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Uncommon Economic Indicators

The Brian Lehrer Show's online and on air collaborative project on the economy

Housing

Home Buyers' Tax Credit Backlash

Story submitted by: Mary Grunmeier

Tuesday, November 17 2009

24 Midway Court, Rockaway, NJ 225 Richard Mine Road, Wharton, NJ

The $8,000 tax credit for first time homebuyers was set to expire on Nov. 30. Last week, it was both extended and expanded. As a result, two of my listings, which were under contract have become fall-throughs. In other words, the buyers backed out of the deals. The extension/expansion convinced them that there would be a better deal for them...either a better house or a better price. So frustrating!

A nicer attitude

Story submitted by: Ruth Ross

Tuesday, October 13 2009

115-502 Old Short Hills Road West Orange, NJ 07052

Each year for 38 years, I have received a nasty letter from my apt. rental office notifying me that I must vacate my apt. by a certain date, unless I sign a new lease. This year, they told me how much they value my tenancy and refunded half my security deposit!

Under Construction, Again

Story submitted by: Evan Player

Thursday, September 24 2009

Construction seems to have resumed in a lot of the Williamsburg condos that were idle all summer.

Illegal Apartments

Story submitted by: Paul Ruffin

Monday, September 7 2009

I am staying at my sister's house for a while, in an upscale NYC suburb. Her neighborhood consists of large, single family homes on minimum 2 acre lots. I was surprised to learn that a majority of her neighbors have tenants and often have added separate entrances to their homes to accommodate the tenants. This is understandable considering that many homeowners here are 'empty nesters'. There are few or no children in this area, most of the tenants are childless, single or divorced adults. These rentals are illegal but seem to be common knowledge. The neighbors understand or empathize - the tenants work, are quiet and for the most part, childless. Income is provided to the homeowner and affordable housing to the tenant, but I had no idea how widespread the practice is in this particular town and neighboring towns.

Patience with the landlord

Story submitted by: Jennifer

Thursday, August 20 2009

Bleecker St. and MacDougal St.

My landlord has decided to turn off hot water because it's warm outside. For several weeks now, I have been taking cool to cold showers. Although my landlord is a cheap skate, he's never gone to these lengths before. I wrote asking why there's no hot water. No response. I'm letting this go (hoping hot water returns as the weather cools) for a few reasons, including I know times really are tough.

1/2 finished building

Story submitted by: stafford

Thursday, July 30 2009

There are a number of lots in my corner of woodside that are cleared, but there is yet no building occurring. However there is a huge apartment building that is 3/4 finished, and work seems to have stopped some time ago. (59th street between 47th ave and 48th ave) (ALSO QUEENS BLVD @ 61st ST) Photos to follow

empty/unfinished lux-condo

Story submitted by: sandra

Thursday, July 30 2009

St. George, Staten Island: Bay Landing, blue building unfinished; Bay Street @ Victory Blvd, only one apt. apparently filled; Richmond Terrace @ NIcholas Str., brand new, completely empty.

No Parking No Coops

Story submitted by: John

Thursday, July 23 2009

550 - 570 Bay Street staten island

Here is a link to a story on Staten Island. The parking lot of the Staten Island Railway was designated for affordable housing coop apartments even though there was property for sale nearby. They started construction work on the foundation and there has been a hole there late 2008. No Parking and No Coops.

http://www.silive.com/news/index.ssf/2008/12/hole_lotta_nothin_at_staten_is.html

Stalled Luxary Apartments

Story submitted by: Greg

Wednesday, July 22 2009

Kew Gardens Rd btwn 84th ave and 83rd Dr Kew Gardens 11415

Over 2 years ago, a luxury apartment building renovation began in my neighborhood. Units were starting at 400-500K for a 1 bed, which seemed absurd for a quiet queens neighborhood despite "luxury" status. Today the building stands unfinished and though I don't know for sure...mostly vacant.

No bites on Craigslist Moving Sale Items

Story submitted by: Caroline Smigocki

Monday, July 20 2009

We are in the midst of a move, and have posted a ton of furniture for sale on Craigslist. In the past, CL posts usually resulted in a barrage of emails, but this time, trickle would be an understatement for the amount of interest our posts have garnered.

Castles on Cabrini

Story submitted by: Peter Fifield

Monday, July 20 2009

203 Cabrini Blvd New York, NY 10033

It doesn’t seem likely that the castle-like townhouses planned for the lot at 203 Cabrini Boulevard in Hudson Heights will be ready any time soon. The three 13-room, 6-bedroom, 3.5-bath townhouses were to have been built with turrets, Tudor-style arches and other finishes that mimic Hudson View Gardens and Castle Village next door.

But apart from some of the Manhattan bedrock having been removed, construction is stalled; the lot is still vacant and a neighborhood eyesore. It was featured in the New York Times real estate section recently. According to the NYC Department of Buildings web site a stop work order has been in place for a year now. The green tarp on the fence at the front of the property hangs in shreds.

Things have changed in Morris County

Story submitted by: Mary Grunmeier

Friday, July 10 2009

1625 Route 10 East, Morris Plains, NJ

The state of the Real Estate market in Morris County has changed. My office had 103 Revenue units in June. This is an all-time record. We once had about 165 agents in my office. Now we have about 115. Yet, in June, we had an all time record for our office for revenue units! Company-wide (and we are the largest real estate company in NJ) June was the best month in 2 years. Two of our regions--North Central NJ, and Northern NJ saw inventory that, if it didn't contract, it didn't expand. Demand is there, and Supply is not expanding. We are seeing a 30% increase in page views on our web site, and we are seeing a huge increase in attendance at open houses. All of this suggests that in the area we serve (Mostly Morris County) the Real Estate market has hit bottom. I'm posting our production board for June...103 Revenue transactions! All time record!

Buy a Condo, Get a Prius

Story submitted by: Paige

Friday, July 3 2009

prospect heights, brooklyn

I can't think of a better way to commemorate the 4th of July...

People selling houses in NJ

Story submitted by: Mary Grunmeier

Sunday, June 21 2009

It's a great time to buy a house in NJ! Prices are down and interest rates are low! Every listing I have but one involves sellers who are leaving the state. NJ is exhibiting the second highest out of state migration of any state. The state with the highest out of state migration is Michigan...a state with a much lower population.

Sellers whose homes are in the first-time home buyer price range aren't trading up. They are trading out.

Experts are saying that sellers in the over $800,000 price range are not going to be able to trade out. Experts are saying that those houses cannot sell. The expert being cited is Jeffery Otteau of Otteau Valuations.

All of the buyers and seller are really cranky

Story submitted by: Mary Grunmeier

Sunday, June 21 2009

It's the best time to buy! The government is giving first time home buyers $8,000. Homes in NJ around $400,000 are selling, many with multiple offers. Yet the buyers and sellers are all really cranky. Buyers have heard that it is a buyers' market, and demand the world. Sellers say, "But, I don't HAVE to sell." I have several transactions in play where the buyers and sellers call me every day and vent.

I have two transactions going where we are less than $2,000 apart on price, (on $400,000) and everyone has dug in on their price. I have one where we are 5 days apart on the closing date, and everyone has dug in on their date. FIVE DAYS! In New Jersey, where all of the dates on the contract are generally pretty fungible I have one where we got together on price and closing, but the buyers have already told me that they plan to get the money back on the home inspection.

I'm really hoping all of the crankiness from everybody is related to the rain, and once the sun comes out, people will be able to see hope, cooperation, and experience some empathy.

It's just crazy.

The Once St. John's Hospital

Story submitted by: Queens'09

Friday, June 19 2009

Queens Blvd.

Story submitted by: Queens'09

Friday, June 19 2009

Queens Blvd.

Story submitted by: Queens09

Friday, June 19 2009

Queens Blvd. between Woodhaven Blvd and 57th Ave.

From Owning to Renting

Story submitted by: Lori

Friday, June 12 2009

415 9th Street

My husband and I and our two tween-aged kids have been in our three bedroom, one bath co-op apartment for five years. We put a lot of work into it hopefully gaining sweat-equity. A couple years ago, we felt like we needed something slightly larger and casually looked around, hoping to put our equity into a down payment on something with two bathrooms. We got busy with school and work and lost the thread on our search. This Spring we finally got on the ball and put our co-op on the market at the price our neighbors sold their similar unit for two years ago. We ended up going under contract after around 40 days for around 35,000 less but felt like if we wanted to keep any equity, we should go with the deal.
At this point we are signing a lease on an equally sized apartment in "rental" condition up the street, renting again for the first time since just out of college. We've decided we are lucky to have any equity at all and are going to hold onto it until the housing market feels less jangly.
It's a mental leap that feels wrong but could be right.

Deniro where's my denero?

Story submitted by: Andrew Goebel

Monday, June 8 2009

50 Lexington ave, 20 D 374 Bleeker st.

Read the "De Niro's fall from Grace" By Candace Taylor, it's fairly on point.

warm regards,

Andrew Goebel