From the Star Ledger, hat tip Yo:
Only these 2 N.J. towns have fully recovered since the housing crash
It’s been more than a decade since housing prices in New Jersey began a seven-year slide highlighted by the Great Recession.
As of today, only two have made it back to where they began: Hoboken and Weehawken.
That’s according to an NJ Advance Media analysis of Zillow market value data, which has tracked home prices for 500 of the state’s 565 municipalities dating to 2006.
Other than the two Hudson County neighbors mentioned above, all remain below the peak where they began. As a whole, New Jersey has seen housing prices rise over the past two years as housing inventories in many markets have tightened considerably.
But when historical prices are adjusted for inflation, the state median home value of $317,000 remains 30 percent lower than it was in 2006.
While other towns, like Millburn and Jersey City, have earned back most of the losses, Hoboken and Weehawken are the only two towns that have posted positive gains.
The median home value in Hoboken has risen by more than 11 percent since the market peak in 2006, while Weehawken has seen a more modest gain of 1.5 percent.
If you eliminate the massive rise and fall of the housing bubble leading to the Great Recession, the state’s home prices have risen at a sustainable rate over the past 20 years. The gains many towns have seen since 2013, when the state hit bottom, have been substantial.
Isn’t this a good thing? Prices would be out of control otherwise and market would be totally unhealthy and unaffordable.
“But when historical prices are adjusted for inflation, the state median home value of $317,000 remains 30 percent lower than it was in 2006.”
That says we are nowhere near a bubble in nj. Not even close.
Had a cheesesteak for lunch and pizza at the shore for dinner yesterday.
I think I will load up my car with devil dogs and Stella Dora cookies before we drive back since we don’t have those in Texas
Drove from DFW area to Maryland without paying a toll. Paid about $25 in tolls the last 150 miles. Forgot how annoying it is to not be able to pump your own gas in jersey
Wow, an article that actually gets real estate investment. It’s not short term, it’s an extremely lucrative longterm investment.
“If you eliminate the massive rise and fall of the housing bubble leading to the Great Recession, the state’s home prices have risen at a sustainable rate over the past 20 years. The gains many towns have seen since 2013, when the state hit bottom, have been substantial.”
If you buy real estate and hold for 40-50 years, it should be impossible to not make money.
I’d say north jersey real estate buyers are among the most savviest in the country. We just don’t see the boom and bust cycle like the rest of the country does. We just don’t drive up the price like everywhere else.
Other places drop over 50% in their busts. We are lucky if we hit 30%.
Hold,
That’s a killer day of food! Killer in the literal sense could work here too. Lol
https://www.zerohedge.com/news/2018-07-06/state-new-jersey-just-signed-its-own-death-warrant
According to the New Jersey Business and Industry Association, the State of New Jersey lost a whopping 2 million residents between 2005 and 2014, earning a combined $18 billion in net adjusted gross income, i.e. income that would have been taxed by the state.
And what blows right over the author’s head……he sees no problem with the concentration of wealth, where one person leaves your state and punches a huge hole in the budget. Let me say that again, one person punched a hole in the budget of nj because wealth has become that concentrated.
Btw, Tepper said that he mainly left for family. He’s a billionaire, why would you not want to setup residence off the southeast coast of Florida if family is there with you?
“And Tepper’s departure left an enormous hole in its budget.
Think about that: the departure of literally ONE person caused big problems for New Jersey’s budget.”
If those two million people were here….how much traffic would there be? What would the price of everything be? Impact on crime?
NJCoast says:
July 7, 2018 at 7:56 am
https://www.zerohedge.com/news/2018-07-06/state-new-jersey-just-signed-its-own-death-warrant
According to the New Jersey Business and Industry Association, the State of New Jersey lost a whopping 2 million residents between 2005 and 2014, earning a combined $18 billion in net adjusted gross income, i.e. income that would have been taxed by the state.
I’m sure Murphy is giddy about Teva, which was probably in the works long before the new corporate tax hike, and probably too late to reverse. But what’s telling, it took $40 million in credits to get them to NJ. If you look back on other big moves in, none happen without massive tax breaks. With the new increase in corporate tax rates, that means the hikes will need to be even higher to compensate. Ironically, he seems to love to criticize Christie for the tax breaks he gave, but he’s going to quickly realize he needs to do the same, even more, because there is absolutely no reason to come to NJ otherwise.
Pumps
I needed to counteract all the fried chicken and catfish I ate on the way here
NO. You have no context.
Answer this question. Should you drive 70 miles an hour?
The Great Pumpkin says:
July 7, 2018 at 7:27 am
That says we are nowhere near a bubble in nj. Not even close.
To all of you free traders, off shores, and believers that Chinese tariffs are going away. Please read below:
https://www.bloomberg.com/view/articles/2018-07-06/what-trump-s-trade-war-is-really-about
Snippet,
America’s post-Cold War strategy for dealing with China was rooted in prevailing liberal ideas about the linkages between trade, economic growth and democracy, and a faith in the presumed universality and irresistible power of the human desire for freedom. The strategy pursued by China’s leaders, on the other hand, was, and still is, motivated first and foremost by their commitment to preserving the Chinese Communist Party’s monopoly on domestic political power.
Here are the Best Retirement Venues for the cheap:
https://www.usatoday.com/story/money/personalfinance/retirement/2018/07/07/done-working-heres-where-you-can-retire-nicely-just-30-000-year/760387002/
Thank goodness i dont live on a highway, double line road, or basically most of east jersey.
https://www.theatlantic.com/health/archive/2018/07/a-frightening-new-reason-to-worry-about-air-pollution/564428/
A commenter on the SL article repeatedly states Hoboken home prices are driven by the school district’s Abbott status, ignoring the facts that most of Hoboken’s school budget is funded by Hoboken real estate owners and Weehawken, where values have also soared, is not an Abbott district.
Many people don’t get real estate.
https://www.nj.com/hudson/index.ssf/2018/07/permits_issued_for_controversial_power_plant_in_no.html#incart_2box_nj-homepage-featured
Super duper news coming straight outta North Bergen – more production jobs for the state of New Jersey. Let the haters hate. Let the power workers work.
Yo,
Did you make the same comments on that site as this one?
Top-down crush coming. 30 year is right, high end market isn’t just soft, it’s melting, liquifying.
Franklin Lakes – 89 properties for sale?
The Brig (?!!!) – 213 properties for sale?
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