Monthly Archives: May 2023

Musk knows real estate?

Posted on May 31, 2023 by grim

From Insider: Elon Musk warns house prices are set to plunge – and says commercial real estate is in meltdown Elon Musk is once again ringing the alarm on the US real-estate sector.  “Commercial real estate is melting down fast. … Continue reading →

Posted in Demographics, Economics, National Real Estate | 97 Comments

NJ Shutdown Ahead

Posted on May 30, 2023 by grim

From Insider NJ: Murphy Unlocks the Nuclear Launch Codes Skipping over the preliminaries — meetings, discussions, negotiations or compromises with legislative leaders — Gov. Phil Murphy went directly to the nuclear option— shutting down state government on July 1 if … Continue reading →

Posted in Demographics, New Jersey Real Estate, Politics, Property Taxes | 66 Comments

Sorry about the price of your buildings

Posted on May 27, 2023 by grim

From the NY Post: Remote work is cutting NYC office value by half: Study Working from home is killing office buildings’ worth.  As remote and hybrid work prove to be enduring trends, researchers are predicting grim fates for the future … Continue reading →

Posted in Demographics, Economics, National Real Estate, New Development, NYC | 35 Comments

Hottest in NJ?

Posted on May 24, 2023 by grim

From NJ1015: These NJ counties have some of the hottest real estate markets This will come as no surprise to anyone who’s been house shopping in New Jersey for the past few years, but the Garden State is home to … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 182 Comments

Housing market takes a beat down in April

Posted on May 19, 2023 by grim

Hat Tip ChiFi! (No, not this post, but the last two). From CNN: US home prices fall by most in 11 years but sales are down US home sales fell in April for the second month in a row and … Continue reading →

Posted in General | 84 Comments

Hold on to your wallets…

Posted on May 18, 2023 by grim

From the NJ Monitor: State ‘well prepared’ to handle $2B dip in tax revenue, treasurer says New Jersey will collect roughly $2 billion less in taxes in the current and coming fiscal years, but the years of booming revenue will … Continue reading →

Posted in Economics, New Jersey Real Estate, Politics | 134 Comments

Time for the middle?

Posted on May 17, 2023 by grim

From the NY Times: Coastal Cities Priced Out Low-Wage Workers. Now College Graduates Are Leaving, Too. The college graduates who fill white-collar jobs in the San Francisco area began to leave in growing numbers about a decade ago. More and … Continue reading →

Posted in Demographics, Economics, Employment, National Real Estate | 103 Comments

Does anyone still work in NYC?

Posted on May 16, 2023 by grim

From the NY Post: New Jersey Gov. Phil Murphy attempts to woo New Yorkers in retaliation for congestion tax The grass is greener in the Garden State? New Jersey Gov. Phil Murphy sure wants you to think so! Murphy is … Continue reading →

Posted in Demographics, Economics, Gold Coast, New Jersey Real Estate, NYC | 52 Comments

Where’s the top?

Posted on May 14, 2023 by grim

From US News: New Jersey Housing Market Forecast Buyer demand in New Jersey remains strong, says LaRue. But higher borrowing rates have had an impact on buyer demand. “Two years ago, people were paying over $100,000 over asking,” says LaRue, referring to … Continue reading →

Posted in Demographics, Economics, Employment, New Jersey Real Estate | 59 Comments

Why would they?

Posted on May 12, 2023 by grim

From the WSJ: The Home Buyer’s Quandary: Nobody’s Selling Many Americans who want to move are trapped in their homes—locked in by low interest rates they can’t afford to give up.  These “golden handcuffs” are keeping the supply of homes for … Continue reading →

Posted in Demographics, Economics, Mortgages, National Real Estate | 140 Comments

The New New Jersey

Posted on May 9, 2023 by grim

From ROI-NJ: Why mixed-use, multifamily housing will continue to escalate in northern N.J. Multihousing development through ground-up construction and asset repositioning has eclipsed historical levels of activity within the northern New Jersey and the greater metro New York City areas, … Continue reading →

Posted in Demographics, Economics, New Development, New Jersey Real Estate | 241 Comments

Work from home, in the city.

Posted on May 8, 2023 by grim

From the Real Deal: Philadelphia’s “beat up” office market struggles to recover The City of Brotherly Love has no love for commercial real estate. Office occupancy in Greater Philadelphia has contracted by nearly 10 million square feet since 2019, the Philadelphia … Continue reading →

Posted in Demographics, Economics, Employment, Philly | 67 Comments

Yep…

Posted on May 6, 2023 by grim

From Yahoo Finance: Rich millennials are spending millions to knock down beautiful houses in the NYC suburbs to build mansions as housing wars rage on Just across the Hudson River from New York City, sit suburban communities like Ridgewood, New … Continue reading →

Posted in Demographics, Housing Bubble, New Jersey Real Estate, NYC | 43 Comments

Northern NJ shuts out warehouses

Posted on May 4, 2023 by grim

From the Real Deal: Warehouses banned in 400,000 acres of North Jersey The New Jersey Highlands Region won’t be high on industrial developers’ list anymore. The state’s Highlands Council prohibited warehouse development in 398,000 acres of the 860,000-acre region, NorthJersey.com reported. … Continue reading →

Posted in Demographics, Employment, New Development, New Jersey Real Estate | 132 Comments

VLY goes all-in

Posted on May 3, 2023 by grim

From the Real Deal: Jersey boys: Valley Bank emerges as lifeline for NYC real estate For a few weeks in March, it seemed like 2008 all over again.  The tech industry’s go-to lender, Silicon Valley Bank, was seized. Depositors rushed to … Continue reading →

Posted in New Jersey Real Estate, NYC, Risky Lending | 96 Comments