From the Star Ledger:
N.J. workers are earning more $$$ but it’s not all good news
New Jersey workers now have a few more bucks in their pocket.
The average hourly earnings of New Jersey employees in the private sector went up by 4 percent over the past year, according to the latest U.S. Bureau of Labor Statistics data.
That’s a faster rise than from 2016 to 2017, which saw a 2 percent increase.
And heck, that’s good news for workers who are looking for a little more cash to pay everything from their weekend bar tabs to childcare or healthcare. But experts and economists said the news isn’t all roses and butterflies, as it suggests a labor shortage may be taking hold in the state.
“[Employers] are having a hard time filling open positions,” said James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University. “There are jobs available, but applicants don’t have the education or skill level necessary.”
That tends to push wages and earnings up.
Workers in the state made, on average, $29.64 an hour in February 2018 compared to the $28.51 an hour they were making in February of last year.
Nationwide, New Jersey ranked as having the 11th-highest earning increase over the past year. Maryland had the highest average hourly earnings increase, at 6.8 percent.
…
It’s hard for New Jersey employers to find qualified applicants, especially younger workers who may have the needed skills but prefer to work in New York City or Philadelphia, Hughes said. A U.S. Federal Reserve survey published in January found labor shortages across the country.“[Employers] have to increase wages for the entire job category to make it more attractive for people,” he said.
Talent wants to live in urban, walkable communities close to public transportation, and New Jersey communities that are not investing in those things will be missing out no matter how much money they offer their workers, said Pete Kasabach, executive director of New Jersey Future.
“We’ve underestimated the importance of place and how it’s a major driver of wages,” Kasabach said.
First!!
Gen X – enjoy your fleeting moment in the spotlight.
https://www.cnbc.com/2018/04/11/generation-x–not-millennials–is-changing-the-nature-of-work.html
Oh boy…
https://www.bloomberg.com/news/articles/2018-04-12/pick-a-new-york-city-borough-rents-are-falling-there-and-fast
Grim, Oshrat at Bloomberg sees the glass half empty. The stats for new leases look right, but don’t tell the whole story. Large majority of apartment leasing activity in New York City is renewals, and rents are going up when leases are renewed.
Oshrat our with another report on Westchester. Home prices -8% there in first quarter.
I doubt NJ gov could sell the house he bought in 98 for same or higher price today. Also true for Christie neighbors in Mendham.
My mother sold her apartment in the Village for 450k. Thing was atrocious and right outside the Con-Ed plant.
Maybe all them New Yorkers are moving to Wayne? Or Texas?
I look at this as a good thing. Similar to a market correction in the stock market.
Supposedly, the rent decreases are due to massive inventory that has been created and brought to market. Isn’t this a good thing for the long term health of the market? If this inventory didn’t come to market, prices would just go up and head towards unsustainable pricing.
If the governors home is worth the same or less since he bought in 98….isn’t that a good thing. Do we really want 6 million dollar homes to go up to 10 million? Price staying the same means it’s very affordable for people in position to buy it. That class of buyers is making more money now than they were in 1998.
“Oh boy…”
My multi is officially up today for 675K. Let the bidding wars begin and the rental prices drop! Remember, I paid 480 for it in 2004. Let’s see what kind of appreciation I receive, if any. Go Montclair!
DJIA 6/2004 to today saw a 240% increase. (not including dividends)
Multi 6/2004 to today saw a 141% increase. (not including carry costs, mortgage interest, 75K in upgrades, but significant tax breaks) A lot of sweat equity too.
Libturd
Did you pay cash? If not have you run numbers based on down payment and closing costs?
Yo!
Any explanations for the price drop? Smaller bonuses? Bad inventory? Impact of tax reform?
Wage deflation.
Gen X – enjoy your fleeting moment in the spotlight.
It’s ok, Gen-X is used to it by now.
HMB,
When I have some time and I get the final numbers (heck, realtor thinks we’ll get 750K easy), I’ll do the math. The only thing I’m really disappointed about is that we refinanced twice as interest rates dropped. From a 30 to a 20 to a 15. We are finally paying much more principal than interest. It’s neat to see the total loan amount drop so rapidly. We have less than 7 years left. Less than 7 on our primary too (woo hoo).
Are you going to do a breakdown including rental income? And good luck, hope you get top dollar.
Libturd questioning the gender of Hillary’s Cankle fluid. says:
April 12, 2018 at 9:45 am
“Oh boy…”
My multi is officially up today for 675K. Let the bidding wars begin and the rental prices drop! Remember, I paid 480 for it in 2004. Let’s see what kind of appreciation I receive, if any. Go Montclair!
DJIA 6/2004 to today saw a 240% increase. (not including dividends)
Multi 6/2004 to today saw a 141% increase. (not including carry costs, mortgage interest, 75K in upgrades, but significant tax breaks) A lot of sweat equity too.
When I can come up for air, I will. It will certainly take a while to do.
Good luck Lib!
HMB, my post was misleading.
I checked the data. Westchester prices were -8% compared to 4Q 2017. But home prices show seasonality. Prices were +5% compared to 1Q 2017, the more meaningful benchmark.
Good luck Lib! Take the money and run!!
There are no decent multi’s listed currently. And the recent sales have been for much crappier properties. I am cautiously optimistic that a bidding war will occur. Progressives like to overpay for such things as walkable to train station, farmer’s market, stainless steel appliances. Screened in porch and gazebo too. Oh, there are blueberry plants and the house is wired for FIOS already. Finally, and probably most important. The fenced in garden is “organic.” Heck, the whole property screams, “I’m artis@nal!”
Nearly forgot. There are two Subarus parked in the driveway at all times.
Subarus are cool. man.
Mine has a 3.6l flat six stuffed in a jacked up sedan.
Perfect for urban assault or country high-jinx.
My new kayak fits on top nicely —
Oh, and with the 250 HP it moves pretty well, actually corners which is nice in the canyons, it’s quiet inside, has some sweet HK stereo system, and finally is virtually invisible. Part of my plan to disappear completely un-noticed into a life of leisure. Part of that leisure? Not wondering is the exotic in the driveway will break down soon. These Japanese cars are bullet proof.
Address? I only see 91 Lincoln Street on realtor.com which has no heat…
It will be up momentarily. Try not to laugh too hard. And then imagine collection $4000/month rent from it.
What do you think of those other dumps. I think our timing is good. And all of the flowers are just coming up.
Buyers like flowers. And Subarus. Heck. Essex is thinking about moving back.
Just bought an impreza. 38mpg highway with AWD…
Gotta use synthetic oil on that boxer engine though…booooo
Californicator says:
April 12, 2018 at 11:03 am
Subarus are cool. man.
Mine has a 3.6l flat six stuffed in a jacked up sedan.
Perfect for urban assault or country high-jinx.
My new kayak fits on top nicely —
Lib, what is that about $500k taxable when including depreciation recapture?
(1) The recapture being discussed is in fact a special type of capital gain — thus capital losses can offset it (though it’s last in line — other capital gains get offset first).
(2) The rate you pay is the lower of the ordinary income rate that would otherwise apply, or 25% (so there is no benefit from the 0% cap gain “bracket” that other cap gains potentially receive).
(3) Released passive losses are considered separately. For example, if you are in the 33% bracket, you will pay 25% on any depreciation recapture, but will save 33% on the released PALs from the sale.
(4) This could change going forward.
Ultimately…I’ll be paying the man. Fortunately, I’ve depreciated the sh1t out of everything.
Lib,
You’ll get ~ 715K to 725K for the building.
We should be pulling in at 15% on the capital gains fortunately. Just pulling in under the wire.
That’s exactly what I needed for it to make sense to sell. Really, anything over 700K and we are good. I still owe 220K on loan so do the math, pay the taxes and commissions and that’s what I have left for Gator Jr’s college. Figure 75K on improvements. When this is done, I’ll be thanking Murphy for making community college free. :P
It’s up in the GSMLS. Now everyone needs to go down there and start a bidding war for me.
Are you going to through in a year’s supply of cord blood and encapsulated placenta?
There will be free Colostrum shakes served at the open house and the home comes with a free book on Reiki and 10 ml of essential oils.
My best friend owns a hundred year old, drafty Victorian in Westchester. It’s a legal two family, but not split, small legal in-law apartment on the first floor. He bought right near the top of the market at around $850K in December 2006, IIRC. Zillow now has his home at over $1 million (but down ~$20K in the last 30 days). I’ve never seen it that high before, but I haven’t been monitoring.
Sure he pays Pumpkin-level taxes, but at least he
ownsoccupies a million dollar house in a nice neighborhood where kids can bicycle and play with their friends safely on their street.Lib, chi – I haven’t had lunch yet…and you’re making me hungry.
Libturd,
Good luck.
Make sure to include a note the buyers must feed the squirrels.
Are you planning an open house where avocado toast and kombucha is offered as a tasty refreshment?
Yo!
Thanks for the clarification. I was surprised by that price drop.
New from NHMD – colostrum in a can.
Mark Zuckerberg…. possibly slightly…on the spectrum?
BTW, I’m a large cap Tech seller again today. I took profits in MSFT, AKAM, INTU, and CRM today. MidCap Techs look a lot better, I’m holding them.
Congressman, I can’t tell you off the top of my head right now if I am on the spectrum. I’ll have my team get back to you.
Mark Zuckerberg…. possibly slightly…on the spectrum?
Yep, know all about the recapture rules, have sold off multiple properties, just wanted to make sure you had it all under control and you do!
http://www.foxnews.com/opinion/2018/04/11/sen-ted-cruz-facebook-has-been-censoring-or-suppressing-conservative-speech-for-years.html
By Sen. Ted Cruz | Fox News
When Facebook CEO Mark Zuckerberg testified before a Senate Judiciary Committee and Commerce Committee joint hearing Tuesday, I asked a relatively simple question: does Facebook consider itself a neutral public forum?
Zuckerberg said that Facebook is a “platform for all ideas,” but declined to give a “yes” or “no” answer. The problem is, this is not merely an academic distinction between words. Facebook’s answer to the question could affect millions of users, and attract (or prevent) a lot of attention from federal regulators.
Section 230 of the Communications Decency Act (CDA) states: “No provider or user of an interactive computer service shall be treated as the publisher or speaker of any information provided by another information content provider.”
This is a good provision. It means that, for example, if you run a blogging platform and someone posts a terrorist threat in the comments section, you’re not treated as the person making the threat. Without Section 230, many social media networks could be functionally unable to operate.
In order to be protected by Section 230, companies like Facebook should be “neutral public forums.” On the flip side, they should be considered to be a “publisher or speaker” of user content if they pick and choose what gets published or spoken.
As I expressed to Mark Zuckerberg, as a private business Facebook has a clear First Amendment right to publish whatever it wants on its website within the bounds of the law. The company can support political causes and oppose ones it disagrees with, just like a private citizen can speak his or her mind or agitate against opposing views.
But if Facebook is busy censoring legal, protected speech for political reasons, the company should be held accountable for the posts it lets through. And it should not enjoy any special congressional immunity from liability for its actions.
Mark Zuckerberg says he’s open to making changes to Facebook and the tech CEO says the buck stops with him; chief congressional correspondent Mike Emanuel reports from Capitol Hill.
As we discussed at the Senate hearing, for years it has been evident that Facebook has actively censored or suppressed conservative speech.
In May 2016, Gizmodo reported that Facebook had purposely and routinely suppressed conservative stories from trending news, including stories about the Conservative Political Action Conference (CPAC), Mitt Romney and Obama administration scandals.
Facebook’s actions have ranged from seemingly petty things – like shutting down a “Chick-Fil-A Appreciation Day” to blocking posts from journalists, specific religious groups and most recently, grassroots Trump supporters Diamond and Silk.
Facebook’s explanation for limiting access to a popular page with 1.3 million Facebook followers was that it was “unsafe to the community.” Many Americans see this as just the latest poor excuse in a pervasive pattern of political bias.
While such stories abound, it is virtually unheard of to see any ads or pages from liberal groups like Planned Parenthood, Moveon.org, or Democratic candidates being targeted for removal.
Whether you call it targeting, censorship, or shadow-banning, these are not the actions of a “neutral public forum.”
Zuckerberg told the Senate hearing that his goal is “not to engage in political speech.” But if a company allows a politically biased corporate culture to persist – and deliberately avoids diversity of thought in its hires – its actions can very quickly escalate into the political realm and endanger its status as a true “platform for all ideas.”
What we can expect from Mark Zuckerberg’s testimony before Congress. Reaction on ‘Outnumbered.’
According to Zuckerberg, Facebook employs over 15,000 people in security and content review. If all or virtually all are left-wing Democrats – and if they are empowered to secretly silence the voices of all with whom they disagree – that poses profound threats to our democratic discourse.
Newspaper publisher William Randolph Hearst, at the height of yellow journalism, never possessed such unchecked power over free speech.
Zuckerberg proved a good sport for responding to reams of questions from 43 senators for five hours. I commend him for admitting that Silicon Valley “is an extremely left-leaning place” and committing to “making sure that we don’t have any bias in the work that we do.”
It is critical that Facebook and other tech platforms take these realizations to heart, because surrendering their status as neutral public forum – engaging in discrimination of political viewpoints – invites government oversight and regulation of social media. This is something that nobody wants and it invites revoking the company’s immunity from liability.
The free exchange of ideas and information on the Internet over the last 25 years has produced a cultural, technological and educational revolution to rival the Wright brothers or nuclear energy. Our largest forums for that continuing exchange should do all they can to keep it a free one, unburdened by censorship or government intrusion.
“These Japanese cars are bullet proof.”
Not necessarily, wife’s 2013 Outback had a new short block put in at 60k because of high oil consumption. It was using a quart of oil every 1k miles since new. Subaru claimed it was normal and refused to deal with it until there was a class action lawsuit and it ended up replacing the short blocks on thousands of cars.
By the way, Subarus are pegged as progressivemobiles on this blog but here in right wing Sussex County they’re all over the place.
“Mark Zuckerberg…. possibly slightly…on the spectrum?”
Watch some of Bill Gates’ dep testimony on Youtube and you’ll swear he is too.
Facebook censors what’s reported by users.
Democrats are more easily triggered, thus they report more.
Thus more content democrats find offensive is moderated.
Don’t ask me more.
12:50 good to know. Went with extended warranty just in case.
Okay, I’ll bite.
I have a sidewalk in front of my house. One house over is the corner which leads to a double cul-de-sac.
You cry about snowflake mentality today, yet perceive that my daughter can’t ride her bike on my street because it’s unsafe at 35 mph.
Just an FYI, those 25 mph streets go just as fast or even faster than on my street. They enforce the speed limit on my street unlike those nice safe 25mph streets you claim are much safer.
“Sure he pays Pumpkin-level taxes, but at least he owns occupies a million dollar house in a nice neighborhood where kids can bicycle and play with their friends safely on their street.”
Oh god, here come the conservative cry babies that claim to never whine.
D-FENS says:
April 12, 2018 at 12:39 pm
http://www.foxnews.com/opinion/2018/04/11/sen-ted-cruz-facebook-has-been-censoring-or-suppressing-conservative-speech-for-years.html
By Sen. Ted Cruz | Fox News
When Facebook CEO Mark Zuckerberg testified before a Senate Judiciary Committee and Commerce Committee joint hearing Tuesday, I asked a relatively simple question: does Facebook consider itself a neutral public forum?
Democrats are more easily triggered, thus they report more.
Thus more content democrats find offensive is moderated.
In other words, they’re weak, gender-challenged, emotionally confused, imprecise, muddled, unbalanced and dim.
They’re good in snow, even if you aren’t a l3sbian.
By the way, Subarus are pegged as progressivemobiles on this blog but here in right wing Sussex County they’re all over the place.
That’s nice that you don’t have to go too far to visit a nice neighborhood.
I have a sidewalk in front of my house. One house over is the corner which leads to a double cul-de-sac.
What Pumpkin’s street looked like before they lowered the speed limit:
https://goo.gl/A473oZ
Lol…expat,
You are funny, I’ll give you that. I def get a laugh from some of your comments on this blog.
Sometimes I lurk here to see how creative Expat gets about the double yellow road.
A lot of people forget about the great tragedy that was the Tour de Pines Lake in 1955. It was overshadowed by Pierre Levegh’s accident at Le Mans that year.
“Oh, the Humanity!”
Everybody knows the Mulsanne Straight, even after the addition of the chicanes in 1990. Lost to history are the high speeds that were legendary on the Pumpkin Straight.
I can’t believe your taxes are so low for montclair, do they give lower taxes to multi families?
Wag the dog? NAVY has been busy with trains from Earl in Clots Neck
FROM the Navy on FB.
Our mission at NWS Earle is to load ships… and business is good! (From left to right) Supply Class fast combat support ships USNS Supply (T-AOE-6) and USNS Arctic (T-AOE-8) and dry cargo ship USNS Lewis and Clark (T-AKE-1) moored at the NWS Earle pier April 9.
1:29 your precision will be rewarded private. Just wait til the commandant see your progress.
Stu I can see why you are selling at 700k as a non-owner occupied unit it is not a great investment on a cashflow basis. The communists in the peoples republic of Montklair will raise the taxes to 22k after it sells for over 700. At the current rent roll it’s like a 5% return before considering management, maintenance, repairs, utilities, wear and tear, and vacancy between tenants. Suburban essex with the out of control property taxes is a frighteningly dangerous place to be a small time landlord.
Stu needs to lease the backyard to the owner of a tiny house for $1000/mo.
Libturd questioning the gender of Hillary’s Cankle fluid. says:
April 12, 2018 at 12:05 pm
It’s up in the GSMLS. Now everyone needs to go down there and start a bidding war for me.
Nice house. You should consider listing it in single family as well. Not all MLS searches aggregate both single and multi. Gsmls dot com itself doesn’t. And some let you specifically exclude multis- like Weichert. I also see a bunch of Montclair houses in that range also listed in the NJMLS.
Also why the f*ck do we need to know the garage leaks in the public comments? Or about the oil tank? Just say it’s built on an Indian burial ground superfund site and be done with it.
Happy holidays, snowflake. How about you celebrate by enjoying some Monsanto chemical-laced freedom fries in your local genit@l conforming Target restroom.
Fast Eddie says:
April 12, 2018 at 1:29 pm
Democrats are more easily triggered, thus they report more.
Thus more content democrats find offensive is moderated.
In other words, they’re weak, gender-challenged, emotionally confused, imprecise, muddled, unbalanced and dim.
“I can’t believe your taxes are so low for montclair, do they give lower taxes to multi families?”
Gator slayed them in the 2010ish reassessment. Every reassessment since they’ve just worked off of the original assessment. Resale prices don’t seem to matter as much as you would think they should. Assessment companies are just making a nice dime doing the bare minimum. No one notices because noone understands the process. The county and town could care less as they are getting the same amount. We shared our data with an ex council-member and he agreed that the process was horribly flawed. Glad noone did anything about it.
If you want to find my address in Glen Ridge, look for the anomaly in the tax data there. We were able to use our backyard flooding, combined with our impossibly low purchase price to get an unheard of tax rate here in the Ridge. Gator knows her shiznit.
Z^^comment 69 you secksie Bish
Otto, with you on that bury it in the disclosures. That way it’s a problem after a buyer has “fallen in love” with the house. I totally see this particular property as an owner occupied multi, it will fetch 700k all day long, the buyers are insane in suburban Essex at the moment. The epitome of fast Eddie’s description a shack from 1950 that smells like death not touched since the 1950’s complete with 15k in taxes just sold for almost 600k across the street from me(bad roof, bad wiring, bad driveway,bad heating etc). It seems people are buying anything and everything at certain price points.
5:16 – Thanks President Trump!
Lib – I thought I mentioned this before. I used to spend a lot of time in the early 1980’s just a few hundred feet from your multi.
https://njrereport.com/index.php/2012/05/07/april-mls-snapshot/#comment-508767
Of course, you mentioned same:
https://njrereport.com/index.php/2012/05/07/april-mls-snapshot/#comment-508772
The sandwich shop is still there.
Nice job then. I would sell now if I were you too. It’s an insanely hot market, and those taxes will only help your price.
Where the fcuk has this been? I need to pay closer attention….
https://youtu.be/h2qx_jKLDKo?t=1m36s
Btw, you are up there with lib as one of my fav posters.
It’s hard to judge what is deemed “insane.” For example, almost any major city around the world, real estate is bonkers. How long have they been calling for a crash in Vancouver?
Point is, northeast nj and even nyc itself is drastically undervalued on the world scale. I’m not sure why. Maybe concentration of wealth is much more focused on individual cities in other countries?? Anyhow, American real estate is cheap compared to rest of the world, esp prime real estate. Northeast nj is nyc. It’s ridiculously cheap real estate based on it’s access to two major cities, smack down in the middle of the coast and the most productive economic corridor on earth.
So are the local markets overpriced? Maybe short term, but hell no when it comes to long term.
JCer says:
April 12, 2018 at 5:16 pm
Otto, with you on that bury it in the disclosures. That way it’s a problem after a buyer has “fallen in love” with the house. I totally see this particular property as an owner occupied multi, it will fetch 700k all day long, the buyers are insane in suburban Essex at the moment. The epitome of fast Eddie’s description a shack from 1950 that smells like death not touched since the 1950’s complete with 15k in taxes just sold for almost 600k across the street from me(bad roof, bad wiring, bad driveway,bad heating etc). It seems people are buying anything and everything at certain price points.
Lib – I wonder if anyone is poor enough, or do shops even offer, a buttered roll anymore? Maybe since everyone is so rich these day, everyone can afford at least an egg and cheese on some sort of bread? The very rich can even add bacon or sausage?
Back in the very old days of Dunkin’ Donuts I learned how to make a quick and fast sandwich from the way they used to make it.
1. Save up enough money to buy a microwave (I observed and memorized the method, long before I had the tools).
2. Spray a container with PAM (DD used styrofoam bowls).
3. Crack an egg inside the bowl, pierce and stir the yolk a little.
4. A short time later add the meat (usually a slice of deli ham back then) and cheese, and microwave a little bit more.
5. Take it out and slide it onto the toasted English muffin, or whatever bread product.
I still do it today, I just used a deep microwaveable bowl with a paper towel on top. Wait for the egg to pop once, then add the cheese and ham, wait for the egg to pop a second time, and you’re done.
The sandwich shop is still there.
LOL.
https://www.nytimes.com/2017/08/01/dining/buttered-roll-new-york.html
The buttered roll is still totally around.