Monthly Archives: November 2012

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

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

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?

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

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?

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?

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

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?

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!

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

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

(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

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?

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

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.

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