MLS for Eastern Monmouth at 4280
There were 4280 homes for sale on the MLS for Eastern Monmouth today. I said a few weeks ago that I thought that listings would likely flatten out by late May, early June, but it looks like inventory is continuing to build.
The Northern NJ blog points out that inventory is continuing to grow in North Jersey too. The 6.7% increase in inventory in Hudson County looks like a sure sign that Jersey City condo dwellers having a hard time escaping from that area – probably due to all of the new construction (supply) coming on-line there.
The Northern NJ blog points out that inventory is continuing to grow in North Jersey too. The 6.7% increase in inventory in Hudson County looks like a sure sign that Jersey City condo dwellers having a hard time escaping from that area – probably due to all of the new construction (supply) coming on-line there.
posted by Little_Silvered at 6:48 PM
5 Comments:
Hey Ed,
I have a suggestion for a poll question.
Based upon your current income, and assuming a 20 percent down payment, could you buy the house you currently live in at today's prices?
Lindsey
The Hudson county figure could be a reflection of all the condos. But to be fair, there IS a lot more volitility due to the smaller sample size.
In fact I think the figure was down one or two percentage points last week.
In any event, the numbers are a lot higher than last year and keep climbing.
Woot woot.
Prices are not coming down. If anything, they are going up. And the condo boards of these buildings are still extremely picky and usually require at least 20% down.
You have the media especially the NY Times which still constantly talks about gentrification, the next 'hot' area, how the NYC real estate market will never fall and how rent controlled/stabilied tenants are to be vilified and forced out for these overpriced condos.
And of course, the average buyer in these condos in Hudson county is single, under 30, has a professional white color position in NYC, makes $250,000 a year and easily has 20% to put down. Paying $4,500 a month is still so much cheaper than paying $6,500 a month in downtown Manhattan for equivalent space.
will Dwek properties be added to the list if Banks will sell his assets of 300+homes ???
read: Dwek uncle says bank may have suspected fraud in land purchases
Posted by the Asbury Park Press on 06/7/06
BY JAMES W. PRADO ROBERTS
STAFF WRITER
FREEHOLD -- HSBC Bank had "serious concerns'' about properties Solomon Dwek was claiming to buy, according to an uncle who had taken out a $25 million loan from the bank for the purchases.
Joseph Dwek, 54, of Brooklyn, made the claim in legal papers filed Tuesday in Superior Court saying he was defrauded by Solomon Dwek. Joseph Dwek said he borrowed a total of $43 million from HSBC and gave it to Dwek, 33 of Ocean Township, in the second half of 2005 to invest in properties in and around Monmouth County. An HSBC spokesman could not be reached for comment.
Joseph Dwek said in April that HSBC raised "serious concerns'' about the properties, noting that there were discrepancies on the addresses Solomon Dwek said he was planning to buy. ""HSBC suggested there may have been fraudulent activity,'' Joseph Dwek stated in the court papers.
The uncle said he did not know until a short time later that none of the purchased properties was placed in his name. Solomon Dwek held all the properties either in his own name or through corporations, Joseph Dwek stated.
A week before Solomon Dwek's assets were frozen by a judge following allegations that he defrauded PNC Bank of $25 million, Dwek began to transfer 129 properties to the uncle, according to Joseph Dwek.
Joseph Dwek's court statement filed Tuesday was made to refute allegations by PNC Bank, which is suing Solomon Dwek for $21 million, that the transfers were fraudulent.
A hearing on the matter is scheduled tomorrow before Superior Court Judge Alexander D. Lehrer.
Condos in Long Branch are dropping in price; Prudential has a $1.5 million condo in the Sandcastle that the realtor overpriced obnoxiously; she reduced this week to $1.2. A unit in Seaview Park just reduced $50k to $825k, on the market for 9 months--again due to a realtor, the owner, overpricing.
The realtors are giving the owners unreasonable and unachievable expectations, frustrating both buyers and sellers.
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