Real Estate in New Jersey
Real Estate in New Jersey
is a very valuable commodity.
Whether you are referring to North
NJ, Central NJ or South
NJ; real estate in New
Jersey has a tremendous amount of value.
This is if you are interested in selling or buying. NJ Homes for sale are a good long term
buy. Homes for sale in NJ are good to have.
Real estate 'gurus' often unreliable
s
By Lew Sichelman, United Feature Syndicate
WASHINGTON -- The sentencing of financial guru Wade Cook
to 88 months in a federal penitentiary for tax evasion should
be a warning to anyone thinking of buying into the get-rich-quick
schemes peddled on late-night television by real-estate "specialists."
Freehold
NJ in Foreclosure
"Real-estate gurus, such as they were in the '60s and '70s,
were all legit. Some were better than others, but they all were
sincere," said real-estate investor and newsletter publisher
John T. Reed, who keeps tabs on the purveyors of seminars supposedly
filled with ways to reach real-estate nirvana.
Nowadays, he said, the real estate information business is dominated
by people who push their seminars and mentoring services out
of boiler rooms, and the typical seminar exists to sell more
seminars, books and tapes, he said. "They don't provide
the content promised."
Cook talked a good game, but pending an appeal, the onetime taxi driver is
going away for seven years and four months because a federal jury convicted
him of seven counts of tax fraud. Not only did he falsify his tax returns
from 1998 through 2000 on royalty payments of $9.5 million, he obstructed
federal investigations into his actions, a U.S. District Court jury in Seattle
found.
People like Cook prey on unsuspecting consumers who are looking
for the secret of success to making millions. But there is no
hidden route from rags to riches other than hard work.
"It's harder than it's portrayed to be," said Alison
Rogers, the author of "Diary of a Real Estate Rookie,"
who became a realty agent in New York City only because her
grand plan to make a living buying run-down houses, fixing them
up and selling them at a great profit fell flat.
NJ in Foreclosure
Lis pendens
Rogers left her job as a newspaper real estate
editor in 2005 to flip properties in Newark,
N.J., where prices had been
escalating at the rate of 31% annually for three years. But she quickly
found out that her competition -- mostly professional contractors -- was
better financed than she was.
She also found it hard to locate properties worth her time and money.
"It was like looking for a needle in a haystack," she said. The
odds against success are steep, especially for beginners, she said. "I
was experienced. If it was hard for me, someone with a background in real
estate, I can't imagine how hard it is for someone without
experience."
Recently, it seems, the late-night real-estate gurus have discovered note
buying as a way of selling the dream of easy money. In note buying,
investors attempt to purchase at deep discount the mortgages, sometimes
known as "paper," taken back by sellers. In difficult markets,
sellers, acting as the lender of last resort, often offer to "hold the
paper" for buyers who cannot secure financing from conventional
lenders.
Travis Creed, an attorney based in Little Rock, Ark., said he's "truly
concerned" about the number of unscrupulous peddlers of training
courses that supposedly outline the steps to note-buying wealth. Based on
the hundreds of calls he's received from struggling buyers who have no clue
what a good note looks like, he said the claims being made are
"absolutely wrong."
"I do not wish to discourage anyone from learning about this
business," the note-buying pro said. "I do want to discourage
everyone from spending thousands of dollars to do so."
Reed, the investor-author who is based in Alamo, Calif.,
lists more than 130 real-estate and financial gurus on his website,
www.johntreed.com. The questionable ones, in red, outnumber the reputable
ones, in green, by 3 to 1. "There are maybe three dozen that I
consider up-and-up," he said.
Starting out means taking sacrifices
From NorthJersey.com
By KATHLEEN LYNN
When Melissa Mazanek and Brian Derr decided to move in together, they
wanted an apartment halfway between Newark,
where he is a student at New Jersey Institute of Technology, and Warren Township, where she has just started
a job in information technology.
Then there's the cost of moving, whether you pay professionals or
just get your friends to help -- in return for pizza and the promise to
help when they move.
Because of the high costs, most young apartment-seekers find they
have to compromise. Either they spend more than they expected to, or end up
living with less space or a longer commute. Or they double up with
roommates.
For Mazanek and Derr, the answer came when a friend suggested they
look in the Woodbridge
area. The couple found what they were looking for in nearby Perth Amboy, an old
industrial city that is undergoing redevelopment.
There, they found a two-story, two-bedroom town house for $1,315 a
month. Getting to Newark
will take Derr about half an hour, while Mazanek is commuting about an hour
each way to her job.
Mazanek is not crazy about her commute, but considers it a worthwhile
tradeoff for the space -- which she craved after years in a dorm room.
"It was really important for us to have two bedrooms" to
accommodate visiting relatives, she said. Derr's family lives in upstate New York, Mazanek's in South
Jersey.
Aside from the commute, another drawback is that the complex doesn't
allow pets, and Mazanek would love to have a dog. "The places that
allowed pets were so much more expensive," she said. Landlords
typically want a deposit to guard against damage by the pet, plus extra
money each month.
But she's thrilled to be in her own place, where she recently hosted
her own graduation party.
"It was really important for me to be self-sufficient,"
Mazanek said.
Shana Tulloch, a recent graduate of William
Paterson University,
would have liked to rent in Paterson,
where she grew up.
"But as of right now, I can't afford it by myself," said
Tulloch, 21, who hopes to land a job as a high school English teacher. She
is paying $500 a month to rent the ground-floor apartment of her sister's
house in Newark.
Like Mazanek and Tulloch, Robert Josic also made compromises when he
got his first place off campus. A recent computer science graduate of Ramapo College in Mahwah, he formerly lived
on campus with his wife, who worked for the college. But when she left for
graduate school at the University
of Minnesota, Josic
had to find a place near Ramapo, where he is now working on the college Web
site. The couple searched for apartments in newspaper ads and on the
Internet.
"Our major concerns were ease of travel and, of course,
price," said Josic, 30. "We looked at at least 10
locations."
At first, they hoped for a place costing about $600 to $800 a month.
But in that price range, they mostly saw basement or attic apartments in
private homes, which they found unappealing.
The Josics ended up renting a "really nice" studio for
$1,000 a month in a garden complex in Mahwah, a five-minute commute from
Josic's job at the college. His wife visits frequently, and expects to
receive her doctorate in a year.
Because Josic is alone most of the time, "we didn't need a big
place," he said.
NJ Homes for Sale
ONE WAY TO GET HOUSING BACK ON ITS FEET
From the New York Post
April 24, 2007 -- NO doubt about it, the housing industry is in trouble.
And as housing goes, so goes the national economy.
I'll give you a simple solution that will eliminate the possibility of a
complete meltdown in housing.
And I say this with some measure of pride as well as innate stinginess -
it won't cost us taxpayers a penny.
But first let me convince you of the problem. Here in New York City, housing prices seem to be
holding up well. That's logical on one level since a lot of foreigners seem
to be using their increasingly valuable currency to buy real estate. But
around the country the real estate situation isn't nearly as good.
According to one recent study, the number of homes listed for sale in 18
big cities increased 6.5 percent between February and March.
Another report says that in January payments were late on 14.3 percent
of sub-prime mortgages. That's up from 13.4 percent in December and is a
huge jump from just 8.4 percent in January 2006. And foreclosure filings
jumped 47 percent last month.
There is nothing wrong with the housing industry going through a
contraction. In fact, if housing prices kept rising at the pace of the last
few years pretty soon nobody would be able to move.
But real estate is so leveraged these days, thanks to crazy mortgages
and bad lending habits, that the correction buyers are waiting for could
get out of hand.
So, what's this simple solution I'm advocating? Washington should change tax law so that
people can use their retirement accounts to buy real estate.
By one estimate there is $6.5 trillion tied up in Individual Retirement
Accounts, 401(k)s and other tax-advantaged retirement accounts. And, as
anyone with one of these accounts knows, you can't get at the money until
you reach retirement age, unless you are willing to suffer a severe penalty
for premature withdrawal.
The way the law is now written, I'm told, an IRA can only own real
estate if it is set up as a trust or a custodial account that can be
treated as a trust.
And the trustee must be a bank or a person that the Internal Revenue
Service will accept as a trustee. Plus, the real estate can be
prohibitively taxed.
But in hard times the government needs to make it easy for
some of that $6.5 trillion to move from stocks and bonds into
houses. New jersey Real Estate.
How should this be handled? Perhaps people should be permitted to
withdraw up to 10 percent of their IRA funds, if the money is used as the
down payment on a house maybe only for first-time buyers.
The premature withdrawal penalty would be waived or postponed until the
house is sold and a capital gain achieved. The amount of penalty-free
withdrawal could be adjusted up or down depending on how much you want to
fuel the market.
And the money can be targeted, for example, with withdrawal penalties
for IRA money more lenient in New Jersey,
where housing needs a boost, than in New
York, where it doesn't.
NJ Homes for Sale
This is from a recent article from
Bloomberg
U.S. Economy: Sales of Previously Owned Homes Decline
By Shobhana Chandra
Jan. 25 (Bloomberg) -- Sales of previously owned homes in the U.S.
declined in December for the first time in three months, capping
the biggest annual drop since 1989, a slide that's shown signs
of bottoming.
Englewood
NJ Apartments
Apartments
for rent with rentals
Bergen
County Apartments for Rent
Real Estate in Bergen County for rent
Englewood
NJ apartments for Rent
Looking to rent an apartment in north jersey
Englewood
NJ Apartment Rentals
Spring
Lake Heights Apartment rentals
Bedroom
apartment rentals in spring lake heights
New Jersey is a good place to rent real estate and apartment
rentals. Important to decide on the right location before you
commit to the rental and purchase.
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When you are looking for a bedroom
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move forward on a rental unit and real estate in the area.
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rentals
Another real estate aspect to renting a rental unit is the creation
of a leasing arangement between the tenant and landlord and
it's important to have a good relationship and on-site managers
help in this regard.
bedroom
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real estate and renting an apartment unit are important to build
up a sense of community and commerce.
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As you look through the potential rental home you should consider
many things in your decision and it's important to stay focused
on what's important with the real estate and sale and rental.
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Purchases dropped 0.8 percent to an annual rate of 6.22 million, the National
Association of Realtors said today in Washington. For the entire year, sales
fell 8.4 percent from 2005's record. In a sign the slide may
be nearing an end, the number of homes on the market decreased
for a second month.
``This grinding sort of correction will continue for much of this
year,'' said Joshua Shapiro, chief U.S.
economist at Maria Fiorini Ramirez Inc. in New York. ``Housing will make a negative
contribution to the economy this year, but the declines won't be as big as
those we have seen in the most recent past.''
The glut of unsold homes will continue to ease as stable to lower prices
and cheap mortgage rates attract more homebuyers, economists said.
Homebuilder Lennar Corp. last week said a robust economy may contribute to
an increase in profits this year and Goldman Sachs Group Inc. two days ago
upgraded the industry outlook, saying the worst may be over.
Sales were forecast to drop 0.5 percent to a 6.25 million annual rate
from 6.27 million in November, according to the median of 65 forecasts in a
Bloomberg News survey. Estimates ranged from 6 million to 6.4 million.
Jobless Claims
A separate report today from the Labor Department showed first-time
applications for state unemployment benefits rose 36,000 last week to
325,000. Figures fluctuate after Christmas and New Year because the
government has trouble adjusting for seasonal employment. Claims are likely
to remain at levels reflecting strength in the labor market, economists
said.
Real estate in New Jersey is very valueable and New Jersey
real estate is good for the long term. The Standard and Poor's
Supercomposite Homebuilding Index fell 3.6 percent after the
housing report at 2:51 p.m. in New York. The index is down 1.4 percent
this month.
The median price of an existing home last month was unchanged from a
year earlier at $222,000, the Realtors group said. For the year, the median
resale price also averaged $222,000, an increase of 1.1 percent from 2005.
Sales of existing homes, which account for about 85 percent of the U.S.
housing market, are recorded when a contract is closed. New home sales,
recorded when a contract is signed, are considered a more timely barometer
of the housing market.
`Gentler' Trend
``The downward trend has become gentler in recent months,'' said David
Resler, chief economist at Nomura Securities International Inc. in New York. ``The fact
that sales of existing homes seem to
be stabilizing is an encouraging sign.''
The supply of homes for sale decreased to 3.508 million last month from
3.81 million. The number of previously owned homes on the market at the end
of December represented 6.8 months' worth at the current sales pace
compared with 7.3 months' worth at the end of the prior month.
The market for existing homes is entering 2007 ``pretty well positioned,''
David Lereah, chief economist for the Realtors group, said in an interview
today. ``I'm expecting very modest increases in sales going forward, not
something big.''
A total of 6.42 million previously owned homes will be sold this year,
down from 6.48 million in 2006, according to Lereah's latest forecast. Even
with the drop, sales last year were the third-highest on record.
Resales of single-family homes fell 1.3 percent in December to an annual
rate of 5.44 million, the report said. Sales of condos and co-ops rose 2.1
percent to a 777,000 rate.
Purchases fell 9.1 percent in the West and 2.8 percent in the Northeast.
They rose 4.3 percent in the Midwest and
0.8 percent in the South.
Federal Reserve
Federal Reserve policy makers have expressed confidence the economy will
be able to weather the housing slowdown as it expands at a ``moderate''
pace.
``There are tentative signs that the demand for housing has
stabilized,'' Federal Reserve Bank of Richmond President Jeffrey Lacker
said in a speech in Richmond, Virginia, last week. The effect on the
broader economy will be ``gradually waning as the year progresses.''
The Commerce Department reported last week that builders broke
ground on new homes at an annual rate of 1.642 million in December,
up 4.5 percent from the prior month's rate. Building permits
jumped 5.5 percent, the most in four years, to a 1.596 million
pace, the report said. NJ Real estate.
Builder Incentives
Builders, who have more leeway than private sellers of existing homes,
have been slashing prices and offering incentives such as upgraded
appliances or mortgage payments. While that's helping to lure buyers, it's
hurting builders' profits.
D.R. Horton Inc., the second-largest U.S. homebuilder, said on Jan.
23 that its fiscal first-quarter profit fell 65 percent as spending on
sales incentives increased and customers canceled orders. The market
remains ``challenging,'' Chief Executive Officer Donald Tomnitz said on a
conference call this week.
``It's a multi-year correction,'' Tomnitz said. ``Somewhere mid-year, we
expect the market to begin to bottom out. We don't expect any
rapid improvement in the market thereafter.''
For apartments for rent in New Jersey go to Apartments
in Middlesex County for apartment rentals. For lis pendens
foreclosures go to NJ
in Foreclosure lis pendens and other foreclosure information.
For foreclosure information in Freehold New Jersey go to Foreclosures
in Freehold NJ for information on foreclosures. Fore quilting
quilting supplies and fabrics go to quilting
fabrics for sewing and quilting. And bali
bras
Tip #23
Home Buying Tip, Big Ticket Items:
Before you buy a home you should avoid
buying any big ticket items. When
this is found out during the credit process or reporting it can make
mortgage banks nervous.
Even if you will be able to get a loan, you might not
be able to get the best available interest rate. New
Jersey real estate.
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Tip #24
Home Selling Tip, Listing Right:
A common mistake when people list their house (especially in a
buyers’ market) is list the house at a high price that they
don’t anticipate to sell it at.
They figure that if they get it then GREAT but if not they can always
lower the price.
This is not a good practice because what mostly happens
is it will stay new jersey real estate on the market
for a while and make potential home buyers nervous because it’s
been on the market so long.
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