Bayonne is Turning into Boom Town

Bayonne is beginning to gain new-found respect as New Jersey’s next Boom Town. Over the course of a 2-3 year period, Bayonne projects 3,000 new residential units will be completed or under construction. 

Bayonne, population 65,000, is located along New Jersey’s Gold Coast and providing easy access to the Hudson-Bergen Light Rail with fantastic New York City views.

Redevelopment is underway again as several developers broke ground this year on residential projects that will offer city views and access should Bayonne and the Port Authority establish ferry service from the Terminal to Staten Island and Manhattan.

Among those developers involved are: JMF Properties, Kushner Real Estate Group and Atlantic Realty Bayonne is also planning to connect the Military Ocean Terminal to the 34th Street Light Rail station via a pedestrian bridge over Route 440.

 

Home Value Increases $2 Trillion in 2017

The total value of all homes in the United States gained $2 trillion in value in 2017, and is now valued at a total of $31.8 trillion. The New York metropolitan market represent 8% of the value of all U.S. housing, reported to be $2.6 trillion.
– The entire U.S. housing stock gained $2 trillion in value over the past year.
– The value of all U.S. homes grew 6.5% in 2017, the fastest pace in four years.
– Los Angeles, New York and San Francisco are the most valuable housing markets, each worth more than $1 trillion.
 
The drivers for the strong real estate market is attributed to:
■ Improving economy
■ Relatively low mortgage rates
■ Strong buyer demand
■ Historically low housing inventories
 
The cumulative value of the U.S. housing market grew at a 6.5% pace, marking its best result since 2013. For comparison purposes, it was back in 2013 when the value of all U.S. homes rose by a historic 8% annually following the housing crash in 2008-9.
 
The total housing market has gained $9 trillion since the lowest levels of the Great Recession.
 
The trajectory of values is expected to continue its upward trend despite the recent changes in the tax laws affecting interest deductions and state income tax deductions.
 

Morris County November Single Family Sales

MORRIS NOVEMBER 2017
Morris County new listings of single family homes remained basically the same at 399 in November 2017.

Where the big moves were found came in the median sales price climbing year-over-year by 5.8% to $422,000, up from $399,000 from November 2016. In addition, the inventory fell double digits from 2,179 in November 2016 to just 1,767 for November 2017, a 19% drop.

Single Family November 2017
Key Market Metrics         2016      2017   Change
■ New Listings                397        399    + 0.5%
■ Closed Sales                402        382     – 5.0%
■ DOM*                           67          65     – 3.0%
■ Median Px                 $399K      $421K    + 5.8%
■ % of Px Rec’d             96.8%       97.6%  + 0.8%
■ Inventory                   2,179       1,767     – 18.9%
■ Months of Inventory     5.2           4.1        – 21.2%
* Days on Market Until Sale

ABOUT COUNSELLORS TITLE AGENCY
Since 1996, Counsellors Title Agency has provided swift, proven and knowledgeable title insurance settlement and search expertise for thousands of New Jersey’s attorneys, loan officers, Realtors, borrowers and purchasers. CTA’s detail-oriented team of professionals streamlines the complexities of a real estate transaction to make each one stress and glitch-free.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

November Sales for Ocean and Monmouth County

OCEAN COUNTY NOVEMBER 2017
New Ocean County listings for single family homes jumped in October by 9.6%. The days-on-market metrics are showing that more buyers are snapping-up what is out there, while the median price received climbed by 9.8%. Inventory continues to be a major factor, which posted a 15.8% drop, and with the months-of-supply falling as well by 22.2% as compared to 2016.

Single Family November 2017
Key Market Metrics     2016    2017   Change
■ New Listings            811       831    + 2.5%
■ Closed Sales         647       580      – 10.4%
■ DOM*                    94           86      – 8.5%
■ Median Px         $295K   $308.5K      + 4.6%
■ % of Px Rec’d    96.5%      96.2%     – 0.3%
■ Inventory           4,554        3,834     – 15.8%
■ Months of Inventory 7.5    5.9         – 21.3%
* Days on Market Until Sale

MONMOUTH NOVEMBER 2017
Monmouth County new listings of single family homes jumped, year-over-year, by 2.4%. Closed sales for single family homes also grew by 4.9%, but where the numbers began to show real strength came in the days on market metrics, which fell by 11.8% year-over-year.

Inventory continues to get crushed, falling by nearly 22% as compared with 2016, and the months-supply-of-homes also fell precipitately by nearly 30% as compared to 2016. This is clearly a seller’s market in Monmouth and projections are pointing to a strong start for 2018.

Single Family November 2017
Key Market Metrics        2016      2017      Change
■ New Listings               676          695        + 2.8%
■ Closed Sales              519           579        + 11.6%
■ DOM*                        76              64         – 15.8%
■ Median Px              $401K         $400K         – 0.3%
■ % of Px Rec’d          96.7%        97.2%        + 0.5%
■ Inventory                 3,304         2,607         – 21.1%
■ Months of Inventory    6.1         4.3           – 29.5%
* Days on Market Until Sale

ABOUT COUNSELLORS TITLE AGENCY
Since 1996, Counsellors Title Agency has provided swift, proven and knowledgeable title insurance settlement and search expertise for thousands of New Jersey’s attorneys, loan officers, Realtors, borrowers and purchasers. CTA’s detail-oriented team of professionals streamlines the complexities of a real estate transaction to make each one stress and glitch-free.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

New Jersey Real Estate for November

The facts of residential real estate have remained consistent in 2017. In year-over-year comparisons, the number of homes for sale has been fewer in most locales, and homes have been selling in fewer days for higher prices. This hasn’t always been true, but it has been a common enough storyline to make it an overarching trend for the year.

• Single Family Closed Sales were up 3.1 percent to 6,323.
• Townhouse-Condo Closed Sales were up 11.1 percent to 1,954.
• Adult Communities Closed Sales were up 5.4 percent to 628.
• Single Family Median Sales Price increased 1.7 percent to $300,000.
• Townhouse-Condo Median Sales Price increased 4.0 percent to $250,000.
• Adult Communities Median Sales Price increased 2.8 percent to $185,000.

New tax legislation could have ramifications on housing. The White House believes that the tax reform bill will have a small impact on home prices, lowering them by less than 4 percent, and could conceivably boost homeownership. The National Association of REALTORS® has stated that eliminating the mortgage interest deduction could hurt housing, as the doubled standard deduction would reduce the desire to take out a mortgage and itemize the interest associated with it, thus reducing demand. This is a developing story.

 

Jersey Kicking In Almost $2 Billion for New Tunnel

NJ and NY Move on New Hudson Tunnel

New Jersey has committed nearly $2 billion towards the funding of a new Hudson River rail tunnel. New York has committed $1.75 billion on its end to fund the joint project.

This is in response to the program to expand and renovate Amtrak’s Northeast Corridor line, which plays a major role in the metro NY-NJ hub of road, rail and air.

New York is expecting to fund its end through bond offerings and New Jersey expects to hit the citizen ranks again by charging NJ Transit rail passengers.

This comes on the heels of last year’s historic 23-cent gasoline tax law, raising New Jersey’s gasoline tax from the one of the lowest in the nation to one of the highest.

The total program is projected to cost $12.7 billion, making it one of the nation’s most expensive infrastructure programs.

The announcement by New York Governor Andrew Cuomo and outgoing New Jersey Governor Chris Christie resolves questions about how the states would fulfill a promise to provide half of the funds toward the $12.7 billion Gateway Hudson Tunnel Project.

According to a number of other reports, The Port Authority of New York and New Jersey is going to commit an additional $1.9 billion to the project.

The project will include the costs for building a new tunnel in addition to renovating the current tunnel.

Officials believe that the century-old structure could become unusable in as little as ten years, if these measures are not undertaken.

NJ Transit, which is the state’s public transportation corporation, stated that it would increase charges on NJ Transit rail passenger trips across the Hudson to $1.70 in 2028 and $2.20 in 2038 from $.90 beginning in 2020.

New Jersey, New York and The Port Authority will account for half of the project costs, while the federal government will pay the other half, as decided under a framework agreement in 2015.

List of Fastest Growing Online Applications

Zapier analyzed more than 900 apps in over 50 categories and the companies that use them to come up with the 30 apps for 2017. The list is also an indicator as to what will be trending in 2018, just as the 2016 report predicted top apps for 2017.

Zapier has an automation tool integrated with more than 900 apps. The solution the company provides allows more than two million registered users across many industries to automate their workflow. Some of the apps include Facebook Lead Ads, Slack, Quickbooks, Google Sheets, Google Docs and many others.

This year, the increased number of apps moving to the web have taken up more space on the list. It is being driven by remote work, collaboration and better access. According to Matthew Guay, senior editor and writer at Zapier, who authored the report, “Every business today relies on software to operate smoothly. Increasingly, these tools have moved to the web, allowing everyone to work from anywhere.”

  • Fastest Growing Apps
  • Facebook Lead Ads
  • Zoom
  • Google Forms
  • Microsoft Excel
  • Drip
  • Big Cartel
  • Airtable
  • Kajabi
  • Webslow
  • Click Funnels

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