOY) Essex County October 2011 – 403 October 2012 – 519 (Up 28.8% … Continue reading →

Posted in Economics, Housing Recovery, North Jersey Real Estate | 69 Comments

Housing tight in a post-Sandy NJ

Posted on November 16, 2012 by grim

From the WSJ: Landlords Offer Homes to Displaced Private landlords in New York City have offered to provide several thousand vacant units to house people displaced by the superstorm Sandy, according to people familiar with the matter. It is just … Continue reading →

Posted in Economics, New Jersey Real Estate | 155 Comments

NJ Foreclosures up 140%, does it matter?

Posted on November 15, 2012 by grim

From the Record: Foreclosure filings rise in NJ Lenders continued to ramp up foreclosure activity in New Jersey last month, as mortgage companies worked through the backlog of cases that piled up in the wake of accusations that lenders were … Continue reading →

Posted in Economics, Foreclosures, Housing Recovery, New Jersey Real Estate | 154 Comments

Paying the Sandy Tax

Posted on November 14, 2012 by grim

From Bloomberg: Christie Says Damage Costs From Sandy Outside Tax Cap New Jersey Governor Chris Christie said property owners in areas devastated by Superstorm Sandy may face higher tax bills, as local governments exceed his 2 percent cap on annual … Continue reading →

Posted in Economics, New Jersey Real Estate, Property Taxes | 172 Comments

Foreclosure a big bargain? Maybe not.

Posted on November 13, 2012 by grim

From HousingWire: Falling REO inventory dries up foreclosure discounts Some metro areas across the U.S. are experiencing steep discounts on foreclosed properties – upwards of 27% in some cases – but the overall mark-down is not as deep as it … Continue reading →

Posted in Economics, Foreclosures, Housing Recovery | 189 Comments