From the Atlantic:
An Unsteady Future for New England’s Suburbs
The house is a perfect Colonial, white with green shutters, with five bedrooms, a pool, and a spacious lawn. A decade ago, it would have flown off the market. These days, Candace Blackwood isn’t sure she can sell it anytime soon.
“We have a glut of inventory,” Blackwood, a real estate agent with Berkshire Hathaway, told me, guiding her Mercedes through the leafy roads of this Connecticut suburb. “The number of days homes stay on the market has increased, and people are getting so desperate they’re renting out their homes.”
This has little to do with the housing market broadly speaking: In cities like New York, San Francisco, and Boston, prices are rising and homes are sold within days of listing. Rather, it’s a sign that suburban neighborhoods straight out of Mad Men are no longer as in-demand as they once were. Around Boston, for example, 51 towns and suburbs started the year with price declines while the city’s prices skyrocketed. Indeed, as Blackwood drives me through this picturesque New England town just an hour from New York, we pass dozens of for-sale and for-rent signs outside home set back from the road. These are homes that, one day, might have been on any family’s dream list, back when suburbs were where everyone wanted to live and there were dozens of companies to work for nearby. Median home values in Fairfield County, where New Canaan is located, are down 21 percent from their peak in 2003, according to Zillow; for the state as a whole median home values are down 18 percent from their 2004 peak. By contrast, home values nationwide are down just 5 percent from their 2005 peak. In urban areas, they are up—often substantially; in Boston, Charlotte, Portland, San Francisco, and Seattle, prices this year have set record highs.
Cities are in vogue again, and that’s starting to be a problem for places that are made up mostly of suburbs. Companies like General Electric that were once headquartered here in the suburbs are decamping for city centers, where they say they can more easily find the talent they need. In 2010, Aetna abandoned a giant campus in Middletown, Connecticut; Pfizer recently tore down 750,000 square feet of unused laboratory space in nearby Groton. At the same time, the baby boomers who flooded the suburbs to raise their children are getting older and no longer need big homes, but their children’s generation doesn’t have the desire—nevermind the savings—to buy up the houses, at least not at the prices boomers are looking for.
The Northeast has long been growing more slowly than other, warmer, parts of the country. Now, parts of the region are starting to see net losses in population. Between 2014 and 2015, Connecticut lost nearly 4,000 residents as Florida, a retirement hub, added 366,000. During that same period, the Northeast and Midwest together lost half a million people to the South and West. “Where the real action is is the Sun Belt,” William Frey, a demographer with the Brookings Institute, told me.
The losses are exacerbated by the fact that the region’s median age is growing. Connecticut, alongside New England neighbors Maine, New Hampshire, and Vermont, is one of only a few states to have a median age over 40, which means half of its population is over child-bearing age, according to Peter Francese, a New Hampshire-based demographer. “Connecticut is a basketcase demographically, as are many of the states in New England,” Francese told me.
Good Morning New Jersey
This article sums up what I’ve been thinking.
Hope the Olympic Committee strips the whole US swim team of their medals. Yes, the whole team. Maybe all the American medals entirely.
Suburban slums. Toll Brothers NcMansions turned into SRO hellholes. Your neighbor with the Range Rover on food stamps.
Seen it all already in Hunterdon Co. Three idiot acquaintances of mine actually think they can draw 1-1.3mm for their formerly desirable homes..,yet 12+ months on the market say otherwise.
Only growth businesses in Hunterdon are DYFS and Meals on Wheels.
Amazing how a formerly rich guy with a drinking problem will smack the shit out of his kid as fast as some skell in Newark…
Betting on train towns with 30 minutes to NY is a winner here in NJ.
Anything else and you are living a lie in terms of home equity. Been there done that.
Feel the pain.
“People are afraid of themselves, of their own reality; their feelings most of all. People talk about how great love is, but that’s bullshit. Love hurts. Feelings are disturbing. People are taught that pain is evil and dangerous. How can they deal with love if they’re afraid to feel? Pain is meant to wake us up. People try to hide their pain. But they’re wrong. Pain is something to carry, like a radio. You feel your strength in the experience of pain. It’s all in how you carry it. That’s what matters. Pain is a feeling. Your feelings are a part of you. Your own reality. If you feel ashamed of them, and hide them, you’re letting society destroy your reality. You should stand up for your right to feel your pain.”
― Jim Morrison
@bwreed
“I regret that saying things that have caused my poll numbers personal pain”
Essex says:
August 19, 2016 at 7:55 am
“People are afraid of themselves, of their own reality; their feelings most of all. People talk about how great love is, but that’s bullshit. Love hurts. Feelings are disturbing. People are taught that pain is evil and dangerous. How can they deal with love if they’re afraid to feel? Pain is meant to wake us up. People try to hide their pain. But they’re wrong. Pain is something to carry, like a radio. You feel your strength in the experience of pain. It’s all in how you carry it. That’s what matters. Pain is a feeling. Your feelings are a part of you. Your own reality. If you feel ashamed of them, and hide them, you’re letting society destroy your reality. You should stand up for your right to feel your pain.”
― Jim Morrison
Grim – Why? Because of Lochte and the other morons claiming a false crime? That’s insanely harsh, not sure how you can equate the moronic actions of one to an entire group.
THat’s like saying, Pumpkin posts 30 times a day about the most boring and self-inflating topics SO this blog is an endless run of stupid comments and nonsense drivel. Everyone that visits here should have his computer taken from him/her.
8. Grim is carrying the burden. Leave him.
Lochte is already campaigning for the donald
grim says:
August 19, 2016 at 7:10 am
Hope the Olympic Committee strips the whole US swim team of their medals. Yes, the whole team. Maybe all the American medals entirely.
The debbie downer mindset on nj real estate and the northeast in general is so stupid. Yes, the nyc metropolitan region will just fall off and die. Give me a break. Yes, everyone, let’s move to the sun belt, it’s the utopia of American real estate says no one.
Far off middle class suburbs from nyc, with no public transportation might be dead for now, but let’s not write them off yet. In 5 years, there will be driverless cars. This could change everything. Who cares about an hour commute, if you can sleep the whole way or read a book.
Biased view. Just because Hunterdon County is in major trouble, doesn’t mean the power counties are. Don’t apply hunterdon’s problems to the counties in commuting distance of nyc.
Harbinger of Doom says:
August 19, 2016 at 7:41 am
Suburban slums. Toll Brothers NcMansions turned into SRO hellholes. Your neighbor with the Range Rover on food stamps.
Seen it all already in Hunterdon Co. Three idiot acquaintances of mine actually think they can draw 1-1.3mm for their formerly desirable homes..,yet 12+ months on the market say otherwise.
Only growth businesses in Hunterdon are DYFS and Meals on Wheels.
@KatyTurNBC
1. So who’s on the theoretical apology list?
Khans,
Judge Curiel,
Heidi Cruz,
Rafael Cruz,
NYT’s Serge Kovaleski,
Colorado Fire Marshall ?
2. Roanoke Hotel Manager,
The Oval Office podium,
John McCain,
Megyn Kelly,
Krauthammer…?
3. Lindsay Graham,
Susanna Martinez,
Rand Paul … ?
Everyone that visits here should have his computer taken from him/her.
Yeah, pretty much. We are all to blame for pumpkin.
#11 – Pumpkin, didn’t you read that article? Fairfield County is so similar to suburban NJ in demographics and location. Doesn’t that sink in to your head? We suffer from the same issues the only thing worth arguing about is the difference in the degree of impact.
Regarding Hunterdon County real estate…market is exceptionally tough. We have bought quite a few properties in Hunterdon and have done reasonably well but the market is exceptionally soft. Hunterdon, western Morris, Warren and Sussex are seriously struggling. Warren and Sussex are exceptionally weak markets.
They trashed a gas station and pissed all over the building.
Then, for some fcking insane reason, they reported it to the police, and actually implicated the police in the robbery.
Clearly God decided to gift them with athleticism, but punish their intellect.
Either way, they are not fitting examples, and are a disgrace to America.
can’t do. cause most here can’t afford a home computer. it’s IT from work
Grim says:
August 19, 2016 at 8:58 am
Everyone that visits here should have his computer taken from him/her.
They trashed a gas station and pissed all over the building.
Then, for some fcking insane reason, they reported it to the police, and actually implicated the police in the robbery.
Clearly God decided to gift them with athleticism, but punish their intellect.
Either way, they are not fitting examples, and are a disgrace to America.
The fact that his mother was instrumental in this going public is all I need to know. Typically helicopter parent that treated her kid like he was a saint. Meanwhile, even his Wikipedia article references how he was a pain in the a** as a child.
Key sentence from Grim’s article:
“At the same time, the baby boomers who flooded the suburbs to raise their children are getting older and no longer need big homes, but their children’s generation doesn’t have the desire – nevermind the savings – to buy up the houses, at least not at the prices boomers are looking for.”
[19] I really wasn’t cognizant of high RE taxes until 1990 when I started dating my wife. When I found out how much their taxes were ($13K back then, $35K now on the same house) I quickly figured out that if her parents gifted her the house, she didn’t earn enough to pay the taxes and utilities, forget about maintenance.
NJ ranks 47th on freedom amongst the US states.
http://www.freedominthe50states.org/
About 50 years ago, New Jersey was considered a tax haven. It grew wealthy under that regime, but over the past two decades it has competed with California for the position as the second-worst state for economic freedom. As long as it is better than New York, it will probably continue to get tax refugees from that state, but more New Yorkers now move to Florida than to New Jersey.
New Jersey’s state-level taxes are slightly higher than average (5.7 percent of income), while local taxes are much higher than average (5.5 percent). New Jerseyans have more choice of local government than any other state, with 6.2 effective competing jurisdictions per 100 square miles. Government subsidies and debt are above average, but state and local employment is a little below average. We show a small improvement in each of those three areas between 2010 and 2014.
Land-use freedom is quite limited in New Jersey. The state lets cities adopt rent control, and local zoning rules are often highly exclusionary, even though the state has been losing population for years. Renewable portfolio standards are among the highest in the country, raising electricity rates. In 2013–14, the state adopted a minimum wage. Labor-market freedom was already bad because of strict workers’ compensation rules, mandated short-term disability insurance, mandated family leave, no right-to-work law, and a stricter-than-federal anti-discrimination law. Occupational freedom is, perhaps surprisingly for such a corrupt state, close to average. However, in 2013–14, nurse practitioner freedom of independent practice was abolished. Insurance regulation is fairly strict, and there is a price-gouging law, which Governor Christie deployed after Hurricane Sandy to devastating effect.128 The civil liability system is somewhat better than average.
New Jersey has improved over time on personal freedom and is now better than average. Incarceration and victimless crime arrest rates, drug and nondrug, have all fallen since 2000. Asset forfeiture, however, has not been reformed much. New Jersey is a bad state for tobacco freedom, travel freedom, and gun rights, but it is a good state for gambling and same-sex marriage. The picture on educational freedom is mixed. Homeschools and private schools are barely regulated, but there are no public or private school choice programs. Cannabis freedom is similarly mixed. The state has a limited medical cannabis law, but otherwise it has done nothing to reduce penalties. Alcohol freedom is a bit above average, but the state interferes here too. Direct wine shipment is tightly regulated, and the rules on when a grocery store may sell wine are complicated—perhaps to create a “tollbooth” where state politicians can extract rents.
Don’t worry, Lochte has this handled.
http://www.hollywoodreporter.com/news/ryan-lochte-enlists-pr-guru-920853
And I’d like to congratulate Pumpkin on his recent victory!
http://www.tinyurl.com/PumpkinsVictorySong
[21]LOL – The opening lines in the video on that page is:
“Which American states are most tolerant of both ganja and guns?”
NJ ranks 47th on freedom amongst the US states.
http://www.freedominthe50states.org/
Big bus crash in Newark, one bus T-boning another bus at significant speed.
Idiot (12)-
Just so we’re on the same page after I go back to ignoring you…up until recently, Hunterdon Co. had the highest median family income of any US county. For over 12 years, it held either the #1 or #2 spot with Somerset.
You are an idiot of epic proportions and should be separated from all your assets for your own well-being. It shouldn’t be that much of an inconvenience for you since the thing you treasure most is hearing the sound of your own voice.
“Biased view. Just because Hunterdon County is in major trouble, doesn’t mean the power counties are. Don’t apply hunterdon’s problems to the counties in commuting distance of nyc.”
Alex (19)-
Please tattoo that to plumpty’s eyelids.
30 Year (15)-
Give up. It’s like talking to your pets.
Through experience, I realized this morning what a STEAMturd is. It’s when you brilliantly multitask in the morning. Simultaneously, you turn on the water to the shower before taking a dump so it will heat up. Of course, the elimination takes much longer than was originally planned creating the odoriferous combination of steam and turd that remains long after the shower is completed. Long enough, for other family families to get in on the nasal trauma.
Sports Wrap Up from Rio Olympics (jj Edition):
https://twitter.com/BBCSport/status/766398447234625536?ref_src=twsrc%5Etfw
LOL. I’ve had more intelligent conversations with other people’s pets. I know some Pomeranians that are better real estate investors too.
Give up. It’s like talking to your pets.
http://www.cntraveler.com/galleries/2015-08-14/the-2015-friendliest-and-unfriendliest-cities-in-the-world/30
The single serving version is when you simply fart in the shower.
Through experience, I realized this morning what a STEAMturd is. It’s when you brilliantly multitask in the morning. Simultaneously, you turn on the water to the shower before taking a dump so it will heat up. Of course, the elimination takes much longer than was originally planned creating the odoriferous combination of steam and turd that remains long after the shower is completed. Long enough, for other family families to get in on the nasal trauma.
“The single serving version is when you simply fart in the shower.”
So true.
You guys remember this 80’s hit? Be warned…it’s very difficult to get it out of your head.
https://www.youtube.com/watch?v=83nFiPoSuzU
I just heard a guest on Bloomberg radio that made me laugh. He likened the Treasury market to an overheated Monterey sardine market.
So the price of sardines goes up and up and up. Then this guy who really likes sardines decides to buy a lot of them, at a high price, because he really likes sardines. When he opens a can of sardines to eat them he finds out that the sardines are all rotten. Somebody hears him say that the sardines are all rotten and tells him, “Those aren’t eating sardines. Those are trading sardines!”
I’m a little bit older, but when I think of an (early) 80’s hit you can’t get out of your head, I think of something like this.
https://www.youtube.com/watch?v=Rqnw5IfbZOU
You guys remember this 80′s hit? Be warned…it’s very difficult to get it out of your head.
https://www.youtube.com/watch?v=83nFiPoSuzU
Hillary Clinton just hired Ryan Lochte to be the campaign spokesman.
30 year, I have a lot of respect for you, esp for that fact that you have manners and don’t attack someone for not sharing the same opinion.
I don’t agree with you. Connecticut is not the same as jersey. Way different locations. Does Connecticut have the jersey shore economic powerhouse? Is is across the river from the heart of NYC? Do they have one of the most important ports on the east coast? An hour away from the city is the equivalent of going pass 287 in nj. It’s a whole different world, all they have in common is the suburban character of wealthy communities, high taxes, and good schools. Their location and lack of major cities does not make them like jersey.
30 year realtor says:
August 19, 2016 at 9:02 am
#11 – Pumpkin, didn’t you read that article? Fairfield County is so similar to suburban NJ in demographics and location. Doesn’t that sink in to your head? We suffer from the same issues the only thing worth arguing about is the difference in the degree of impact.
Regarding Hunterdon County real estate…market is exceptionally tough. We have bought quite a few properties in Hunterdon and have done reasonably well but the market is exceptionally soft. Hunterdon, western Morris, Warren and Sussex are seriously struggling. Warren and Sussex are exceptionally weak markets.
Good breakdown, and hits the nail on the head with jersey. North jersey is not central jersey, two different animals. I’m guilty of this myself, pitting norther jersey with the rest of the state. Truth is, north east nj will always do well. It’s location is top notch, don’t care what anyone says.
“Justin, that was a nice article, but you missed some very important data points that might draw better distinctions as to why certain blue states in the Northeast are wealthier or poorer or more equal or less equal than others. And this is coming from one who lived in two of these blue Northeastern states.
Massachusetts has a lot residents who live in nearby states that commute into Massachusetts for work. Then they go home (to Rhode Island and New Hampshire mostly) where the people who live there and work there make substantially LESS income than those who commute. So Massachusetts gets a lot of state income tax into its coffers from people who work there but do not live there. That helps the Massachusetts economy. It is the INVERSE for CT and New Jersey. In Northern New Jersey and Western CT, people largely commute to Manhattan to work (the way they do from RI and NH into Boston), to maximize their earning power. The people who live and work in Northern New Jersey and Western CT (and especially Eastern CT) make fractions of what their counterparts make with their willingness to commute for dollars. So we have a larger difference of income for these two states that we do NOT have for Massachusetts residents. And since it is mostly married men (from NJ and CT) making these 2 hours commutes into Manhattan to bring in as much income as possible to their wives and children, we can refer to this as the “Patriarchal Dividend.”
Because the families who live in CT and Northern NJ have a married man who is willing to make the 2 hour commute (each way) the overall “value” of the homes and real-estate in those parts of those states are VERY HIGH INDEED, much higher than they would be for upstate New York what with their enormous property tax burdens. This makes those areas extremely desirable to live in with the caveat that someone is willing to put in a 60+ hour work week to bring in the dollars that it takes to live there. Whereas central New Jersey and Eastern CT, kind of lousy place to live.
A better comparison would not be to compare state-vs-state. A better comparison is region vs region, ie: compare the overall economy of Long Island to the Boston Suburbs to the Gold Coast of CT to Northern New Jersey to Philly. That kind of thing. Localize it. I mean to take Trump’s home state as a whole, you have to average the Manhattan lifestyle to that off Rochester or Buffalo residents. How is that even fair? Its not, they are completely different lifestyles (whereas people who live in Central Mass who commute 60 miles to Boston might do nearly as well as people in the South or North shore of Boston.)”
https://www.bloomberg.com/view/articles/2016-01-14/connecticut-and-new-jersey-rich-states-poor-economies
And I stress that the suburbs are not dead. The cities had become so cheap and run down, that’s where the developers went. Where they built, the younger generation came in and bought, or should say, mostly rented. Do you think these people will want to rent their whole life? Do you think these people will want to raise a family without a yard? Do you know how expensive it is to raise a family in the city? When millennials take over our economy in the 2020’s they won’t be raising their families in the city. Suburbs which have already become a cheaper alternative to the city, will kick the crap out of cities again in the 2020’s.
N.J. towns sue 35 hospitals over property taxes
http://www.nj.com/politics/index.ssf/2016/08/lawsuits_against_hospitals_continue_to_pile_up_ove.html#incart_2box_nj-homepage-featured
Clara Maass Medical Center (Belleville)
Jersey City Medical Center (Jersey City)
Monmouth Medical Center (Long Branch)
Monmouth Medical Center Southern Campus (Lakewood)
Saint Barnabas Medical Center (Livingston)
Newark Beth Israel Medical Center (Newark)
Holy Name Medical Center (Teaneck)
Englewood Hospital and Medical Center (Englewood)
Hunterdon Medical Center (Raritan Township)
Bayshore Community Hospital (Holmdel)
Hackensack UMC Palisades (North Bergen)
Jersey Shore University Medical Center (Neptune)
Raritan Bay Medical Center (Old Bridge)
Raritan Bay Medical Center (Perth Amboy)
Riverview Medical Center (Red Bank)
Chilton Medical Center (Pequannock)
Overlook Medical Center (Summit)
Newton Memorial Hospital (Newton)
Robert Wood Johnson University Hospital (Rahway)
Robert Wood Johnson University Hospital (New Brunswick)
Robert Wood Johnson University Hospital Somerset (Somerville)
Robert Wood Johnson University Hospital Hamilton (Hamilton)
Trinitas Regional Medical Center (Elizabeth)
CentraState Medical Center (Freehold)
Virtua Memorial Hospital (Moorestown)
St. Joseph’s Regional Medical Center (Paterson)
St. Joseph’s Hospital Wayne (Wayne)
JFK Health (Edison)
Shore Memorial Hospital (Somers Point)
The Valley Hospital (Ridgewood)
Capital Health (Hopewell)
Kennedy University Hospital (Stratford)
AtlantiCare Regional Medical Center City Campus (Atlantic City)
AtlantiCare Regional Medical Center Mainland Campus (Galloway)
Princeton Healthcare System (Plainsboro & Princeton)
Listen, I base most of my real estate analysis on demographics and cycles. So let us play that game to understand what happen with Hunterdon county. Why did it have such high income avgs? When did Hunterdon see these big jumps? What demographic was moving there? All these questions are important to understand the situation. Hunterdon made big jumps by attracting baby boomers with money during the real estate boom here in nj. They wanted lots of land, big NEW houses, and country setting. Well, they all fuc!ing moved there all at once, making it a powerful county, but not sustainable based on the demographics. They all moved there, in their later years, after they made most of their money, hence, they were not driving to nyc to make their dough. So obviously, this was not sustainable. How are you going to keep attracting wealthy individuals in their 40s or 50’s this far out? Just not happening. You need to be in commutable distance to nyc in order to support the pricing. Hunterdon is beyond fuc1ed, and it’s because of demographics. If people payed more attention to demographics and cycles, they would have a better understanding of what is going on. Instead they concentrate on way too many factors, drawing a bunch of different conclusions that just end up being contradictions. Stick to factors that can be accurate in understanding these economies.
Harbinger of Doom says:
August 19, 2016 at 10:42 am
Idiot (12)-
Just so we’re on the same page after I go back to ignoring you…up until recently, Hunterdon Co. had the highest median family income of any US county. For over 12 years, it held either the #1 or #2 spot with Somerset.
You are an idiot of epic proportions and should be separated from all your assets for your own well-being. It shouldn’t be that much of an inconvenience for you since the thing you treasure most is hearing the sound of your own voice.
“Biased view. Just because Hunterdon County is in major trouble, doesn’t mean the power counties are. Don’t apply hunterdon’s problems to the counties in commuting distance of nyc.”
FWIW I have no real explanation….
https://www.youtube.com/watch?v=tAIbZrrnvfI
STEAMturd questioning the gender of Hillary’s Cankle fluid. says:
August 19, 2016 at 10:46 am
Through experience, I realized this morning what a STEAMturd is. It’s when you brilliantly multitask in the morning. Simultaneously, you turn on the water to the shower before taking a dump so it will heat up. Of course, the elimination takes much longer than was originally planned creating the odoriferous combination of steam and turd that remains long after the shower is completed. Long enough, for other family families to get in on the nasal trauma.
By the time you get to Hunterdon County…you might as just go all the way and move over to PA.
The uber – can’t get out of your head is…..
Jerry….jerry….jerry lewis…..the jerry lewis MDA……telethon…
The Original NJ ExPat says:
August 19, 2016 at 12:12 pm
I’m a little bit older, but when I think of an (early) 80′s hit you can’t get out of your head, I think of something like this.
https://www.youtube.com/watch?v=Rqnw5IfbZOU
You guys remember this 80′s hit? Be warned…it’s very difficult to get it out of your head.
https://www.youtube.com/watch?v=83nFiPoSuzU
I like the soundtrack on this one
https://www.youtube.com/watch?v=3kE6Qp0GA0U
[43] Plumploop – “demographics and cycles” – Is that Clifton slang for “what I have keestered in my prison wallet”?
Listen, I base most of my real estate analysis on demographics and cycles.
The project is called ‘The Emperor Has No Balls.’
@THR
“NYC Parks stands firmly against any unpermitted erection in city parks, no matter how small”
Statues of a veiny, naked Donald appeared in New York, Los Angeles, San Francisco, Cleveland and Seattle on Thursday morning.
You’ve got to be a total douchebag if you can’t even find one friend to film your movie, and need to resort to selfie stick documentary.
Start suing “houses of worship” as well.
40- Thought this passage needed to be repeated. Prime example of why northeast nj will not die, therefore, nj will not die. If nyc dies, then we die, as long as nyc is a world powerhouse, northeast nj has nothing to worry about. The opportunities will remain.
“Because the families who live in CT and Northern NJ have a married man who is willing to make the 2 hour commute (each way) the overall “value” of the homes and real-estate in those parts of those states are VERY HIGH INDEED, much higher than they would be for upstate New York what with their enormous property tax burdens. This makes those areas extremely desirable to live in with the caveat that someone is willing to put in a 60+ hour work week to bring in the dollars that it takes to live there. Whereas central New Jersey and Eastern CT, kind of lousy place to live.
A better comparison would not be to compare state-vs-state. A better comparison is region vs region, ie: compare the overall economy of Long Island to the Boston Suburbs to the Gold Coast of CT to Northern New Jersey to Philly. That kind of thing. Localize it. I mean to take Trump’s home state as a whole, you have to average the Manhattan lifestyle to that off Rochester or Buffalo residents. How is that even fair? Its not, they are completely different lifestyles (whereas people who live in Central Mass who commute 60 miles to Boston might do nearly as well as people in the South or North shore of Boston.)”
New Revel owner might not reopen it
http://www.nj.com/atlantic/index.ssf/2016/08/revel_owner_on_reopening_resort_to_hell_with_that.html?ath=e48193b1505a73e67f7874531301093d#cmpid=nsltr_strybutton
Desire? Says who? I’m the child of a baby boomer, all my friends want to own nice homes in the suburbs not too far from the city with good schools.
Can’t afford? Says who? A lot of baby boomers in jersey are filthy rich, they help their kids when they are alive, and they help them when they pass away. Why do you think prices are relatively stable in our area? There is support out there in the pricing.
Alex says:
August 19, 2016 at 9:47 am
Key sentence from Grim’s article:
“At the same time, the baby boomers who flooded the suburbs to raise their children are getting older and no longer need big homes, but their children’s generation doesn’t have the desire – nevermind the savings – to buy up the houses, at least not at the prices boomers are looking for.”
Pumper,
The RE market in Hunterdon is not tied to NYC as much as it is to Somerset Middlesex and Morris. Also, lots of self-employed people here: doctors, small business owners, etc that don’t give a hoot about NE NJ and NYC. Quality of life here is so much different. All the NJ statistics prove it, even the most up to date ones. This county and my town, in particular have a lot of people who don’t show their wealth. Keep it hidden. A neighbor 2 streets away has a fifty acre sheep farm. He walks around with a shotgun over his shoulders, looking for coyotes and other predators. Looks like the worst kind of Harley cyclist. His late father walked around with a bent back, white pointed beard down to his chest. A moonshiner, for sure. The sheep farmer’s wife is a nuclear physicist at Princeton.
80’s..The Monroes, of course: (applies to the blog and its contributors)
https://www.bing.com/videos/search?q=the+monroes&view=detail&mid=919B5E68F425A6A85A01919B5E68F425A6A85A01&FORM=VIRE
Beautiful area, no doubt. I’m just stating that their pool of buyers have dried up. Pricing in that area blew up from baby boomers from northeast nj counties coming in droves looking for the lifestyle you describe as they got older during the last bubble. They also were moving out there to get a bang for their buck during the bubble. Those buyers are gone. The baby boomers that were going to move from northeast jersey to hunterdon have already made the move. The rest are remaining in place(snowbirds), or moving to retirement states. The location is much too far from nyc to attract the millennials, but things can change, like with the introduction of driverless cars. Maybe during the next boom in real estate during the 2020’s buyers will again begin to push outwards due to pricing. We shall see.
Xolepa says:
August 19, 2016 at 1:15 pm
Pumper,
The RE market in Hunterdon is not tied to NYC as much as it is to Somerset Middlesex and Morris. Also, lots of self-employed people here: doctors, small business owners, etc that don’t give a hoot about NE NJ and NYC. Quality of life here is so much different. All the NJ statistics prove it, even the most up to date ones. This county and my town, in particular have a lot of people who don’t show their wealth. Keep it hidden. A neighbor 2 streets away has a fifty acre sheep farm. He walks around with a shotgun over his shoulders, looking for coyotes and other predators. Looks like the worst kind of Harley cyclist. His late father walked around with a bent back, white pointed beard down to his chest. A moonshiner, for sure. The sheep farmer’s wife is a nuclear physicist at Princeton.
[41] Plumploop – You only have to pay up and pretend for 14 more years before you find out you were wrong.
Beware…the canned pancake is getting battered today.
[59] I noticed that earlier.
Over 1.8 million shares traded! That’s almost $15,000 of activity. Hahahahahahahaha. Dopekin doesn’t realize you’ll make money a lot more reliably with a $300 stock than you will with something that trades at a fraction of a penny.
19. Yes when to buy one at those prices and then make it look nice & be efficient is to jump the shark in terms of What it’s worth
Xolepa, the one thing for sure we don’t tolerate in Hunterdon are naive dicks like plumpty.
BTW, GE leaving Fairfield just blew a massive hole in CT real estate.
http://bostonrealestatetimes.com/irish-billionaire-closes-on-bostons-priciest-condo-for-35-million/
Pumps must be confusing his home on Pumpkin X. Boulevard with Jan’s Malibu beach house:
http://abcnews.go.com/Lifestyle/brady-bunch-star-eve-plumb-closes-39m-sale/story?id=41482392
clot musik for a relaxing summer in the finger lakes:
https://www.youtube.com/watch?v=zdGtftqUVWs
Oh look, another long thread of idiots who pretend to ignore pumpkin yet hang on his every word. It’s almost as if your lives are so unfulfilled, you have nothing except the hours you spend each day responding to his comments which you claim aren’t worth your time.
BTW, this is total bullsh!t, Hunterdon is only in the top of the income rankings because it doesn’t have Dover or Manville or Newark or Hackensack weighing down the averages. Pumpkin is right, with the exception of Oldwick, Hunterdon can’t touch the wealth found in the NJ counties closer to NYC.
“Just so we’re on the same page after I go back to ignoring you…up until recently, Hunterdon Co. had the highest median family income of any US county. For over 12 years, it held either the #1 or #2 spot with Somerset.”
Who really cares where the wealth is? Really!
lol You aren’t kidding.
STEAMturd questioning the gender of Hillary’s Cankle fluid. says:
August 19, 2016 at 1:50 pm
Beware…the canned pancake is getting battered today.
68 then why does pumps insist on still visiting here every day? He made a grand announcement a few weeks ago that he was leaving. He was back in a matter of days! And the blog was still here while he was gone. Who is worse us or him?? People who are intimately involved in sectors like real estate such as 30 year or clot who used to be are dismissed out right by pumps because that might mean his value of his real estate might go down. Nothing more. Anything that distorts his world view of real estate is dismissed. The beauty of this blog used to be spirited debate give and take and people having an open mind. Now it’s dominated by pumps who is a moron. I don’t normally resort to name calling but he is.
Pumpkin arrives daily to collect his hard-won prize
http://www.tinyurl.com/PumpkinsVictorySong
@bwreed
The issue was never about Bush going to Louisiana.
It was about him appointing an imbecile to run FEMA.
I didn’t dismiss 30 year, I disagreed with his statement and stated why. Don’t make it seem like I blew him off and had superior knowledge than him. Am I supposed to just agree with what someone says?
Clot might have more knowledge than me, but don’t underestimate what a pessimistic mind can do to the thought process. Negativity consumes and distorts your ability to think clearly.
I’m here for spirited debate, isn’t that what I do? Not my fault some people get totally pissed off at my pt of view in the debate.
3b says:
August 19, 2016 at 4:28 pm
68 then why does pumps insist on still visiting here every day? He made a grand announcement a few weeks ago that he was leaving. He was back in a matter of days! And the blog was still here while he was gone. Who is worse us or him?? People who are intimately involved in sectors like real estate such as 30 year or clot who used to be are dismissed out right by pumps because that might mean his value of his real estate might go down. Nothing more. Anything that distorts his world view of real estate is dismissed. The beauty of this blog used to be spirited debate give and take and people having an open mind. Now it’s dominated by pumps who is a moron. I don’t normally resort to name calling but he is.
74 30 year is in the real estate business everyday. Go back And read his comment on 15. You did not disagree with his statement you dismissed his analysis and dismissed his affirmation of what the article said. Why? Because it might mean your real estate goes down. Period. And again the man is in the business you are not yet you dismiss him.
Do you honestly think northeast nj is like any part of conn? Greenwich corner blows nj out the door, but are we going to compare fairfield county to northeast nj? I think two different worlds.
Found this in the comment section of that article. This is the house the article is focused on.
“Here’s the Zillow listing for the house in question:
http://www.zillow.com/homedeta…
It’s going for $2.35 million. Hardly representative of the real housing problems in America.”
3b says:
August 19, 2016 at 9:18 pm
74 30 year is in the real estate business everyday. Go back And read his comment on 15. You did not disagree with his statement you dismissed his analysis and dismissed his affirmation of what the article said. Why? Because it might mean your real estate goes down. Period. And again the man is in the business you are not yet you dismiss him.
76- http://www.zillow.com/homedetails/45-Bennington-Pl-New-Canaan-CT-06840/64624383_zpid/
Like how many people can afford that kind of home? How can you make any kind of assumption for the overall market based on homes selling for over 2 million dollars. Who the fuc! is buying that in their 20’s-40’s? What percentage of the population can afford that kind of house? Propaganda bs article trying to paint the picture that the sky is falling based on bs evidence.
Do you know what really distorts your ability to think clearly? Overpaying for a house on a really busy road and then realizing that out of all the fools selling to greater fools that you are http://www.tinyurl.com/PumpkinsVictorySong
Negativity consumes and distorts your ability to think clearly.
Twitiot [73];
Lying just comes so naturally to your side of the aisle — its no wonder you don’t consider it a character flaw. From your messiah’s own mouth:
“We can talk about … a president who only saw the people from the window of an airplane, instead of down here on the ground, trying to provide comfort and aid.”
https://youtu.be/9X0lEbi2LHU?t=36s
Obama hasn’t even gotten on his airplane; we don’t even know that he’s so much as watched pictures on television. Are you as much of a hypocrite as he is, or are you just a mindless sycophant parroting the Daily Kos talking points?
Funny (and Demented) Seattle area Realtor anecdote regarding the potential for another housing Bubble:
“House prices can’t be in a bubble because they are only 10% greater than the 2006 peak, meaning growth of only 1% per year since 2006. And 1% per year is not the Bubble type gains we saw back in the mid-2000’s”.
http://mhanson.com/7-5-hanson-house-prices-ready/
RE: Hunterdon County
The new Toll brother homes that is coming up is almost sold out. New families moving in who either work in Bridgewater or work from home IT folks.
The work environment is shing. With sky high commercial costs in NYC, companies cannot afford to have a cubicle for every worker. So they allow 2-3 days work from home. So most people moving in to Hunterdon county are working from home 2-3 days a week and driving to NYC once or twice per week.
Dynamics of work place is shifting. So old adage of driving to work is less and less important especially to technology related jobs. The 8 families that I met in Hunterdon county are making atleast 150K in household income. They love the open space and greenery when compared to the concrete jungle of other counties.
82 so office space is inexpensive in NYC and people will work from home more? Then what happens to all that NYC office space? As for Hunter Don it’s a tough NYC commute . I have a family member living out there and he says real estate is dead.
79 He must have over paid for his house and now desperately trying to rationalize his purchase. I know a few of those.
76 doo fuss Conn is a sister state of nj they are/ were the closest economically demographically etc to northern nj. Yes they are definitely very comparable. You dismiss the article as b.s. because it could be true. And that terrifies you. And you did dismiss 30 year a man in the north Jersey real estate business for years. That says so much about your distorted view.
Did you even read my posts #76 #78? This article is bullsh!t. Let’s compare the town that article is based on to ridgewood nj.
Ridgewood, nj. Avg home price is below 700,000 and the temperature of the market is “hot.”
http://www.zillow.com/ridgewood-nj/home-values/
Now let’s compare Ridgewood to the town the article is based on. This town’s avg home price is over 1.3 million. Their market temperature is “COLD.”
Any questions? Or are we going to continue to make broad comparisons based on entire states, when the focus should be on specific locations. Northeast nj is not comparable to anything in conn. So why make the comparison and act like they are one in the same? Those wealthy towns in conn are some of the richest areas in the world, nj can’t even compare(maybe alpine) on an avg cost basis. Conn has way more old money. Its a different dynamic.
3b says:
August 20, 2016 at 10:07 am
76 doo fuss Conn is a sister state of nj they are/ were the closest economically demographically etc to northern nj. Yes they are definitely very comparable. You dismiss the article as b.s. because it could be true. And that terrifies you. And you did dismiss 30 year a man in the north Jersey real estate business for years. That says so much about your distorted view.
Nah, just had an appraisal done at my house for a refinance I’m currently in the process of completing. Been in my house for 4 1/2 years. Value went up 50,000, so a little less than 10% in 4 1/2 years. I’ll take it, esp in town where the market has been “cold” compared to the other towns in the area. Like I said before on this blog, Wayne might currently be one of the best buys in northern jersey based on price per sq ft, schools, and location. These prices should see some of the biggest gains in north jersey in the next 10 years. Has lots of room to grow based on current prices. Not really going to find overpriced in Wayne right now.
http://www.zillow.com/wayne-nj/home-values/
3b says:
August 20, 2016 at 10:01 am
79 He must have over paid for his house and now desperately trying to rationalize his purchase. I know a few of those.
86 pumps northeast nj is most certainly comparable to Fairfield co Connecticut. Period. I can’t help it if you over paid for your house and now your whole perspective is blinded by that. The article stands as written. And I value 30 years expertise in the market not your rantings.
Are there enough of these type of people to drive prices up, or at least maintain current price? That’s the question. Beautiful county, but it will be tough to stay ahead of these other nj counties in the next 10 years. The growth is located within the 287 corridor. Pass 287, and its get tough, but who knows what will happen in the next bubble, people may very well push west again in search of more bang for their buck.
Zack says:
August 20, 2016 at 9:33 am
RE: Hunterdon County
The new Toll brother homes that is coming up is almost sold out. New families moving in who either work in Bridgewater or work from home IT folks.
The work environment is shing. With sky high commercial costs in NYC, companies cannot afford to have a cubicle for every worker. So they allow 2-3 days work from home. So most people moving in to Hunterdon county are working from home 2-3 days a week and driving to NYC once or twice per week.
Dynamics of work place is shifting. So old adage of driving to work is less and less important especially to technology related jobs. The 8 families that I met in Hunterdon county are making atleast 150K in household income. They love the open space and greenery when compared to the concrete jungle of other counties.
For the 100th time, I didn’t overpay. My home is a completely updated “turn key” center hall colonial that was built in 93. If I put the house on the market for what I payed, there will be a huge bidding war. But keeping thinking that I’m underwater.
3b says:
August 20, 2016 at 12:11 pm
86 pumps northeast nj is most certainly comparable to Fairfield co Connecticut. Period. I can’t help it if you over paid for your house and now your whole perspective is blinded by that. The article stands as written. And I value 30 years expertise in the market not your rantings.
Where in northeast nj is there a town with avg sales price at 1.3 million? Yes, alpine is 2.8 million and englewood cliffs 1.1 million, but how many towns are 1.3 million? Tenafly is 737,000 for god’s sake. Do you understand the point I’m making yet?
That article is based on a 1%er town and they try to use it as an example for the rest of the market. Who the hell can afford a town where the avg house is 1.3 million? The stupid article claims that a 2.3 million house is not moving quick, and why would it? It’s 2.3 million dollars, how many people can afford that? Not many!! That author should have done better research before making pts based on ridiculous examples.
86- link for the town in that article.
http://www.zillow.com/new-canaan-ct/home-values/
http://www.youtube.com/watch?v=OIoMfVNVx4g
https://youtu.be/s6-hTjBzpak?t=10m40s
Cheeeeeeap car lease my first eva. But in the Bimmer once ag_ain….
3b- check out this comment from that article that takes a similar position on that article as myself.
“”Of course, the fact that the homes are still so expensive means they have retained some of their value. But they’re not as valuable as they once were—and definitely not as valuable as their owners want them to be. ”
Where does The Atlantic get these writers who post provocative headlines followed by substance free stories? Just look at that quote I copied from the article. Real Estate and Economics 101. The article is rife with tripe like this, as are many articles in this magazine. Headlines draw you in and the author has no support for his/her conclusions but one couple, one quote, and an expansive imagination.
If prices in the NYC commutation area are high it is because there is demand for housing more than likely created by the 600,000 jobs that the author says were added over the last ten years. If the prices aren’t as high as the seller would like, well, are they ever? Real estate, as any other market, needs a buyer and a seller, each competing for different purposes. The price of a house is a clearing mechanism for supply and demand so who is to judge whether a price is too high or too low if it attracts both a buyer and seller?
“The mainstay of the Connecticut model; these wealthy suburban communities within commuting distance to larger cities, is not really a sustainable model,” Ellen Shemitz, the executive director of the nonprofit Connecticut Voices for Children, told me.
The author throws this quote in for good measure from the Director of a children’s non-profit. It needs no further commentary.
It’s exhausting pointing out all the holes in articles like this…”
[87] Pumpfalse:
1. 7.6% is 24% off from 10%, does not qualify as “a little less than”
2. Congratulations on the $50,000 value gain in 4 1/2 years. You realize you paid $80,000 in RE taxes alone for your great find on a 50 mph road.
3. The link you provide says Wayne RE went up 3.5% in the last year, yet your crap pile only went up 7.6% in nearly 5 years. Guess who paid too much? I’ll give you a hint http://www.tinyurl.com/PumpkinsVictorySong .
Look on the bright side, you may have to pay for it all your life, but… Oh…there is no bright side. Hahahahahahahaha
Nah, just had an appraisal done at my house for a refinance I’m currently in the process of completing. Been in my house for 4 1/2 years. Value went up 50,000, so a little less than 10% in 4 1/2 years. I’ll take it, esp in town where the market has been “cold” compared to the other towns in the area. Like I said before on this blog, Wayne might currently be one of the best buys in northern jersey based on price per sq ft, schools, and location. These prices should see some of the biggest gains in north jersey in the next 10 years. Has lots of room to grow based on current prices. Not really going to find overpriced in Wayne right now.
http://www.zillow.com/wayne-nj/home-values/
Pumpfalse:
So the thaw will come in 2020? Hahahahahahaha
Face it, Pumps. You live North of the Wall and Winter is coming.
“They were touched by White Walkers. That’s why they came back. That’s why their eyes turned blue. Only fire will stop them.”
―Samwell Tarly
http://www.zillow.com/wayne-nj/home-values/
MARKET TEMPERATURE
Cold
Buyers’ Market
The median home value in Wayne is $426,900. Wayne home values have gone up 3.5% over the past year and Zillow predicts they will rise 1.8% within the next year.
Taxes are the cost of society in the location that I live. It wasn’t wasted money. Very very happy with my quality of life. Why do you continue to look at taxes as 100% wasted money? Are you that selfish that you expect everything for free?
“2. Congratulations on the $50,000 value gain in 4 1/2 years. You realize you paid $80,000 in RE taxes alone for your great find on a 50 mph road.”
[99]Just say it over and over and over until you feel better, Pumpfalse.
Taxes are the cost of society in the location that I live. It wasn’t wasted money. Very very happy
Taxes are the cost of society in the location that I live. It wasn’t wasted money. Very very happy
Taxes are the cost of society in the location that I live. It wasn’t wasted money. Very very happy
Taxes are the cost of society in the location that I live. It wasn’t wasted money. Very very happy
Taxes are the cost of society in the location that I live. It wasn’t wasted money. Very very happy
Taxes are the cost of society in the location that I live. It wasn’t wasted money. Very very happy
Taxes are the cost of society in the location that I live. It wasn’t wasted money. Very very happy
https://www.youtube.com/watch?v=OIoMfVNVx4g
No Country for Old Men:
Ma’am, I know what
beerbad real estate decisions lead to.(The Woman laughs)
Beerbad real estate decisions leads to morebeerbad real estate decisions.Hunterdon County’s population has begun shrinking after years of rapid growth. Hunterdon is the next Sussex.
When it starts shrinking, Pops starts drinking, then the kids turn to heroin.
Newsflash…kids were doing heroin in the 90’s. Stop acting like it isn’t happening in your hoidy toidy town.
“US manufacturing is at or near a record high level. We make more stuff than we ever have made before, and twice as much stuff as we made in 1984.
The output of durable goods was at an all-time high in 2015, more than triple what it was in 1980 and double what it was 20 years earlier. The production of electronics, aerospace goods, motor vehicles and machinery are at or close to all-time highs.
http://www.marketwatch.com/story/us-manufacturing-dead-output-has-doubled-in-three-decades-2016-03-28
In what world is record high output the sign of a “crippled manufacturing sector?” Oh, I know: the Foxiverse”
It is the good time to outsource all kinds of work for only a 5 buccks. Check this one