From Inman:
Home prices reach new peak, NY makes biggest gains
According to the most recent Home Price Index (HPI) report from Black Knight, Inc., home prices in December increased .10 percent month-over-month and 6.6 percent year-over-year to $283,000 — the 68th consecutive month of annual home price appreciation, and a new peak for six of the nation’s 20 largest states and 11 of the 40 largest metros.
On the state level, New York led the way with a 1.71 percent month-over-month home price increase followed by Georgia (+0.69 percent), North Carolina (+0.48 percent), Illinois (+0.37 percent) and Texas (+0.15 percent).
Meanwhile, Ohio had the lowest month with a 1.13 percent month-over-month decrease in home prices, and the state had seven of the nation’s 10 worst-performing metros of the month.
On the metro level, 11 of the 40 largest metros hit new home price peaks in December, while prices fell in another 20 metros. New York City came out on top with a 1.25 percent increase from November 2017, and Atlanta (+0.76 percent), Chicago (+0.44 percent), Miami (+0.21 percent), and Dallas (+0.20 percent) rounded out the top five.
Boston, Massachusetts, performed the worst out of the 40 largest metros, with a 0.21 percent month-over-month decrease in home prices.
Over the past several years, New York City has added hundreds of thousands of jobs and hundreds of thousands of people. These trends should a have positive impact on home values in suburbs with convenient commutes to New York City as workers move out of apartments into houses.
The biggest risk to suburban NJ home values is the journey to New York City jobs becomes unbearable, which will happen in 2019 if Amtrak carries out plans to ban NJ Transit from Amtrak’s tracks.
^^^Past performance does not guarantee future results.
MAGA…u dumb fuc’s
HANDY GUN CONTROL TALKING POINTS FOR RESPONDING TO STUPID PEOPLE:
Snappy and succinct comebacks for dealing with morons online who throw straw man arguments at you: (all of these were real arguments people made online this week)
* “Guns don’t kill people, people kill people.”
The background checks are for the PEOPLE, not the GUNS.
* “Knives are dangerous too.”
You can’t stab 20 people in a minute. These things are not equivalent.
* “It’s my Second Amendment right.”
A law approved in 1791 by slaveholders before we had an army, electricity or semi-automatic weapons needs to be updated. If you love #2A so much, then wear a powered wig, bathe in cold water, and shoot a musket.
* “It’s a mental health issue, not a gun issue.”
Only 5% of gun homicides are by those diagnosed as mentally ill.
* “Cars kill more people than guns. But we don’t ban cars.”
Cars are registered and inspected. The drivers are tested and licensed. Not everyone is allowed to drive. You are required to be insured. The operations of the car is highly regulated. You can’t drive while drunk or texting. We studied the problem and regulated the industry and it results in huge drops in car deaths. Let’s agree to make the same regulations for guns.
* “Hitler took away everyone’s guns and then murdered millions of people.”
German gun laws were more strict prior to Hitler. Widespread gun ownership is not a defense against a tyrannical government. The Holocaust would not have been prevented if Jews had guns. Plus, Hitler killed Jews in many other countries too (see Poland, Hungary…)
* “The only thing that stops a bad guy with a gun is a good guy with a gun.”
In an active shooter situation, the police can’t tell the “good guys with guns” from the bad. Anyone holding a gun in that situation is at risk of getting shot, or worse, shooting an innocent bystander. BTW, no mass shootings in the past 30 years have been stopped by an armed civilian.
* “I need to defend my home from break-ins.”
According to the Bureau of Justice Statistics, successfully repelling criminals with a firearm worked in only 0.1% of all incidents. Yelling at them worked 26.2%. Plus, only 0.02% of the total number of gun deaths were “justified” (in defense.)
* “Gun laws don’t work. Criminals can get guns anyway.”
Nope. Other countries that control gun access have way fewer gun homicides. More gun control means fewer guns for the bad guys. Automatic weapons were banned and, as a result, you rarely see them used to commit crime.
* “Switzerland has lots of guns and their homicide rate is lower than the U.S.”
Yes they do. BUT: the Swiss regulate ammunition, inspect homes for responsible gun ownership and still have the highest gun death rate compared to their European neighbors.
* “It’s the liberal cities, like Chicago, that have all the gun crime.”
Nope. Although the numbers are higher in cities, they have more people. The per capita (per person) rates are lower in cities, even in Chicago.
* “Background checks won’t stop gun deaths.”
No one regulation will completely stop gun deaths, but doing nothing will change nothing.
* “No one wants gun control.”
Two-thirds of Americans now support stricter gun laws (the highest it’s ever been.)
It’s easier for teens to get guns than cigarettes, alcohol, porn, lottery tickets or Sudafed.
* “Gun ownership is up and murder rates are down.”
Murder rates are down compared to the rates in the mid-1980’s, but murders by FIREARMS are at an all time high.
* “Anyone can 3D print a gun now, so why regulate them?”
You can also find instructions for making bombs on the internet, but it’s the regulation of those materials that limits that from happening.
* “Cain killed Abel with a rock. Are we going to ban rocks? It’s a heart problem, not a gun problem.”
This is called false equivalency. I can kill you with a toaster oven, but the gun and the bullets were designed for the purpose of killing. 38,000 people were not killed last year with rocks. Guns are the problem.
And for the record, no one knows how Cain did it, or if he even existed. It’s a parable, you dolt.
* “If guns are outlawed, only outlaws will have guns.”
Not true. Less guns equal less gun crime. This is shown in every other industrialized nation with sensible gun laws. Besides, no one is trying to outlaw guns, you moron.
* “We need more security in the schools: arm the teachers, metal detectors, armed security guards.”
That’s a prison. You’re describing a prison.
Arming 6-8 teachers in every school (as proposed by Newt Gingrich) would create an armed force larger than the police in the US. The money spent on arming and training them should be spent on paying them better. Teachers can’t afford crayons, but you want to give them guns? This isn’t a Tarantino movie. More guns lead to more chance of being shot.
* “We need armed guards in the schools.”
Stoneman Douglas had an armed guard. Pulse Nightclub had an armed guard. Ronald Reagan was shot surrounded by armed Secret Service Agents. Maybe if the bulletproof vest industry had a better lobbyist we’d be advocating for giving every student a kevlar vest?
* “Every school in the country is supposed to be a gun-free zone. If gun control worked, how come it didn’t work?”
A “gun free zone” defines an area where use or possession of firearms is a crime. It was a response to the lack of gun control around these zones. They help with prosecution, not prevention. If anything, gun free zones are proof we need more gun control.
* “We didn’t have this problem before they banned prayer in schools. Take god out of the schools and you have this.”
Whose god? Your god? My god? The world is more than just you. The Bible was written long before guns were invented, yet people calling themselves Christians cling to guns as a “god given right.” Promote peace, not violence.
We didn’t have this problem before we banned SMOKING in schools either. Correlation is not causation. Do you really not know that?
* “130,000 deaths annually from guns. But more than 250,000 Americans die each year from medical errors. Twice as many. Where is your outrage?”
First of all, your numbers are wrong. There were 38,000 gun-related deaths in the U.S. last year. Let’s be accurate.
Secondly, doctors are licensed, carry malpractice insurance, have repercussions for their errors, and follow highly regulated guidelines. Mistakes happen. You’re arguing to do nothing because mistakes happen.
@GuardianUS
Antisemitic incidents in US soar to highest level in two decades
Antisemitic incidents in the US surged 57% in 2017, the Anti-Defamation League said on Tuesday, the largest year-on-year increase since the Jewish civil rights group began collecting data in 1979.
Following August violence at a rally in Charlottesville, Virginia, where white supremacists waved insignia from Nazi Germany and yelled “Jews will not replace us”, Trump was slammed for suggesting a moral equivalency between members of the far right and counterdemonstrators. “You had people that were very fine people on both sides,” he said.
Yo assuming they move out of apartments.
Housing froth.
35% of home buyers did not visit a property before putting in a bid, according to a survey from Redfin Corp. In Los Angeles, 57% of buyers bid on a home without visiting it.
Yo,
From what I see (and several people on layoff notice), these jobs don’t pay well enough to afford a 1 bed in NYC, certainly not enough for house, kids and cars in burbs. Salaries are from 10 years ago. Perhaps certain buzzword projects like CCAR might gather some decent pay but investment is still not there for anyone with 15+ years experience.
Juice that is amazing! Buying a house without even visiting it!
The Bitcoin Code http://slim.epizy.com/22
I know lots of young people with some big student loans. Some with both under grad and law school. Then all of these kids who got law degrees but can’t get jobs as lawyers.
3b – Survey says California > New York Metro
https://www.prnewswire.com/news-releases/redfin-survey-35-of-recent-homebuyers-bid-on-a-home-before-seeing-it-in-person-300604104.html
Metro Area
Portion of Successful Buyers
Who Said They Made an Offer
on a Home They Hadn’t Seen in
Person
Los Angeles 57%
San Diego 46%
San Francisco 44%
Chicago 38%
Austin 35%
Denver 33%
Washington, D.C. 32%
Phoenix 31%
Portland 30%
Sacramento 30%
Baltimore 28%
Dallas 27%
Boston 25%
Seattle 19%
Any key point these are Millennials, they do business online and live that way 24 x 7
45% of Millennial Homebuyers Made an Offer Sight-Unseen
Houses sell very quickly in my development. The only ones that took more than a month were located by the entrance to our sub division.
Juice I am just amazed! Why would you buy a house without visiting it??
3b – data transparency and technological innovation.
Juice still not the same as actually seeing it in my opinion.
Don’t look at a single NYC salary – look at two people pulling in $100K to $175K each – then they can afford whatever a ‘middle class’ lifestyle is.
Mike and if one of those salaries goes away so does the rest of it.
$80k is a middle class lifestyle. $275k is rich…provided it isn’t already spent before you get it.
yes mike that is the situation today here 2 people each making 150k-200k couples income is 300k-400k buys 800k-1M home with at least 20k in taxes. Loads of other expenses, that is the picture for professional people today living here.
80k is not middle class here. Household income needs to be at least 120k to live a middle class lifestyle here, property taxes are at least 10k, add higher than average insurance, utilities, etc.
Silicon Valley is so expensive that people who make $400,000 think they’re middle-class — here’s what the middle class actually is in the 25 largest US cities – Business Insider
https://apple.news/A56DGCg7eRk-lYswvmr-ryw
D is correct. 275k is rich whether you realize it or not. That’s almost 3 million in 10 years.
Nj is one of the richest areas in the world, whether people realize it or not. This place is not the norm, hence, why it’s ranked over and over as one of the richest states in America in terms of income. 20,000 in property taxes is nothing when you are making 300k in income on top of wealth, which is the norm for jersey rich.
Put it this way, if you took away the poor inner city demographics, our income levels would be through the roof. Most millionaires per capita in the United States is all you need to know.
Yesterday was so nice here!
No kidding. If you are not working, why would your life stay the same?
3b says:
February 27, 2018 at 9:29 am
Mike and if one of those salaries goes away so does the rest of it.
Mike S,
Not disagreeing for $1mill plus range but vast majority of people are not power couples with each partner earning $150k. It is two people earning $150k total which feels great in city but move to burbs, get a $500k dump, new cars and car insurance etc. Pop out a kid and you will pay $2k month for daycare. Two and you are toast without wife having big paying job. Wife’s job will also have to be tolerant and flexible for sick baby etc. Most are not. It is not roses. We need lots of $175k jobs too but much harder to find.
God forbid I paint the picture of how rich nj is. Just upsets you to no end.
3b says:
February 27, 2018 at 10:15 am
Yesterday was so nice here!
Silicon Valley is so expensive that people who make $400,000 think they’re middle-class — here’s what the middle class actually is in the 25 largest US cities – Business Insider
They think they are middle class because that $400k gets them a 1 bedroom apartment rental and people doing drugs on the sidewalk right out of their window.
pumps well aware in the nice parts of NJ pretty much everyone is a millionaire if not multimillionaire. 275k here isn’t really rich if it is from a 2 earner family, by the time you pay FICA, childcare, work expenses(commute, etc) and taxes it is a comfortable life but not a rich life.
bystander it is a slog but there are a lot of people in than boat. One typically makes closer to 200k, the other around 100k. It is not roses and employers are not typically super understanding, typically a nanny has to come into the picture. look in NNJ, LI, Westchester and NYC you’ll see quite a few people like this. The old guard tends to be single earner families, which is hard because one needs to find a 250-300k job to really have comfort here.
No it’s just you are an insufferable fool. My one and only response to you as its still Lent!
Dufus,
Some people have sick kids, parents or God forbid their own health issues so it is not a choice to work. Layoffs occurring all the time to so setting up a life based on two incomes is not smart. Of course it is all rainbows in your made up “12 percent pay increase” fantasy world
25 years ago. You could buy that 500k house for well under 200k taxes were 3 or 4K. Spouse could stay home for a few years if they wanted and save day care. Health care premiums were minimal etc etc. And now we have what we have today and this is better??!!
JCER. You are exactly right. In Glen Ridge, I’d say it works something like this.
400-600K homes – Both parents work, lots of daycare (150-200K salaries)
600-800K homes – One or both parents work, part time nanny (200-300K salaries)
>800K homes – One parent makes a boatload, full time nanny, wife has boutique business (>300K salary)
Gator is trying to return to work and we are looking for a part time after school helper/driver. Probably $15 to $20/hr figure 20K per year. We figured, it doesn’t make sense for Gator to work unless she pulls in 90K since she currently has a decent 20-hour week gig that pays little, but it’s necessarily flexible and pays better than unemployment did. Sadly, after Uncle Sam comes in and when day care costs $15 to $20 and hour, you really need to make 90K minimum for it to make sense since take home would be between 50 and 60K. After all, working for $20 an hour off the books for 20 hours per week brings in 21K. is it worth it to work for the man for so little more income and loss of flexibility. I would say no.
Steam exactly on the wife working unless they make a big salary, the costs eat the pay. My sister has 2 kids she got a call offering her 140k salary to go back, paying for the childcare, commute, and added taxes makes it barely positive. My wife makes more than I do so as long as the gravy is flowing we are banking it as long as we can, we only have 1 kid so it isn’t as painful.
Jcer,
$250k a year sounds like a lot to me. I think you would live damn well on that. Our total is a good chunk under $200k and feel pretty good. Not buying German cars or trips to Calabria but no needs really.
Yes, back when 100,000 income meant you were well off and wife didn’t have to work.
Capitalism has advanced. Two income households drove up the price of everything. That’s what putting more money in people’s pockets does to the price of everything. For people that have a low paying job or a single income household, they get left in the dust based on income inequality’s longterm impact on market pricing.
3b says:
February 27, 2018 at 10:35 am
25 years ago. You could buy that 500k house for well under 200k taxes were 3 or 4K. Spouse could stay home for a few years if they wanted and save day care. Health care premiums were minimal etc etc. And now we have what we have today and this is better??!!
Pumps thinks a highway house sandwiched between the flood plain and a toxic waste dump is the nice part. I guess it’s nicer than the bread part of the sandwich.
pumps well aware in the nice parts of NJ pretty much everyone is a millionaire if not multimillionaire. 275k here isn’t really rich if it is from a 2 earner family, by the time you pay FICA, childcare, work expenses(commute, etc) and taxes it is a comfortable life but not a rich life.
“The biggest risk to suburban NJ home values is the journey to New York City jobs becomes unbearable…”
Ran into a friend I hadn’t seen in a while when a group of us went out. Looked like sh1t. Conversation leads to his ‘life’….
Up at 530a, out at 615a, at desk at 8a, running out of office 645p or so, walking into home at 830p, makes dinner pays a few bills grabs a quick shower so sits down to ‘his own’ time at 930p.
In bed at 1030p. Wash, rinse, repeat all week. One whopping hour of free time during the week. In only a decent job with a financial firm. Back office (accounting), not big dollars.
Guy is overweight, overwrought, and altogether shot. Going to have a heart attack.
And that is commuting from a Midtown Direct town with many trains having only two stops before hitting Penn.
Guys that is not a life nor is it wealth. It is indentured servitude.
“Guys that is not a life nor is it wealth. It is indentured servitude.”
That was me before I had kids. The working remote thing is awesome. It’s funny too. It saves the company money as I don’t need a desk in the city. It saves me a bloody ton in commuting/parking costs of approximately $30 a day. And I give them more hours than I used to as I tend to work the hours I would have been commuting. Everyone is happier for it. But it only works with disciplined employees.
Plus,
I can prepare dinner or run an errand or two, which I couldn’t when commuting.
left I agree. And the resident a hole here thinks that’s a positive and an advancement.
Sooner or later you guys are going to realize (S)he’s a troll and is taking you all for a ride. Or maybe not as you all seem willing to respond.
Fast,
I’m not trolling. I continuously show the other side of the story. There is no absolute right or wrong position, I simply show the other side of the argument. You guys just hate debating the other side of the argument.
I’m sure Nikolas Cruz can offer the other side of the story as well.
Bystander as I said comfortable…rich to me is beach/ski/lake house maybe a boat, new German cars every 3 years no 3 series or c-class and being able to bank money after paying for it. 250k buys a nice life and allows you to choose between extravagances and prudence but isn’t enough for both.
3b on the 25 years ago, if we go back to the mid 80’s in NJ. I look at my parents house, my mom just sold for ~1m, after tons of renos over the years, house was in much better shape then when purchased(added a pool, a large deck, finished basement, added hardwood flooring, redid baths and kitchen custom high-end from builders grade junk about 15 yrs ago) the original purchase price was 400k in the mid 80’s and the mortgage rate was over 12%, looking at the payment borrowing the 300k then cost more than the 700k I borrowed last year. The big kicker is that the property taxes were like 7k in the 80’s and are 20k today. It was a false sense of security high interest rates made things like insurance seem cheaper and falling rates made the cash strapped home buyer feel good because they refinanced from 12 or 13% to 7% but it wasn’t consistently a good feeling for people back then that mid 90’s period was unusual and not the norm.
The black congressman grilling Powell seem to think he chairs the EEOC, not the Fed.
“Your mandate isn’t full employment for just white people…”
congressmen, plural, not congressman – They’ve all been handed the same talking points, apparently.
The other consistent talking point is that Obama deserves all of the credit for the economy.
“Or maybe not as you all seem willing to respond.”
My name is leftwing. I am a responder.
Hi, leftwing!
It has been five months since my last response……
Jcer I am just comparing to when I first purchased at 170k with 8 percent interest rate and under 2k taxes. And I was in my 20s with a kid and stay at home wife. It was not necessarily completely easy but so much easier than now. My salary then skyrocketed I refinanced at some point, bubble burst and we sold it 10 years later at same price but I paid it off in 10 years! No one is doing that today. And young people are not buying houses in their 20s here for multiple reasons of course. I feel bad for the younger generation people that are working hard and playing by the rules not the millennial type crybabies! The boomers and late gen x s have d ruined this country. Self absorbed selfish over medicated d bags!!
Hope trumps gamble pays off. I honestly think it has a good shot, def worth taking.
https://www.bloomberg.com/view/articles/2018-02-27/trump-s-big-budget-deficits-might-actually-make-sense
Expat, here.
Is Barack Obama to Blame for Slow Growth? Evaluating Donald Trump’s Case – The Wall Street Journal
https://apple.news/A69jKtgIdT7iwAKeb3toPnw
I think we need a Merv Griffin impression to change the mood…..
https://youtu.be/tGV72TsQzq8?t=1m35s
The biggest risk to suburban NJ home values is the journey to New York City jobs becomes unbearable, which will happen in 2019 if Amtrak carries out plans to ban NJ Transit from Amtrak’s tracks.
Non-issue, the probability of them actually following through on this is near zero.
35% of home buyers did not visit a property before putting in a bid, according to a survey from Redfin Corp. In Los Angeles, 57% of buyers bid on a home without visiting it.
Seems like methodological error or an invalid interpretation of a survey question. You sure this isn’t confounded by people seeing model units when buying new construction? They, technically, did not visit the property before buying. I’ve seen this thing apply at larger-sized housing developments as well, where units were largely identical. You go to 3 or 4 units, you don’t really need to see someone’s shitty decorating to buy a house, only know that they didn’t shit all over the place, especially so for condo/townhouses.
We saw model units. Our place was a slab when we bought it.
I only buy distress properties, I need to see it first to ensure nobody shit all over the place….yes it happens often
Just finished my tax’s this weekend and was wondering if some can help with a question about next years. My wife usually pick’s up some freelance writing(outside of her regular job) during the summer months, usually between $2000 to $8000. Currently I can write off items like cell phone, internet etc.
Will this change with the new tax code?
I only buy distress properties, I need to see it first to ensure nobody shit all over the place….yes it happens often
I can verify. House down the road from me looks great from the outside but when you go in, it’s a house of horrors.
You live in Wayne?
House down the road from me looks great from the outside but when you go in, it’s a house of horrors.
That was my house hunting for a decade. $675,000 for a p1ss-stained disaster that smelled like Chesterfields and Rheingold.
yes eddie, hence my move toward distressed properties. Might as well deal with sellers motivated to sell rather than ones like the house across the street from me they wanted 550k. Everything in the house was original to 1948, I mean everything down to the furnishings. Suffice it to say it was listed for 6 months….didn’t sell.
“hence my move toward distressed properties.”
I never understand why so many people are willing to pay top dollar for a house designed by someone else. I would much rather get the house at a discount where I can then take the 50K to upgrade the kitchen and baths to my liking.
The locucst generation hard at work:
” the house across the street from me they wanted 550k. Everything in the house was original to 1948, I mean everything down to the furnishings.”
For sale on Amazon…
https://imgur.com/a/55JCz#pfmAK3G
By census tract, there’s not that many places where median incomes are over $150k
https://project.wnyc.org/median-income-nation/#10/40.9690/-74.1508
I would much rather get the house at a discount…
That would have been fine but we kept finding sh1tholes where fat Mary, the owner, wanted top dollar for her dump that reeked of body odor and cat sh1t. And then the arrogant house tour guides insisted that it was warranted because it was in West Haughtyville.
Eddie,
You are right. Some discount places are dumps. Question is how much time do you want to spend trying to find a diamond in the rough.
OTOH, I would bet that the top realtors steer the best properties to the connected ones.
I don’t believe for one minute that there is honesty in that business at all. Anything real good is gone as soon as it hits the desk.
bingo Eddie, that’s my neighbor across the street. Place was gross, dude thought he was getting 75k less than a move in ready house of the same size. I can only hope they sell cheap so someone will go in and make it nice, it’s a blight on the neighborhood. Listing even proclaimed proudly original owner.
Cannot nearly all odors and dirt be removed for $10,000 or less?
New paint and carpet plus a thorough interior cleaning would cost less than this, and less still if you do it yourself.
Seems like a market opportunity if people over-weight relatively easy-to fix issues.
Bigger issues are roofs, structural problems, faulty windows and chimneys. Kitchens and bathrooms that need scrapping.
Cat-p1ss and feces are a gift to a keen-eyed buyer because it turns off your competition, and costs little to remedy.
No One in the case of this house I think it has a 30 or 40 year old roof, old kitchen, baths, appliances, boilers, hot water heaters, gutters, flooring, siding. The cost of bringing these museums up to modern standards is at least 100k if not 200k and that assumes it’s just what you can see that needs replacement.
For your typical buyer the amount of work, cost and coordination required with such a property means it needs to sell for a discount.
Who is this moron columnist named Moran?
“Today, let’s take a moment to apologize to the people of Mexico over the boorish behavior of President Trump, who continues to press the insane demand that they pay for his wall.”
I’m not a fan of the wall, but since when did NJ.Com columnists start working for Mexico?
http://www.nj.com/opinion/index.ssf/2018/02/dear_mexico_please_forgive_us_for_donald_trump_mor.html
JCer,
Sure, that’s the real cost of run-down houses. Not the cat-piss cleaning.
Where I live those run down houses get bought for their lots and million dollar houses built in their place. Problem solved.
I bought my house with roof leaks, a plumbing leak and structural termite damage, a broken boiler, scary stuff but all in it was fixed for well below 20k(roof leaks a few chimney flashing and some shingles-$4k, plumbing drain leak 1 pvc fitting $250, structural termite damage jack up one room replace a header $3k, broken boiler $2k(damn condensing boilers suck, didn’t know about it das uber inspector failed to notice a broken boiler throwing error codes)). Had the estimates going in knew pretty much what it would cost, there was no mold etc. It had a tree resting on the roof! Other than that the house was ready to move into. You have to be careful odors can be stubborn and costly to remove, often it is a sign of other problems…..
Sometimes, when I used to house hunt, if I liked a place at an open house, I would drop a deuce in a closet to scare the other buyers away.
We purchased our house from a couple that was getting divorced. Wife was shagging a another husband 2 doors down. Long story short, the husband wanted to keep the house but the x wanted it sold. Hoping that we would back out, he left his wife’s cats locked in the basement for the week leading up to the close. The X ended-up paying for the clean-up.
I guess I cant blame him, they sold for 100,000 less then what they purchased it for.
Cat-p1ss and feces are a gift to a keen-eyed buyer because it turns off your competition, and costs little to remedy.
Add the fact that it needs a roof, a boiler, two new baths and a kitchen one top of the top dollar asking price. That was my decades long hunt. And the houses sales people are full of sh1t and evil.
Real estate is the most unregulated business in this country populated with a lot of dumb and sleazy and dishonest people and yet it is the biggest investment most Americans ever make. Just talk to any lawyer who does closings.
Odors can be as bad as smoke damage. The only thing left to do is gut the place to the studs.
My favorite years ago we looked at a house that reeked of body odor. There was a cooking pot in the kitchen sink with sweat socks soaking in it. The master bedroom was in the basement and it was a basement! With tiny Windows!! Very spacious and private the realt whore as Eddie/ Gary used to call them pointed out.
Wow, that map is telling. Nj might the only state that is not covered by yellow and orange.
Take a look at that wealth belt from Boston to d.c.
Florida is pretty much covered in the same color as Paterson and Passaic….yes, let’s move there for the low costs!!
No One says:
February 27, 2018 at 2:54 pm
By census tract, there’s not that many places where median incomes are over $150k
https://project.wnyc.org/median-income-nation/#10/40.9690/-74.1508
re: “Florida is pretty much covered in the same color as Paterson and Passaic”
More Froth this time Florida….
Orlando new homes in new neighborhoods are nuts again, on the high end $200k for a lot and 1.5-2 m for the house in the middle of nowhere.
https://www.zillow.com/homes/for_sale/2143563098_zpid/28.279738,-81.605539,28.27233,-81.612405_rect/16_zm/
These pitch on these new homes is the expectation that they pay for themselves with Disney vacation rental incomes.
Middle of the road new developments homes are running $500k
Anecdotal wage inflation for Pumps and the Trump effect for companies….
Out of the blue raise for me, 14% with retro pay bump and I will get another one in a few months. Did not ask for it….
The bubble is about to burst…
https://www.cnbc.com/2018/02/26/january-new-homes-sales.html
US new home sales drop for second straight month
Sales of new U.S. single-family homes fell for a second straight month in January.
A survey of Reuters economists expected sales of new U.S. single-family residences to rise in January.
The economic measure was weighed down by steep declines in the Northeast and South
Juice Box,
I think that most of those high priced homes are in some place called “Reunion”. Trying to be a high-end resort community. Like for rich golfer grandparents hoping to lure their grandkids to stay.
Maybe like a lot of places at Hilton Head Island, with Disney replacing the ocean.
https://en.wikipedia.org/wiki/Reunion,_Florida
Somehow Disney managed to convince people to buy expensive houses on small lots in Celebration, Reunion looks like a more touristy version with a few mega-houses thrown in. I wonder how much rent per week you can get for an 8br house in a golf resort near Disney? And how many weeks you can rent it? I guarantee any neighbors who live nearby will be complaining. Airbnb showing a 6br 6000sf house in Reunion renting for $250/night. That’s grossing about $1500 per week max, but there are probably many dead times during the year. And probably have to pay $300/wk for maids & utilities. After your mortgage, maintenance, insurance, I don’t know how much fun owning and renting out a home like this would be. Rental yield maybe just above a 10 year bond with a lot more work.
Russians attempted to engage US forces, and had a very bad day:
https://pjmedia.com/instapundit/leaked-audio-recordings-of-russian-mercs-business-insider-seems-to-think-the-recordings-are-authent/
“well … to make it short, we’ve had our asses f— kicked. So one squadron f— lost 200 people … right away, another one lost 10 people … and I don’t know about the third squadron, but it got torn up pretty badly, too … So three squadrons took a beating … The Yankees attacked … first they blasted the f— out of us by artillery, and then they took four helicopters up and pushed us in a f— merry-go-round with heavy caliber machine guns … They were all shelling the holy f— out of it, and our guys didn’t have anything besides the assault rifles … nothing at all, not even mentioning shoulder-fired SAMs or anything like that … So they tore us to pieces for sure, put us through hell, and the Yankees knew for sure that the Russians were coming, that it was us, f— Russians … Our guys were going to commandeer an oil refinery, and the Yankees were holding it … We got our f— asses beat rough, my men called me … They’re there drinking now … many have gone missing … it’s a total f— up, it sucks, another takedown … Everybody, you know, treats us like pieces of s— … They beat our asses like we were little pieces of s— … but our f— government will go in reverse now, and nobody will respond or anything, and nobody will punish anyone for this … So these are our casualties.”
Looks like the valuation of these homes are made possible by AirBnB income streams. Probably displacing the old time-share business model. Given how much Disney charges for on-site hotels, I can see how this makes big family getaways easier and pretty cheap on a per-person basis. But Disney will still get you on the tickets.
Laser.
Somebody lying to Congress? We are only supposed to be targeting ISIS in Syria per the recent response to a congressional inquiry.
Juice on Central FL, thanks but no thanks…..
Might as well already be dead
JCer – not buying no way no how. I am just planning a trip for for my extended family, as long as the time share salesmen,the Jehovah’s witnesses leave us alone and Mr. Mouse does not try to kick my butt because I did not wear my purity ring everything will be wonderful.
old one but a good one on Mr. Mouse..
http://southpark.cc.com/clips/221275/the-boss-is-here
Congrats, juice!
Believe in the Great Pumpkin!! Don’t doubt my call of the coming blow up(we could hit a recession before it comes, but it’s not looking like that is going to happen) aka the roaring 20’s 2.0! If no catastrophe gets in the way between now and 2020….get ready for a hell of a ride!
Juice Box says:
February 27, 2018 at 4:37 pm
Anecdotal wage inflation for Pumps and the Trump effect for companies….
Out of the blue raise for me, 14% with retro pay bump and I will get another one in a few months. Did not ask for it….
Bubble? What bubble?
Honestly, what makes you think current pricing is due for a major correction?
I’m seeing major wage inflation coming on the back of a very fundamentally strong economy that has only just begun to get going. Tax plan just dumped rocket fuel on this economy and prob killed any chance of a recession that was supposed to come. The demographic spending patterns are only going to get stronger and consumers are only getting more confident. When these demographic spending patterns really start going off, it’s going to be a sight to see….biggest economic boom of our lifetime…the stuff of legend that only happens once or twice a century.
Just pray no wars or crazy events destroy this beautiful economic boom coming.
NJdepartment. says:
February 27, 2018 at 5:13 pm
The bubble is about to burst…
https://www.cnbc.com/2018/02/26/january-new-homes-sales.html
US new home sales drop for second straight month
Sales of new U.S. single-family homes fell for a second straight month in January.
A survey of Reuters economists expected sales of new U.S. single-family residences to rise in January.
The economic measure was weighed down by steep declines in the Northeast and South
Damn, forgot about govt HUGE spending increases. I have no doubt in my mind about my call on this economy.
https://patch.com/new-jersey/wayne/s/gd62m/every-nj-towns-average-property-tax-bill-in-newly-released-list?utm_source=alert-breakingnews&utm_medium=email&utm_term=weather&utm_campaign=alert
SUNK cost … Automat offers the burbs to your Uber; stay Agile my friends, home isnt where you hang your hat, it’s where you bring it. Don’t fight it, you’ll never have scale for the American myth. Funny if you oppose the dreamers, heheh, yer Kidz, can they pivot your bias?
https://granolashotgun.com/2018/02/25/wework/
Not bad with their call back in 2011.
“Unemployment
Unemployment will drop to 6 percent. The CBO expected unemployment to drop to just above 5 percent by 2020, and there are several reasons that this is likely to be right. The first is that the U.S. labor force will have been reduced by baby boomer retirees by then. The next is that a recovery in housing prices will spur consumer spending, which will in turn produce jobs. Government incentives to businesses to add employees will improve hiring. Programs of this kind are already being discussed as part of the jobs bill. They make economic sense because the Treasury gets tax receipts from those who are hired, which more than offsets the cost of tax credits to create jobs.“
http://www.nbcnews.com/id/45022308/ns/business-eye_on_the_economy/t/why-us-economy-will-be-booming/
That’s dedication
JJ says:
February 27, 2018 at 3:56 pm
Sometimes, when I used to house hunt, if I liked a place at an open house, I would drop a deuce in a closet to scare the other buyers away
Good calls by this guy back in 2013.
https://www.pbs.org/newshour/economy/comeback-why-the-us-sits-at-th-1
Sell that doom and gloom. Talk about a joke prediction.
https://www.zerohedge.com/news/2014-05-13/if-economic-cycle-theorists-are-correct-2015-2020-will-be-devastating-us
Wage inflation…even in West Virginia.
West Virginia Teachers’ Strike Ends With a Promise to Raise Pay – The New York Times
https://apple.news/At43HoZWAR8WHvuYDMaCktg
This guy is turning into one of my favorite posters. Lots of details you don’t find anywhere else.
https://twitter.com/SethAbramson/status/968658623802040320
Makes up for all those bad cable ads.
http://www.nj.com/bergen/index.ssf/2018/02/nj_tour_giants_opinion_of_donald_trump_visible_from_space.html