Property taxes in New Jersey are supposed to be allocated based on the market value of real estate, so that a house worth more pays more, while a house worth less pays less. But if municipalities don’t update their property assessments to keep up with changes in the market, things can get out of balance.
Homeowners at the lower end of North Jersey’s housing market — still suffering disproportionately from the real-estate slump — are now taking another hit in the form of inflated property tax bills that may be costing them hundreds of dollars extra per year.
With Halloween racing toward us like a serial killer in a hockey mask, it’s high time to frighten yourself with a classic horror flick—or, as we do, ponder the homes where these scary scenes unfold.
Are these horror-flick homes as creepy in real life as they appear on-screen? The answer, we found out with some digging, is no! (OK, maybe just one is.)
Click here...if you dare!!
According to the U.S. Environmental Protection Agency, each American uses an average of 100 gallons of water at home every day — an amount that can be cut by up to 30 percent through the use of water-efficient fixtures and appliances. Using those fixtures can also save money, according to the EPA — about $170 a year for the typical household.
In a parched season, here are 13 steps that homeowners and tenants can take to conserve water at home:
According to the National Association of Realtors, pending home sales in the U.S. shifted higher in September 2016 following August's notable dip and are now at their fifth highest level over the past year. Increases in the South and West outgained declines in the Northeast and Midwest.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, grew 1.5 percent to 110.0 in September from a slight downward revision of 108.4 in August. With last month's gain, the index is now 2.4 percent higher than last September (107.4) and has now risen year-over-year for 22 of the last 25 months.
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As demand continues to outstrip inventory.
If you’re in the market for a new home, you might want to get prepared to get your hands dirty.
There are 12% more fixer-upper homes on the market now than there were five years ago, according to a new Zillow analysis. Among expensive fixer-uppers—those priced in the top third of their market—inventory has surged by nearly 35% in the past five years.
Zillow attributes the increased prevalence of fixer-uppers to rising home prices, which reached all-time highs this year, and increased competition among buyers. Since there is not enough inventory on the market to meet buyer demand, sellers have more freedom to list their home “as is” without worrying about losing a sale.
24-room estate has working farm, formal gardens with fountains and statues
One of the oldest estates in New Jersey, a 1920s Georgian Revival-style manor sitting on 112-acres, is on the market for only the third time in about a century.
Cragwood Estate was built in 1923 in Somerset County, New Jersey—a few years after its original construction burned to the ground —and served for many decades as the home of industrialist and socialite Charles Engelhard and his family, according to an announcement on Tuesday about the listing.
“This is one of the old estates that still remains, it’s rare because a lot of them have been taken down,” said Nan Reil, a sales associate on the property with Coldwell Banker Previews International.
The historic home still has some throwback features, like a skeet-shooting range, a 3,000 bottle wine cellar and tasting room, formal gardens with fountains and statues, a cottage and guard house, Ms. Reil said. The owners also converted a large carriage house into offices and five guest apartments.
For Denise Delahunty, the adventure of co-owning a home with a friend ended badly with a disagreement over air conditioning.
Delahunty thought window air conditioners were just fine; the other owner wanted to install central air.
“It would have cost $8,000,” Delahunty said. “I didn’t have that kind of money to put into the house.”
The two had been long-time friends and roommates when they bought the house together, pooling their money so they could afford a place in Chicago, where they were living at the time. The arrangement worked well for five years, until, as Delahunty describes it, her friend got the itch to renovate. The two argued over the friend’s plans for the kitchen, the back deck and the basement. Central air was the final straw.
While New Jersey home prices are climbing steadily, they won't reach their previous peak for another seven years, according to a report.
Jeffrey Otteau of East Brunswick-based Otteau Valuation Group told NorthJersey.com the slow pace at which home sales are increasing in New Jersey is to blame.
Otteau once expected prices to peak in 2018, 2019 or 2020 but he revised that prediction to 2023.
Surpassing even the pre-recession peak.
Spending on home renovations and repairs is expected to peak at $327 billion in 2017, according to a report released Thursday by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. That surpasses the previous peak in spending, in 2006, before the start of the recession.
With incomes rising nationwide, homeowners are focusing on discretionary projects—such as that kitchen remodel they’ve always wanted—rather than just necessary repairs, like fixing a leaking roof, said Abbe Will, a research analyst with the Joint Center. Popular projects include interior room revamps and additions of outdoor spaces like decks.
First-Time Millennial Buyers Poised to Revolutionize the Real Estate Market in 2017
You want a real estate revolution? We’ve got you covered: Next year, more than half of all homes will be bought by first-time home buyers, according to an exclusive survey of buyers by realtor.com®. It’s a seismic shift from 2016. And here’s the kicker: Most of those newbies will be millennials.
Get ready for a new-look housing market.
Each year, realtor.com® does an annual survey of home shoppers to get to the heart of home-buying trends. And what we found this year is a true sea change in the buying population that will affect which homes and neighborhoods are the most desirable in 2017.
Get these out of the way before you start house-hunting.
Are you buying a home for the first time? Before you start looking at wrap-around porches and bay windows, here are five things you need to do.
Apple’s New “Spaceship” Headquarters
Apple is building its circular, 2.8M SF, one-mile in circumference, $5B "spaceship" campus in Cupertino. Curved glass will completely encompass both sides of the main building so employees can look into the inner green or out to the exterior landscape
The structure was designed by Lord Norman Foster, who got his idea from looking at London Square, while Steve Jobs took inspiration from the Main Quad on Stanford’s campus. London Square has a mini-park in the center, and after Foster scaled up that design, it slowly morphed into a circular building that enclosed a big park.
The original building contractors were Skanska and DPR, but they parted ways from the project in early 2015 and were replaced by Rudolph & Sletten Construction,
Even as sales of luxury homes slow in some markets, jumbo lending has picked up.
That’s because looser underwriting rules—especially income requirements—have enabled more people to qualify for credit.
Milford, Conn.-based Total Mortgage Services saw jumbo-loan originations increase from 19 in January to 54 in August this year. Another change: The January borrowers had an average monthly income of $25,059, compared with $18,567 in August.
“A lot of move-up buyers are finally willing to make that move into the jumbo space,” says John Walsh, Total’s chief executive officer. “There’s also more access to jumbo lenders, because the guidelines are loosening a bit, giving access to a wider range of people.”
Retail real estate took a beating this year.
The hits started in January when Walmart revealed plans to close more than 150 locations throughout the country. Sears joined the brawl in April when the department store chain announced it would close 78 Kmart and Sears stores.
The bankruptcy of Sports Authority dealt another blow. The sporting goods chain shuttered all of its more than 460 stores this summer.
Creating a thoughtfully styled home takes time, and there's nothing more frustrating than buying the finishing touch for a room only to step back and feel like something is amiss. Is it the position of the sofa? Is the coffee table too low? When you're close to a project, these simple styling choices might not seem important, but interior design experts say a few subtle mistakes can instantly cheapen your room. Yes, even if you've splurged on a statement sofa or vintage artwork, something as seemingly insignificant as the size of a rug could undermine the space.
Curious to know if you're committing a faux pas? We turned to leading interior design experts to find out about the most common styling mistakes they notice when they first walk into a home. From generic hardware to dated bathroom accessories, it's clear that small details count. Here are the top 10 subtle styling mistakes that instantly cheapen your home — and how to fix them.
Single-family homes stay in the game, but North Jersey land scarce to build them
Buyers looking for new, single-family homes in New Jersey once had plenty to choose from. As the state’s suburbs boomed in the second half of the 20th century, developers blanketed farm fields with new houses aimed at middle-income buyers.
But those days are no more. Now, close to two-thirds of the home construction in the state is multifamily, led by rentals along the Hudson River. Single-family construction is piecemeal and pricey — a new home here or there, on pockets of land that open up, often when an older house is knocked down.
A new development on Roosevelt Boulevard in Paramus, not far from Route 17, is an example.
Six colonials with a shingle-style feel are being built on 2 1/2 acres that belonged to a longtime Paramus family, the Schreibers. Landscape architect William Comery approached the family about the property before the death of matriarch Alice Schreiber, and he is now working with two partners on the homes, which have asking prices of more than $1 million each.
Buying a home is out of reach. It will take years for me to save 20% for the down payment!
Good thing you do not need 20% for a down payment. Let me repeat that: You can buy a home without having 20% to put down.
But I heard on the news that you needed 20%…
Many news “reports” are no more based in reality than the prediction given for the 7-day forecast
Tina Naser knew she wanted to live in Manhattan’s West Village, a vibrant neighborhood with historic buildings and distinctive shops and restaurants. But after two years of searching for a one-bedroom apartment, she gave up.
Instead, she opted for a place in a pre-war building within the same neighborhood. Her choice: a 650-square-foot studio apartment, which she purchased in 2012 for $600,000; she spent another $200,000 on renovations, including the kitchen and bathroom. By going with a studio, Ms. Naser, a 42-year-old management consultant, could live in a popular neighborhood in a home with high-end finishes.
“I figured out the parameters, and I needed to marry them with price,” says Ms. Naser.
As Halloween nears, strange things start creeping up in neighborhoods across the country. Zombies hang from trees, inflatable pumpkins pop up on lawns, and freakier-looking clowns start appearing in schoolyards and supermarkets (oh wait, that last part actually began way before Halloween).
It’s unquestionably a fun holiday to decorate for. But what if you’re trying to sell your house? Just how far can you go with Halloween decorations if you don’t want to truly scare off buyers?
Experts say you don’t have to forgo all festive decorations, but you do have to choose them wisely. In general, decorations should be neutral. Think scarecrows, pumpkins, and hay bales. As for what not to do, well, it’s easier to show you.
Forbes has put out their annual list of the 400 wealthiest Americans. Over the past year, some of New York's real estate titans have brought home even more bacon; others haven't been quite so lucky. While Donald Trump's net worth, at $3.7 billion, is $800 million less than it was last year, Stephen Ross (who tops the developer list) went from having a net worth of $6.7 billion to $7.1 billion, taking him to #58 on the list.
Tress Realty Group compiles some of the best real estate news, tips, and information for buyers, sellers and investors.