From Bloomberg:
Hamptons Home Prices Soar to Record $1.07 Million
The stock market is up. Must be time to splurge on a mansion in the Hamptons.
Buyers in the Long Island resort towns opted for more-expensive properties in the second quarter, sending the median sale price for a single-family house to a record $1.07 million, up 7.5 percent from a year earlier, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Forty-eight homes priced at $5 million or higher changed hands in the three months through June, the most for any quarter since the end of 2015.
The Hamptons, a second-home market whose health is tied to the fortunes of New York’s financial industry, is benefiting from stocks at record highs and a Wall Street bonus pool that’s climbed for the first time in three years. Sales of single-family houses jumped 26 percent in the quarter from a year earlier to 674, Miller Samuel and Douglas Elliman said. The number of listings fell 4.1 percent as eager buyers depleted inventory — and fast. At the current pace of deals, it would take 6.1 months to sell all the homes on the market, compared with 8 months in the second quarter of 2016.
“The stars all lined up,” said Judi Desiderio, chief executive officer of brokerage Town & Country Real Estate, which earlier this month released a report on the Hamptons showing a jump in high-end sales and a 10 percent increase in the overall median price for the second quarter. “The stock market’s doing well, people feel a sense of safety, and they pulled profits out of the market.”
Buyers still demanded a deal, however. Eighty-six percent of purchases of houses and condos in the quarter were for less than what the seller sought, said Jonathan Miller, president of Miller Samuel. The average discount was 12 percent from the last asking price.
…
“Even when the numbers make sense, buyers will still say, ‘I don’t want to pay full ask,’” said Raymond Lord, a local broker with Douglas Elliman. “They always want to negotiate.”
First!!!!
Good morning NJREREPORTers
We will all be driving electric cars in the next few years.
Not because they are better, but because they will become less expensive to manufacture – as the drivetrain is simplified, and will drive higher margins for the automakers.
Much easier to automate the production of batteries and electric motors.
Grim,
Agreed. Biggest issue I believe with electric cars are charging stations. If you have range and own a SFH, you could be ok. Employers, Hotels, Apartment and Condo complexes will need to install them also..
Watch the Tesla video of robotic motor production and you will understand.
https://m.youtube.com/watch?v=Fr_SSNjuCX8
Imagine similar production at GM or Ford 50 years ago and how much additional labor would have been required to make a similar object. A whole lot I imagine.
Imagine making it with employees with high school diplomas-they learn on the job.
Give those employees pensions, lifetime health benefits, gold watch at retirement.
Where would a young person find such a job today? GM had a plant in Linden, NJ.
Things were very different then as far as employment….
Robots coming to NJ
http://www.nj.com/bergen/index.ssf/2017/07/robots_are_coming_to_steal_these_20_big_nj_jobs.html#incart_2box_nj-homepage-featured
Perception of things. Stock market. Is the job market better (better wages, employment, working conditions, demand for work) when the stock market is higher vs when it is down?
I realize those who have money in the market feel better when the market is up (obviously) -gives people more money to spend in theory but many of the gains come at the cost of consolidation, efficiency, etc.
So is there more and better work when the market is high or is it the reverse? Does it matter at all?
Rob Ninkovich to retire. Yet another example of how the Patriots and Belichick took a player that other teams didn’t want and developed him into an All-Pro player.
Yet another loss for the Patriots but don’t salivate yet; we always seem to plug those holes pretty well.
Hate us if you want, but you hate us because you ain’t us.
Nom,
I heard you were an Eagles fan now. ;)
Try to check out at l0wes any time on a weekday evening. Mofos don’t even have a manned register open. All self checkout.
Yeah, perfect pat, another cheater.
I’m wondering if the changeover from incandescents and CFLs to LED bulbs will offset or merely subsidize the increased electric grid output required for electric cars? I imagine electric cars will be covered with solar cells soon enough.
Are you talking about this board, or the public? Because if you don’t appreciate the social stigma of this approach, then you are more naive that I ever imagined?
Grim says:
July 30, 2017 at 7:59 am
We will all be driving electric cars in the next few years.
Not because they are better, but because they will become less expensive to manufacture – as the drivetrain is simplified, and will drive higher margins for the automakers.
that = than
Driverless cars are the next Segway. Nice invention but too dorky even for geeks to be seen riding.
Look at the state’s biggest real estate company throwing in towel on suburbs and betting the business on Jersey City. Long or short CLI?
http://www.nj.com/entertainment/index.ssf/2017/07/michael_demarco_jersey_city_harborside_mack_cali.html
http://money.cnn.com/2017/07/30/technology/business/tesla-model-3-extra-costs/index.html?iid=hp-stack-dom
The car’s “Enhanced Autopilot,” which allows the Model 3 to automatically keep pace with traffic, change lanes and self-park, is an extra $5,000. A car equipped with “full self-driving capability” is another $3,000 on top of that.
(Note that the self-driving software isn’t ready yet. But cars equipped with the feature can use it when it is released.)
LOL
lol, heckling Christie at sporting events is quickly becoming a tradition.
Complex in Bordentown sold out of all their townhomes to be built almost immediately. The past 2 times I’ve seen this type of behavior happen was around 1990 and 2006.
Self driving cars will be embraced by the younger generation before the older one.
If anybody wants the deck to which Kolanovic was referring last week on Fast Money, please contact me……I’m thinking specifically ex-Pat, Stu, maybe No More, but anyone else…….
Can one short the Autotrain?
Self driving seems like a bad idea in New Jersey. The first people to use it will likely just get dangerously tailgated by pissed off drivers. The programmers likely won’t legally be able to allow “self driving” to exceed the legally posted speed limit…so your self driving car going 55 is going to be constantly engaged by drivers looking to go 75 to 80 in the morning.
What happens to a self driving car on the NJTP when I shoot out the tires?
I’d take a look ChiFi, but would you believe that I was thinking the same thing about the low volatility that Kolanovic was. There’s a lot of funky market action occurring right now which makes one weary of the “it’s different this time,” saying. Our tried and true Investment Club stocks which continue to display excellent earnings are not seeing it reflected in the stock price. And these are not high P/E companies that sometimes have the earnings already built into the current stock price. So from my stoop, we are either in a long period of little gain (consolidation) or we are on the edge of the long-awaited pull back due to a heckuvah long bull run. And this bull run was ignited by Maiden Lane and the like. When we try to remove that money, I’m leaning to a return to the norm, which would represent a huge pull back in the high PE names. Want an example of what I am talking about? Look at ULT@. They gave an earnings report that would make anyone proud. Their PE pulled back from 41 to 34. This is not an Am@zon sympathy (anti-brick&mortar) pullback. People don’t buy make-up online since they need to see the color. From what I read, Macy’s discounted some brand name (intentional misspelling) so all of a sudden, the markup in make-up is over? Come on now. Something’s not right. And I’m seeing this is in a lot of my decent names. Meanwhile, Pricel1ne keeps running like a freight train. Their earnings were pretty mediocre and their P/E shoots up to a 5-year record of 45. Something is stinky on Wall Street right now. I’m probably going to shift the krappy 401K to a 50/50 mix of stock and not. Twas a nice run.
MIT says not yet, the laser sensor technology necessary for traveling at highway speeds is still too expensive.
https://www.technologyreview.com/s/608348/low-quality-lidar-will-keep-self-driving-cars-in-the-slow-lane/?utm_content=buffer844cd&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
I remember when GPS first came out. The driving directions would encourage you to go through some of the most dangerous areas in the state. It’s going to be funny the first time some yuppie from Princeton’s Tesla ends up taking him for a stroll through downtown Trenton.
Christie also getting undeserved abuse for his comments that nj residents are in large part to blame for high taxes. And he is right. He specifically mentioned consolidation of towns and residents opposition to it. Plus in my town we never say no to a referendum that will require higher taxes. So yes Christie is not wrong in this regard.
Stu: Everything looks obvious……I hate that…..it really makes me uncomfortable…..
The way people follow their GPS directions is reckless……the amount of last minute desperation moves creates danger……and the whole point is you have a GPS……if you fuk up, it will still help you arrive at your destination…people are idiots…….
Blue Ribbon Teacher says:
July 31, 2017 at 11:23 am
I remember when GPS first came out. The driving directions would encourage you to go through some of the most dangerous areas in the state. It’s going to be funny the first time some yuppie from Princeton’s Tesla ends up taking him for a stroll through downtown Trenton.
Christie is just poison…..he talks some really interesting strategies, but he is so shamelessly self-interested…….it is so disappointing……it his own way, it is actually much worse than Trump……Christie literally has a list of priorities that has Christie at #1, and then nothing else AT ALL……politicians are horrible, but I don’t think I’ve ever seen anything like him……
3b says:
July 31, 2017 at 11:25 am
Christie also getting undeserved abuse for his comments that nj residents are in large part to blame for high taxes. And he is right. He specifically mentioned consolidation of towns and residents opposition to it. Plus in my town we never say no to a referendum that will require higher taxes. So yes Christie is not wrong in this regard.
3b,
“He specifically mentioned consolidation of towns and residents opposition to it.”
Christie’s own town wants to deregionalize. Article from the Mendham Patch. It is listed as one of their “goals.” Has been since at least 1990….
Work with our neighbors in Mendham and Chester Township and Chester Borough and our counterparts on the local school board to determine the next steps in the potential de-regionalization of the West Morris Regional High School district.
https://patch.com/new-jersey/mendham-chester/cut-back-police-overtime-figure-out-de-regionalization-among-mendhams-2015-goals
http://donotgo.com/in/discus/messages/1/52.html
http://www.mendhamtownship.org/documents/west%20morris%20regional%20school%20district/march%201990.pdf
BRT,
My guess is those cars will not be programmed to be LLB’s.
“dangerously tailgated by pissed off drivers.”
Don’t have the time to do a deep dive now, but historically any vol lower than 12 for a sustained period used to be a Chr!stmas present. I’d back the truck up on puts. Over about a 18 months ago noticed a change…used to buy 3 months or so out after sustained low vol. Was starting to bump up against no movement in that time frame…IIRC some event last August or so pulled some chestnuts out of the fire for me.
Feeling short, especially with the sub 10 vix, but not sure I’d go in now, and not liking the SPX given the sector rotation that was happening earlier. Trying to find some good shorts, maybe the high p/e stocks from lib. Have to look harder at banks. Not sure I like the latter for a short, but I’m also feeling no/little interest rate movement and need to see what they might have priced in re: the ten year and Fed.
Googled Kolanovic for the segment, two others pop up from Feb and 9/2016 where he’s making the same call. Careful, going short the broad market based on vix is an ‘inverse’ value trap. More often than not, materially so, the indices move up. Look it up. Timing – which is one of the stupidest things to play in the market – needs to be spot on if that is your trade and risk management is key.
Chgo. I don’t disagree. But he is not all wrong on the consolidation thing. 77 separate towns in Bergen county plus separate police forces and multiple school districts. It’s insane!!
The left-lane bandit..
Also, look into the $60m short trade made by going long the VIX index (!!!!!).
Except for the size it looked like rookie hour.
Three legged with max exposure at $260m IIRC? By going long the VIX index?!
Strange days…….
3 b,
“He specifically mentioned consolidation of towns and residents opposition to it.”
Christie’s own town wants to separate. Article from the Mendham Patch. It is listed as one of their “goals.” Has been since at least 1990….
Work with our neighbors in Mendham and Chester Township and Chester Borough and our counterparts on the local school board to determine the next steps in the potential de-regionalization of the West Morris Regional High School district.
https://patch.com/new-jersey/mendham-chester/cut-back-police-overtime-figure-out-de-regionalization-among-mendhams-2015-goals
http://donotgo.com/in/discus/messages/1/52.html
http://www.mendhamtownship.org/documents/west%20morris%20regional%20school%20district/march%201990.pdf
Grim,
Post in moderation. please check.
BRT on NJ self drive….
LOL, take it all day long. As long as the car is programmed to:
1. Sense people passing on the right and move the car over
2. Proceed with its right of way at a green light rather than sit there and flash high beams until the guy yielding for his left hand turn goes first
3. Actually stop at a stop sign rather than yield
4. Actually yield at a yield sign, rather than stop and then floor it.
5. Eliminate the ‘jersey sweep’, sliding across three lanes of highway traffic from the far left lane to the exit, a tenth of a mile before the exit.
Any other jersey driving pleasures i’ve missed?
Going 65mph in the middle lane will easily result in someone tailgating you. Anyway, I’m not sure how the liability issues will be address. That (and making the technology cheap enough to achieve critical mass) is the key, in my opinion.
Phoenix says:
July 31, 2017 at 11:35 am
BRT,
My guess is those cars will not be programmed to be LLB’s.
“dangerously tailgated by pissed off drivers.”
I want to know how it plans on dealing with temporary road closings.
Joyce, all you have to do is have the car take a picture of the license plate of the car behind it, and send documented speed and distance to the local police department. No one will ever tailgate one of these cars again
Anyone know a good tech recruiter?
I got a guy here that is an Austrian National, USA Green Card….fluent in Arabic, German…..is ethnically Egyptian and Lebanese….was working is Saudi Arabia, but needed to relocate to NJ……..help!
PhD is IS….worked in Dubai, Riyadh for Saudi Gov’t
Nothing will happen until fall when FED starts to shrink. Some think it will linger until 2019 but it will happen sooner and come on very fast with absolutely no warning.
For those who have a minute or two, thoughts from Howard Marks, Oaktree… Interesting comments including how well ETFs will manage in a world with increased volatility / big moves. Who has faster computers, ETFs or the Algos?
https://www.oaktreecapital.com/docs/default-source/memos/there-they-go-again-again.pdf
I’m sorry, know you guys don’t like him, but he gets it. He has the plan and vision to make it happen. This is exactly what I stated a month ago was needed to take back jersey, and here is Phil coming up with similar ideas in his plan.
“But building an innovation economy takes leadership – and it is leadership that we have lacked under Governor Christie. A failure of leadership is why our companies have left, why we have a shortage of workers trained with 21st century skills, and why our share of venture capital funding declined even as the market for high-tech companies doubled over the past seven years. We’ve seen states that look like us – New York and Massachusetts – take our place as leaders in the innovation economy, while New Jerseyans have been left out.
We can do better — and under Phil Murphy’s leadership, we will. We still have all of the pieces – from our location to our people – needed for a vibrant, growing economy that works for all nine million of us. All we need is new leadership to make it work.”
https://www.murphy4nj.com/issue/reclaiming-the-innovation-economy/
Scaramucci out?
Come on pumps…it’s spend, spend, spend.
Milennials fleeing New Jersey.
WSJ “New Jersey has a Millennials Problem.”
Access article for free via drudgereport
Can’t wait to see the cronies Phil appoints to NJTransit. Lord knows he owes an awful lot of thank yous for those paid endorsements. He spent a LOT of his own money. He also lied about his PACs which hid contributors. Now when he appoints his cronies, you won’t be able to chase their contributions. I have no idea what you see in this guy. He is DEM blue through and through. In it for himself at the expense of the middle class who are dumb enough to think the government represents them.
Short CLI. Suburban NJ office dead. Jersey City being overbuilt.
@chrislhayes
You blazed across our skies like a comet, but you flew too close to the sun, dear Mooch.
Phil has ideas besides the same old “lower your property taxes” claim by republicans to make this state economy great again. The truth is in exactly what Phil states about leadership. You can lower property taxes to the lowest in the country, but that’s not going to make your economy great again. As Phil points out, mass and ny are exactly like us, how come they are killing it under a high tax environment? Same with cali. Why are they different? Leadership and vision.
You need someone to come up with ideas and carry them out. Selling the public that lowering their property taxes will make this economy great again is wrong and lacks any sense of logic. If lowering taxes is the answer to some amazing economy, then why do taxes even exist?
Kansas lowered taxes to no end, to the point where it has bankrupted their govt, and what kind of impact did it have on their economy? Enormous growth? What happened?
The answer lies in ideas, leadership, and vision. You don’t grow an economy by lowering taxes, you grow an economy with ideas, leadership, and vision. It’s as simple as that. This is why I want to give Phil a chance. There have been great leaders in the past, maybe Phil will be one of those guys. Let’s give him a chance and see what happens. His competition is horrible, her only idea is to lower property taxes which is the age old gimmick centered around ideology as opposed to logic. She will do nothing for us, at least Phil is coming with ideas and knows the answer to nj’s economic problems doesn’t lie in the idea of lowering taxes and magically growing the economy. I’ll take my chances with him.
@tedlieu
Jared Kushner pushed to get Mr. Scaramucci as WH Communications Director. His removal shows Kushner’s advice has repeatedly been really bad.
Left Wing ….for you….
Subject: Cornell Modified Academic Calendar
The highlight……wait for it…….
“……identifies the second Monday in October as Indigenous People’s Day, in accordance with Student Assembly Resolution 46 and Senate Resolution 126;…..”
http://news.cornell.edu/stories/2017/07/modified-academic-calendar-include-longer-summer-break
@TheRickWilson
Over/under on Skybridge deal with the Chinese going belly up?
Elect a clown and you get a circus
@neontaster
Trump’s next State of the Union address is going to have a longer In Memoriam montage than the Oscars.
Pumps phil is full of poo! There is no reason for multiple police forces multiple school districts and all the rest. Ideas and vision my behind. Corrine the Goldman guru could not do it and neither will Phil.
re: “Jersey City being overbuilt”
I took a ride Friday by Dixon Mills and the Harismus Cove neighborhood and down Monmouth street to back way to Hoboken. The placed was infested with Hipsters, a Where’s Waldo look alike, a guy with a dead squirrel on his head, plenty of strollers as well as a Hookah shop. It looks frothy when there are 2 million dollar “penthouse” condos just off Newark St a block from Mary Benson Park and the no-go zone west of Rt 78. Is there a Bang Bang as you sip your Chardonnay on your balcony at night?
Scaramucci ‘s young wife of three years filed for divorce and then gave birth to their second child last week while he was away with Trump. The optics were terrible.
http://www.telegraph.co.uk/news/2017/07/30/anthony-scaramuccis-congratulated-estranged-wife-birth-child/
Juice I was in jersey city on Saturday afternoon Chris Columbus avenue. It was hopping with hipsters and all the rest. Wall to wall high rises everywhere. And more being built!! They don’t look like they are leaving for the burbs anytime soon! Just saying.
3b – I ended up on a boat trip out of Weehawken Friday night. We spent about 6 hours circling Manhattan and the harbor partying. Lots and Lots of new high rise everywhere, up and down the Hudson even one high rise in the South Bronx!! We cruised by the new Target on the Harlem River too. That area seems like it is next….
@NBCNews
Sanders on Trump’s comments about handling criminal suspects: “I believe he was making a joke at the time.”
Juice: I have to say my wife and I would have lived in today’s JC back in the day if it were like today. I see the attraction. And we saw lots of baby carriages too!! Mott haven in the south Bronx is supposed to be the next upcoming area! Who knows! I wont laugh! I look at all this and just ask where does all of this leave the suburbs? I just don’t think they all up and leave for the suburbs. I think this is a permanent change.
They’ll leave for the suburbs after their kids start trying to go through that school system.
Blue or the more that move in push those out of the schools and into the suburbs. Where I work in lower Manhattan there are lots of what appear to be middle school age kids and older living down there. If they have not moved at this point I suspect they are not going to. It could be the same thing in JC. In fact some of the Bergen county suburbs are starting to get that neglected urban air including graffiti so well known years ago in the mean city streets. So I suspect the push out to the suburbs has already started.
Should have said Bergen county towns.
Pumpkin want to not be left of tech development, we do not have the MIT/Cambridge corridor nor Silicon Valley. We have lost competitiveness hence why the research jobs moved and are moving. Phil Muphy cannot make jersey competitive with his plan. Funding education for high tech fields will just likely lead to people migrating to other areas that already have the eco system in place. Simply put outside of Princeton the institutions of higher learning in NJ are not elite and do not have the kinds of cutting edge research done at the top tier schools and Princeton doesn’t do engineering so it’s draw is limited. That’s not to say the other schools are good institutions providing a good education to their students but from a research perspective we don’t have much that seems commercially viable at the moment. The only thing that can be done is designating tech/research areas and providing support(i.e designate the areas in NJ’s urban cities, designate developers to develop facilities and incentivize everyone from the tech companies to the real estate developers with tax breaks to make it attractive. The only problem is we cannot afford it. The truth is Jersey City should be the east coast’s silicon valley, Tech Companies could have campuses in proximity to NYC. Unfortunately residential development is SO PROFITABLE you aren’t getting office space development and all build-able parcels get rental apartments. Not only should we be getting WS jobs in this state we should also have Google, Apple, Microsoft, Facebook, Amazon, et al setting up development facilities and field engineering centers in proximity to manhattan.
I like that he says we can do better how? I think he is full of it, has bought the nomination and just like Corzine will sell us out to his special interests(Unions and WS Banks). Hes the kind of SH*T politician we always get in NJ and as bad as Christie is, at least he tells you to your face what kind of an A$$HOLE he is.
Jersey city is money especially downtown, I told my wife thee will be an implosion but it’s going to be around JSQ. The core of downtown JC is pretty much fully gentrified at this point and is past the point of total collapse. When the market finally tanks JSQ will go down as it is a dirty rat hole with a few new high rises at this point, much the way in the early 90’s downtown JC had total price collapse and development stagnation. If easy money ends JSQ and it’s surroundings will no longer be developing and be gentrified
Amazed at how much things have changed in JC, even hoboken.
Used to live on Washington between Maxwells and cafe elysian. Maxwell’s has changed, well documented. Elysian, which was literally a biker bar when I lived there, looks like a 19th century Viennese coffee house. Has a great menu, outdoor seating, and prominently posted ‘no strollers’ signs lol.
I could actually see moving back there.
This is happening, although the natural landing spot for starter biz will be LIC……there will be some capture by NJ though…..
https://tech.cornell.edu/future-campus
JCer says:
July 31, 2017 at 5:25 pm
Pumpkin want to not be left of tech development, we do not have the MIT/Cambridge corridor nor Silicon Valley.
If the mooch gets his own reality tv show I would watch it.
@jonfavs
For their next trick, the Republican Party will attempt to pass tax cuts that most of their voters will never see.
Where is the hipster money coming from? How can they afford to raise a family in JC AND pay for private school? Is it all inheritances from mom and pop?
@grynbaum
Mooch will **not** be on Hannity tonight, Fox says
Whitest guy. They are getting it somewhere. And as far as kids people are waiting a lot longer well into their 30s and 40s before they have them. And less children. As one of these couples told me we are one and done.
Moana…would you shut up already. Your parroted tweets lack any kind of thought besides making us all cringe when we think how Lady Cankles somehow lost to this moron. But go ahead and keep on embarrassing your partymates and yourself. When you lose in 2020, it will be all that much richer. Want to see something clever and funny, plus it’s actually topical?
http://tinyurl.com/Not-another-dumb-tweet
3B…was my plan.
Jcer, always enjoy your posts. I understand what you are saying with Murphy, but I’m still willing to give the guy a chance. He is prob full of it, but what if, what if he really helps guide nj to the power economy it should be. At this point, im willing to take the chance. I have absolutely nothing to lose, and everything to gain. He is a man running for governor on different ideas and that’s what draws me in. He understands what nj should be and seems like he would love to make it his legacy to help nj get there. Just how I feel. Gut feeling, and I’m going with it. Think he is good for long term nj.
3b, think we are one and done. I have perfectly heathy child and know the risks that come with no 2. Wife and I are prob one and done. At the moment, that’s our position. When someone asks, we tell them one and done. My wife is career oriented, so having another child will also hold her back from career ambitions. Cant have it all in life. You must choose. No right choice, just positive and negative outcomes in the details from the choices made. Sacrifices must always be made, but you get to choose which sacrifice you are going to make.
@ezraklein
GOP Sen. Jeff Flake: Donald Trump is like the biblical flood, and we need to build an ark
So not funny again!