From the Star Ledger:
Newark sells off dozens of foreclosed properties in city auction
The sing-songy voice of the auctioneer echoed across the Terrace Ballroom at Newark Symphony Hall as hopeful property owners clutched their catalogs and filed in and out of the room.
Newark put nearly 80 abandoned and foreclosed properties on the auction block today, trying to derive some value from a foreclosure crisis that has ravaged the city’s already fragile tax base.Michael Meyer, the city’s housing director said by mid-morning things were going at a good clip and properties were going for more than he had hoped, but the business of auctioning is not as straightforward as it may appear.
“We want to make sure we put property out there without flooding the market,” he said.
Roughly 100 people were at Symphony Hall, many were professional investors while others were hopeful home buyers.
…
Ed Watson, a contractor from Monmouth County picked up what would charitably be called a “fixer-upper.”“It’s basically a shell. I don’t even know if has plumbing,” Watson said after picking up one of a dozen properties that the city was selling with the stipulation the owner live there for five years.
Watson, who does “total renovations,” said he was looking forward to tackling the project.
“You beautify the neighborhood and at the same time have a cheap place to live,” he said. As for Newark’s real estate market he was cautiously optimistic.
“I don’t think it’s all of a sudden going to be Hoboken, but there’s a market,” he said.
Friskies
Good luck with Newark; never see it happening.
BTW saw some article with pic of baby bro bomber running from scene sans backpack so one less thing for the conspiracy theorists to cling to though I am sure the photo was doctored ;)
[3] hehehe,
Applying Occams Razor and my own smell test tells me that we won’t be using much tin foil. The explanation of it all is plausible, simple, and supported. There won’t be an army of Boston Truthers.
Rumors flying about 3 people arrested in New Bedford connected to the bombing, supposedly the direct result of someone who deleted a tweet to Suspect 2 after the bombing. Tweet apparently contained a hashtag that included the word terrorist.
I just did a search on NJMLS for houses in Hillsdale priced between 500K and 600K. I came up with a total of seven. That’s seven! And four of those houses have been for sale since the year electricity was discovered. This, in the middle of prime (cough…) selling season. That’ seven!! I fully expect to see “data” posted here next month listing 250 homes under contract in like, a weeks time. No, there’s nothing f1shy going on… everything’s legit. :o
FE – I see *one* property in Hillsdale in the last month that fits your view.
Hillsdale 4/1-4/19
UC (all properties have different list/buy brokers)
71 Beechwood – $300k ask – Long time on market
649 Hillsdale – $380k ask – Long time on market
567 Hillsdale – $420k ask – Long time on market
51 Orchard – $499k ask – Long time on market
72 Clayton – $500k ask – ARIP at 30 days
23 Trinity – $691k ask – ARIP at 86 days
3 Nancy – $699k ask – ARIP at 47 days
11 Chris – $835k ask – ARIP at 6 days on the new listing, but on the market since Feb
Sales –
8 Beechwood – $399k ask/$395k sold – DOM 108
49 Midland – $449k ask/$425k sold – DOM 117
38 Hopkins – $450k ask/$435k sold – DOM 120
62 Douglas – $499k ask/$480k sold – DOM 14 (ARIP in 7 days) – Same broker list/buy
22 Sherwood – $843k ask/$799k sold – DOM 124
I take it back, 62 Douglas has other listings that stretch all the way back to the middle of 2012.
Balloons will be out in full effect tomorrow, national open house weekend. Leave it to the idiot NAR to try to make up a holiday. Surprised they didn’t just go all out with “National Buy A House Day”.
Houses for Clunkers has a nicer ring to it.
FE – I see *one* property in Hillsdale in the last month that fits your view.
And yet, a month from now, we’ll see a few hundred under contract as a result of multiple bids near or over asking with average DOM of about 4 hours. :)
Like this?
Ridgewood – 4/1- 4/19 – Cutoff 10 days before arip, there are a number in the 11-15 range
258 N Pleasant – 6 Days – $529k ask
916 E Ridgewood – 5 Days – $725k ask
227 Woodside – 6 Days – $765k ask
231 Pearsall – 8 Days – $809k ask
130 W Ridgewood – 3 Days – $1.275m ask
651 Wall – 6 Days – $539k ask
639 Albert – 7 Days $665k ask
624 Fox – 6 Days – $729k ask
170 Lincoln – 6 Days – $800k ask
22 Lenox – 7 Days – $759k ask
First you’re telling me there’s one house in my range, now you’re saying there’s multiple houses sold within days… Which is it? What are we talking about?
Again, it’s not a normal market. Again, salaries flat to declining; again, taxes doubled; again, cost of living expenses bleeding everyone to death; again, no metrics to measure those hanging by a thread. How many are under water? How many qualified sellers do we have? I get a call every single day from a realtor asking to list my house. What does that say? And why do they ‘fess up when I hammer them repeatedly while they reluctantly tell the real story? I’m no rookie. And I know what “normal” looks like. This market is not normal. And this “data” being presented is cropped, chopped, trimmed, primped, pivoted, perfumed and glossed.
I just had an offer accepted. Attorney review monday. House on market 4 days.
Did you use your own agent?
Grim, yes i did. House in the same family since 1964.
63K a year for Dartmouth and his mom was arrested last year for shoplifting. Who was paying for White Hat’s to attend Dartmouth?
Taxpayer funded loans.
It was Umass at Dartmouth; not the Ivy League Dartmouth.
What are the current legal guidelines about using Twitter as evidence etc.? Can Twitter records be used by law enforcement? I assume anything actively posted is public record, but what about deleted items?
grim says:
April 20, 2013 at 8:14 am
Rumors flying about 3 people arrested in New Bedford connected to the bombing, supposedly the direct result of someone who deleted a tweet to Suspect 2 after the bombing. Tweet apparently contained a hashtag that included the word terrorist.
Chi – Nothing gets deleted…
re# 18 – still 22k for instate.
Waterttown boat now for sale…
https://sphotos-a.xx.fbcdn.net/hphotos-frc1/902872_10151423312029022_2001116111_o.jpg
#21 Probably got financial aid.
#6: Remember the house I told you about on Hickory St. in WT? It’s got a ReMax sign outside. Nothing on Trulia yet, it’s #341. Fully gutted and redone with an add-a-level and landscaping. Quiet street. Drive by and take a look.
Jill,
Thank you!
Yesterday Mariano Rivera gave up an 11th inning leadoff double to Bautista on a 4-seam 91 mph fastball. He followed that up with 8 successive cut fastballs, all for strikes, all 91-93mph. The results were line-out, strike-out, strike-out, save. Not bad for 43 years old.
Amazing what modern chemistry can achieve…
grim == Mets fan
“The Fed’s Jackson Hole, Wyoming symposium is one of the most sacred of annual Fed meetings: it is here that the Fed has historically hinted at any and all upcoming episodes of major monetary experimentation. As such, presence by the high priests of global monetarism is not only compulsory, it is a circular stamp of approval of the Fed’s ongoing status quo-preservation capabilities. Which is why the fact that the man at the top himself, Ben Bernanke, whose term is due to expire just five months after this year’s Jackson Hole gathering, will be absent “due to a scheduling conflict”, is set to spark a fire of questions, first and foremost of which: is this the sign Bernanke is handing over the suitcase with the printer launch codes to some yet unspecified, second in command? Or, even worse for those addicted to monetary heroin, will Bernanke simply try to put as much distance as possible between himself and the place where (and when) the Fed announces the grand “open-ended” QE experiment is set to begin tapering?”
http://www.zerohedge.com/news/2013-04-21/ben-bernanke-miss-jackson-hole-symposium-due-scheduling-conflict
Fast,
I am just being more patient. Let the desperate buyers and desperate sellers go through their spring formal. The tuxes look sharp, the dresses are seductive but once the bubbles are flat and the make-up is smeared, it will be party time for the people looking in the windows. I am still targeting late summer. Lots of homes on the move but not enough buyers to pick up everything. The cold splash is coming.
He should be throwing 86-88 at this point and topping at at 90-91.
The Original NJ ExPat says:
April 21, 2013 at 9:22 am
Yesterday Mariano Rivera gave up an 11th inning leadoff double to Bautista on a 4-seam 91 mph fastball. He followed that up with 8 successive cut fastballs, all for strikes, all 91-93mph. The results were line-out, strike-out, strike-out, save. Not bad for 43 years old.
Pettite and Mariano should be shot by mid-summer……if that doesn’t happen, something is wrong…..Pettite has a history of cheating BTW…….the other thing is that Sabathia is one of the most overused and out-of-conditioned slobs out there….it defies logic that he hasn’t broken down like Santana…..
Bystander,
The NAR are masterful in their ability to market something out of thin air. Their manipulative skills are unprecedented and light years ahead of any other sales and marketing strategy that exists. It’s like an epic disaster; sad to view but you can’t stop looking at the tragic beauty. If the world ended tomorrow, two things would survive: c0ckroaches and the NAR talking points quick reference guide.
#33 Fast,
Your sharp intellect and enthusiastic sarcasm never ceases to amaze me. I love it. You are always spot on.
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