From the Star Ledger:
Million-dollar homes haven’t fully emerged from recession yet
The upper end of the housing market was the last to feel the recession, and will be the last to see a recovery, housing experts say.
According to data compiled for The Star-Ledger by Trulia and Otteau Valuation Group, the percentage of homes for sale over $1 million peaked between 2006 and 2008 in New Jersey. The recession officially began in 2007.
But million-dollar-and-higher home sales fell sharply by 2009, from 4.2 percent of total market in 2007 to 2.7 percent two years later, according to Otteau. Trulia, which tracked a smaller market area in New Jersey, reflected a similar plunge from 3.2 percent to 2.4 percent.
Jeffrey Otteau, president of Otteau Valuation, said the plummet coincided with the crash of the brokerage firm Lehman Brothers in 2008.
“Following the collapse of Lehman Brothers and the commencement of the recession,” he said, “that market share began to decline steadily.”
It’s not, however, that the rich suddenly became poor.
“What the affluent have is the ability to pick the time they want to sell,” Otteau said. “They can ride out tough times. They didn’t experience unemployment like the lower-income households did. They are more liquid and can ride out rough patches.”
According to Otteau, the decline of high-end homes on the selling block was about half of what occurred elsewhere. While the overall market dropped by 25 percent, it fell only 12 percent in towns that have easy access to New York City.
Joseph Seneca, an economics professor at the Edward J. Bloustein School of Planning and Public Policy at Rutgers University, saw other factors at play as well.
“You could make the other case that a lot of finance jobs were lost,” he said. “Employment losses in the financial sector were also significant.”
…
“In the good years of the decade, we probably saw more houses priced at $1 million and that’s why the rate of increase in those years is higher,” he said. According to Trulia, the percentage of homes more than $1 million rose from 1.5 percent of sales in 2003 to 3.2 percent in 2008.“More homes were pushed above $1 million in those years,” Seneca said. “And then we had the bust and all sales collapsed. But the share of million-dollar-homes didn’t go down as quickly as the total market did,” he said.
…
A study by Otteau Valuation of home sales between 2011 and 2012 showed that while sales rose 21 percent, the segments with the largest increase were homes under $400,000 (22 percent), and homes between $400,000 and $600,000 (21 percent). Homes priced between $1 million and $2.5 million rose 12 percent, and homes above $2.5 million were up 3 percent.Otteau said the post-recesssion economic isn’t creating a new crop of noveau-riche and is unlikely to jolt the upper-end housing market.
Over asking closings are beginning to appear in towns where they were somewhat atypical/infrequent. This list is from 6/1-6/3, but essentially, these are all Fridays closings.
Rare
Old Denville Road in Butler, 349k ask, 360k close
Hillside Drive in Mount Olive, 250k ask, 252k close
Manor Drive in Hillsborough, 259k ask, 262k close
Lakeside Drive in Vernon, 335k ask, 345k close
Halls Mill Road in Franklin, 524k ask, 525k close
Ridge Ave in Bloomfield, 185k ask, 195k close
Prospect Ave in Hackensack, 140k ask, 142k close
Infrequent
Wootton Road in Essex Fells, 669k ask, 695k close
Waddington Ave in West Orange, 375k ask, 382k close
Herning Ave in Cranford, 439k ask, 440k close
Princeton Ave in Scotch Plains, 385k ask, 391k close
Harmon Drive in Paramus, 499k ask, 515k close
Typical
Tuxedo Road in Glen Ridge, 750k ask, 890k close
Harrison Ave in Westfield, 779k ask, 899k close
Segundo!
When the bubble in little green pieces of Bernank bursts, it’s game over.
3 – Short gold?
“When the last tree has been cut down, the last fish caught, the last river poisoned; only then we will realize that one cannot eat money.”
In solidarity with the Turkish people.
#geziparki
Home Building Accelerates in NJ
KATHLEEN LYNN – THE RECORD 06/03/2013 7:11 AM
http://m.nbcphiladelphia.com/nbcphilly/pm_108049/contentdetail.htm?contentguid=P372mkwa
Home building in New Jersey is accelerating this year, as the state continues its slow recovery from the worst housing bust since World War II.
According to the latest census figures, construction permits for 6,215 units were issued in the state through April, up from 4,864 in the same period in 2012. Of those, more than half were in multifamily buildings.
“Multifamily construction continues to drive New Jersey’s home building recovery,” Patrick J. O’Keefe, an economist with CohnReznick, a New York-based accounting firm with an office in Roseland, told The Record of Woodland Park.
Apartments are in high demand because tighter mortgage standards and a sluggish employment market have made it tougher for many people to buy homes. In addition, many young people prefer the flexibility of renting as they work to establish their careers in an uncertain labor market.
Lenders also are more willing to finance rentals than other types of housing, builders say. As a result of all these factors, many multifamily projects that were originally conceived as condos have been converted to rentals over the past several years.
David Fisher, a vice president of Hovnanian Enterprises Inc. of Red Bank, the state’s largest home builder, said that buying activity has also risen this year because of the improving economy. Low mortgage rates, he said, have led many potential buyers to decide “this is the time.”
“We feel good about the market again in New Jersey,” said Fisher, who is an officer of the New Jersey Builders Association.
Hovnanian has several North Jersey communities under construction, including 55-and-up developments in Woodland Park, Montvale and North Caldwell, and a high-rise in Jersey City. It has delayed construction on two properties along the Hudson River waterfront in West New York since the housing bubble burst, but Fisher said that as the market improves, the company may move forward on those next year.
National home building permits are running about 29 percent ahead of last year’s pace, though both national and statewide home building activity remains below long-term averages. And O’Keefe pointed out that the state’s real estate market continues to face challenges, including stagnant home values and a backlog of distressed properties headed for foreclosure.
O’Keefe predicts that builders will start about 22,000 units in the state this year — a big increase from last year’s 18,000 units, and the 13,000 annual average seen from 2009 to 2011, the lowest annual totals since World War II.
With the real estate market reviving, home builder stocks have been on the rise. The Standard & Poor’s home builder index has risen about 50 percent over the past year.
And Hovnanian has said that it expects to return to profitability this year, after years of annual losses. Hovnanian is scheduled to report its second-quarter financial results June 5.
from this weekends NYT:
“Yet for the tenacious buyer, it is still possible to land an apartment without offering a pound of flesh.
After losing one place in a bidding war and another because he waited a week to make up his mind, Shamoun Afram, a program manager at an investment bank in Manhattan, kicked his search for a one-bedroom condo into high gear and homed in on the Orion, a modern high-rise condominium in Midtown. In January he toured about 10 units there with the help of his real estate agent, Patrick Mills of CORE, and he was about to sign a contract on an apartment slightly above his $1 million sweet spot when he noticed a new listing on Streeteasy.com late on a Tuesday.
The next morning he was on the phone with his broker to see if he could get in to see the apartment that day, but it wasn’t being shown until Thursday. “I knew I had to make a decision fast,” Mr. Afram said. He put in an offer that day, sight unseen, at the full asking price of $999,000. “We decided, let’s just be cavalier about it,” Mr. Mills added. The offer was accepted on Wednesday; on Thursday they toured the apartment; and on Friday they signed the contract.
But that didn’t stem a wave of interest in the apartment. “After we had the contract out, people started to call,” said Sarah Son, a broker at Keller Williams Realty who represented the seller. “Even after we told them we had a signed contract,” she said, “they kept trying to make us an offer. It was really crazy.”
it is still possible to land an apartment without offering a pound of flesh.
…
He put in an offer that day, sight unseen, at the full asking price of $999,000.
Huh? A million bucks for a 1 bedroom apartment sight unseen? Sure sounds like a pound of flesh to me.
The End Is Nigh (JJ Medical Edition):
Michael Douglas has made a jaw-dropping revelation about his throat cancer: He didn’t contract it from smoking or drinking — but from oral s-x.
The Oscar-winning Hollywood star set tongues wagging after he told The Guardian newspaper that he contracted HPV, or human papillomavirus, through a s-x act and it developed into cancer.
“Without wanting to get too specific, this particular cancer is caused by HPV, which actually comes about from cunnilingus,” he told the British newspaper in an interview published yesterday.
After Douglas was diagnosed with the life-threatening illness in 2010, he said on “Late Show with David Letterman” that the kind of cancer he had was caused by smoking and drinking.
Actor Michael Douglas said a virus from oral s-x, not booze and cigarettes, gave him throat cancer.
(1) Halls Mill Road in Franklin – site of one of the most notorious murders in the earlier twentieth century. Very sensational case for the time.
They named the road after the murder victims?
(11) Entirely possible. It was most likely an unnamed dirt road back then. The locals made it permanent, as in infamous.
Just adding some data to the headline article discussion. Best recovery is in the segments that saw the steepest declines. High tier showing the weakest price recovery off the bottom, but likely due to the fact that that tier saw the smallest price declines. Also worth noting that the high tier actually saw the lowest price increases during the bubble, with the low tier far performing. Higher they rise, the harder they fall I suppose.
S&P Case Shiller Tiered Index for NY Metro
Low Tier (Under $256247)
Jan 1, 2000 – 100
Peak – August 2006 – 259.47 (Up 159.5% from Jan 1, 2000)
Bottom – April 2012 – 161.43 (Down 37.8% from Peak)
Current – March 2013 – 169.15 (Up 4.8% from Bottom, Up ~4.1% per year from 2000)
Mid Tier ($256247 – $420580)
Jan 1, 2000 – 100
Peak – September 2006 – 224.17 (Up 124.2% from Jan 1, 2000)
Bottom – March 2012 – 159.45 (Down 28.9% from Peak)
Current – March 2013 – 164.55 (Up 3.2% from Bottom, Up ~3.9% per year from 2000)
High Tier (Over $420580)
Jan 1, 2000 – 100
Peak – June 2006 – 193.24 (Up 93.2% from Jan 1, 2000)
Bottom – March 2012 – 152.02 (Down 21.3% from Peak)
Current – March 2013 – 155.88 (Up 2.5% from Bottom, Up ~3.5% per year from 2000)
Don’t go south of mouth during “lifestyles” week at Hedonism.
chicagofinance says:
June 3, 2013 at 8:31 am
The End Is Nigh (JJ Medical Edition):
Michael Douglas has made a jaw-dropping revelation about his throat cancer: He didn’t contract it from smoking or drinking — but from oral s-x.
Lautenberg died
[14] JJ
In JJ’s “Notes to self” file on his IPad
“6/3 — stock up on Listerine.”
I only go down on Jewish girls, that way I can’t catch gentile warts.
[5] anon,
“When the last tree has been cut down, the last fish caught, the last river poisoned; only then we will realize that one cannot eat money.”
Very wise advice. It suggests that we’d be better off owning sustainable nompounds than little green pieces of paper. I agree.
[15] Grim,
Lautenberg died? How could they tell?
I poured one gallon of groundclear on a tree two weeks ago and it looks in perfect shape. trees are harder to kill than I would imagine.
Unless we are out of Fish during lent it is not that big a deal.
Comrade Nom Deplume, Halfwit Dumbass says:
June 3, 2013 at 10:01 am
[5] anon,
“When the last tree has been cut down, the last fish caught, the last river poisoned; only then we will realize that one cannot eat money.”
13 – Adjusted for inflation
S&P Case Shiller Tiered Index for NY Metro
Low Tier (Under $256247)
January 2000 – 135
March 2013 – 169.15 (Up 25.3%, ~1.7% per year after inflation)
Mid Tier ($256247 – $420580)
January 2000 – 135
March 2013 – 164.55 (Up 21.9%, ~1.5% per year after inflation)
High Tier (Over $420580)
January 2000 – 135
March 2013 – 155.88 (Up 15.4%, ~1% per year after inflation)
Re 21, pretty sad numbers. In 2000 I could have got a 30 year treasury at 6.63, a ten year muni at 6%, an investment grand bond at 8%.
Imagine one just bought a 300K treasury instead of a 300K house in the year 2000 and just invested the 259,000 in interest you would have got over 30 years in the S&P 500 dollar cost averaging in over two big bear markets. You would have like one million today.
Clot…from last night.
Footballers were from Tenafly. Gator Jr.’s team beat the formerly undefeated Tenafly team 3 to 0 without subs in that horrible heat. Gator Jr. had 2 of the goals.
Lautenberg died.
Bet he still votes in November.
http://finance.yahoo.com/blogs/daily-ticker/housing-recovery-sham-says-guardian-heidi-moore-131443918.html?=vp1
Well today is shaping up nicely, Lautenberg dead I second how do they know he was alive.
RE:25
Grim, is there any data available that would tell us what percentage of recent home purchases in the area are by individual homeowners or investors? Can we tell how many of the recent purchases were using cash or a mortgage?
From The article posted by Chicagofinance:
Moore says banks and investors are propping up the recovery, not real buyers. Banks now own a large percentage of available homes for sale because of foreclosures and are controlling the supply to artificially increase prices, she argues.
But “doesn’t that make the rise in the volume of home sales all the more impressive?” Gross asks. Banks are less reluctant to approve mortgage requests unless borrowers have high credit scores and cash for a down payment. Tighter lending requirements have also forced Americans to responsibly pay down debt. Now, more individuals are “in position to go out and buy these houses at higher prices, at higher rates, with more money down,” Gross notes. “To me that is a positive.”
Yes, more Americans have become smarter about their finances, but that doesn’t make them richer, Moore points out. Real wages adjusted for inflation have been falling for the last three years.
“It’s not people buying these houses,” she says. It’s investors, people who want to flip it. It’s the people who have ready cash. Right now it’s a big boys game in housing.”
Nom [18];
Somehow I doubt anon is familiar with the “Tragedy of the Commons”.
Would be nice to know if investors means a private individuals or big funds. I didn’t think the hedge funds were interested in NJ until I heard of an Australian fund buying brownstones in JC. I dont know about other counties but I’d suspect there is similar action there too.
http://www.usmastersresidential.com.au/about_the_fund.htm
I know of some small private groups, but that is by far the largest I’ve ever heard of in this area that is focused on SFH. Multi-families above 4 units have always had heavy investor participation in this area (versus owner occ.)
====
At 31 October 2012, the Fund had successfully secured a US$165.4 million portfolio of properties comprising 430 freestanding houses and 15 multi-dwelling apartment complexes through two joint ventures. The Responsible Entity believes these properties have been acquired at highly attractive valuations.
Focus on the New York metropolitan area
The Fund has an initial investment focus on the New York metropolitan area, which is the largest metropolitan area in the US by population and economic output. The Fund is focusing on residential properties in Hudson County, New Jersey and more recently, Brooklyn and Harlem, New York. The Fund’s target markets are consistently ranked among the best places to live in the US for those seeking an urban lifestyle.
Brian [27];
In any system, you regulate what you measure. If you measure “core” inflation without accounting for residential housing prices, food or energy, then those prices will rise even if “inflation” is ‘under control’ (contained?).
So, the Fed buys monetizes the federal deficit by buying agency MBS. Where is the money going? Asset prices. But its not an “inflation” problem because it never shows up in the core number.
Food prices up? Check. The only thing missing is an energy price spike.
I didn’t realize that Harlem was consistently ranked among the best places to live in the US
What’s a Harlem brownstone going for these days? $1m?
Seems that even the poor in NYC are richer than I am.
“I didn’t realize that Harlem was consistently ranked among the best places to live in the US”
It’s the popularity of the Harlem Shuffle.
Lib [24];
It certainly complicates the whip counts for the Democrats on tough bills like immigration.
Any idea who Christie might appoint to replace him? A seat-filler who gets tossed for a reliable D in ’14? Maybe the anti-administration tide in ’14 gives the replacement a decent shot at election?
Its too close to primary date to have a general election this November for the last year of Lautenberg’s term (linky). Not that NJ pols are above ignoring the election law when it suits their purposes (e.g., how Lautenberg got back into the senate in the first place.).
Please be PC, it is a AfricanAmericanStone
grim says:
June 3, 2013 at 11:07 am
What’s a Harlem brownstone going for these days? $1m?
Seems that even the poor in NYC are richer than I am.
odds that Christie tries to auction off the seat a la Blago in IL?
Anon E. Moose says:
June 3, 2013 at 11:11 am
Any idea who Christie might appoint to replace him? A seat-filler who gets tossed for a reliable D in ’14? Maybe the anti-administration tide in ’14 gives the replacement a decent shot at election?
In case anyone is interested in US Masters purchases…. Sorry for the dump but I’m finding this to be incredibly interesting. $52 million give or take, looks like they started acquiring in the Summer of 2011.
3709 KENNEDY BLVD.,JERSEY CITY – 370000
17 PIERCE AVE.,JERSEY CITY – 325000
564 LIBERTY AVE.,JERSEY CITY – 265000
178 NORTH ST.,JERSEY CITY – 220000
67 POPLAR ST.,JERSEY CITY – 380000
171 COLUMBIA AVE.,JERSEY CITY – 238000
148 SOUTH ST.,JERSEY CITY – 300000
40 MANHATTAN AVE.,JERSEY CITY – 180000
181 NEW YORK AVE.,JERSEY CITY – 250000
132 PROSPECT STREET,JERSEY CITY – 270000
62 RESERVOIR AVE.,JERSEY CITY – 225000
53 SPRUCE ST.,JERSEY CITY – 160000
86 WAVERLY ST.,JERSEY CITY – 220000
111 BEACON AVE.,JERSEY CITY – 300000
109 BEACON AVE.,JERSEY CITY – 200000
80 BEACON AVE.,JERSEY CITY – 200000
69 LAIDLAW AVE.,JERSEY CITY – 170000
86 PALISADE AVE.,JERSEY CITY – 365000
121 PALISADE AVE.,JERSEY CITY – 350000
104 COTTAGE ST.,JERSEY CITY – 322500
16 MARION PL.,JERSEY CITY – 320000
342 PAVONIA AVE.,JERSEY CITY – 840000
350 PAVONIA AVE.,JERSEY CITY – 650000
963 SUMMIT AVE.,JERSEY CITY – 235000
146 WEBSTER AVE.,JERSEY CITY – 245000
202 BOWERS ST.,JERSEY CITY – 250000
84 GRIFFITH ST.,JERSEY CITY – 200000
888 SUMMIT AVE.,JERSEY CITY – 185000
152 SHERMAN AVE.,JERSEY CITY – 169000
111 SHERMAN AV.,JERSEY CITY – 200000
56 ERIE ST.,JERSEY CITY – 520000
234 FIRST ST.,JERSEY CITY – 595000
268 FOURTH ST.,JERSEY CITY – 650000
448 WAYNE ST.,JERSEY CITY – 185000
385 FIRST ST.,JERSEY CITY – 300000
466 MERCER ST.,JERSEY CITY – 199000
136 DE KALB AVE.,JERSEY CITY – 262500
16 WELDON ST.,JERSEY CITY – 199000
351 FIFTH ST.,JERSEY CITY – 430000
71 CHESTNUT AVE.,JERSEY CITY – 120000
69 CHESTNUT AVE.,JERSEY CITY – 200000
67 CHESTNUT AVE.,JERSEY CITY – 200000
281.5 SECOND STREET,JERSEY CITY – 731000
260 FIFTH ST.,JERSEY CITY – 600000
294 EIGHTH ST.,JERSEY CITY – 930000
126 CHESTNUT AVE.,JERSEY CITY – 355000
273 EIGHTH ST.,JERSEY CITY – 967500
10-10.5 WALLIS AVENUE,JERSEY CITY – 317000
84 WALLIS AVE.,JERSEY CITY – 450000
232.5 THIRD STREET,JERSEY CITY – 709900
133 BOYD AVE.,JERSEY CITY – 230000
349 EGE AVE.,JERSEY CITY – 188000
397 UNION ST.,JERSEY CITY – 139000
118 CLARKE AVE.,JERSEY CITY – 193000
166 CARTERET AVE.,JERSEY CITY – 170000
149 CULVER AVE.,JERSEY CITY – 240000
300 RANDOLPH AVE,JERSEY CITY – 170000
66A WILLIAMS AVE.,JERSEY CITY – 103000
94 MALLORY AVE.,JERSEY CITY – 155000
366 FORREST ST.,JERSEY CITY NEW JERSEY – 215000
76 BOYD AVE.,JERSEY CITY – 240000
551.5 BRAMHALL AVENUE,JERSEY CITY – 202000
338 BRAMHALL AVE.,JERSEY CITY – 185000
203 VIRGINIA AVE.,JERSEY CITY – 250000
93 FISK ST.,JERSEY CITY – 155000
340 BRAMHALL AVE.,JERSEY CITY – 120000
281 VIRGINIA AV.,JERSEY CITY – 165000
98 CLENDENNY AVE.,JERSEY CITY – 192000
114 CLENDENNY AVE.,JERSEY CITY – 228000
166 BELMONT AVE.,JERSEY CITY – 225000
53 CONDICT ST.,JERSEY CITY – 250000
15 BALDWIN AVE.,JERSEY CITY – 175000
150 MYRTLE AVE.,JERSEY CITY – 175000
42 CLERK ST,JERSEY CITY – 107000
363 CLAREMONT AVE.,JERSEY CITY – 165000
112.5 ORIENT AVENUE,JERSEY CITY – 112000
754 GARFIELD AVE.,JERSEY CITY – 160000
89 BOSTWICK AVE.,JERSEY CITY – 235000
66 BIDWELL AVE.,JERSEY CITY – 217000
15 SKYLINE DRIVE,JERSEY CITY – 168000
120 ORIENT AVE.,JERSEY CITY – 175000
130 ORIENT AVE.,JERSEY CITY – 150000
126 GRANT AVE.,JERSEY CITY – 225000
268 BERGEN AVE.,JERSEY CITY – 184900
314 ARMSTRONG AVE.,JERSEY CITY – 175000
9 BIDWELL AVE.,JERSEY CITY – 195000
159 GRANT AVE.,JERSEY CITY – 170000
45 COLLEGE ST.,JERSEY CITY – 185000
90 ARLINGTON AVE.,JERSEY CITY – 75000
219 BIDWELL AVE.,JERSEY CITY – 145000
198 MYRTLE AVE.,JERSEY CITY – 170000
211 MYRTLE AVE.,JERSEY CITY – 165000
47 AUDUBON AVE.,JERSEY CITY – 245000
181 MYRTLE AVE.,JERSEY CITY – 160000
603 GARFIELD AVE.,JERSEY CITY – 165000
109 EGE AVE.,JERSEY CITY – 170000
64 STEGMAN ST.,JERSEY CITY – 210000
140 RANDOLPH AVE.,JERSEY CITY – 180000
180 WEGMAN PKWY.,JERSEY CITY – 170000
283 GRANT AVE.,JERSEY CITY – 205000
190 GRANT AVE.,JERSEY CITY – 163000
98 RANDOLPH AVE.,JERSEY CITY – 160000
222 GRANT AVE.,JERSEY CITY – 170000
198 BERGEN AVE.,JERSEY CITY – 242000
70 WILKINSON AVENUE,JERSEY CITY – 133000
11 BAYVIEW AVE.,JERSEY CITY – 170000
6 VREELAND TERR.,JERSEY CITY – 135000
402 ARMSTRONG AVE.,JERSEY CITY – 190000
226 GRANT AVE.,JERSEY CITY – 165000
58 BERGEN AVE.,JERSEYCITY – 332000
207 FULTON AVE.,JERSEY CITY – 130000
23 DWIGHT ST.,JERSEY CITY – 170000
15 DWIGHT ST.,JERSEY CITY – 170000
22 FULTON AVE.,JERSEY CITY – 165000
185 WEGMAN PKWY.,JERSEY CITY – 218000
2A DWIGHT ST.,JERSEY CITY – 115000
10 DWIGHT ST.,JERSEY CITY – 150000
171 WEGMAN PKWY.,JERSEY CITY – 179000
60 DWIGHT ST.,JERSEY CITY – 159000
139 WEGMAN PKWY.,JERSEY CITY – 167000
132 STEGMAN ST.,JERSEY CITY – 250000
614 BRAMHALL AVE.,JERSEY CITY – 285000
208 CLINTON AVE.,JERSEY CITY – 180000
339 WHITON ST.,JERSEY CITY – 270000
42.5 JEWETT AVENUE,JERSEY CITY – 167000
69 BELMONT AVE.,JERSEY CITY – 205000
17A-19 ASH ST.,JERSEY CITY – 275000
152 BENTLEY AVE.,JERSEY CITY – 232500
590 BRAMHALL AVE.,JERSEY CITY – 136100
596 BRAMHALL AVE.,JERSEY CITY – 221000
51 JEWETT AVE.,JERSEY CITY – 60000
65 LEXINGTON AVE.,JERSEY CITY – 250000
60 GARDNER AVE.,JERSEY CITY – 103000
66 GARDNER AVE.,JERSEY CITY – 235000
136A CLENDENNY AVE.,JERSEY CITY – 225000
101 BELMONT AVE.,JERSEY CITY – 153500
167 CLINTON AVE.,JERSEY CITY – 235000
479 BERGEN AVE.,JERSEY CITY – 190000
238 PINE ST.,JERSEY CITY – 140000
26 EMORY ST.,JERSEY CITY – 222000
203 FREEMAN AV.,JERSEY CITY – 195000
441 MALLORY AVE,JERSEY CITY – 130000
294 DUNCAN AVE.,JERSEY CITY – 140000
845 MONTGOMERY ST.,JERSEY CITY – 335000
241 GROVE ST.,JERSEY CITY – 710000
49 WARNER AVE.,JERSEY CITY – 135000
276 WINFIELD AVE.,JERSEY CITY – 235000
278 WINFIELD AVE.,JERSEY CITY – 235000
13 SHEFFIELD ST.,JERSEY CITY – 180000
310 WINFIELD AVE.,JERSEY CITY – 185000
20 LINDEN AVE.,JERSEY CITY – 195000
385 PRINCETON AVE.,JERSEY CITY – 182000
73 WARNER AVE.,JERSEY CITY – 185000
73 RUTGERS AVE.,JERSEY CITY – 195000
35 PEARSALL AVE.,JERSEY CITY – 200000
21 PEARSALL AVE.,JERSEY CITY – 136000
111 WINFIELD AVE,JERSEY CITY – 162000
85 BROWN PLACE,JERSEY CITY – 174850
123 CUSTER AV.,JERSEY CITY – 140000
156 OLD BERGEN RD.,JERSEY CITY – 125000
42 BARTHOLDI AVE.,JERSEY CITY – 114000
146 STEVENS AVE.,JERSEY CITY – 189000
238 CATOR AVE.,JERSEY CITY – 120000
17 BERGEN AVE.,JERSEY CITY – 165000
138 WOODLAWN AVE.,JERSEY CITY – 280000
35 ROSE AVE.,JERSEY CITY – 170000
350 DANFORTH AVE.,JERSEY CITY – 390000
285 OLD BERGEN RD.,JERSEY CITY – 250000
80 WARNER AVE.,JERSEY CITY – 175000
27 EASTERN PARKWAY,JERSEY CITY – 300000
122 WARNER AVE.,JERSEY CITY – 128000
193 DWIGHT ST.,JERSEY CITY – 165000
31 VAN NOSTRAND AVE.,JERSEY CITY – 170000
89 VAN NOSTRAND AVE.,JERSEY CITY – 260000
85 VAN NOSTRAND AVE.,JERSEY CITY – 260000
142 VAN NOSTRAND AVE.,JERSEY CITY – 142500
84 MC ADOO AVE.,JERSEY CITY – 135000
842 7TH ST,SECAUCUS – 225000
85 HIGHWOOD TERR,WEEHAWKEN – 420000
1320 44TH ST,NORTH BERGEN – 230000
1137 50TH ST,NORTH BERGEN – 180000
124 W 54TH ST,BAYONNE – 200000
946 BROADWAY,BAYONNE – 290000
7 STORY CT,BAYONNE – 365000
81 E 24TH ST,BAYONNE – 270000
44 E 36TH ST,BAYONNE – 275000
43 W 26TH ST,BAYONNE – 220000
34 E 17TH ST,BAYONNE – 190000
342 AVENUE E,BAYONNE – 210000
180 AVENUE F,BAYONNE – 189999
34 W 27TH ST,BAYONNE – 181000
379 BOULEVARD,BAYONNE – 215000
19 HARTLEY PLACE,BAYONNE – 137000
123-125 NEWMAN AVE,BAYONNE – 325000
178 AVENUE F,BAYONNE – 190000
176 AVENUE F,BAYONNE – 60000
72 W 22ND ST,BAYONNE – 177000
12-14 W 31ST ST,BAYONNE – 390000
154 W 29TH ST,BAYONNE – 230000
41 W 47TH ST,BAYONNE – 135000
39 W 47TH ST,BAYONNE – 125000
11 W 28TH ST,BAYONNE – 190000
174 ORIENT ST,BAYONNE – 222000
132 AVENUE C,BAYONNE – 250000
22 W 48TH ST,BAYONNE – 245000
30 W 29TH ST,BAYONNE – 235000
291 AVENUE C,BAYONNE – 210000
45 W 18TH ST,BAYONNE – 190000
90 W 44TH ST,BAYONNE – 130000
90 W 4TH ST,BAYONNE – 240000
33 W 24TH ST,BAYONNE – 270000
36 W 19TH ST,BAYONNE – 189000
40 W 19TH ST,BAYONNE – 120000
366-368 AVENUE C,BAYONNE – 330000
89 W 6TH ST,BAYONNE – 175000
10 NEW ST,BAYONNE – 129000
111 AVENUE F,BAYONNE – 154200
90 E 22ND ST,BAYONNE – 140200
92 E 22ND ST,BAYONNE – 258200
88 E 22ND ST,BAYONNE – 196200
86 E 22ND ST,BAYONNE – 101200
42 E 18TH ST,BAYONNE – 307000
38 E 16TH ST,BAYONNE – 210000
85 COTTAGE ST,BAYONNE – 190000
414 41ST ST,UNION CITY – 310000
http://usmastersresidential.com.au/portfolio.htm
http://usmastersresidential.com.au/downloads/Property%20Profiles/121017-URF-Property-Profiles.pdf
I’m pretty familiar with Australian real estate market and investors. In Sydney its normal for rental yield to be lower than mortgage rate. The fact that you can buy a SFH 30 minutes away from the business district for <500k is a big surprise to most Australians, let alone in such a big city as NY.
In Australia you can't get 30y mortgages. A fixed rate is usually just a year or up to 5. Currently a 5 year ARM is about 6% – the lowest in a few generations.
It all helps to make the US look cheap.
Trouble is they haven't heard of property taxes which changes the dynamic considerably. I wonder how many end investors know the differences.
However given how high the AUD has been it makes sense from their POV to buy the last few years.
http://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?district=0906&l02=090621402____00037_________M
I randomly picked one of the properties they own from their portfolio listing. The anticipated annual expenses they list are $10,699 for this property. Annual property taxes are $6178.24.
I wonder how they did in last year’s JC reval. Wouldn’t have been pretty
http://www.dixonleasing.com/
In case anybody wants to rent one.
#7,
I worked with that guy previously. I would not be buying $1m 1BD if I saw my group get cut 50% in last few years. 4 out of 7 directors gone in less than year. He should be buying in Pune b/c back office change is all moving there.
[28] moose,
I disagree. I think anon, misplaced and misguided though he may be, understands it all too well. Fact is, the tragedy of the commons is an externality of lazziez-faire economics, which implicates the role of government as a regulator or market participant or both, and it further implicates a broader discussion into what constitutes “the commons” when you recognize private property rights over natural resources through land ownership. In law school, riparian rights was an interesting example of how to draw those lines.
Now, I think we both know how anon would come out on these questions. What we don’t know precisely is how we might come out there since we have the added burden of reconciling the societal goals or good with our commitment to respecting private ownership to the extent feasible, a concern anon doesn’t have or has already reconciled in his own way.
Your next senator spoke at my alma mater’s commencement over Memorial Day weekend…..he mentioned that he had Zuckerberg pay off Christie for the senate seat…..all they needed to do is find a way to get rid of Lautenberg…..
http://news.cornell.edu/stories/2013/05/you-cant-do-alone-booker-tells-class-2013
47 – I was thinking in might be Booker.
grim (4)-
The margin calls that are sure to come will force lots of PM liquidation.
When that happens, it’s BTFD time!!!!
http://www.washingtonpost.com/blogs/the-fix/wp/2013/06/03/christie-faces-key-decision-over-appointment-to-lautenberg-seat/
Somebody put the paddles to Lautenberg. We should be able to wring 2-3 more years out of that bag of blood.
Lautenberg = US Necronomy
DOA
Mourinho back to Chelsea.
He better win, or he’ll be sleeping with Lautenberg.
http://www.bloomberg.com/visual-data/best-and-worst/most-earnings-potential-careers
Always amazes me kids today never look at a chart like this when picking majors or job hunting
54
And you know they don’t look… how?
Kyrillos signs plastered all over Monmouth County for his NJ Senate re-election coming up. He is very tight with Christie and will get the nod for Senate unless Christie wants to score points by appointing a woman.
Grim [50];
My link didn’t suggest that there was any flexibility in when to set the special election.
If he appoints Booker he MUST set the special for Nov 2013. Otherwise he is done for higher office. The R party won’t trust him, and the D party will never accept him.
If he appoints Booker with a short fuse before a 2013 special election, he gives Booker very little time to build any record in office, and the GOP challenger has the best shot at the seat. I’m not sure how I feel about this, considering how inept the northeast states’ GOPs are. Booker has shown flashes of sense in being willing to call out his own side – but then goes on record with some ludicrous hostage-style video toeing the party line.
Either way, whoever gets the seat will have to hit the ground running for re-election soon, maybe twice by 2014.
Would love to see Christie appoint Booker, if only because the fireworks would be fantastic.
JJ [54];
Nos. 1, 3, 4, 6, 8, 11, 12 (twice? no. 3), 13, 15 — 9 of the top 20 are sales jobs.
Four more, 5, 10, 16 and 20, are teachers.
A ‘Labor’ rep, nach.
Athletes and their agents.
Only two of the top 20 as I read it involve making something, anything (producers and
directors; designers)
We are so f***ed.
Because I talk to kids in HS and College and have kids.
I took the list of highest paying jobs when I was 18 Doctor, Lawyer, Pharmist, Engineer, CPA, Wall Street, Banking etc. and went for the highest paying degree/job I could get.
I see kids doing hotel management, history, sociology, sports education, teaching, nursing, social services type degrees and taking out loans to do it.
I only picked schools I could go to free, allow me to work during school and went for the highest paying job. I three “men” all under 35 who went I dont like to work in Manhattan, I dont like taking train, I like driving to work. I am like OMG, you are taking a 100K haircut on salary and forcing your wife to work 40 hours a week casue you dont like sitting on a train. I see college graduates in Starbucks and Target. Meanwhile when I was recruiting last year I had trouble finding staff.
joyce says:
June 3, 2013 at 1:15 pm
54
And you know they don’t look… how?
Con’t [59];
I think that may be too narrow a picture. I see lots of fields there where the top tier make bank, and the rest make bupkus. (Athletes and their agents, TV and radio announces, producers).
I still like the idea of steering my kids towards a STEM or hard science with a business minor.
Sales, Travel, Long Hours all make for higher salaries. Plus jobs with barriers to entry. Requiring a masters or a certificate pay well.
Grim – If the lap band works we may see him running marathons by 2016 just like this guy did, he won’t PO the party, he will need their money.
http://a.abcnews.com/images/Exclusiva/abc_huckabee_080516_ssh.jpg
The End Is Nigh (clot Culinary Edition):
Even as fast-food chains tout their healthy offerings, they’re also coming up with fatty new treats to keep customers interested. Case in point: Dunkin’ Donuts is adding a doughnut breakfast sandwich to its national menu this week.
The sandwich, which comes with fried eggs and bacon between a split glazed doughnut, will become a part of the permanent menu starting June 7, which the chain claims is “National Donut Day.” Dunkin’ Donuts had tested the sandwich in select stores in eastern Massachusetts in April, creating considerable buzz online.
The chains that expanded such options saw customer traffic rise by 11 percent, while those that didn’t saw traffic fall by 15 percent, according to the public policy research group.
But at the same time, companies know that indulgent new creations can generate excitement and a big sales spike. For example, Taco Bell says its Doritos Locos Tacos were its most successful item ever, helping lift sales at established restaurants by 8 percent last year.
When asked whether a customer will also be able to order a sandwich on any type of doughnut, such as a chocolate cake doughnut, Frankenthaler said, “I’m sure the store will do that for you.”
Why didn’t Menendez die? :(
Juice Box says:
June 3, 2013 at 1:18 pm
Kyrillos signs plastered all over Monmouth County for his NJ Senate re-election coming up. He is very tight with Christie and will get the nod for Senate unless Christie wants to score points by appointing a woman.
60
So which one is it? They are unaware of the list and don’t know any better, or they are aware but don’t want to sit on the train?
I wish I was able to contradict myself within the same paragraph and not notice (or care).
JJ,
They left off Strong Island bartender/drug dealer. Should have called you first to get real story on high paying jobs.
Like this beauty:
JJ says:
May 29, 2013 at 3:46 pm
I mean someone comes to me and says I will pay you 300k for your house contingent on my inspection, contingent upon me getting a mortgage, contingent on me selling my house and I want a week or so of attorney review while I nickle and dime you for other stuff. Then a second guy comes up and says you know what I will give you 305K non contingent upon anything if you bust that contract. Why wouldn’t seller do it. Even more importantly realtor wants 6% so higher price the better.
JJ says:
May 29, 2013 at 3:46 pm
I have seen one or two homes that sold cheap where if I knew the price I would have jumped in and bought while it was in AR. But realtor got 5% of 300K and does not want to deal with double work just to get 5% of 310K and create bad feeling with first buyer.
Joyce – I remind myself everyday not to get on your bad side, well except for today. Tell me something does your husband wear pants or a burka?
“Once upon a time, men wore the pants, and wore them well. Women rarely had to open doors and little old ladies never had to cross the street alone. Men took charge because that’s what they did. But somewhere along the way the world decided it no longer needed men. Disco by disco, latte by foamy non-fat latte, men were stripped of their khakis and left stranded on the road between boyhood and androgyny. But today there are questions our genderless society has no answers for. The world sits idly by as cities crumble, children misbehave and those little old ladies remain on one side of the street. For the first time since bad guys, we need heroes. We need grown ups. We need men to put down the plastic fork, step away from the salad bar, and untie the world from the tracks of complacency. It’s time to get your hands dirty. It’s time to answer the call of manhood. It’s time to wear the pants.”
–From an advertisement for Dockers jeans
Spot JJ; win valuable prizes…..
http://www.nydailynews.com/new-york/104-johns-nabbed-nassau-county-pay-sex-article-1.1361717
Abercrombie has a similar mission:
“In every school there are the cool and popular kids, and then there are the not-so-cool kids,” he told the site. “Candidly, we go after the cool kids. We go after the attractive all-American kid with a great attitude and a lot of friends. A lot of people don’t belong [in our clothes], and they can’t belong. Are we exclusionary? Absolutely.”
70 – Maximum 1 year in prison? Do dope dealers even get such harsh penalties?
I think manufacturing is increasingly automated in the US,….requiring fewer workers. Manufacturing Engineering would be a cool major. Maybe with a minor in Business as you said.
I majored in Business with a specialization in Information Technology. Now I’m trying to finish my MBA but it feels like its going to take forever because I don’t want to spend more than the company tuition reimbursement.
Your observations are correct but I don’t think it’s anything new. The bosses always make more than the worker bees.
59.Anon E. Moose says:
June 3, 2013 at 1:26 pm
JJ [54];
Nos. 1, 3, 4, 6, 8, 11, 12 (twice? no. 3), 13, 15 — 9 of the top 20 are sales jobs.
Four more, 5, 10, 16 and 20, are teachers.
A ‘Labor’ rep, nach.
Athletes and their agents.
Only two of the top 20 as I read it involve making something, anything (producers and
directors; designers)
We are so f***ed.
moose (57)-
Doesn’t matter who Christie appoints. D or R, it will just be another thug who prolly deserves one between the eyes.
Yes, you can build the world’s greatest economy on people selling each other hamburgers and crummy financial products.
I am saying why wouldn’t seller want to do it. Problem is realtor wont do it. Twice I did FSBO I had a buyer and before final contract signed I gave it away to someone for more money. Meanwhile last two times I bought a place realtor stopped taking offers.
I honestly think a web site called Attorneyreviewofferpending should exist. Every time a seller gets an accepted offer put it on this ebay type site and let someone top it if they want as long as it is still in AR>
joyce says:
June 3, 2013 at 1:46 pm
Like this beauty:
JJ says:
May 29, 2013 at 3:46 pm
I mean someone comes to me and says I will pay you 300k for your house contingent on my inspection, contingent upon me getting a mortgage, contingent on me selling my house and I want a week or so of attorney review while I nickle and dime you for other stuff. Then a second guy comes up and says you know what I will give you 305K non contingent upon anything if you bust that contract. Why wouldn’t seller do it. Even more importantly realtor wants 6% so higher price the better.
JJ says:
May 29, 2013 at 3:46 pm
I have seen one or two homes that sold cheap where if I knew the price I would have jumped in and bought while it was in AR. But realtor got 5% of 300K and does not want to deal with double work just to get 5% of 310K and create bad feeling with first buyer.
He is at risk for throat cancer.
chicagofinance says:
June 3, 2013 at 1:38 pm
Why didn’t Menendez die? :(
http://www.scribd.com/doc/145477063/Arrest-list
Nassau cops said that those busted included lawyers, doctors, dentists, engineers, college professors, college students, a teacher and a stockbroker.
If I was a realtor I would use that list to find sellers. Gotta figure divorces are happening so homes are selling
Nassau cops said that those busted included lawyers, doctors, dentists, engineers, college professors, … and a stockbroker.
Can’t follow the discussion here today, was this about Johns or High Paying Professions?
I thought JJ was Irish not Italian and he lived in Oceanside….
04/19/13 LEONE, JOHN, J 53 NEW HYDE PARK
Vigoda > John Henry
Police investigating potential suicide aboard boat of Red Sox owner: report
Why doesn’t Jim Dolan kill himself?
Whoops….not the owner….just his boat…..
LOL! M2M communication between Google Glass and s-x toys.
Google Glass Gets Its First P0rn App
Well, that didn’t take long. The first p0rn app has officially launched on Google Glass.
The app is called, ahem, “T— and Glass” and is made by the adult app maker MiKandi. It became available for download via Google Glass on Monday and allows users to watch videos and view images from a point-of-view angle.
It will allow Glass users to share “racy content” from their device to other Glass wearers. It also will allow users to comment and vote on their favorite content, according to a statement from MiKandi.
“Google Glass is still in its infancy. The technology is really awesome, but it’s still brand new,” said Jesse Adams, CEO of MiKandi. “It’s important for us to stay on the cutting edge, though. It’s going to be connected to everything, so it’s important for us to push limit and see whats possible.”
While the app currently features only POV p0rn, the company speculated in a blog post that there will be other opportunities with Glass in the future, including machine to machine (M2M) communication between Google Glass and s-x toys.
Don’t believe google glass is splashproof…
This will sell well considering wearers look like complete dorks.
Ewww…
Google Glass isn’t idiotproof, either.
Has the human-machine interface truly arrived? I am still waiting for the real deal cybernetic interface. The first thing I will do when I get it implanted is jailbreak it and replace the standard advertisement laden firmware with an open-source alternative.
Now he says it. One year ago, things couldn’t have been better.
Krugman: ‘We Have Defined a Good Economy Way, Way Down’
Hack. Krugman, Obama, Araffat — poster boys for the depths to which the Nobel Prize has sunk.
Secret to my success…
From Science Daily:
More Attractive Real Estate Agents Mean Higher Prices and Profits
A recent study of physical attractiveness and how it impacts real estate brokers’ pay and productivity shows that the more attractive the real estate agent, the higher the listing price of the home for sale.
Those higher listings lead to higher sales prices, meaning that beauty enhances an agent’s wage, said the report by Frank Mixon, professor of economics at Columbus State University’s Turner College of Business.
He collaborated on the article, “Broker beauty and boon: a study of physical attractiveness and its effect on real estate brokers’ income and productivity.” with Sean P. Salter, from the Jennings A. Jones College of Business at Middle Tennessee State University and Ernest W. King from the College of Business at the University of Southern Mississippi. The article was published in the Applied Financial Economics journal last year.
To reach their conclusions, the professors asked 402 people to look at photographs of real estate agents. The pictures were taken from the agents’ websites. Respondents were asked to rate each individual depicted for “physical attractiveness or beauty” on a scale of one to 10, with one representing “very unattractive” and 10 representing “very attractive.”
Researchers then compared those figures to Multiple Listing Service data regarding transactions for properties that were listed between June, 2000 and November, 2007. Researchers looked at listing prices, sales prices and the time properties spent on the market before the sale was completed.
In general, the research found that the agents who were rated more attractive had listings with higher prices and larger commissions, which comes from higher sales prices for attractive agents.
“Given the nature of the brokerage system, this confirms our theory that beauty enhances an agent’s wage,” the researchers wrote in the report.
I call BS. Who wearing google glass will even get laid? Unless they want to use it as evidence that it actually happened.
How exactly does Google Glass get permission from those being filmed in creation of said “racy content”?
Does this thing have the big blinking red LED on the front, like my old Sony VHS camcorder, to let everyone know they are being recorded?
I can’t wait to punch someone wearing these in the face.
Google Glass is tomorrow’s x-ray spectactles.
Plenty of places getting out in front to ban Google Glass. Casinos, strip clubs, movie theaters, to name a few.
grim,
There are ads running on 1010 WINS all day now – “we will buy your house” – and then they list even if it’s a dump, even if …everything under the sun. Basically, they will buy your house – and close in 7 days – even if it’s been ravaged by Hurricane Sandy and inhabited by crack addict squatters.
Ever hear that one?
stu (94)-
More like pet rock.
Maxwell’s going the way of the Dinosaur.
Maxwell’s, the Hoboken corner restaurant and rock club with an international reputation, is closing its doors at the end of July.
The lease to Maxwell’s, which has been at the heart of the rock scene in Hudson County for decades, is up at the end of July. But the decision to close the club at 1039 Washington St. isn’t the landlord’s.
“We were offered a renewal with rates that weren’t necessarily onerous,” says Todd Abramson, the club’s booking agent and co-owner. “But after much thought, given the changing nature of Hoboken and the difficulties of trying to run a business in this town, we decided it was time.”
Maxwell’s, says Abramson, will invite back some old friends to finish its remarkable run.
“On July 31, I think we’re going to go out the way we came in — with the band ‘a’.” a, which featured members of the Bongos and Glenn Morrow, who’d later found Hoboken’s Bar/None Records, was the first act to ever take the stage in the restaurant’s back room. (The Bongos will also perform on July 31.)
That was a very different era in the Mile Square city. Rents were relatively affordable, and the boom in condominium development hadn’t yet seized Hudson County by the collar. Hoboken became an arts town, and a rock scene would soon thrive there.
As the years went by, there’d be other places in town to play. But Maxwell’s was always Hoboken’s flagship venue.
In recent years, parking at the north end of Hoboken has become increasingly tough, which has posed a challenge to touring bands —- and their fans.
“Parking has always been difficult in this town,” says Abramson, who started booking at the club in 1986, and became a co-owner along with Steve Shelley of Sonic Youth and Dave Post of Swingadelic. “But now, for all intents and purposes, it’s been outlawed. I’ve had bands whose vans have been booted because the signs are so unclear.”
Essex finally made a public appearance……
http://www.nypost.com/p/news/local/nj_dad_wears_nazi_uniform_to_child_8NY6oQZ141LuifVdjIjLgO
chi, I like the white jacketed number the mom is sporting.
No Darwin award this time.
http://jalopnik.com/new-jersey-detective-rolls-jeep-20-times-down-ski-slope-510949018
Trying to stop Google Glass will be like trying to stop cell phone cameras at concerts. For me I’m jumping on the band wagon. I have some nice apps I’d like to see. How about “Beer Goggles”
Trying to stop Google Glass will be like trying to stop cell phone cameras at concerts.
You’ve got the dynamic wrong, in the case of the concert, or the movies, it’s because the content owners don’t want you pirating the content.
When some creepy dude wearing a members only jacket and a pair of these is hanging out uncomfortably close to your kids, who are playing on the swing set in the park, I think your reaction might be a little different.
http://dealbook.nytimes.com/2013/06/03/behind-the-rise-in-house-prices-wall-street-buyers/?partner=socialflow&smid=tw-nytimesbusiness
Excuse me kids……I didn’t come here for you to fcuk that song up like that…..
http://www.youtube.com/watch?v=yowJiQZBXrA
[102] fabius,
My father used to work with a cop who was a brainless klutz. He managed to run himself over with his own truck.
Twice.
[107] redux,
Now he works for John Henry. Will have to get the skinny for ChiFi.
[108] redux
Clarification: My dad works for the Red Sox, not the brainless klutz cop.
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