Tuesday, March 07, 2006

Back in warm and sunny New Jersey

I just wanted to let everyone know that I'm finally back home. I was in Krakow for the week taking care of some business. It's good to be back here, mostly because of the weather. It really has been a rough winter for Eastern Europe.

The housing market is booming in Krakow and Warsaw as well, just like here. They've seen 25% YOY increases in top areas. They've got more variations on Home Depot than you can shake a stick at, and they are everywhere. They've got whole 'malls' dedicated to building and remodeling. The parallels between the boom there and here were really eye opening. New construction popping up everywhere. The locals seem to think that they are running out of buildable space near the town centers (centrum), but they've got a long way to go.

Updates and data should be back to their usual schedule this week.

Caveat Emptor!
Grim

25 Comments:

Anonymous Anonymous said...

Would anyone consider buying in a flood plain, if, supposedly, the only time the garage flooded was during Floyd? The house has no basement, only the garage got flooded, supposedly.
My house flooded during floyd and I'm not in a flood plain.

3/07/2006 09:57:00 AM  
Blogger njresident286 said...

hey grim welcome back! we all missed you, but your guest blogger did an awesome job. I would also like to thank him for keeping the site updated in your absence.

3/07/2006 10:00:00 AM  
Blogger RentinginNJ said...

Welcome Back. I recently returned from Lima, Peru, where I noticed a condo boom in the more affluent areas of Lima.

3/07/2006 10:01:00 AM  
Blogger Shailesh Gala said...

Welcome back. I recently returned back from India, there also most big cities (Bombay, Banglore, Delhi) has appreciation from 20% to 30% YOY. I read somewhere last few years have been Global Boom.

3/07/2006 10:07:00 AM  
Anonymous Anonymous said...

Welcome back!

3/07/2006 10:08:00 AM  
Blogger RentinginNJ said...

Would anyone consider buying in a flood plain?

Probably not. I grew up in Lincoln Park (outside of the flood plain). I have seen what people go through when it floods. Also, don't forget, you will have to factor in the cost of flood insurance. Can you tell us the town it's in?

3/07/2006 10:12:00 AM  
Anonymous Anonymous said...

The house is in Hillsdale.

There's another listing that just came up today in a different town which requires flood insurance because there's a brook on the property, but disclosure notes that this didn't flood in Floyd.

What do you think is the best way to find out the truth about the flooding at these houses?

Thanks so much for everyone's thoughts on this...it truly helps!

3/07/2006 10:29:00 AM  
Blogger chicagofinance said...

latest rants from the mouth of chicago on interest rates - incorporates a WSJ article

http://www.hudsonteatenants.org/tearoom/viewtopic.php?p=2641#2641

3/07/2006 10:36:00 AM  
Blogger Richie said...

If there was any flooding in the home, it would be evident in basements/crawlspaces with some forensics.

I live in Pequannock; the 100yr flood plain touches one corner of my property. I was not required to get any flood insurance since my house is above the flood plain. (BFE is 183; my house is at 184.5).

There was no flooding in the area where my house is after Floyd in 1999, and no issues with water this past year when we had 15 inches of rain dumped on us over 1 week..

Where is the house located? Get details on what the BFE (base flood elevation) is; and what the topography of the property is. Is the land all flat? Does water run away from the house? How about landscaping? Is it grass? Rocks? Lots of trees? Lots of pavement? All of these things can contribute to water issues down the road.

-Richie

3/07/2006 11:09:00 AM  
Anonymous Anonymous said...

Welcome Back!!
Rich did a great job keepin this machine rollin.. Thanks!

I'm surprised, no comments on todays Star Ledger Article by everyones favorite "skewed" Journalist.

"Jersey's still sale-ing along"

"Despite a slight cool-down from historic 2005, the state's housing market remains very hot"

I'm gonna get sick!

3/07/2006 12:00:00 PM  
Blogger Richie said...

It's so hot that I've seen homes in my town have fell out of contract with one realtor, and now listed with a new one!!

I read the article; the usual hype from someone who has a vested interest in keeping his business rolling.

Very contradictory compared to most other articles that showed many price reductions in the area.

Experts said it is worth remembering the housing market isn't like the stock market, where you can be up one day and down dramatically the next. Selling homes takes a lot longer than selling shares of stock, and the ups and downs often run in cycles of five years or more.

We've seen a 5 year up, so does that mean we'll see a 5 year down next?

They make references to an "adjustment" of 10%. That's like saying the stock market (on a decline) is in a correction. Just some nice words to ease you in before the floor falls out from under you.

-Richie

3/07/2006 12:48:00 PM  
Blogger aloha_mr_hand said...

I assume the property you're writing about is located in the area behind the Hillsdale Post Office on Hillsdale Avenue.

You could go by the Borough Hall (also on Hillsdale Ave.) and see what they have. I used to live in River Vale and remember that area of Hillsdale flooding more in the late 70's than it seems to now.

Perhaps they have done some improvements.

Good luck!

Welcome back Grim!

3/07/2006 01:36:00 PM  
Blogger grim said...

The ledger piece is nothing but fluff and puff..

grim

3/07/2006 01:40:00 PM  
Anonymous Anonymous said...

Grim,

I was in Gdansk last December visiting my parents and I must agree with you - Home Depot like stores are everywhere. I was amazed and astound when I saw how many are there - on almost every corner. I also noticed that the prices are going down. My parents live in a one of the nicest part of Gdansk (Wrzeszcz) and little over year ago there was a house with an asking price of $250K! - with an average person making less than $1K a month - good luck of selling it. It stayed on the market for over 2 years (as per my parents) and it just sold for less than $150K - even though I still think it was overpriced by about $30K. So the housing market in Poland is definitely slowing/cooling down - I'm hoping for the same here - but realistically I do not think it will be more than 20% top.

Trroll

P.S. Forgot my password.

3/07/2006 02:29:00 PM  
Anonymous Anonymous said...

Aloha,
I'm not exactly sure where the post office is. This house is west of the RR tracks and South of the library.

3/07/2006 02:40:00 PM  
Anonymous Anonymous said...

That chart says it all. housng market is slowing fast!

Low ball 25% off of inflated prices.

3/07/2006 02:51:00 PM  
Anonymous Anonymous said...

Anon 2:51

So do you really think someone will take $449 for a house they have listed at $599 right now?

3/07/2006 03:42:00 PM  
Anonymous Anonymous said...

If they do not have to sell then No. though they will regret it if they don't sell in about 12 months.
many sellers will track the market down.

3/08/2006 11:35:00 AM  
Anonymous Michelle said...

I wonder how many sellers are "fishing" for their dream prices and won't bother selling if they don't get them, vs. how many really have to sell and will go through with the transaction almost regardless of price.

I just have to think with some of the ridiculous prices for awful POSs that people are just running their asking prices up the flag pole to see if anyone salutes, and if not, they'll just withdraw them from the market after their listing contracts expire.

3/10/2006 03:50:00 PM  
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