Sunday, October 29, 2006

The NNJBubble Blog Has Moved

The Northern New Jersey Real Estate Bubble Blog has moved.

You will be redirected to the new website shortly. If, however, you are not directed to the new site automatically, you can find it here:

New Jersey Real Estate Report

See you there!
James Bednar (aka Grim)

54 comments:

  1. Welcome to the new home of Garden State MLS’ public search engine. Currently, there are 32,316 properties advertised for sale in NJ on our site.

    More inventory dummies.. SPIN IT!

    ReplyDelete
  2. drop me an email, I need to hear more about your font size issue.

    nnjbubble@gmail.com

    ReplyDelete
  3. Can't seem to see any posts I make over at the new site.

    ReplyDelete
  4. Welcome to the new home of Garden State MLS’ public search engine. Currently, there are 32,316 properties advertised for sale in NJ on our site.

    GLUTS & GLUTS OF INVENTORY PILING UP.

    ReplyDelete
  5. “The housing boom ended more than a year ago, but sellers are having a tough time accepting that fact, says David Lereah, chief economist at the National Association of Realtors.

    Is that about the time he came out with that Real Estate investment book saying real estate is the best investment?
    The nerve of this guy to show his face anymore.

    ReplyDelete
  6. Are You Missing the Real Estate Boom?: The Boom Will Not Bust and Why Property Values Will Continue to Climb Through the End of the Decade - And How to Profit From Them by David Lereah (Hardcover - Feb 22, 2005)

    ReplyDelete
  7. http://bubblemeter.blogspot.com/

    ReplyDelete
  8. While you can't post on the new site, it looks nice -meanwhile, here's a gem from craigslist:

    email this posting to a friend



    $250000 Buyer ready to buy

    --------------------------------------------------------------------------------
    Reply to: hous-208064672@craigslist.org
    Date: 2006-09-16, 10:01AM EDT


    Serious buyer ready for purchase of 3-bedroom, finished basement, detached house in preferably Westerleigh. (No welfare neighborhoods.)

    Obviously for this price ($250,000), I don't need a big house. However, anything that remotely resembles a bungalow WILL NOT BE CONSIDERED.

    And no, I don't need these things:

    Free car thrown in.

    Marble countertops and other "upgrades".

    Six months of mortgage payments paid by seller.

    Or some silly lease-to-own deal where the buyer gets scammed into paying more.

    I'm not an idiot. I know the RE market has tanked and inventory is swelling and qualified buyers have been nonexistent for the past six months and it will not get better in the future for sellers. I have eyes. I can see all the unsold homes in all the neighborhoods. And new construction is just sitting there empty.

    So don't waste my time. I can READ and google any research I need about the RE market or simply walk around the neighborhood.

    If anyone willing and ABLE to sell has a house like the above described, is not under water drowning financially because they recently bought overpriced homes with I/O and ARMs and is willing to live in reality, email me pics of what you have.


    Thanks.


    this is in or around Staten Island

    no -- it's NOT ok to contact this poster with services or other commercial interests




    208064672

    ReplyDelete
  9. Welcome to the new home of Garden State MLS’ public search engine. Currently, there are 32,368 properties advertised for sale in NJ on our site.

    Inventory keeps piling. Start worrying grubs.

    ReplyDelete
  10. "If anyone willing and ABLE to sell has a house like the above described, is not under water drowning financially because they recently bought overpriced homes with I/O and ARMs and is willing to live in reality, email me pics of what you have."


    LOL, that was a great find, thanks for posting.

    ReplyDelete
  11. the new site stinks. you need to have a login to post comments...that site wont last more than a week like that!!

    ReplyDelete
  12. Want to buy Solomon Dwek`s properties sold at auction by the Federal Court ?!!!!!!!!!!!!!!!!!

    New Jersey: Rise and Fall of the Real Estate Mogul- Solomon Dwek !!!
    DWEK'S CRIMINAL CHARGES
    Charged May 11 with a $50 million fraud on PNC Bank, Dwek faces up to 30 years in prison and $1 million in fines. He is free on $10 million bond. Here are the details, according to the FBI:


    Dwek deposited a bad $25.2 million check at a drive-through window in Eatontown on April 24. Dwek wrote the check from one PNC account to be deposited into another. The first account had been closed, but Dwek told the bank employees that he had talked to "corporate" and that the closed account was being reopened with enough cash to cover the check. PNC employees accepted Dwek's story and allowed the $25.2 million check to be deposited. PNC allows instant access to money moved between its accounts.


    The next day, Dwek wired away $22.8 million, but never paid PNC. He then tried to deposit a second $25 million check, which was rejected by the bank. Dwek partially funded the account with another transfer, but PNC was ultimately left with a $21 million loss.



    More of Solomon Dwek's properties are scheduled to be auctioned off in Superior Court, Freehold, on Sept. 15. The court has sold 15 commercial properties owned or co-owned by Dwek so far, raising almost $45 million to pay off mortgages and other creditors.

    =========================
    Unusual real estate deal in '93 got Dwek started
    Posted by the Asbury Park Press
    By Jason Method
    STAFF WRITER

    By all indications, Solomon Dwek bought his first house in 1993, when he was 20 years old.

    The problem was, he wasn't the intended owner.

    A year later, Dwek transferred the Grant Avenue, Ocean Township, house, for which he had paid $235,000, to his mentor, Jack Adjmi, for $1.

    At the bottom of the Adjmi deed, there was an unusual notation: "This deed is being done to vest title in Jack Adjmi, who was intended to have been the (owner of the property)."

    It was a curious start to Dwek's real estate career. He went on to build an empire known to include more than 350 properties in seven states worth an estimated $300 million. The empire is being sold off through the courts to pay down Dwek's debts, which could exceed $338 million.

    Dwek declined to comment about the 1993 transaction, and Adjmi, the wealthy president of a New York apparel company, died in 2003 at age 75. His 72-year-old widow, Rachel Adjmi, offered her feelings about Dwek, who by several accounts was tutored in the real estate business by her husband.

    "This boy just did the wrong thing. Sometimes people do the wrong thing," Mrs. Adjmi said. "This guy (Dwek) didn't turn out to be one of the better ones."

    Dwek's financial rise was stratospheric.

    As the son of a prominent Sephardic rabbi and friend to Jack Adjmi, Dwek quickly gained entry into the close-knit Sephardic business world. Many Sephardic Jews hail from Syria and can trace their lineage back to Spain during the 15th century. The Hebrew word for Spain is "Sepharad," and those Jews became known as "Sephardim."

    As a young man, Dwek went to daily morning prayers at the Deal Synagogue on Norwood Avenue, where his father is head rabbi. There, Dwek would meet with Adjmi and other businessmen.

    "Solomon was a snot-nosed kid who hung on the apron strings and worked with Jack," recalled Kerry Green, a building contractor long affiliated with Solomon Dwek. "He was Jack's legman. He went out and found a few deals."

    Green, who is not Jewish, said he sometimes also met with property investors at the synagogue. There he saw a mix of spiritual and secular business.

    "You'd see all the players there every morning," Green said. "It was prayer and a breakfast. . . . Like any group of churchgoers, it transcends the lines of what goes on in the church."

    Three months before Adjmi died in May 2003, Dwek was one of two witnesses to Jack Adjmi's will. Mrs. Adjmi, 72, said her husband liked the young man.

    "My husband was very trusting, and I'm the opposite of him," Mrs. Adjmi said in an interview. "He (Jack) thought he (Solomon) was a very good person; he was always in synagogue. He was a very young boy at the time, and my husband wanted to help the community."

    Dwek's early purchases started modestly. He bought $1.9 million in land in 1996 at age 23. His buying spree rose to $48 million in 2004 as he borrowed heavily from banks, Wall Street firms, mortgage companies and other investors.

    But in 2005, he moved into overdrive: He bought $107.5 million worth of property in Monmouth and Ocean counties alone, according to land records.

    By that time Dwek had hired his in-laws, Jack and Milo Sutton, as real estate agents. Property owners in Ocean Township and Neptune — areas of interest to Dwek — knew that Dwek was the one to call for a quick sale.

    Ocean Township Councilman Christopher P. Siciliano, who works as a Realtor in the township, estimated that Dwek's buying spree single-handedly raised township housing prices by 10 percent.

    "He certainly created competition," Siciliano said in May. "He was his own bubble on the market, and it burst."

    Lawyer Eugene M. LaVergne of West Long Branch said Dwek became so well known that about a year ago he inserted a clause in a real estate sales contract that would deny a real estate brokerage its commission if the land sold to Dwek. At the time, LaVergne represented a Lakewood client who wanted to sell three acres off Route 88.

    "Even I could have called Dwek," LaVergne said. "The agency had to earn their money. . . . I wasn't going to have them pick up the phone and earn a $70,000 commission for that."

    ReplyDelete
  13. Welcome to the new home of Garden State MLS’ public search engine. Currently, there are 32,386 properties advertised for sale in NJ on our site.

    Inventory continues to go up up UP!

    ReplyDelete
  14. Welcome to the new home of Garden State MLS’ public search engine. Currently, there are 32,430 properties advertised for sale in NJ on our site

    HAHAHAHA

    Everyday it piles up.

    Sorry Charlie but prices are tanking!

    ReplyDelete
  15. New Jersey- East Coast !!!

    Rise and Fall: Inside Solomon Dwek's Empire

    $179M lent in nine months fueled Dwek buying spree
    To understand how much money Solomon Dwek was borrowing to put toward his real estate empire, consider this:


    More of Solomon Dwek's properties are scheduled to be auctioned off in Superior Court, Freehold, on Sept. 15. The court has sold 15 commercial properties owned or co-owned by Dwek so far, raising almost $45 million to pay off mortgages and other creditors.

    ReplyDelete
  16. http://iamfacingforeclosure.com/

    http://www.websitetoolbox.com/tool/post/sdcia/vpost?id=1257755


    A corrupt cesspool

    ReplyDelete
  17. Looks like the rube at "i am facing foreclosure.com" pulled down the website.
    Must have been a gruesome story he took down.


    What I did was Stupid!

    September 24, 2006.

    This blog was the WRONG kind of exposure. I APOLOGIZE to my friends, family, associates and especially EVERYONE WHO HELPED ME with my real estate transactions.

    I DO NOT BLAME ANYBODY for ANYTHING and take full responsibility.

    What started as an honest desire to share my experience turned into something dangerous - playing with fire. After talking to a business associate this morning I realized I went TOO far and shared TOO much. I turned something small into a big exaggerated mess. Others were telling me this too, but I wasn't getting it. Now I crossed the line. I misused my ambition.

    I have damaged my reputation and I have damaged many good relationships through this. I never meant to hurt anyone. So to stop any further damage I am shutting down and laying low.

    I am sorry.

    --

    Casey Serin [Email]

    I am Facing Foreclosure .com

    http://iamfacingforeclosure.com/

    ReplyDelete
  18. Google's cache saves the day:

    http://tinyurl.com/k8zds


    I am Facing Foreclosure .com

    September 16th, 2006

    I am $2.2 Million In Debt

    Here my financial statement that is submitted to the bank as part of the shortsale packet to avoid foreclosure. Note, this does not reflect the Utah property that I just sold on the wrap a couple of days ago. But its close enough:

    Financial Statement

    Here is the expenses portion of the income statement. Notice the 20 grand in monthly expenses mostly because of mortgages on 6 houses and huge credit card bills.

    ReplyDelete
  19. I am Facing Foreclosure .com

    September 14th, 2006

    Utah Property Staged and Wrapped!

    I’m happy to announce the Highland Utah property closed yesterday. It would not have been possible without the help of my awesome agents Harvey and Robyn and Christoffersen.

    First, they took a chance on me and partially fixed up the property at their own expense. Then they helped bring a buyer at $399,900 subject to existing financing. This means the buyer took over my payments via a Wrap Around Mortgage. On top of that, the realtors also sold the metal shed separately for $1,200. I’m very pleased with the transaction!

    I made an amazing $318.19 on the sale. That’s my net after catching up the $6,133.15 back payments, paying 7% sales commission and closing costs.

    ReplyDelete
  20. I am Facing Foreclosure .com

    About

    I'm a 24-year-old real estate investor from Sacramento CA. This is my first year full-time in the business and I got in over my head. I am now facing foreclosure on 5 houses in 4 states. I'm learning my lessons, meeting good people, finding solutions and blogging about it. There is hope so I'm still smiling.

    ReplyDelete
  21. Google cache comes up with another:

    I am Facing Foreclosure .com

    http://tinyurl.com/gwgov

    Manfred
    September 21st, 2006 at 2:29 pm

    Um, I’ve read your entire blog. If I were you, I’d consult a lawyer regarding your admissions of mortgage fraud. Heck, if I were you, I’d take this blog down immediately. Lying about being an owner-occupier on a loan app isn’t just a lie, it’s a crime. And you’ve admitted it for the entire world to see. I mean, how you feel if you were one of your lenders and you read this blog? Liar’s loans? Just because “everyone does it,” and mortgage brokers told you to lie about income doesn’t mean it’s okay, doesn’t mean that people don’t get sued and prosecuted for it.

    I appreciate your honesty in the blog, but do yourself a favor and take this blog down before some angry renter out there who blames the housing bust on flippers like you decides to look up your county records and send this blog address to all your lenders.

    ReplyDelete
  22. More:

    Any broker giving a 24 year old self employed (jobless) guy 2 million needs to do some time.

    ReplyDelete
  23. This is crazy, the guy submitted the following financial statement to Freddie Mac:

    Assets:

    Checking Acct: $400
    Savings: $1,150
    Other Real Estate: $2,000,000

    ReplyDelete
  24. Help! Home for sale - Young and Ballanco

    The Orlando-based couple thought they were in a bubble. Are they in a bust?

    By Les Christie, CNNMoney.com

    September 22 2006: 2:34 PM EDT

    NEW YORK (CNNMoney.com) -- When Casey Young and his wife Jaime Ballanco put their Orlando house on the market back in March, they had no clue that the property would not sell. As far as they were concerned, Orlando was still bubbling.

    "It was a foregone conclusion that we would sell it very quickly," says Young. "There were still bidding wars going on around Orlando."

    In all its months on the market, the house has drawn only two lookers.

    "One sounded like he was just doing research. He may not have been a legitimate buyer," says Young. And the other couple just walked away.

    They have to make a decision soon about whether to go ahead with the purchase and hope they'll sell the old house, or give up the new place and lose their $28,000 deposit.

    They're due to close Oct. 24.

    "I absolutely need the profit from my old home to afford the new one," says Young. "Even with rental income from one of the homes, there's no way I can afford both mortgages at the same time.

    http://tinyurl.com/lbtag

    ReplyDelete
  25. “To bring buyers back into the market, sellers simply have to lower their prices, said David Lereah, the NAR’s chief economist. Lereah has repeatedly cut his forecast for the housing market this year and says he’s now unsure how deep the correction will turn out.”

    “There’s now a 7.5-month supply of homes for sale, up 60% from last year. ‘If we have prices drop for the rest of the year and sales also continue to drop, then we will have a bad situation in housing of balloons popping rather than air coming out,’ Lereah said. Either way, he says, ‘It’s a buyer’s market.’”

    ReplyDelete
  26. Can you believe Lereah is saying prices are tanking?

    Is he all right?

    Can't never happen?

    wrong!

    COOOOOOOOOLAPSE!!!!!!

    ReplyDelete
  27. Do NOT listen to Lereah!

    It is not a buyers market.

    When prices go down 30% then it's a buyers market.

    Other than that more bs coming ouit of Lereah to pump things along.

    NO TRANSACTIONS = NO COMMISH

    ReplyDelete
  28. Bob, the new forum is working:

    http://njrereport.com

    Add a new bookmark.

    It now works the same way this site does. See you over there.

    ReplyDelete
  29. Those having issues with font sizes, please try again, it should be resolved.

    jb

    ReplyDelete
  30. Hello,

    Today it is getting harder and harder to sell your home for a decent price. The constant struggle of a bubble burst and mls listings make one wonder of the difficulties of posting/listing a property for sale so that everyone can see it. It's not a difficult thing to do, but it can be quite frustrating if the proper tools are not uses. The best way to get started selling your property is by posting or advertising your property on-line. There are many ways to do so. Some of them are free. Here's the best web site hands down to get started. It offers your own webpage for business cards and such as well as the opportunity to list a house, home, condo, townhome, or apartmenet or even a lot. Great for beginners and the easiest to use.

    http://www.propertymanagementtool.com
    http://www.listpropertiesnow.com

    Try them out. I did and it worked great.

    Thanks,
    Info Restorent
    http://restorent.net

    ReplyDelete
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  32. I just shot up my Q3:2006 reports for Orange County, Inland Empire, Ventura, DC & New York

    They join prior FREE reports on Bakersfield, Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, San Diego, San Francisco and Seattle.
    thebubblebuster.com

    ReplyDelete
  33. Incidentally, the redirect didn't work. However, clicking on the link provided did.

    Just out of interest, given that the old location was well established, why move to a new location when it means starting over?

    ReplyDelete
  34. Nice blog... except for all the spam. Anyway I`m seeing more and more home owners starting to sell their own homes with free websites like NJville.com

    It's really amazing I had an ad in the asbury park press ans the star ledger when I sold my home last year. The paper didn't produce more than 4 leads for my fsbo. I learned about NJville.com and craiglist and I will have to say It sickened me to see the response I got from free real estate ads on just these sites and I ultimatley sold my home commission free by owner.

    ReplyDelete
  35. Hi, Great Site! Very informative.

    Keep up the good work.

    Warm Regards,
    Classifiedicon.com - Home of Free Real Estate
    Property Ads Listing

    ReplyDelete
  36. Hello,
    We got a site through real estate website design and we are now doing SEO. Are there any good article submission companies that someone can recommend? Please help.
    Thank you

    ReplyDelete
  37. I think I prefer this site to your new site, but best of luck.

    ReplyDelete
  38. Great investment opportunity in Costa Rica.
    Costa Rica condominiums, condos for sale, Costa Rica homes.
    Visit us for more information at www.jaco-bay.com.

    ReplyDelete
  39. Great article on the real estate happenings, I really enjoy reading your posts. Just for your information, Donald Trump is in big trouble right now with his real estate empire. I hope everyone can pull through this slump!!

    Elmo

    Real Estate Professional

    ReplyDelete
  40. The international housing boom

    While the US real estate market is recovering, many investors are looking at investing internationally. These days purchasing real estate in other countries is the new trend. Consider this: the total value of residential properties in developing economies rose by more than $30 trillion dollars. As these countries start to whittle away at the GWP—the world’s GDP value, their property values will continue to rise. This translates into a golden opportunity for real estate investors.

    One of the best cities for real estate investment has been Dubai, a city located in the United Arab Emirates that brings in 800 new residents a day. With so many new residents, the Dubai government is working hard to prevent a shortage of the housing supply. Therefore purchasing properties is made simple, even for international investors. Prices are considerably lower when compared to properties in the United States or Europe. “A house in New York may cost five times as much as a similar house in Dubai. Also, the average property currently appreciates 10%-15% per year in value, giving investors a good return,” says Andy Weitnauer, an experienced real estate agent.

    The most difficult part for investors is locating international properties; however, an online company called UniFersal.com is simplifying this process. “I like to use UniFersal.com to locate international properties with the potential of high returns,” says Weitnauer. UniFersal.com (http://www.unifersal.com) is a website devoted to connecting sellers and buyers around the world. “The website itself contains properties listed from all over the world. The chat and ‘make offer’ tools simplify the negotiation process and help buyers get more in touch with the seller. All together, this website makes a great resource for anyone looking to penetrate the sizzling real estate market in developing countries.”

    UniFersal.com, Inc. specializes in connecting buyers and sellers from all over the world.

    ReplyDelete
  41. hey buddy,

    really great, I have got ideas about NJ real estate industry & I could plan my future investments too, thanks a lot,

    -Harry

    ReplyDelete
  42. This is very nice blog thanks for sharing this and if you will search Thailand Real Estate so you can see us.

    ReplyDelete
  43. sheamuswarior@gmail.com

    ReplyDelete
  44. Really i am impressed from this post. The person who created this post is a genius and knows how to keep the readers connected. Thank you for sharing this with us. I found it informative and interesting. Looking forward for more updates. Condos in Williams island Aventura

    ReplyDelete
  45. By understanding within your link sharing in this post. Thanks you very much.

    Flats for sale | Apartments for sale

    ReplyDelete
  46. You made an article that is interesting.

    ReplyDelete
  47. Need to sell a house fast in Hamilton? Give us a call at (609) 622-4097. We can get you cash for homes in Hamilton. Get cash today.

    ReplyDelete
  48. Ekta Bhoomi Gardens III is the new Residential Projects In Borivali by Ekta World. These luxury flats in Borivali are located near the Borivali railway station, shopping malls and the Western Express Highway

    ReplyDelete