New Jersey Real Estate Digest

2007-09-26T16:46:00.000-04:00

We have move! In an effort to condense and conserve, I have begun a blog that is hosted on my website. You will still find news in and around New Jersey but the news is geared more to specific counties. The first county is Mercer County. I expect to add others shortly. For now please visit the new location to get your dose of news in New Jersey.
http://mercercountyblog.freddiemoorer.com

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Around Town: Washington Township Cocaine Bust

2007-09-12T10:21:00.000-04:00

On a tip from California police Washington Township police followed a suspicious package to a home on Harriet Court in the Sharon Mews development. There authorities arrested Vincent Corddick and Christina Diaz after finding two loads of cocaine and marijuana valued at $106,000.
Ontario California police called township police on Friday about a suspicious package headed to the Sharon Mews address. Township police watched as a UPS carrier delivered the package then raided the Harriet Court property. The package contained one kilogram of powder cocaine hidden inside a computer tower.
Vincent Croddick was charged possession of cocaine and marijuana and two counts of possession with intent to distribute drugs. He is held at Mercer County Corrections Center in lieu of $290,000 cash bail.
Christina Diaz was charged with possession of marijuana and released on her own recognizance.
Read the story here.

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Technorati: Current Events, Mercer County, Washington Township, NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

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Realty Transfer Revenue Woes

2007-09-06T14:42:00.000-04:00

It only makes sense that with the housing market softening that dependent enterprises would have a bit of trouble also. Well here in New Jersey as in some other states we have a fee called the Realty Transfer Fee. The fee gets collected when a home is sold. In fact the fees generated 2.5 percent of the state's revenue in 2006. It is doubtful it will generate the same amount in 2007 which is why in all probability the state is going to have big trouble staying within its budget.
The article is well worth read.

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Housing Sector Teaches Lesson in Economics

2007-09-05T09:31:00.000-04:00

School is in session now and if nothing else the impact of the soft housing sector is a good lesson in the relationships sectors have on each other in a society's economy. While construction has softened along side the housing sector, exports seem to remain strong and that is helping the manufacturing sector. Even though exports is the bright spot experts are not sure it will be enough to counter the effect of the housing sector decline. The decline in consumer spending has also helped turn expert attention to debate over whether the economy is soft, very soft, or in recession. So if you didn't take economic in high school or college this is your chance to get a handle on how it all works together.
Read the article here.

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Tip of the Day: Late Summer Gardening

2007-08-30T10:01:00.000-04:00

It is that time of year again folks: time to encourage those last tomatoes to ripen up before the first frost of late October. This article had some good advice for prompting tomato plants to spend their time on ripening rather than making more fruit -- it is funny too.
Of course most people know to pluck off any new shoots or blooms but picking the smaller fruit that will not mature in time is something else that helps the plant get on with the business of ripening the remaining tommies.
Well worth the time it takes to read it!

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Northeast Region Sales Rise

2007-08-28T10:13:00.000-04:00

Existing home sales continue to decline nationally according to the National Association of Realtors. The median price of a home sold in July was 228,900, which is down 0.6 percent from July 2006 (230,200). The decline in July the 12th month of downward movement set a new record.
In the Northeast, however, both the median price (290,900) and the number of units sold rose. The number of sales increased 1 percent from last month while the median price of homes increased 5.9 percent from a year ago.

Lawrence Yun, NAR senior economist said, "The rise in sales and prices in teh Northeast region on a fairly consistent basis in recent months is promising because this was the first region that underwent sales and price weakness after the boom. Now, it appears that it will be the first region to climb back, indicating that other regions could follow a similar path."

While the things are looking up in the region New Jersey continues to have homes selling at reasonable prices.

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Resident of 3 Towns Unite to Stop Wal-mart

2007-08-21T12:00:00.000-04:00

Residents of Lawrence, Ewing, and Trenton gathered at the Lawrence Muncipal Complex to protest the plan to bring Wal-mart to Spruce Street near Halo Farms. The residents are concerned about the disruption of the traffic pattern the store will cause and the fact that Wal-mart does not pay its employees a living wage. The plus side of the venture is that the store will be convenient to public transportation and contribute to the township's tax base.
Read the article here.

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Population Shifts in New Jersey Counties

2007-08-09T14:08:00.000-04:00

It is happening across the country and New Jersey is no different. The minority population is increasing and minorities account for two thirds of the growth in many counties that had the lowest percent of minority residents in 2000. The population shift includes Asians, Hispanics, and Blacks moving into the counties while the white population is decreasing.
Read the article here

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History vs Housing in Princeton

2007-08-08T15:39:00.001-04:00

Well folks it looks like Princeton has joined the region's municipalities that has a history vs housing controversy. This time it is between the Institute for Advanced Study and the Princeton Battlefield Society. The Institute has 22 acres of land that is adjacent to the Battlefield and wants to use eight acres to build housing for faculty. Get this one, the Society does not dispute the Institute's claim to the land nor are they against the Institute building housing some place else.

The Battlefield Society is unable to purchase the land from the Institute but still wants to determine the legal owner's use of the land. The Society is unable the maintain the 85 acre battlefield for which it does have responsibilty, nor is it able to make improvements that would assist visitors in learning more about what occurred on the battlefield.

If the Institute prevails it will have its housing units and then plans to relinquish development rights to the land adjacent to the housing, which will increase by at least 10 acres the land around the battlefield to be conserved in perpetuity. Not a bad deal if the the Society does not get its way.

Read the story here.

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National Night Out

2007-08-07T11:28:00.000-04:00

It is time for the 24th National Night Out. It is something neighbors can do to show their solidarity in crime prevention. It comes too late to help the Delaware State students killed in Newark, NJ or other innocent victims of violence in the United States but if everybody just made plans to participate tonight then maybe we could save one innocent victim.
To participate you are asked to turn on your outside lights and sit outside and watch. Some neighbors have parties for planned for this night that included the entire block others will sit on steps or porch in silent unity with law-abiding folks across America.
Whether you party or sit in silence, it is time to be counted.

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Hamilton and Mercer Get Affordable Homes Grants

2007-08-02T12:47:00.000-04:00

Looks like Hamilton Township and Mercer County will receive HUD grants this year. Hamilton will receive $587,651 community development grant while Mercer County will receive $687,397, largely from the HOME Investment Partnerships Program.

"This grant will help assist everyone from first-time home buyers in Mercer County to those who need rehabilitation projects on their homes to non-profit groups," said Brian M. Hughes, county executive.

Read the entire article here.

For more information about area housing click here.

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Work Savers: Pressure Washer

2007-07-30T17:43:00.001-04:00

A pressure washer is a machine that can be used to wash many different types of surfaces. Using water supplied by a garden hose, a pressure washer is an effective tool that can be used to clean and remove oils, grease, mold, dirt, and stains from walls, decks, driveways, and many other house related objects.
It is all about pressure though, whether what you get is a cleaning or a peeling. Water pressure is measured in pounds per square inch (psi). When purchasing an electric machine one that has a range of 1300 to 2400 psi will be a good choice for most jobs around the house.
Remember to read the directions on the safe use of this device and use safety equipment to prevent injury. Then just have fun!

For more information click here.

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In the Know: Why Renters Should Own

2007-07-25T09:40:00.000-04:00

Renters want the same thing homeowners have -- a good place to live, stability, security ... and money down the road when they sell their homes. Renters may have some of those things now, but even after years of renting, they'll stil have nothing to show for their housing payments except rent receipts.

In addition to the pride that comes with ownership, here are some major financial advantages that owners enjoy:

House payments generally don't increase, but even small annual increases push rents much higher over time.

Homeowners can deduct their interest on up to $1 million worth of their homes' acquisition indebtedness, and all their property taxes. Renters indirectly pay all their landlords' principal, interest, taxes, and other costs -- but the renter gest no such tax deductions.

Rents don't profit form leverage. Owners gain appreciation on the entire value of their home, even when they have very little of their own cash invested in it.

One of the main reason renter give for not buying is that they lace enough savings for the downpayment on a home. If you are a renter, you should know there are programs available not to enable you to buy a home with a downpayment of just 4% or even less! Interest rates are not high by historical standards, so chances are you can own a fine home.

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Hedge Inflation, Gain Leverage

2007-07-23T09:44:00.000-04:00

When youu buy your home, it should be because you'll enjoy living in it. But it's nice to know that your home is also an excellent hedge against inflation, and your mortgage enables you to leverage you financial investment in it.
The decade at the end of the century was a time of relatively low inflation -- especially during its last few years But in the decade between 1980 and 1990 cumulative inflation increased 64%. A few years before that, when oil prices soared, inflaction leaped up 104%.
The value of well-kept homes, however, often rises well in excess of the inflation rate, over time. Even in aread with less aggressive housing markets, the value of homes has increased along with inflation. So over a number of years, if you home is well-maintained and in a good neighborhood, you can almost certainly count on selling it for more than you paid for it.
Another thing that makes buying a home a great investment: your mortgage enableyou to buy a home with a relatively small outlay of cash, so your money is leveraged, and you obtain appreciation on the entire value of the house, even though comparatively little of your own money is in it.
For example, if you bought a $150,000 homem with a $10,000 downpayment and home's value increased only three percent in the first year, you home's value would then be $154,500. You would have earned a paper profit of $4500 on your $10,000 cash investment -- a 45% return. If you paid cash for the home you would have received no leverage and made only a 3% return.

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Public Service: Blood Supply Low

2007-07-19T12:38:00.000-04:00

Hey Folks, it is that time of year again when the area blood supply get low. If you are healthy why not get the area hospital or a blood bank lend a helping hand by donating a pint. Who know the life you safe might be somebody you know.

Read the article here.

Mercer County Blood Bank
New Jersey Blood Supply Centers

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Tips: Do-it-yourself Home Improvement Safety

2007-07-18T10:53:00.000-04:00

Do-it-yourself home improvement and repair is just part of homeownership for many people today. With more non-professionals tackling home improvement projects, safety is the difference between having fond memories as you sit out on your new deck or viewing the thing as a vision from a nightmare. Came across this MarketWatch article that, though from June, is still relevant today. It discusses the seven tips for the do-it-yourself home improvement projects. Here are the seven tips:

Wear protective eyewear and gear

Keep the work site organized to prevent tripping and falls

Ask for training on tools when you rent or buy them

Make sure ladders are anchored securely and replace any that appear damaged

Equip nail guns with sequential-trip triggers

Keep combustible, solvent-soaked rags away from heat sources

Quit before you're exhausted.

I would switch the last one to the top of the list because you need to keep that in mind during the entire project. Accidents and level of tiredness have a direct relationship so being mindful of your level of tiredness makes sense.
Read the full article here.

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Buyers' Advantage in Housing Market

2007-07-12T10:21:00.000-04:00

The National Association of Realtor's senior economist Lawrence Yun expects the new and existing home market to bounce back in 2008. This year however will see buyers with an "overwhelming advantage" in many markets.
Read the article.

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Housing Downtrend Effect Ripples On

2007-07-11T10:24:00.000-04:00

We all know the housing market has been in a downtrend. We knew that related-industries from contractors to building manufacturers have all felt the pinch. Well, the effect is in the retail sector affecting such giants as Sears and Home Depot.

Read the article.

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Improving Your Financial Health

2007-07-09T12:33:00.000-04:00

We all know having a good FICO score is essential to a financial health, whether it has to do with points from your lender to even insurance. Found an article that offers some advice on how to improve your FICO or other credit score.
The author Marshal Loeb suggest five things to repair your credit. His advice ranges from "Get a secured credit card" to "Hang in there." The article is worth a look.
Check it out here.

For more information click here.

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Improve Your Financial Health

2007-07-09T11:53:00.001-04:00

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Foreclosure Filings Up 62%

2007-05-23T16:36:00.000-04:00

It has been a while but then I have been incredibly busy with my day job but I have finally carved out time to get back to these entries... Today's story comes from the Courier Post Online
A brief term definition.

Foreclosure filings: In this case, it the umbrella term used to designate default notices, auction sale notices and bank repossessions.

Foreclosure filings increase 62% over last April 2006 to 147,708. The top ten states with high foreclosure rates are:

Nevada
Colorado
Connecticut
California
Ohio
Georgia
Florida
Arizona
Illinois
Michigan

Read the article here.

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New-Home Sales Data Looks Good

2007-04-26T09:28:00.000-04:00

The clearer skies in March lead to an increase in new-home sales according to the Commerce Department. Good news for the housing industry but it was not enough to offset the decline of January and February. The sale of single-family new-homes sold at a seasonally adjusted rate of 858,000. With durable goods big-ticket items rising also it is no wonder the Dow rose to record levels yesterday. Confidence seems high for the moment, though analysts say manufacturing remains under pressure from the slowing economy.
Read the article here.
Read the Commerce Departemnt report

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Economics, New-Home Sales, Economy

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Foreclosure Numbers Out

2007-04-25T11:32:00.000-04:00

Okay people, we have heard the stories and the news hipe about their increasing number, well now here are the numbers for the first quarter of 2007 from realtytrac.com. The number of foreclosures for the country is up 35% over last year and is the highest it has ever been at 437,498 filings. The number is up from 345,554 in the fourth quarter of 2006 and up from
323,101 in the first quarter of 2006. Will make a graph to track this information with the next data release. Meantime here it is in a table:

Year	Q1	Q2	Q3	Q4
2006	323,101	272,109	318,355	345,54
2007	437,498

Read the article here.

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Future Wave: Green Houses?

2007-04-23T11:27:00.000-04:00

With New Jersey not really experiencing its usual gradual transition from winter to summer-like temperatures (expected high today is 85 degrees last week we had snow) and Earth Day just yesterday, more people are noticing the effects of global warming. Addressing the issue of making buildings, both residential and commercial, more green friendly take a look at these 10 buildings the American Insitute of Architects picked as winners.
Winners Slide Show
Read the Full Story

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March Market Stats

2007-04-19T11:02:00.000-04:00

Thought I would try something new and once a month post the market stats for Burlington, Mercer, and Middlesex Counties. So here is the information for March 2007.
Burlington County

Units Listed	Listed Average	Units Sold	Sold Average	Average DOM
729	405,157	212	394,828	89

Mercer County

Units Listed	Listed Average	Units Sold	Sold Average	Average DOM
456	443,427	203	407,408	100

Middlesex County

Units Listed	Listed Average	Units Sold	Sold Average	Average DOM
87	513,811	38	426,584	98

For more information click here.

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What's All the Fuss? Financial Matters Explained

2007-04-09T11:44:00.000-04:00

Have you wanted to know what the fuss was about subprime mortgages or wondered why you should care? Sam Ali does a very nice job explaining why the experts are concerned and even touches on the disagreement on the impact the subprime meltdown has and will have on the financial sector in his article entitled "Feeling the ripple effect". Be in the financial know and get some answers!
Check is out here!

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Current Events, Economics, Finance

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Celebrating Diversity in Lawrence and Princeton

2007-03-26T11:50:00.000-04:00

Princeton and Rider Universities are celebrating international communities with festivals. The Princeton festival will last about a month while Rider’s is a week. It all begins at Princeton on the Saturday March 28th 8pm at the Richardson Auditorium.

Featuring: Princeton Capoeira, Raks Odalisque, Flamenco Puro, Seasame Street, Triple 8, Kalaa, Black Arts Company, TapCats, Naacho, eXpression, DiSiac, and Ballet Folklorico de Princeton

Both festivals are open to the public so come out, taste, learn, and enjoy!
Read the article.
Princeton Calendar

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Property Tax Relief Bill Held

2007-03-22T11:26:00.000-04:00

The property tax bill saga is really something. Let me do a recap. First Governor Jon Corzine calls the legislature into special session and charges them to find a solution to our tax woes before the legislators go on break for Christmas. The legislators go through their partisan bickering but eventually come up with a comptroller, a four percent cap on increases, and a tax credit for most households. The latter may or may not be sustainable depending on who you ask. After getting the legislation through the Assembly and the Senate it now sits Governor Corzine’s desk.
Well most of us know the Governor only has 45 days to sign the legislation into law which is up on Saturday. What is less known, is that in New Jersey the rule applies only when Congress is in session. With the legislators doing other things Governor Corzine has opted not to sign the bill until some undisclosed time. My guess the dog and pony were unavailable or maybe the signing pens are on back-order. We will just have to wait and see.
Read the article.

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Sixty-Second Sold Window

2007-03-21T11:45:00.000-04:00

That is the amount of time that sellers have to win over buyers. Just sixty seconds, in which perspective buyers decide if they like the home they are viewing or not. The smart seller will make sure that their home captures as many of the senses as possible in that first minute. To that end, the seller will look at their home with the eye of a potential buyer.
It starts from the street. Curb appeal is essentially how does the home look from the street? Does is distinguish itself or just blend into its surroundings. Is it attractive, eye catching, or buried behind shrubbery and trees. Is the lawn full and healthy or full of crab grass and brown patches? Even with the lawn snow covered, the entrance to the home must be spotless. If there is outdoor lighting make sure it works properly.
From the entry, move on through each room of the house removing clutter and making sure it is spotless. Keep in mind the sixty-second window applies even after the original sixty is gone. That old chair you are not taking to the new home, get rid of it now. Decreasing clutter is the hardest but most essential task in getting a home into “showcase” condition. Usually the longer a seller has lived in a home, the more clutter that home collects – which makes the task of getting rid of clutter all the harder. If necessary rent a storage unit to temporarily house those items that will go to the new home and discard the rest. Remember too that pets and all evidence of their residence, needs to be removed from the house.
Clean it, paint it, repair it, or replace it. Go through the entire house once clutter is removed with this mantra in mind. If it is marked, dirty, or dusty, clean it. If it looks tired, stained, or dingy, paint it. If it is dripping, burnt out, loose, or squeaking, repair it. If it is broken (includes cracked, chipped, or splintered), worn, or leaks, replace it.
Remember in a buyers market there is plenty of choice for buyers. That just means your home is competing with other homes in the area and in the price range. Making the most of that first sixty-second window along with a realistic price are what make buyers sign your contract.

For more information click here.

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Mortgage Fact: Unenplyment Matters

2007-03-19T11:37:00.000-04:00

It is good news about the job market! The unemployment numbers for February dropped to 4.5 percent nationally. In New Jersey the unemployment rate held a 4.2 percent (Department of Labor and Workforce Development) in February unchanged from January. With the hoopla over the stock market decline, some might have missed that New Jersey’s unemployment rate is lower than the national average again in February. Granted it is merely 3 tenths of a percentage point but it is something to crow about while everybody else is bemoaning the loss of 12,000 on the stock market. We live in a capricious society where anxiety over the stock market reigns, rather than a celebration of the lower the unemployment rate which is an indicator of a healthier the economy. The healthier the economy the more likely people are to at least catch up on their mortgages rather than default entirely and have their home fall into foreclosure -- which is the major anxiety-maker of the moment.
Granted the number of foreclosures is up but with the increase in the number of subprime mortgages out there some pruning had to be anticipated one would think. Is that any reason for investors to start withdrawing from the mortgage investment market? Apparently so if last week's market ending is anything to go by. Still at least in New Jersey, unemployment is lower than the national rate!
Read the article

For more information on the housing market click here.

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A Community Loss

2007-03-15T15:47:00.000-04:00

What is going on in Princeton Township? First the Princeton planning board approved a project that would get rid of 900 trees and now there is another project that will get rid of another 804 trees. Granted the developers will replant 586 trees between the two projects but still an 1118 tree loss seems a bit excessive.
A friend said to me recently that New Jersey was going to have to change its name from the “Garden State” but cause it in not in the least rural anymore. While I agree we are not as rural as we were, we do have a lot of mature trees around with plenty of greenery left to see.
I guess the board got the idea about so many trees being lost might be a problem because they attached a provision to their approval that the developer minimize the number of tree lost.

The advisory panel also recommended that the developer be required to plant or pay for enough replacement trees on and off the site to ensure that the project does not lead to a net loss of trees for the community. Article here

Both developers will have to make financial contributions to the township's tree plantings. Whether that will replace the mature trees lost remains to be seen. It would be nice though, if the Garden State continued to have mature trees around.
Read the original article

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ARM's Worries Affect Stock Market

2007-03-14T12:41:00.000-04:00

It has been a bit of concern to everybody including the Fed, but until yesterday it had not really showed in a way that would get the working man’s attention. Yesterday it did. What was it: the concern over sub-prime loan defaults, i.e, foreclosures.
Investors withdrew from the sub-prime mortgage sector yesterday and caused a drop in Dow Jones Industrials of more that 240 points. In fact, all the US stock indexes were down about two percent.
Granted there were other contributing factors like retail sale profit figures being relatively small (0.1 percent) and the Mortgage Bankers Association saying that foreclosures increased 28 basis points from the third quarter which is up 25 basis points from last year.
While there forecast for sub-prime loans continues to look dour the number of houses on the market continues to increase. Prime mortgages continues to rise and buyers have plenty of variety from which to choose their future home.

Read the MBAA press release
Read The Times of Trenton article

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Mortgages, Home loans, Foreclosure

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Capital Beat: No Citizen’s Convention on Tax Reform

2007-03-12T11:32:00.000-04:00

What a difference's three months makes! Now just last year there was much talk of convening a citizen’s tax convention to deal with the property tax problem. There did not seem to be any other way to manage the problem and then New Jersey gubernatorial candidate Jon Corzine said he would push for just such a convention. Well here it is almost Spring and according to George Amick we should “stick a fork in the idea” because “It’s done”. For at least another year, New Jersey homeowners will continue to pay the highest amount in property taxes in the country.
Read the article.

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Following the Mortgage Dollar

2007-03-01T10:53:00.000-05:00

Ever wondered what really happens to your house payment?

It seems logical that it would go to the lending company that made the loan to buy the home -- and it does, but it takes a longish trip along the way.

If your mortgage stayed in your lending company's portfolio, the lender would probably have to wait many years before the loan was paid up. And the relatively small monthly mortgage payments wouldn't provide enough money to enable the lender to continue making home loans.

But most mortgage loans don't stay with the lenders who made them. To obtain more money to lend, most lenders sell their mortgages on the secondary market -- a large network of investment companies and quasi-government agencies, including the industry giants Fannie Mae and Freddie Mac.

If your mortgage is sold to one of these organizations, you may never know it, because the mortgage's new owner will often use your original lender to service the account.

But you money doesn't stop its journey at that point either. The purchasing organization must also replenish their money supply, so they can keep on buying mortgages. They pool you loan with thousands of others and sell shares in the pool to individual investors and big financial institutions. Countless people obtain income by investing in these mortgages.

Because of this, when you buy a home, you're not only helping yourself, you're also helping our economy.

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Mortgage, Home buying

For more information on Real Estate in New Jersey visit here.

Property Tax Reform: Is it Really Dead?

2007-02-28T11:38:00.000-05:00

Perhaps we should autopsy property tax reform to see what killed it. By real reform I mean more than the stop-gap measure that is in the works. Yes, the special interest groups played a part in the downfall of this last attempt to curve the runaway costs of living in NJ. It was naïve to think that the Governor and legislature could pass a tax reform package that would really give New Jersey an overhaul especially this close to an election year. That legislators could or would police themselves and end practices that drain the state’s revenues, well we got a clue when they balked at changing rules that allow dual office holding, seems just plain wishful thinking. Instead in a slight of hand move unionized workers’ benefits and pension plans became the fall guys. Legislators can continue to hold down two positions in state government and in effect rob state revenues that double benefits without demanding any real work.

Is it any real surprise that the legislature will pass only about half of the 98 special committee’s recommendations? Not really. Blame the special interest groups for trying to prevent their membership from having to bear the brunt of the reform effort, blame the Governor for hearing the pleas of the people and calling a special session of the legislature, blame New Jersey residents for wanting lower taxes in the first place; but, whatever we do, don’t blame the legislators themselves who gave up the fight for real tax reform before the first bill was drafted.

Read the article.

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Property Tax, Politics

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Tip of the Day: Paint

2007-02-28T11:27:00.000-05:00

Stumbled across this article today and thought it would be fun. A friend to sellers, buyers and renters alike, paint can do many things to help create a mood. It is a low-cost way to freshen a room. It can help reduce the recurrence of mold and mildew and depending on the play of light in the room can appear to deepen or lighten itself. For about $20-$45 per gallon of paint you can revitalize a room or change it entirely using different application techniques. There is nothing else that can do so much in a room for such a price.

Read the article.

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

For more information on Real Estate in New Jersey visit here.

Hamilton Transit Village Back On Again

2007-02-26T10:49:00.000-05:00

Well, it looks like the transit village is on again in Hamilton -- almost anyway. Seems the squabbling town council and the mayor met again with transit company representatives and agreed to act in the public interest and get more public input and further studies into the proposal to create a mixed use site at and around the Hamilton Train Station. The Republican council and Democratic mayor agreed to put partisanship aside and act for the public good much like their neighbors in West Windsor, who are also getting a transit village. The complaint of disruption the proposed project would create around the station is moot because the traffic pattern around the station is already changing due to parking expansion. The station sits alone with many, long abandoned, commercial properties. The transit village would definitely vitalize that area. If done carefully the Hamilton Station area could well become a destination in New Jersey in its own right allowing visitors to check out Hamilton’s attractions or use Hamilton as a base to hop over to Philadelphia or New York for big city shopping or entertainment. Hopefully the servicing the people attitude will last long enough to allow this project to move ahead.

Read the article.

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

For more information on Real Estate in New Jersey visit here.

Blunder Costs Ewing Township $40Gs

2007-02-22T12:13:00.000-05:00

Looks like the folks in Ewing Township had a bit of a blunder with a land deal. Seems the tax collector sold a tax lien on property the township did not own. The township’s tax collector sold the lien on property out by the Trenton/Mercer Airport. The lien was purchased by Capital Asset Research Corporation. When CARC tried to foreclose on the property, it discovered the property was actually owned by Mercer County rather than the township.
CARC was awarded $51,000 from Superior Court but struck a deal with the township for $40,000. Ewing Township may be able to recoup some of the money for this mess from the tax collector’s bonding company.
Read the article.

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Current Events, Property Tax

For more information on Real Estate in New Jersey visit here.

Energy Conscious Get Knocked in the Wallet

2007-02-21T11:38:00.000-05:00

Okay when I read this article I thought, no good deed goes unpunished. Do something environmentally conscious and what do you get: knocked in the wallet. It seems if you spend the money to have solar panels installed to provide energy for your home, then township assessors come along and counts the panels as a home improvement and ka-ching! You pay more in property taxes.
Folks it really does not make sense that on the one hand the state, encourages people to use less fossil fuel and solar energy is just what is need to fight global warming. Those hearing the call and having the means invest in solar energy and thereby use less fossil energy. But then the township turns around and taxes the improvement? That is a really good way to get resident cooperation and participation in energy conservation efforts.
Though I have not come across a property yet that has solar paneling in its assets, either for purchase or sale. I would imagine it would be a good selling point; however if townships are going to use the panels to raise the taxes that could be make them a liability.
Read the article

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Energy, Politics, Property tax, Current Events

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Real Estate Investing: Foreclosure

2007-02-19T14:16:00.000-05:00

The number of properties nearing or in foreclosure has increased to 1.05 percent in the third quarter of 2006 from 0.99 percent in the second quarter. In 2005 the rate was 0.97 according to the Mortgage Bankers’ Association. Thinking of investing in a property that is in the foreclosure process? While there are bargains out there, some research is definitely needed to make sure everything stays fair and meets your profit taking goals. Things that can make a foreclosure less than ideal are liens on the property, repair work, and holding costs (the funds needed to keep the property in “showcase” condition while awaiting a buyer).
Amy Hoak does a pretty good job explaining things for the real estate investor. It is worth a read.

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Investing, Real Estate Investing, Foreclosure

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West Windsor Proposes Tax Hike

2007-02-15T10:46:00.000-05:00

Well, it is beginning. Governor Corzine has not even signed the 20 percent tax benefit for homeowners and already a municipality has proposed to raise its property taxes 7.5 percent to $.29 cents per $100 assessed property value. That works out so that a home assessed at $574,800 would pay an extra $115: $1667. Where have these township people been? The Governor is has legislation on his desk that will force municipalities to only raise taxes by no more than four percent. Why create a budget that ignores that?
This is the first work session for township officials so perhaps it is their wish list stage and some serious trimming will occur at other meetings. The police and emergency services, municipal courts, and community development still have to be discussed. Hopefully West Windsor officials are letting these "others" know the budget is already over the Governor’s high mark, and thereby prompting those entities to expect severe trimming. Perhaps by announcing the high proposal township officials are like Barack Obama, when he announced the misdeeds of his youth -- it is a preemptive measure but bares little resemblance to the end product. Meantime, one can only hope.
Read the Report

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Politics, Property Tax

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Tip of the Day: Cabinet Hardware

2007-02-08T10:53:00.000-05:00

Love Tim Carter of Ask The Builder. Thought his response to Lois was just right. Finding hardware that matches the rest of the style of the kitchen is important. I had a CMA appointment were every cabinet had a different knob on every cabinet door in the kitchen. The wife had just removed the original hardware over time and replaced it with whatever struck her fancy at the time. No two cabinet doors or drawers had the same pull. It was amazing. I explained that buyers might not necessarily have her artistic eye and that we needed to make things easy for buyer to imagine living in the space. She was willing to make the changes and kitchen cabinetry became an asset rather than a liability.
Read Tim's cabinet knob advice

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Home Maintenance,

For more information on Real Estate in New Jersey visit here..

Tax Plan Passes Senate

2007-02-07T10:14:00.000-05:00

Well, they took two months longer than they said they would and there seems to be some doubt whether the bill will be sustainable or not but the tax bill (S20/A1) is on its way to Governor Corzine’s desk.
There was a bit of drama with this vote because Senate leader Richard Codey (D) held the voting board open for two hours. He had four members of his party who either voted no or abstained from the vote altogether. Senator Codey brought the Senators back yesterday in effort to pass the bill and vowed to keep bringing them back until the bill passed. With some behind the scene lobbying of Republicans for votes by Gov. Corzine and Codey, the bill finally passed (28/10) and is now on it way to Governor Corzine’s desk where he is expected to sign it.
That the bill is bipartisan even though Senate Minority Leader Leonard Lance (R) was against the bill means there is hope for property tax reform. Granted this bill may not be sustainable, granted it is not the sweeping change really needed to bring property taxes down in the future or adequately fund schools districts, but it is a start. The legislature is taking a long time to learn to walk but at least it is mobile at last.
Read the Article

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Current Events, Property Tax, Politics

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Property Tax Relief Legislation in Senate Review

2007-02-05T09:44:00.000-05:00

The tax relief bill is one step closer to reality. It comes before the State Senate (S20) today. The relief effort will only be as successful as the local governments will allow it to be. The credit program allows homeowners whose earnings fall between $100,000 and $250,000 to receive a credit on their property tax bill. While the cap placed on the amount local government may increase taxes in a given year, and the Senate allotting $2.05 billion to the program at least the first year of the program may work out well for homeowners. Since the four percent cap on increases in local levies has exceptions, how long the amount allotted to the program will last is anybody’s guess. Ideally, the amount homeowners receive should remain at 20 percent no matter what local governments do -- whether that is indeed the case remains to be seen. Still it is a beginning.
Read Dunstan McNichol's story

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

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County Superintendent Bill in Review

2007-02-01T09:43:00.000-05:00

There is a bill working its way through the New Jersey Senate (S19), sponsored by Senator Bob Smith (D), which will create a county level school superintendent. The plan was to create a position to hold local school districts accountable for their spending and thereby lower property taxes. Basically this position would approve or cut budgets. While the idea of a superintendent with the ability to cut budgets is a good one the bill working it way through Senate readings includes a process where local districts can appeal the decision of the superintendent which could very easily render the office of the county superintendent ineffective. Why was the process included in the bill you might ask? It seems some Senators are involved in local government and they did not want the superintendent to have the very power the position needs to effectively bring down New Jersey property taxes. Folks, it looks like the superintendent will have a stick, maybe even a big stick to encourage local governments to work together but it also looks like the Senate bill gives local governments a saw.
Read The Times of Trenton article

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Politics, Property Tax, Education

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Tip of the Day: Moving Made Easier

2007-01-31T10:28:00.000-05:00

Moving is no picnic, whether from an apartment to a house or a one house to another, but here are a few suggestions that may make the job easier.

Make a list of the people and companies who will need change of address notices. Sit down and make as complete a list as possible. Don’t forget to add that investment company from whom you only receive quarterly reports, insurance companies, any magazine subscriptions, and the IRS.

If you are moving out of state don’t forget to sign the necessary forms for your health care providers to transfer your records. It is a good idea to get a copy of all prescribed drugs and even eyeglass and contact lens prescriptions.

Transfer the content of your safety deposit box to the new bank location in advance and transfer funds to the new account if you must move your account from on bank to another rather than just new branch. If you have direct deposit paycheck it will be important to setup the new bank account well before the move depending on your company’s requirements.

While numbering boxes and writing on the boxes the room to which they belong will help, assigning priority to boxes also helps. “Open me first” boxes should hold items you may need as soon as you reach the new location like bathroom items, light bulbs, bedding, night clothes, work clothes, or school clothes.

If you are changing cities, a good real estate professional can put you in touch with an agent in your new community who will help you get settled – even if you do not plan to buy a home right away.

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

For more information on Real Estate in New Jersey visit here.

Making the Sale

2007-01-25T10:43:00.000-05:00

It is about pricing. Buying and selling houses is 80% about pricing. There is nothing magic to it. Price the property correctly for the market and it sells, do not price it properly and it will sit on the market. The other 20% is about timing. It is a buyers market and timing is a bit tricky, but if the price is correct the property will sell.
The problem is that sellers want the price their neighbor got for a property sold during the height of the seller’s market. That’s not going to happen, it is a buyer’s market now and buyers are taking their time and shopping around before making offers.
Sellers also want to get a specific amount from the sale of their home, even though the market may not bear that price. There are no bidding wars to help drive up prices – to help today’s seller get exorbitant prices. There is enough inventory on the market for buyers to just look elsewhere and that is exactly what they are doing.
Sellers have to price to sell rather than price with emotions. It is difficult to look objectively at the place where you have spent years living life. Where each room holds memories of people and past events; but, objectivity is exactly what is needed to price a home correctly. Being objective about houses is a realtor’s day job. The realtor works to get the seller realistic returns on their investment. In a buyer’s market that can be more challenging but meeting that challenge is why I love this job!
Read the article: Home market not so comfy

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, FSBO, Buyers, Sellers

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Around Town: Property Tax News

2007-01-24T09:53:00.000-05:00

Lawrence township council has proposed a 3 cent increase in property taxes to 68-cent/$100 which would increase the average homeowner’s bill about $49. They will discuss the proposed budget “in detail” on February 6.
Read the story

In state government, the effort to reform property taxes has senate democrats seeing the reform effort as a waste.

"By the time all is said and done, (the proposals have) all been watered down so much that there's really nothing there. They're nothing more than shells," said Sen. Shirley Turner, D-Lawrence, Mercer County.
After seeing much of his work on reforms whittled down by other lawmakers and interest groups, Sen. Robert Smith, D-Piscataway, compared his efforts to those of Sisyphus, who in Greek mythology was doomed to forever roll a boulder up a hill, only to see it roll back down.
Smith said, "I went into this believing anything was possible and anything was on the table, but you can't get past those interest groups."

Well folks, it looks like business as usual in the state legislature – something potentially good shot down in its infancy. I cannot say I am surprised but I will admit to hoping for better.
Read the story

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Property Tax, Tax Reform, Politics

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New Jersey Educators Weigh In

2007-01-22T09:48:00.000-05:00

Well the New Jersey Education Association has weighed in on Governor Corzine’s property tax reform proposal over the weekend. Joyce Powell wrote the ad for the Association. She pretty much says what we all know – that “credits and caps” of Governor Corzine has a fatal flaw. I think I will just quote her here

The core of Gov. Corzine’s plan is a combination that he calls “credits and caps:” significant property tax credits for most residents, combined with strong caps on future property tax increases. It is an appealing offer, but with a fatal flaw. While it addresses the issue of funding for education, it does nothing to deal with the cost of providing education.
… New Jersey arrived at this crisis understand that property taxes are a symptom, not the root cause of the problem. For years, the state has failed to provide adequate funding to school districts to raise the necessary funds through the only means available to them: property taxes.

Ms Powell has a point. Where is the money for schools going to come from if not the state or property taxes? Since it is true in the 1990’s Gov.Whitman decreased the amount of money available to the state with her decrease in income tax, then it really is no surprise that municipalities had increase in property taxes to make up the difference for the money no longer received from the state or have schools suffer. Duh! It is not rocket science here. So what’s the legislature going to do? Probably the quick fix of “credits and caps” but not even make a stab at the root cause of property taxes and so we will have this conversation again in a few years.

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Property Tax, Education, School Funding, Current Events

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Tip of the Day:Top Ten Mortgage Banker Tips

2007-01-19T09:09:00.000-05:00

The Mortgage Bankers of America list the following as their top ten tips for homebuyers. Thought they were worth repeating here, with my two cents thrown in.

Check your credit report. It really is the most important of all. The credit report will let you know if you will look attractive to lenders. Knowing what they see is to your benefit.

Develop a monthly budget. Know what your monthly expenditures are and determine what is 25% to 28% of your income. It is what lenders are going to be looking at so if you look first you will have some idea of the mortgage payment you can afford.

See a lender first. I would switch this one with the next one and encourage buyers to begin early thinking about and sorting the features they need vs want in a house, then go lender shopping. I encourage buyers to make a list of everything they want in a home and then assign priorities to the items sorting needs from wants. I encourage them to revisit the list as they go through the search for a lender process. It helps separate the first emotional response to home buying.

Needs vs. Wants (see above)

Take time to learn important terms. It is especially necessary for first-time homebuyer to learn the lingo of real estate.

Thoroughly investigate the mechanics of the deal - are there additional costs/fees that you need to consider?

There are various types of mortgage packages. Take your time ask, questions and take the time to understand the package you and your lender put together.

Get pre-qualified. It's fast, it easy, and you do not have to have just one. The reason to get pre-qualified is that it tells you how much money you are likely to have toward your home purchase.

Visit as many homes as possible. The best home for you is out there waiting for you to come along and find it.

Work, interactively with a mortgage lender. For the process to go smoothly the homebuyer must be willing to answer all the questions the lender may ask so being readily available is important.

The homebuying process, with the right team supporting you, will be a pleasant memory and you home a place to enjoy rather than a burden with the correct mortgage package.

Good Luck and Happy Hunting!

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, House Buying, Buy a New House

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Tip of the Day: How Much Housing Can You Afford?

2007-01-18T09:08:00.000-05:00

There are so many different kinds of mortgages available now that people with special requirements can probably find something that suits them perfectly. But becuase of the great variety, there is no simple, accurate formula that can tell you how big a house payment lenders will qualify you for.
Still, the Mortgage Bankers Association of America does have a way for you to make a rough estimate of how much you can afford if you are choosing a 30-year fixed rate loan -- the most popular mortgage now.
The MBAA says that, in general, you monthly housing costs (including mortgage payment, taxes, insurance and other fixed expenses) should be between 25% and 28% of your local monthly income. Those monthly housing costs plus other long-term debts (expenses extending more than 10 months into the future, such as car payments or other installment loans), should not exceent 36% of your before-tax monthly income.
But be aware that there may be exceptions to the above guidelines. And you might be able to qualify for a larger mortgage using a different kind of loan

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Mortgage, Home+loans

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Apple iphone – Just Another All-in-One?

2007-01-17T09:38:00.000-05:00

Took a look at the new Apple iphone online. The convenience of having all the tools of the trade available in one handheld item is tempting. The sleek design is worth the price if - and this is an important point - if you are among those who never misplace anything and who's kids don't touch your stuff. If you have never left your phone at home and had to return for it or left your camera at work, while you went to view a potential listing or found your four year old had climb your five drawer chest of drawers to play with your PDA/camera then an iphone is worth a look. Even if you have not plans of purchasing the thing it is worth a look. I admit it is inconvenient to not have the camera with you on a listing appointment but if your leave this camera somewhere you might well miss a lead's call. Another consideration, is that if the phone has to go to the shop, so does the camera, the address database - you get the idea. I may grumble about keeping track of my PDA, camera, and cell phone but the truth is keeping the items separate according to their duties works for me, for now.
It is supposed to be available through Cingular for a year before it becomes available through other services and go for about $500.
Check out the iphone

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Technorati: NJ Realtors, Technology, NJ Realtors,Real Estate

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Affordable Housing Bill Battle Ahead

2007-01-16T13:43:00.000-05:00

Well, the sides are being chosen and the rhetoric has begun in the fight to end Regional Contribution Agreements (RCA) here in New Jersey. Though the Supreme Court said that all New Jersey town must ensure that low and moderate income residents have affordable housing, the more affluent suburban towns have used RCA’s to shift their responsibility to others -- mainly cities.
Now on the one side you have the cities that have been benefiting from the practice and who want the funds to keep coming. On the other side you have the suburbs that fear an influx of low to moderate income residents would tax their services and encourage sprawl. There is some validity to the sprawl claim but New Jersey is one of the most densely populated states in the nation, a certain amount of sprawl goes with the territory. It seems a bit unfair that low to moderate income residents are forced to live in cities because suburban towns have dumped off their responsibility to provide affordable housing. It will be interesting to watch how this plays out.

The bill, A3857 is here for review.
Read the article here

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Current Events, Politics

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Do We Need Another Martin?

2007-01-15T17:29:00.000-05:00

Dr. Martin L. King Jr. died in 1968 and since his death the work of creating a colorblind America continues. Dr. King said he worked to ensure his children and grandchildren would be judged by their character rather than their skin color. Equal civil rights, though already the law of the land still has a ways to go before it can be said to be the practice on our country. In Alabama, efforts to remove racist language from their state Constitution as recently as 2002, failed. Justice is still peeking around her blindfold, in that a disproportionate number of blacks receive more severe sentencing and racial profiling continues. The economic difference between the rich and the poor continues to widen. So what will it take? Perhaps a societal change is needed. Not a mere enlightening of the society, but a change that affects the spirit. Is it only in tragedy that “We the People” takes on its truest meaning? Can we not find that spirit and bring it to the front without misfortune? Do we need another Martin L King Jr., or can his dream find a home in all of us?

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Technorati: Martin L. King Holiday

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Homeowner Rights vs Homeowner Assoc. Rules: Who has the final say?

2007-01-05T16:20:00.000-05:00

Just read that the New Jersey Supreme Court is considering a case that will decide just who has the final say in what happens in developments when a homeowner objects to the rules of the homeowner association. It is intriguing, this argument that associations act like state entities. Now don't get me wrong, homeowner associations can be rigid in their efforts to maintain a certain "look" to the development, and they have the enforcement clout through fines and liens. What theese homeowners seem to miss is, didn't the look of the development itself play a part in what attracted them to development in the first place? How did they think that look was maintained?
The dispute in Twin Rivers, New Jersey brought by five homeowners seems to have three main components: putting political signs on the lawn (size and number), extra fees for community room use, and an editorial dispute of the association newsletter content.
While some might see the suit as petty - one justice was skeptical about trying to regulate a press entity under which the newsletter falls, the part of the complaint dealing with the lawn signs has the potential to set a precedent that will affect homeowner associations rules throughout the country.
Any thoughts?

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Current Events, Homeowners, Politics

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Great Interest Rate Makes Home Buying Easier

2007-01-04T13:40:00.000-05:00

As the softening of the housing market continues to affect more industries the Fed continues to hold the interest rate steady. To give the Central Bank its due, they did take notice of the softening of the housing market at their October meeting. By holding the interest rate steady for the last four months, they have helped create a housing marketplace that is great for buyers. The steady lowered rate has meant lower mortgage rates. Sweetening the scene for buyers are builder incentives and giveaways which mean those looking to move into a spankin' brand new homes have some honeypot finds out there. Inventories of existing homes remain high so the marketplace has the potential of fulfilling a variety of homeownership dreams.

Read the Trenton Times Article

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Interest Rate, Housing

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New Jersey Tax Lies?

2007-01-02T17:33:00.000-05:00

Oh good grief! It was bad enough when I read that NJ property taxes where the highest in the country and that NJ’s lacked sufficient affordable housing throughout its counties but now it looks like NJ raised its taxes in 2006 to the tune of $1.84 billion while the rest of the states cut taxes by $2.1 billion.
While on the one hand I want to yell at Governor Corzine and the legislature to get us off the number one list in these negative areas but the reality is the state has a $4.5 billion budget deficit. The money to pay it has to come from somewhere.
How can there be a property tax credit for anybody, much less for households making less than $250,000 a year, when there is a projected budget deficit for 2007 of $2 billion. Helloooo!! Is that tax credit going to add to the deficit or is it included in the $2 billion already. Where did the idea of the state running up so much debt come from in the first place? Five million maybe but, two billion no.
How does the government manage cash flow with that kind of deficit? Are there any reserved funds for unexpected disasters or is that what they want to dole out to taxpayers? It makes sense legislators want at the pension and healthcare benefits of unionized state workers. It’s a wonder they don’t want at Medicaid and other programs that help low to moderate income people. They are certainly not going to look at their own and their colleagues’ abuse of the pension and health care system by double dipping.
Still here it is January 2, 2007 and there have been exactly zero of the promised legislation passed or otherwise made ready for Governor Corzine’s pen. The legislature had no problem going home without passing one piece of tax reform legislation. I suppose one year’s tax credit is supposed to take the taxpayer’s mind off the fact that the legislature is looking for another way into your wallet.
Still as I sitting here looking over my computer out the French doors at the tree where my hammock allows me to recover after riding the mower over the grass during the summer, I would not want to live any place else.
Read the article

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Property Tax, Current Events

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Housing Market Looking Up

2006-12-29T14:45:00.000-05:00

Well it is official, existing home sales were up 6% in the Northeast and .8% in the West, remained unchanged in the Midwest, and fell 1.6% in the South, according to the National Association of Realtors(NAR). While I’ve heard the words bubble burst, recession, and crash referred to the events of 2006, softening is probably the best explanation of what happened in the real estate marketplace and now things may just be stabilizing.
The Fed said new home sales in November rose (3.4% with the median price $251.700). That means builder inventories are decreasing and buyers are trickling back into the marketplace. Looks like the word has spread sufficiently that we are in a buyer’s market and properties must be priced for this market rather than 2005’s market.
NAR also said median price of existing home sales was $218,000 in November meaning half the homes sold cost more and half cost less. Also NAR reports existing-home inventories are decreasing too. We need both this section to recover to start 2007 right.

May each of you have a Happy and Prosperous Year!

Read the NorthNJ.com report
Read the NAR report
Read NJ.com report

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Housing News

For more information on Real Estate in New Jersey visit here.

Doing the Utility Company Shuffle

2006-12-28T14:00:00.000-05:00

New Jersey is offering assistance to residents who are struggling to pay gas or electric bills this winter. Guess where they are getting the $1.3 million to help seniors, jobless, and ill -- the utility companies themselves. Mind boggling, right? The next question is: did the utility companies just up and decide to donate the $1.3 million? If you believe that, well … naiveté is cute in children, buddy. No, you have to follow the money and in this case it seems some customers left without collecting their deposits. The money was just sitting there tempting the poor helpless utility companies. Now the utility companies can access that money by donating it to other customers for service. Maybe I am being cynical here -- well yes, I am being cynical, but while the companies may help seniors, the jobless, and the disabled through the winter with the money, and mind you I agree that the cause is worthy, it sure looks like the utility companies wanted access to the abandoned deposit money and this was a way to get it. My hat is off to whoever came up with the positive spin on the shuffling of inaccessible money to company coffers.

Tip of the Day:
Before you move up collect or transfer all deposits on the old home to the new one. Utility companies happily transfer service and deposits if you notify them prior to moving day.

Read the AP NewsFlash.

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Current Events, Homeowners, Politics

For more information on Real Estate in New Jersey visit here.

Locked Out and No Place to Go

2006-12-27T15:49:00.000-05:00

It’s a sad day when a legend dies, it is even sadder when a five-year old child gets locked out of his home during Christmas. Now don’t get me wrong, I respect the music of the “God Father of Soul” James Brown. (Audio link here) I respect what his work did for music. I have some really, really good memories of the beats and riffs in some James Brown standards likeThe Payback, I Got the Feelin’ and Say it Loud, I’m Black and I’m Proud. I hear it sampled everywhere.
It is a shame that according to AP reporter Harry R. Weber, Tomi Rae Hynie and James Brown II have to live in hotel and may not even have access to their clothing or his toys until the legal shenanigans are completed. James Brown has taught one final lesson that has nothing to do with music: homeowner partners need to make sure all property is shared jointly legally, whether its with a partnership agreement or by placing both names on the deed , tax records, etc. Just make sure what ever you do, it is done legally and the original and copies of the proof is outside of the residence like a safety deposit box and a lawyer's office.
Image Courtesy of James Brown Website

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, James Brown

For more information on Real Estate in New Jersey visit here.

Tip of the Day: When a Feelin’ Won’t Do It

2006-12-26T10:14:00.000-05:00

While I am tempted to say if you live in central NJ and your house isn’t selling you should call me especially if you, like James Brown, "Got the Feelin'" and went the For Sale by Owner (FSBO) route, but there are still some things FSBO’s can do.
This article makes some good suggestions the first being to video tape the exterior of the home. The exterior is the first things a visitor or potential buyer will see. Looking at the exterior on video will give you distance and oftentimes clarity the condition of your home. If what the visitor sees is crap grass, over-grown trees, yard debris, trash receptacles, broken fixtures, peeling paint etc. your home will show negatively on the outside – which will have an impact on the price a buyer will offer.
Assuming you have packed away all your personal items for the new house, consider having a consultation on staging your home. Often there is too much furniture in homes making rooms appear smaller which could make your asking price appear inflated.
Finally make sure you have had a comparative market analysis done. The market changes as houses come on and are sold or withdrawn from the market. I offer this service for free with no obligation to sellers and I am others do also.
Read the article for more tips.

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, FSBO, For Sale By Owner, Sellers

For more information on Real Estate in New Jersey visit here.

Widen Your Territory or Die

2006-12-26T09:13:00.000-05:00

Luxury suburban mini-mansion maker, Toll Brothers of Horsham PA, must have been privy to the proverbial message on the wall. It sure seems like Robert Toll heard it and has heeded the message expanding his luxury home building business to include high-density housing in the form of luxury condominiums in Manhattan, Queens, Brooklyn, and Hoboken, NJ. Toll Bros primarily built luxury single family suburban homes so the change to urban dwellings is notable.

Read Michael Corkery's report.
Image:2002 THE NEW YORK TIMES

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, New-Home Builders, New Home Builders, Builders

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Another Builder Posts Q3 Losses

2006-12-22T11:31:00.000-05:00

Hovnanian Enterprises of Red Bank, New Jersey reported a quarterly loss of $117.9 million or $1.88 per share down from $165.4 million or $2.53 in profits during the same period a year ago.

"We did not anticipate suddenness or magnitude of the fall in pricing that occurred this year in many of our communities," Chief Executive Ara Hovnanian said in a statement. "Our profitability and the pace of new home sales in our markets continues to be adver sely impacted by high contract cancellation rates, increases in the number of resale listings and increases in the number of new homes available for sale."

Shares fell 16 cents on the New York Stock Exchange and in after hours trading it fell another $1.25 to $34.
Read the Janet Frankston Lorin report
Read TheStreet.com report

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Builders, New-Home Builders

For more information on Real Estate in New Jersey visit here.

Affordable Housing Across NJ --Maybe

2006-12-21T10:24:00.000-05:00

Assembly Speaker Joseph Roberts’ D-Bell Mawr proposed reform bill of New Jersey’s affordable housing rules has number. It is A-3857. The proposed bill will eliminate regional contribution agreements (RCAs) which allowed municipalities to reassign a portion of their affordable housing responsibility – as much as fifty percent – to cities. The proposed bill also creates housing rehabilitation and assistance program for grants to municipalities. The lack of affordable housing across the state means minimum wage workers would need to 119 hours a week to afford a two-bedroom apartment at $1,103 a month. We will watch what happens with proposed bill A3857.
Read Robert Stern's article.

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Politics, Affordable Housing

For more information on Real Estate in New Jersey visit here.

Are Incentives the Way to Get Buyers?

2006-12-20T11:31:00.000-05:00

Offering incentives is a marketing ploy to get buyers to come look. Builders have the best chance at attracting lookers since they can offer a wider variety of incentives than the average existing home sellers. Still existing home sellers are getting into the act offering to buy points (which would lower monthly payments) and pay fees (pool, lawn maintenance, etc). But for all of the incentives builders and sellers have come up with, paying for incentives instead of just reducing asking price seems the more prevalent practice. Sellers hope lookers see a dazzling incentive carrot and come nibbling. Whether lookers will actually make buy depends on the looker rather than the incentive. We have had about five years of sellers being in control of real estate transactions and now the pendulum has swung the other way. Price reductions bring out buyers rather than lookers.
Read Judy DeHaven's story on Sellers and Incentives

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, FSBO, New Jersey Home Sales

For more information on Real Estate in New Jersey visit here.

On and Off Again Katrina Aid

2006-12-19T17:35:00.000-05:00

Add another avoidable disaster to those associated with Hurricane Katrina relief efforts. One would think U.S. District Judge Richard Leon would have known better; trying to force the federal government to explain itself clearly is a daunting task. The judge ruled that FEMA must get better explanations of its decision to cut aid to the 4200 Texas families affected by Hurricane Katrina. He pressed to get the explanation finished by today—but FEMA is appealing the decision and asking for an enforcement delay. The ruling on the delay will not come before the middle of the week at best and by then FEMA will have advised Texas officials of aid restoration and sent out letters to Katrina affected families. Should FEMA prevail in appeals court, they would then have to turn around and tell Katrina victims their wretched luck won again. What a mess!
Read CBS News article

For more information click here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Politics

For more information on Real Estate in New Jersey visit here.

Tax Reform: Home for the Holidays

2006-12-18T12:34:00.000-05:00

Legislators went home for the holidays without passing one piece of tax reform legislation. While some legislators wasted time being angry with Governor Corzine because he told them to work on reforming the pension and benefits packages of non-unionized, appointed and elected officials. Still they have gone home and passed nothing. Perhaps the job of policing elected officials is just too big for the legislature… after all it is their colleagues that are double-dipping into the benefits and pension funds. It would have been a lot easier to cut the benefits of the faceless unionized worker than mess with that guy/gal across the isle.
Read The Times article for a different point-of-view.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Tax, Tax Reform, Politics

For more information on Real Estate in New Jersey visit here.

Affordable Housing: City or Burbs

2006-12-14T10:56:00.000-05:00

With Governor Corzine’s campaign pledge to create 100,000 affordable housing units in the state, one needs to take a look at where those units will go. Many municipalities pay cities through Regional Contribution Agreements (RCA) to handle up to 50% of their afforable housing responsibility. These agreements ideally help all parties concerned but we don’t live in an ideal world.
For example, Trenton benefits from its RCA and is using a portion of its RCA funds to rehab houses and provide homeownership to low income families.
Read Eva Loayza article
Affordable housing in the suburbs is not progressing as well in part because of RCA’s but also because suburban municipalities are in dire need of residents who will not further distress their school districts. Also the infrastructure, at present, may not offer enough support these families.
Read Darryl R. Isherwood article
With State Assembly Speaker Joe Roberts introducing a bill that may eliminate the RCA practice, cities and suburbs may have to scramble to negate the negative effects. What is important though is that whether low income housing is effective in the suburbs will depend on the infrastructure low income families need. Meeting low income family needs beyond the roof over head requires serious consideration.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Affordable Housing, Low-income Housing, Politics

For more information on Real Estate in New Jersey visit here.

Bold and Ambitious Tax Reform: Fantasy?

2006-12-13T15:17:00.000-05:00

Well it looks like the legislature is going to pass the tax credit this year. What is unclear is whether the thing will be sustainable. Governor Corzine required a comptroller and a 4% increase cap on future increases. That legislation is on track. Now do get me wrong, the government letting me keep my money is real important to me, nice of them too; but, is that really what’s happening?
First up, the Democrats:
Have property tax assessments been decreased across the board? No, at this point it probably cannot just be decreased. Has anything been done to decrease the amount NJ residents will have to pay next year? Well sort of… If Democrats have their way, most New Jerseyans will pay 20 percent less and the municipality will collect that 20 percent from the state. The state would foot 20 percent of the bill for household with incomes below $100,000 with higher incomes getting less. They are working on making the thing sustainable.
Republican Naysayers:
Republican colleagues have complained that everyone should have the same amount of relief. (If everyone had the same income, equal credits would make sense – what NJ resident would mind an income greater than $100K per year?) Other Republicans say the credit is not sustainable. (Don’t you just hate naysayers who are just so stuck on their side of the isle agendas instead of helping slay the runaway property tax beast?)
Is it too much to hope for a bipartisan effort to reform property taxes that recognizes those most in need of relief have less gross income start with or is bipartisan teamwork a fallacious fantasy?
Read the McNichol and Hester article
Read the AP article.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Tax, Property Tax, Property Tax Reform, Property Tax, Tax Reform

For more information on Real Estate in New Jersey visit here.

Governor "Encourages" Legislature to Stay on Task

2006-12-11T12:18:00.000-05:00

Governor Corzine seems committed to property tax reform. He knows much like the legislature that the time and place to attempt unionized workers' pension and healthcare plan reform is the bargaining table but the place to reform legislative and non-unionized state workers plans is in the legislature. Double-dipping legislators and their collegues have to police themselves but it looks like top-cop Governor Corzine will push them to do just that. Governor Corzine has said he will use his conditional veto to make sure any legislation crossing his desk addresses the issues he has directed the legislator to reform. It looks like the new marshal in the state house means to stay on task, reform a double-dipping legislature and get sustainable property tax reform.
Read Deborah Howlett's story

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Property Tax, Tax Reform

For more information on Real Estate in New Jersey visit here.

Double Dipping Legislature Offers Tax Savings

2006-12-11T10:16:00.000-05:00

Well it looks like the legislature is doing it again. They offered a tax cut to those households that earn $100,000 or less dangling a carrot to household making more but not really digging into the meat of the property tax reform last week. Is the 20% savings sustainable? That's the big question, that and how are they going to sustain it? Frankly, messing with state worker pensions when some legislators are double dipping into the state pension and health care fund themselves is bad business practice. Why don't the current batch of the legislators have one pension and health care plan regardless of the number of state jobs? Compensation from the second job makes the purchase of extra healthcare/retirement coverage worker affordable and it need not involve the state. Instead these legislators are going to "reform" the benefits for workers with one state job. Just goes to show the real meat of reform is still not on the table and may not ever be until citizens reformers can get deal with double dipping legislators.
Read Ditch Double Dipping

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Property Tax, Tax Reform

For more information on Real Estate in New Jersey visit here.

Median Price Falls

2006-12-04T14:33:00.000-05:00

The National Assoication of Realtors says the median existing home price in the Northeastern United States dropped to $254,000 in October, a 5.2 percent decrease from October 2005.

The housing market is far from the bottom, not with the incredibly high inventory of unsold homes," said Joel Naroff, chief economist at Naroff Economic Advisors, a private forecasting firm. "Sellers will have to overcome their state of denial and start dropping prices even more to clear this market. And once that happens, we will then have to convince buyers that prices have stopped falling.
"We are a long way from that point."

Read Sam Ali's story
Still there is nothing a real estate professional likes least than having to have ahat with a seller about a price reduction. Whether the talk is at the listing appointment or after the property has been on the market for six weeks. Trying to explain to a seller that the market has changed so that what their neighbor got for their house six months ago is unlikely to be what they can expect for their house today. It is a difficult conversation for all parties but one the is necessary to help sellers understand today's market.
Read Julie Clairmont's story

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, FSBO, For Sale by Owner, House Sales

For more information on Real Estate in New Jersey visit here.

October Report: Adjustment Continues

2006-11-30T14:02:00.000-05:00

Well the numbers are in for October and compared to 2005 it is nothing to celebrate. But thinking that 2004-2005 were record years and the market would need to correct itself. That is what is occurring now. What is on everybody’s mind is how deep a correction can we expect? Nobody seems to have that answer. There are many guesses but nothing specific. What we are getting now is month data on how deep the adjustment is going.
Read Sam Ali’s article.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

For more information on Real Estate in New Jersey visit here.

Tax Time? Prepared?

2006-11-29T11:59:00.000-05:00

As the new year approaches, it is almost that time again. What time is that? Tax time. Homeowners who are willing to itemize there deduction oftentimes reap a huge benefit. Deciding if the 1040 long is best for your personal situation takes some careful thought and Kay Bell of Bankrate.com gives a few tips.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Taxes, Property Tax, 1040

For more information on Real Estate in New Jersey visit here.

Katrina and Company Changes Insurer's Path

2006-11-27T09:49:00.000-05:00

The storms of 2005 have had an impact on how Allstate Insurance Company intends to do business in the future. While Allstate will continue in the property/casualty business but they are slowly cutting back on insuring home in Florida and up the Eastern seaboard. The suffered losses because of the storms last year and saw red ink in the third quarter of 2005. The company has returned to making a profit in 2006 and expects to continue doing so buy dropping, not renewing or raising premiums in service area that are not showing profit. It make sense because Allstate is a business and profit is part of that business.
Read the story in Forbes

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Insurance

For more information on Real Estate in New Jersey visit here.

Church and Realtor Bamboozled

2006-11-22T14:49:00.000-05:00

It a cold heart that doesn’t sympathize with the Hurricane Katrina victims displace in various states across the country but one woman’s actions just leaves a bad taste in the mouth.
After being selected to receive a free house, The woman sold the $75,000 house without ever moving into it.
Read Woody Baird’s story

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

For more information on Real Estate in New Jersey visit here.

Foreclosures Rise a Concern for Now

2006-11-20T23:31:00.000-05:00

A few firms that track foreclosures released data that show the number of foreclosures increasing. The rate of increase notable here because New Jersey made the top ten list in October with 1 out of 675 homes in foreclosure here. That number represents a 42% increase from October 2005. For the year so far (ending with October), the rate is only up 5.3% according to RealtyTrac. Mortgage Bankers Association says New Jersey's actual rate is 0.3 percent.
The reasons for the increase in foreclosures varies. To name a few: adjustable rate and exotic mortgages racheting up rates, inability of homeowners to refinance to prime mortgages, or inability to sell the home before the foreclosure process concludes. The worst reason is the home is no longer worth the price of the mortgage because of the changes in the market.
Read Judy DeHaven's story in the Times.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Foreclosure

For more information on Real Estate in New Jersey visit here.

Mansion Building on the Rise

2006-11-16T12:12:00.000-05:00

Thought we could use a bit of humor today. Found this article and thought it fit the bill. Don't let its title mislead you though: "Housing boom reaches its tail end". I am not going to spoil the surprise but it is good to see Sam Ali use some humor in news reporting.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

For more information on Real Estate in New Jersey visit here.

Historical Preservation and Open Space Efforts Co-Existance

2006-11-13T17:45:00.000-05:00

It took twenty years but the farmlands that belonged to John Witherspoon have been added to Princeton's "Central Park". Known as Tusculum Estate on Cherry Hill road was created in 1773 as Witherspoon's country estate. The sale of the 35 acres leaves another 23 acres still belonging to the estate.
The are some restrictions on the grant namely that 16.5 acre portion no structures except driveways and fences will be allowed so the that there is some historical continuity.
The original article by Lisa Rich of the Times of Trenton is currently unavailable online.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Historical Preservation, Open Space,

For more information on Real Estate in New Jersey visit here.

Another Builder Reports Decreased Earnings

2006-11-09T10:40:00.000-05:00

Hovnanian Enterprises, Inc of Red Bank, New Jersey chimed in with its fourth quarter report of a decrease in contracts of 36% from last year’s totals with cancellations representing 35% of the total.

”Our financial results for the fourth quarter continued to be negatively impacted by high cancellation rates and increased use of concessions and incentives, particularly on the resale of those homes which experienced contract cancellations," said Chief Executive Ara Hovnanian.

Read John Spence’s story

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, New Home Builder, New Jersey Builder, Home Builder

For more information on Real Estate in New Jersey visit here.

Signed Contracts and Revenue Down

2006-11-08T14:48:00.000-05:00

Tolls Brothers reported signed contracts down 55 percent and new home building revenue down ten percent compared to 2005, as the housing market continues to soften.

Nobody wants to buy something that they think will cost less two week later,” said Robert Toll, Chief Executive for Toll Brothers

Beazer Homes of Atlanta reported a 44 percent decline in profit. New orders for Beazer fell 58 percent.
Read Deborah Yao’s of the AP story.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

For more information on Real Estate in New Jersey visit here.

When Autumn Leaves Start to Fall

2006-11-06T17:04:00.000-05:00

The falling leaves, drift by my window... If that was all they did it probably would be okay; but, gravity brings them to the ground where they make a slippery mess.
It is that time of year again gang. The trees are beyond their display of colors stage and are now dropping leaves all over lawns, cars, and garden furniture. Many homeowners are using these last mild days to rake the rubbish to the curb but a word of caution. Before you get in an afternoon of leaf throwing, blowing, or rolling, it might be in your best interest to check out the ordinances regarding yard debris for your town.
Some towns restrict not only the time when one can put leaves at the curb but also how close they may be to a storm drain. The ordinance will have some information on whether or not leaves may be bagged or otherwise contained and how soon one may put yard debris at the curb. Knowing the ordinance could keep you from having to pay a stiff fine or as in West Windsor from having to spend time in jail or do community service.
Read Joyce J. Persico's story

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey>, Home Maintenance

For more information on Real Estate in New Jersey visit here.

Pending Home Sales Index Down

2006-11-02T11:27:00.000-05:00

While things are expected to hold fairly steady through the end of the year that does not mean there won't be slight rises and fall. In August the Pending Home Sales Index at 110.3 was 4.7 percent higher than July at 105.6. September the index slipped 1.1 percent to 109.1. The September index is still 13.6 percent below last September. The PHSI is based on the number of signed contracts in given month. The numbers were seasonally adjusted.
Read the more here and here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Sellers, FSBO

For more information on Real Estate in New Jersey visit here.

NJ Urban Sales Booming

2006-11-01T12:20:00.000-05:00

While buyers in the suburban housing market continue to shop and sellers find houses sitting instead of selling, the urban market is very active. Atlantic City is leading the way in sales according to Robert Gebeloff of the Star Ledger. In fact, sale prices in the 30 New Jersey cities seems to be booming.
Read Gebeloff’s story.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Housing Sales, FSBO, Sellers

For more information on Real Estate in New Jersey visit here.

Sell Your Home Faster

2006-10-30T10:43:00.000-05:00

The first thing to consider when attempting a quick sale is the amount of profit you want from the sale. If sellers would consider receiving less in profit then the sale (say 150% instead of 180%), then selling price of the home could become more attractive. Oftentimes sellers' pricing and profit taking are not in line with what the market will bear. If the timing of the sale of the present house is important to moving into the dream home, then less profit taking can prevent a disruption in the planned move.
The last two items to consider for a quick sale are financial incentives and a contingency offer.
Read Sam Ali's article for the Star Ledger

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, FSBO, For Sale by Owner, Sellers

For more information on Real Estate in New Jersey visit here.

Home Prices Slide

2006-10-26T10:19:00.000-04:00

Home sales slipped for the sixth month straight in September despite the dropped mortgage rates according to the National Association of Realtors. Nationally 6.18 million units sold in September down from 6.30 million units that sold in August and 14.2 percent below the 7.20 million units pace of September 2005. Also the median price of a home fell for the second month to $220,000.
Read Sam Ali's story in the Times

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, FSBO, Home Sales

For more information on Real Estate in New Jersey visit here.

Tax Panel Begins Public Hearings

2006-10-26T10:11:00.000-04:00

Public hearings will begin on the list of ways to cut property taxes proposed by the special legislative panel. The first hearing is today in Bordentown Township Hall, November 1st in Freehold Borough Hall, and November 9th at Bergen County Community Center. The meetings all begin at 7PM.
Read Tom Hester's Times story

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Property Taxes, Taxes

For more information on Real Estate in New Jersey visit here.

Stubborn Sellers Lose in Declining Market

2006-10-25T15:10:00.000-04:00

Housing prices have declined since last year and buyers are slower deciding to make purchases. Some sellers still overprice their homes. The consequence of stubborn overpricing: the loss of home value as prices continue declining.

Read Patrick Rucker’s story in Reuters

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, House Selling, Seller, Home Seller, Selling a House, FSBO

For more information on Real Estate in New Jersey visit here.

New Leader Named for Housing Agency

2006-10-25T14:54:00.000-04:00

The new head of the housing and economic development department in Trenton is Alan J. Greenwald. Greenwald will replace Assistant Business Administrator Dennis Gonzalez who was acting director since 2005. Greenwald lives in Trenton and wants encourage more state workers to resident in Trenton.

Read Eva Loayza’s story in Trenton Times

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

For more information on Real Estate in New Jersey visit here.

Corporate Housing

2006-10-23T17:49:00.000-04:00

Relocating families have few options when the primary wage earner transfers to a location that requires moving the primary dwelling to anothers state. Until recently short-term housing meant family, friends, hotels, and a sprinkling of extend-stay facilities. Now however some developers have furnished unit available for corporate tranferees.
Read Beth W. Orenstein's article.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Corporate Housing, Short-term Housing

For more information on Real Estate in New Jersey visit here.

FICO and Private Mortgage Insurance 101

2006-10-20T16:12:00.000-04:00

Okay, let's use the fictitious Ed and Edna James again to help with this explanation. Ed and Edna are at the closing table on their new house. For the sake of this discussion, let's say their FICO score is 590 and they are only eligle for a sub-prime 2/28 adjustable rate mortgage; but, they are estatic at having succeeded in getting the mortgage and consider themselves one step closer to moving into the home of their dreams.

They do not really think about anything, other than leaving the table with the keys. They eagerly glance over and sign papers (planning to give them a more careful read in their new home), and only half listen to the talk that is going on around them until the talk turns to their total monthly payments. The payment is much higher than they expected. It is at the closing table that they learn their FICO score and their inability to pay a twenty percent (20%) or higher down payment on the property has increased the private insurance rate. The couple leave the table stunned but with the keys.

Private mortgage insurance (PMI) unlike any other insurance pays a third party, the lender, in the event the homeowner defaults on the loan; but, the homeowner pays the premium on the insurance. This insurance is required for loans. The borrower's FICO score helps determine the premium. While Ed and Edna should have gotten a good faith estimate of the cost of their anticipated mortgage and the PMI monthly payments, it does not always happen before closing. It is something every buyer with a mortgage should look for or ask about before going to closing and signing anything. Knowing the total monthly costs is something every buyer should know and consider before the going to closing.
Read more about FICO scores effect on PMI here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Private Mortgage Insurance, Mortgage Insurance, Mortgage Rate

For more information on Real Estate in New Jersey visit here.

In Today, Out Tomorrow?

2006-10-18T14:39:00.000-04:00

The next two years will tell the tale of what will happen with homeowners with adjustable rate mortgages (ARM). To understand the problem here’s a scenario: Ed and Edna James purchased a 180,000 dollar house an financed it with a 2/28 ARM. The couple has a combined income of $30,354. Right now they pay $1265 dollars monthly. When the loan is fully indexed the couple will pay a whooping $1990 dollars a month leaving them about $125 dollars for food, utilities, fuel, etc. Hopefully, the fictitious Ed and Edna spent the two years of the low rate getting their credit in order and are now able to get a fixed rate mortgage loan otherwise they will be unable to pay their mortgage and will have to move.
Read Sam Ali's story

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, ARM, Mortgages

For more information on Real Estate in New Jersey visit here.

Kara Homes Gets $5 Million Operating Loan

2006-10-17T17:48:00.000-04:00

Kara Homes based in East Brunwick, NJ filed for Chapter 11 bankruptcy on October 5th. Today the builder has lined up a high interest loan that would allow it to continue operating if the bankruptcy judge grants approval. The hearing with Judge Michael Kaplan is on Thursday in Trenton.

Medical Capital Group loaned the builder 5 millions with a 18 percent interest rate over a six month term.
Read the entire story here.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, New Home Builders, Builders

For more information on Real Estate in New Jersey visit here.

Judge Approves NJ Affordable Sale

2006-10-12T11:55:00.000-04:00

The judge overseeing the NJ Affordable Home bankruptcy case approved the sale of some 200 properties belonging to the company. A new twist has developed in the story though. Some of the investors signed mortgage notes and so they may now be on the hook to pay the difference between what the homes sold for and the balance of the mortgage. It appears the difference is $2.3 million dollars. The lending banks have not declared their intention yet.
Source: Greg Saitz, Star Ledger Staff

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Real Estate Investing, Bankruptcy

For more information on Real Estate in New Jersey visit here.

Home Buying: Four Tips

2006-10-06T09:33:00.000-04:00

Just finished a good article by Holden Lewis of Bankrate.com offering consumers four tips on buying a house. What I like about the article is Lewis encourages buyers to do their homework. Yes, using a buyers' agent is good, especially in this market; but having the ability to express the qualities of your dream home requires some thought. Being able to answer the questions of what neighorhood, style, must haves, wants, and price range means your agent will be able to look for houses that meet or closely match your criteria.
I encourage clients to look online for properties, even if it is not in the neighborhood they desire. It is true a picture is worth a thousand words so if a client has a dream house in an undesirable neighborhood it is likely I can find something similar in the desired neighborhood. I will not waste my client's time showing them houses that they will reject. My clients are happy and when my clients are happy, I am also.
Here are the four tips:

If you find the right house at the right price, buy it.

Waiting to see if prices go down could lose you the property.

Put technology and a good buyer's agent to good use.

I call this doing your homework. Check out houses online. Make a list of wants, must haves, and any other pertinent facts about your dream home. When the time comes to
do comparative market analysis(CMA) on a property a good buyer's agent will be invaluable. Now, I am not just saying that because it is what I love doing, I am saying it because even though there are other means to do CMA's the buyer's agent brings human experience and knowledge to the table that technology has not been able to surpass.

Negotiate effectively

A good buyer's agent will assist you in negotiating the best price, terms, and conditions for your home.

Avoid Gimmicks

There are all kind of gimmicks out there but the business at hand is to purchase a home. If a gimmick is offered turn that gimmick into cash toward the purchase of your home. Good advice.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Home buying

For more information on Real Estate in New Jersey visit here.

NJ Affordable Homes Liquidated

2006-10-04T10:50:00.000-04:00

On August 30th we ran a story by Greg Saitz about Wayne Puff and NJ Affordable Homes which the SEC shutdown as being a Ponzi scheme. Mr. Saitz reports that in an attempt to raise money, last weekend there was an auction to liquidate the company’s assets: some 205 properties. The trustee held the 3-day auction and raised $20 million dollars well short of the $40 million dollars 500 investors sank into the company. Once the bankruptcy judge approves the sale and the various fees and liens paid, the trustee wants to split the money equally among the investors.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Bankruptcy, Auctions, Investments

For more information on Real Estate in New Jersey visit here.

Alleged Housing Discrimation in Lakewood, NJ

2006-10-02T12:37:00.000-04:00

Looks like the government (the Department of Justice) is suing Triple H. Realty LLC for discriminating against non-jewish black and Latina tenants. What they are alleged to have done just turns my stomache. It is not rocket science people. Discrimination is not just plain wrong, it is illegal. If this company is guilty then I guess they had some money they wanted to give away because the lawyer fees, fines, and monetary damages just might be enough to get them to obey the law if not get a moral conscience.
This story bares watching to see what happens.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Rental Properties, Housing Discrimination, Discrimination

For more information on Real Estate in New Jersey visit here.

New Home Starts Down 16 Percent

2006-10-02T12:01:00.000-04:00

Got a look at the Courier-Post online story that says new-home builder are aggressively controling their inventory because of the cooling of the resale housing market.

"The new home market is directly dependent on move-ups or move-overs (empty nesters). In order for those two dynamics to continue, the resale market must be robust," said Patrick O'Keefe, executive director of the New Jersey Builders Association.

In other words, until the resale market swings toward a healthy number of interchanges between buyer and seller or buyer confidence rises new home builders are going to have to be careful to sell their inventory to remain profitable.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, New Home Builders, Builders, Buyers

For more information on Real Estate in New Jersey visit here.

Market Upside= Affordability + Mortgage Rate Decline

2006-09-28T17:25:00.000-04:00

James Lockhart, director of the Office of Federal Housing Enterprise Oversight said the recent changes in the market have an upside for buyers.

"Housing starts are down. Permits are down. There is a significant change happening here. Hopefully the good news is houses will become more affordable." he said on CNBC's Squawk Box. (Source: MarketWatch)

In August the number of new home sales increased. Builders are offering incentives to move their inventory. Nationally the numbers rose by 4.1 percent and in the Northeast it rose 21 percent. (Source: Star Ledger)

Resale home prices fell in August as sellers began lower prices of homes for the first time in 11 years. This means that prices allow more buyers an opportunity to purchase. (Source: MarketWatch)

The 30year mortgage rate is the lowest it has been since March. The national average is about 6.31 (Source: Reuters)while the average for New Jersey is even better. (See above graph)

The signs are good for a quick buyer to get a new home or a resale one for that matter for an affordable price.

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Buyers, New Home Buyers

For more information on Real Estate in New Jersey visit here.

Evaluating Property? Appraise Exterior Greenery

2006-09-28T09:57:00.000-04:00

Now that the buying frenzy of the last few years is over and buyers are taking their time before making purchases, paying attention to the exterior of the house, particularly the grounds, the slope, and which way water flows. should concern both buyers and sellers. Joel Lerner of The Washington Post says appraise tree, plant, and shrub health prior to purchase as they come with the home and enhance or detract from the property’s value.
Here is a link to the story. (subscription necessary)

Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Buyers, Sellers, Homeowners

For more information on Real Estate in New Jersey visit here.