Weekend Open Discussion
Open Discussion for this weekend.
Observations about your local areas, comments on news stories or the New Jersey housing bubble, Open House reports, etc. If you have any questions you wanted to ask earlier in the week but never posted them up, let's have them.
In particular, I'd like to put out a request for comments on the Hoboken and Jersey City markets. There have been many stories/rumors about certain message boards that cover that area. Lets have the dirt, inquiring minds want to know.
Have a nice weekend everyone!
Caveat Emptor!
Grim
Observations about your local areas, comments on news stories or the New Jersey housing bubble, Open House reports, etc. If you have any questions you wanted to ask earlier in the week but never posted them up, let's have them.
In particular, I'd like to put out a request for comments on the Hoboken and Jersey City markets. There have been many stories/rumors about certain message boards that cover that area. Lets have the dirt, inquiring minds want to know.
Have a nice weekend everyone!
Caveat Emptor!
Grim
16 Comments:
I was looking at some of the condos and apts in Paulus Hook and I guess these people haven't heard about a bubble because prices and rents are still laughably high. I could live in great parts of Manhattan for less that what these clowns with their "luxury" shitboxes want for rent. $2500 for a generic beige 1br? Are you insane?
A lively debate has ensued here
http://www.hobokenx.com/html/modules/newbb/viewtopic.php?topic_id=1417&forum=9
Last week I posted a comment about the Hoboken MLS displaying a total of 415 residential properties.
Today that number is 440.
As another point of reference, it was 296 in early October when I first started looking.
I should add the usual diclaimers that these figures also include some JC/UC properties but don't include FSBOs. Maybe they wash.
"There have been many stories/rumors about certain message boards that cover that area. Lets have the dirt, inquiring minds want to know."
Hell, I don't even know the rumors. So yeah, do tell.
I read through some of that thread earlier this morning. Sorry, but I don't buy many of the arguments being used to justify further price increases..
grim
Even though there is so much media coverage now, about the bubble, prices are still sky high.
Many folks still believe prices will remain at these levels. If it truely is a bubble, what is preventing (or delaying) the pop.
I am curious about something. There was a new condo complex that went up in Rutherford directly across the street from the train station. It does not look like it filled up at all. The going rate on 800 sqr feet at that complex is $400,000. Which I believe is highway robbery. $500 a sqr foot!!!!!!!!!!!!!!!
Anyone know the deal on that complex?
Is it just me or are there a whole load of open houses on Saturdays? I've only seen them on Sundays in my area up till now.
I did notice a few open houses today. Very irregular, the norm around here is indeed Sunday.
No doubt taking advantage of the good weather..
grim
Original Message:
A lively debate has ensued here
http://www.hobokenx.com/html/modules/newbb/viewtopic.php?topic_id=1417&forum=9
My Message (dose of reality):
Having owned investment property in Weehaken since the early '90s--post the '89/'90 crash, I still receive the same $$$$ in rent now that I received in 1995. This has also been true for Montclair, but in that city, I collect the same $$$$ today that I collected in 1998. No increase in rents, but my taxes have increased considerably.
For those in the know, this article is embarrassing. Almost as egregious in form as the genuflecting that occurred last year in the Bob Toll NYT Magazine piece.
It's makes you wonder whether there is a "fix" on, and how Toll could exert such influence and cause such intellectual dishonesty from what is considered one of the hallowed halls of the media. It's literally shocking. I thought they fired Jayson Blair :p
http://www.nytimes.com/2006/01/29/realestate/29njzo.html?_r=1&emc=eta1
That particular NYT reporter has been writing what are essentially NNJ developer advertisements for years. There is some truth to her notion that Hoboken's demographics are changing, but to use that Toll Brother's development as a premise is quite shameless.
"Open houses are probably because tomorrow is Superbowl TV buying Sunday."
FIXED.
The Superbowl is the kickoff of the spring season here.. No pun intended, of course.
Good thing there is no 'false start' in real estate, a large number of sellers jumped the gun this year..
grim
Grim,
I have a logistical problem with the assertion that Wall street finalcial wizards will receive record bonuses and that, therefore, will propel the housing market forward. Forget objetive data for a moment. Logically, these people must be making some big leaps of faith. Big bonuses, do not directly translate to spending it on a new piece of real estate. A recipient of such a bonus could spend it any number of things, new housing being one of them. But also paying off extensive credit card debt; paying off existing mortagage; buying a fancy car; taking a fabulous vacation; ad nausium. I think that it is a big leap to say that real estate prices will increase because of Wall street bonuses. Wall street financial experts are likely to spend it on financially sound investments which are unlikely to include the real estate market at this time.
Oh Well. The real estate industry has to spin things their way (not to mention current homeowners). Thanks to your blog, those of us who don't have infinite funds to our names will be OK.
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