Even power plants get foreclosed on in Jersey

Posted on October 20, 2015 by grim

Not residential real estate, but how can I not post this fiasco of epic proportions.

From Philly.com:

Bank begins foreclosure on power plant at Revel

A bank is foreclosing on the power plant at the center of a dispute that has helped keep Atlantic City’s former Revel casino shut.

Bank of New York Mellon has begun foreclosure proceedings against ACR Energy Partners, the sole source of utilities for the casino, which closed Sept. 2, 2014.

ACR and Revel owner Glenn Straub have been unable to agree on a deal to provide utility service for the building.

Under an emergency order from the New Jersey Department of Community Affairs, ACR is providing enough electricity to power fire-safety systems at Revel. But the bank says Straub has fallen $800,000 behind on those payments.

Guy Amoresano, an attorney for the bank, said in a court filing that Straub’s Polo North Country Club was in “flagrant contempt” of a June court order mandating payments for the utility service ordered by the state.

Posted in Economics, Humor, New Development, Unrest | 89 Comments

“I don’t know where it ends, but it doesn’t end in a good place.”

Posted on October 19, 2015 by grim

From the Daily Record:

N.J. taxes report: Businesses say fix N.J. now

Ralph Zucker walked into the Bell Labs building one day in 2007, looked around and saw the once-bustling site contained only a vast, eerie silence.

The shell was intact. Four separate pavilions connected by a ring of walkways were under one glass-paneled roof that allowed sunlight to stream in. But now it looked like a giant’s greenhouse, where nothing grew.

Google wasn’t coming here. Apple wasn’t coming here. So Zucker, the president of Somerset Development, decided he would need to turn the iconic — and seriously outdated — corporate office into a campus not only with technology companies, but also with retailers, houses, a health center and hotel.

“If we create great places ourselves, then people will not have to get up in the morning and travel an hour, an hour and a half,” Zucker said. “People (here) get up every morning and travel into Manhattan and sit in line or take the ferry or take the bus or the train, and that’s an arduous commute. But they go there because those are great places.”

New Jersey could use more great places, but building them is a chore. The state suffers from heavy tax burdens that leave it among the toughest for businesses to operate, many surveys show. And yet, with a transportation fund that is nearly broke, it needs more tax revenue to fix broken down roads and bridges.

It has prompted both the state and towns like Holmdel to dig deep into their playbook to provide tax relief, doling out billions of dollars in potential tax breaks to employers promising jobs in return.

Their strategy has barely kept New Jersey’s economy afloat. The state’s economic growth of 0.4 percent in 2014 ranked 46th lowest in the nation.

It wasn’t always this way. New Jersey was once a low-cost alternative to Manhattan, the prototype for America’s suburbanization after World War II. Giant companies and their workers moved here in tandem. And the state — with its cheap land, skilled workers and transportation system — was to be envied. As recently as 2000, the state’s unemployment rate was 3.5 percent.

Now, its biggest assets are unraveling.

The long march from a global capital for innovation to bottom of the pack has prompted business leaders to say enough is enough. They’re crying out for lawmakers to come up with a long-term strategy that paves the way for a new generation of workers. It’s a generation that doesn’t want to sit in traffic or on a train for hours. They don’t have to; with technology, they can live anywhere.

“There’s just too many issues that we’re facing as a state and too many issues we’re facing in the future, that if we don’t start taking action and making some improvements, we’re going to dig our hole deeper,” said Tom Bracken, president of the New Jersey Chamber of Commerce. “I don’t know where it ends, but it doesn’t end in a good place.”

Posted in Demographics, Economics, Employment, New Jersey Real Estate | 85 Comments

Prospective buyers don’t want to eat Friskies

Posted on October 18, 2015 by grim

From the APP:

N.J. housing buyers resisting higher property taxes

Weighed down by high property taxes and a sluggish economy, New Jersey’s housing market is recovering from the Great Recession much more slowly than the rest of the nation.

It’s forcing real estate agents to leave clients selling their homes with a simple message: Lower your expectations.

“The homeowner feels their house is worth more, but the buyers can’t pay that because of high taxes and high monthly payments,” said Robert Shirvanian, broker for Exit Realty East Coast, with offices in West Long Branch, Middletown, Holmdel and Woodbridge.

The message from Realtors represents a new day for New Jersey’s housing market that is driven by simple math. Workers only have so much money to spend on mortgage, interest, taxes and insurance, and their wages have fallen since the Great Recession. If taxes go up, they’ll have less money to prop up the state’s real estate market.

And a housing market that gets too far out-of-balance will cause home owners to downsize — or pick up and move to bigger, more affordable homes out of state.

That migration is underway in New Jersey, and it can ripple through the economy. From 2009 through 2013, the 88,000 state residents who moved out of state have not been replaced by new workers. In total, the state lost $8.2 billion in taxable income.
…
New Jersey has been hit harder than the nation. Its home prices fell 21.3 percent, while U.S. home prices fell 20.7 percent. And its prices remain 15.4 percent lower than they were in 2007, while U.S. home prices are 2.4 percent lower, said Patrick J. O’Keefe, director of economic research at CohnReznick, an accounting firm.

Meanwhile, New Jersey’s home ownership rate declined from a peak of 70 percent in 2005 to 63 percent in the second quarter of this year. The U.S. home ownership rate declined from 69 percent at its peak in 2004 to 63.4 percent in the second quarter of the year, O’Keefe said.

“New Jersey has seen some improvement, but it has not participated in the price recovery to the same extent that we’ve seen around the nation,” O’Keefe said.

The pool of buyers isn’t as big as it was. New Jersey’s median household income of $65,243 in 2014 has fallen 4.1 percent from its peak of $68,059 in 2006, according to U.S. Census Bureau figures that are adjusted for inflation. And banks have tightened their lending standards since the housing bubble burst.

The new landscape can frustrate home owners hoping for top dollar when they sell. And it can frustrate Realtors, who need to lower the expectations of the sellers they represent.

“You can’t overestimate your home price,” said Joy Bearden, a broker associate with Keller Williams Shore Property in Toms River. “Any agent can list at any number, but if (an appraisal doesn’t match it) we’re back to square one.”

Posted in Economics, Housing Recovery, New Jersey Real Estate | 16 Comments

NJ Jobs up 4700 in September

Posted on October 16, 2015 by grim

From the Record:

N.J. added 4,700 jobs in September; jobless rate ticked down

New Jersey added 4,700 jobs in September, putting the state’s job market back on the path of slower growth seen at the start of the year, after the dramatic job losses of the summer.

The state added 3,400 private-sector jobs and 1,300 government jobs, boosting the year-to-date total to 39,600, according to the monthly employment report by the New Jersey Department of Labor and Workforce Development.

If the state keeps up that pace, an average of about 4,400 a month, it would add about 50,000 jobs this year. That pace would be higher than the average annual increase of about 35,500 a year from 2011 to 2014.

The jobless rate fell to 5.6 percent from 5.7 percent in August, above the national rate of 5.1 percent.

Economists said that after New Jersey’s job losses in June and July, when the state lost a combined total of 23,000 jobs, the labor market appears to have returned to the moderate – albeit volatile — gains shown in the early part of the year. The state added an average of 6,000 jobs a month from January to May.

“I wouldn’t call it robust, I wouldn’t call it strong,” said Charles Steindel, the state’s former chief economist under Governor Christie. “But certainly it is recovering.”

The report also revised the August employment increase of 13,600 jobs upward, adding 1,900 jobs for a gain of 15,500 jobs in the month. The state has added 20,200 jobs in the last two months.

“This is very much a slow-growth jobs recovery,” said Patrick O’Keefe, an economist with CohnReznick in New York and Roseland. “It’s sort of like climbing up a greased pole — you make some progress and then you slip back. This month we made some progress; it’s a better report than we saw in midsummer.”

O’Keefe said state employment has now grown by 1 percent this year, compared with the national increase of 2 percent over the same period.

Both economists said the unemployment rate fell because of people leaving the workforce, likely because they are discouraged and don’t believe they can find a job, rather than because they had become employed.

Posted in Economics, Employment, New Jersey Real Estate | 110 Comments

Will NJ ever recover?

Posted on October 15, 2015 by grim

From the Record:

NJ leads the nation in foreclosure activity

New Jersey continued to lead the nation in foreclosure activity in the third quarter, as the mortgage industry deals with a backlog of distressed properties in the state, RealtyTrac reported Wednesday.

Foreclosure activity in the state rose 27 percent from a year ago, with one in every 171 housing units facing a foreclosure filing during the quarter — more than twice the national average. Nationally, foreclosure activity has returned to pre-recession levels, according to RealtyTrac, which is based in California and follows the foreclosure market nationwide.

New Jersey has been slower to deal with homeowners who fell into default during the housing bust because it is one of about two dozen states where foreclosures must go through the courts. In addition, the state put a near-freeze on foreclosure activity several years ago while the mortgage industry faced accusations of abusing borrowers’ rights in the rush to evict. The state is still catching up.

“In states such as New Jersey, Massachusetts and New York, a flood of deferred distress from the last housing crisis is finally spilling over the legislative and legal dams that have held back some foreclosure activity for years,” said Daren Blomquist, vice president at RealtyTrac.

Many of those properties, he said, have been poorly maintained and “will sell at more deeply discounted prices, creating a drag on overall home values.”

In Bergen County, one of every 293 households faced foreclosure activity during the quarter, up 22.6 percent from a year earlier. In Passaic, one in every 139 households faced a foreclosure filing, up 25 percent from a year earlier.
New Jersey continued to lead the nation in foreclosure activity in the third quarter, as the mortgage industry deals with a backlog of distressed properties in the state, RealtyTrac reported Wednesday.

Foreclosure activity in the state rose 27 percent from a year ago, with one in every 171 housing units facing a foreclosure filing during the quarter — more than twice the national average. Nationally, foreclosure activity has returned to pre-recession levels, according to RealtyTrac, which is based in California and follows the foreclosure market nationwide.

New Jersey has been slower to deal with homeowners who fell into default during the housing bust because it is one of about two dozen states where foreclosures must go through the courts. In addition, the state put a near-freeze on foreclosure activity several years ago while the mortgage industry faced accusations of abusing borrowers’ rights in the rush to evict. The state is still catching up.

“In states such as New Jersey, Massachusetts and New York, a flood of deferred distress from the last housing crisis is finally spilling over the legislative and legal dams that have held back some foreclosure activity for years,” said Daren Blomquist, vice president at RealtyTrac.

Many of those properties, he said, have been poorly maintained and “will sell at more deeply discounted prices, creating a drag on overall home values.”

In Bergen County, one of every 293 households faced foreclosure activity during the quarter, up 22.6 percent from a year earlier. In Passaic, one in every 139 households faced a foreclosure filing, up 25 percent from a year earlier.

Among metropolitan areas, Atlantic City had the nation’s highest foreclosure activity during the quarter, with one in every 97 housing units facing a filing in the third quarter. Among states, Florida came in second after New Jersey in the rate of foreclosure activity. New York was ranked 18th.

Posted in Economics, Foreclosures, New Jersey Real Estate | 165 Comments

Foreclosures decline, NJ still in foreclosure logjam

Posted on October 14, 2015 by grim

From MarketWatch:

CoreLogic Reports 36,000 Completed Foreclosures in August 2015

CoreLogic…today released its August 2015 National Foreclosure Report which shows the foreclosure inventory declined by 25.2 percent and completed foreclosures declined by 20.1 percent compared with August 2014. The number of foreclosures nationwide decreased year over year from 46,000 in August 2014 to 36,000 in August 2015, representing a decrease of 68.9 percent from the peak of 117,357 completed foreclosures in September 2010.

Completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 5.9 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been nearly 8 million homes lost to foreclosure.

As of August 2015, the national foreclosure inventory included approximately 470,000, or 1.2 percent, of all homes with a mortgage compared with 629,000 homes, or 1.6 percent, in August 2014.

CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due, including those loans in foreclosure or REO) declined by 20.7 percent from August 2014 to August 2015 with 1.3 million mortgages, or 3.5 percent, in this category. This is the lowest serious delinquency rate since January 2008. The foreclosure rate (defined as the share of all loans in the foreclosure process) was at 1.2 percent as of August 2015, which is back to January 2008 levels.
…
The five states with the highest number of completed foreclosures for the 12 months ending in August 2015 were: Florida (94,000), Michigan (47,000), Texas (32,000), California (27,000) and Georgia (26,000). These five states accounted for almost half of all completed foreclosures nationally.
…
Four states and the District of Columbia had the highest foreclosure inventory rate as a percentage of all mortgaged homes for the 12 months ending in August 2015: New Jersey (4.6 percent), New York (3.7 percent), Florida (2.6 percent), Hawaii (2.5 percent) and the District of Columbia (2.4 percent).

Posted in Foreclosures, Housing Recovery, National Real Estate, New Jersey Real Estate | 110 Comments

Philly not worth it?

Posted on October 13, 2015 by grim

From CBS:

Report: Philadelphia Among Top 10 Most Overvalued Housing Markets In U.S.

Looking to buy a home in Philadelphia? According to a new report, it is one of the top 10 most overvalued housing markets in America.

The report was released by real estate analytics firm CoreLogic.

Researchers say overvalued housing markets have prices that are 10 percent or more above the long-term sustainable level.

As for Philadelphia, the report finds,“Home prices have ascended rapidly in the Philly area (up 16.7% since early 2014, which means it has the fastest home price appreciation of any town on this top-10 list), and now they are priced at 14.2% over sustainable levels.”

Researchers examined market data from the first half of 2015 for the report. Philly was ranked eighth.

Posted in Economics, Housing Bubble, National Real Estate | 157 Comments

Sword of Damocles

Posted on October 12, 2015 by grim

Nothing but fantastic journalism from the APP, kudos to Paul D’Ambrosio – This is fantastic…

WE CAN’T AFFORD NEW JERSEY

New Jersey’s regressive property tax system has long drained the wallets of workers and retirees.

As the experience of the Stevenses shows, this ballooning levy has crossed a terrible threshold, one that is pushing homeowners out of state and changing the way we live.

When Gannett New Jersey media examined this issue in 2009 and 2010 in a ground-breaking investigation, it found the tax burden was nearly intolerable, especially since the nation was enthralled in a deep recession, with falling wages, rampant foreclosures and job losses not seen since the Great Depression. Yet, in New Jersey, property taxes actually rose as people lost their jobs.

What’s more, as the national economy improved by 2014, New Jersey lagged in most economic indicators. The state continues to hemorrhage jobs — and residents — to fast-growing southern and western states. Those fleeing are taking billions of dollars with them – money that isn’t being replaced – leaving less capital for the state’s long-stalled economy, and a tax burden resting more heavily on remaining residents.

The loss goes deeper than dollars and cents.

Property taxes are tearing apart the very fabric of communities: Families. Security. Peace of mind.
…
The property tax is New Jersey’s sword of Damocles – archaic, destructive and an intractable harbinger of doom that hangs over the head of each homeowner. The law cares not a whit about your ability to pay, even if you just lost your job.

As much maligned as the property tax is, it remains the government’s single most important source for life. It funds schools, police, road repairs, trash collection and a multitude of other government functions.

Five years ago, at the height of the recession, which claimed tens of thousands of jobs and forced sizable salary cuts, the tax drained $25 billion from households. It cost an average of $7,281 per home.
…
Now, half of all tax revenue comes from this levy – $27 billion in 2014 – to fuel 565 towns, 586 school districts and dozens of local agencies with nearly boundless powers to hit your wallet. That’s an average of $8,161 per home.

By 2020, at its current pace, the tax will top nearly $30 billion.

That will be an average statewide property tax of $9,000 per home.

Today, tens of thousands of homeowners would cheer a $9,000 bill. The average property tax has already topped $10,000 in three of 21 counties and 127 towns. It is more than $15,000 in 25 towns.

With New Jersey ranking among the bottom in the nation for economic growth, incomes are not about to skyrocket to pay for the escalating local tax costs. In fact, the average household income has gone backward since the recession, when inflation is factored in.

Posted in New Jersey Real Estate, Property Taxes | 83 Comments

Maybe a little NYC magic will rub off on us?

Posted on October 10, 2015 by grim

From the NYT:

Manhattan Apartment Prices Near Million-Dollar Mark, Reports Say

A million dollars doesn’t buy what it used to in Manhattan. A combination of high demand and too few listings pushed the median sales price for a Manhattan apartment to just shy of a million dollars in the third quarter of the year, setting a record high, according to several market reports to be released on Thursday by major real estate brokerage firms.

The median sales price, which reflects the middle of the market and is less affected by high-end sales, was $999,000, according to a report by the Corcoran Group. Reports from other brokerage firms, using different figures and methodologies, put the median price at or just below the million-dollar mark, with most calling it a record.

“It seems like a lot of money anyplace else,” said Dottie Herman, chief executive of Douglas Elliman Real Estate, which calculated a median price of $998,000. In Manhattan, “what you get for a million dollars is not a lot of space,” she said, pointing out that buyers on a budget must turn to New York’s other boroughs or to the suburbs to find better values.

After rising incrementally over the course of last year, inventory has essentially been flat since January, said Jonathan J. Miller, president of the appraisal firm Miller Samuel and the author of the Douglas Elliman report. In the third quarter, Mr. Miller said, there were 5,654 available listings, approximately 20 percent below the 10-year average of 7,047 available listings. “That creates price pressure,” he added.

It also makes for rapid-fire sales. The amount of time that listings spent on the market fell 20 percent to a record low of 73 days in the third quarter, according to the Douglas Elliman report. “You have to be very competitive and you have to be quick,” especially at the lower end of the market, Ms. Herman said. “I tell people, ‘You really have to have your ducks in order financially and know the market yourself.’ ”

Overall, the number of closed sales was up for the quarter, driven by robust closings in new development. While prices remained high across all market segments, the average sales price for the luxury market, defined as the top 10 percent of closed sales, dropped 12 percent in the third quarter, to $6.73 million, compared with $7.68 million during the same period last year, as fewer luxury properties closed, according to the Corcoran report.

Posted in Economics, Housing Recovery, NYC | 42 Comments

Going out in style!

Posted on October 9, 2015 by grim

From the NY Post:

Couple’s ‘last hurrah’ bash at foreclosed Hamptons house

A couple that has lived at a multimillion-dollar East Hampton mansion since it was foreclosed on in May 2014 were finally given the boot on Thursday — but not before getting in one last free summer of fun.

“They partied here all summer,” a source said of David and Gia Walsh, who had been staying at the 80 Further Lane home even after it was sold to the mortgage lender for $8 million at auction in April. “It’s $300,000 to $500,000 to rent for the summer. They got a free summer out of it.”
…
The couple, whose primary residence is in Bronxville, even threw a “huge” party, the source added. But it was their last hurrah in the lavish home after receiving an eviction notice in mid-August.

On Thursday, a sheriff showed up to the beachfront property with a moving company, which chucked everything the couple left behind to the curb — including three 50-inch flat-screen TVs, a pool table and disassembled treadmills.

Their belongings were taken to the town dump, where they have 24 hours to claim them.

David Walsh, who is president and CEO of a networking and software company, and Gia Walsh, a small-time movie producer, bought the 8,000-square-foot home for $2.7 million in 1999.

Posted in Foreclosures, Humor | 86 Comments

New Jersey’s Zombies

Posted on October 8, 2015 by grim

From HousingWire:

Zombie foreclosures down 43% in third quarter from last year

Precisely 20,050 U.S. residential properties in the foreclosure process — but not yet repossessed by the foreclosing lender — were vacant “zombie” homes as of the end of the third quarter of 2015, down 27% from the previous quarter and down 43% from a year ago, RealtyTrac reports.

Vacant residential properties in the foreclosure process accounted for 1.3% of all vacant U.S. residential properties, with bank-owned homes, accounting for another 1.9% of all vacant properties as of the end of the third quarter.

The report shows a total of 1.5 million vacant U.S. residential properties, 1.8% of all 84.7 million U.S. residential properties. Among the 1.5 million vacant residential properties, 36.5% have at least one open loan and 6.2% are seriously underwater, meaning the combined value of loans secured by the property is at least 25% more than the estimated market value of the property.

“The overall inventory of homes in the foreclosure process has dropped 36% over the past year so it’s not too surprising to see a similarly dramatic drop in vacant zombie foreclosures,” said Daren Blomquist, vice president at RealtyTrac. “What is surprising is there are so many vacant homes where the homeowners do not appear to be in financial distress — with only 3% in foreclosure or bank owned, and only 6% that are underwater. More than 63% of these vacant homes are not even encumbered by a loan, owned free and clear by the owner. The fact that the homeowners are not selling given the recovering real estate market in most areas indicates that many of these properties are in poor condition and in neighborhoods that have been left behind by the housing recovery.”

States with the most vacant “zombie” foreclosures were New Jersey (3,997), Florida (3,512), New York (3,365), Illinois (1,187) and Ohio (1,028).

States with the highest share of vacant “zombie” foreclosures as a percentage of total vacant properties were New Jersey (9.4%), New York (8.2%), Nevada (2.7%), Massachusetts (2.5%), and Illinois (2.1%).

Only six states posted a year-over-year increase in zombie foreclosures, most notably Massachusetts (up 66%) and New Jersey (up 29%).

Posted in Economics, Foreclosures, Housing Recovery | 59 Comments

Home price gains moderating (maybe)

Posted on October 7, 2015 by grim

From HousingWire:

CoreLogic: Home prices rose 6.9% annually in August

Home prices are up both year over year and month over month for August, according to CoreLogic (CLGX).

According to the CoreLogic HPI, home prices nationwide, including distressed sales, increased by 6.9% in August 2015 compared with August 2014 and increased by 1.2% in August 2015 compared with July 2015.

The CoreLogic HPI Forecast indicates that home prices are projected to increase by 4.3% on a year-over-year basis from August 2015 to August 2016 and remain unchanged month over month from August 2015 to September 2015.
…
“Economic forecasts generally project higher mortgage rates and more single-family housing starts for 2016. These forces should dampen demand and augment supply, leading to a moderation in home price growth,” said Frank Nothaft, chief economist for CoreLogic. “Over the next 12 months through August 2016, CoreLogic projects its national HPI to rise 4.3%, less than the 6.9% gain over the 12 months through August 2015.”
…
“Home price appreciation in cities like New York, Los Angeles, Dallas, Atlanta and San Francisco remain very strong reflecting higher demand and constrained supplies,” said Anand Nallathambi, president and CEO of CoreLogic.

Posted in Economics, Housing Recovery, National Real Estate | 102 Comments

Cash-out in style again

Posted on October 6, 2015 by grim

From HousingWire:

Black Knight: Cash-out refis up 68% since 2Q 2014

Cash-out refinances were up 68% year-over-year from the second quarter of 2014, as borrowers take advantage of still-low rates and newfound equity in their homes, according to Black Knight Financial Services.

This is the highest volume of cash-out refinancing in five years, but still nearly 80% below the peak in 2005.

As Black Knight Data & Analytics Senior Vice President Ben Graboske explained, borrowers have been capitalizing on increased equity available in their homes and still historically low rates. 


“In the second quarter of 2015, we saw cash-out refinance volumes rise almost 70% from the same period last year,” said Graboske. “While this is the highest volume in cash-out refinances we’ve seen in five years, it’s still nearly 80% below the peak in Q3 2005. Even so, it’s clear that borrowers have been capitalizing on the increased equity available to them.

“As we reported in last month’s Mortgage Monitor, total equity of mortgage holders has risen by about $1 trillion over the last year, and ‘tappable’ equity stands at $4.5 trillion,” he said. “Borrowers today are pulling out an average of $67,000 of equity through cash-out refis, nearly the levels we saw back in 2006. What’s really interesting though, is that even after pulling out that equity, resulting average LTVs are at 68%, the lowest level we’ve seen in over 10 years.”
…
In its analysis of refinance transactions in comparison to prior loans, Black Knight also found that the distribution of cash-out refinances is highly concentrated geographically, with over 30% of all such transactions occurring in California alone.

Texas is second among states in terms of cash-out refinance volume, at just 7% of the nation’s total. Looking at Q2 2015 refinances in general, the data shows that borrowers are saving an average of $136 in principal and interest each month through refinance and cutting their interest rates by just over one%; the lowest such reductions in nine and five years, respectively.

Posted in Housing Recovery, Mortgages, National Real Estate | 110 Comments

West Milford among the worst?

Posted on October 5, 2015 by grim

From the Record:

Popular magazine ranks West Milford among state’s worst places to live

According to a prominent monthly magazine, West Milford Township is among the worst places in the state to live.

West Milford Mayor Bettina Bieri is not a believer, however, calling the 80.4-square-mile expanse simply “wonderful.”

“It really all depends on your priorities,” said Bieri, now in her eighth year as mayor. “Many people prefer our scenic surroundings, wildlife, and tranquility over shopping malls and traffic congestion. They exhale and have instant stress relief upon entering West Milford.”

Scenic, soothing isolation was, however, not one of the criteria New Jersey Monthly considered in the recent iteration of its biennial “Best Places to Live” list.
…
Ultimately, West Milford is the lowest rated town in Passaic County for 2015. Neighboring Ringwood and Vernon are more than 100 positions ahead on the list. West Milford was also out-ranked by towns like East Orange (486), Paterson (491), and Camden (488), where the violent crime rate is respectively six, 10, and 25 times that of West Milford, according to the report.
…
The ranking also considered proximity to acute-care hospitals and performing-arts theaters. As far as providing more of those, however, Councilwoman Michele Dale said the township is encumbered by the Highlands Act and consequently unable to provide residents with the things towns like Madison (8), Pequannock (4), and Florham Park (1) have.
…
Like Dale, 44-year resident and West Milford Township Environmental Commission Chairman Stephen Sangle said the natural splendor of the town – “encompassing lakes, mountains, and vistas” – protected by the development-stifling Highlands Act cannot be compared to any other area in New Jersey. He said West Milford has alternate value as a wooded oasis protected from the sprawl that consumed other towns. Deer, fox, and bear sightings are common, as are glimpses of hikers, cyclists, and fisherman.
…
As for the high taxes, Dale said the current governing body is doing its upmost to streamline local government operations and reduce the taxpayer burden. She said progress has been made and the governing body continues to work hard to reduce operational expenses while maintaining municipal services. However, there are something things that the local government just cannot control – namely state, county, and school board edits, she added.

Posted in Housing Recovery, New Jersey Real Estate | 83 Comments

Manufacturing not dead in NJ

Posted on October 3, 2015 by grim

From NJBIZ:

Report offers optimistic take on N.J.’s manufacturing industry

Contrary to public opinion and personal anecdotes regarding the New Jersey manufacturing hub of yesteryear, the manufacturing industry continues to play a vital role on the state’s economy, according to a report by the New Jersey Policy Research Organization Foundation, an affiliate of the New Jersey Business & Industry Association.

Just in time for New Jersey Manufacturing Week, which runs from Monday through Friday, NJPRO Chairman John Rogers stated: “Manufacturing continues to be a strong economic force, providing well-paying jobs and driving exports of American-made goods. What’s more, the health of New Jersey’s manufacturing sector fares pretty well when compared to that of other states’.”

The report offers a close examination of the manufacturing industry of New Jersey in 2015, including the number of manufacturing facilities as broken down by county, a 10-year outlook for manufacturing employment and a breakdown of manufacturers by business type.

According to the report, New Jersey manufacturers directly employed 247,200 individuals as of July 2015.
…
“The industry has consistently played a vital role in the state’s economy and has further solidified New Jersey’s position as a global hub for manufacturing,” the report states. “It is important to note that when comparing states, one must consider their sizable differences — e.g., economy, square mileage and population — to accurately gauge how well their industries are performing. Considering these factors, New Jersey still outperforms the majority of states and fares well against its competition.”

Even the employee compensation in New Jersey is superlative: According to the report, advanced manufacturing employees make on average nearly $100,000 per year, which ranks New Jersey as the fifth-best state for compensation.
…
With the report finding that New Jersey ranked 15th in manufacturing output, making $45 billion in products in 2013, and 13th in goods exported, by selling more than $32 billion in 2014, she added:

“New Jersey manufacturers excel through efficiency and expertise. Technological advances, ‘lean’ manufacturing processes and increasingly sophisticated operations are all areas where New Jersey manufacturers as a group excel.”

Posted in Economics, Employment, New Jersey Real Estate | 81 Comments