New Jersey’s 60K New Jobs Best Since 2000

Gov. Chris Christie made sure the media was aware of the new federal statistics which credited New Jersey with creating 60,800 new private-sector jobs in 2016.

Considering New Jersey’s comparatively slow rebound from the Great Recession, the 60,800 figure was four times more than initial projections and the largest annual increase since the year 2000.

The numbers mean the state has regained all of the jobs it lost in the Great Recession and added tens of thousands more.

It was also reported by the Department of Commerce that New Jersey’s unemployment rate in January fell significantly to 4.6%, from 5% in January 2016.

There are a number of reasons for this, but most of which are probably due to the general improvement of the economy, especially in the Northeast.

Christie also pointed to New Jersey tax cuts and a slowing in government spending.

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

Counsellors Title Agency, www.counsellorstitle.com, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

Free Motivational Book – Self Discipline Secrets

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https://www.amazon.com/dp/B06X9LRPLT/

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

Counsellors Title Agency, www.counsellorstitle.com, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

U.S. Household Wealth Rose $2 Trillion

Household wealth in the U.S. continued to increase in the fourth quarter as financial assets and real-estate values appreciated, figures from the Federal Reserve’s financial accounts reports, previously known as the Flow of Funds, showed Thursday.  Household real-estate assets climbed by $499.1 billion; owner’s equity as a share of total real-estate holdings increased to 57.8% from 57.1%.

State ranking of millionaires
New Jersey’s ratio of millionaires to households jumped higher, climbing to number three. But in general, 2016 saw few changes among the top 10 states ranked by the ratio of millionaire households to total households. The top 10 states are:

■  Maryland (7.55%) – remained #1, where it has been since 2011
■  Connecticut (7.4%) – remained #2, unchanged in 2016
■  New Jersey (7.39%) – moved up one place in 2016
■  Hawaii (7.35%) – declined one place in 2016
■  Alaska (7.15%) – unchanged from 2015
■  Massachusetts (6.98%) – unchanged from 2015
■  New Hampshire (6.82%) – unchanged from 2015
■  Virginia (6.64%) – unchanged from 2015
■  District of Columbia (6.32%) – up one place from 2015
■  Delaware (6.28%) – down one place in 2016

Household finances are the strongest they’ve been in years, helped by a surge in the stock market, including a 3.3% advance in the S&P 500 last quarter, and rising house prices. At the same time, household debt continued to grow at a pace similar to the prior quarter. The report showed companies had $2.08 trillion in liquid assets, which signals they have the means to spend more on capital equipment, raise dividends and boost stock buybacks.

Key Points
■  Net worth for households and non-profit groups rose by $2.04 trillion, or 2.3%, to a record $92.81 trillion from the prior three months
■  Value of financial assets, including stocks and pension-fund holdings, rose $1.59 trillion

DEBT
■  Household debt increased at a 3.8% annual rate last quarter after a 3.9% pace in the third quarter
■  Mortgage borrowing advanced at a 3.1% pace; other forms of consumer credit, including motor vehicle and student loans, climbed at a 6.2% rate
■  Total non-financial debt grew at a 2.9% annual pace after a 5.8%rate in the previous three-month period
■  Federal government obligations expanded 2.9%, state and local government debt rose at a 0.2% pace, while business borrowing increased 2.6%

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

Counsellors Title Agency, www.counsellorstitle.com, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

Bruce Springsteen Sells Rumson Property

According to an article on NJ.com, Bruce Springsteen quietly soled his 7-acre Rumson mansion in January for $3.2 million. The sale price was posted by Zillow.

The article indicated that Springsteen did not list his Georgian-style home on the open market. Springsteen has owned the property since 1985 and was where he raised his three children.

“This is believed to be the last piece of property owned by Springsteen in Rumson. Last year, he sold his other Rumson home to NBA player Randy Foye for $1.7 million. The buyers are another Rumson couple who had purchased a home close by on Ridge Road in 2012. Property taxes on the Springsteen estate on seven acres are $44,460 a year, according to state Division of Taxation records.”

Currently, the Boss and his wife Patty live on their Colts Neck equestrian property.

Saint Patrick’s Day New Jersey

Highlands, NJ – Parade
Saturday, March 18, 2017 at 2:00 PM
The parade will begin at Huddy Park, with hundreds scheduled to march along a one-mile stretch of Bay Avenue, including bagpipers, marching bands and floats.

Robbinsville, NJ – Parade
Saturday, March 18, 2017 @ 1pm
The opening ceremonies begin at 12:30 pm noon at the Foxmoor Shopping Center, at the corner of Route 33 and Washington Boulevard. The parade will proceed North on Washington Boulevard and then take a right onto North Street, and then take a right onto Newtown Boulevard, and then take a right onto Lake Drive East, continue past the lake and the gazebo area, followed by a left onto Union Street, then proceed past the reviewing stand at Union and Burnet Walk.

South Amboy St. Patrick’s Day Parade
Sunday, March 19th, 2017 starting at 1 PM.
Parade will begin at Christ Church Cemetery, go along Stevens Ave, then along Main St., down Broadway and ending at Henry St. bagpipe bands, marching bands, civic and non-profit organizations showing their support for the city and the Irish.

Keyport, NJ St. Patrick’s Day Parade
Saturday, March 25, 2017; Kick-off will be at 1:00 PM
Parade kicks off from St. Joseph’s Church, Maple Place, goes down West Front Street to Broad Street, ends at Firemen’s Park

 

Gov Christie Declares State of Emergency for NJ

Gov. Chris Christie has declared a state of emergency as New Jersey prepares for a snowstorm that threatens blizzard conditions in some areas.

Forecasters say 18 to 24 inches of snow is expected in northern areas, while central Jersey will likely see 6 to 12 inches. About 4 to 5 inches is expected in southern areas, where rain and sleet is expected to mix in with the snow.

A blizzard warning was issued early Monday for Middlesex, Monmouth and Ocean counties.

It takes effect at 8 p.m and lasts until 6 p.m. Tuesday. A blizzard warning in effect from midnight to noon Tuesday was had been issued for the five northeastern counties Sunday.

Counsellors Title Agency will be closed on Tuesday and reopen on Wednesday, March 15.

Snack Innovations Moving to Edison

Snack Innovations Moving to Edison

Snack Innovations Inc., the producer of naturally delicious Better-For-You gourmet snack foods, is vacating its Brooklyn facility for new digs in Edison, New Jersey.

Snack acquired a 35,316-square-foot industrial property located at 41 Ethel Road West for $41 million. The industrial building occupies 4.41 acres, providing Snack greater flexibility for future expansion. The property includes 2,000 square feet of office space, 20-foot clear ceiling heights, four tailboards and one drive-in for loading.

The company plans to use the new facility for its snack and healthy foods manufacturing and distribution to the New York metro region.

The company “started in our grandmother’s kitchen years ago. Today Snack Innovations Inc. produces snacks in a sophisticated state-of-the-art snack food manufacturing facility, utilizing advanced proprietary equipment…Snack Innovations employs a sophisticated R&D team and other food scientists,” who are involved in developing all-natural healthier gourmet snacks.

The company uses such snack base grains as potato, corn, wheat, rice, soy, oat, quinoa, tapioca, maize, and vegetables (including spinach, carrot, sweet potato, green pea, yellow pea, chick pea, tomato, beets, and lentil).

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

Counsellors Title Agency, www.counsellorstitle.com, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

Hackers Target Real Estate Professionals

Many real estate transactions have migrated to electronic platforms, and along with the increased functionality comes greater vulnerability from fraud, specifically hackers.

Many companies will no longer wire funds on the basis of a single email. There are additional protocol

s that have been put into place to safeguard the transaction from scam artists.

Policies and protocols now require at least a phone call to be made to the seller, the attorneys and those connected with the deal.

The availability of information over the Internet has precipitated additional precautions to be instituted to identify when hackers are attempting to interfere with the financial transaction.

What makes the market even more vulnerable is the fact that transactions are increasing, creating a lot more “i dottings and t crossings.” It is not unusual for real estate professions to do multiple closings in a day.

Last year, the National Association of Realtors posted, “Criminals are hacking into the email accounts of real estate agents or other persons involved in a real estate transaction and using information gained from the hack to dupe a party into a fraudulent wire transfer. The hackers often send an email that appears to be from an individual legitimately involved in the transaction, informing the recipient, often the buyer, that there has been a last minute change to the wiring instructions.  Following the new instructions, the recipient will wire funds directly to the hacker’s account, which will be cleared out in a matter of minutes. The money is almost always lost forever.”

Ralph Aponte, President of Counsellors Title Agency located in Toms River, explained, “Everyone that I have dealt with over the last few years has had to deal with these types of hackers seeking to perpetrate their kind of fraud; and it’s only going to increase in the future. What was common back in the days of the Wild West is now happening online, except they don’t wear masks, but come cloaked in seemingly authoritative emails.”

“We have put into place a number of measures, including secure servers, confirmation protocols and other processes,” concluded Mr. Aponte.

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

Counsellors Title Agency, www.counsellorstitle.com, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

Inventory Still An Issue

The majority of New Jersey counties have less than 6 months of inventory: the statewide average is at 5.2 months, according to New Jersey Realtor.

The inventory shortage is not showing up in a frenetic rise in home prices, but rather in the number of closed sales and in the percentage of price received.

Single family homes sold skyrocketed from 3,484 in January 2015 to 4,930 in January 2017, representing a 50% rise in just two years. And pending sales for single family homes followed a similar track: 3,865 pending sales for January 2015 rose in January 2017 to 5,360.

The short inventory is also affecting the days on market metrics: in January 2015 the average single family home remained on the market 96 days, but in January 2017, single family homes lasted 88 days on the market, representing an 8.3% drop.

Ocean County has dropped significantly from a 9-month supply to just 6 months; that precipitous drop is just since 2016!

Other high-demand counties such as Hudson have such scarcity that it has just 2.9 months supply.

According to the Otteau Group, Essex, Union, Morris, Middlesex, Bergen and Passaic Counties all have fewer than 5 months of supply.

The bulk of transactions involve properties under $400,000, which points to the entrance of the Millennial homebuyer, who is transitioning from renting to buying without the usual formation of new households. Mortgage before marriage seems to be the recent trend.

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

Counsellors Title Agency, www.counsellorstitle.com, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

January 2017 HPI Rises 6.9 Percent

Forecast Indicates Increase of 4.8% by January 2018

CoreLogic reported that its home prices index [HPI] for sales nationwide, including distressed sales, increased year-over-year by 6.9% in January 2017 compared with January 2016. It also reported that according to its measurements, home prices increased month-over-month by 0.7% in January 2017 compared with December 2016.

For the balance of 2017, the CoreLogic HPI Forecast indicates that home prices will increase by 4.8% on a year-over-year basis from January 2017 to January 2018. “Home prices continue to climb across the nation, and the spring home buying season is shaping up to be one of the strongest in recent memory,” said Frank Martell, president and CEO of CoreLogic.

In addition, it reported the CoreLogic Single-Family Rental Index was up 2.7%.

  • Lean for-sale inventories
  • Low rental vacancy rates
  • Market home prices outpacing inflation
  • Continued high demand

The Denver-Aurora-Lakewood, Colorado metro area came in number one, skyrocking to its geographic mile-high reputation, climbing by 9.9% year-over-year, followed by Boston and Los Angeles, which both reported 6.8% increases year over year.

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

Counsellors Title Agency, www.counsellorstitle.com, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

NJ Real Estate News

American Water Breaks Ground for Camden HQ
American Water Works Co. Inc. has broken ground on its new headquarters on the Camden Waterfront, it announced recently.

The company, the largest publicly traded U.S. water and wastewater utility, held a ceremony at One Water Street to mark the start of a project that will see the creation of a five-story, 220,000-square-foot facility that will house more than 600 employees. The building will consolidate American Water’s four South Jersey locations, including the current headquarters in Voorhees.

http://www.njbiz.com/article/20170303/NJBIZ01/170309918/american-water-breaks-ground-for-camden-hq

New Hard Rock Hotel Could Bring 3,000 Jobs
Trump Taj Mahal was sold, and will reopen as Hard Rock Hotel & Casino.

The closed Trump Taj Mahal will reopen as a hotel and a casino — and with new owners and a new name. Owner Carl Icahn announced Wednesday night that a group of investors, led by Hard Rock International, have agreed to buy the property. No sale price was announced.

http://www.njbiz.com/article/20170302/NJBIZ01/170309968/trump-taj-mahal-is-sold-will-reopen-as-hard-rock-hotel–casino

The deal could bring 3,000 temporary and permanent jobs to the city.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.com, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

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