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Two Fed myths that need debunking
July 23rd, 2008 12:07 AM
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Two Fed myths that need debunking

Bernanke & Co. do not set interest rates, and they're not about to run out of money for bailouts.

By Allan Sloan, senior editor at large
Last Updated: July 22, 2008: 1:46 PM EDT

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There are some things Fed chief Ben Bernanke can't control - like long-term interest rates.
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NEW YORK (Fortune) -- There are two things you may have heard about the Federal Reserve Board, both of which are wrong.

The first is that the Fed controls U.S. interest rates.

The second is that the Fed has made so many commitments that it's in danger of running out of cash or Treasury securities. Which would mean it couldn't carry out its declared policy of putting cash into the world financial system or its undeclared policy of keeping institutions that it deems worthy afloat. Let me show you why both of these beliefs are myths, not reality.

Let's do interest rates first. It's the more common myth, created partly by sloppiness among people in my business who write (and say) things like, "The Fed cut interest rates today."

In fact, we should always insert "short-term" before "interest rates" when we talk about the Fed's control. That because the Fed controls only some short-term rates, primarily the so-called Federal funds rate that financial institutions charge each other for overnight loans. The financial markets set long-term rates, which often don't move in the same direction as the Fed funds rate.

The case in point: the relationship - or lack of one - between the Fed funds rate and the interest rate on long-term mortgages.

Since September, the Fed has reduced the Fed funds rate by 62% - to 2% from the previous 5.25%. But long-term mortgage rates are higher than on Sept. 18, when the Fed began its rate cuts, as you can see from the adjacent graphic, which is based on numbers from mortgage experts HSH Associates.

The rate on a 30-year fixed-rate conforming mortgage - "conforming" means that the mortgage is eligible for sale to mortgage guarantors Fannie Mae (FNM, Fortune 500) or Freddie Mac (FRE, Fortune 500) - was 6.44% the week before the Fed's first cut, and was recently 6.51%. Jumbo mortgages - mortgages too big to be considered conforming - were going for 7.63%, up from 7.26%. (All of these numbers include up-front points that borrowers pay, in addition to their basic interest rate.)

The Fed and Treasury - along with many of the world's big financial players - would love to have U.S. mortgage rates decline, because that would lend support to home prices, which could use it.

Falling home values - what we have in most U.S. housing markets - increase foreclosures, which increase borrowers' pain and lenders' losses. The declining value of houses as collateral for mortgages makes mortgage lenders less eager to lend, and makes potential home purchasers far less eager to buy. It's a vicious cycle that will end sooner or later - everything does - but it's not something that the Fed (or any individual regulator or player) can control.

The Fed cut short-term rates to help mitigate the panics that have been sweeping the world financial markets for more than a year. In addition, those lower rates - in theory, at least - help prop up the U.S. economy.

But you can also argue that the Fed's lowering of short-term rates has raised inflation fears and contributed to the decline of the dollar in international markets, which in turn has affected commodities prices, whose massive increases are a major factor in U.S. inflation. So repeat after me: the Fed can set only short-term rates. Which may contribute to having long-term rates act in ways that the Fed didn't intend, and doesn't particularly like.

Can the Fed afford it?

There's an idea out there that the Fed may run out of money or government securities as a result of the huge, high-dollar programs that it and the Treasury have launched, or could end up having to launch, to keep financial markets afloat.

Fed chief Ben Bernanke and his crew have recently embarked on two programs that have raised questions about how it can afford its commitments. First, it will now lend directly not just to commercial banks, but also to institutions, like investment banks. Second, it will now lend selected borrowers Treasury securities (which they can then sell or borrow against) in return for securities (like some mortgage-backed bonds) that can't be sold or borrowed against for anything close to their stated value.

The worry is that the Fed owns only about $800 billion of Treasury securities, and all these existing programs, not to mention possibly helping arrange huge loans to Fannie Mae and Freddie Mac under a bailout plan now being kicked around, would consume a total of more than $800 billion.

But that worry overlooks the Fed's amazing power to create as much money as it needs - out of nothing, as it were.

Here's how it works. If an institution borrows, say, $50 billion from the Fed, the Fed can just post a $50 billion credit to the bank's account at the Fed, and the borrower can spend that balance on whatever it wants. It is indeed as if the Fed created cash out of nothing.

And if the Fed somehow needed more than $800 billion of Treasury securities, it could buy them in the open market, and deposit the payment for them in the seller's Fed account. That way, the Fed could lay its hands on however many Treasury securities it needed.

Yes, I'll grant you that this sounds odd. But if you ask a Fednik how this all works, he (or she) would tell you what I've just told you. Except that it would be dressed up in fancier language, with all sorts of explanations of how the Fed can do all this and still carry out its monetary policy.

Why am I bothering you with this stuff in mid-summer, a time when I'd rather be off drinking something cold than trying to deal with the Fed?

Because myths get in the way of understanding. And if there were ever a time when understanding the Fed's powers - and limitations - matters, that time is now.  To top of page

First Published: July 22, 2008: 10:32 AM EDT
Posted by Fred Nahas on July 23rd, 2008 12:07 AMPost a Comment (0)

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Margate NJ Real Estate Market Update YTY Comparison as of 07.30.2008
July 30th, 2008 1:46 PM

RE = Residential

LD = Land

CI = Commercial

MF = Multi-Family

CN = Condominium

DOM = Days on Market

Market Statistics All MLS
Statistics for: Class=RE,LD,CI,MF,CN,RN AND Date Range=06/01/2007-06/30/2008 AND Area=Margate NJ AND Board=-1; As Of: 7/30/2008
 
Class Bedrooms Current Active Avg List Price Avg DOM
All All 374 $897,251 158
RE All 179 $1,230,357 146
RE 1 bedroom 1 $299,900 204
RE 2 bedroom 9 $771,766 82
RE 3 bedroom 63 $805,341 157
RE 4 bedroom 61 $1,107,052 129
RE 5 bedroom 45 $2,104,922 163
LD All 18 $894,500 236
CI All 12 $921,824 192
MF All 24 $685,020 154
CN All 141 $508,755 161
CN 1 bedroom 41 $247,695 138
CN 2 bedroom 50 $420,634 170
CN 3 bedroom 38 $801,544 128
CN 4 bedroom 12 $840,725 307
CN 5 bedroom 0 $0 0
RN All 0 $0 0
RN 1 bedroom 0 $0 0
RN 2 bedroom 0 $0 0
RN 3 bedroom 0 $0 0
RN 4 bedroom 0 $0 0
RN 5 bedroom 0 $0 0
Class Bedrooms Total Listed Num Sold Pct Sold Avg List Price Sold Avg Sale Price Sold Sale Price/List Price Ratio Avg DOM Sold Avg List Price Unsold Pct Expired
All All 737 259 35.14% $713,545 $645,561 90.47% 135 $867,435 28.36%
RE All 399 163 40.85% $860,775 $776,902 90.26% 121 $1,182,856 24.56%
RE 1 bedroom 2 0 0.00% $0 $0 0.00% 0 $484,000 0
RE 2 bedroom 15 7 46.67% $388,557 $356,142 91.66% 86 $433,846 20.00%
RE 3 bedroom 138 54 39.13% $546,290 $505,250 92.49% 102 $755,232 20.29%
RE 4 bedroom 151 65 43.05% $863,570 $783,685 90.75% 126 $981,685 24.50%
RE 5 bedroom 93 37 39.78% $1,404,181 $1,241,054 88.38% 146 $2,070,803 32.26%
LD All 23 4 17.39% $611,750 $525,000 85.82% 115 $873,282 26.09%
CI All 15 1 6.67% $575,000 $550,000 95.65% 189 $1,248,487 20.00%
MF All 33 4 12.12% $712,225 $603,250 84.70% 170 $696,832 33.33%
CN All 267 87 32.58% $444,033 $408,072 91.90% 162 $459,467 34.08%
CN 1 bedroom 87 33 37.93% $268,642 $242,957 90.44% 170 $252,302 36.78%
CN 2 bedroom 105 35 33.33% $454,382 $420,864 92.62% 149 $424,480 37.14%
CN 3 bedroom 64 17 26.56% $709,899 $661,882 93.24% 153 $726,732 21.88%
CN 4 bedroom 11 2 18.18% $897,000 $751,250 83.75% 319 $845,127 54.55%
CN 5 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN All 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 1 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 2 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 3 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 4 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 5 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%

 

 

Market Statistics All MLS
Statistics for: Class=RE,LD,CI,MF,CN,RN AND Date Range=06/01/2006-06/30/2007 AND Area=Margate NJ AND Board=-1; As Of: 7/30/2008
 
Class Bedrooms Current Active Avg List Price Avg DOM
All All 374 $897,251 158
RE All 179 $1,230,357 146
RE 1 bedroom 1 $299,900 204
RE 2 bedroom 9 $771,766 82
RE 3 bedroom 63 $805,341 157
RE 4 bedroom 61 $1,107,052 129
RE 5 bedroom 45 $2,104,922 163
LD All 18 $894,500 236
CI All 12 $921,824 192
MF All 24 $685,020 154
CN All 141 $508,755 161
CN 1 bedroom 41 $247,695 138
CN 2 bedroom 50 $420,634 170
CN 3 bedroom 38 $801,544 128
CN 4 bedroom 12 $840,725 307
CN 5 bedroom 0 $0 0
RN All 0 $0 0
RN 1 bedroom 0 $0 0
RN 2 bedroom 0 $0 0
RN 3 bedroom 0 $0 0
RN 4 bedroom 0 $0 0
RN 5 bedroom 0 $0 0
Class Bedrooms Total Listed Num Sold Pct Sold Avg List Price Sold Avg Sale Price Sold Sale Price/List Price Ratio Avg DOM Sold Avg List Price Unsold Pct Expired
All All 870 260 29.89% $720,443 $654,608 90.86% 133 $809,233 30.57%
RE All 438 146 33.33% $894,924 $808,985 90.40% 124 $1,036,895 31.74%
RE 1 bedroom 1 0 0.00% $0 $0 0.00% 0 $0 0.00%
RE 2 bedroom 28 10 35.71% $387,050 $365,500 94.43% 132 $465,130 57.14%
RE 3 bedroom 154 61 39.61% $665,845 $607,354 91.22% 92 $698,937 29.22%
RE 4 bedroom 167 54 32.34% $985,668 $887,228 90.01% 149 $1,040,304 31.74%
RE 5 bedroom 88 21 23.86% $1,568,847 $1,404,666 89.53% 149 $1,733,869 28.41%
LD All 26 5 19.23% $425,200 $305,000 71.73% 140 $921,612 23.08%
CI All 13 1 7.69% $1,995,000 $1,665,000 83.46% 60 $663,146 69.23%
MF All 39 5 12.82% $623,580 $563,900 90.43% 110 $867,700 17.95%
CN All 354 103 29.10% $479,779 $447,347 93.24% 146 $510,963 29.66%
CN 1 bedroom 114 25 21.93% $260,253 $237,740 91.35% 151 $272,267 31.58%
CN 2 bedroom 134 51 38.06% $447,017 $411,794 92.12% 139 $489,496 28.36%
CN 3 bedroom 78 23 29.49% $728,026 $693,366 95.24% 162 $787,058 35.90%
CN 4 bedroom 28 4 14.29% $842,125 $796,087 94.53% 109 $794,233 10.71%
CN 5 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN All 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 1 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 2 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 3 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 4 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 5 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%

Posted by Fred Nahas on July 30th, 2008 1:46 PMPost a Comment (0)

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Ventnor NJ Real Estate Market Update YTY Comparison as of 07.22.2008
July 22nd, 2008 4:28 PM

RE = Residential

LD = Land

CI = Commercial

MF = Multi-Family

CN = Condominium

DOM = Days on Market

Market Statistics All MLS
Statistics for: Class=RE,LD,CI,MF,CN,RN AND Date Range=06/01/2007-06/30/2008 AND Area=Ventnor City NJ AND Board=-1; As Of: 7/22/2008
 
Class Bedrooms Current Active Avg List Price Avg DOM
All All 458 $660,925 163
RE All 221 $882,572 153
RE 1 bedroom 2 $213,350 208
RE 2 bedroom 11 $338,536 157
RE 3 bedroom 87 $472,783 167
RE 4 bedroom 48 $858,304 130
RE 5 bedroom 73 $1,487,220 148
LD All 36 $719,405 187
CI All 16 $738,437 206
MF All 74 $498,290 177
CN All 111 $297,911 159
CN 1 bedroom 36 $242,391 146
CN 2 bedroom 52 $256,519 167
CN 3 bedroom 20 $443,455 162
CN 4 bedroom 3 $711,333 168
CN 5 bedroom 0 $0 0
RN All 0 $0 0
RN 1 bedroom 0 $0 0
RN 2 bedroom 0 $0 0
RN 3 bedroom 0 $0 0
RN 4 bedroom 0 $0 0
RN 5 bedroom 0 $0 0
Class Bedrooms Total Listed Num Sold Pct Sold Avg List Price Sold Avg Sale Price Sold Sale Price/List Price Ratio Avg DOM Sold Avg List Price Unsold Pct Expired
All All 892 230 25.78% $548,519 $486,269 88.65% 119 $609,949 39.46%
RE All 441 122 27.66% $723,104 $641,991 88.78% 105 $834,103 33.56%
RE 1 bedroom 7 1 14.29% $325,900 $325,900 100.00% 129 $434,580 42.86%
RE 2 bedroom 27 10 37.04% $288,640 $258,850 89.68% 60 $342,664 33.33%
RE 3 bedroom 177 54 30.51% $362,181 $335,709 92.69% 118 $416,058 32.77%
RE 4 bedroom 91 29 31.87% $796,575 $708,293 88.92% 121 $813,824 32.97%
RE 5 bedroom 139 28 20.14% $1,512,428 $1,312,135 86.76% 78 $1,430,224 34.53%
LD All 47 3 6.38% $997,966 $718,333 71.98% 240 $667,256 29.79%
CI All 24 8 33.33% $332,200 $307,375 92.53% 206 $322,342 29.17%
MF All 143 22 15.38% $417,813 $366,863 87.81% 119 $531,986 55.24%
CN All 237 75 31.65% $307,963 $277,787 90.20% 129 $282,994 43.88%
CN 1 bedroom 96 37 38.54% $255,127 $231,432 90.71% 122 $228,206 33.33%
CN 2 bedroom 94 32 34.04% $332,803 $296,002 88.94% 131 $269,809 54.26%
CN 3 bedroom 39 4 10.26% $489,975 $455,000 92.86% 167 $429,899 41.03%
CN 4 bedroom 8 2 25.00% $524,000 $489,500 93.42% 167 $391,633 62.50%
CN 5 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN All 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 1 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 2 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 3 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 4 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 5 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%

Market Statistics All MLS
Statistics for: Class=RE,LD,CI,MF,CN,RN AND Date Range=06/01/2006-06/30/2007 AND Area=Ventnor City NJ AND Board=-1; As Of: 7/22/2008
 
Class Bedrooms Current Active Avg List Price Avg DOM
All All 458 $660,925 163
RE All 221 $882,572 153
RE 1 bedroom 2 $213,350 208
RE 2 bedroom 11 $338,536 157
RE 3 bedroom 87 $472,783 167
RE 4 bedroom 48 $858,304 130
RE 5 bedroom 73 $1,487,220 148
LD All 36 $719,405 187
CI All 16 $738,437 206
MF All 74 $498,290 177
CN All 111 $297,911 159
CN 1 bedroom 36 $242,391 146
CN 2 bedroom 52 $256,519 167
CN 3 bedroom 20 $443,455 162
CN 4 bedroom 3 $711,333 168
CN 5 bedroom 0 $0 0
RN All 0 $0 0
RN 1 bedroom 0 $0 0
RN 2 bedroom 0 $0 0
RN 3 bedroom 0 $0 0
RN 4 bedroom 0 $0 0
RN 5 bedroom 0 $0 0
Class Bedrooms Total Listed Num Sold Pct Sold Avg List Price Sold Avg Sale Price Sold Sale Price/List Price Ratio Avg DOM Sold Avg List Price Unsold Pct Expired
All All 899 238 26.47% $536,949 $485,875 90.49% 112 $648,542 32.93%
RE All 430 126 29.30% $715,015 $636,974 89.09% 113 $889,009 30.23%
RE 1 bedroom 2 1 50.00% $994,999 $830,000 83.42% 92 $250,000 0
RE 2 bedroom 30 11 36.67% $246,090 $224,086 91.06% 172 $310,728 16.67%
RE 3 bedroom 183 60 32.79% $409,554 $382,890 93.49% 84 $487,129 31.69%
RE 4 bedroom 101 23 22.77% $676,669 $601,695 88.92% 105 $914,028 28.71%
RE 5 bedroom 114 31 27.19% $1,492,041 $1,295,206 86.81% 155 $1,610,390 33.33%
LD All 22 2 9.09% $387,450 $290,000 74.85% 189 $804,692 36.36%
CI All 22 4 18.18% $292,425 $266,875 91.26% 95 $460,609 77.27%
MF All 154 24 15.58% $476,187 $432,458 90.82% 128 $525,068 33.12%
CN All 271 82 30.26% $296,695 $284,793 95.99% 105 $326,489 33.21%
CN 1 bedroom 104 31 29.81% $243,316 $224,730 92.36% 102 $282,181 31.73%
CN 2 bedroom 124 36 29.03% $294,347 $279,163 94.84% 114 $314,502 34.68%
CN 3 bedroom 33 13 39.39% $431,130 $445,115 103.24% 81 $426,792 33.33%
CN 4 bedroom 10 2 20.00% $292,500 $275,000 94.02% 140 $443,783 30.00%
CN 5 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN All 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 1 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 2 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 3 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 4 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 5 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%

Posted by Fred Nahas on July 22nd, 2008 4:28 PMPost a Comment (0)

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MonaVie Vs. Other Acai Products
July 19th, 2008 12:53 PM
Dr. Schauss declared MonaVie's Acai freeze-dried ORAC score to be "the highest of any fruit or vegetable in the world."

ORAC Chart
MonaVie ORAC Value

What Makes MonaVie Better Than the Cheaper Acai Products?
MonaVie is the only juice currently using the patent pending Acai freeze-dried formula. The ORAC score for other Acai products is not nearly has high.
MonaVie Vs. Other Acai Products
MonaVie Antioxidant Level
 
Posted by Fred Nahas on July 19th, 2008 12:53 PMPost a Comment (0)

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Atlantic City NJ Real Estate Market Update YTY Comparison as of 07.17.2008
July 17th, 2008 7:54 AM

RE = Residential

LD = Land

CI = Commercial

MF = Multi-Family

CN = Condominium

DOM = Days on Market

Market Statistics All MLS
Statistics for: Class=RE,LD,CI,MF,CN,RN AND Date Range=06/01/2007-06/30/2008 AND Area=Atlantic City NJ AND Board=-1; As Of: 7/17/2008
 
Class Bedrooms Current Active Avg List Price Avg DOM
All All 978 $671,775 168
RE All 304 $528,675 142
RE 1 bedroom 2 $279,500 139
RE 2 bedroom 29 $270,744 171
RE 3 bedroom 172 $351,258 137
RE 4 bedroom 68 $588,984 136
RE 5 bedroom 33 $1,570,884 150
LD All 132 $1,125,505 206
CI All 81 $2,328,065 236
MF All 136 $477,266 168
CN All 325 $289,942 160
CN 1 bedroom 178 $206,118 164
CN 2 bedroom 91 $384,629 149
CN 3 bedroom 52 $375,998 161
CN 4 bedroom 4 $747,225 191
CN 5 bedroom 0 $0 0
RN All 0 $0 0
RN 1 bedroom 0 $0 0
RN 2 bedroom 0 $0 0
RN 3 bedroom 0 $0 0
RN 4 bedroom 0 $0 0
RN 5 bedroom 0 $0 0
Class Bedrooms Total Listed Num Sold Pct Sold Avg List Price Sold Avg Sale Price Sold Sale Price/List Price Ratio Avg DOM Sold Avg List Price Unsold Pct Expired
All All 1,773 326 18.39% $323,930 $283,663 87.57% 111 $519,043 48.05%
RE All 587 111 18.91% $289,849 $261,649 90.27% 92 $443,873 50.09%
RE 1 bedroom 4 0 0.00% $0 $0 0.00% 0 $181,333 75.00%
RE 2 bedroom 47 13 27.66% $192,211 $176,761 91.96% 134 $239,405 46.81%
RE 3 bedroom 345 74 21.45% $210,758 $194,773 92.42% 86 $339,679 49.86%
RE 4 bedroom 117 13 11.11% $488,815 $425,453 87.04% 86 $558,641 44.44%
RE 5 bedroom 74 11 14.86% $702,163 $618,272 88.05% 86 $832,203 60.81%
LD All 172 29 16.86% $235,193 $155,986 66.32% 112 $643,423 36.05%
CI All 120 10 8.33% $1,178,590 $958,650 81.34% 134 $2,124,892 42.50%
MF All 251 29 11.55% $259,437 $234,275 90.30% 90 $473,542 58.57%
CN All 643 147 22.86% $321,753 $289,299 89.91% 128 $285,702 46.35%
CN 1 bedroom 381 97 25.46% $224,555 $201,814 89.87% 132 $217,367 54.33%
CN 2 bedroom 177 38 21.47% $436,902 $403,355 92.32% 115 $354,655 39.55%
CN 3 bedroom 79 11 13.92% $656,236 $568,500 86.63% 132 $413,932 25.32%
CN 4 bedroom 6 1 16.67% $1,695,000 $1,370,000 80.83% 185 $979,475 16.67%
CN 5 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN All 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 1 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 2 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 3 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 4 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 5 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%

Market Statistics All MLS
Statistics for: Class=RE,LD,CI,MF,CN,RN AND Date Range=06/01/2006-06/30/2007 AND Area=Atlanti City NJ AND Board=-1; As Of: 7/17/2008
 
Class Bedrooms Current Active Avg List Price Avg DOM
All All 978 $671,775 168
RE All 304 $528,675 142
RE 1 bedroom 2 $279,500 139
RE 2 bedroom 29 $270,744 171
RE 3 bedroom 172 $351,258 137
RE 4 bedroom 68 $588,984 136
RE 5 bedroom 33 $1,570,884 150
LD All 132 $1,125,505 206
CI All 81 $2,328,065 236
MF All 136 $477,266 168
CN All 325 $289,942 160
CN 1 bedroom 178 $206,118 164
CN 2 bedroom 91 $384,629 149
CN 3 bedroom 52 $375,998 161
CN 4 bedroom 4 $747,225 191
CN 5 bedroom 0 $0 0
RN All 0 $0 0
RN 1 bedroom 0 $0 0
RN 2 bedroom 0 $0 0
RN 3 bedroom 0 $0 0
RN 4 bedroom 0 $0 0
RN 5 bedroom 0 $0 0
Class Bedrooms Total Listed Num Sold Pct Sold Avg List Price Sold Avg Sale Price Sold Sale Price/List Price Ratio Avg DOM Sold Avg List Price Unsold Pct Expired
All All 1,767 465 26.32% $338,452 $307,455 90.84% 96 $499,447 39.56%
RE All 612 165 26.96% $255,728 $236,189 92.36% 74 $454,704 37.75%
RE 1 bedroom 5 3 60.00% $145,666 $133,333 91.53% 86 $222,333 60.00%
RE 2 bedroom 58 26 44.83% $237,415 $216,357 91.13% 107 $336,344 37.93%
RE 3 bedroom 359 100 27.86% $215,919 $201,889 93.50% 63 $337,251 36.49%
RE 4 bedroom 119 23 19.33% $355,208 $333,773 93.97% 67 $663,399 36.97%
RE 5 bedroom 71 13 18.31% $447,976 $390,796 87.24% 103 $785,551 43.66%
LD All 128 30 23.44% $231,740 $198,870 85.82% 126 $501,045 52.34%
CI All 99 28 28.28% $851,775 $766,253 89.96% 142 $1,397,381 49.49%
MF All 252 56 22.22% $587,230 $520,566 88.65% 95 $497,613 50.00%
CN All 676 186 27.51% $276,873 $254,959 92.09% 105 $357,186 33.43%
CN 1 bedroom 410 128 31.22% $223,210 $206,414 92.48% 108 $239,868 32.93%
CN 2 bedroom 180 44 24.44% $350,579 $325,670 92.89% 99 $400,767 40.56%
CN 3 bedroom 81 12 14.81% $481,291 $440,166 91.46% 88 $686,051 20.99%
CN 4 bedroom 5 1 20.00% $1,700,000 $1,365,000 80.29% 167 $1,194,333 20.00%
CN 5 bedroom 0 1 0.00% $26,500 $25,000 94.34% 138 $0 0.00%
RN All 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 1 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 2 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 3 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 4 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RN 5 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%

Posted by Fred Nahas on July 17th, 2008 7:54 AMPost a Comment (0)

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Longport NJ Real Estate Market Update YTY Comparison as of 07.07.2008
July 7th, 2008 3:05 PM

RE = Residential

LD = Land

CI = Commercial

MF = Multi-Family

CN = Condominium

DOM = Days on Market

Market Statistics All MLS
Statistics for: Class=RE,LD,CI,MF,CN AND Date Range=06/01/2007-06/30/2008 AND Area=Longport NJ AND Board=-1; As Of: 7/7/2008
 
Class Bedrooms Current Active Avg List Price Avg DOM
All All 88 $2,036,963 159
RE All 53 $2,676,828 141
RE 1 bedroom 1 $649,000 98
RE 2 bedroom 0 $0 0
RE 3 bedroom 14 $1,195,564 174
RE 4 bedroom 16 $1,645,499 117
RE 5 bedroom 22 $4,461,681 139
LD All 10 $1,824,800 100
CI All 0 $0 0
MF All 0 $0 0
CN All 25 $765,316 222
CN 1 bedroom 9 $380,111 280
CN 2 bedroom 7 $785,142 124
CN 3 bedroom 9 $1,135,100 240
CN 4 bedroom 0 $0 0
CN 5 bedroom 0 $0 0
Class Bedrooms Total Listed Num Sold Pct Sold Avg List Price Sold Avg Sale Price Sold Sale Price/List Price Ratio Avg DOM Sold Avg List Price Unsold Pct Expired
All All 136 42 30.88% $1,642,876 $1,477,976 89.96% 136 $1,615,604 20.59%
RE All 87 27 31.03% $2,144,440 $1,922,148 89.63% 145 $1,801,426 19.54%
RE 1 bedroom 1 0 0.00% $0 $0 0.00% 0 $0 0.00%
RE 2 bedroom 2 1 50.00% $2,375,000 $2,150,000 90.53% 100 $1,224,950 0
RE 3 bedroom 22 6 27.27% $761,000 $708,000 93.04% 161 $881,446 31.82%
RE 4 bedroom 27 5 18.52% $1,911,999 $1,739,000 90.95% 124 $1,557,526 22.22%
RE 5 bedroom 35 15 42.86% $2,759,926 $2,453,666 88.90% 148 $2,734,128 11.43%
LD All 12 2 16.67% $1,715,000 $1,555,000 90.67% 123 $2,971,285 16.67%
CI All 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
MF All 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
CN All 37 13 35.14% $590,069 $543,615 92.13% 119 $702,804 24.32%
CN 1 bedroom 15 7 46.67% $260,271 $240,928 92.57% 74 $359,280 26.67%
CN 2 bedroom 10 2 20.00% $875,000 $767,500 87.71% 202 $924,250 10.00%
CN 3 bedroom 12 3 25.00% $901,333 $853,500 94.69% 60 $1,021,487 33.33%
CN 4 bedroom 0 1 0.00% $1,395,000 $1,285,000 92.11% 452 $0 0.00%
CN 5 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%

 

Market Statistics All MLS
Statistics for: Class=RE,LD,CI,MF,CN AND Date Range=06/01/2006-06/30/2007 AND Area=Longport NJ AND Board=-1; As Of: 7/7/2008
 
Class Bedrooms Current Active Avg List Price Avg DOM
All All 88 $2,036,963 159
RE All 53 $2,676,828 141
RE 1 bedroom 1 $649,000 98
RE 2 bedroom 0 $0 0
RE 3 bedroom 14 $1,195,564 174
RE 4 bedroom 16 $1,645,499 117
RE 5 bedroom 22 $4,461,681 139
LD All 10 $1,824,800 100
CI All 0 $0 0
MF All 0 $0 0
CN All 25 $765,316 222
CN 1 bedroom 9 $380,111 280
CN 2 bedroom 7 $785,142 124
CN 3 bedroom 9 $1,135,100 240
CN 4 bedroom 0 $0 0
CN 5 bedroom 0 $0 0
Class Bedrooms Total Listed Num Sold Pct Sold Avg List Price Sold Avg Sale Price Sold Sale Price/List Price Ratio Avg DOM Sold Avg List Price Unsold Pct Expired
All All 128 48 37.50% $1,287,404 $1,149,139 89.26% 150 $1,233,136 29.69%
RE All 78 32 41.03% $1,403,837 $1,251,615 89.16% 159 $1,642,728 26.92%
RE 1 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
RE 2 bedroom 4 1 25.00% $639,000 $575,000 89.98% 170 $698,666 100.00%
RE 3 bedroom 21 11 52.38% $833,627 $745,136 89.38% 138 $1,171,211 19.05%
RE 4 bedroom 20 8 40.00% $1,311,112 $1,161,250 88.57% 119 $1,590,857 25.00%
RE 5 bedroom 33 12 36.36% $2,052,083 $1,832,516 89.30% 203 $2,307,368 24.24%
LD All 9 4 44.44% $2,388,250 $2,099,750 87.92% 127 $739,000 22.22%
CI All 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
MF All 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
CN All 41 12 29.27% $609,966 $559,000 91.64% 136 $587,085 36.59%
CN 1 bedroom 20 4 20.00% $281,725 $267,000 94.77% 74 $341,566 50.00%
CN 2 bedroom 10 6 60.00% $636,300 $584,166 91.81% 145 $573,833 40.00%
CN 3 bedroom 11 2 18.18% $1,187,450 $1,067,500 89.90% 231 $1,214,133 9.09%
CN 4 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%
CN 5 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%

Posted by Fred Nahas on July 7th, 2008 3:05 PMPost a Comment (0)

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Margate NJ Real Estate Market Update YTY Comparison as of 07.02.2008
July 2nd, 2008 7:07 AM

As you can see by comparing the charts below, Margate City residential sales are down across the board, which indicates a good opportunity to take a closer look at purchasing there.

Because of Margate's past of being an extremely stable market, these prices begin to indicate an opportunity that will eventually bouce back and reap big rewards.

For sellers, this indiactes expectations to sell their home for less than they might have been able to last year. Unless it's necessary to sell, it would be wise to hang tight.

 

RE = Residential

LD = Land

CI = Commercial

MF = Multi-Family

CN = Condominium

DOM = Days on Market

Market Statistics All MLS
Statistics for: Class=RE,LD,CI,MF,CN AND Date Range=06/01/2007-06/30/2008 AND Area=Margate City AND Board=-1; As Of: 7/2/2008
 
Class Bedrooms Current Active Avg List Price Avg DOM
All All 368 $892,258 154
RE All 178 $1,209,482 142
RE 1 bedroom 1 $299,900 176
RE 2 bedroom 6 $405,316 132
RE 3 bedroom 69 $838,199 141
RE 4 bedroom 63 $1,072,420 134
RE 5 bedroom 39 $2,234,812 158
LD All 17 $934,823 220
CI All 12 $885,074 191
MF All 21 $717,176 147
CN All 140 $510,642 159
CN 1 bedroom 42 $252,685 157
CN 2 bedroom 48 $415,327 161
CN 3 bedroom 38 $808,647 123
CN 4 bedroom 12 $851,066 279
CN 5 bedroom 0 $0 0
Class Bedrooms Total Listed Num Sold Pct Sold Avg List Price Sold Avg Sale Price Sold Sale Price/List Price Ratio Avg DOM Sold Avg List Price Unsold Pct Expired
All All 737 255 34.60% $707,824 $641,362 90.61% 136 $861,164 28.36%
RE All 399 160 40.10% $852,140 $770,687 90.44% 122 $1,176,996 24.56%
RE 1 bedroom 2 0 0.00% $0 $0 0.00% 0 $484,000 0
RE 2 bedroom 15 7 46.67% $388,557 $356,142 91.66% 86 $433,846 20.00%
RE 3 bedroom 139 52 37.41% $548,763 $508,817 92.72% 104 $759,109 20.14%
RE 4 bedroom 149 65 43.62% $863,570 $783,685 90.75% 126 $972,085 24.83%
RE 5 bedroom 94 36 38.30% $1,359,855 $1,206,083 88.69% 147 $2,092,610 31.91%
LD All 23 4 17.39% $611,750 $525,000 85.82% 115 $873,282 26.09%
CI All 15 1 6.67% $575,000 $550,000 95.65% 189 $1,248,487 20.00%
MF All 33 4 12.12% $712,225 $603,250 84.70% 170 $686,910 33.33%
CN All 267 86 32.21% $445,138 $409,004 91.88% 163 $454,669 34.08%
CN 1 bedroom 87 32 36.78% $266,131 $240,300 90.29% 173 $250,894 36.78%
CN 2 bedroom 105 35 33.33% $454,382 $420,864 92.62% 149 $426,053 37.14%
CN 3 bedroom 64 17 26.56% $709,899 $661,882 93.24% 153 $726,732 21.88%
CN 4 bedroom 11 2 18.18% $897,000 $751,250 83.75% 319 $845,127 54.55%
CN 5 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%

 

 

Market Statistics All MLS
Statistics for: Class=RE,LD,CI,MF,CN AND Date Range=06/01/2006-06/30/2007 AND Area=Margate City AND Board=-1; As Of: 7/2/2008
 
Class Bedrooms Current Active Avg List Price Avg DOM
All All 368 $892,258 154
RE All 178 $1,209,482 142
RE 1 bedroom 1 $299,900 176
RE 2 bedroom 6 $405,316 132
RE 3 bedroom 69 $838,199 141
RE 4 bedroom 63 $1,072,420 134
RE 5 bedroom 39 $2,234,812 158
LD All 17 $934,823 220
CI All 12 $885,074 191
MF All 21 $717,176 147
CN All 140 $510,642 159
CN 1 bedroom 42 $252,685 157
CN 2 bedroom 48 $415,327 161
CN 3 bedroom 38 $808,647 123
CN 4 bedroom 12 $851,066 279
CN 5 bedroom 0 $0 0
Class Bedrooms Total Listed Num Sold Pct Sold Avg List Price Sold Avg Sale Price Sold Sale Price/List Price Ratio Avg DOM Sold Avg List Price Unsold Pct Expired
All All 870 260 29.89% $720,443 $654,608 90.86% 133 $809,233 30.57%
RE All 438 146 33.33% $894,924 $808,985 90.40% 124 $1,036,895 31.74%
RE 1 bedroom 1 0 0.00% $0 $0 0.00% 0 $0 0.00%
RE 2 bedroom 28 10 35.71% $387,050 $365,500 94.43% 132 $465,130 57.14%
RE 3 bedroom 154 61 39.61% $665,845 $607,354 91.22% 92 $698,937 29.22%
RE 4 bedroom 167 54 32.34% $985,668 $887,228 90.01% 149 $1,040,304 31.74%
RE 5 bedroom 88 21 23.86% $1,568,847 $1,404,666 89.53% 149 $1,733,869 28.41%
LD All 26 5 19.23% $425,200 $305,000 71.73% 140 $921,612 23.08%
CI All 13 1 7.69% $1,995,000 $1,665,000 83.46% 60 $663,146 69.23%
MF All 39 5 12.82% $623,580 $563,900 90.43% 110 $867,700 17.95%
CN All 354 103 29.10% $479,779 $447,347 93.24% 146 $510,963 29.66%
CN 1 bedroom 114 25 21.93% $260,253 $237,740 91.35% 151 $272,267 31.58%
CN 2 bedroom 134 51 38.06% $447,017 $411,794 92.12% 139 $489,496 28.36%
CN 3 bedroom 78 23 29.49% $728,026 $693,366 95.24% 162 $787,058 35.90%
CN 4 bedroom 28 4 14.29% $842,125 $796,087 94.53% 109 $794,233 10.71%
CN 5 bedroom 0 0 0.00% $0 $0 0.00% 0 $0 0.00%

Posted by Fred Nahas on July 2nd, 2008 7:07 AMPost a Comment (0)

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