NJ Housing Losing Sparkle
From the Herald/Record:
Housing losing sparkle
"The pace of single-family home sales slowed in the first quarter of this year as the housing boom lost some momentum, the National Association of Realtors said Monday."
"The pace of sales in the first quarter slowed nationwide to a seasonally adjusted rate of 6.8 million units, a drop of 2.1 percent compared with the same period last year. In the Northeast, the pace fell 2.9 percent to 1.12 million units. In New Jersey, the sales pace dropped 8.1 percent from the first quarter last year."
"Sean T. Shallis, CEO and chief real estate strategist for the Shallis Team of Re/Max Villa Realtors in Jersey City, noted that the NAR data released Monday on real estate closings reflects some deals that were negotiated in November or earlier."
"Shallis said that in more recent negotiations, buyers have had the upper hand. Sellers -- particularly those who are motivated to sell quickly -- have started dropping prices."
""What we're seeing is a softening market," Shallis said."
"Maureen McSpirit, a Realtor with McSpirit & Beckett Real Estate in Tenafly, said buyers are being more selective and deliberative because they now have more homes to choose from. But homes that are priced right are selling, she said."
""Many sellers are willing to drop their prices," McSpirit said. "They're becoming more aware of the change in the market and are making adjustments to reflect that.""
Housing losing sparkle
"The pace of single-family home sales slowed in the first quarter of this year as the housing boom lost some momentum, the National Association of Realtors said Monday."
"The pace of sales in the first quarter slowed nationwide to a seasonally adjusted rate of 6.8 million units, a drop of 2.1 percent compared with the same period last year. In the Northeast, the pace fell 2.9 percent to 1.12 million units. In New Jersey, the sales pace dropped 8.1 percent from the first quarter last year."
"Sean T. Shallis, CEO and chief real estate strategist for the Shallis Team of Re/Max Villa Realtors in Jersey City, noted that the NAR data released Monday on real estate closings reflects some deals that were negotiated in November or earlier."
"Shallis said that in more recent negotiations, buyers have had the upper hand. Sellers -- particularly those who are motivated to sell quickly -- have started dropping prices."
""What we're seeing is a softening market," Shallis said."
"Maureen McSpirit, a Realtor with McSpirit & Beckett Real Estate in Tenafly, said buyers are being more selective and deliberative because they now have more homes to choose from. But homes that are priced right are selling, she said."
""Many sellers are willing to drop their prices," McSpirit said. "They're becoming more aware of the change in the market and are making adjustments to reflect that.""
16 Comments:
This listing MLS 2272808, described as a "doll house" (a.k.a piece of vinyl/aluminum crap)was listed last week at $519K, today I see it is listed at $359K. What is going on here?
Oh, here is the old listing MLS 2272459! (former listing MLS 2272808) and in the process, it lost a bedroom (probably an attic). Prime example of how a lack of formal training and education impacts the consumer. This agent wins the Bozo award! Better yet, it looks like a husband and wife realtor team! Bozo and Bozette! Avoid them, or your hair will turn orange ;-)
They're calling!!!! "Make me an offer!" "You'll be surprised!"
Okay, I'll make a best and final offer! Remeber the days when you had to have your best and final in to compete?
It's getting exciting :-(o)
...but the one down the street that was much smaller than mine sold for over $600K. I could not stand taking a $75K cut!
Well, guess what sugar plum, your not in Kansas any more! Looks like Dorthy traded her red slippers for some Ug boots!
Have you noticed? The rehabers are selling their unfinished homes! You can get a steal, just look them up on Craigslst. Check out the dream house in Chatham for over $600K. Just search on "Rehab."
FIRST TIME HOME BUYERS SEMINAR SUN 1-3PM
Okay, the smart ones are not buying, so we have to educate a new set of fools.
What to do? Save your money and enjoy a nice lunch at a local bistro.
Just spoke to a friend of mine in CA. He and his wife bought a 3bed/2bath home in Santa Clara for 750k. In my mind I was thinking he was crazy. he got a 5 year ARM to finance it. He said that its better than renting. His monthly salary pays of the mortgage and they will off of wife's income. God, what timing to buy a house in CA!!
Grim: Please have a go at:
http://money.cnn.com/2006/05/16/news/economy/housing_impact/index.htm
relative to requesting comments on specific impact to NJ economy, including jobs, retail.
Pat
First poster, those MLS numbers point to different houses:
MLS 2272459
116 Walker Road, West Orange
http://www.realtor.com/Prop/1059176549
MLS 2272808
12 Nutwold Ave, West Orange
http://www.realtor.com/Prop/1059224751
That "Chatham" rehab still isn't sold?!?
http://newjersey.craigslist.org/rfs/161509638.html
That one's been floating around for months.
It's also not located in Chatham, despite the owner's claims, it's in Madison:
255 Loantaka Way
Madison, NJ 07940
http://www.google.com/maps?q=255+Loantaka+Way,+07940
I inquired about this house long ago, and here's the owner's e-mail reply verbatim:
----------------------------
255 Loantanka Way - Chatham NJ
comes up in Madision, NJ on Mapquest. It is right on the border.
4 Bdrms
3.5 baths
1 time viewing on 5/06/06 Saturday from 1PM - 2PM
Bids will be do by 10:00 on Sunday night.
If your bid is accepted you will be contacted Monday morning and we will go
into contract.
After attorney review, you will have 10 days to have the home inspected,
etc.
-------------------------------
Guess they received no bids during that "1 time viewing."
Here's a $650K trailer in Summit:
http://newjersey.craigslist.org/rfs/161336764.html
We looked at the house on Loantaka Way in November or December. The street is pretty busy/loud and it looks like there are foundation problems. The whole house would appear to have been built by some hobbyist with a DIY kit - the construction is amazingly shoddy.
The backyard was this weird mounded thing with what we assumed to be a septic tank valve sticking out of it. Really attractive.
We didn't even stick around long enough for the agent to show up; it had been listed as being sold "at auction" with a viewing the day we were there. It's a nice part of the area but the house and its site situation are awful.
This seller is smoking something...
Was looking to put a bid on a house that after doing a little research was pulled and relisted at a higher price and also higher than comps from last summer.
I told the realtor I have no interest in making a bid now. I said let them sit now for a long while trying to fool me.
The only way the housing bubble can be saved is if more and more illegal immigrants enter the country and obtain no money down, interest only mortgages.
First poster, those MLS numbers point to different houses:
MLS 2272459
116 Walker Road, West Orange
http://www.realtor.com/Prop/1059176549
MLS 2272808
12 Nutwold Ave, West Orange
http://www.realtor.com/Prop/1059224751
If you look at the front of the houses on Coldwellbanker.com, they look like the same house, and funny it the same realtors. I actually saw pictures of my neighbors living room in other homes that were listed on the internet. It's probably a good way to get people to show up at an open house where the interior is not so great!
Shawn Shallis is a pretty shady guy. He harassed my family because he wanted us to list a very valuable piece of property in Hoboken. He called our homes constantly for weeks. We finally had to get firm wih him.
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