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Re: So much for all of you folks who predicted a JC/NYC RE Crash
Home away from home
Home away from home


Also, on Trump's second tower:

"Geibel said the sales "threshold" has not been reached in terms of dictating the construction of the companion 50-story tower.

But Geibel said the $1.6 million tax abatement payment for the second tower has already paid in anticipation of building the next tower. "

Which pretty much means the second tower is going to be built.

Posted on: 2007/2/21 14:03
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Re: So much for all of you folks who predicted a JC/NYC RE Crash
Home away from home
Home away from home


A number of people on JCList have pointed to a possible "glut" of apartments, that developers are building "too many" units, in part as a way of arguing against urban density and to reassure themselves that preservation is more important than providing adequate housing for the surging demand. I think what CCitizen was pointing out is that despite naysayers, the housing market in the region is still going strong and any possible "glut" is going to be overcome by demand. People still want to live in New York, Brooklyn, & Jersey City, even if the housing bubble in Middleofnowhere, America has popped.

Posted on: 2007/2/21 14:00
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Re: So much for all of you folks who predicted a JC/NYC RE Crash
Quite a regular
Quite a regular


Trump will build the second tower, it is just a matter of when. There is a certain % sold they need to hit in the first tower. Right now I think they are at about 50% (not sure what the green light % is for the second tower but they have already paid the 1+ million for the tax abatement on it). The Shore Club followed a similar model.
Overall I think construction will keep pace with the buyers and we will see an overall increase in property value each year, but obviously not as robust as we have seen in years past. A few percentage points plus tax breaks still makes it worthwhile to buy.

Posted on: 2007/2/21 13:38
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Re: So much for all of you folks who predicted a JC/NYC RE Crash
Home away from home
Home away from home


Condos/apartments in NYC are much more limited and thus prices will be driven up. Here in downtown JC there will be thousands of new apartments/condos opening in the next couple years...Grove Pointe, Trump, Shore Club just to name a few. With more options to choose from people are not going to be willing to buy on a whim. Didn't Trump back off on building a second tower due to lack of potential buyers?

Posted on: 2007/2/21 12:59
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Re: So much for all of you folks who predicted a JC/NYC RE Crash
Home away from home
Home away from home


Quote:

HPDweller wrote:

Is that so? congratulations! My rent hasn't risen in 4 years so I could care less what is going on "with the market" but thanks for the update.


Me too. Same rent for almost 3 years now.

Posted on: 2007/2/21 12:49
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CASINO - The Dream for Meadowlands -- MANZO'S GAMBLE
Home away from home
Home away from home


Casino - the dream for Meadowlands
MANZO'S GAMBLE

Wednesday, February 21, 2007
By CHARLES HACK
JOURNAL STAFF WRITER

A Hudson County assemblyman is hoping to slash the state's yawning deficit by turning the Meadowlands into the high-rolling capital of northern New Jersey.

Assemblyman Louis Manzo, D-Jersey City, wants to amend the New Jersey constitution to allow the Legislature to permit casinos to be built in the Meadowlands. He also envisions an amendment to allow slot machines at the Meadowlands Racetrack.

A spokesman for Gov. Jon Corzine's office said that the administration has not seen the assemblyman's bills, and it will be reviewed once they have been introduced.

Manzo outlined his proposals in a letter to the chairman of the Assembly Tourism and Gaming Committee, Assemblyman Jeff Van Drew, D-Cape May.

Currently, casino-type gambling in the state is permitted only in Atlantic City.

Rather than hurting the profits of Atlantic City casinos, Manzo said that allowing gambling in the Meadowlands would help make up for revenue that increasingly will be lost to surrounding states.

Connecticut has four casinos. New York Gov. Elliot Spitzer just announced a new casino next to the Monticello Raceway, in the Catskills, and a casino is being proposed in the Poconos in Pennsylvania.

Manzo said that he envisions just one casino being built at the Meadowlands. He said that the number of slot machines would be determined by a formula based on the population and other factors.

"We don't want to hurt Atlantic City," said Manzo. "Meadowlands could work as well as Reno works for Nevada - without hurting Las Vegas."

The fortunes of the casino would be tied to Xanadu, the controversial retail and entertainment complex planned for the Meadowlands.

"The Meadowlands could be the center of entertainment in north New Jersey," Manzo said. "It would be a financial bonanza for the state."

Manzo is opposed to legislation by state Sen. Ray Lesniak, D-Elizabeth, that would lease the New Jersey Turnpike to private investors as a way to raise revenue.

He said that taxing Meadowlands gambling profits by 50 percent would make a significant dent in the debt - estimated at $30 billion. Manzo said he hopes the revenue generated from a casino and slot machines would reduce the need to cut funding for social programs and avert a sale of the state's toll roads.

Van Drew's office did not return calls last night.

Posted on: 2007/2/21 11:30
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Greenville Chinese food deliveryman robbed by youths
Home away from home
Home away from home


Greenville Chinese food deliveryman robbed by youths

Wednesday, February 21, 2007

A Chinese food deliveryman was robbed by at least two juveniles Monday night, but cops were only able to arrest one of them, Jersey City Police Director Samuel Jefferson said.

According to Jefferson, the deliveryman dropped off food to one of the juveniles in the vestibule of a Fowler Avenue apartment. But the juvenile, along with at least one other accomplice, followed the deliveryman out of the building and yanked the wallet from his back pocket, Jefferson said.

The deliveryman was able to identify one of the suspects - a 14-year-old from Warner Avenue - who was found with Chinese food and $94, Jefferson said.

The 14-year-old was charged with robbery, though police continue to investigate the incident and expect other juveniles to be arrested, Jefferson said.

GREG HANLON

Posted on: 2007/2/21 11:27
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Mayor's plan would tie jobs to tax breaks Mayor offers plan to exchange jobs for tax breaks
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Home away from home


Mayor's plan would tie jobs to tax breaks Mayor offers plan to exchange jobs for tax breaks

Jarret Renshaw - Location Column -Jersey Journal - Feb 21

Jersey City Mayor Jerramiah Healy laid out his broad plan last week to link tax abatements to jobs for city residents, particularly minorities. The move was welcomed, but long overdue.

The proposal, which still must pass City Council muster, calls for developers of projects valued at more than $15 million to enter into an employment agreement in exchange for a tax abatement, which provides tax certainty and reduced costs - though that is not always the case these days - to developers while filling the city's coffers with more cash than under traditional taxes.

The agreement mandates that developers use union labor, adding that 20 percent of the labor force must be in the form of local union apprentices, the first step in getting a real living wage.

Unlike the current policy - which is weak and ineffective - this one spells out the steps the city, developers and the union must take to meet the goal of hiring city residents.

These steps include job fairs, advertising openings and increased communication between the city and the school district.

If the majority of the proposal strikes you as common sense, it should.

It's sad that the city has taken this long to mandate such simple things as job fairs and reaching out to the city's school district when it doled out these tax breaks over the years.

In the past, the city has only provided lip service to the problem of finding jobs for the city's minority residents, setting up agencies and departments, but not fully staffing them or providing the leadership necessary to synchronize them.

For example, the city currently uses only four inspectors to police developers who are not living up to their current tax abatement agreements. That's four people to police 119 projects. You do the math and ask yourself whether that reflects a commitment or lip service.

Before voting on this measure, City Council should push the mayor to dedicate more resources and establish a department level position that will oversee and synchronize the city's job creation program and mobilize resources - both inside and outside government - to lift people out of poverty in this city.

However, don't expect the proposal to be met with cheers from all corners.

Several developers expressed concern about the possibility of facing penalties for not meeting employment "quotas" when they don't control who the union hires.

"It's wrong to have a dual obligation that the second party has no control over," said Jamie LeFrak, of the LeFrak Organization. "But in the end, the abatements are totally voluntary."

Did you catch that last part, City Hall?

Regardless of whether you thought Reservoir 3 should have been transformed into ball fields or you agree with the mayor that it should be preserved as passive, open space, you can't dispute the contribution of Steve Latham.

As president of the Jersey City Reservoir Preservation Alliance, Latham routinely mobilized limited resources into a powerful force in city politics, eventually convincing the city's political elites that preserving the unique resource was the proper move.

The mayor deserves some kudos as well, since he showed that he listens to the ideas of the people he serves instead of treating community groups as a mere annoyance with nothing substantial to offer - a stance that is all too familiar in today's politics.

Posted on: 2007/2/21 11:25
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Re: Firefighter busted on drug charges and officer assault
Home away from home
Home away from home


FIREFIGHTER BAIL IS SET AT $10,000
Charged with drug possession and assault on police officer

Wednesday, February 21, 2007
By CHARLES HACK
JOURNAL STAFF WRITER

A Jersey City firefighter who knocked down a police officer with his car last week and is charged with drug possession had his bail set yesterday at $10,000 cash or bond.

Judge Dennis McGill said there were "a lot of factors to be taken into account" when he set the bond at a hearing at Central Judicial Processing Court in Jersey City yesterday.

Firefighter Lawrence Lemke, 38, of Zabriskie Street, was arrested behind the A. Harry Moore public housing complex on Duncan Avenue at 8:07 a.m. Friday, seven minutes after his shift ended at the firehouse on Palisade Avenue and Congress Street, officials said last week.

He appeared yesterday via video link from the Hudson County jail.

Lemke's attorney, Leonard Meyerson, requested a $5,000 bond, saying the firefighter had more than 15 years with the department. He also said that Lemke had strong family ties with Jersey City, having lived all his life in Hudson County.

The Hudson County Prosecutor's Office had requested a $25,000 bond. Lemke is charged with aggravated assault on a police officer, possession of heroin, driving while intoxicated, resisting or eluding police, and possession of drug paraphernalia, said Police Capt. Hugh Donaghue. He was also issued a summons for driving an uninsured vehicle and being an unlicensed driver, reports said.

After the incident, police found a bag of suspected heroin, a syringe and other paraphernalia, and also found track marks on Lemke's arm, reports said.

The police officer suffered bumps and bruises after being knocked to the ground by Lemke's Honda Accord, reports said.

The officer found Lemke slumped over his steering wheel with the engine running, police said. She was checking the firefighter's pulse when his car lurched backward and the door knocked her to the ground, reports said.

Posted on: 2007/2/21 11:24
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Re: So much for all of you folks who predicted a JC/NYC RE Crash
Just can't stay away
Just can't stay away


Quote:

ccitizen wrote:
Keep waiting. Since the last flurry of posts with you last year I've made over $400k (my partners collectively made over 1.2mm) and you folks on the sidelines are just watching your rents skyrocket. Keep waiting for the sky to fall in JC. Thanks

Whatever happens in NYC is a harbinger for Downtown JC


HAHAHAHAAHAHHA!!!

Posted on: 2007/2/21 5:24
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Re: So much for all of you folks who predicted a JC/NYC RE Crash
Quite a regular
Quite a regular


Quote:

Jeebus wrote:
The original article mentioned the role of Wall Street bonuses a number of times. In an all-time record year it's not so surprising that a chunk of that mountain of cash found its way into the NYC real estate market. Whether this will continue to be the case is anyone's guess but a few deca-million purchases sure do move the average price up.

I'm happy that you have made money, although I also suspect it would have been more if you had sold a year ago. In general, I find the unrelenting touting by real estate people a bit reminiscent of tech stock analysts in 2000.

My rent has remained the same while the money that I could have put into a risky, illiquid and undiversified real estate investment has grown quite well in the stock market. Historically, housing has matched inflation yet the stock market has beat it by a comfortable margin. I question the wisdom of assuming that real estate returns won't revert to their normal mean.

Quote:

NONdowntown wrote:
Quote:

ccitizen wrote:

Keep waiting. Since the last flurry of posts with you last year I've made over $400k (my partners collectively made over 1.2mm) and you folks on the sidelines are just watching your rents skyrocket. Keep waiting for the sky to fall in JC. Thanks

Whatever happens in NYC is a harbinger for Downtown JC


Yeah, how conveniently you omit the fact that had you acted a year earlier, you'd have made $450K or possibly $500K instead of $400K.


If anyone looks at my posts - 200 in 2 years vs. over 1000 in 6+ months for some people - I have been in the game over here since '04 (for much longer and thru more cycles in nyc)and i've consistently been told by some of the jclist that the party was over and to date they've been wrong.

Jeebus,

I get your points but you can't compare the stock market to RE and its ability to create wealth. 20% down on a property that appreciates 10% is really a 50% tax-sheltered gain with far less risk than buying on margin in the market because there are no margin calls and I have the power to drive and create value and returns. Warren Buffett couldn't do 50% and he's a genius. All you need in RE is average leverage (10-20%) and average historic returns (5-6%) and you blow away the stock market. I won't even factor in tax benefits.

There are other ways to make the deals more sexy (and risky but you need to know where you are in the RE cycle)For instance, when you pull most of your cash out at closing the returns can be astronomical.

There are deals where we've basically bought buildings for the cost of the first year's insurance, i.e.,pulled down payment out at closing , did minor cosmetic work to drive up rents, and 18 months later pulled out cash and bought a small apartment for almost all cash and used the income from that to pay the refi additional balance.

Two deals ago, we turned 10k into approx 310k cash out refi (how's that versus the s&P)in 18 months with about $500 per month neg cash flow using the above method. People like brewster know this is possible (certainly more risky but with those kinds of returns you can take that risk). Sure we had some neg cash flow - very low mortgage rates :> - but we had the "down payment" in our pocket so big deal.


Not all markets are the same. Places like miami, vegas, san diego and detroit WILL have trouble. But if you understand the dynamics of your local market you can do soooo well with RE. That is how real money is made.

P.S., can't believe your rent has stayed the same. I've been able to increase rents by as much as 20-30% after vacancies in downtown over the last few years.If you get a new landlord don't be surprised.

Posted on: 2007/2/21 5:20
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Re: Jersey City's Leaning Green
Newbie
Newbie


Yes, it is great news about the preservation of the Reservoir as open space. It's also a pleasure to stand with the Mayor on his choice of action. I also tend look to the down side on issues, however in this case I'll happily accept Reservoir 3 via any form of reasoning.
jcheights, I am an Embankment Park supporter and so I am interested in your comment regarding various additional influences in the city. Would you say more about that? It sounds as if you have some suggestions and I for one welcome them.
I am also curious about your thoughts on the individual city council member's perspectives. I think it is important to know where our elected officials stand on all sorts of issues.

Posted on: 2007/2/21 4:11
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Re: So much for all of you folks who predicted a JC/NYC RE Crash
Home away from home
Home away from home


The original article mentioned the role of Wall Street bonuses a number of times. In an all-time record year it's not so surprising that a chunk of that mountain of cash found its way into the NYC real estate market. Whether this will continue to be the case is anyone's guess but a few deca-million purchases sure do move the average price up.

I'm happy that you have made money, although I also suspect it would have been more if you had sold a year ago. In general, I find the unrelenting touting by real estate people a bit reminiscent of tech stock analysts in 2000.

My rent has remained the same while the money that I could have put into a risky, illiquid and undiversified real estate investment has grown quite well in the stock market. Historically, housing has matched inflation yet the stock market has beat it by a comfortable margin. I question the wisdom of assuming that real estate returns won't revert to their normal mean.

Quote:

NONdowntown wrote:
Quote:

ccitizen wrote:

Keep waiting. Since the last flurry of posts with you last year I've made over $400k (my partners collectively made over 1.2mm) and you folks on the sidelines are just watching your rents skyrocket. Keep waiting for the sky to fall in JC. Thanks

Whatever happens in NYC is a harbinger for Downtown JC


Yeah, how conveniently you omit the fact that had you acted a year earlier, you'd have made $450K or possibly $500K instead of $400K.

Posted on: 2007/2/21 3:31
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Re: So much for all of you folks who predicted a JC/NYC RE Crash
Just can't stay away
Just can't stay away


Quote:

ccitizen wrote:
Keep waiting. Since the last flurry of posts with you last year I've made over $400k (my partners collectively made over 1.2mm) and you folks on the sidelines are just watching your rents skyrocket. Keep waiting for the sky to fall in JC. Thanks



Is that so? congratulations! My rent hasn't risen in 4 years so I could care less what is going on "with the market" but thanks for the update.

Posted on: 2007/2/21 1:50
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Re: So much for all of you folks who predicted a JC/NYC RE Crash
Just can't stay away
Just can't stay away


what does "I made" mean - you sold and have cash in hand or on paper your equity has increased by 400K.

Just curious, where would people park 400K after selling out?

Posted on: 2007/2/21 1:22
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Re: So much for all of you folks who predicted a JC/NYC RE Crash
Just can't stay away
Just can't stay away


CCitizen, congratulations on your good year. You took a chance and won.

January 2007 was the warmest on record, which obviously had an effect on the housing market. Wall Street bonuses were also at a record level, which had an obvious effect on the housing market.

All of the real estate folks are talking about the end of the real estate slowdown.

However, it's possible think that we may not have even seen the beginning. Remember, foreclosures are at an alltime high, and are set to increase even more this year.

Let's see what happens.

Posted on: 2007/2/21 1:10
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Re: So much for all of you folks who predicted a JC/NYC RE Crash
Home away from home
Home away from home


Quote:

ccitizen wrote:

Keep waiting. Since the last flurry of posts with you last year I've made over $400k (my partners collectively made over 1.2mm) and you folks on the sidelines are just watching your rents skyrocket. Keep waiting for the sky to fall in JC. Thanks

Whatever happens in NYC is a harbinger for Downtown JC


Yeah, how conveniently you omit the fact that had you acted a year earlier, you'd have made $450K or possibly $500K instead of $400K.

Posted on: 2007/2/21 1:05
 Top 


Re: So much for all of you folks who predicted a JC/NYC RE Crash
Home away from home
Home away from home


Well then, congratulations. Now, are you done gloating?

Quote:

ccitizen wrote:
Keep waiting. Since the last flurry of posts with you last year I've made over $400k (my partners collectively made over 1.2mm) and you folks on the sidelines are just watching your rents skyrocket. Keep waiting for the sky to fall in JC. Thanks

Posted on: 2007/2/21 0:47
 Top 


So much for all of you folks who predicted a JC/NYC RE Crash
Quite a regular
Quite a regular


Keep waiting. Since the last flurry of posts with you last year I've made over $400k (my partners collectively made over 1.2mm) and you folks on the sidelines are just watching your rents skyrocket. Keep waiting for the sky to fall in JC. Thanks

Whatever happens in NYC is a harbinger for Downtown JC





--------------------------------------------------------------------------------

February 19, 2007
Housing Market Heats Up Again in New York City
By TRACIE ROZHON
Since the new year began, a burst of activity has broken out in Manhattan and several Brooklyn neighborhoods as New Yorkers frenetically hunt for co-ops, condominiums and town houses, sending prices higher despite sluggish sales in many other cities.

Preliminary indications from real estate firms showed that this increased activity, with open houses jammed and bidding wars taking place, has occurred in all price ranges ? from tiny studios in the East Village to red-brick mansions on the Upper East Side ? in counterpoint to the heavily weighted record sales of luxury properties that led the market in the late summer and fall.

Real estate brokers and statisticians are quick to point out that not every single apartment is flying into contract. During the last quarter of 2006, the major real estate agencies differed on which way prices were headed.

But now, the three largest real estate companies in the city agree: for January, at least, both prices and the number of signed contracts rose in double-digit percentages compared with the same month in 2006.

With higher Wall Street bonuses, a strong regional economy and pent-up demand from New Yorkers who were once worried that the city?s real estate market would crash, buyers? attitudes have done an about-face. ?Their psychology has changed,? said Frederick W. Peters, the president of the Warburg Realty Partnership. ?For almost two years, they?ve been scared that the market would plummet and they?d end up like fools who paid too much.?

Real estate experts say they see no reason for the trend to not continue, with economists predicting stable mortgage rates and a continuing city budget surplus. However, other factors may alter New Yorkers? renewed interest in buying real estate, including an expansion of the Iraq war, a changing employment picture or another terrorist attack.

Yet, there is ?cautious exuberance,? according to Steven L. James, director of Manhattan sales for Prudential Douglas Elliman.

A week ago, one open house attracted 100 people to an Upper West Side one-bedroom; a $2.475 million house in the Park Slope neighborhood of Brooklyn sold in a day.

Across the board, the prices of Manhattan apartments are rising. Jonathan Miller, the president of Miller Samuel, an appraisal firm, said the number of contracts signed this January was 19.4 percent higher than in January 2006. Prices were up 14.4 percent in the same time period. Inventory, which was mounting last summer, is shrinking fast.

Now, according to Mr. Miller, statistics showed that sales of studio and one-bedroom units, stagnant over the past year, were up 13.7 percent in January. ?It?s not like a lot of huge sales at the high end skewed the average up.?

According to a report released last week by the National Association of Realtors, prices are falling in many other metropolitan areas around the country. The report covered only the last quarter of 2006, and showed a modest increase of 3.1 percent for the New York area, which includes parts of northern New Jersey.

Anecdotally, there isn?t much talk of falling prices in Manhattan and in the most sought-after neighborhoods in Brooklyn, where young people looking for a break, empty nesters looking for a guest room and foreigners looking for a pied-?-terre say they want to live.

Katalin Shavely, a 30-year-old bedding designer in Manhattan, devotes her weekends to scanning the classifieds and attending open houses, searching for just the right one-bedroom apartment for less than $750,000. She can?t find it. ?I made a mistake,? she said last week. ?I should have started looking before Thanksgiving.?

Mr. Miller said New Yorkers had been reluctant to buy because of the feeling of an impending crash. ?Last summer, a lot of information was being dumped on the consumer: stories about the glut of condos in Miami, Washington, D.C., and Las Vegas, exacerbated by the constant debate on the blogosphere about housing bubbles, mixed together with a barrage of negative predictions,? he said in a telephone interview.

Although no one can pinpoint the moment when New Yorkers started feverishly buying again, Kirk Henckels, the director of the private brokerage division of Stribling & Associates, said he thought the luxury market picked up after Labor Day.

He and others said the resurgence was partly fueled by the fall?s record-setting (and well-publicized) sales of a few multimillion-dollar apartments and town houses, like the Stanford White limestone palazzo at 25 East 78th Street bought by Mayor Michael R. Bloomberg for $45 million and the Harkness mansion at 4 East 75th Street sold in October for $53 million.

Then came this year?s stratospheric Wall Street bonuses, and the market exploded, real estate executives said.

?The plunger that freed up all the hesitation at all price levels was those bonuses,? said Diane Ramirez, the president of Halstead Property. ?It cleaned the pipes and gave confidence to even small apartment buyers.?

Within the last month, the Corcoran Group, Halstead and Prudential Douglas Elliman, three of New York City?s largest real estate sales firms, say they have recorded double-digit increases in contract prices and in the number of transactions.

In a real estate market where 18 and 22 percent price increases were recorded in 2004 and 2005, last year?s 6 percent increase was depressing, Mr. Miller said.

Pamela Liebman, the president of the Corcoran Group, reported that the company?s contracts for this January totaled $1.3 billion, an increase of 53 percent from January 2006.

Prices in many areas of Brooklyn are going up, too. According to Marc Garstein, the president of Warren Lewis Realty in Park Slope, prices in what he called the downtown neighborhoods ? including Brooklyn Heights, Park Slope, Carroll Gardens, Cobble Hill, Prospect Heights and Windsor Terrace ? are now approaching 2004 highs, after being off about 10 percent in the last two years.

A town house at 171 Garfield Place in Park Slope, priced at $2,475,000, sold for the asking price one day after it was put on the market. Fifty people had shown up at the open house, Mr. Garstein said.

Customers said they had expected a buyer?s market in which they could call the shots, but found a race track, instead.

Jane LaFarge Hamill, a 25-year-old painter who lives in a ?small, kind of stinky? studio in Chinatown, said she had looked at 60 apartments over three months, trying to take advantage of the lull she had noticed. ?We decided to look while sellers were still worried that the market was crashing,? she said.

When she started looking last fall, there was still ?wiggle room,? she said. But now, there is frenzy, said her mother, Leita Hamill, who, with her husband, Bill, is helping her daughter search for and buy a new home. The Hamills had gotten into a bidding war, one of many reported by brokers these days, for a two-bedroom co-op in Gramercy Park. They had started bidding above the asking price, but it wasn?t enough.

?There were people bidding on the apartment sight-unseen,? Mrs. Hamill said. The victors got the co-op through a sealed bid, she said. ?It was like a pair of shoes that you absolutely had to have,? she said.

Real estate executives say they do not know how long the market?s heat will be turned up, although they say the regional economy looks strong.

They also say that the first two quarters of the year ? the spring market ? are traditionally stronger than the last two. Thus, the average for the whole of 2007 may or may not show the double-digit growth that the first part of the year is showing. ?It?s all about price now,? Ms. Ramirez said. ?The market is not in a spike mode, when anything, for any price, will sell.?

Ms. Ramirez, who has sold real estate for more than 30 years, said she expected that the current rocketing growth would be followed by a period of slower yet steady increases. ?I don?t want to hear, ?Oh my gosh, the market is slowing up again,? ? she said. ?With the number of deals we had last week, it has to calm down. But I feel much more confident than at any time in the last five years when the market had fits and starts and there was always a certain underlying nervousness.?

Toward the end of 2004, the real estate market in the city was booming. But then, brokers started seeing ?great concern among clients that mortgage rates were about to jump and that house prices would suffer a sharp correction,? Mr. Miller said.

Since then, there has been change of leadership in Congress, Mr. Miller noted. In the region, unemployment has dropped. Mortgage rates didn?t soar. ?Two years ago, we were predicting they?d be up to 8 percent now,? he said. (Rates for a 30-year fixed loan on a New York City co-op hover around 6.25 percent, according to the Manhattan Mortgage Company.)

After months of trying to push shoppers over the edge of indecision, brokers now say they spend time warning house hunters not to rush in heedlessly ? advice the would-be buyers don?t always listen to.

?When my wife and I got into the market in mid-December, people told me there was a glut of one-bedroom apartments and I could take my time,? said Shelly Cohen, 51, an empty-nester. ?When we actually got into the market, I found it was just the opposite.? He just found a newly created condominium in a beige brick high-rise at 1438 Third Avenue at 81st Street and quickly signed the contract. He said he felt he had to.

Mrs. Hamill, the mother of the young artist in Chinatown, offers her own advice to friends.

?Now I tell everybody: Be ready to write the check the minute you see something you love,? she said. ?If it?s any good, it?ll be gone by the next day.? She paused. ?Or, even by that same day.?



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Posted on: 2007/2/21 0:43
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Re: The Great Jersey City SOUP SWAP '07
Home away from home
Home away from home



Posted on: 2007/2/21 0:12
Thank you for making The Great Jersey City SOUP SWAP an annual success! See you in January 2013 for the next Soup Swap!
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The Great Jersey City SOUP SWAP
Home away from home
Home away from home


I mentioned a soup swap on another thread (Things to Do When It's Freezing Outside), but maybe to see whether or not it is really viable, it deserves it's own thread.

So, first, what is a soup swap?

To participate, you make a BIG batch of soup. You freeze a few quarts. (We would set a number, probably between 4 or 6 quarts).

We get together somewhere in downtown Jersey City and, through some democratic system, choose to take home 4-6 quarts of different soup.

We could drink a few glasses of wine and make it a social event, but it's not like a soup dinner or anything. The whole thing might take an hour-ish, depending on how many people are involved.

I can draw up much more detailed rules and guidelines, for people who feel they need that sort of thing.

Some blog posts by other people about their soup swap experiences are here:

Boston Soup Swap '06

Seattle Soup Swap

I'd like to do it in a few weeks. This would give people time to research their recipe, buy their groceries and cook up their batch. (Maybe Sunday 3/4 or 3/11?) But if everyone feels like they'll be souped out by March, you can hold out for National Soup Swap Day - January 23, 2008.

If you're interested in swapping soup, leave a reply or PM. Please let me know if you have a preferred date and if you have a suggestion for a swap location.

Posted on: 2007/2/20 23:53

Edited by Webmaster on 2007/11/7 9:11:05
Thank you for making The Great Jersey City SOUP SWAP an annual success! See you in January 2013 for the next Soup Swap!
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Re: Jersey City's Leaning Green
Quite a regular
Quite a regular


Thank goodness for the preservation of Reservoir 3. However, without being a pessimist, the passive park was considerably cheaper (by 5 or so million). Those interested in Embankment preservation may need to look at a variety of influences in the city. It was clear to me that not all of the council people supported Reservoir 3 sans ballpark, in fact, encouraged little league groups to petition to be integrated into the Reservoir plans.

Posted on: 2007/2/20 20:20
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Re: Van Vorst Park---Dog Run
Newbie
Newbie


Thanks a lot for your perseverance Marc.

Johnny

Posted on: 2007/2/20 17:09
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Re: what time is construction allowed to start
Just can't stay away
Just can't stay away


I have had good luck calling the police on Saturday to have construction stopped. Maybe it's an easy call for them. I have even called during the week about a loud radio coming from a construction site. They came within 30 minutes. Lesson learned: call if you think you are within your rights, or if you are unsure what the laws are.

I have never had any luck calling the historic district people about what I believe to be a violation of the historic restoration ordinances, however.

Posted on: 2007/2/20 15:47
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Jersey City's Leaning Green
Newbie
Newbie


LETTERS TO THE EDITOR

Jersey City is Leaning Green

Tuesday, February 20, 2007
Letters to the Editor
The Jersey Journal

As a longtime resident who would like to see more city space allocated for park lands, I applaud the recent announcement by Mayor Healy to designate Reservoir 3 a passive green space.

There is a movement afoot in Jersey City.

Organized groups of community-minded residents are working together to help create a healthy environment in Jersey City for our families.

I hope the next announcement the mayor will be making is that the Embankment, which runs along Sixth Street in the Downtown area, will be purchased by the city with the millions of dollars in county and state green space funds already at its disposal. An Embankment park would be an asset to all. A world class city deserves a world class park.

TENESH WEBBER JERSEY CITY

Posted on: 2007/2/20 14:51
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Re: what time is construction allowed to start
Not too shy to talk
Not too shy to talk


Per the celeste message that now appears above when posting,** if you search noise ordinance you would find a long thread. I posted a link there. Here is the extraction for your complaining pleasure:

? 222-3. Specific standards. [Amended 9-22-1981 by Ord. No. MC-29; 6-9-1988 by Ord. No. C-750]

A. The following acts and noises are declared to be loud, disturbing and unnecessary noises in violation of this Article, but this enumeration shall be deemed to be illustrative only and not an exclusive enumeration of such noises:

(6) Construction, repair or alteration of buildings.
The erection (including excavation), demolition, alteration or repair of any building other than between the hours of 7:00 a.m. and 6:00 p.m. on weekdays, except in case of urgent necessity in the interest of public health and safety, and then only with the permission of the Construction Official. Such a permit may be granted for a period not to exceed three (3) days or less while the emergency continues, and such permit may be renewed for periods of three (3) days or less while the emergency continues. If the Construction Official determines that the public health and safety will not be impaired by the erection, demolition, alteration or repair of any building or the excavation of streets and highways between the hours of 6:00 p.m. and 7:00 a.m., and, if he or she shall further determine that loss or inconvenience would result to any party in interest, he or she may grant permission for such work to be done within the hours of 6:00 p.m. and 7:00 a.m. upon application being made at the time the permit for the work is awarded or during the progress of the work.*
* Editor?s Note: Amended at time of adoption of Code; see Ch. 1, General Provisions, Art. I.

** should the green box be called the EggFlyLice box?

Posted on: 2007/2/20 14:31
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Re: what time is construction allowed to start
Newbie
Newbie


Quote:

romeo wrote:
To my knowledge, construction usually starts as early as 7am. President's day is not the Fourth of July.


well they started work on New Year's Day at 7am as well. There should be some kind of law that on holidays and weekends they should can't start till 8am. I can tell you that when these new neighbors move in they are not going to be very welcome--people on this street are pissed. The workers are throwing their trash everywhere and they keep taking up parking spots with their dumpsters. And working early and working as late as 10pm at night. Oh, and I just love when they change out the port a potty at 4am (very loud trucks pick them up and change them for a new one) at least the workers aren't pissing and crapping all over the street

Posted on: 2007/2/20 3:43
"I was sent here for a reason I have not yet been able to fathom." Henry Miller, Tropic of Cancer
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Re: what time is construction allowed to start
Newbie
Newbie


To my knowledge, construction usually starts as early as 7am. President's day is not the Fourth of July.

Posted on: 2007/2/20 3:24
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what time is construction allowed to start
Newbie
Newbie


I live on a block (as I am sure many of you have a story) where a house is being renovated. They start work at 7am- even today when most people had off(and also do this on saturdays). Is there an offical time they are allowed to start with the jackhammers???

Posted on: 2007/2/20 2:23
"I was sent here for a reason I have not yet been able to fathom." Henry Miller, Tropic of Cancer
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Re: Dog run open at Van Vorst Park
Not too shy to talk
Not too shy to talk


Parkman, great work! You can be proud of the work you did along with getting the public involved in the project.

I won't be using it but I'm happy for all the ones that will and the HAPPY DOGS.

Posted on: 2007/2/19 23:32
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