NJ home prices just barely up from the bottom

From the Star Ledger:

New Jersey home prices slowly returning to 2006 levels, study finds

Home prices in New Jersey hit their peak in June 2006. More than seven years later, they still haven’t returned, but the gap is narrowing.

A home price index report by CoreLogic found home prices in the Garden State are still 22.5 percent below where they were in 2006, but have increased 4.7 percent from September 2012 to this past September. Single-family homes fared better at 19.75 percent below peak, and up 4.9 percent year-over-year.

A quarterly market analysis by the Otteau Valuation Group in East Brunswick found median home prices in New Jersey rose 6.4 percent in the third quarter over last year. It marks the largest rise since the housing recovery began and is the fourth consecutive quarterly increase.

According to Otteau, the median home price in New Jersey increased to $315,693 in the third quarter, up from $296,679 one year earlier.

Nationwide, the cost to buy a home increased 12 percent on a year-over-year basis, according to CoreLogic.

This entry was posted in Economics, Housing Recovery, New Jersey Real Estate. Bookmark the permalink.

121 Responses to NJ home prices just barely up from the bottom

  1. grim says:

    Server gurus telling me there were some hardware problems this morning.

  2. Street Justice says:

    Yeah right. Probably the NSA trying to bring you down Grim.

  3. Painhrtz - Disobey! says:

    Bears from yesterday What do you want done to the fireplace? If you need a mason I know someone who does work in Warren, Sussex and Western Morris. Congrats!

  4. JJ the Welfare Queen says:

    A married couple in New York with $600,000 in wages, $100,000 in qualified dividends and $300,000 in long-term capital gains — as well as $145,000 in itemized deductions for real estate taxes, mortgage interest and state and local taxes — would pay about 17 percent, or $37,000, more in U.S. taxes this year.

    By comparison, a family with $600,000 in wages, no investment income and $105,000 in itemized deductions would see about a 2 percent, or $3,000 increase, he said.

  5. grim says:

    Jobless claims down 9k to 336k, 4 week average at 348k.

  6. Fast Eddie says:

    A home price index report by CoreLogic found home prices in the Garden State are still 22.5 percent below where they were in 2006.

    Geezus, you wouldn’t know it by the majority of prices. Regardless, couple that with no equity, being underwater, no job growth, flat salaries and rising prop taxes and you could see why there’s no inventory. And have you gone food shopping lately?

  7. Street Justice says:

    Here’s a reason not to move to or stay in NJ……archaic and draconian firearms laws. This ex-marine is now facing a manditory minimum 5 years in prison and will be a felon for life.

    Man carried gun into Garden State Plaza to help catch shooter, report says


    Naomi Nix/The Star-Ledger The Star-Ledger
    Email the author | Follow on Twitter
    on November 06, 2013 at 9:44 PM, updated November 07, 2013 at 2:37 AM

    BERGEN COUNTY — A former U.S. Marine who carried a gun into the Garden State Plaza Monday night was arrested and told police he wanted to help them catch the man who opened fire in the mall, The Record reported.

    Cody Donovan, 22, of New Milford, was charged with unlawful possession of a weapon, the newspaper reported.

    Bergen County Police Detective Ronald Salzano began following Donovan outside the mall Monday night because Donovan was wearing a dark leather jacket — which was similar to the jacket worn by the gunman authorities were seeking, according to documents reviewed by The Record.

    Donovan said that he was a returning veteran who just wanted to help law enforcement apprehend the suspect, the newspaper reported.

    He also told police he had a .45-caliber handgun in his waistband, and that he did not have a permit to carry a firearm, according to the newspaper.

    Donovan’s attorney James Patuto told The Record that his client is a former Marine police officer and a member of the New Milford Ambulance Corps.

    Patuto said before his arrest officers asked Donovan to help direct traffic out of the mall’s parking lot, the newspaper reported.

    He was released from Bergen County Jail on Tuesday after he posted $25,000 bail, The Record said.

  8. freedy says:

    its all twitter this am . twtr

  9. grim says:

    6 – House next door just closed 16% under the 2008 sale price. By closing time in 2008, home prices were down 9% from the 2006 peak. This makes the cumulative decline 25% from peak, making it a slightly better deal than the S&P Case Shiller HPI would suggest. However, I believe they overpaid in 2008, so the net decline should be reduced somewhat. Either way, great house, great value.

  10. Fast Eddie says:

    Either way, great house, great value.

    What percentage did the property taxes decline from the peak on that particular house?

  11. grim says:

    7 – Despite his good intentions, he is an idiot that broke the law. I suspect charges will be significantly reduced, and he won’t serve any time.

  12. Street Justice says:

    Meet Brian Aitken….


    Innocent man fights to get son back after having life destroyed by New Jersey gun control laws

    Posted on October 19, 2013 by PSUSA in Uncategorized

    NEW JERSEY — A man who hurt nobody, and technically broke no laws, was turned into a convicted felon and has had his life ruined thanks to New Jersey’s tyrannical gun control laws. Almost five years later, and still fighting to clear his name, Brian Aitken makes a desperate attempt to get his son returned to him, whom he hasn’t seen in years. And he needs our help.

    Originally from New Jersey, Aitken, age 24 at the time, had moved to Colorado for several years, but in 2008 had decided to move back to New Jersey to be closer to his ex-wife and his 2-year-old son, as well as his parents. Aitken began a back-and-forth process of moving his belongings, making several road-trips across the country, and temporarily dropping off his belongings with his parents in Burlington County.

    He was “just a regular guy” back then, says Aitken. “I had student loans, I had a Honda Civic… I didn’t really have much to my name.”

    December 2008 was his final road-trip. He transported the last of his belongings to his parents’ house, which included 3 firearms he had purchased in Colorado. Being a law-abiding citizen, Aitken followed New Jersey’s restrictive requirement of locking his pistols in the trunk of his car as he transported them. Aitken even went as far as to research and print out the applicable state and federal laws that applied to his trip to be sure he didn’t break any of them, according to his friend Michael Torries’ in later testimony. Aitken even called NJ police prior to the trip to be sure he didn’t miss anything. That’s how terrifying the state of New Jersey is for lawful gun owners.
    Brian complied with his mother and returned, where police waited for him. There, they determined Brian was not a threat to himself, but they searched his car anyway. There they found Brian’s handguns, buried beneath his clothes and nicknacks. In a duffel bag, police found three handguns; “unloaded, disassembled, cleaned and wrapped in a cloth,” his father said. Aitken had abided by everything the gun controllers had demanded. The police arrested Aitken anyway, charging him with unlawful possession of a weapon.

    “For quite some time I was pretty confident as soon as intelligent people with logical minds took a look at what happened they might slap him with a fine or something,” Aitken’s father Larry said. “When the prosecutor came down with an indictment, I was dumbfounded.”

    The state sent Brian Aitken to trial. There he faced a remorseless anti-gun judge and a jury who had never heard of the Bill of Rights.

    The ignorant jury handed Aitken a conviction instead of freeing a man who harmed nobody. In New Jersey, possession of a firearm without a permit is a felony, punishable by a mandatory minimum sentence of five years in prison and a maximum of ten. Aitken was convicted and sentenced to seven years in prison. The bars slammed shut on Aitken inside the Mid-State Correctional Facility in Fort Dix, New Jersey.

    11.grim says:
    November 7, 2013 at 9:31 am
    7 – Despite his good intentions, he is an idiot that broke the law. I suspect charges will be significantly reduced, and he won’t serve any time.

  13. Comrade Nom Deplume, a.k.a Captain Justice says:

    [12] street,

    When I moved to NJ, I also researched the laws. I knew I had no obligation to register weapons already owned. Unlike the unfortunate Mr. aitken, I did
    NOT make the mistake of telling any NJ official or even asking questions.

    When I clerked in Trenton, I heard many tales from the CSOs (all former cops) of how far cops in NJ went to seize weapons, even those held in full compliance with the law. The story Street relayed is loser to the norm. The miscreant Marine won’t get off easily.

  14. Street Justice says:

    You should at least apply for a FID card….

    2C:39-5 Unlawful possession of weapons.

    .Rifles and shotguns. (1) Any person who knowingly has in his possession any rifle or shotgun without having first obtained a firearms purchaser identification card in accordance with the provisions of N.J.S.2C:58-3, is guilty of a crime of the third degree.


    13.Comrade Nom Deplume, a.k.a Captain Justice says:
    November 7, 2013 at 9:55 am
    [12] street,

    When I moved to NJ, I also researched the laws. I knew I had no obligation to register weapons already owned.

  15. chicagofinance says:

    I know a really good Russian guy, but he insists on bringing his kids on jobs…..

    BearsFan says:
    November 7, 2013 at 8:05 am
    CHI – any chimney/fireplace guys u can recommend?

  16. Street Justice says:

    They need to change the law to read possession when in commission of a crime. Not just possession.

    Fat chance of that happening though. My guess is the law was purposely designed to make criminals out of legal gun owners.

  17. 30 year realtor says:

    12 – It would be important to note that the conviction was overturned. What happened to Mr. Aitkin was inappropriate under NJ law. That being the case this is not a case about NJ’s gun laws. The case is about abuse of power by the police and improper conduct by a judge.

    Please don’t allow facts to get in the way of a good story.

  18. Bystander says:


    The disconnect between ask price vs. reality is mind-boggling to me. It is all the media hype about recovery and price gains. People coming on market today think they get 12% on top of their 2008 purchase price because media said so. That gain applies perhaps to Carson city, NV mobile home parks that lost 75% of their value since bubble. The number of people here in Fairfield county that are sitting and waiting for sucker is unreal. Piling up more everyday. Spring market will save tyem.

  19. Street Justice says:

    Two of three charges were overturned and his sentence was commuted. He was not “pardoned”. One of the three charges remains. He is still considered a felon.

    17.30 year realtor says:
    November 7, 2013 at 10:38 am
    12 – It would be important to note that the conviction was overturned. What happened to Mr. Aitkin was inappropriate under NJ law. That being the case this is not a case about NJ’s gun laws. The case is about abuse of power by the police and improper conduct by a judge.

    Please don’t allow facts to get in the way of a good story.

  20. Juice Box says:

    re # 12 & 7 – Dumb and Dumber

    Rule of thumb here in the Great Garden State you are always under arrest first, and presumed idiot.

    Interesting tidbit from the State Police website for Dumber # 12 – Aitken above. Not exactly clear is it? “and are legal to possess in New Jersey”. I would gather you need to register for a FID even if it says voluntary?

    Q10. I have moved to New Jersey from another state. May I continue to possess my firearm(s)?

    A10. Firearms which have been legally acquired in another state and are legal to possess in New Jersey may be brought to New Jersey by the owner when residency is established. The owner may VOLUNTARILY register the firearm(s) by completing a Voluntary Form of Firearms Registration, however the owner is not obligated to do so.


  21. Comrade Nom Deplume, a.k.a Captain Justice says:

    [14] street,

    It’s moot now as I am in PA, but I recall looking into this several years ago and concluded that applied only to weapons obtained while a NJ resident. Also, a correction or larification to earlier tatement. I did get the paperwork and, without identifying myself, asked about currently owned weapons for new residents and was told by brig police that there was no requirement to register them. That isn’t helpful but I did take that minor step. I also had an old tube loader .22 that wasn’t legal in NJ. It remained quietly hidden until I left the state, along with my hi cap mags.

    The law is designed to limit the right to bear arms and give cops the tools they need to seize what they can. I know this because I was so informed by those who enforce the law. At all levels.

  22. Juice Box says:

    They played the 911 calls for the suicide by mall guy from Teaneck. The dispatchers said EVERY town in Bergen County was responding. All police available. I don’t know what the actual turnout was but it seems they would have not needed an Ambulance Corps volunteer wanna be Cop to direct traffic. He had no police powers to direct traffic either way. The fact that he showed up with a gun in his waistband shows he forgot his firearms training, a bad bad move. Holsters are much safer, he is lucky he did not shoot his dick off.

  23. Anon E. Moose says:

    30-yr [17];


    Similar situation, Retinger just lost his first round of appeal; will have to go to the NJ Supreme Court to get justice.

    Its a culture of intentional dependency — people shouldn’t defend themselves or each other, we MUST rely on the police to do that — regardless of their effectiveness or any other ramifications. Those who do not comply (like Donovan) are punished. Mr. Donovan is an excellent and vivid example of what happens when one has any unnecessary interaction with the police, even if to benefit the safety of people in distress. For myself, if I saw an officer down and nearby cover, I ‘d be concerned that if I dragged him to safety I’d be arrested for being in possession of HIS duty weapon.

  24. BearsFan says:

    15 – thanks Chi, I’ll give him a call after Santa comes down the chimney :)

  25. Against The Grain says:

    No need for FID for possession in your home or business or during transportation under certain circumstances. See N.J.S.A. 2C:39-6(e). Anyway, anyone in NJ who has a FID may have already signed his or her own death warrant because (s)he will be targeted by the authorities if TSHTF.

  26. Michael says:

    10-fast Eddie- you are going to miss the train!!!! All aboard!!!

  27. Michael says:

    It’s comical that you guys think house prices are going to still drop! Keep on waiting!! You do realize if prices dropped to levels that fast Eddie and a couple of other clowns on here think they are supposed to be at, it would be the end of the economy. Obviously it could never happen because if the prices dropped 20% more these investors watering at the mouth would have a riot fighting over the inventory. Due to this situation, I could not see housing prices coming down unless it’s time to push the re-set button on the economy aka the crash to end all crashes. Housing is prob one of the safest places to park your money in the coming battle with inflation.

    But I’m the one with maggots in my brain says the idiots thinking housing is overpriced right now.

  28. Fabius Maximus says:

    A good example of why you always check under the hood.


  29. grim says:

    Eddie- This might be part of the problem

    Report: Three Bergen towns among the most expensive in N.J.

    Three Bergen County towns are among the most expensive places to live in the state.

    Wyckoff, Mahwah and Ridgewood are among the top 10 priciest towns in New Jersey according to the 2013 Home Listing Report from Coldwell Banker Real Estate, based in Madison.

    The report compares four-bedroom, two-bathroom homes in more than 1,900 real estate markets across the United States. An average home of that size lists for $746,892 in Wyckoff.

  30. ReadDude says:

    RE: 17 – Brian Aitken

    His conviction was not overturned, his sentence was only commuted by Gov. Christie. His is still felon and the conviction stands on record ruining all things that such a conviction does.

    That facts are, all he got was a shorter sentence from the Governor.

  31. Statler Waldorf says:

    NJ and you, perfect together. Man arrested for carrying a plastic toy, that shoots plastic ammo…

    Parsippany, NJ man charged with illegal possession of Airsoft pistol

    Dec. 16, 2010

    PARSIPPANY–A Parsippany man was allegedy found in possesion of an Airsoft pistol during a motor vehicle stop for speeding on Wednesday night, police said.

    Emmanuel Udoh, 18, of Lake Hiawatha, was stopped near Mara and Van Wyck roads in the Knoll Gardens apartment complex for speeding in a 1993 Oldsmobile at 7:56 p.m., said Sgt. Yvonne Christiano, a department spokeswoman.

    As Udoh was retrieving driving credentials, Officer Matthew LaManna observed what appeared to be a handgun on the floor of the rear passenger’s side. LaManna retrieved a Walther PPS .6mm “Airsoft” pistol containing several blue plastic BB’s in the magazine, Christiano said.

    Udoh, who did not possess a firearm’s identification card, was arrested and charged with possession of a handgun, speeding and violation of a probationary license. He was released, pending a municipal court appearance.


  32. Essex says:

    A father’s attempt to teach his son a lesson for taking his truck without permission ended in tragedy Monday after a local police officer shot the teenager dead.

    James Comstock told the Des Moines Register he called the police on his son Tyler after the latter took the former’s truck in retaliation for refusing to buy him cigarettes.

    Ames Police Officer Adam McPherson reportedly spotted the lawn care company vehicle and pursued it onto the Iowa State University campus, where a brief standoff ensued after Tyler allegedly refused orders to turn off the engine.

    McPherson eventually fired six shots into the truck, two of which struck Tyler who was later pronounced dead.

    The official report claims the action was necessary in order “to stop the ongoing threat to the public and the officers.”

    Tyler’s dad says he was unarmed at the time.

    “So he didn’t shut the damn truck off, so let’s fire six rounds at him?” exclaimed Gary Shepley, Tyler’s step-grandfather. “We’re confused, and we don’t understand.”

    James said his son had his fair share of minor troubles with the law, and was distraught over a recent breakup with his girlfriend, but was in the process of turning his life around, and was working on obtaining his GED at Des Moines Area Community College.

    “He was a smart kid. He made his own computers. He was interested in IT,” James told the Register.

  33. Juice Box says:

    Grim imagine if Wyckoff had a one seat train ride instead of the Boulder Run shopping center. Those homes would be $1 mil each. It is only 50 minute bus ride of about 27 miles to 42nd street, and then commute downtown will take you another 25 minutes. via subway. If you hustle and take the 7:11 AM bus from Boulder Run you should be comfortably at you desk by 8:30.

  34. Anonymous says:

    And to be honest, on a hot summer day in waters off Fort Lauderdale, that relaxed and easy wait out on the water can be a little bit of heaven United have won five in a row including Chelsea last Sunday but were pushed out of the Capital One Cup against the Blues Newly designed tuxedos use velvet,ニューバランス996, rich colors and tux with only three buttons and MrsSt If the wedding requires travel for each of the events or is a destination wedding this

  35. Comrade Nom Deplume, a.k.a Captain Justice says:

    [25] grain,

    I believe that’s what I saw, as well as the NJSP quote above. Issue settled.

    And I agree that if you registered your guns, you will get a knock at the door in the event of serious unrest or dislocation. Just ask the folks in New Orleans. In fact, you’d be lucky to get a knock.

  36. Comrade Nom Deplume, a.k.a Captain Justice says:

    [35] cont,

    In fact, my guns are not registered anywhere. There might be old records in the states of purchase, but right now, no government knows I have them unless they’ve been giving me a virtual NSA anal probe.

  37. Bystander says:



    Believe what you want to believe. Go leverage and buy a dozen houses if you think prices will shoot the moon. We’ll see who is right in a few years. Fast and I are pointing out that for all the Hamp/Harp/Hump and all the printing to buy garbage mbs, prices have barely moved in area. 3% up? I will negotiate off 12% or more off peak. Just need to find right bagholder. Here is arrogance that I am dealing with at the moment. Place is covered in asbestos shingle and they did ikea updates and not even full slab granite. They want 12% more than 2008 purchase. Looking for a sucker.

  38. Statler Waldorf says:

    Suicide by Cop.

    “a brief standoff ensued after Tyler allegedly refused orders to turn off the engine”

  39. POS cape says:


    Yeah but it has a Martha Stewart organizer in the closet. There’s $25K right there.

  40. 30 year realtor says:

    Michael #27 – It is comical that you are so outspoken on subjects in which you clearly have limited knowledge and understanding. REAL ESTATE MAY STILL GO DOWN IN VALUE! If the real estate market, mortgage market and economy in general were healthy the Fed would not be purchasing 10’s of billions of dollars in mortgage backed securities every month! Did you notice how market activity ground to virtual halt when mortgage rates spiked in August. There are far too many potential issues with the economy and world affairs for the real estate market to be labeled a sure thing.

  41. Fast Eddie says:


    The Haughty towns in BC aren’t the only problem. Towns like Cedar Grove, Little Falls, West Caldwell, etc. are equally ridiculous. Since there’s not much to choose from, the sellers that can sell have the advantage. A buyer has to decide whether he/she can stomach going through with a sale. Most of them have no idea the financial beating they’re about to take until the sign the papers and close on the house. Just months later, they become a financial zombie like the rest of the 1diots who fell in the same trap, stuck in the joint and either unable to sell or being infected with the foreclosure virus.

  42. Juice Box says:

    Quickest pump and dump ever? So when do they halt trading on twitter?

  43. Michael says:

    40- I’m comical? Did you clearly read my post? If prices do go down, it means sh*t hit the fan. Everything is screwed and the economy will crash and need to start to over. Otherwise, prices are not going down. Everything in the economy is tied to real estate. You guys don’t seem to get it. Real estate crashes, so does everything else. It’s not crashing anytime soon and if it is, we are all screwed. Your post ripping me explains why real estate is a super safe bet right now, the fed will do everything and anything when it comes to supporting housing. There isn’t a safer bet out there.

    I never said that real estate prices were going to be jumping next few years. The next 7 years we will see modest 2 -4% growth on house prices. When 2021-23 hit, you will start to see its 2002 all over again based on demography and it’s effect on housing prices. The reason I recommend to jump on the train now is due to low interest rates and good pricing. If you think these prices are overpriced right now, you will never buy a house.

  44. Michael says:

    41- housing is not a trap. It’s a proven way to build wealth. Stop being so negative and start being open minded. The real estate bust already happened and already hit its low. Expecting it to come down more because you think it’s a ripoff is wishful thinking. The part you are missing is that you live in an extremely expensive area for real estate. You seemed to not be able to wrap your head around it. It’s blinding you. Yes, real estate is expensive in north jersey and would seem like a ripoff for someone dreaming of 90’s pricing. That’s you. Also, this expensive area comes with high taxes. Why is it a shocker that a wealthy area pays high taxes? Why? Please explain

  45. Juice Box says:

    re: # 43 – Michael refinancing is down 54.4% yoy , and new mortgages are down -5.6% yoy.

    No credit no cry……however the people I know in the mortgage business are doing just that.

  46. Michael says:

    37- prices barely went down in this area and other high end areas. Expecting 10% gains in our area is not going to happen when we only lost 30% value in the crash.

  47. The Original NJ ExPat says:

    I don’t know why anybody would buy a new house when you can sit home and just not pay your mortgage on your current house. Free is pretty cheap.

  48. freedy says:

    drove thru closter today . what a disgrace . empty run down stores all over . the mall
    which has a kmart looks like a shithole

  49. Juice Box says:

    Here come the lobbyists. We cannot have a normal credit market ever. All losses should be on the government!

    Federal Backstop Essential Element of Housing Finance Reform, NAHB Tells Congress

    November 7, 2013 – The National Association of Home Builders (NAHB) told Congress today that an effective housing finance reform plan must include a federal backstop to ensure that 30-year, fixed-rate mortgages and reliable mortgage financing for multifamily housing remain readily available and affordable.

    Testifying before the Senate Banking Committee, NAHB Chairman Rick Judson, a home builder from Charlotte, N.C., said that NAHB is a strong proponent of housing finance system reform.

    “NAHB believes that the U.S. housing finance system must be multifaceted with both competing and complementary components, including private, federal and state sources of housing capital,” said Judson. “To achieve this, it is important to reform and restructure the conventional mortgage market and also improve other parts of the housing finance system, including FHA, the Federal Home Loan Banks and state housing finance agencies.”

    The key to the sustainability of the 30-year, fixed-rate mortgage is a securitization outlet, because originators do not have sufficient capacity to hold such long-term assets which are funded with short-term deposits.

    Currently, Fannie Mae and Freddie Mac provide the securities vehicle along with a government guarantee for investors.


  50. Michael says:

    45- juice, it’s not going to be a real estate bonanza anytime soon. It’s also not going to crash anytime soon. I’m saying we are close to the low, we already passed the low up but are not that far from it. You want to make money off of real estate, then you jump in now and sell between 2025-30.

  51. Fast Eddie says:


    Like I said, you definitely don’t do finance for a living.

  52. Michael says:

    48- thank your boys at Walmart for that

  53. Michael says:

    47- yea but you lose any equity you put into the place and destroy any ability you will have to make money off of real estate in the future…goodbye credit

  54. Statler Waldorf says:

    “housing is not a trap. It’s a proven way to build wealth.”

    Only if you ignore inflation, transaction costs, carry costs, opportunity costs, maintenance, etc.

    Owning a house is a perpetual expense, not an “investment.” All one can do is choose the house wisely, to maximize the future sale price, and offset the many years of expenses.

  55. Michael says:

    51- All I do is make money off of money….preferably the banks money. Keep thinking I’m fool when you are the idiot waiting for house prices and taxes to fall because you think they are too expensive.

  56. Michael says:

    54- that’s ignoring the cyclical factor of housing. Housing is an investment. Do you know how many people including myself have made a ton of money off of real estate?

  57. Michael says:

    54- how can you say housing is not an investment? That’s just crazy. If it’s a single family home, did you not live in it? Would you have had to pay rent if you didn’t live in it? If you did not live in it, did you not earn rent? Come on man, real estate is one of the best investments ever.

    Go ask all those families who bought at the shore in the 50’s for 5,000 and is now worth 1.6 mil. Not all real estate is a winning investment, you also have to be smart with what you buy. Same law applies to stocks.

  58. Juice Box says:

    Re: # 50 – Michael, yield must be paid. The bond markets cannot be absorbed completely by the FED forever. There is a trillion dollar annual war being fought right now down in DC over home loans. I just posted some testimony from the builders association. They cannot kick the can down the road forever.

    Gird your loins and clench your cheeks.

  59. It’s only OK for criminals to have guns in NJ. That way, they can help the gubmint keep us in a state of constant fear.

    Thank Corslime, Buono, Oliver and the rest of the pandering political hacks who derive all their power from the entitlement classes.

    The police are nothing more than a private Gestapo for politicians and the uber-wealthy.

  60. This assclown Michael is prolly a gubmint plant.

    He also has the IQ of a plant.

  61. Michael says:

    58- But you do realize if real estate goes down now, it will take the rest of the economy with it. So why are you scared to invest in real estate?

  62. Evidently, Michael was also born yesterday.

  63. Michael says:

    60- I’m making logical arguments that you can’t seem to understand. Only thing you know how to do (and you are not even good at it) is put people down. Come back and tell me how I’m wrong.

  64. Juice Box says:

    re: # 57 – Michael if you bought a home down the shore in the 1950’s chances are would have been washed out completely in the 1962 Nor Easter, over 45,000 homes were flattened.

    Here is a book to read, there is no such thing as a 100 year or 500 year storm it happens at least once in everyone’s life time.


  65. Michael says:

    The end is near. Real estate has nowhere to go but down. It’s all going to hell. It’s all this generations fault. It’s all obama’s fault. It’s all the left’s fault.

    Now can I join your club?

  66. Juice Box says:

    re # – 61 – Sigh short memory too Michael? I am levered up about as much as Lehman before the collapse.

  67. Michael says:

    64- screw the house….the dirt is what’s worth money. I know a couple of families that have killed it at the shore.

  68. Michael says:

    59- I’ll agree with that. Laws and a strong police force are there to protect one thing, the wealthy.

  69. I’m done with the troll. Not amusing anymore.

  70. Ragnar says:

    Can someone set up a clone website where Michael, anon, and Re101 can all entertain one another? I remember a few months ago Michael vowed never to come back and post, so clearly his word is not his bond.

  71. reinvestor101 says:

    Who gives a crap about some fool transporting a damn gun when there’s far more serious chit to worry about. Obamacare is killing me, dammit. Here’s a damn e-mail I got from my damn liberal insurance agent:

    >>>Here’s the application for Aetna. Your old policy is no longer offered but your new policy, which is compliant with ACA, is $ 700 a month less expensive than your existing policy and has lower co-pays as well. This is even with your deductible now being $ 1000 versus the $ 3000 you have currently. Thus you’ll wind up with better coverage at far better pricing. I think you’ll be pleased. <<<<

    This damn liberal must take me for a damn fool. I am not pleased and this chit doesn't match up with what Fox said about this. This motherhubbard is lying to me trying to get my damn money. I want my damn old policy back and I don't give a damn if it's more expensive. I JUST WANT A DAMN POLICY THAT OBAMA DIDN'T PUT HIS DAMN HANDS ON. I'll put on some damn gasoline drawers and take a swan dive into hell BEFORE I EVER TAKE OUT AN OBAMACARE POLICY. I DON'T GIVE A CHIT HOW CHEAP IT IS. THERE'S NO DAMN PRICE TOO DAMN HIGH FOR FREEDOM and I'll pay DOUBLE for HALF the coverage if I have to just so I don't have same damn obamacare policy jammed down my damn throat. There's not a rock ribbed American patriot who doesn't feel the same damn way.

    Don't give me nothing I didn't ask for dammit. Stinking liberals.

  72. Ben says:

    Michael, there is a two tiered market.

    There are two types of homes on the market. Nice ones that were cared for and updated. And POS ones that were neglected and in disrepair.

    The Nice ones sell for a premium over what a reasonable market would dictate. Meanwhile, the POS ones just sit. Ultimately, if the POS ones will have a market clearing value that is heavily discounted. It’s taking way too long in NJ because of a crappy slow court system and a Federal Reserve allowing banks to keep these homes vacant for years. This doesn’t last indefinitely.

    I would have bought a crappy house in disrepair if it was priced right. I would have turned it into something special after putting a good 80k into it. Instead, the morons holding on to this crap think their shit don’t stink. So…instead of dealing with the frustration, I bought a home that didn’t need any repairs and probably paid 20k too much. This is a two tiered market. I was either willing to pay for a POS in the mid 200s or a nice home in the low 400s. The nice homes were priced in the low 400s. The POS homes are priced in the upper 300s. The POS homes will come down.

  73. grim says:

    Cedar Grove – The only benefit is lower property taxes relative to it’s neighbors, if property taxes rise disproportionately (which they may very well do), there will be very little going for the Grove.

    Little Falls – Zero value prop, why bother, you are better off staying where you are.

  74. Fabius Maximus says:

    #48 White Flight Freedy

    That plaza is getting ready for a big redevelopment with a Whole Foods.

  75. Ragnar says:

    I knew it! Mike and Re101 are connected. Show up on the same day.
    Anon is the real personality – a lefty dittohead. Michael is the schizo personality who pretends to be openminded then goes on crazy talking jags. Re101 is anon’s strawman sockpuppet who cannot write without saying “damn” and “rock-ribbed”.

    All were slightly amusing when fresh, but are now as stale as Phyllis Diller’s vajayjay.

  76. Fabius Maximus says:

    #17 Street

    Looking into the other charges it turns out in addition to the guns he had high capacity clips and hollow points. The hollow point charge still stands. The high capacity clip charge was thrown out as the prosecution did not prove they were operable.

  77. Pete says:

    Grim, would you say the same is true for Paramus? (lower taxes compared to neighboring towns)? Sale prices seem higher than I would expect there all other things considering.

  78. Michael says:

    71- That was great!!! Lol it’s amazing how many idiots are obsessed with the idea of hating Obama and anything he does. We get it, you don’t like him, can’t you just move on and get over it by now. It’s been almost 6 years.

    Why is an attempt at trying to fix healthcare met we so much anger? Is it better to just continue with a broken system? Some of you people are nuts. You are acting like it’s better if we just continue down the same road with healthcare. Sad part, if bush came out with this, there would not be anywhere near the push back that we are seeing.

  79. Michael says:

    70- Ragner – The end is near. Real estate has nowhere to go but down. It’s all going to hell. It’s all this generations fault. It’s all obama’s fault. It’s all the left’s fault.

    Now can I join your club?

  80. Michael says:

    Ragner- call me a troll but please stop for once being a wise ass and just provide some evidence as to why I’m dead wrong on my opinion on real estate. It’s like some of you have a hard on for it to fail. Your whole circle jerk crew on here is in love with doom and gloom, obsessing that this generation will bring down America, believing that schools are failing, and going against anything that has to do with Obama. You guys have issues.

  81. Bystander says:


    Most people are here bc they own a home or want to own a home. You don’t need to preach to anyone on virtues of home ownership. Grim and Lib bought when they felt it was right and happy with their decisions. JJ waited until the drowned bodies and sea weed were removed then chintzed some old lady out of her beach home. Point is- we all have different approaches and timeframes. Your harping that renters are idiots is quite annoying.

  82. Ron Jermany says:


    Where were you when I needed you in ’06? No matter, would have taken a dozen of you, and even then…

  83. Michael says:

    Nothing for nothing, in my eyes, renters are idiots. Thank goodness they exist. Without them real estate would be worthless. I’m a passionate guy, something that some of you guys lack. I take it upon myself to educate people when they don’t realize that housing is not going anywhere but up for a while. Yes, it will crash again but not for a long time. It really boiled my blood when someone stated real estate is not an investment. I lost it after that. Sorry, tried to control myself but I lost it.

    Is it almost as annoying as hearing people complain about housing prices and taxes in one of the most expensive areas to live in the world? Or better yet, is it almost as annoying as listening to people complain about Obama and his healthcare plan?

  84. joyce says:

    Statler Waldorf,
    Refusing to turn off an engine is not suicide by cop; it is being trigger happy, acting with impunity, knowing the system has your back.

    In the hypothetical of not dropping your gun et al, yeah then its probably suicide by cop.

  85. Michael says:

    Btw, I didn’t touch (buy) real estate between 2001-2011. Anyone with an oz of smarts, saw the bubble coming. When the gains are double digit, you can’t jump in. When you are coming off one of the biggest crashes in history and think 7 years later it’s going to happen again, you are a fool.

  86. Bystander says:

    The second bubble is already here, moron. See next listing. Home was bought in 2010 for $350k. Please show me the 200k worth of work to justify this appreciation.


  87. Bystander says:

    And to prove that is pervasive to lower levels, here is a gem purchased for 70K in 2000. They are now asking $340k. Yeah, Mike..I guess it is my view of real estate that is the problem.


  88. grim says:

    Ikea Kitchen = $200k

    Love that Lingenberry

  89. Bystander says:

    Who wouldn’t pay top dollar for the fantasy of cooking dinner in fine Ikea kitchen while listening to the soothing sounds of the Merritt Parkway running through your backyard?

  90. Michael says:

    86- second bubble is here? You are funny. Comical dude. So now markets crash two times in a decade? Keep dreaming on landing a super cheap deal. Should have low balled in late 2010 or 2011, people were scared and might have gave in. Window is now closed.

    First, he bought 2010. Second, how do you know the sale price wasn’t a cheap discount sell to a relative.

    Second example- year 2000 was a great time to buy. Second, what do we know about the selling price?

    Why is real estate not allowed to go up in value? Because you don’t want it to is not a reason.

  91. Bystander says:

    I am providing a sampling of the absolutely, moronic people you have to avoid while looking for a home. Only complete fools would buy at these prices but I make no mistake they exist these sellers are looking for the. There are tons of struggling homeowners, who are absolutely within reason in terms of 2004 price and even under. Problem is I don’t like their homes. I missed nothing, fool. There are more FCs everyday in this town. 7 auctions coming up this month.

  92. Michael says:

    91- good houses are more money than a year ago. Rates are also higher, but keep waiting for both to fall.

  93. The Original NJ ExPat, cusp of doom says:

    LOL. Gary – I guess New Netherland is special, that must be why the taxes are so high.


  94. Ragnar says:

    You assume you know my opinion on real estate but you have no clue.
    I’ve probably sunk more cash in the house I bought in 2010 than anyone on this board. I was ready to upgrade by 2005, but held out to avoid overpaying.

    Here’s my theory of real estate: the top 5% of homes by desirability will generally be in the top 5% of price. Houses are assets that are expensive to maintain, and for most people, will be net expenses not investments. But they can be resold. Nominal prices fluctuate.

    To live in a top house by desirability, one needs to have high levels of income. Or the willingness and ability to borrow big time. If you’re really smart like Grim or me or Lib, one can save during bubbles and pull the trigger after a crash, it’s possible to move a rung higher on that ladder, getting a bit more house for your money than normal people.

    I’m not a natural diy’er, so instead dump money on contractors and compensate by making more money at work. Grim and Lib add equity with sweat and skill. JJ via bronze balls and Mexicans.

    I’m not going to get involved in renting, because I have better things to do in life than deal with renters.

    This is more customized education than you deserve, because I don’t think you’re educatable.

  95. Bystander says:

    Good homes are ones that are clean and have 2004 price attached to them. Some lazy, pottery barn types are looking for a catalog scene and pay top dollar. Make no mistake, reality is coming for them. You can’t just pay whatever is asked and expect to have equity later on. Equity comes from smarts and sweat, not lethargies such as yourself. Risk is not off just because you and Bernanke hope it to be so..

  96. Fast Eddie says:


    Amen! We are definitely on the same page!

  97. The Original NJ ExPat, cusp of doom says:

    [95] Bystander – That’s an interesting thought. I always thought it came from choosing one’s parents properly.

    Equity comes from smarts and sweat

  98. Juice Box says:

    RE: # 84 Not shutting the engine off. If you are a tree hugger you are gonna get blasted by the PD one if these days. There is really nothing to shut off in an electric car.

  99. Juice Box says:

    Whole foods trying to fix their next quarter? My son just hit me up at the checout for a recycled plastic fire truck. 27 USD!!!!!

  100. Bystander says:


    Yep that as well. I guess it bucks Mike’s conventional wisdom – buy a home then sit and wait for government to make me rich. Sad bit is that there probably is some truth there. This market is so f-ed up.

  101. Bystander says:


    It is an organic truck though.

  102. Happy Renter says:

    [23] “Mr. Donovan is an excellent and vivid example of what happens when one has any unnecessary interaction with the police, even if to benefit the safety of people in distress. For myself, if I saw an officer down and nearby cover, I ‘d be concerned that if I dragged him to safety I’d be arrested for being in possession of HIS duty weapon.”

    I have posted this before, but it’s worth repeating. Every single one of you should watch this video (of a speech given by a law professor) and take it to heart.


  103. Juice Box says:

    Re#103 – I like thst book where the ex-cop says to take a dump in your pants, so you won’t get arrested.

  104. The Original NJ ExPat, cusp of doom says:

    Grim – was your neighbor’s house your listing? It looks like it was priced right, listing in July for approximately what it sold for a couple weeks ago. We don’t see much of that these days.

  105. Juice Box says:

    re# -102 – Organic? I don’t think I can saute it if the SHTF.

  106. grim says:

    No, was a corp relo

  107. Libturd at home says:


    Housing is a terrible investment, especially if you don’t stay in the house for a decade or two. Trust those of us who have owned for a while. Stocks and even bonds (dare I say it) is a much better (and perhaps safer) place to put your wealth than in a crap shack.

  108. Michael says:

    94- well I look at it this way. Rent vs own. If you don’t own a house then you are renting a house. Which means you are losing money, with no chance to recoup it. You kind of left this out of your equation in net expense. People like myself are not in the land lording business to break even after costs. Hence, renting costs more money than owning, due to the profit motive of the landlord business. The minute you make your first mortgage payment, you are making your first investment in real estate.

    I kind of think of homes as banks. It’s forcing you to divert a portion of your income into a very stable asset (long term) that does a great job of keeping up with inflation. The land inside the rim surrounding NYC, is only going to become more valuable. Real estate is a super wealth builder in our area.

    I’m giving you good advice when I say to max out your loan potential and buy a house or two right now. It’s a tremendous buying opportunity in my opinion. I could have bought Sirius stock back in 08 for .10 a share. Talked it over with my wife and thought about buying 30,000 worth. Thought that their satellite network was worth more than their share price. Of course, I had to read all the doom and gloom and ckn out. I could kick myself in the ass. Siri as of today is at 3.60 a share. Puke bag. Don’t be me and buy into all the doom and gloom. It’s clouding your mind to buying at a great time. You almost can’t lose. If you do lose, it means everything has gone to sh it. No investment will be safe. What do you have to lose by taking advantage of an incredible time to buy. You missed the bottom but you are not far off. Don’t miss the opportunity altogether by praying for another crash that isn’t coming. In order for there to be a crash, you need insane price increases. We are not seeing that.

  109. Hughesrep says:


    I prefer college football teasers.

  110. The Original NJ ExPat, cusp of doom says:

    [109] Lib – Exactly right! People like to talk about the difference between the purchase price and the sales price but the carrying costs seem to always be omitted, especially the taxes. The other thing that is never talked about is the demographics of the buyers versus the demographics of the sellers. Take note, Michael – the population of buyers is smaller, poorer, and already indebted to school loans and data plans and have no experience whatsoever living on their own and paying the tab. They’re going to spend another 15-25 years in the basement until their parents die and then…they’re just going to add to the population of sellers.

    Housing is a terrible investment, especially if you don’t stay in the house for a decade or two. Trust those of us who have owned for a while. Stocks and even bonds (dare I say it) is a much better (and perhaps safer) place to put your wealth than in a crap shack.

  111. The Original NJ ExPat, cusp of doom says:

    [110] LOL Michael is just someone smart having fun(Clot?). He comes off as being so classically stupid, naive, and wrong-minded, that he has to be a shill. Also his grammar is not that bad.

  112. Michael is not me. I couldn’t be that stupid if I chugged a fifth of Knob Creek.

    Also, even if I were trolling, I would actually respond to people’s demands to answer their questions.

    I like the way Michael is demanding that we answer his questions today. As if.

    The only thing we’ve settled with this guy is that he is a troll and his brain is the size of a peanut.

  113. What’s the over/under on when Michael just grabs hold of the anti-Semite third rail with a white knuckle death grip?

  114. Hughesrep says:

    Just before Gary stops whining.

  115. unbelievable says:

    all shills monitoring us-messing with us

  116. chicagofinance says:

    Michael = Pat

  117. chicagofinance says:

    Pat is sort of the cooler and more humorous version of Joyce……

  118. Michael says:

    112- when you rent, you are paying those same carrying costs and some. The owner has to profit. You guys keep missing this major pt. If you don’t own, it means you are renting. Renting means you are losing money to the profit of the owner. Does this make sense. If it does, you will see that real estate is an investment for every person that does not want to live in their parents basement.

  119. Comrade Nom Deplume, a.k.a Captain Justice says:

    I’m continuing to stay out of this spat.

  120. unbelievable says:

    the shill are starting to feel nervous. The possibility of deflation is real. Even the European central bank lowered the rates after an 0.7 growth. Imagine what will happen if inflation never comes. Imagine what will happen to those who leveraged. No wonder institutional investors are fleeing.
    I don’t see people begging on the streets. No. Just some. Michael may be one of them.

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