From the Shorebeat blog:
Brick Has a Major Foreclosure Problem on Its Hands
Brick Township’s foreclosure rate is nearly double the state average and five times as high as the national average, leading Brick officials to contract with a firm that will handle record-keeping for the purposes of code enforcement and property maintenance issues for bank-owned properties.
Brick’s rate, according to RealtyTrac, was .28, almost double the state’s .16 average and more than five times higher than the national average of .05. Scott Blaise, a representative from Community Champions, the company that was awarded the contract, said there were 1,300 homes in Brick that are either in danger of being foreclosed upon or are already in the foreclosure process. For comparative purposes, the same metric applied to Jersey City – a municipality of 270,000 – translates into 2,200 properties.
“The current rates of foreclosure are still a little higher than the rest of the country, but it’s coming back towards normal,” Blaise said, highlighting that Brick is among the top 10 towns for foreclosures in New Jersey.
…
RealtyTrac shows one in every 363 homes in Brick is in some stage of the foreclosure process. While pre-foreclosures are down 51 percent in Brick from last year, the number of bank-owned properties has doubled, the data shows.
first
America’s Top State for Business
Nj #36
https://www.cnbc.com/2018/07/10/americas-top-states-for-business-2018.html
Could those foreclosures be leftovers from Sandy? Parts of brick were devastated by sandy and it is not a desirable destination like ocean city or lbi
Brick sucks anyway. It’s the Edison of ocean county.
That’s an interesting list yome. I’m surprised to see MA has the third highest cost of living(only less expensive than CA and HI) and down near the bottom for Infrastructure. Overall, #8, so I guess that’s pretty good. Their methodology page doesn’t give any good clues either. Still fun though. Thanks.
Leftovers from 2006.
Could those foreclosures be leftovers from Sandy?
NJ – dead last in cost of doing business. shocker.
Brick sucks anyway. It’s the Edison of ocean county.
Ocean County is the sticks of Alabama. It’s where culture goes to die! Ugh!
We still have a foreclosure left over from mid-2000’s on the street here. I’ve been here 9 years, we had two foreclosures and only one had been reclaimed. It was finally resolved 2 years ago and became owner occupied last November. It was so trashed, it almost had to go down to the studs…….
The Original NJ ExPat says:
July 11, 2018 at 8:39 am
Leftovers from 2006.
Could those foreclosures be leftovers from Sandy?
South Jersey home values are converging with home values in Mississippi and West Virginia, in other words, toward the $100,000 zone. Salem County is already there, other South Jersey areas are next, with only Lakewood, oceanfront neighborhoods and close in Philly suburbs are insulated. Heroin and meth have become the most dynamic industries in South Jersey.
Any one know of any good viewing parties today for England/Croatia?
Summit-morristown corridor best….
Tried finding an English pub. Too god damn many Irish lol.
We could give South Jersey to Pennsylvania or Delaware as a gift?
Attention Democrats – you can come out and show your support Stormy Daniels here in Wayne on August 8th at Lace.
grim this whole trump thing must be great for her career as a wh*re.
What did Delaware ever do to you?
Doesn’t fit your criteria exactly but you can’t go wrong at Darby Road in Scotch Plains.
leftwing says:
July 11, 2018 at 9:29 am
Any one know of any good viewing parties today for England/Croatia?
Summit-morristown corridor best….
Tried finding an English pub. Too god damn many Irish lol.
What’s going on in Brick? That’s easy if you’ve ever been there it is possibly the worst place in NJ. Property values have not recovered hence foreclosures. Brick has terrible schools, trashy people, it’s ugly(tract housing and ugly strip shopping centers), and a large part of it floods add in limited proximity to centers of employment and it is clear it is a terrible place whose sole redeeming quality is being close to the ocean. I’d rather live in Salem county or the woods of Cape May county than live in Brick, at least there is nature in those places.
We still have a foreclosure left over from mid-2000’s on the street here. I’ve been here 9 years, we had two foreclosures and only one had been reclaimed. It was finally resolved 2 years ago and became owner occupied last November. It was so trashed, it almost had to go down to the studs…….
3 long time foreclosures were swooped up in my neighborhood. One, the guy remodeled the entire home and it looks spectacular inside. Outside, the landscaping is badly needed. It’s had a fore sale sign up for months. Priced too high. The others, they are still working on. But one of them apparently has been empty for nearly a decade prior to. If you look at the old photos on the internet, the walls were almost pure mold throughout the home.
There is nothing redeemable about Brick at all.
The only two good things to come from Brick are James van Riemsdyk and Jim Dowd.
Ocean County is horrid except for the beach areas. Anything west of Barnegat Bay is expendable.
Amazing the stark differences between Monmouth and Ocean Counties.
Except that quality is a big big big deal…… the some of the beaches near it are downright spectacular…..
It crushes many parts of Northern NJ simply because NNJ is super crowded and completely land locked. Don’t get me wrong….. Brick is not great…..
Bear in mind also that they completely fixed the GSP at interchange 89…….so that area has the added benefit of easily being able to GTFU ASAP…
JCer says:
July 11, 2018 at 10:29 am
What’s going on in Brick?
it is clear it is a terrible place whose sole redeeming quality is being close to the ocean.
sorry GTFO
Buying old foreclosed homes with septic, well and renovated values under $250,000 is a high risk venture. A modern septic on a small lot may not only cost $25,000+ but it may also impact the use of the yard. Wells are not as great an expense but are just another unknown in the process. If the property to be renovated is 1500 GLA and has 2 full baths an $80,000 renovation in addition to well and septic would be fairly standard. Not much margin for error.
I’m reading an article in the New Yorker about Andy Byford the head of the NYMTA, and this cartoon is embedded……..it is not a big deal, but WTF? You can’t escape all of this patent nonsense……what is wrong with people?
https://www.newyorker.com/cartoon/a22040
Entire Shore area has taken a turn for the worse. Monmouth, Atlantic, Cape May, Cumberland, Salem counties are all suffering from shrinking populations. This is first time this has happened since reliable statistic began in 1790. Only Ocean County is growing today, driven by Lakewood.
What will it take to turn the Shore around? I don’t see a catalyst.
Why would you expect population to grow in seasonal tourist areas?
Sandy converted tons of owner-occupied housing at the shore into seasonal rentals and vacation homes.
Capitalism breeds swamps of corruption. It always has. Leaders promise to “drain” those swamps but fear to touch their capitalist roots. Among the worst: Pruitt and Trump.
https://www.bloomberg.com/view/articles/2018-07-06/pruitt-s-almighty-feast-had-trump-s-blessing
“I do not understand why the powerful in this country think it is a good idea to impoverish the working class. Third world countries have always been characterized by the huge financial gap between the rich and the lower classes. Poverty brings crime, drugs, disease, and unrest. Do the wealthiest Americans really want to live in a country where they have to put bars on their windows, hire security guards and body guards, and avoid contact with the masses? America was great when it had a robust, entrepreneurial middle class. It has lost its greatness to greed and corruption.”
I can only speak for Monmouth……. it is always darkest before dawn….. the county is doing really well, just the population is going down. It is a very nice place to live. I was in Hoboken when the “delivered vacant” style cleansing was occurring….. the long run was that that there was a major sea change, but the first step was large and sometimes extended families were being replaced by a smaller and more upscale buyer. I think there will be a different face on Monmouth County in 10 years. I already see it only street…… nothing for 8 years, and now 3 or 4 kids under 3. Parents walking the loop with strollers……
Yo! says:
July 11, 2018 at 12:09 pm
Entire Shore area has taken a turn for the worse. Monmouth, Atlantic, Cape May, Cumberland, Salem counties are all suffering from shrinking populations. This is first time this has happened since reliable statistic began in 1790. Only Ocean County is growing today, driven by Lakewood.
What will it take to turn the Shore around? I don’t see a catalyst.
I already see it on my street
One of those kids lives in the reclaimed foreclosure…..
The matriculation level per grade was 180….. it appears that it will bottom out at about 75 for kids that are 8 years old……how ever, a clear rebound is occurring. Realize that after Pre-K/K, there is usually an additional 20-40 kids that enter the school district from 1st Grade.
https://drive.google.com/file/d/1OBKCKQ21RsnD4JPdO8bICsurla_DgvQp/view
In a few years demographers are going to talk about the great dip – the period when births fell off a cliff across the US due to the recession.
I agree with chi on this. Monmouth county will never die or go poor.
It’s a great location for raising families. It’s just a good location in general.
Chi is dead on with “change.” People mistaken change for the sky is falling. Let it play out over time.
It’s like the people claiming jersey is dead. Get out of here. Are the prices falling? Are the sales on a downward trend over a decade? Unemployment rate sky high? Until I see these things, stop mistaking a transition period of change as the sky is falling in jersey. It’s clearly not crashing like these propagandists want us to believe for the last 20 years.
Grim,
Lol…yup! You know it’s coming.
I was curious how Brick got it’s name so I looked it up.
They apparently named the town after Moana’s brain material.
Yep, NJ is great and vibrant, and everyone secretly lusts after Punkin’s house.
http://reason.com/blog/2016/11/22/can-you-spot-a-trend-in-new-jerseys-ten
(article written before the last 11th downgrade in 2017)
High taxes, poor business environment, corruption and waste galore, but at least we have organically fed and well-pensioned retired public servants. For now, high average incomes for the productive people in the state have allowed them to mostly put up with the abuses imposed upon them by their public servant masters.
Children of the great dip will be among the wealthiest generations ever, primarily due to a single household (two only-children) receiving two inheritances. In addition greater likelihood of no debt after school, better educated, more resources.
If you thought two income households were difficult to compete with, you ain’t seen nothing yet.
Grim I don’t think we will see for a long time if ever a dramatic moment for increase in the birth rate that will amount to a mass migration to the suburbs. The female birth rate is dropping and the age of first time birth increasing. I don’t see that trend ending. It will be one and done or perhaps two. I have a relative with two kids in day care infant and toddler at a cost of 34k a year for both.
Pumpkin,
Are the prices falling? Yes, in some places or price ranges prices are currently falling in New Jersey. There are certain places and price ranges that prices have not stopped dropping since the financial crisis. The long, slow correction continues. South Jersey market is depressed. Other than Hudson County North Jersey real estate values have plateaued. The rest of the country has been in a real estate boom.
Conventional wisdom would say that the area that is now booming was cleansed of the illness of the crash and is now healthy. Can you explain why the North Jersey market is still not normal? Can you even admit it? Can you acknowledge that the market never normalized after the crash? I don’t pick on you or make fun of where you live, but if your home is currently worth over $800,000 in Wayne on a double yellow line road, it is still depreciating as I write this…
30 year. He will tell you how much he respects you and tell you that you are wrong. It does not matter that real estate is your livelihood and you have been doing it for years you are still wrong because he says so. He is an arrogant obnoxious little fool.
https://www.nj.com/hudson/index.ssf/2018/07/brooklyn_of_new_jersey_one_investor_sells_3279_mil.html#incart_2box_hudson
118 apartment buildings sell across Hudson County ‘hoods. Chi, think will see the Hoboken-style “delivered vacant” investment strategy?
Nj is in the midst of transition. Simple as that. In every facet of the economy. We were suburban kings transitioning to an urban extension of nyc in the north.
One thing for sure is that this market adjustment is pretty got damn healthy. Why do we want rising prices when all you people currently complain about current prices. These other places were dirt cheap, so it was easier to see housing gains. Why should nj house prices be flying up right now? That would be a disaster for our competitiveness and our state economy. Every time these other states get double digit gains on us, they just made nj more competitive for the best and brightest.
Is it supposed to be the housing market gains leader every decade? Nah, that’s not sustainable. Nj is having a perfectly healthy breather in the long term outlook of the market.
Do I think Wayne prices will be cheaper or more expensive in 10-15 years? Easy. I have no doubt in my mind that it will be more. Do I care about prices now or next year, nope. By the time nj economy makes its transition into global leader (in whatever it hits, but it will hit), land in north east nj within rt 287 will be worth significantly more than today.
“Conventional wisdom would say that the area that is now booming was cleansed of the illness of the crash and is now healthy. Can you explain why the North Jersey market is still not normal? Can you even admit it? Can you acknowledge that the market never normalized after the crash? I don’t pick on you or make fun of where you live, but if your home is currently worth over $800,000 in Wayne on a double yellow line road, it is still depreciating as I write this…”
I bought my house for 650,00. House down the street recently sold and mine is a lot nicer. It sold for 610,000 I think.
Seriously not worried about the long term market for Wayne. It’s a sweet location. If it works for me, I’m just an avg, then many others my age or younger will buy.
Buy anything within the rt 287 border…hold long term, and tell your future self 20 years from now ….your welcome
I think that’s when we see a huge boom in real estate in the distant future….when rich boomers die off and pass significant money to their kids. They will spend and they will give some to their kids to buy houses. Trickle down baby. That boomer pot is huge.
grim says:
July 11, 2018 at 2:33 pm
Children of the great dip will be among the wealthiest generations ever, primarily due to a single household (two only-children) receiving two inheritances. In addition greater likelihood of no debt after school, better educated, more resources.
If you thought two income households were difficult to compete with, you ain’t seen nothing yet.
And grim….that’s dead on. My daughter was born in 2013…she is set for life already. She will not have any college bills and no one to share this pot with. I told her to come up with a business idea and maybe we will make it happen. You never know, sometimes kids come up with brilliant ideas that adults can’t see. As my dad tries to ingrain in my mind, kids are smarter than you think.
And I def agree that there is a slowdown in the northeast market of nj. Curious to see for how long?
What I thought was fairly surprising was that the birth rate in China has not increased after the one child policy was ended 3 years ago.
Think about it, in 2038, do you really expect to find anything within the rt 287 border for less that a million? This is going to be urbanized to no end. Just look at Brooklyn and Queens, now it’s our turn.
Grim less kids more money.
She will not have any college bills and no one to share this pot with. I told her to come up with a business idea and maybe we will make it happen.
Are you going to lecture her about paying her fair share in taxes as a business owner?
Blue,
You better believe it. She better have values and morals.
Got damn Croatia in the final. No way they beat France. England are the biggest chokers.
Yeah France takes it.
Pumps is suffering from double yellow line diabetes.
Expat,
If I’m wrong, please tell me why Clifton will be any different than Brooklyn in 2038? It won’t. Look at the Brooklyn Jews buying in passaic Park and parts of Clifton? Writing is on the wall.
High moron density in Clifton.
Expat has no vision, maybe too old?
You can take the moron out of Clifton, but…
Honestly, you expect places like Clifton to not change during nj’s next boom period?
Why would you expect otherwise.
To have purposely have kids (not the catholic way – https://youtu.be/fUspLVStPbk ) you need hope and resources, something the Kochs and Rands don’t get. China provides nothing to the average citizen that is not in the party. With Xi, is not even the party anymore, is Xi’s gang. And family tradition, well that was killed off by the party too.
So whatever country wants kids, either make Handmaiden’s Tale/Muslim/Super catholic like or provide a social welfare state that encourages people to procreate (see Iceland and other nordic countries)
grim says:
July 11, 2018 at 4:10 pm
What I thought was fairly surprising was that the birth rate in China has not increased after the one child policy was ended 3 years ago.
Joyce, TY on that recommendation
Jersey Jersey Jersey love ya !
Clearly Brick is too cool for publicity…
http://www.nj.com/news/index.ssf/2018/07/jersey_shore_brick_wildwood.html
The Jews in Passaic are not Brooklyn Jews, they are Jersey Jews and have been there for decades.
Passaic and Clifton along The NJ Transit Main Line have huge upside potential. Even with the change in Secaucus it is maybe 35 minutes into NY Penn from the farthest point. Easy highway access and all the shopping you could ever need.
Love the Passaic Park community – they’ve held numerous events at the distillery and they are an absolute load of fun. Big whiskey drinkers.
We’re working on a 100% Quinoa whiskey that’s kosher for passover.
30 year in your opinion why isn’t Hackensack taking off ? It seems to have the basic frame work in place for an urban renewal.
30 year,
All you see is ny license plates in passaic Park. Yes, the community was established decades ago, but it’s expanding fast with Brooklyn Jews.
“By the time nj economy makes its transition into global leader (in whatever it hits, but it will hit), land in north east nj within rt 287 will be worth significantly more than today.”
Wow!
30 year well looks like you have been corrected again! What do you know!!??
Michael Jackson – the Last Castradé
Back in the early 80’s, when I was finishing up college, there was a nice Jewish family there who used to pay me excellent cash money to tutor their daughter 5 days a week. Ostensibly I was her math and science tutor, but it really developed into me making sure she was on top of all of her subjects. Father owned a Passaic factory, I forget the product.
Love the Passaic Park community – they’ve held numerous events at the distillery and they are an absolute load of fun. Big whiskey drinkers.
^^^^Daughter went to private school, of course.
A life of loneliness, car exhaust, and other toxins.
And grim….that’s dead on. My daughter was born in 2013…she is set for life already.
Big whiskey drinkers? I was surprised as well. Friday eveningat shoppers vineyard Clifton very busy. I guess if you have 48 hours to burn might as well have good whiskey It will be interesting to see how Montvale -upper saddle river and nahawah transition over the next 10 years. It will be a change of dynamics with people on a different mission. As they say in Orange County NY- once the chicken farm goes the neighborhood will change.