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Re: Australians investors buying up Jersey City housing
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Financial chicanery? The only financial chicanery I can see is that the Australians solved their pension crisis about 20 years ago, and their retirees have about 3-4 times the cash saved compared to a typical US retiree. Why shouldn't they buy properties at depressed prices to rent out? Seems a much better idea than buying an annuity at rock-bottom interest rates. And Aussies buying up properties will actually help the US housing market recover.

What's the problem?

Posted on: 2014/1/25 3:00
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Re: Australians investors buying up Jersey City housing
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Goldjason wrote:
...Congress should investigate this whole damn sh**t before it becomes too late.

Where are Monroe, Borisp, et al when you need them to defend Capitalism? Goldjason - read "Who Stole The American Dream", "The Great Short", "Griftopia...", for starters. This is no accident - Wall Street has been at this since 1978, since the Lewis Commission Report.

Our government has been enabling the financial sector to enrich itself with financial chicanery - that has no discernable public good - ever since.

I suppose we can console ourselves the Aussies at least will bring pretty good beer

Posted on: 2014/1/25 1:49
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Goldjason wrote:
Unless someone can refute my opinion I think these "Australian Investors" are none other than our domestic investment banks doing a new trick after the mortgage crisis in 2008.

It isn't.

Dixon Leasing is a subsidiary of Dixon Advisory, which is an Australian company: http://www.dixon.com.au

They're also only buying a fraction of the available housing -- and as noted, they've apparently stopped for now, and are focusing on fixing up their properties.

It does seem that hedge funds, REIT's etc are moving into residential, and they probably are cutting into some of the supply. But this isn't all bad -- since we now have companies like Mack-Cali building large residential projects in JC.

The real issue facing prospective buyers nationally is that mortgage standards have become incredibly strict after the crisis. In addition, some big tax breaks for 1st time home buyers ended a few years ago.

And locally, the big issue is that there just isn't a lot of inventory -- and hasn't been for years. The only way to fix that problem is to build more, a choice that has its own pros and cons.


Quote:
Many are confused why such properties are showing a rise in value in distressed neighborhoods . It simply means these vultures are buying it up... The properties will be fixed up and rented out and offered at market rate rents.

Why are they "vultures," when they buy properties, fix them up and rent them out? It's only a problem if they are not doing a good job of managing the properties, and that's just as likely to happen with a small landlord (who doesn't give a crap about his or her reputation) as with a larger company.

Or perhaps you think it's a bad thing to fix up a building and rent it out...?


Quote:
The rents are bundled and traded in Wall Street like REITs. This is the new form of AMERICAN GREED !

Erm... Real estate has been a form of wealth and investment for centuries. MBS's are about a decade old now, and since we've already had a big securities crash less than 10 years ago, no one can be fooled into thinking it's a sure bet.

I.e. This is really nothing new.


Quote:
There is no law against this practice.

Yep. It's legal and, as long as they treat their tenants well, entirely ethical.


Quote:
In time we will all eventually be a nation of renters in the cities. These banksters are disgusting !

? There is absolutely nothing wrong with being a renter, or being a landlord. In fact, renting can often be highly efficient and advantageous, as you can invest your money elsewhere and have much more flexibility.
? There are lots of people who do not have sufficient funds to own a home, but want to live in JC.
? JC is already around 62% renters.
? Investing in real estate does not make bankers "disgusting." Their ethical failures manifest when they actually do engage in unethical behavior -- e.g. defrauding securities buyers, or improperly foreclosing on properties. If you're going to despise the bankers, you should at least be accurate about the reasons why. ;)

Posted on: 2014/1/24 19:17
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Re: Australians investors buying up Jersey City housing
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http://www.nbcnews.com/business/all-c ... 11980306?ocid=msnhp&pos=1

All-cash offers crushing first-time homebuyers


Diana Olick, CNBC

1 hour ago

Out of reach for first-time buyers? All-cash investors are shouldering first-time buyers out of the housing market.
Justin Sullivan / Getty Images

Out of reach for first-time buyers? All-cash investors are shouldering first-time buyers out of the housing market.

Insatiable demand from hedge funds, private equity investors and foreign buyers, all armed with ready cash, are elbowing first-time buyers out of the housing market.

First-time buyers tend to purchase lower-priced homes, but all-cash investors have cornered the market on those, leaving little behind. All-cash purchases accounted for 42.1 percent of all U.S. residential sales in December, up from 38.1 percent in November, and up from 18.0 percent in December 2012, according to a new report from RealtyTrac.

The phenomenon is putting up another roadblock for young Americans already assailed by high student loan debt, poor wage growth and less-than-pristine credit.

First-time homebuyers, historically about 40 percent of the market, accounted for just 27 percent of sales nationally in December, the lowest since the National Association of Realtors began tracking this cohort in 2008.

The investors are largely hedge funds and private equity, as well as international buyers, such as upper middle class Chinese buying in California ? all part of the new single-family rental trade.

While the Realtors show a smaller share of all-cash buyers, 32 percent, they don't capture sales of homes outside their "multiple listing services," which would include sales of homes at auctions or by banks. In any case, the share is a, "phenomenal, very, very high percentage," according to the Realtors' chief economist, Lawrence Yun.

That leaves out would-be buyers such as Morgan and Tyler Brasfield, who are "dying" to buy a home, especially since the birth of their second child six months ago.

Unfortunately they just don't have the cash to compete in today's San Francisco housing market, so they continue to rent.

"People are coming in with full-cash offers that are significantly higher than asking," said Morgan, as she corralled her 2-year-old on the playground. "So if you find a home for a little over a million, which would be a fixer-upper here, you can expect to pay two to three hundred thousand more than asking."

But even if they were looking in a less pricey, less competitive area, Morgan admits they would still have trouble coming up with the down payment; Tyler, who is now working in finance, just graduated from business school a year ago.

"We need to focus on the student loans right now," said Morgan.

Distressed properties made up just over 16 percent of all U.S. home sales in 2013, up from 14.5 percent in 2012, according to RealtyTrac. These homes tend to be priced under $100,000, a sweet spot for first-time buyers. Sales of homes in that price category fell 11.5 percent in December from a year ago, according to the Realtors, while sales of homes priced above $250,000 jumped over 14 percent.

Tough credit
Tough credit is also hitting younger buyers hardest. Today's mortgage lenders require higher down payments, and while first-time buyers used to get help from their parents, that well has dried up for some, as older Americans lost much of their savings in the recent financial crisis.


First-time buyers often turn to FHA loans, the government mortgage insurer, but premiums and fees there have gone up dramatically in the past year, and FHA's share of the market has dropped accordingly.

On the brighter side, another report from Inside Mortgage Finance shows Fannie Mae and Freddie Mac easing the doors open a bit more to first-time buyers. The share of Fannie Mae/Freddie Mac financing for first-time homebuyers hit 19.5 percent in December. That compared with 14.1 percent a year earlier.

Credit aside, there is still the simple fact that house prices shot up like a rocket in 2013, well into the double digits nationally.

"Below the surface of last year's market, a number of unsettling trends started to emerge as a result of rapid and ultimately unsustainable appreciation, setting up a bit of a mixed bag for 2014," said Zillow's chief economist, Stan Humphries.

"Affordability issues will help put the brakes on many markets that saw huge appreciation rates, like California and the Southwest, creating volatility that could potentially cause whiplash for homebuyers and sellers."

?By CNBC's Diana Olick. Follow her on Twitter @Diana_Olick.

Posted on: 2014/1/24 16:52
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nice reonvations

Posted on: 2014/1/24 16:12
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Re: Australians investors buying up Jersey City housing
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I don't think they are that special in terms of renovations. But I am glad they are making improvements.

Posted on: 2014/1/24 16:00
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I think Dixon has stopped buying new homes for now and is focusing on renovations at the moment. They've got some very classy stuff that's come to market in Brooklyn recently (see: http://www.brownstoner.com/blog/2014/ ... erties-all-over-brooklyn/), so I have high hopes for their renovations.

Posted on: 2014/1/24 0:09
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tommyc_37 wrote:
So is it pretty much impossible to buy a single family rowhouse downtown, seeing that Dixon is swooping in and offering cash?


The flip side is that if you're selling, it's a lot more convenient to deal with someone who can pay you in cash.

Posted on: 2014/1/23 17:50
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tommyc_37 wrote:
So is it pretty much impossible to buy a single family rowhouse downtown, seeing that Dixon is swooping in and offering cash?

Nope. My wife and I bought one this spring (was operating as a single at the time, but we'll be using it as a multi-family) and friends of ours bought one as well. I know of at least one other we were looking at that went to a family and not Dixon.

It's not easy though because the supply is pretty limited.

Posted on: 2014/1/23 17:47
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Goldjason wrote:
Unless someone can refute my opinion I think these "Australian Investors" are none other than our domestic investment banks doing a new trick after the mortgage crisis in 2008. They will always create a new way to make money at the expense of the ignorant .

1) Most of these houses usually must be cash only deal. You never have a chance if you need a mortgage to buy it

2) You will see the buys clustered in a particular neighborhood if you can digitized the data in map of the district. Many are confused why such properties are showing a rise in value in distressed neighborhoods . It simply means these vultures are buying it up.

3) The properties will be fixed up and rented out and offered at market rate rents.

4) The rents are bundled and traded in Wall Street like REITs. This is the new form of AMERICAN GREED !

5) There is no law against this practice. Their legal advisors have researched this throughly. Unfortunatelly it is happening all over the country, e.g Atlanta, Las Vegas, Florida, Detroit, etc. They camouflaged under names such as "Innovative Homes", etc.

In time we will all eventually be a nation of renters in the cities. These banksters are disgusting !


Why would someone refute you? They're pretty upfront about what they are doing. The only thing that is not spot on is that it is an Australian group working in this area. There are lots of domestic groups, or other foreign companies doing the same thing in other areas of the country. As far as I know this one is not bundled and traded as it operated more like a stand alone fund, but the end result is pretty similar for the neighborhood.

Posted on: 2014/1/23 17:44
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Goldjason wrote:
Unless someone can refute my opinion I think these "Australian Investors" are none other than our domestic investment banks doing a new trick after the mortgage crisis in 2008. They will always create a new way to make money at the expense of the ignorant .

1) Most of these houses usually must be cash only deal. You never have a chance if you need a mortgage to buy it


And what's wrong with buy something with cash? As a whole, American assets are saddled with too much debt already.

Quote:

2) You will see the buys clustered in a particular neighborhood if you can digitized the data in map of the district. Many are confused why such properties are showing a rise in value in distressed neighborhoods . It simply means these vultures are buying it up.


And this is bad why? Should RE purchases be random or planned out?

.Quote:

3) The properties will be fixed up and rented out and offered at market rate rents..


Again, not seeing the problem here..

.Quote:


4) The rents are bundled and traded in Wall Street like REITs. This is the new form of AMERICAN GREED !


Please explain the problem with this.

Quote:


5) There is no law against this practice. Their legal advisors have researched this throughly. Unfortunatelly it is happening all over the country, e.g Atlanta, Las Vegas, Florida, Detroit, etc. They camouflaged under names such as "Innovative Homes", etc.

In time we will all eventually be a nation of renters in the cities. These banksters are disgusting !


You act as if owning = good and renting = bad. Your choice to rent or buy depends on your personal situation.

Posted on: 2014/1/23 17:39
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Re: Australians investors buying up Jersey City housing
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So is it pretty much impossible to buy a single family rowhouse downtown, seeing that Dixon is swooping in and offering cash?

Posted on: 2014/1/23 17:28
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Wow, This was what I thought was happening. What can we do about it ? Almost nothing !Too many people are on the verge of foreclosure and with the high taxes it is too tempting not to pass it off.
Yup, are these really "Australian Investors" or are they your "friendly banker" (disguised)supposedly setting this foreign trust to extract massive gains on the backs of us poor property owners. Just for arguments sake, why would Australians, 10K miles away want to dabble in the US with all its regulatory complications and problems. . They are better off nearer to countries closer to them with much greater opportunities. Just imagine bundling the rental income and bundling it up as REIT securities and selling it on Wall Stree and making great profits. What a great business plan !. Guess they never teach that in business school but you are saddled with student loans that take years to pay off. Our banks can borrow money from the central bank (Federal Reserve) at very low interest and play this game. Congress should investigate this whole damn sh**t before it becomes too late.

Posted on: 2014/1/23 17:18
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Unless someone can refute my opinion I think these "Australian Investors" are none other than our domestic investment banks doing a new trick after the mortgage crisis in 2008. They will always create a new way to make money at the expense of the ignorant .

1) Most of these houses usually must be cash only deal. You never have a chance if you need a mortgage to buy it

2) You will see the buys clustered in a particular neighborhood if you can digitized the data in map of the district. Many are confused why such properties are showing a rise in value in distressed neighborhoods . It simply means these vultures are buying it up.

3) The properties will be fixed up and rented out and offered at market rate rents.

4) The rents are bundled and traded in Wall Street like REITs. This is the new form of AMERICAN GREED !

5) There is no law against this practice. Their legal advisors have researched this throughly. Unfortunatelly it is happening all over the country, e.g Atlanta, Las Vegas, Florida, Detroit, etc. They camouflaged under names such as "Innovative Homes", etc.

In time we will all eventually be a nation of renters in the cities. These banksters are disgusting !

Posted on: 2014/1/23 16:09
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Re: Australians investors buying up Jersey City housing
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call them 201-942-6222


Please note on some properties the tenants may be required to shovel.

Posted on: 2014/1/22 13:55
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Anybody else notice that these aussies don't shovel their properties in a timely manner? Took them 2 days last time. I wonder if they'll get around to it this time.

Posted on: 2014/1/22 13:44
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Dolomiti wrote:
Quote:

Vigilante wrote:
The Aussies are blitzing the market. They have tons of money and are outbidding everyone so they can monopolize the rental market.

As I remarked back in January:

There are, roughly speaking, 80,000 housing units in Jersey City. About 56,000 units are rentals. 70% of all the housing in Jersey City are already rentals.

In January, Dixon owned around 230 units. That's about 0.3% of all units, or 0.4% of all rentals.

There is no way they will be able to "monopolize" the rental market. And compared to the Lefrak family, they're a flea.


Quote:
Their audience is transient renters and not people who would make a long term commitment.

70% of JC apartments are rentals. If you object to renters, you live in the wrong city.

In the NYC area, real estate is very expensive; so lots of renters stick around for a long time. Or, they rent for a few years, and then buy.


Quote:
The young families are outbid time and time again.

Yes, that's how life works. Renters need places to live, too.

Should we also object to singles who buy apartments? How about married couples that don't want children, should we run them out of town?

And no, it's not bad for schools. Real estate taxes are collected regardless of whether the unit is owner-occupied or a rental. The quality of the schools depends on how well they are managed and funded, the administration, and the teachers, as well as the socioeconomic conditions of the city. None of this is changed because a company is buying a few more rental units.


BS. Schools are improved when parents are involved and invested. There are plenty of people who want to raise their kids here beyond Pre-K. Most newer, wealthier residents use private or enter lotteries for the better Charter schools or ultimately move away. More and more newer parents, who are already paying high taxes, would like to stay and utilize the public schools at least through Grammar School level. More and more of them are getting involved and trying to shape the future of schools in Jersey City. It's a tough road but they are trying. Just paying money blindly into a system is not going to cut it. BTW? I am married and a renter with no kids.

Posted on: 2013/11/20 20:22
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If I had his money I would do the same but I wish it was someone from here that wants to be here for the long haul, who only wants to make the area better.

I really hope they do the right thing for our neighborhood.

Posted on: 2013/11/20 19:06
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Posted on: 2013/11/20 9:37
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All this attention dolomiti !
I'm not sure if you're stalking or have a crush, but I need to point out that I'm heterosexual.

Posted on: 2013/8/15 10:09
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fat-ass-bike wrote:
If there is no law to prevent overseas property ownership

There isn't


Quote:
I personally believe government on a local level has a huge role to play in preserving the needs of a community that is equitable to all...

Are you talking about requirements for low-income housing?

Or are you talking about illegally restricting property ownership, based on the prospective owner's nationality?


Quote:
The option for those that feel otherwise always have the choice to live in a gated community.

Uh, yeah, that has pretty much nothing to do with Dixon.

They bought up a bunch of properties, and are renting them out while waiting for home values to improve. This has nothing to do with affordable housing, nor is Dixon repsonsible for preserving your ideas about "the needs of the community."

Their responsibility is to treat their tenants fairly, to take care of the properties they own, to obey the law and pay their real estate taxes.

Posted on: 2013/8/15 4:38
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There shouldn't be any complaints - Most threads on JClist have many voicing an open market, democracy, freedom of speech, capitalism, gentrification etc.

If there is no law to prevent overseas property ownership or loop-holes around ownership, then why complain. We can't even get consensus on dog / animal management and responsibility issues.

I personally believe government on a local level has a huge role to play in preserving the needs of a community that is equitable to all - which includes and not limited to socio-economic standing, race, religion and marital or parental disposition. We often demand it in employment, why not demand it on community development? The option for those that feel otherwise always have the choice to live in a gated community.

Posted on: 2013/8/15 2:53
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Oh yeah, add 331.5 Seventh Street to the list of neglected properties Dixon Leasing owns and is doing nothing about. This one made the list of Jersey City's most neglected properties last year. Dixon Leasing seems willing to let it hold that honor.

They bought 318.5 Seventh Street earlier this year, slapped on some paint, and have it on the rental market for $3200/month. For some reason, they can't be bothered to remove the "for sale" sign, though their security goons visit regularly.

What does anyone think a foreign hedge fund's priorities really are?

Posted on: 2013/8/15 2:23
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http://en.wikipedia.org/wiki/Supply_and_demand


Ultimately, I believe that everyone deserves to place their property on the fair market to see what the true value is. However if the seller feels more comfortable doing it on their own it is their American right to do so.

Joe Grippi
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Posted on: 2013/8/14 16:02

Edited by JoeGee on 2013/8/14 16:18:22
Edited by JoeGee on 2013/8/14 16:20:51
Edited by JoeGee on 2013/8/14 16:21:33
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jo3_13 wrote:
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SteveWilson29 wrote:
Ha! Sprucing up? Go check out 286 Coles and tell me how they've done anything but let it continue to rot in the 12 months that it's been sitting there.


Disclaimer: The article I cited was not related to Jersey City or the "Australians", but rather to the tactics of investors targeting specific areas.


That article is a pro-corporate fluff piece. I wouldn't trust Murdoch to put out quality journalism.

Posted on: 2013/8/14 15:51
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South_Sixth wrote:
According to the Tax1 website, 286 Coles St is own by Newmark & Co (Newmark Grubb Knight Frank) part of Cantor Fitzgerald.

The Australians are usually under Dixon Advisory and/or its subsidaries:
Melbourne
Geelong
Essendon
Hawthorn or Hawthorne
US Masters

Below is the link to Tax1

http://tax1.co.monmouth.nj.us/cgi-bin ... &out_type=0&district=0906


Sorry, I meant 286 Fifth, which is by Coles. I have had more coffee since my post.

Posted on: 2013/8/14 15:50
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Ha! Sprucing up? Go check out 286 Coles and tell me how they've done anything but let it continue to rot in the 12 months that it's been sitting there.


Disclaimer: The article I cited was not related to Jersey City or the "Australians", but rather to the tactics of investors targeting specific areas.

Posted on: 2013/8/14 15:25
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Re: Australians investors buying up Jersey City housing
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According to the Tax1 website, 286 Coles St is own by Newmark & Co (Newmark Grubb Knight Frank) part of Cantor Fitzgerald.

The Australians are usually under Dixon Advisory and/or its subsidaries:
Melbourne
Geelong
Essendon
Hawthorn or Hawthorne
US Masters

Below is the link to Tax1

http://tax1.co.monmouth.nj.us/cgi-bin ... &out_type=0&district=0906

Posted on: 2013/8/14 14:44
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Re: Australians investors buying up Jersey City housing
Home away from home
Home away from home


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Ha! Sprucing up? Go check out 286 Coles and tell me how they've done anything but let it continue to rot in the 12 months that it's been sitting there.

Posted on: 2013/8/14 14:12
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Re: Australians investors buying up Jersey City housing
Home away from home
Home away from home


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They have not been bidding up houses for a while. This year they have been much more conservative with what they offer. I know of a couple of houses where they stuck to under asking price and were outbid, or just let the house sit on the market.

As for what they are asking in rent ... If they can get it great, but I would look at the rent price the same way you look at the advertised rent at a place like Grove Point, a starting place for negotiation.

Posted on: 2013/8/14 13:28
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