Monday, June 05, 2006

Otteau Report is Out

The Otteau Report, which describes the state of the real estate market in Jersey is published quarterly.

The report, which contains lots of useful information, makes it clear that the real estate bubble is deflating in New Jersey and here at the Shore. Looking at the “Projected Absorption” in months of each Monmouth County Town, it looks like the towns directly on the beach have the most unsold inventory. For example, Spring Lake has a projected absorption of 43 months and Sea Girt has 28 months. Meanwhile, the total market for all of Monmouth County is 8 months.

Monmouth

Ocean

Atlantic

Cape May

13 Comments:

Anonymous Anonymous said...

I am looking to buy in Ocean County. Zip 08742. Everyone says this place is way too nice and has too much money in the area for prices to fall. Any feedback? Thanks

Monday, June 05, 2006 8:30:00 PM  
Blogger njcoast said...

Some May stats according to the Monmouth County MLS

Rumson-
New listings=30
Under contract-7
Closed-9
%listing price/selling price-91.99%

Spring Lake-
New-16
Under contract-8
Closed-3
%LP/SP- 89.59%

Sea Girt
New-13
Under contract-2
Closed-4
%LP/SP- 85.34%

Of course all the houses that sold had higher original listing prices but their realtors (Sally) had changed the MLS and lowered the price so the listing to selling price percentage is really smaller than stated.

Sally says, " Buy, buy,buy before the prices drop some more!"

Monday, June 05, 2006 9:20:00 PM  
Blogger new 200 Mbps BROADBAND over POWER LINES said...

PROPERTY RE-VALUATION in Dover Township- Toms River, new jersey 08753 !!!

Dover's revaluation deadline extended
February 1, 2005


TOMS RIVER - Dover Township has been given more time to complete a revaluation of all properties in town, a process that must now be finished by Oct. 1, 2006. "It doesn't have to be done until next year," Mayor Paul C. Brush said Monday..

Tuesday, June 06, 2006 2:33:00 AM  
Blogger pesche22 said...

i dont think it is a good time
to be owning building industry
stocks.

all being downgraded.

Tuesday, June 06, 2006 10:11:00 AM  
Anonymous Anonymous said...

Welcome to the dead zone
Real estate survival guide: The great housing bubble has finally started to deflate, and the fall will be harder in some markets than others.
By Shawn Tully, FORTUNE senior writer
May 5, 2006: 12:14 PM EDT



NEW YORK (FORTUNE) - The stories keep piling up. In many once-sizzling markets around the country, accounts of dropping list prices have replaced tales of waiting lists for unbuilt condos and bidding wars over humdrum three-bedroom colonials.

The message is clear. Five years of superheated price gains rescued America from stock market collapse, put billions in consumers' pockets, and ignited a building boom that bolstered the nation's economy. But it's over. The great housing bubble has finally started to deflate.

You won't find that news in broad national statistics or the upbeat comments from the real estate industry. The latest official figures, for example, show both new and existing home sales rising in March, a mixed bag on prices - and a record number of new homes on the market.

But FORTUNE's on-the-ground reporting - in what up to now have been some of the nation's hottest areas - paints a very different picture: Contracts are being canceled, deals are drying up, prices are starting to drop. The psychology is shifting even as thousands of new homes and condos join the for-sale listings each day - so the downward pressure will only get worse.

"The buyers' sense of urgency is gone," says Bob Toll, CEO of luxury builder Toll Brothers (Research), who has long been a housing bull. "They see the market going soft, so they stall."

more...

Tuesday, June 06, 2006 1:26:00 PM  
Anonymous Anonymous said...

Does anyone know whether Red Bank, Fair Haven, Rumson, Little Silver are in flood plains? Where can I check out the gov't info?

Tuesday, June 06, 2006 4:50:00 PM  
Anonymous Anonymous said...

Also, is it possible to get online the list of off-site conditions which would affect the value of residential properties in Monmouth County?

Tuesday, June 06, 2006 4:52:00 PM  
Blogger Little Silvered said...

I know that parts of Little Silver and Rumson are in flood prone areas. I would imagine FH and RB too. I believe the Fed. Gov. publishes local maps that show areas that flood and usually the local boro hall supposedly has them available.

Tuesday, June 06, 2006 8:24:00 PM  
Anonymous Anonymous said...

just google on flood plains for new jersey.

their is a gov. flood plain map.

ive seen it.

it really does effect insurance.,if you can get it.

Wednesday, June 07, 2006 7:03:00 AM  
Anonymous Anonymous said...

The NJDEP's iMap web application should contain flood plain information.

Wednesday, June 07, 2006 11:18:00 AM  
Anonymous Anonymous said...

Your website has a useful information for beginners like me.
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Thursday, June 08, 2006 6:15:00 AM  
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Thursday, July 20, 2006 11:13:00 AM  
Anonymous Anonymous said...

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Saturday, July 22, 2006 12:46:00 PM  

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