From NJ1015:
21 of this spring’s hottest real estate markets are in NJ
Out of 10,770 towns nationwide realtor.com looked at the hottest real estate markets in the country. They calculated the rankings by looking at the number of days properties remained listed on its site before selling and how often people were viewing the homes in any given town.
The results bode well for the Garden State. At least, if you’re a homeowner. Buyers might see this differently.
Of the top 100 hottest markets in the country 21 New Jersey towns made the list. In other words over 20% of the nation’s hottest home selling markets are right here in New Jersey.
98 Clifton $522,500
97 Summit $1,695,000
92 Chatham $1,850,000
84 Voorhees $448,900
81 Pompton Plains $599,000
79 Somerville $505,000
69 Blackwood $355,000
65 Middlesex $520,000
55 Red Bank $599,000
51 Hillsborough $610,000
50 Mount Laurel $404,500
47 Westfield $1,299,500
43 Old Bridge $580,000
35 Marlton $477,450
28 Fair Lawn $687,000
27 Montclair $1,034,000
25 Cherry Hill $562,450
16 Cranford $749,999
15 Ramsey $699,000
11 Ridgewood $1,195,000
8 Fairfield $629,900
Phirst
Grrrrrrrr
“Climb baby Climb” Charlton Heston.
And whatever you do, don’t go to Boston Harbor and protest.
Hehe.
Warren Buffett has said he expects the US government to increase taxes rather than reduce spending as the country struggles with its mounting national debt.
The declaration, delivered Saturday, comes as the US is hard-pressed to address widening fiscal deficits, and as the national debt recently topped $34 trillion – an amount nearly as big as the entire US economy.
More concerning is the fact the Fed and other money-minded officials have no plan in sight, paving the way for the Berkshire Hathaway boss’s unsettling prediction.
Tell me what kind you want, and I will put you in touch with the right guy or gal that will give you butt crack you desire.
It’s America. FREE dOm. With money you can have whatever you want.
3b says:
May 5, 2024 at 10:06 pm
Is butt crack surgery a real thing?
Hakeem Jeffries is another Dem Eejit.
Talks really slow too. Is that because he is a dolt, or is he just trying to think of a way, while speaking, to get people to believe his lies?
Fun times ahead!
Dave has given me no reason to dispute his research. I concur.
An economic consultant who accurately called the 2008 recession has again claimed he is skeptical of the US economy and says a course correction is on the way.
David Rosenberg, the founder of Rosenberg Research, made the declaration Friday, hours after April’s jobs report fell short of expectations.
Your protests come from here, it’s not rocket science.
https://youtu.be/qEJ4hkpQW8E?t=129
Meredith Whitney. GSEs Fannie, Freddie etc should enter the HELOC markets, and lend out 3 Trillion in home equity loans. Would be a massive stimulus to the US economy.
What could go wrong?
https://www.msn.com/en-us/money/realestate/3-trillion-could-be-injected-into-the-u-s-economy-without-any-federal-spending-by-tweaking-this-corner-of-the-mortgage-market-oracle-of-wall-street-says/ar-BB1lRHhI?ocid=msedgntp&pc=U531&cvid=c2d83f094681475af4b22972365b1422&ei=23
She’s still around?
Yup, she’s around. Not mincing her words.
Meredith Whitney, the one-time “Oracle of Wall Street” who predicted the Great Financial Crisis, doesn’t mince her words. Young single men living at home and playing video games are behind a “crisis of the American male,” she explained in an interview with Fortune.
Man, that question from the kid to Buffett at Berkshire the other day – If you had one more day with Charlie, what would you do with it. Oooof.
If you haven’t seen it, a must watch, what a wonderful response, in pure Buffett style, genuine, thoughtful, god damn the practical wisdom out of that guy. Given we’re quickly approaching graduation season, more useful knowledge in that one clip than probably the majority of bullshit talking-head commencement speeches.
https://www.youtube.com/watch?v=M7q9z1hG318
Speaking of butt cracks, I accidentally crop dusted a Karen and her kid at self checkout line Saturday night.
It was almost the perfect rip and run, foiled by bad tech and user error. I was using the self check out at Michael’s. I had a few items, released a fierce SBD as I scanned the last item and went to pay. One of the employees came over and told me I had to rescan it since I didn’t use member account it only took the first item. She then got watery eyes and fled to the other end of the registers.
The woman at the register next to me suddenly got a very stiff posture and started moving quicker. As I’m rescanning everything a chunky bottle blonde with a 3 year old or so kid who was the perfect height wandered through air zero. Kid started coughing instantly as Karen gave me dirty looks and inhaled my toxic masculinity.
I finished rescanning, paid and swaggered out the door.
The declaration, delivered Saturday, comes as the US is hard-pressed to address widening fiscal deficits, and as the national debt recently topped $34 trillion – an amount nearly as big as the entire US economy.
More concerning is the fact the Fed and other money-minded officials have no plan in sight, paving the way for the Berkshire Hathaway boss’s unsettling prediction.
Nonsense, if the US economy can grow at a rate faster than the national debt, we can pay it off. At least, that’s what they’ve been telling for the past 25 years. The US is done. There’s no way out of this. Raising taxes will kill growth. The only way out at this point is printing money, as they have been. Unfortunately, this has also been a feedback loop that just results in more debt. It’s a silly game we’ve been playing.
Meredith Whitney is in the ” silver tsunami” camp when boomers start selling, saying prices will drop.
Some research says it’s more like a tide, and well if we keep flooding the country with immigrants it will not be any kind of tsunami that is for sure.
“There will be 9.2 million fewer baby boomer homeowner households by 2035, according to an analysis published this week by Freddie Mac.
While economists at Freddie Mac estimate that the number of baby boomer homeowner households will decline from 32 million in 2022 to 23 million by 2035, they don’t anticipate it picking up steam for a few more years. They say this so-called “silver tsunami” will really be more of a “gradual reduction.”
“Over the next five years, the decline is more modest, and we only see a reduction of 2.7 million households by 2028. In this sense, the silver tsunami is more like a tide, with a gradual reduction phasing in over several years. While the number of people aging out of homeownership will increase in the coming years, it is more of an upward sloping trend than a disruptive spike,” wrote Freddie Mac economists in the report.”
If you think about the last cycle, the entire country’s prices rose first and crash first. The Northeast was on a delayed reaction both in the rise and fall. It appears we have something similar brewing here. The markets around the country are faltering and ours is red hot. Obviously, in NJ, we this incredible demand from refugees from NYC but something has to give here.
Boomers across the street from me sold for $950k, $150k over asking. They are Columbian immigrants. They now plan to travel South America with all the proceeds the rest of their lives.
Down the road, those boomers sold for $900k, $75k over asking. They are Mexican immigrants. They spend half the year there already. Maybe, they convert to the whole year.
My other boomer neighbor just sold his house this week privately instead of listing it. Probably something similar. He’s not buying back in. He’s going to rent and wait it out.
Phoenix: What is butt crack surgery? I heard it mentioned in a movie dialogue by two women. I want to know if it’s real or not , and what it is before making a decision.
BRT: We need more SFHs so married couples and partner couples who don’t have or plan to have children can have houses too.
My favorite is all of these couples who have no plans to have kids all want 4 Bedrooms. Meanwhile, I’m joking to my kids that we scale down to a 2 BR apartment if we sell our house today. My wife will have the bedroom, kids share 1, I’ll sleep on the couch.
This list of NJ real estate markets is too heavily weighted towards the privileged. Where’s Irvington? East Orange? Trenton?
We need more SFHs so married couples and partner couples who don’t have or plan to have children can have houses too.
Don’t forget the lawn sign that says. “Appearances Matter”.
BRT: These couples need his and her offices, plus a guest bedroom/ meditation room as well as the main ( formerly master) bedroom. Plus, they need a yard for the dogs.
Boomers across the street from me sold for $950k, $150k over asking.
The questions I have for this market here are:
1) Who’s getting approved for these loans?
2) How much are they putting down?
3) Where are they coming from?
Plus, they need a yard for the dogs.
A Goldendoodle and a French Bulldog.
Eddie, these purchases are all cash. Just knowing people my age, most of them, no matter how successful usually have no money in the bank. These people are all in their mid 30s. I can only imagine they are using their boomer parent’s money for the purchase. That would explain the recklessness, because it’s not their money anyway. That’s my guess.
3b
You forgot they need a room used as a funko pop/action figure/anime character shrine.
“1) Who’s getting approved for these loans?
2) How much are they putting down?
3) Where are they coming from?”
1) Anyone with a credit score above 650 and a pulse. Banks LOVE to loan money out. Especially when it is secured by a property.
2) As little as possible. The girl in her mid 30s who bought our multi put 5% down.
3) The same place they always did.
The big difference today, than when we did it is that the percentage of income that people are willing to spend on housing is way up. The old 28% rule, where one should not spend more than 28% of their monthly GROSS income on housing has gone out the window. Now it’s more like 40% and many are spending 50%. Of course, this leaves little left over for anything else, but the youth of today do not save.
https://markets.businessinsider.com/news/stocks/housing-crisis-2022-3-graphs-that-show-how-wild-home-prices-have-become-1031803896
If you do this ONE MORE TIME. Hehe!
Former president threatened with JAIL for 10th violation of gag order
Save what? 400 grand for a down payment? Boomer only paid 60k for the whole damn place.
Hehe
And save, what, like the US Government. Drunk ol’ lecherous geezers indebting the youth to the tune of 34 Trillion dollars, and giving away billions like it’s the roaring 20’s.
The old 28% rule, where one should not spend more than 28% of their monthly GROSS income on housing has gone out the window. Now it’s more like 40% and many are spending 50%. Of course, this leaves little left over for anything else, but the youth of today do not save.
3b,
Just a butt lift. Pad the top more so you see more crack. Use fat or implants.
It’s real. I’ve only done one revision of one when it became infected.
Didn’t look good afterward. Still functional to poop though.
Hold: I thought they used the finished basement for that, or perhaps the converted garage.
Phoenix: Why would one want to see more butt crack? On second thought forget I asked the question.
Fast: My wife said at her firm, 3 to 5 percent down is normal, sometimes 10 percent. 20 percent is rare. Activity is slow. It’s not her area of expertise, but typically she said this is what they have been seeing these past years.
IDK. I guess it might bring more attention for young women when they are wearing the stretch/Lululemon type pants.
Especially if you aren’t the gym type and don’t want to work for it.
Humans are irrational creatures. That’s why Bernays knew you have to sell to their emotions.
3b says:
May 6, 2024 at 10:30 am
Phoenix: Why would one want to see more butt crack? On second thought forget I asked the question.
IN THE DOGHOUSE
Trump ‘Disgusted’ by Kristi Noem’s Puppy Execution Story
Donald Trump won’t stop talking about the South Dakota governor’s dog story and her poor grasp of “public relations,” sources tell Rolling Stone
ASAWIN SUEBSAENG AND ANDREW PEREZ
MAY 3, 2024 5:09PM EDT
As independent, I have to say that picking Kristi Noem as VP will decrease chances of my voting for Trump.
Killing the family’s pet is not a nice thing to do
Data point: Wife accepted a W2 contract position seven weeks after being RIF’d from the last place. Our > 18 month goal is a transition into business ownership through acquisition.
As independent, I have to say that picking Kristi Noem as VP will decrease chances of my voting for Trump.
MAGA doesn’t need to pander to its fervent base with a wild pick like Noem, that chimp looking woman, or the nutjob with a bar. They should be using that slot to get as close to Romney as possible…but what the [expletive] do I know.
Meredith Whitney is a one hit wonder. Might as well listen to Dexy’s Midnight Riders post ‘Come On Eileen’ for music if you’re going to listen to her for market advice.
“Former president threatened with JAIL for 10th violation of gag order…”
Not going to jail him. The second they do he gains three full percentage points in the polls and $50m of incremental political donations.
His NY prosecution is 100% political. As such, ‘jailing’ him is entirely driven by the above political considerations, ie. won’t happen as it harms the Dems.
“They should be using that [VP] slot to get as close to Romney as possible…”
Repubs other than asset heavy and mentally lazy boomers are running from the political and economic nepotism of Romney-esque Republicans…you hear the death rattle every day…
I did buy out of my income range at the time but I put 40% down to make it happen.
Bernie Sanders, 82 is running for reelection. How easy is this job that an 82 year old doesn’t think about retirement?
I don’t now how anyone in their right mind would be willing to be Trump’s Veep. Not after this…
https://www.youtube.com/watch?v=-ro6eWXsUuU
Trump is 78
BRT says:
May 6, 2024 at 12:17 pm
Bernie Sanders, 82 is running for reelection. How easy is this job that an 82 year old doesn’t think about retirement?
So, it’s only too old if you are the Don?
“I don’t now how anyone in their right mind would be willing to be Trump’s Veep. Not after this…”
Liz Cheney has been rejected by any right thinking individual…including her own constituents. In other words, there is zero care in her opinions and views.
Show me another situation anywhere near an incumbent losing their seat by 38 percentage points in a State absolutely dominated by their Party where their parent is also former VP…It’s the equivalent to an incumbent Kennedy losing in MA…I’ll take any examples at all proximate to that level of rejection…
There’s a reason the hard left like you continuously quote her…she’s a useful fool for you.
Trump signed (9) hushmoney checks equalling over $300k while in office.
Hahahahahaha what a putz.
And now for the latest accomplishments of the O’Biden administration:
“Trump signed (9) hushmoney checks equalling over $300k while in office. Hahahahahaha what a putz.”
Sounds like not a bad ROI for the relative amount invested…..
According to a NY Fed survey, Americans expect mortgage rates to hit 10 percent over the next 3 years and also expect house prices to continue to increase.
1:50 it sounds like the first of many felonies this dip shit will be convicted of….
No chance of jail for posting to social media yet. In his ruling the Judge is playing both sides of the fence.
“”This Court cannot find beyond a reasonable doubt” that Trump’s recent statements about Cohen “were not protected political speech made in response to political attacks by Michael Cohen.”
Judge did fine him for calling the Jury 85% Democrats…Trump isn’t wrong there.
If the vegetable gets reelected, what happens 1st; Russia invades the Baltics, Iran drops a nuke on Israel or China takes Taiwan?
We have a peaceful transition of power.
First, the vegetable makes a hopeless nuclear deal and then swaps hostages for $6 billion. And when Iran wrung everything out from the naive, old bastard, it unleashed its client Hamas on Israel. Nice. Geez, so many blunders that we forget Kabul fell just a few years ago.
How about the Chinese surveillance balloon? Or, Secretary of Defense Lloyd Austin being MIA as Deputy Secretary of Defense Kathleen Hicks vacationing in Puerto Rico while American soldiers were under attack?
That’s just scratching the surface on foreign policy failures. To list them all and the domestic failures would take me an hour.
Lax, better check that law degree you received….making an agreement with someone to perform (or not perform) certain actions including not discussing certain topics between the two parties is not a criminal offense….shit, it’s part of the basis of my divorce agreement lol.
Joe has decided he does not need to replace the 40% of oil he has used from our strategic oil reserve. He has suspended purchasing any oil to replace what he has already used. How much damage has crazy Joe done to our country, we better pray Joe does not get us into WW3. With his Gestapo Democratic Party continuing to charge Trump with the same things Joe has done ( Although Joe has done a lot worse, Money laundering, bribery ( telling Ukraine to fire people if they want more $$$$), stealing government documents without even being president… I guess it is good to be in government, you can change the rules to whatever you want.
Here is article before it is taken down https://www.msn.com/en-us/money/markets/biden-cancels-plans-to-refill-america-s-emergency-oil-reserve-implications-for-consumers/ar-BB1lSC4S?ocid=msedgdhp&pc=DCTS&cvid=e507824ad44e40de913e03ba8ad61c45&ei=45
Lax: I believe the issue with the Trump hush money is he supposedly falsified business records to cover the cash payments, not that he made them. They might be unsavory but not illegal. I am not following it , as I do believe it’s all political. And, I don’t really care.
Fast: Joe said last week that Japan India are Xenophobic as they don’t allow immigration into their countries. Only a true statesman can chose the word Xenophobic when describing our allies.
Rule of the law is irrelevant for Maga
Jim
But he’s backed up by a workaholic wordsmith who knows everything about everything.
https://nypost.com/2024/05/06/us-news/smirking-kamala-shrugs-off-reporters-questions-about-hamas-with-sarcastic-response-shrimp-and-grits/
Hold: Kamala said on a talk show with Drew Barrymore, that people make fun of her laugh as they are sexist, and can’t handle it. If she were honest and listened to herself she would acknowledge that her laugh makes her look like an idiot, not to be taken seriously.
She is scary, Trump is scary, Biden is scary, and yet these are our choices.
3b
One rider short of the four horsemen of the apocalypse.
Phoenix
Would you get paid extra for handling this?
https://www.dailymail.co.uk/health/article-13387905/constipation-man-poop-abdomen-expands-woman-carrying-triplets.html
This list of NJ real estate markets is too heavily weighted towards the privileged. Where’s Irvington? East Orange? Trenton?
I think this is an important observation. No NINJAs this cycle, while we are seeing the low end move up, it’s not exclusively so, at least to the same extent as last time. There is more hard money driving this cycle.
WSJ
Capital-Gains Tax Hits More Home Sellers
The $500,000 exemption for home sales hasn’t changed since 1997
By Veronica Dagher
Selling a home is now so profitable that many more Americans are getting hit with an unexpected tax bill.
Roughly 8% of 2023 home sales brought windfalls over the $500,000 limit for couples to be exempt from capital-gains taxes, more than double the share in 2019, according to CoreLogic, a real-estate data firm.
More sellers are on the hook for taxes because of the huge run up in property values since the pandemic. While home prices surged, the limit on how much profit is exempt from taxes, meanwhile, isn’t indexed for inflation.
The tax hit is even more prevalent in states with high home values, such as California, where nearly a third of sales exceed the threshold. In West Virginia, less than 1% of home sales are affected.
The prospect of a big tax bill gives homeowners one more reason to remain hesitant to sell. High interest rates and elevated home prices, along with a shortage of appealing homes to move to, have led many Americans to hold off listing their homes, financial advisers said. Others don’t have a choice.
“You may need to accept the fact that you’re not able to plow every dime from the sale of your home into the purchase of your next one,” Thomas Mullooly, a financial adviser in Wall Township, N.J., told clients.
There are ways to cut down or eliminate the capital-gains tax, especially for those who can document expenses for renovations and other capital improvements.
How do capital-gains taxes on home sales work?
Taxes on capital gains apply to profits from the sale of stocks and other assets, including real estate. One of the big tax breaks for homeowners is the home-sale exclusion: Single filers get an exemption of up to $250,000 of net gains on a sale, and married couples filing jointly get up to $500,000. CoreLogic analyzed gross capital gains.
To get the home-sale exclusion, you need to have owned the home and used it as your primary residence for at least 24 months of the five years leading up to the sale. For married couples, only one spouse has to satisfy the ownership requirement, but both spouses must meet the residency test.
If the net gain on the home sale exceeds the full exemption, the excess may be taxed up to 20% if you have owned the home for more than a year. Some high earners might also face a 3.8% surtax.
The taxable gain is the difference between the selling price and the adjusted basis—what owners paid for the house, plus any renovations or other capital improvements and certain selling expenses such as real-estate agent commissions.
The exemption thresholds aren’t adjusted for inflation and haven’t changed since they were set by Congress in 1997. To provide the same tax relief as in 1997 would require an exclusion of $954,000 in today’s dollars for married couples filing jointly, said Yanling Mayer, economist at CoreLogic.
Who pays the tax?
Capital-gains taxes are most common in parts of the country with the highest home values.
Between 2017 and 2023, California alone accounted for 37% of national sales with gross capital gains beyond the $500,000 exemption limit, CoreLogic found.
Five other states represented 31% of sales nationwide that had gross capital gains above the exemption limit: New York, New Jersey, Massachusetts, Florida and Colorado.
Mullooly, the adviser in New Jersey, said many more of his clients have faced capital-gains taxes on their home sale in the past two years compared with before the pandemic.
This is especially an issue for clients selling homes in certain towns on the Jersey Shore where real-estate values have doubled or tripled, he said. Many of these clients are recent retirees who want to downsize and have owned their home for more than 25 years, said Mullooly.
To reduce the tax bill, save your receipts
Renovations and capital improvements can offset taxes and put sellers back below the threshold. Having receipts and documentation of these expenses is key.
For almost 25 years, Rosemary Kuropat and her now-wife Susan Slover kept detailed records of every home improvement they made to the Wainscott, N.Y., home they bought in 1999 for about $323,000.
The couple completely renovated the house and increased their square footage by 50% over the years. Kuropat started by collecting receipts in a big accordion folder in the basement and eventually graduated to tracking improvement costs in Excel spreadsheets.
Her organization paid off. When she sold the 2,650-square foot home last year for $2.75 million, they paid less than $50,000 in capital-gains tax, thanks in part to careful tracking.
“Good record-keeping helped us make more money off the sale,” Kuropat said.
The home improvements that can lower your taxable gain
Home improvements that qualify include those that add to the value of your home or prolong its useful life such as a new roof. Fixes like plumbing repairs don’t count, said Jason Katz, a financial adviser at UBS.
Take a married couple who bought a home 40 years ago for $100,000 and recently sold it for $1.2 million.
If during those 40 years they installed a pool and a new roof that cost them $200,000, their new cost basis would be $300,000, Katz said. This would reduce the capital gains to $900,000.
After the $500,000 home-sale exclusion, the gains would be reduced to $400,000.
If their long-term capital-gains bracket is 15%, they will owe $60,000.
It could be worth it
Capital-gains taxes might cut into profits for many homeowners but the bill isn’t a reason to change their plans.
Brad Hindman, a financial adviser with Wells Fargo Advisors in Johnstown, Pa., said some of his clients who owe capital gains are selling their vacation homes in Florida this year.
Many times they aren’t using the property as much as they would like and the fixed costs such as home insurance have skyrocketed since they purchased the property.
“In those situations, they are more relieved to get rid of the property and aren’t that upset about the tax bill,” said Hindman.
Ashlea Ebeling contributed to this article.
Raise the real estate cap gains exemption? Boomers can dream.
Cue the Ted video posted earlier – someone let that guy know the boomers are scheming up a new stealth wealth transfer.
“I believe the issue with the Trump hush money is he supposedly falsified business records to cover the cash payments, not that he made them…I am not following it , as I do believe it’s all political.”
Yeah, but not really.
First, the Feds looked at the same set of facts at least three times and declined to prosecute Trump. They did prosecute Cohen who plead guilty (no trial).
Second, Trump Organization is private organization. It is not obliged to publish business records anywhere, or at all. ‘Falsifying’ them is no different than Pumpkin allocating $3k of landscaping expenses on his rental to flood remediation in his Quickbooks. No one is alleging any kind of fraud or tax evasion here.
Third, the crime he is charged with – falsification – is only a misdemeanor. To prosecute the Trump Organization under this law as a felony NYS needed to find that the ‘falsification’ was a conspiracy in furtherance of another primary crime. NYS alleges the primary crime was to “hide damaging information from the voting public”. LOL, literally every campaign in the United States has as its goal to do the same. In fact, that was part of Trump’s lawyers’ opening argument…that the jury is going to hear that during the election Trump tried to influence voters’ perception of him…as a 13 year old would say, ‘no duh’…
Fourth, NYS does not actually charge Trump with the primary crime, influencing an election, saying effectively to jurors we don’t want you to consider if it happened just trust us that it did.
Lastly, the Trump Organization never paid those amounts. Trump himself did, personally and through a family trust.
This prosecution is so convoluted and over the top as to be incomprehensible….will be interesting to see if there is a juror or two willing to hold out. If not, I really don’t know that a conviction will be a big deal, could actually play in his favor.