From CNBC:
Real estate CEO: Record-low housing inventory is ‘freaking us out’
The number of homes for sale in America has been falling steadily for the past year, but the situation is apparently getting much worse as spring demand heats up.
“The inventory is reaching historic lows. It’s never declined faster than it did last month. It’s freaking us out — it’s affecting our business; it’s limiting our sales,” said Glenn Kelman, CEO of Seattle-based Redfin, a real estate firm. “We’re going to be fine in terms of market share, but I think the overall industry for the first time is seeing sales volume really limited by the inventory crunch.”
Kelman started Redfin more as a technology company and touts his ability to track closely the more than 80 metropolitan markets it covers. He blames the lack of inventory on a new dynamic in housing.
“It’s a new landlord nation where everybody is renting out their basement. When somebody moves up they don’t sell their old place, they rent it out to somebody else, and it’s because they want to keep that 30-year mortgage for 30 years, and it’s because they can easily find somebody on Airbnb who will take the place,” Kelman said.
Homes in April sold the fastest since Redfin began tracking the market in 2010. The typical home went under contract in just 40 days, 10 days faster than April 2016. As a result, 1 in 4 homes sold above their list price, which is the highest percentage Redfin has recorded.
Home prices continue to move higher as well, but, “It’s not a bubble,” said Kelman emphatically, who cites tight credit as keeping the bubble at bay.
From Commercial Observer:
Inside New York and New Jersey’s Industrial Boom, Fueled by the Death of Retail
Industrial property has never been sexy as a building or an asset class. At most, such properties might be converted into lofts, a modern office or a party venue. (Extra points if they’re near a bridge with a particularly noisy elevated subway.)
Traditionally, industrial properties were the purview of passive investors who didn’t seek huge returns.
Until now. All of a sudden, developers are clamoring for warehouse space in the five boroughs and New Jersey. Prices and rents are skyrocketing, and there are not many large sites available anymore, even for buyers with extremely deep pockets.
In New York City, industrial real estate is rapidly disappearing as the city rezones large swaths of the outer boroughs to pave the way for new residential buildings.
“The M-zoned [industrially zoned] pockets in Brooklyn have shrunk over the years because of rezonings, and now there are more discussion of rezonings in Gowanus, Williamsburg, Bushwick,” said Dan Marks, a partner and commercial broker at TerraCRG. “It puts a lot of pressure on the remaining M-zoned areas.”
Across the East River in New Jersey, the market for industrially zoned land is also heavily constricted and expensive. But unlike in New York City, developers are building millions of square feet of new industrial space along the New Jersey Turnpike. And e-commerce tenants and businesses that cater to them are taking huge blocks of industrial land on both sides of the river, often paying more than old-school warehouse or light manufacturing tenants.
Turns out baby boomers are more entitled than millennials:
http://www.marketwatch.com/story/baby-boomers-are-more-entitled-than-millennials-and-this-research-proves-it-2017-05-17
Not surprised that the locust generation thinks the world owes them something.
Go Jersey!
grim says:
May 18, 2017 at 5:39 am
From Commercial Observer:
Inside New York and New Jersey’s Industrial Boom, Fueled by the Death of Retail
Ahhh well…I guess I’ll sell all of my stocks today. Looks like Trump won’t be president for much longer. Oh well.
So what is V2?
President Pence and VP Ryan?
Probably quite a few people who would prefer that ticket. Not to mention it would offer a complete reset of the republican agenda in Washington. Not too often does a party get a “do-over” – which would absolutely be the case here. Blame it all on loose cannon Trump … now that that’s behind us, now we can get the real work done. Blah blah blah. I could very easily see both parties claiming victory in an impeachment – so don’t be surprised when you see a very large portion of the repubs backing impeachment.
Did I mention I overheard an idiot yesterday saying that Trump should be impeached so Hillary can be president.
Damn, Chris Cornell RIP. One of top 5 rock singers all time for me. Shocking..
“The U.S. labor market continues to show signs of tightening, with unemployment claims declining for the third straight week and benefit rolls matching the lowest level since 1973, Labor Department data showed Thursday.”
Wow Ailes dead
Double suicide with Cornell? Bad one, I know.
Really can’t make this stuff up.
http://www.nj.com/politics/index.ssf/2017/05/opioid_crisis_has_addicts_abusing_pets_to_score_an.html#incart_river_home
Remember the “black hole sun” video playing all day every day during one of my teenage summers back when MTV actually played videos. Those were the days….endless summers, mtv videos, and rock and roll ruled the airwaves.
“Wow Ailes dead”
Fake news?
Good sign. Should signal that instead of pushing prices higher in Manhattan, they are pushing outwards. This was long overdue. Good for jersey.
https://www.bloomberg.com/news/features/2017-05-18/real-estate-deals-vanish-in-new-york
totally fuct……they got Weiland, and now Cornell…..Vedder better lay low…..
Bystander says:
May 18, 2017 at 8:38 am
Damn, Chris Cornell RIP. One of top 5 rock singers all time for me. Shocking..
Detroit Free Press is reporting Cornell’s death is suspected to be a suicide.
Police: Chris Cornell found dead in Detroit with ‘band around his neck’
http://www.freep.com/story/news/2017/05/18/soundgarden-chris-cornell-dead-suicide/329557001/
Eerily, yesterday, I had Nirvana, Alice in Chains, STP, Pearl Jam and Soundgarden all loaded up on my mp3 player. I was thinking that Cornell and Vedder are the only two singers left.
It’s tough being a rock star.
I was over at my multi a few minutes ago. Upstairs tenants said the toilet wobbled but there was no water so I bought some caulk, a few toilet shims, a knife, a sponge and a hammer over. Ended up just needing the bolts tightened. Oy vey! Well I asked them how they were doing and they said one day they plan to buy a home and it’s great that I let them watch me do repairs because they have no clue (obviously). I told them, if they ever buy a home, I would by them a housewarming gift of the time/life books, non-digital version. Well he said, there’s no way they are buying a home anytime soon since since they can’t possibly save enough. No duh, you are living in Montclair, strolling distance to a train station in an apartment much better suited to 3 people. Don’t get me wrong. They are great tenants, always pay on-time, extremely neat and so on. But if I were them, I would take the extra $1,000 they are paying a month and move to Clifton or someplace else where schools don’t matter.
In other findings, I see that Montclair’s bravest, don’t even flush the hydrants anymore. This has been outsourced. Let’s see. The janitors have outsourced cleaning to Latino cleaning ladies, the six figure fireman can’t flush the hydrants and everytime the town takes on a medium sized project, they hire super expensive consultants. It’s good to always have those tax dollars to f around with.
6:00 Grim,
Article has plenty of good points. Why does college cost so much more? More piggies at the trough asking for higher and higher salaries. Why have home prices risen so much? Those who own the dirt asking too much, too many parasites attached to the framing requiring unnecessary added building costs. Segregation not allowing smaller lot sizes/smaller homes/ old goats only allowing 55 and over construction – segregation against singles, divorced, low income families. Old goats say ditch your cellphone and save for a house Millennials. Numbers bear out that this does not make any sense. If Romney pushed his voucher thing through the heat would really be on.
MP3 player? What is that?
what does it mean to load up?
#thefutureofstreamingishere
CD’s work just fine
Management consultant cukery at my gig for the next few quarters. I gather we will downsizing at least 7%. Time to take my chips and find a new game I guess.
That sounds like the 4th sentence in a JJ story.
I bought some caulk, a few toilet shims, a knife, a sponge and a hammer over.
How many cars do they have? None -great. One – OK. Two? – to my calculations eliminating 1 car from a family nets about at least $1,000 PER MONTH net savings. If they have two cars they could probably move to Clifton and bank $2,000 per month by giving up 1 car. If they want to stay in Montclair, they probably shouldn’t have more than 1 car. One of my best friends has a Mom & Dad who sold their house in 1990 or so to retire to Montclair as renters. The Dad died, but the Mom still rents there (I think she’s on her 3rd place, about 85 years old now). I’m not sure if they even had a car after they retired, but I’m guessing only 1. The Dad was a Science Teacher and the Mom was a librarian. They used to spend every Summer in the 60’s, 70’s, and 80’s visiting every state in the Country in their VW microbus camper. You know the type. Where else could they end up but Montclair?
The funny thing is they have two sons, both about my age. Neither one ever married or had kids. One lives in Florida, one lives in Oregon. I guess if you have to spend every gd Summer cooped up in VW microbus with no A/C you might get turned off by the nuclear family way of living.
Perry Mason (jj Edition):
Lawyers in the murder trial of a Florida man who wants to show his pen!s to the jury went back and forth this week on whether he would need to be erect.
The trial for Richard Patterson, 65, of Margate began on Tuesday, but the judge has not ruled whether his gen!tals will be presented in the courtroom.
Patterson’s lawyers want to use his pen!s as evidence to argue that his girlfriend Francisca Marquinez, 60, choked to death while performing or6l s3x on him in 2015.
The prosecution reportedly doesn’t object, but argued at the trial that his pen!s must be erect, according to news station WPLG.
“Do we do it in the back? Do we do it in open court?” assistant state attorney Peter Sapak asked. “How is the defendant going to be erect when the jury views it? Because a flaccid pen!s, whether it be a picture or the jury actually seeing it, is completely irrelevant. It needs to be erect.”
Defense attorney Ken Padowitz slammed the prosecution’s argument, saying the court should hear from a medical expert about the logistics. Padowitz wants to call former Broward County medical examiner Ronald Wright as a witness to testify that Marquinez’s death “is consistent with being accidentally s3xually asphyxiated during oral s3x.”
“He’s telling the court, as if he’s a medical expert in his argument, that it matters whether the pen1s is erect or not,” Padowitz said. “But he’s merely speculating here since he’s never asked that question to Dr. Wright in definition, and he doesn’t, obviously, know, actually, what the expert opinion is what is needed or not needed in order for a human being to choke.”
Patterson faces second-degree murder charges and if convicted, could be sentenced to life in prison.
Are they also arguing balls across the nose as a contributing factor? They might need to lay a juror on the floor to demonstrate, no?
I wonder if he’s claiming he wasn’t wearing his hearing aid either.
Comey testimony May 3, 2017
HIRONO: So if the Attorney General or senior officials at the Department of Justice opposes a specific investigation, can they halt that FBI investigation?
COMEY: In theory yes.
HIRONO: Has it happened?
COMEY: Not in my experience. Because it would be a big deal to tell the FBI to stop doing something that — without an appropriate purpose. I mean where oftentimes they give us opinions that we don’t see a case there and so you ought to stop investing resources in it. But I’m talking about a situation where we were told to stop something for a political reason, that would be a very big deal. It’s not happened in my experience.
Times Square – speeding car results in at least one death and one arrest.
…and multiple people injured.
D-FENS,
Comey committed perjury. Go ahead, Comey, release those memos because if you do, then you lied under oath to a Senate committee. The dems better hope this independent investigation by Mueller uncovers the mother lode because if it doesn’t… fill in the blank.
The timeline is off….couldn’t have happened…
https://www.mediacircus.com/2017/05/wait-didnt-the-fbi-clear-flynn-on-jan-24/
Wait.. Didn’t the FBI clear Flynn on Jan 24?
Posted on 16 May 2017
Something stinks here with this New York Times Comey Memo “bombshell” and it’s not just to leftists. I seem to remember that Comey’s FBI cleared Michael Flynn of any wrongdoing back on January 24th. Rememeber this story from the New York Post (which attributed credit to the Washington Post) back on January 24th 2017?
Wait.. Didn’t the FBI clear Flynn on Jan 24?
So if Flynn was cleared by the FBI on January 24th, why in the hell would Donald Trump ask Comey to clear Flynn in February? Flynn is still understand investigation by the various Congressional committees, but not the FBI. There would have been nothing for Trump to ask Comey to clear. Comey had no control over the Senate or House committess investigating Flynn and the so called “Russia Collusion.” Why is the media not reporting on this?
So what do we believe? That story from January 24th claiming Comey cleared Flynn in the Russia collusion case? Or that Comey kept some memo of Trump asking him to give Flynn a break at a dinner date sometime in February? As of now anyway, no one aside from Comey and his “friend” have possesion of this memo. Even the New York Times doesn’t have a copy. They were just dictated to by Comey’s “Friend.”
Household Debt Makes a Comeback in the U.S.
https://www.nytimes.com/2017/05/17/business/dealbook/household-debt-united-states.html
D-FENS,
The democrats truly fuct themselves, blinded by their hate.
CNBC says Times Square was an accident. No way, no how. Driving the wrong way at a high rate of speed? Perhaps he should apply for a job as an engineer at NJ Transit?
http://nypost.com/2017/05/18/speeding-car-mows-down-pedestrians-in-times-square/
Speeding car mows down pedestrians in Times Square
By Danika Fears and Larry Celona May 18, 2017
CFPB after Zillow? Does the NAR have that much influence in this new Administration?
http://www.marketwatch.com/story/zillow-advertising-under-cfpb-fire-sets-real-estate-industry-on-edge-2017-05-18
SCF
I would wait to find out the age of the driver before I would say no way no how.
A mother was killed and her daughter was injured when the two were struck by a car in Lindenhurst on Sunday morning. The 2005 Toyota Corolla slammed into a Lindenhurst Fire Department building after hitting the pedestrians.
The driver of the Corolla, 80-year-old Ann Riolo, suffered non-life-threatening injuries, police said. Riolo was backing out of a diagonal parking spot when she drove onto the sidewalk, in reverse, and then hit the women.
re: Times Square.
Sure it was an accident then why is the driver in custody? Being in custody means arrested.
Here is a pic of the driver being arrested this guy was cuffed and stuffed.
https://twitter.com/Cernovich/status/865243047801401344
“Household Debt Makes a Comeback in the U.S.”
Heck…Just to be safe, I went to open a HELOC in case the D’s medical bills outgrow our rainy day fund. Don’t worry about me, have plenty of other things I could liquidate. But at 4%, why? Well found one that was 100% free to open, had no carrying cost if not used, was under 4% and didn’t require payback during first 10 years. Closed at year 15. Unfortunately, I didn’t qualify since Gator’s not working, regardless of our 830 credit. And we do still have about 500K in mortgage loans outstanding, regardless of the 600K in equity on the homes. But if they are giving out loans like this, not surprised people are taking them.
I ended up applying for the Barclays (swore I would never open an account with them) Ring Card. Got 10K limit card that is 0% interest on transfers and purchases for 18 months and no fees whatsoever. This is madness.
Another website says 26 year old with previous DWI.
Toxicology testing….
I saw the video of the arrest on twitter. He looks dark skinned, no? Not that I’m jumping to any conclusions about it (I am).
SCF,
Have a co-worker who’s son was in an accident. Won’t get into details, but lets just say the son’s medical bills are approaching 2M. Family has worked and saved their whole life, now considering bankruptcy…
I am lucky to have good insurance. If I am terminated…I will run up the largest debt ever and move to central america.
I’m going with drunk Muslim.
Lifetime limits a big (million-dollar) deal
Cost of removing caps is minimal for insurers, but impact is monumental for Americans with catastrophic conditions
https://www.healthinsurance.org/blog/2012/03/06/lifetime-limits-on-your-health-insurance-coverage-are-a-big-million-dollar-deal/
https://www.healthinsurance.org/blog/2012/03/06/lifetime-limits-on-your-health-insurance-coverage-are-a-big-million-dollar-deal/
Second one in Staten Island
@Breaking911
Following
More
BREAKING IN STATEN ISLAND, NYC: 5 People just struck by vehicle; 1 DOA, 3 likely to die / very critical. Broadway & Castleton Ave.
I wish you would never have had a need to use it….
“I am lucky to have good insurance. “
Must be another drunk.
Liquid Lunch Day??
Thanks Phoenix. We have witnessed plenty at CHOP without good insurance. It need not be this way.
We obviously need automotive reform.
I’m guessing Staten Island was just a run of the mill two-car accident.
This is how it works. A child /working person gets a cap. Make it to 65 and there is NO LIMIT.
Q. Is there a cap on the amount of Medicare services you can use? I’ve had several expensive surgeries, and I’m worried that my benefits may run out.
A. In general, there’s no upper dollar limit on Medicare benefits. As long as you’re using medical services that Medicare covers—and provided that they’re medically necessary—you can continue to use as many as you need, regardless of how much they cost, in any given year or over the rest of your lifetime.
http://www.aarp.org/health/medicare-insurance/info-02-2009/ask_ms__medicare_17.html
AI. The future. We will be able to trust artificial intelligence and self driving cars over humans in the very near future. Once AI cars get down to an accident rate lower than humans, insurance for those who wish to drive by themselves will go up.
Of course, law enforcement will then need to find a new source of revenue-kinda hard to ticket a car that goes the speed limit, does not drink and drive, does not cross the yellow line even for a millisecond, knows when it is due for inspection and has a light out somewhere, does not roll through a stop sign or red light…..
The truck that plowed into a Berlin Christmas market last week, killing 12, came to a halt due to an automatic braking system, according to German media reports on Wednesday.
The automatic braking system potentially saved the lives of many more people in the recent terrorist attack.
Alleged hijacker Anis Amri (picture alliance /Bundeskriminalamt)
Tunisian Anis Amri was killed by police in Milan after fleeing Germany
An investigation by newspaper “Süddeutsche Zeitung” and broadcasters “NDR” and “WDR” found the Scania R 450 semi-trailer stopped after travelling between 70 and 80 meters (250 feet). The system was reportedly engaged after sensing a collision.
Previous reports speculated that the truck had driven erratically and stopped due to the heroic actions of the truck’s Polish driver, who lay fatally wounded in the cabin.
Terrorist act? They are saying no, but it doesn’t add up.
ICE already requested a detainer. DeBlasio already released him to keep the immigrant community safe.
I saw the video of the arrest on twitter. He looks dark skinned, no? Not that I’m jumping to any conclusions about it (I am).
“”Bodies were flying, he was running over people, it was like nothing I’d ever seen,” Julie Fallo told Gothamist. “Everyone thought it was a terrorist attack and ran into buildings screaming. People were trying to get off the street, as if he was going to jump off the car and start shooting.”
Ms Fallow said she thought the crash was deliberate, adding: “He went across going straight on the street and hit so many people that it slowed his car down and he just kept going.”
“The people were slowing down his car but he was speeding up. We don’t understand. I don’t understand how that’s possible, I can’t imagine how you could keep going.””
http://www.independent.co.uk/news/world/americas/times-square-new-york-crash-car-attack-terror-injured-intentional-pedestrians-a7743416.html
And the markets back!
Rojas? Is that Pakastani?
It’s Costa Rican.
We now have 2 distilleries in Old Town Key West. Hemingway Rum Co just built a multimillion dollar distillery. Are we at peak booze yet?
Not even close – Hemingway will make their money back in a year.
This goes against Occam’s razor, but wouldn’t it be something if all things FBI and Russian went according to an administration master plan. It now looks like every question the salivating media will want answered will all defer to Mueller, who won’t be holding and press conferences. So we’ll have:
1. Obama’s past FBI Director running the investigation.
2. Democratish Joe Lieberman running the FBI.
3. Congress no longer calling any witnesses to testify during the investigation.
4. Administration can now deflect all questions.
5. CNN and MSNBC can keep on spewing, speculating, and manufacturing, but they’ll have to do it all in their own studios.
6. New York Times and Washington Amazon will themselves be obstructing justice and shining light on leaks if they continue to write articles based on anonymous sources.
In all probability though, Trump just wanted somebody other than a hella tall multi-millionaire loose cannon administrating the FBI and his staff failed to see/advise him of the backlash that anyone here could have easily predicted(except pumps, of course). I doubt he was covering up anything, he just figured he would swap in somebody who would quietly finish the investigation that we all know has no merit (except pumps, and those with Trump Derangement Syndrome).
My hope is that Mueller goes wide and finds all kinds of bad Obama administration stuff. Remember – Ken Starr started by investigating Whitewater and ended up with Bluejizz.
Chillax racists. Don’t you know that if Fox News does not have this on front page then it must not be a muslim?
*Front page main news
Against,
Rojas certainly drove like one!
6. HELP WANTED – Construction companies in the commercial real estate industry employ 4.2 million workers today. The growing number of new construction projects nationwide has created a labor shortage of 500,000 workers in the construction industry, e.g., electricians (source: Associated Builders and Contractors).
7. BRICK AND MORTAR – Christopher Leinberger of George Washington University’s Center for Real Estate and Urban Analysis predicts that the next American recession will result in 30% of shopping malls nationwide shutting down. There are 47,000 shopping centers in the USA (source: Money Magazine).
Haven’t put our condo on the market yet as we still have some work to do. I’m glad I didn’t jump on the market first. We just got a comp for $500K upstairs. Sold so fast the owners are now frantically looking for a rental for a year before they buy again here in Boston. I wish I thought of that. Oh – I did! Suck it, Pumps.
BTW, cash offer.
We’ve already extended our rental to June of next year. Just yesterday I turned on the central air for the first time since moving here at the beginning of January. I wasn’t really expecting good results because the heat was not so great by our standards (but we were used to 78 degrees in the Winter, all the time, 24 hours a day. Steam heat in a pre-war building). The heating unit seemed a little weak as there were times when I wanted to warm the family up to our old standards and couldn’t hit 75 degrees on some days in the Winter. The AC seems right sized for the house though. BTW, I didn’t keep the house at 75 degrees all Winter, just when the wife and kids were feeling chilly. We were so used to wearing short sleeves indoors, no matter what the weather, since 2002.
People who are selling for $500K bought for $315K in 2008, after the old peak which was about $360K for a similar unit in 2007. The person who sold that unit back then was one of the most reasonable sellers I ever met. She had just retired as a single elementary school teacher, no kids, never married. She wanted to trade down to a 1 BR in Brookline, which is more expensive than Boston. She told me, “I know I’m selling for a lower price than last year, but I’m also buying for a lower price.” How many realtors would love to have an educated seller like that?
Holy Crap. I just looked and Zillow has our place at $485K.
@BenjaminWittes
tick tick tick tick tick tick tick
I think the Dems are shortly going to be starving for fake fodder and the MSM will be choking on the vacuum.
Original, I’m sorry faux news is not entertaining you enough lately. I’m surprised they didn’t label the ‘dark skinned’ guy as a muslim terrorist.
ProudLword – I love fake news. I leave CNN on in the background while I’m working. It reminds me of my college days when I really needed to study. Instead of listening to music that I liked I would listen to disco. There was just something about the mindless Thump! Thump! Thump! that made me feel happy and high energy inside without provoking any distracting thoughts…actually any thoughts.
Think the left is unhinged now? Just wait until Pence outlaws abortion.
Expat, are you paying the capital gains tax on your sale?
And expat, the longer you hold the more you will get. What kind of balls do you have? Enough balls to ride this cycle for some real gains? Rent it out and ride this for all she is worth. You will know when the signs are telling you the bubble will burst. Don’t leave this much money on the table. You will regret it. You see the “scarcity” chatter going on, this bubble hasn’t even started.
Sad part, out of hate towards me, you will not take the solid advice. You can’t. Your pride won’t alllow it.
Pumps, please look into your crystal ball. 42B Debt. 255B unfunded pension liability. Are taxpayers going to make this up or not? How will this affect NJ housing prices?
https://seekingalpha.com/article/4074
203-muni-bond-ripple-effects-puerto-rico-bankruptcy
From the ashes rises the Phoenix!
Look how bad our govt was in debt at times in the past.
It has never been at this level.
Pumps – My place is worth a half million for 900 square feet and one bathroom because it is in the middle of a second bubble within a third bubble. I’ve held it for 15 years, maybe you want to buy it from me and hold it another 15 years? Rent it out until your daughter goes to Boston College, BU, or NorthEastern like her Mom. If it’s worth $500K now while college is running at $60K per year, just imagine what it will be worth when you daughter goes to college and has to pay $600K per year plus $20K for books. It’ll be worth about $5 million by then and your shack will be worth $20 million, right?
Hahahahahahahaha
And a loaf of bread will be 10 grand