Weekend Open Discussion
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.
For readers that have never commented, there is a small link on the bottom of each new message that reads "# Comments". Go ahead and give that a click, you might be missing out on a world of information you didn't know about. While you are there, introduce yourselves to everyone.
For new readers that have only read the messages displayed on the main page, take a look through the archives, a substantial amount of information has been put online in the past 6 months. The archives can be found at the bottom of the right hand menu and are categorized by month.
As always, anything goes!
For readers that have never commented, there is a small link on the bottom of each new message that reads "# Comments". Go ahead and give that a click, you might be missing out on a world of information you didn't know about. While you are there, introduce yourselves to everyone.
For new readers that have only read the messages displayed on the main page, take a look through the archives, a substantial amount of information has been put online in the past 6 months. The archives can be found at the bottom of the right hand menu and are categorized by month.
As always, anything goes!
81 Comments:
There is money on the sidelines to be put to work in buying homes. There is still pent up demand. People have been hesitating.
The bubble burst [if it occurs] is not going to be demand driven. As has been noted elsewhere, it is going to be supply driven.
Looking at year over year volumes of transactions may be helpful, but I think the supply numbers “mushrooming” is becoming more and more relevant as an indicator.
Once individuals get a sense that they may risk being upside-down, or are being apparently squeezed, the pain will begin.
I still do not see pain. I see grumbling, I see realtors hitting the bottle, and see some weaker forward estimates, but no pain. No blood. No strife.
Things are fine for now.
chicago
Chicago-
I don't agree on demand. I think we have hit a trough. We are at the highest homeownership rate ever. Not to be cruel, but some of those people should not have bought houses, they weren't fiscally fit enough, but got some crazy deal. Plus, I think flippers got in the game a few years ago and started driving up false demand.
I think there is some false demand built in to even the NNJ market. Not as much as Las Vegas or Florida, but it's there. Only time will tell how much.
On another topic, when do you think we'll see a mortgage company crash or a bank? I'll say late this year, beginning of next. I hate to see it happen, but it will help clean up some of the lending craziness from the last few years.
JM
"There is money on the sidelines to be put to work in buying homes. There is still pent up demand. People have been hesitating" are we talking actual demand. people looking for a place to live demand or "investors looking to get in the game? are they using assets other then equity from their homes that have been over inflated in the past 5 years? please tell. i think people see huge home equity gains and are itching to invest when prices come down but dont realize the equity in their homes will go down as well. i often hear we bought in a good area so we wont be effected.
I have noticed new realtor phrases... i.e. "new price" instead of "reduced". The Jersey Shore sellers are still in denial. A neighbor just listed her rental cottage for $700k. Hopefully after a slow spring/summer, prices will adjust. I want to buy, but am very uneasy about making any offers at this time. Every house on the JS market is overpriced, or has some issues, like non-conforming lot size, underground oil tank, too close to group rental homes sleazy hotels, etc. Buyer beware!
In life; you either can write the check or you can't, it is what it is.
My observation's of the newbies that have shown up in the Tenafly, East Hill of Englewood and Englewood Cliffs areas over the last 5 - 6 years, are they are generally "credit players", who traded up. When the real effects of leverage in a down cycle present the bill, I doubt anyone's gonna be home to open the mail.
I'm waiting out this housing market. What do people think lending standards will be like in a few years when I want to buy? Do you think a 20% downpayment will be manitory again?
Anyone know what's happening with South Jersey (Moorestown/Cherry Hill/Mount Laurel)? I wanted to buy here last year but got spooked and decided to wait.
Home prices have doubled here in 5 years, but rents have gone way up as well and there aren't many for-sale signs. I've been hearing for months that there's "no bubble in South Jersey" because we didn't have speculators and exotic loans here. If there's really no bubble then why haven't salaries doubled along with the home prices?
sorry I meant why haven't salaries increased in proportion to home prices?
I often imagine when I read posts here that we are the guerilla soldiers or revolutionaries storming the barricades and overruning the defenses of the NAR and other industry groups, greedy flippers, and shady lenders who are tyrannically ruling the RE market.
Let's stage a open house boycott. Let's make ridiculously low offers and say "...good luck selling, you'll need it!" if we are rejected. Let's post to Craigslist and point to bubble blogs!
Viva the home buyer. Viva revolution!!!!!
JM,
Mortgage companies, especially subprime ones, are having a bad time. Look up public ones like AIC, ECR etc. The margins in the secondary market have dramatically shrunk.
Some mortgage companies have already folded - Acoustic Home Loans, QuoteMeARate etc. I am sure there are more but I cannot recall.
CNS
In support of...."Let's stage a open house boycott. .. make ridiculously low offers...post to Craigslist and point to bubble blogs!@ 9:27 PM "
I have been doing exactly that, calling on for sale houses then scoffing at the realtor/owner. I inform them yesterday's market is gone. I tell them straight out "You are priced way too high...and no thanks I don't want to see the house!"
Get the word out!
"Anyone know what's happening with South Jersey (Moorestown/Cherry Hill/Mount Laurel)? I wanted to buy here last year but got spooked and decided to wait"
I have been watching/monitoring South NJ areas since last August. Prices have remained more or less flat since then and in fact I am seeing reduction in asking prices for last few months. Inventory in most of these areas have increased by atleast 30% to 35% and very few homes are selling.
What I do is that I make an offer of around 25 to 30% below asking (depending on what I think should be fair value, which considers around 5 to 6% appreciation per year since 2002/2003). All of my offers so far have not been accepted but instead of engaging in counter offers/bidding, I just move on to another property. There are too many chaoices available now and I am in no rush.
"Let's stage a open house boycott."
I've been doing that for months.
Boycott Open Houses!
Are the banks entitled to a "Margin Call" on a Home Equity Loan IF the value of a home falls?
to randolph:
i've been looking in randolph...seems like inventory has gone up quite a bit...i went to see some houses a week ago...noted that real estate agents weren't very busy in the office i visited and homes we went to see had been on the market 30+ day...what have you or others seen in randolph? any other similar towns in nnj where school systems are solid and prices 'relatively speaking' are low?
skeptic said: "It is much more difficult to find a GOOD house now than five years ago."
I couldn't agree with you more. I look at new listings every day and am bowled over by the number of awful properties on tiny lots. Goot segue for a question I wanted to pose to the blog's readers as it has confounded me for a long time...maybe an informal poll:
*********************************
**POLL QUESTION**
How important is lot size to you? How small is too small? What's optimal? How big is too big?
**********************************
I ask because to me lot size is SO critical, yet in so many listings the lot size isn't even MENTIONED! Is that because it's so far down the priority list that it's not worth the time to type in the dimensions? Are people just too lazy to look it up when they sell (this goes for FSBOs and Realtor listings)?
It's confounded me for a long time and I look forward to your replies....Thanks!
Ba ba ba ba ba ba ba BOYCOTT HOUSES!
Booooyaaaaaaaa
Bob
According to a study by Home Insurer First America,
29% of all Homeowners that took out a mortgage in 2005 are underwater with their mortgage...this amounts to about a loss of $800 billion so far.
also in the study it said if home prices fell just 10% the 2005 buyers with no equity or negative equity would surge to 48%.
bad news for bubble buyers.
Grim,
Thanks for starting this blog. It truly is refreshing to hear other people share my concerns.
I've been investing in real estate for about 10 years now. I unloaded all of my properties over the last 2 years. My reasoning was quite simple: rate of return versus risk. By investing all proceeds into a 4.5% bank account (Emigrant), I could earn a higher net income. Additionally, I needed to factor in a higher vacancy factor due to these aggressive lending practices.
I'll also echo other's comments with finding a "good" house for a reasonable price. I am still in my starter home (3 br/1.5 ba) that I bought when I was single.
I now have a wife and 1 child and it's getting a bit ... cramped.
I wanted to wait 2 years but my wife insisted on looking. So I said fine - go ahead and look. Budget is 650K. Location is Randolph, Denville, Montville, and Whippany.
Well, my wife finally found "the" house in Denville (MLS ID#: 2255945)...
I just had a couple of issues:
Price - 825K
Taxes - 13K
I do not want to touch my equity portfolio, so I only wanted to put down 20%. I found out that I actually would qualify for a 660K mortgage. Of course, my family would need to stop eating or hit investments.
So after seeing this house, it's abundantly clear that we have champagne taste on a beer budget. Told the realtor that we're out of the market now and to simply let us know if she encounters any "deal".
Just "tweaking" my gauge:
Is this considered a flipper house?
GSMLS #2259040 (Byram Township)
Built in 2004, sold for $355k in Feb. Now on the market for $480k (Reduced from $500k after 30 days).
Is it me, or is it rented furniture in the house?
I think the owners (Looks like they actually live in Andover) are going to be hard pressed to sell at that price, especially with nearly 10k in taxes.
What would you pay for this house?
I wouldn't offer anything. Sure it has 1.7 acres but did you see the lot size? 85X649! Might as well be on a city lot.
It's still 50 miles from the city! How can it be worth that kind of money?
"I have been watching/monitoring South NJ areas since last August...What I do is that I make an offer of around 25 to 30% below asking"
Just curious, which towns have you been making offers in?
If a property is 25 - 30% below what I believe as mkt, I don't even bid as I think I'm wasting everyone's time.
Does anyone have any stats on what % of homes actually sell for 25-30 below current not olp?
Thanks,
Did a complete boycott of Open Houses in April.
Grim, Thanks for posting Edison data.
Lots of new listings in Edion and price drops.
Thanks,
KBR
Ba ba ba ba ba ba ba BOYCOTT HOUSES!
Prices are a RIPOFF!
BOOOOYAAAAAAAAAA!
Bob
getting a bit old, Bob
Skeptic; great post.
Michelle: lot size is very important to me as well, sitting in the backyard having a cigar is very appealing to me, yet I see houses all the time with almost zero back or side yards...so close you could ask your neighbor for soap out the window.
Anon 1:07 pm; I agree regarding Booya Bob, however it is so old, that I actually get a kick out of it.
Want to know how bearish I am? In addition to selling my investment properties, I took 80% of my equity (house was pd off) and invested it in a mutual fund as a hedge against price drops.
Yes, that's risky. However, I am more comfortable with that risk than leaving any exposure to the housing market.
(I am also comfortable with the possibly that both could drop as well)
Honestly, I would rent a 4br, and save 2k per mo, if I could convince my wife to move twice.
SPW
SPW
How important is lot size to you?
Very.
How small is too small?
Depends, but in most cases under 1/4 acre is too small. Not all towns have the flexibility to 'lot shop' as there are simply not many large lots in some towns.
What's optimal?
"Optimal" is not always "attainable" at an affordable price, depending on the town, but 1/3 acre is a good size, and 1 acre in a good town would be amazing (and expensive).
How big is too big?
Big lots are more work and expense to maintain. Past 1 acre would probably be a burden for most.
Anon at 10:38 (Denville 2255945),
You will be better off opening a treasury direct account and building a ladder of short term (around 6 month or less in duration) treasuries (than investing with Emigrant CD's). Not only will you get a couple of basis points better but they also get better tax treatment.
CNS
Went hiking this afternoon with the wife and dog out on Patriots Path near Mendham.
Seeing that traffic here was basically non-existant, what did you folks all do this afternoon?
jb
I agree with Skeptic about inflation for certain areas of the economy. On the other hand, we are still paying relatively low rates for many other of life necessities. Look at clothing and food, you can still buy clothes for two kids for under $100 if you watch for sales and food is still relatively inexpensive - eat at home for $5 per person.
Yes, healthcare is expensive. From my casual observation, it seems very inefficient and has reached that point where people are going to extremes to beat the costs and don't see the value in covering costs not insured. Why would people (and states for that matter) go to Canada to fill prescriptions, or fly to India to have an operation, or approve laws mandating universal coverage?
College costs are the same way, parents have started to shop for the best financial aid packages, not the best schools. People start taking unusual steps to get in-state tuitions, etc.
With all of that said, I think the CPI is practically a joke. To many things are excluded and not rolled into a more comprehensive measure of cost increases. We are probably somewhere above that number, who can say how high?
So, you're right, inflation is a factor for RE prices rising, but not the entire picture.
JM
Hey Grim,
We've been frequenting Patriot's Path on the Morris Twp/Menhand border. If you see someone with 4 dogs next time ask if it's me! Have you been to the dog park in Lewis Morris Park? It's fantastic although I have one pooch who's not so keen on the dogpark concept. I do enjoy the rest of that park with her though...
We spent the day attacking the garage, the final bastion of unpackedness. We have too much stuff and are planning a garage sale. Anyone need a really nice teak mid-century modern dining room set?
Thanks to those who have replied to my question. Interesting.
"what did you folks all do this afternoon?"
Went to see 'United 93'
http://movies.yahoo.com/movie/1809273193/trailer
Powerful stuff.
Grim and others,
I went to the spring-fest in Hackettstown. It is the home of Masterfoods which make M&Ms. They give out tons of candy for free.
My girls and I walked away with 3 milkyways, 6 M&M's a big bag of mini candybars, starburst lollypops and mega M&Ms. it is holloween in the spring except for the costumes.
It is still going on today. There are the typical carnival rides (expensive)but today they have a pay one price bracelet. There is also a petting zoo and pony rides. The petting zoo has a llama, but they caution you with a sign that he spits.
I won a pizza at the local am radio station's booth. In short we got sun and rotted our teeth out.
Take a look at the paper this morning. Plenty of "Price Reductions" and "Owner Motivated." This translates into open season for low balling. However, at $2.98/gal, I think I will stay home.
Happy Hunting!
People need to investigate where they are investing their hard earned money. What was advertised as a "desirable" West Orange location has turned out to be somewhat of a nightmare.
The Brooklyn couple, all happy about owning the American dream, land in Essex County NJ after just seeing three homes. There emotions were overcome when they saw the one house they really liked. Not using their head, they purchased the house at asking price and closed forty-five days later.
After seven months, they had personally experiences 2 stolen vehicles, and a burglary in their "desirable" area. Well, their neighbors who they never spoke to prior to purchasing the house experienced the same thing--it was not uncommon in that "hood" as it was told to them.
Wifey wants to move because she fears more of this will happen--afterall, unemployment is low and they are experiencing these problems, wait to the pendulum swings the other way. She never experienced anything like this back in Brooklyn. However, if they sold today, they will lose $45K-60K plus the work they put into the house.
What is the lesson: investigate where you are planning on investing your money. Speak to the neighbors--they have a lot to say if asked. Talk to the local police department, ask for a crime report for your address.
Use your head--thoughts to ponder this Sunday!
Ha, ha, I see alot of pent up demand...
It's called people who post comments on bubble blogs.
Buying a house should not be looked at as an investment. It's where you live. I think that has been part of the problem. That is we go from the runup on tech stocks then RE. NOw gold and oil.
shalesh said:
I am just hoping, Politicians listens to this and bring some changes to make Housing affordable.
6:02 AM
how would politicians do this? its a free market? and if your talking affordable housing it only helps the poor not the working poor better known as the middle class.
just my opinion... but i agree with another anon poster... there really isn't that much pent-up demand... people who believe that there's a huge amount of buyers just waiting on the sidelines are really just kidding themselves... as what has been reported earlier, 47% of all purchase in 2005 were for investment purposes... meaning those buyers from last year are either finished purchasing real estate or are on the sell side on this financial equation/transaction.
investors from 2005 most likely used home equity to make their purchase. which leaves them vulnerable at their primary residents.
I'm curious - which neighborhood of West Orange?
10:37 AM
Here is a clue: it's not Redwood, Pleasentvale(?), St. Cloud, or Lourdes--it's in the Valley of the Dolls!
Buying a house should not be looked at as an investment. It's where you live. I think that has been part of the problem.
My grandfather who was an average working man put all of his money into real estate. He treated every property as an investment. He died property poor--a multi millionaire!
Booooyaaaaaa Thank You Papa ;-)
*********************************
**POLL QUESTION**
How important is lot size to you? How small is too small? What's optimal? How big is too big?
**********************************
Since I am single, a small lot will do for me if it is wooded/park like. The bigger the lot, the more money I spend on lawn care. The problem is people are pricing these houses without taking into account the poor resale value of smaller lots.
10:06 AM
After living in 4,000 sq feet (and sold it when things were HOT), I want a smaller house and a larger lot so that I can put in a heated pool to enjoy as I age. House work suchs--lounging in the pool is more my speed.
Your points are sometimes salient, and sometimes apalling, Shailesh.
"Govt can encourage Single Family Housing. This can be done by increasing tax on vacant land. This will promote builders to make normal SFH, then McMansions."
What a discgusting and horrible idea. You're so PRO-FAMILY and PRO-KIDS - but just think about the impact that has on a municipality, not just in terms of education but in terms of sewer, roads, rec programs, etc. Yet you think that VACANT land which has, as far as I can tell, NO negative externality to speak of, should be TAXED so that YOU can have YOUR perfect house at a perfect price?
Well, you keep calling for people to get involved with government - and I guess I'll have to in order to prevent the likes of you from making ideas like this into reality. Just because some people value privacy and space and have vacant acreage, why should they have to pay because you don't want any of the exisiting 25000+ houses for sale on the GSMLS? You are so determined to raze each square foot of land - NONE OF WHICH YOU OWN - so that the market is flooded with housing and prices drop dramatically and YOU get to hold on to your dough.
Dude, if you buy 10000 acres and you want to pave them over for parking, housing, basket weaving to whatever you want to do, you go right ahead. BUT DON'T MAKE OTHER PEOPLE PAY FOR WHAT YOU WANT.
I don't know where the "Valley of the Dolls" is in West Orange, but I'm guessing it's down the hill.
Anyhow, I've had my car vandalized twice and I live in the part of WO that borders Livingston.
The reason for this is that the advantage that West Orange offers (it's proximity to 280) is what works against it. That and an inept police force and mayor. We should shut down one of the 3 entry/exit ramps into 280 (like the one off northfield), and the other 2 should remain guarded by the police all hours of the night.
Also, there should be a stricly enforced noise pollution law which would allow offers to pull over vehicles which emit too much noise (most of the vandalizing is of vehicles and is done by kids who have pimped up the performance of their own cars).
There are some promising signs I suppose. The police do appear to be carefully monitoring the parking lots of shopping plazas and maintaining a presence in certain stores (Shop Rite most notably). Also, the arrival of Whole Foods (and, hopefully, Starbucks) will likely change the demographics of the people who shop in that plaza as well, hopefully making it safer.
And oh, PS:
That article Shailesh links to is by an organization that is dedicated to the economic philosphy of Henry George - a specious philosophy at best, at a dangerous one at its worst. Anyone who espouses the "redistribution of wealth" doesn't make my respect list.
FREE MARKETS WORK'
BA BA BA BA BA BA BA BOYCOTT HOUSES!
BOOOOYAAAAAAAAAA
BOB
Anon 11:52am
With that conviction about your Grandpa, You should buy as much real estate as possible, as soon as possible...just think, if you put your plan into action immediatly May 2006...you will be on the Forbes 400 by May 2010... go get em tiger!!!
LEVERAGE, LEVERAGE, LEVEARAGE DO IT NOW, BE ABOUT IT, DON'T TALK ABOUT IT...BUY, BUY, BUY.
(LOL...by the tone of your post, I know you are a no money midget...Shut up or get up boyyyyyy).
Your Grandpa payed max 3 to 4 times his income for his house...very reasonable prices; X out inflation and maintenance costs and property taxes costs... and net net he was good at saving money.
People dumb enough to pay 2006 asking prices are paying 10 to 12 times their COMBINED (Husband & Wife) income's. Ugly is too soft a word for what is to come.
Just hung out with an i-bank friend and also a IT consultant. Both are doing fine, but their liquidity is completed tapped out. If anything bad happens to them in the next 24 to 36 months, they will need to make major lifetstyle changes. Their problems? Each has recently upsized their real estate holdings, due to family requirements.
They are holding their breath and hoping for the best.
AND THESE ARE RICH GUYS!
I'm with Michele.
Shailesh Gala is a scary lefty... not really scared though thanks to the 2nd Amendment :)
Small piece of trivia:
Pleasant valley sunday (by the monkeys) was based on the pleasant valley way in the area.
Epilogue to my comment from Friday at 5:20PM about a supply driven bubble bursting.
Just remember on the way down, there will first be all the pent up demand that will pile into the market, and that means that there will be a short-term floor on how low prices will go.
The way demand if overwhelmed is that the pent-up demand will eventually be exhuasted, but more waves and waves of supply will keep coming.
This process sounds as if it will unfold over several years, not months.
If you keep hearing stories about first-time owners being locked out of the market, then pent up demand is still out there. We are talking about everyone getting pulled in and then the market STILL continues with its malaise.
chicago
From NJ Herald...very interesting, 2nd grader with or without a calculator can tell you where prices are going.
"New Jersey's most recent real estate market collapse occurred in 1989 when three factors created a so-called perfect storm, Otteau said. Homes were becoming less affordable, New Jersey builders overdeveloped at a rate of 50,000 new homes per year and the economy slipped, resulting in widespread job loss.
Today, those factors are not accumulating as they did then, he said. Affordability continues to be an issue, particularly for first-time home buyers, but New Jersey builders are putting up homes at about 18,000 per year — when age-restricted and million-dollar homes are removed from the equation, Otteau said.
By most accounts, New Jersey's economy remains strong.
Still, it's hard to ignore the shifting statistics in Sussex County:
* The number of houses under contract between January and March decreased by 18 percent since the same period last year; and
* The number of houses on the market increased by 47 percent since last year.
Together, those numbers represent a 65 percent negative market swing, which is still 12 percentage points better than the state average, according to Otteau's report. The report shows that Sussex County's market is faring better than most other counties in the state because houses on the market are more affordable — Sussex County ranks sixth in the report's affordability index.
Sussex County's population has increased by 4,600 people over five years while the populations in Hudson County and Essex County have dropped by 76,000 and 61,000 respectively, showing that homeowners are migrating northwest, the report shows.
Still, Otteau said, "The market has lost the sense of urgency that was present a year ago."
Last year, buyers felt compelled to purchase a home as quickly as possible, had fewer homes in their price range to choose from and often found themselves bidding an amount greater than the asking price, real estate professionals said.
Today, buyers are a bit more cautious. There are more homes sitting on the market longer, giving the buyer more leverage to negotiate below the asking price, they added.
The trend has resulted in homes throughout neighborhoods in Sussex County staying on the market longer, a negative from the point of view of the seller, whose next purchase often relies on the sale of their home. According to Otteau's report, it would take seven months to sell every house currently on the market in Sussex County.
Real estate professionals say anything less than a five-month supply is considered a seller's market, anything more than six a buyer's market and anything between five and six months is considered a good, balanced market.
"There's a saying in this business that there's nothing price won't cure," said Kenneth Miebach, a Realtor at Century 21 Gross and Jansen in Vernon and the president of the Sussex County Association of Realtors. "Just because a home has been sitting on the market for 364 days, doesn't mean it's at the right price.
"You're seeing homes on the market not adjusting to the market. You have to be able to accept price reductions."
Miebach described last year's real estate market as "super" compared to "average" this year.
"Your best bet is to list your house with a Realtor," he said. "We can get you the most money for your house today. I don't know what it will be worth tomorrow."
http://www.freddiemac.com/speeches/syron/ds120605.html
Chicago,
I'll do you one better. I have friend who's MD/senior partner at a large fund-to-fund, mutual fund. She has a nice 1 bdr. apt., nothing super luxurious, in NYC and a place near the beach in CT. She's saying she couldn't afford her place in the city if she tried to buy it now. If someone in that tax bracket can't afford her home, who can?
Ok, back to the pent up demand argument, yes, there probably are some people on the side line who are looking for a certain price point to justify buying. Here are my counter arguments:
1. Investors- if they are looking for at least a 12% return, the pickings are few and far between for quick flips to even get that much after transaction costs, carrying costs, renovation cost, etc.
2. Affordability - why did nearly half of all home purchases need ARMs. The buyers could not really afford their houses. That, to me, = false demand. When lending guidelines go back to normal, people like this won't be able to get in the game.
3. Very high, maybe even historically high, homeownership rates. We're above where we probably should be with this number. Who's left out there to buy, who didn't in the last four years?
I think you're right we'll hit a plateau, then flatten. After August, all bets are off if inventory is still very high.
JM
Well, we went to one open house today in Flanders. And boy did we meet the definitive starving realtor! He was giving out personalized coffee mugs, magnets, pens, and packets of mls listings of other houses in the area. He was really insistent that if this wasn't the house for us, that he'd find us the perfect house - and don't wait, interest rates are going up! We couldn't get out of there, let alone fast enough!
We almost felt sorry for him, but he was spewing so much sleazy realtor speak it was hilarious. We got into the car and just cracked up!
PbW
Examples like that can run the gamut. I have a friend who is an IT consultant who lives in the city, makes the expected salary for an IT consultant. Has saved up a bunch since he travels a lot for consulting and many of his expenses, as such, are covered. So, he is now ready to buy, and able to afford, a 1 bedroom apt in the city at current price levels.
Everyone's situation is different.
"So, he is now ready to buy, and able to afford, a 1 bedroom apt in the city at current price levels."
Cool, I hope he likes that 1 bedroom enough to keep it for 8-10 years, or sell at a loss before then.
Is he familiar with the phrase "upside down on a mortgage"?
Pleasant valley sunday (by the monkeys) was based on the pleasant valley way in the area.
And the lyrics still seem to fit. Great piece of trivia..
grim
My favorite piece of economic data out at 8:30 this morning, the personal savings rate.
grim
Another Pleasant Valley Sunday
Charcoal burning everywhere
Rows of houses that are all the same
And no one seems to care
See Mrs. Gray she's proud today because her roses are in bloom
Mr. Green he's so serene, He's got a t.v. in every room
Another Pleasant Valley Sunday
Here in status symbol land
Mothers complain about how hard life is
And the kids just don't understand
Creature comfort goals
They only numb my soul and make it hard for me to see
My thoughts all seem to stray, to places far away
I need a change of scenery
Looked at a few open houses on Sunday. I went late in the day (after 3pm) and it was amazing how little house you get for the money. Not only that, but the sign in sheets were EMPTY!!!!!
Ba ba ba ba ba ba ba ba ba BOYCOTT HOUSES!!!
Starving realtors + desperate sellers = Pa pa pa pa pa pa pa PANIC!!!
Booooooyaaaaaaaa
Bob
I saw tons of Open Houses at the Jersey Shore this weekend. I'm w/ Boycott Bob and will not go into any. (I can't stand to hear the realtors' lies and BS anyway). No other people or cars around either, lots of empty open houses.
Let Freemarkets Work
Just say "NO" to "RIPOFF" prices.
Booooooyyyyyyyaaaaaaa
Bob
Grim,
I am glad you liked the trivia. I am one of those people who pick up stuff like that, especially when it pertains to NJ.
"I'm w/ Boycott Bob and will not go into any [open houses]."
Same here -- haven't been to one since February. It's a direct way for buyers to send a message to realtors, and thereby sellers, that the ponzi scheme has ended.
Some terms/phrases realtors will hear and say often in the coming months:
* "Languishing on the market"
* "That open house was a ghost town"
* "The offer looks good, it's only 20% below asking"
* "Those last few sales on this street have killed the comps"
* "How can I pay for my Lexus and million dollar home with no buyers?"
* "Make an offer soon, houses are almost selling close to assessed values again"
* "Thank god we sold that one in less than 6 months"
* "Yes, those contingencies in your offer are fine"
* "Thanks for your research Suzanne, but we'll be buying next year"
While at an open house yesterday, the realtor informed me that homes were selling over asking price. I looked around--no one else was in the house, then started to laugh. I asked here how that was possible and she replied, "once people think they are competing they raise their offer."
I think the realtors are artificially creating these scenarios to get buyers to increase their offers.
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