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Author Archives: grim
NJ’s newest luxury residences
From the Star Ledger: Decaying former Playboy Club has been sold, N.J. mayor says The empty former Playboy Club — a longtime subject of fascination in northwestern New Jersey — has been sold, according to a local mayor. Vernon Mayor Anthony Rossi … Continue reading
Posted in Economics, New Development, New Jersey Real Estate
41 Comments
Home price jackpot? Think again.
From the NYT: How Much Higher Are Your Post-Pandemic Property Taxes? The median price for a single-family home in the United States rose about 40 percent from 2019 to 2022, peaking at $480,000 before receding to about $417,000 at the … Continue reading
NJ Loses Jobs
From NJ Spotlight News: NJ Recorded loss of 5,300 jobs in February For the first time in seven months, nonfarm employment has decreased in New Jersey. The U.S. Bureau of Labor Statistics reported a decrease by 5,300 jobs in February to reach … Continue reading
Posted in Demographics, Economics, New Jersey Real Estate
97 Comments
New Home Sales Tank
From Newsweek: Home Sales Collapse in Several States Sales of new homes in the Northeast and the Midwest plunged in February, helping to bring down the market overall across the country, as elevated mortgage rates dissuaded buyers from purchasing property. … Continue reading
Posted in Housing Bubble, National Real Estate, New Development
78 Comments
Better move fast
From the Star Ledger: N.J. ranks second in nation for fastest selling homes. See latest list. Homes in New Jersey sold within a median of 39 days in February, the second fastest in the nation, the latest data from Realtor.com showed. Only … Continue reading
Posted in Economics, Housing Bubble, New Jersey Real Estate
71 Comments
Bubble buyers first to bail
From Fortune: Housing market data suggests the most optimistic buyers during the pandemic are more likely to stop paying their mortgages Traditional methods for forecasting housing prices and broader economic indicators are proving insufficient. In our recent research, we explored an … Continue reading
Posted in General
36 Comments
Welcome to Spring – Best February Prices Ever
From CNN: US home sales surged last month, despite highest February prices on record Sales of previously owned homes in the US unexpectedly soared in February to the highest level in a year, in a sign that buyers are returning … Continue reading
Posted in Comp Killer, Housing Bubble, National Real Estate
149 Comments
Six figures ain’t what it used to be
From CNBC: The salary a single person needs to live comfortably in 25 major U.S. cities Here’s the income a single person needs to live comfortably in the 25 U.S. cities with the highest cost of living:
Posted in Crisis, Demographics, Economics, Employment, National Real Estate, NYC
101 Comments
Back to normal or just gridlocked?
From Mansion Global: U.S. Home Price Growth Is Back to Where It Was Pre-Pandemic After three years of drastic price fluctuations—with values surging and then cooling down—home price growth in the U.S. is back to where it was before the … Continue reading
Posted in Demographics, Economics, Housing Bubble, National Real Estate
138 Comments
Building 200,000 Affordable Homes
From the Record: Senate passes bill to overhaul how NJ towns will meet affordable housing mandate How much affordable housing will New Jersey towns be required to zone for, build, convert or renovate over the next decade? Gov. Phil Murphy … Continue reading
NY Metro Rents Skyrocket
From the Record: Rents are skyrocketing. This report breaks down just how much Housing prices just don’t seem to be letting up. In February, rentals saw the largest increase in price nationwide in more than a year, according to Rent.com’s … Continue reading
Posted in Demographics, Economics, Employment, Housing Bubble, New Jersey Real Estate, NYC
90 Comments
Commergeddon
From the WSJ: America’s Office Fire Sale Has Barely Begun If offices are in such hot water, where are all the forced sellers? Office-building owners have been under pressure since the Covid-19 pandemic hollowed out their buildings in early 2020. According to data … Continue reading
Posted in Demographics, Economics, Employment, Housing Bubble, National Real Estate
36 Comments
Yeah, but will it really change?
From CNN: The 6% commission on buying or selling a home is gone after Realtors association agrees to seismic settlement The 6% commission, a standard in home purchase transactions, is no more. In a sweeping move expected to dramatically reduce the cost … Continue reading
Posted in National Real Estate, Politics, Unrest
24 Comments
Even AI wants to live in NJ
From ROINJ: CBRE: New Jersey data centers find AI operators are dominant occupiers of space Strong demand for data center space during the second half of 2023 resulted in a new all-time low vacancy rate for the New York tri-state region, … Continue reading
Posted in Economics, New Development, New Jersey Real Estate
102 Comments
Transit-based redevelopment
From Newsweek: Housing Market Solution Could Help New Jersey New Jersey might have just found a solution to its affordable housing crisis, and it involves the undeveloped land outside of its transit system. The Regional Plan Association found 74,000 acres of land … Continue reading