From NYU:
Manhattan Sales Prices Surpass Pre-Recession Peak
NYU’s Furman Center for Real Estate and Urban Policy finds foreclosures continue to rise citywide; New housing development signals a recovery in the market New York, NY— Manhattan sales prices have reached a new peak, surpassing the prior prerecession peak achieved in the fourth quarter of 2007, according to the 2013 Quarterly Housing Update: 2nd Quarter PDF released today by NYU’s Furman Center for Real Estate and Urban Policy. Citywide, sales prices have increased 10 percent since the second quarter of 2012.
Residential sales volume across the city also grew over the previous quarter and the same quarter of last year. Year-to-year sales volume grew most significantly in Staten Island, though each borough saw a modest increase.
Indicators of new housing development continue to suggest growth. In the second quarter of 2013, developers secured permits to build more than 4,000 new units—an increase of over 1,000 new units over the same period in 2012. Brooklyn and the Bronx led the city in authorized permits, with over 1,000 new units secured for each borough.
Despite all those signs that the market is recovering, foreclosure filings across New York City have not slowed down. Since the second quarter of 2012, foreclosure filings across New York City have increased 37 percent. Roughly half of the affected one- to four-family and condominium properties had already received a filing since 2005, indicating continued distress among those homeowners, rather than properties entering foreclosure for the first time. While each borough saw at least a 20 percent rise in foreclosure filings, Brooklyn and Staten Island saw the largest growth over the previous year.
FRIST
Despite all those signs that the market is recovering, foreclosure filings across New York City have not slowed down. Since the second quarter of 2012, foreclosure filings across New York City have increased 37 percent.
Eradicating the pretenders. The only problem is, how to get the banks to release the seized dwellings. Some of us would actually like to shop and not be force-fed some fat f.ucks over-priced sh1thole as prime real estate.
Boston (the good parts) are also above previous peak prices.
They never come back to market.
Looking at a place in Ridgewood now.
Purchased 2001 for $660k.
Owners defaulted in late 2009/early 2010 – Lis Pendens was filed in early 2010.
3 and a half years ago
Finally made it’s way to the courthouse in the middle of last year, was adjourned by the owners.
Again in April of this year, adjourned by the lender.
May – Adjourned by the lender.
September – Adjourned again
Owners filed for bankrupcy later that September, now they have another temporary defense against foreclosure.
They originally put down $100k in 2001, paid in some equity over the first few years.
I suppose they’ll be in the house for near 48-60 months without paying any mortgage, making their effective rent for a very nice house in upscale Ridgewood less than $1700 a month.
Not bad considering it would easily rent for $4,500 a month.
This house was listed for a long time at 699K and sold for 680K recently. It had no yard, a moss covered deck (zero sun in back) and needed some pretty sizeable updates all around. I was in this house at two separate open houses. It had nice curb appeal… and then you walked inside.
Whoever bought it at this price is a f.ucking dolt. You’re going to drop that kind of money on this place? Dear God, why do I have to compete with these m0rons. What an albatross this place is going to be. This is money management at it’s worst; a really poor move for the buyers and a really nice score for the sellers:
http://www.realtor.com/realestateandhomes-detail/9-Lori-Ct_Woodcliff-Lake_NJ_07677_M57276-70237?row=34
It’ll eventually get repossessed and listed, but it’ll have a million dollar price tag.
They never come back to market.
Thus, the ones who cave in and pay $16 for a small order of cold fries and a bottle of water.
Listed on 1/12 at 599K, sold a year later at 485K. This one smelled and looked like sh1t and was sitting on a real obscure property with no yard. At least they didn’t drop stup1d money on this one, I suppose:
http://www.realtor.com/realestateandhomes-detail/90-Werimus-Rd_Woodcliff-Lake_NJ_07677_M56425-25782?row=52
See the prop history on this one. I saw this one, too. It was on the corner of Pascack Road, very noisy. The property was nice but it had a weird layout inside and outdates galore. It was an open house multiple times but again, when there’s nothing left, someone will jump in:
http://www.realtor.com/realestateandhomes-detail/4-Allen-Dr_Woodcliff-Lake_NJ_07677_M56035-51904?row=55
Huge property but omg, you needed a hazmat suit to walk through this one. The yard was gigantic and looked like Vietnam. The realtor said heavy equipment would be needed to clear the property and I didn’t argue that one. The inside was rotten beyond belief… a total gut to the studs! Unless you’re a crack contractor or a real pro, you can’t buy these houses:
http://www.realtor.com/realestateandhomes-detail/81-Winding-Way_Woodcliff-Lake_NJ_07677_M62024-79463?row=59
I had two realtors this week knock on my door asking if I wanted to relist! TWO! That tells you the state of inventory.
I did not see this one. It went for 5K above ask but took 3 months to sell? Whatever.
http://www.realtor.com/realestateandhomes-detail/45-Clairmont-Dr_Woodcliff-Lake_NJ_07677_M52595-92329?row=62
My friend is working on a foreclosure case. Woman managed to secure 6 upscale properties and was renting them out during the height of the boom. She only pays property taxes to keep the town off her back but hasn’t paid mortgage at all in about 5 years. She’s collecting over $4k a month on each place and she simply has a lawyer who’s only function is to delay the foreclosure process. So basically, she’s collecting $24k a month cash. 3 months covers the property taxes. So basically, she’s got $200k to play with every year the lawyer manages to delay the case.
Too bad fraud isn’t easier to prosecute.
Fraud is illegal?
I think we’ve pretty well established that anyone who honestly enters into a contract and fulfills his end of it is a moron.
Ben (13)-
And, at the end, that lady will finally be able to walk away from all those properties, wait one year, take some credit counseling and jump right back into the RE pool, thanks to FHA.
It’s all about to go up in flames, folks. Have your bugout strategies ready.
She aint gonna be back in the pool because of FHA. She’ll buy a home for cash.
Libtard / anyone else
What’s the policy on nj transit regarding the surcharge when the ticket booth is closed, there’s one kiosk with 40+ people in line, and your options are to miss the train or board without a ticket?
Why makes you think her house is one of the 5 in foreclosure? With a 200k income, doesn’t appear likely that is the case.
joyce, there’s a $5 surcharge for buying ticket on the train. some conductors waive it.
not trying to be snide…..you should have left ample time to use the TVM…pay $5 surcharge…..
joyce says:
September 28, 2013 at 12:03 pm
Libtard / anyone else
What’s the policy on nj transit regarding the surcharge when the ticket booth is closed, there’s one kiosk with 40+ people in line, and your options are to miss the train or board without a ticket?
Sign of the times:
When I moved, I noticed that the guy next door was always working on his yard and grounds. Beautifully landscaped. Grass is a bit of a problem in these parts but he has worked hard to keep his 2+ acre lot immaculate. The neighbors say he is quite devoted to keeping a nice lawn.
Today, I saw him out in the back of his property with a roto-tiller, ripping up grass in order to put in a vegetable garden. And it looks as if it will be a big one.
So here is one of those random thoughts that I ponder sometimes: With home gardening hitting a fever pitch not seen since the 70’s, and even extending into urban spaces and poultry keeping, what effect will it have on domestic farmers who will be producing for the same growing season? I have to think that there will be an effect if cost of production stays high while consumption levels off , or possibly even declines, due to so many locavores growing their own.
I have to introduce myself to this guy soon. I want to borrow his rototiller.
a liberal list excuses as to why they can’t follow rules.
a conservative acuses liberals of being too lazy to follow rules and in their case there is always a really very real reason not to follow them.
“What’s the policy on nj transit regarding the surcharge when the ticket booth is closed, there’s one kiosk with 40+ people in line, and your options are to miss the train or board without a ticket?”
grim (21)-
True dat.
anon (25)-
I can’t figure out whether you are stupid, lazy or suffering from some borderline personality problem. I’m leaning toward borderline personality, though.
“a liberal list excuses as to why they can’t follow rules.
a conservative acuses liberals of being too lazy to follow rules and in their case there is always a really very real reason not to follow them.”
Here’s how it always begins. New show, same sad song.
“In what may be a highly destabilizing step, both political and socially, Greece announced this morning that in a shocking political crackdown, the biggest since the fall of the military junta in 1974, the Police had arrested the leader and more than a dozen senior members of the far-right Golden Dawn party after the killing of an anti-fascist rapper by a party supporter triggered outrage and protests across the country. Reuters reports that the party’s leader Nikolaos Mihaloliakos, spokesman Ilias Kassidiaris, two other lawmakers and 10 members were arrested on charges of founding a criminal organisation. They are due to appear in court this weekend to be charged formally. Police confiscated two guns and a hunting rifle from the home of Mihaloliakos, saying he did not have a license for them. As has been reported previously, Golden Dawn, is under investigation for the murder of Pavlos Fissas, who bled to death after being stabbed twice by a party sympathiser.
The crackdown, however, is a major problem in a country in which the neo-nazi Golden Dawn party is widely seen as the third most popular party, and this step, which will be largely seen as a politically-motivated ideological retaliation by the party’s supporters, will almost certainly unleash even more social unrest and instability.”
http://www.zerohedge.com/news/2013-09-28/biggest-greek-crackdown-39-years-leadership-far-right-golden-dawn-party-third-most-p
Clot, you aren’t the first one to find me fascinating
All,
Thanks for input. I didn’t make a fuss was just wondering. I rarely take the train (3 times a year). That situation never happened and was curious.
Come on in, the water is fine.
…jump right back into the RE pool, thanks to FHA.
Joyce: FYI…the TVM’s used to be akin to kidney dialysis, but about 2-3 years ago, they overhauled them with touch screens. Most transactions can be completed in under 90 seconds (even for a novice user), so the queues you referenced rarely occur anymore……
joyce says:
September 28, 2013 at 6:04 pm
All,
Thanks for input. I didn’t make a fuss was just wondering. I rarely take the train (3 times a year). That situation never happened and was curious.
Comrade [24];
what effect will it have on domestic farmers who will be producing for the same growing season?
Time to kick the dust off of the Agricultural Adjustment Act at issue in Wickard.
Jocye [20];
I’ve made a joke of it with LIRR conductors when I’ve been in that situation leaving Penn. They tell me I could save $5 if I would have bought my ticket in the station; I reply that me and my $5 would have still been there — waiting an hour or more for the next train if I had.
There was one time in Jamaica that I would swear I had my ticket punched by Danny Aiello in full conductor uniform. Maybe he was researching a role. *shrug*
As smart as they make the TVMs, they are still impossibly slow compared to the LIRR machines. I purchase dailies since I commute every other day via NJT which makes my 12 mile roundtrip commute cost about $13. I usually buy 10 or 12 tickets at a time. It takes way too long, but indeed it is much better than the original machines. Plus, the feature where the machine remembers your last transaction by inserting your credit card first is pretty smart. Though, there is an advantage for daily ticket buyers. When the train gets overcrowded, they never take my ticket. Monthly ticket holders are not so lucky.
This is somewhat off topic, but remember all the dire predictions that we would be hammered by Cat 5 hurricanes all the time if we voted Republican? I haven’t heard much about that lately on MSM.
Perhaps this is why:
http://www.b.weather.com/news/weather-hurricanes/hurricane-season-2013-major-hurricanes-20130926
[28] scrapple,
I was simply trying to figure out what that mangled syntax meant.
I think the instant pay phone apps are for you. You sound like one of those people who thinks pulling out his wallet is too much work and too slow.
Libturd at home says:
September 28, 2013 at 9:06 pm
As smart as they make the TVMs, they are still impossibly slow compared to the LIRR machines.
The End Is Nigh (JJ Global Diplomacy Edition):
Midtown jiggle joint Flashdancers has seen a lot of action thanks to the United Nations General Assembly.
“The place has been so packed with diplomats, they’ve had to turn away people at the door,” says a source.
But when we asked for the names of diplos dining out — and perhaps getting private lap dances on their countries’ cash — we were refused.
The source added, “None of the diplomats have been super wild, they’re all enjoying themselves but remaining very low-key.”
Boy, who expected the Jets to be outperforming the Gints at the 1/4 mark?
Yup
http://www.upworthy.com/why-people-in-other-countries-wouldnt-get-the-premise-of-breaking-bad-6?c=ufb1