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North Jersey becoming an apartment haven
April 13, 2017
North Jersey / northjersey.com
Otteau said he expects these housing trends to continue as local elected officials are now more likely to see higher-end apartment complexes as net revenue generators — that is, the taxes paid on the site are greater than the cost of providing services. Most of the apartments are one- and two-bedroom units, Otteau added, so not many children would reside there.
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The 5 most competitive places to buy a home in New Jersey
April 11, 2017
The Star Ledger / nj.com
There's a couple of reasons as to why new housing inventory has slowed down in the last few years, according to Jeff Otteau, president of the real estate appraisal firm Otteau Group. First of all, homeowners are staying in their current homes for longer periods of time. Even though home prices have risen, they haven't recovered from their pre-recession levels.
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Where are rents rising faster than Manhattan: Would you believe Oak Tree Road in Iselin?
March 20, 2017
NJBIZ / njbiz.com
"While rents are not nearly as high as Manhattan, they are higher than other suburban markets, vacancy is extremely low and rents are rising rapidly … faster than most NYC submarkets," Otteau said.
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High-end, multi-family developments popping up in Central Jersey
March 17, 2017
My Central Jersey / mycentraljersey.com
"There has been a fundamental shift in housing preferences here in New Jersey — away from single family homes and towards multi-family housing," said Jeffrey Otteau, president of Otteau Group, an information provider on real estate trends.
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Home Sales Brisk in New York City's Suburbs
March 17, 2017
The New York Times / nytimes.com
And in the inner-ring New Jersey suburbs closest to Manhattan, the markets are so brisk that many have less than three months' worth of inventory, according to Jeffrey Otteau, the president of the Otteau Group, an appraisal and advisory firm. By way of comparison, in 2012, most of those markets had a four-to-eight-month supply, a more typical range.
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New Jersey Home Sales Surged in January
March 1, 2017
Fox Business / foxbusiness.com
Sales of new and existing homes in January increased 14% compared with the same month in 2016, and rose 31% from 2015, according a market report by Jeffrey Otteau, president of the Otteau Group, an appraisal and consulting firm.
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Somerville will take breather on landfill redevelopment
February 8, 2017
My Central Jersey / mycentraljersey.com
The first public meeting will be Feb. 27, when real estate expert Jeffrey Otteau will deliver a presentation on markets trends. The meeting will be held in the Freeholders' Meeting Room in the County Administration Building on Grove Street. No time has been announced.
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CRE MARKET FORECAST: Predictions from industry experts
January 31, 2017
Real Estate NJ / re-nj.com
"2017 is shaping up to be another good year for New Jersey's real estate markets despite the state's 'worst in class' economic performance in 2016. Those real estate sectors that are attached to the new 'sharing economy,' like apartments and warehousing, will continue to lead the way in terms of demand growth and pricing power."
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New Jersey Tops National Foreclosure List For Second Consecutive Year
January 12, 2017
The Wall Street Journal / wsj.com
Jeffrey Otteau, an appraiser and president of the Otteau Group Inc., said the New Jersey foreclosure data also reflected the state's weak economic performance since the last recession. In 2015, he noted, household income rose 0.4% in the state, compared with 3.7% for the nation. "Jobs and income matter, and New Jersey is losing that battle," he said.
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Demand dips for highest-priced North Jersey homes
January 6, 2017
The Record / northjersey.com
Appraiser Jeffrey Otteau of East Brunswick, who tracks the real estate market statewide, said that at the current sales pace, Bergen County has 3.5 years' supply of homes priced at more than $2.5 million. By contrast, the county has only 4.5 months' supply overall.
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Home prices in N.J. slower to climb than previously thought, report says
October 21, 2016
The Star Ledger / nj.com
Jeffrey Otteau of East Brunswick-based Otteau Valuation Group told NorthJersey.com the slow pace at which home sales are increasing in New Jersey is to blame.
Otteau once expected prices to peak in 2018, 2019 or 2020 but he revised that prediction to 2023.
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New Jersey home prices to rise 3% this year, forecaster says
October 20, 2016
The Record / northjersey.com
A Bureau of Labor Statistics report on Thursday said New Jersey gained 3,300 private-sector jobs in September, however, the state is creating jobs at a slower pace than in 2015.
"Whether the economy is creating jobs and how much those jobs are paying are the most important factors in the housing market," Otteau told about 100 real estate agents at the seminar.
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Appreciating the value of your home
September 25, 2016
Central Jersey / mycentraljersey.com
Otteau cautioned that these county figures only reflect the median price of a home, which is a convenient marker but not a complete representation of the facts. "You have a lot of homes selling, but the homes this year are smaller and less expensive than the ones that sold last year; that brings the median price down, even though more homes may have sold," Otteau pointed out.
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Bidding Wars in the Suburbs
June 17, 2016
The New York Times / nytimes.com
But there, "the housing market is looking better than it has in a very long time," said Jeffrey Otteau, the president of the Otteau Valuation Group in East Brunswick, N.J. Among the briskest markets are Hoboken, Glen Ridge, Maplewood, Montclair and South Orange, judging by their very low levels of inventory, he added.
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N.J. housing expert sees 4 percent rise in prices this year
March 23, 2016
The Record / northjersey.com
"Job creation fuels home purchases," appraiser Jeffrey Otteau of East Brunswick, who researches the real estate market statewide, told an audience of real estate agents in Hasbrouck Heights.
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Exclusive: What is your home worth?
February 6, 2016
Courier Post / courierpostonline.com
"Jeffrey Otteau, an East Brunswick-based real estate consultant, said the number of home sales in New Jersey is one of several positive signs. He expects a 13 percent increase in home sales between 2014 and 2015, bringing it to its highest level since the height of the housing bubble."
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Central Jersey home sale values rising: Is it enough?
January 31, 2016
My Central Jersey / mycentraljersey.com
"Nevertheless, the state's real estate market was the strongest last year since the recession, according to Jeff Otteau, chief executive officer of the East Brunswick-based Otteau Evaluation Group, which analyses real estate data for developers."
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Morris home prices rising, but still lag behind 2006
January 31, 2016
Daily Record / dailyrecord.com
"Morris County also saw inventories of unsold homes shrink last year as more people are buying homes, according to statistics supplied by Otteau. The faster pace of the state's job gains in 2015 and improvement in the financial markets has led to a significant rise in demand across all of its real estate sectors, Otteau said."
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Apartment, retail plans pitched in Bedminster
January 21, 2016
The Bernardsville News / newjerseyhills.com
"The board then heard testimony from Jeffrey Otteau, an East Brunswick-based real estate broker hired by the applicant. He began with economic and demographic overviews. New Jersey has recovered only two-thirds of the jobs lost during the 2007-09 recession, and its household income is down 18 percent in that period, said Otteau, a resident of Warren Township."
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Real Estate Predictions 2016: Buy, sell, hold
January 4, 2016
NJBIZ / njbiz.com
"There's good cause for optimism for the real estate markets in 2016, especially in New Jersey. The faster pace of the state's job gains in 2015, coupled with continuing improvement in the financial markets, has led to significant demand growth across all of its real estate sectors."
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Job growth lifts housing outlook for 2016
January 3, 2016
The Record / northjersey.com
"Given the continuing economic recovery, this year will be a good year for housing," said Jeffrey Otteau, an East Brunswick appraiser who tracks the housing market statewide.
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How Much House Will A Rate Hike Cost You?
November 8, 2015
Forbes / forbes.com
I spoke with Debbie Lansing, a realtor with Keller Williams in Montclair, NJ, and she cited real estate appraisal valuation guru Jeffrey Otteau, offering that "each 1% increase in interest rates translates to a 9% drop in the price of the house you can afford."
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N.J. home sales activity at highest level since 2005
October 28, 2015
The Record / northjersey.com
Otteau predicted that home prices will increase about 4 percent next year, as sales activity remains strong. Low mortgage rates, an improving employment market and pent-up demand are increasing the buyer pool, he said.
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Property tax appeals on the rise in New Jersey
August 17, 2015
New Jersey 101.5 / nj1015.com
According to Jeff Otteau, president of Otteau Valuation Group Inc., home prices in New Jersey are still down by about 20 percent from the peak prices before the Great Recession in 2006 – which is twice as much as the nation al average.
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Tilcon hearing in Bloomingdale canceled
July 29, 2015
The Record / northjersey.com
The Otteau Group will determine the effect on the surrounding property values in the immediate submarket area in the event the quarry expansion is approved. The firm will also analyze whether the development of inclusionary multi-family housing on a portion of the Meer Tract, which will include affordable and market units, is a viable use of the property that will fill a need in the local and regional submarket area.
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Brooklyn Expats Come Home
July 9, 2015
The New York Times / nytimes.com
Compare that with data provided by Jeffrey G. Otteau, president of the Otteau Group, an information provider on real estate trends, which showed median prices in Summit, N.J., at $797,500 and in Ridgewood, N.J., at $700,000, and it’s clear that the decision is not necessarily a financial one.
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PlanSmart to develop reuse plan for campuses
June 1, 2015
NJBIZ / njbiz.com
Housing market expert Jeffrey G. Otteau expects the surge to come in two waves, starting with millennials who currently rent and will look to transition to owning. He projects that group to buy about 175,000 homes over the next five years, followed by a wave of millennials who still live with their parents and will look to enter the apartment market over the ensuing decade.
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Planners eye Route 18 corridor for redevelopment
May 5, 2015
The Suburban / gmnews.com
East Brunswick currently has a 12 percent commercial vacancy rate. According to Banisch, a decline in people age 25 to 34 has also contributed to the flight of commercial ratables. Jeff Otteau, a real estate expert with the Otteau Valuation Group, has pinpointed the area between the Turnpike and West Ferris Street as a particular concern, noting that it would take 121 years to fill the retail space in this corridor at the current development rate.
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Real estate lending rises in North Jersey
May 3, 2015
The Record / northjersey.com
Importantly, unlike during the recession, property values have been on the rise and commercial property vacancy rates, with the exception of office space, are generally pretty low. That makes property owners less likely to default on loans. The vacancy rates for North Jersey apartments and retail space this spring are about 4 percent and 5.3 percent, respectively, according to the Otteau Valuation Group Inc. in East Brunswick.
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Can New Jersey's suburbs survive the millennial generation?
April 24, 2015
Asbury Park Press / app.com
Monmouth and Ocean counties were hit harder. Monmouth County's median home price fell from $422,492 in the second quarter of 2006 to $350,000 in the fourth quarter of 2014, or 17 percent. Ocean County's median price dropped from $285,154 in the second quarter of 2006 to $205,000 in the fourth quarter of 2014, or 28 percent, according to Otteau Group Inc., an East Brunswick-based research firm.
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Hamptons Home Sales, Prices Pick Up
April 23, 2015
The Wall Street Journal / wsj.com
In New Jersey, data compiled by Jeffrey G. Otteau, an appraiser and market analyst, showed that activity and prices lagged for much of last year, with the number of contracts beginning to rebound last fall.
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The twin risks of flood-prone real estate
April 19, 2015
The Record / northjersey.com
According to Jeffrey Otteau, an East Brunswick appraiser who tracks the real estate market statewide, home sellers with high flood insurance premiums generally have to discount their asking prices significantly, to offset the monthly cost of the insurance.
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Age-restricted housing plan in Peapack-Gladstone now in doubt
April 3, 2015
The Bernadsville News / newjerseyhills.com
Jeffrey Otteau, a marketing expert hired by the developer, said families were unlikely to purchase a unit because 61 percent of households within five miles of the site have no children under 18 living at home. He also said the market for office space in the area is poor.
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After tepid 2014, home prices forecast to rise 3.5% this year
March 24, 2015
The Record / northjersey.com
After treading water in 2014, New Jersey home prices will get a boost from low mortgage rates and an improving job market this year, appraiser Jeffrey Otteau predicted Tuesday. Otteau, an East Brunswick appraiser whose forecasts are widely followed in the real estate industry, expects home values to rise about 3.5 percent this year, compared with an anemic 1.4 percent in 2014. He also expects this year's spring market - traditionally the busiest time to buy and sell - to be active.
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Condos making comeback in Jersey: Class finally recovering in state's prime locations
March 6, 2015
NJBIZ / njbiz.com
The activity comes amid measured improvement in the state's condo market. Sales of condos and townhomes reached 20,714 last year, up 0.5 percent from 2013 and 22 percent from 2012, according to the New Jersey Association of Realtors. The median sales price reached $255,000 in 2014, up 2 percent and 4 percent from the previous two years, respectively. But Jeffrey Otteau, president of Otteau Valuation Group in East Brunswick, said a better indicator is resale prices in some of the state's most desirable markets. In places such as Hoboken and Jersey City, he said, condos are now back to selling for around $600 per square foot after dropping roughly 30 percent three years ago.
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Cedar Grove Planning Board kicks K. Hovnanian proposal back to council
February 26, 2015
The Record / northjersey.com
Otteau laid out three categories of buyers that he thinks will be interested in this product: childless by choice (couples opting to not have children), empty nesters (couples whose children have grown up and moved out), and second home owners (also known as snowbirds. These buyers have a second home, possibly in a warmer location).
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What do millennials really want?
February 22, 2015
My Central Jersey / mycentraljersey.com
The concept behind Advance Realty's plans for the redevelopment site is to include retail, commercial and residential uses on the property. Otteau said corporations are looking for locations where employees can have easy access to amenities, such as Starbucks, and can live in close proximity to where they work and don't need cars.
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Mill Creek setting sights on growth in New Jersey
January 12, 2015
NJBIZ / njbiz.com
Mill Creek, one of the largest multifamily builders in the country, has those plans as the Garden State continues to see a surge in apartment construction. And experts say the fundamentals are there to support continued demand at least over the next few years. "This cycle certainly has longer to run," Jeffrey G. Otteau, president of Otteau Valuation Group in East Brunswick, said of the demand for rentals. That's due largely to the high cost of homeownership, the slow pace of the state's economic recovery and the growing preference for apartments among millennials and even empty-nester baby boomers.
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Great Swamp-Passaic Municipal Alliance opens dialogue
December 18, 2014
The Daily Record / dailyrecord.com
On Dec. 10, the Morristown-based Great Swamp Watershed Association welcomed economist and real estate appraiser Jeffrey Otteau as the featured speaker during the fourth gathering of the recently-formed Great Swamp-Passaic Municipal Alliance held at the Geraldine R. Dodge Foundation in Morristown. The alliance was created to provide a voluntary no-cost way for municipalities, located along the upper reaches of the Passaic River and around New Jersey's Great Swamp, to coordinate efforts leading to local environmental, planning and zoning improvements.
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East Brunswick takes first step in local redevelopment process
November 20, 2014
The Sentinel / eb.gmnews.com
The motion comes a month after Jeff Otteau, a real estate expert with the Otteau Valuation Group, spoke to the council about "gloomy" and "concerning" business conditions for the township. Otteau pinpointed the area between Eggers Street and West Ferris Street as a particular concern, noting that it would take 121 years to fill the retail space in this corridor at the current development rate.
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NJBIZ Power 50 Real Estate leaders revealed
November 10, 2014
NJBIZ / njbiz.com
Jeffrey Otteau ranked among the NJBIZ Real Estate Power 50 for the 4th straight year. To find out who made the cut and where they ranked, check out our Power 50 slideshow
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Home prices still years away from rebound to pre-recession peaks, analyst says
October 24, 2014
The Record / northjersey.com
Jeffrey Otteau of the Otteau Valuation Group in East Brunswick, whose forecasts are widely followed in the real estate community, predicted that state home prices will rise 2 percent this year and 3 percent next year. That's a slower pace than last year, when prices were up about 4.2 percent — the first significant rise in years. And the number of sales is down this year, compared with last year. "Momentum in home sales has slowed, but even with this slowdown, the housing market is much better than it was two, three, five years ago," Otteau said in an interview Thursday.
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Mayor: Empty storefronts a new reality
October 23, 2014
The Sentinel / eb.gmnews.com
Jeff Otteau, a real estate expert from the Otteau Valuation Group, analyzed present and future business conditions for the township. Otteau focused on an area in East Brunswick that runs along Route 18 between Eggers Street to the north, and West Ferris Street to the south. According to statistics, it would take 121 years to fill the retail space in this corridor at the current development rate, Otteau said. "In other words, there is absolutely no hope that this problem will get better without some form of intervention, without some form of action," he said.
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What comeback? Why NJ’s economy has tanked
October 21, 2014
The DailyJournal
Meanwhile, New Jersey has little money to invest in transit projects. Its public pension system is underfunded. It has a nearly $1 billion budget shortfall. And municipalities are reluctant to approve development projects that would attract families — and require higher taxes to educate children, real estate analyst Jeffrey Otteau said.
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Let's reshape New Jersey's affordable housing policies
October 13, 2014
The Star-Ledger / nj.com
It is time to consider other avenues for providing affordable housing in New Jersey. Although the national recession officially ended five years ago, New Jersey is lagging behind the rest of the country in job creation and household income. According to Jeff Otteau of the Otteau Valuation Group, during the period from 2006- 2012, household income in New Jersey has declined by 2 percent while the rest of the nation has risen by 5 percent.
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Hopewell planners take another look at Scotch Road development around Merrill Lynch
September 30, 2014
The Star-Ledger / nj.com
Jeffrey Otteau, a real estate expert hired by the board this summer, produced a study that found that there is demand for up to 1,500 units of housing and 200,000 square feet of retail space in the area surrounding the offices.
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See why $1M condo owners hate bank's plan
September 26, 2014
Asbury Park Press / app.com
Age-restricted housing has fallen out of favor, particularly in New Jersey, where wealthy residents are moving to states with lower taxes, said Jeffrey Otteau, president of Otteau Valuation Group, a research firm based in East Brunswick. "Clearly what happens on the second half of this project is not going to be what's already there because we already know how that turned out," Otteau said.
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Developer: Plan for Bridgewater's Sanofi Research Campus will attract young professionals
September 5, 2014
The Star-Ledger / nj.com
Cocziello said the trend now is for companies to cater to young college graduates, the so-called "millennials," workers ages 25 to 34. They want to live in close proximity to where they work and be able to reach out and touch amenities such as day care, dining, entertainment and shopping. Real estate expert Jeffrey Otteau told the Bridgewater planning board during a recent meeting that young people are leaving Somerset County at a "staggering pace" because of the urbanization of the workforce. Though Bridgewater’s population grew three percent between the 2000 and 2010 censuses, the number of residents in the age group 25 to 34 dropped by a third, he said.
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Hopewell Township considers rezoning area near Merrill Lynch to allow for high-density housing
August 20, 2014
The Star Ledger / nj.com
The market has collapsed for the type of massive office park that zoning would allow to be built in the area, but there is demand for up to 1,500 units of housing and 200,000 square feet of retail space in the area, the report said. "We found a significant shortage of available retail space here in this local market area, meaning that households need to drive farther than is the case in most places to be able to get access to retail outlets," Jeffrey Otteau, president of Otteau Valuation, has said.
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Company pushes for redevelopment of Bridgewater property
August 13, 2014
My Central Jersey / mycentraljersey.com
The mayor’s comments came after Advance’s experts gave what Hayes called an "incredibly sobering" picture of the condition of the campus built in the 1960s to house the headquarters of American Hoechst and the state of the office rental market in Somerset County. While Advance’s planner, Richard Coppola, said most of the buildings on the 160-acre campus were "functionally obsolete," real estate expert Jeffrey Otteau said such corporate campuses are no longer viable.
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HART keynote speaker: Hunterdon needs smaller homes, more transit for Millennials
July 24, 2014
The Star-Ledger / nj.com
Otteau said that this situation is "self-inflicted." New Jersey needs to revisit old formula that estimate the impact of high-density housing on education costs (birth rates are down, and schools have space); invest in mass transit; and re-zone for two- and three-bedroom houses on small lots. He said that the "field-of-dreams" approach to zoning won't work anymore. That's the philosophy of: If you zone for it, it will come."
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On the House: Rental development is picking up
July 20, 2014
The Inquirer / philly.com
In fact, predictions were that this multifamily focus would continue even into the "next housing cycle," as Jeffrey Otteau, of the Otteau Valuation Group in New Brunswick, told Philadelphia home builders at a meeting in October 2009.
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Can New Jersey Compete in the Global 'Innovation Economy?'
June 20, 2014
NJ Spotlight / njspotlight.com
And experts who have been working with the state to help "get it right" point out that New Jersey does face some formidable obstacles. "As hard as it is to believe, New Jersey has evolved into an inhospitable place for people and businesses," lamented noted real estate analyst Jeffrey Otteau.
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How the Suburbs Killed Business
June 11, 2014
U.S. 1 Newspaper / us1newspaper.com
High real estate prices are the direct result of restrictive zoning. Those high home prices are a secondary tax on business, Otteau says.
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NJ now tops nation in foreclosure rates
May 15, 2014
The Star Ledger / nj.com
According to an April report by real estate consultant firm Otteau Valuation, the state "continues to work through its backlog, which has caused filings to increase by 81 percent" in the first quarter compared to the same period last year. "Looking ahead, the mortgage delinquency rate will decline as more foreclosures are completed," the Otteau report said.
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Spring weather leads to uptick in home improvement projects
April 20, 2014
The Record / northjersey.com
Real estate expert Jeff Otteau of The Otteau Valuation Group of East Brunswick said sellers shouldn't bank heavily on recovering their investment in renovations. Major capital improvements, he said, add only about 50 cents on every dollar to the value of a home. Otteau said homeowners also need to make sure they are not "over-improving" - doing renovations that far outclass other homes in the neighborhood.
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Jersey Shore rental rates rank as third-most expensive in New Jersey
April 12, 2014
Asbury Park Press / app.com
Rental demand will continue to outpace the supply of available rental properties and that means that rents will continue to rise, said Jeffrey Otteau, president of Otteau Valuation Group Inc. in East Brunswick. "We’ve been seeing, historically, that rental prices here in New Jersey, and Monmouth and Ocean counties as well, have been rising at about a 2.5 percent annualized rate."
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NJ home prices expected to rise 6 percent this year
March 28, 2014
The Record / northjersey.com
After harsh weather slowed home sales this winter, New Jersey sales are likely to surge this spring, and home prices will rise about 6 percent this year, real estate appraiser Jeffrey Otteau said Thursday.
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South Jersey still lags nation in real estate recovery
March 25, 2014
Press of Atlantic City / pressofatlanticcity.com
New Jersey has seen a jump in new-construction permits and five consecutive quarters of rising home prices. The state sold 85,000 homes last year, the most since the housing boom of 2006. Nationally, the picture is even better. But South Jersey is behind the rest of the state in sales, home prices and new construction, said Jeffrey Otteau, president of the real-estate analysis firm Otteau Valuation Group Inc.
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Revitalizing Suburbia: Giving Aging Malls and Office Parks a New Lease on Life
March 19, 2014
NJSpotlight / njspotlight.com
This urban migration compounds the problem of an existing glut of retail space that real estate analyst Jeff Otteau predicts will meet the state’s needs for another 17 years. He also cites a surfeit of office space that won’t be used up until 2043. And because the state's suburban corporate and commercial construction boomed more than 20 years ago, the New Jersey League of Municipalities Educational Foundation calls the current building stock not just aging but obsolete.
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Monmouth and Ocean real estate market poised to grow in spring
March 7, 2014
Asbury Park Press / app.com
After 26 straight months of increasing sales, the snowy start to 2014 took its toll on the housing market in both counties. In Monmouth County, sales declined by 14.5 percent to 465 through early March, compared with 544 during the same time last year. In Ocean County, they fell 17.4 percent to 547 compared with 662 during the same span last year, according to Otteau Valuation Group Inc.
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Foreclosures Surging in New York-New Jersey Market
February 26, 2014
Bloomberg / bloomberg.com
While investors may help the market, they are generally avoiding hard-hit neighborhoods in cities such as New Jersey's Newark, Irvington, Elizabeth, Trenton and Camden, according to Jeffrey G. Otteau, president of Otteau Valuation Inc. in East Brunswick. About 21 percent of New Jersey foreclosures are in urban areas and another 18 percent are in towns hit by Sandy. Only 4 percent are in the southern suburbs and 2.5 percent in the northern ones, Otteau said.
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NJ Home Prices Increase for the 5th Consecutive Quarter
February 19, 2014
NJBIZ / njbiz.com
New Jersey home prices are consecutively increasing ever since the housing recovery began. According to an Otteau Valuation Group Inc. report, this is due in part to an increase in the demand to buy a house combined with a tight inventory of available houses for purchase.
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Home affordability turns around as inventory shrinks, median prices climb
February 19, 2014
The Star Ledger / nj.com
East Brunswick-based Otteau Valuation Group today reported that its affordability index reached 120 percent during the fourth quarter of 2013, meaning a person earning the state's median wage of $69,667 could afford a home 20 percent above the median home value of $287,480.
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NJ Home Prices Increase for the 5th Consecutive Quarter
February 19, 2014
Jeffrey G. Otteau, Otteau Valuation Group, Inc. / OTTEAU.com
The combined effects of increased home purchase demand and tight inventory levels is causing continuing home price increases in New Jersey. Median home prices in the state rose by 3.8% in Q4 compared to one year ago. This marks the 5th consecutive quarterly increase since the housing recovery began.
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Real Estate Analyst Warns Suburban Land Use Regulations Driving People, Jobs Away
January 29, 2014
New Jersey Future / njfuture.org
In his keynote address at the New Jersey Chapter of the American Planning Association's annual conference Jan. 24, real estate expert Jeffrey Otteau, president of the Otteau Valuation Group, issued a stern challenge to planners: Big changes to municipal land use regulations are needed, and they are needed now.
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Housing recovery expected to gain momentum
January 5, 2014
The Record / northjersey.com
New Jersey's housing recovery is expected to gain momentum this year, with prices and construction on the rise, boosted by an improving economy. 'The strength of the housing market will certainly continue into 2014,' said Jeffrey Otteau, an East Brunswick appraiser who tracks the market statewide.
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Sell Your Home Now!
January 2014 Edition
New Jersey Monthly Magazine / njmonthly.com
As hot as the market is, some potential sellers are still dragging their feet, hoping to take further advantage of rising prices. Analyst Otteau says this is not always the best strategy. Currently, he says, New Jersey is in a 'window of opportunity'-that is, a period when homes are affordable. 'It's counterintuitive,' Otteau says, 'but the time when a seller can capture the most value is much more likely to be now than later, when prices normalize at a higher level that is less affordable to the average buyer.'
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Homes sales increased 17 percent in 2013 while prices held steady at year's end
December 31, 2013
The Star Ledger / nj.com
According to the Otteau Valuation Group, home sales last month rose 23 percent over the previous November, marking 26 consecutive months of sales increases. Overall, home sales in 2013 rose more than 17 percent. Over the past two years, home purchases are up 24 percent.
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NJ foreclosure pipeline remains clogged
December 28, 2013
The Wall Street Journal / wsj.com
'The rest of the country, about 75 percent of the U.S., will have cleared out their foreclosure backlog by summer 2014,' said Jeffrey Otteau, of the Otteau Valuation Group, an East Brunswick, N.J.-based real estate consulting group. 'New Jersey will probably be digesting, working and chopping through all of this until spring 2015.'
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State to end program for homeowners fighting foreclosure as federal money nears end
November 28, 2013
The Star Ledger / nj.com
A report from the New Brunswick-based Otteau Valuation Group found foreclosure rates in New Jersey dropped to 10.5 percent last month from 10.8 percent in September, but the figure still ranks as the second highest in the nation behind Florida's 11.9 percent delinquency. Otteau found a high percentage of homes in foreclosure - 18.4 percent - are in coastal towns hit by Hurricane Sandy.
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NJ Home Prices Have Largest Quarterly Price Increase Since the Recovery Began
November 8, 2013
Jeffrey G. Otteau, Otteau Valuation Group, Inc. / OTTEAU.com
Median home prices in the state rose by 6.4% in Q3 compared to one year ago. This marks the largest rise since the housing recovery began and is the 4th consecutive quarterly increase. The median home price in New Jersey increased to $315,693 in Q3 up from $296,679 one year earlier.
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New Jersey home prices slowly returning to 2006 levels, study finds
November 6, 2013
The Star Ledger / nj.com
A quarterly market analysis by the Otteau Valuation Group in East Brunswick found median home prices in New Jersey rose 6.4 percent in the third quarter over last year. It marks the largest rise since the housing recovery began and is the fourth consecutive quarterly increase.
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NJ home values to rise 5% a year, appraiser predicts
October 29, 2013
The Record / northjersey.com
The state's slowly improving job picture is like oxygen to the housing recovery," Otteau said at a seminar in East Hanover for real estate agents."
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Realtor: Little Silver Among State's Strongest Housing Markets
October 28, 2013
LittleSilver-Oceanport Patch / littlesilver.patch.com
Mr. Otteau identified the 21 towns with the strongest real estate markets in New Jersey. There were 8 in Bergen County, 4 in Essex County, 2 each in Monmouth and Morris Counties, and 1 each in Hudson, Mercer, Middlesex, Union and Somerset Counties. The two Monmouth County towns that he identified were Little Silver and Fair Haven.
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Superstorm still taking its toll on home prices
October 27, 2013
Courier-Post / courierpostonline.com
Jeffrey Otteau, president of Otteau Valuation Group, a research firm based in East Brunswick, said home prices in waterfront towns along the Jersey coast from Monmouth to Cape May counties fell 3 percent in the second quarter from the same period in 2012, while home prices statewide rose 4.1 percent. Preliminary figures for the third quarter of 2013 show that shore home prices fell 3.5 percent while New Jersey home prices overall rose 5.5 percent.
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Home affordability slips as sales increase: report
September 30, 2013
The Star Ledger / nj.com
Increases in mortgage rates have had little effect yet in New Jersey on the housing market, according to the Otteau Valuations Group. In its latest report, East-Brunswick-based Otteau noted home sales increased by double-digit figures for the fifth consecutive month in August. Year-to-date, sales are up by 17 percent, and since August 2011, they are up 43 percent.
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NJ Home Prices Increase for 3rd Consecutive Quarter
September 10, 2013
Jeffrey G. Otteau, Otteau Valuation Group, Inc. / OTTEAU.com
Median home prices in New Jersey rose by 4.1% in Q2 compared to one year ago. This marks the largest rise since the housing recovery began and is the 3rd consecutive quarterly increase. The median home price in New Jersey increased to $299,140 in Q2 up from $287,401 one year earlier.
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Real Estate expert: Hotel would be successful in Howell
September 4, 2013
Tri-Town News/tri.gmnews.com
The hotel is a viable site and will be successful in this area, Otteau said. "The demographics and the information in our reports show that it would be a healthy structure. The data that we analyzed for the report all comes from [studies conducted] in 2013 and includes information that dates back to 2007 and 2008."
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Manhattan homes are harder to buy. Hello, New Jersey
August 8, 2013
The Star-Ledger/NJ.com
According to the July market report by Otteau Valuations Group, contract sales in Hudson County are up 21 percent year-to-date, and the largest growth sector - 9 percent - is in homes priced at between $1 million and $2.5 million.
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North Jersey housing market hot as buyers return
June 23, 2013
The Record / northjersey.com
The 'buy now, pay less' mood among home buyers is creating a sense of urgency, Jeffrey Otteau, an East Brunswick appraiser who tracks the statewide housing market, wrote in a recent report. The pace of sales in the state is the highest in six years, and Bergen County is one of New Jersey's strongest markets, he said. The local multiple listing services report that sales volume is up about 12.5 percent in Bergen County and 18 percent in Passaic compared with last year.
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Million-dollar homes haven't fully emerged from recession yet
June 2, 2013
The Star Ledger / nj.com
What the affluent have is the ability to pick the time they want to sell, Otteau said. "They can ride out tough times. They didn't experience unemployment like the lower-income households did. They are more liquid and can ride out rough patches." According to Otteau, the decline of high-end homes on the selling block was about half of what occurred elsewhere. While the overall market dropped by 25 percent, it fell only 12 percent in towns that have easy access to New York City.
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Is the Housing Market Making a Jersey Comeback?
May 30, 2013
NJ Spotlight / njspotlight.com
Speaking at a real estate seminar earlier this spring, Jeff Otteau, who, as president of East Brunswick's Otteau Valuation Group is one of the state's most influential real estate analysts, predicted that this year's home prices will settle three percent higher than last. But he added, "It would not surprise me to see a five or six percent rise." Translating the numbers into actionable advice, Otteau said now is the time to buy.
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Tips for a warming housing market
May 16, 2013
The Record / northjersey.com
Otteau predicts that buyers will be less cautious and jump into the market. He also says that this spring will be the most active the real estate market has seen in New Jersey for the past five years. For those ready to buy, the upturn in the market means more houses should be available and more decisions need to be made.
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NJ Home Prices Increase for 2nd Consecutive Quarter
May 3, 2013
Jeffrey G. Otteau, Otteau Valuation Group, Inc. / OTTEAU.com
New Jersey home prices increased for the 2nd consecutive quarter due to rising purchase demand and tight inventory levels. Median home prices increased by 2.07% in the 1st quarter with a median home price of $262,661 up from $257,331 one year earlier. This latest increase follows a 2.91% rise in Q4.2012.
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Foreclosures in New Jersey still up, but correcting course
April 11, 2013
The Star Ledger / nj.com
Brunswick-based Otteau Valuations Group tracked similar numbers, recording a 49 percent increase from the first quarter of last year, but also noted a 10 percent drop from February to March this year. Jeff Otteau, president of the group, said the monthly figure might be a sign of loan forbearance that was enacted after Hurricane Sandy by banks and foreclosures were not allowed to go forward.
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Housing market growing, but problems remain, analysts tell Atlantic City audience
April 10, 2013
Press of Atlantic City / pressofatlanticcity.com
Jeff Otteau, the president of the Otteau Valuation Group, delivered the strongest message, telling those gathered at the Tropicana Casino and Resort that the housing market has grown rapidly - perhaps too rapidly - driven by historically low prices and low interest rates.
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Sellers Gaining Upper Hand
April 10, 2013
Wall Street Journal / wsj.com
Jeffrey G. Otteau, an appraiser and housing consultant in New Jersey, said that "the big change is a sense of urgency in the market" had last surfaced in 2006, before the collapse of housing prices. "Home buyers are convinced that waiting will cost them more as prices go up and interest rates go up," he said.
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Rebound expected in N.J. home prices
March 28, 2013
The Record / northjersey.com
After a six-year slide, New Jersey’s housing market appears to be at a turning point, with prices expected to rise this year... This reversal was underscored Thursday by East Brunswick appraiser Jeffrey Otteau, who tracks real estate statewide. He predicted that an increase in buyer demand and a shrinking supply of homes will work together to push up prices 3 percent this year in New Jersey.
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Real People
March 28, 2013
The Press of Atlantic City / pressofatlanticcity.com
The Atlantic Builders Convention will be held April 10-11 at the Atlantic City Convention Center. The panel of experts will include Jeffrey Otteau, president of Otteau Valuation Group.
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Real estate auction indicative of market's slowly building recovery
March 27, 2013
NJBIZ / njbiz.com
Jeffrey Otteau, president of Otteau Valuation Group in East Brunswick, said he expects construction to further pick up, increasing demand for developable property. "The reason is there is a stronger appetite to acquire real estate today because a bottom has hit for prices, and prices are starting to rise," Otteau said.
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North Jersey real estate agents say bidding wars are back
March 17, 2013
The Record / northjersey.com
The spring market started very early this year, said Jeffrey Otteau of the Otteau Valuation Group in East Brunswick, who follows the housing market around the state. Otteau notes that low inventory is caused in part by the fact that buyers are gaining confidence in the economy and improving job market. With buyers chasing a shrunken inventory of homes, Otteau said, "that's a sign that prices will rise in the coming year."
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Sandy expected to create opportunity for investors
March 14, 2013
NJBIZ / njbiz.com
Otteau said many of the homes that were destroyed had no flood insurance because the homes have been passed down several generations, and flood insurance is only required when there is a mortgage. "Even if they had flood insurance, they may have suffered damage that is greater than the coverage maximum," he said. Otteau said he believes many homes will be sold as-is to investors willing to take on the rebuilding projects as business ventures - buying the properties at a discount and selling for a profit.
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Commuter towns hold value better
March 3, 2013
The Record / northjersey.com
While home values have fallen about 25 percent in the region since the housing boom's peak in 2006, prices have held up better in towns along commuter train lines. According to a study by Otteau Valuation Group of East Brunswick, the average price of homes in Glen Rock, for example, fell from $638,854, to $567,174, from 2006 to 2012, a drop of 11.2 percent. In Ridgewood, another community with a train station, prices dropped 12.6 percent from $855,219, to $747,226.
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N.J. home sales enjoying rebound
February 28, 2013
NJBIZ / njbiz.com
The upswing in the housing market is a boost for the economy overall, said Jeffrey G. Otteau, president of the appraisal firm Otteau Valuation Group, in East Brunswick. "The recovering housing market creates construction jobs and generates retail spending," he said. "People who buy houses end up buying carpeting, furniture and major appliances. All of that helps the economy."
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Housing Signals Mixed
February 26, 2013
Wall Street Journal / wsj.com
A few weeks ago, Jeffrey G. Otteau, an appraiser and founder of Otteau Valuation Group, reported that strong job growth had led to a "steady improvement in the home purchase market" in New Jersey over the last 18 months. He said median prices were up 2.9% in the fourth quarter, compared with the same quarter in 2011. In an interview, Mr. Otteau said that monthly measurements of home prices "are unstable to begin with." He said that Sandy had triggered a decline in sales both along the damaged shorelines and in many nearby communities as well.
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More parents choosing New York City over Bergen County, data shows
February 17, 2013
The Star Ledger / nj.com
The number of children younger than 5 has dropped by 6,000 in Bergen County since 2000 as more parents choose New York City over the suburbs, the Record reported. The decline of young families will hold down prices for suburban real estate, Jeffrey Otteau, an East Brunswick real estate appraiser, said.
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Home prices up 2.9 percent in NJ, appraiser says
February 15, 2013
The Record / northjersey.com
Home prices rose 2.9 percent in New Jersey, to an average of $276,944, in the fourth quarter of 2012, an East Brunswick appraiser said Friday. The increase is the first reported by appraiser Jeffrey Otteau in the state since late 2010.
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NJ Home Prices Increase for the First Time in 2 Years
February 15, 2013
Jeffrey G. Otteau, Otteau Valuation Group, Inc. / OTTEAU.com
New Jersey home prices increased in the 4th quarter of 2012 by 2.91% with an average home price of $276,944 compared to $269,103 in 2011-Q4. This follows steady improvement in the home purchase market over the past 18 months, and marks the first home price increase in the state since the 4th quarter of 2010.
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North Jersey banks set money aside for Sandy losses
February 5, 2013
The Record / northjersey.com
The moratoriums, while giving victims more time to get back on their feet, may pose greater risk of loan losses to banks - especially in cases where borrowers owe more than what their homes are worth and may have already been behind on payments, said Jeffrey Otteau, president of the real estate research firm Otteau Valuation Group Inc. in East Brunswick. "This will pile additional negative equity onto these homes," he said. "The delinquent loans that pre-dated the storm will have a higher foreclosure rate going forward."
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High hopes for investors with apartments in short supply
January 28, 2013
NJBIZ / njbiz.com
The state's rental market is poised to reach "virtual full occupancy" this year, said Jeffrey G. Otteau, president of Otteau Valuation Group, in East Brunswick. That would mean that vacancy, which has fallen steadily since its peak of 5.2 percent in 2010, would reach 2 percent for the first time since at least 1970, the start of Otteau's records.
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The 13 priciest homes in New Jersey for 2013
January 13, 2013
The Star-Ledger / nj.com
The recession never really affected them, said Matthew Krauser, managing director of Integra Realty Resources-Northern New Jersey. The number of houses that sold for more than $1 million was up 13 percent in the first half of last year, according to data from Otteau Valuation Group.
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Housing 2013: The recovery is here, but it's slow
January 6, 2013
The Record / northjersey.com
It will be the best year for housing in the last five, with a higher rate of home sales, declining inventory and new construction beginning to occur, said Jeffrey Otteau, an East Brunswick appraiser who tracks the real estate market statewide.
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A brighter housing picture in 2013
January 2, 2013
Asbury Park Press / dailyrecord.com
We have seen a strong improvement in the housing market conditions in New Jersey, said Jeffrey G. Otteau, president of the Otteau Valuation Group in East Brunswick. You can see it in the numbers. Contract sales through the end of October in Monmouth and Ocean counties rose by 24 percent over the same period in 2011, according to Otteau's figures.
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Sandy put the brakes on an already slow economic recovery at the Shore
December 30, 2012
McClatchy-Tribune / businessweek.com
For buyers, banks maintained tight lending standards, demanding a decent credit score and a downpayment before agreeing to a loan. But through August, home sales in New Jersey were up 24 percent from the previous year, according to the Otteau Valuation Group in East Brunswick.
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'Shadow' Overhyped as Housing Threat
December 25, 2012
Wall Street Journal / wsj.com
If banks increase foreclosures, it's more likely to resemble a tornado than a flood, striking some communities while bypassing others, said Jeffrey Otteau, president of appraisal firm Otteau Valuation Group.
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NJ lost 8,100 jobs after Sandy, but unemployment rate fell
December 20, 2012
Asbury Park Press / app.com
New Jersey's home sale closings declined by $50 million in November, a major hit to an industry that was beginning to rebound, said Jeffrey Otteau, president of the Otteau Valuation Group, an East Brunswick-based research firm.
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Housing Issues to Watch in 2013
December 17, 2012
The Wall Street Journal / wsj.com
Many housing markets "will swallow what foreclosures come to the market whole because we're seeing inventory shortages develop, acutely," says Jeffrey Otteau, president of appraisal firm Otteau Valuation Group in East Brunswick, N.J.
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Less N.J. Shore Tourism Expected; Maryland Beaches May Benefit
December 15, 2012
New Jersey Newsroom / newjerseynewsroom.com
Real estate consultant Jeffrey Otteau said because of the storm's destruction, there will be fewer seasonal rentals to be found at the Jersey Shore this summer. "There will simply be fewer people packing up their belongings, getting into the car, and driving down to the shore because it's not going to be as pleasant an experience as it was before," Otteau said, according to NewsWorks.
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Building boom won't help N.J. economy if Shore doesn't bounce back, committee says
December 14, 2012
The Star-Ledger / nj.com
That will create jobs. That will put people to work, he said during his mostly gloomy testimony. That damage estimate, from insurance companies, does not take into account homes that were not insured, Otteau said, noting more than half the damaged homes in the state were insured.
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Taking first stab at assessing Sandy's impact
December 13, 2012
The Record / northjersey.com
Real estate consultant Jeff Otteau, president of the East Brunswick-based Otteau Evaluation Group, told the committee he anticipated it will take two years to complete rebuilding efforts. "Assuming it's completed over those two years, we'd see $4 billion in residential home building each year," Otteau said.
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Foreclosures soar in New Jersey
December 13, 2012
The Record / northjersey.com
The focus has shifted from slowing and restricting foreclosures to accelerating them, and that is exactly what we need to get back to normal, said Jeffrey Otteau, president of Otteau Valuation Group, an East Brunswick-based real estate appraisal and consulting firm.
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South Jersey called a 'sweet spot' for home buyers
December 3, 2012
Courier Post / courierpostonline.com
According to a report issued by the Otteau Valuation Group, a real estate consulting firm based in East Brunswick, there is an average of 57,000 unsold homes for sale in New Jersey. That's the lowest number since 2005, when housing inventory was down to around 45,000.
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Real estate at the Shore: Opportunities likely
November 4, 2012
The Star Ledger / nj.com
Jeffrey Otteau of Otteau Valuations said it will take several months for homeowners to evaluate insurance claims and make a decision. Some may conclude they can't afford to stay. "Flood insurance coverage and the money that comes from FEMA is likely to be insufficient, so people are going to get caught short," he said. "Some may put their home up for sale 'as is.'"
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Appraiser sees NJ home prices rising in 2013, after long slide
October 26, 2012
The Record / northjersey.com
After a long, steep slide, New Jersey home prices are poised to begin rising again - slowly - in 2013, appraiser Jeffrey Otteau said Thursday. But it will take until 2020 for values to return to their 2005 levels, and real estate still faces many challenges, he said.
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Economist says N.J. housing recovery will drag through 2020
October 23, 2012
NJSpotlight / wnyc.org
Construction companies wanting to build in New Jersey are looking at a mixed bag, said Jeffrey Otteau, president of the Otteau Valuation Group, a research company based in East Brunswick.
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New Jersey home building on pace for best year since 2008
October 17, 2012
NJSpotlight / wnyc.org
Construction companies wanting to build in New Jersey are looking at a mixed bag, said Jeffrey Otteau, president of the Otteau Valuation Group, a research company based in East Brunswick.
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Bidding wars, rebounding prices signal the Jersey Shore real estate market is coming back
October 5, 2012
Asbury Park Press / app.com
In New Jersey, contract sales for the year through August were up 24 percent compared with the same period last year, according to the Otteau Valuation Group, an East Brunswick real estate consulting firm. Nine of the state's 21 counties, including Monmouth, saw a median sales price increase, albeit quite small, in the second quarter, the firm said.
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Big jump in home sales reason for optimism, expert says
September 7, 2012
NJBIZ / njbiz.com
Jeffrey Otteau, the firm's president, said the strong activity has been driven by low interest rates, loosening mortgage qualification standards by banks and rising apartment rents. With those factors, along with an improving economy and stabilizing home prices, he said, "the public gets the sense that it's safe to cross the road again."
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The demand for over-sized homes is back
August 29, 2012
The Star-Ledger / nj.com
Jeffrey Otteau, head of the Otteau Valuation Group, said home sales in the $600,000 to $1 million price range are up 17 percent in New Jersey from the second half of last year. Houses priced $1 million to $2.5 million are up 13 percent.
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Housing data give reason for optimism
August 28, 2012
NJBIZ / njbiz.com
Jeffrey Otteau, president of Otteau Valuation Group Inc., in East Brunswick, said New Jersey's housing market is in a similar, relatively good spot. Otteau's firm found median home prices in New Jersey down half a percentage point in the second quarter versus the previous quarter, but he said the rates of decline have been shrinking.
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Shadow Inventory: Monitor Banks' Speed, Not Just Volume
August 15, 2012
Wall Street Journal / wsj.com
To the extent banks to ramp up the foreclosure process, the shadow is more likely to resemble a "tornado" than a "flood," as it will strike particular communities while bypassing others, says Jeffrey Otteau, president of Otteau Valuation Group, an East Brunswick, N.J., appraisal firm.
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Incentives help N.J. seniors get moving, retirement communities reach out with a host of services
August 19, 2012
The Star-Ledger / nj.com
In New Jersey, the reasons for a real estate uptick are complicated, and Jeffrey Otteau, president of the Otteau Group, cautioned against reading too much into any one data set. Real estate values are based on local factors and it can be hard to see a pattern as it is occurring.
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Local Prices Slow to Mend
July 31, 2012
Wall Street Journal / wsj.com
It's urban and rural markets where home prices are the worst, says Jeffrey Otteau, president of Otteau Valuation Group, a New Jersey-based analysis firm. "That's where the greatest number of subprime loans originated, where unemployment is highest.".
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Morristown Condos Close to Sell-Out As Home-Buying Increases Across State
June 8, 2012
Globest.com
Statewide, according to the latest data from market analysts at the Otteau Valuation Group based in East Brunswick, home sales volume was up 23 percent in April compared to last year at the same time. The April rise followed similar increases earlier in the year.
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Jersey Shore properties bouncing back
June 3, 2012
The Record / northjersey.com
Overall, New Jersey has experienced a 25 percent spike in home sales during this period, yet Otteau said it's not surprising that Shore real estate is lagging because a home there is often a second home - a luxury. "We're recovering so slowly, and luxury items take the longest time to recover," he said. Otteau said another sign of recovery is a 17 percent reduction in inventory during the period, which helps stabilize prices.
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Signs Point to Rentals
May 17, 2012
The New York Times / nytimes.com
In New Jersey, the ownership drop has been even steeper: to 64.4 percent the first quarter of this year from a high of 71.3 percent in early 2005, according to data compiled by the Otteau Valuation Group. The company president, Jeffrey Otteau, pointed to the 8.2 million homes around the country that have received foreclosure notices as proof that "homeownership rates rose to unsustainable levels." Factor in job loss and declines in income, he said, and the result is "a large share of households nationally and in New Jersey that found homeownership unaffordable."
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Partly Sunny at the Shore
May 3, 2012
The New York Times / nytimes.com
Real estate activity has picked up, if a little less robustly at the shore than the rest of the state as a whole, according to Jeffrey Otteau, the president of the Otteau Valuation Group. Statewide, first-quarter sales were up 25 percent over last year's; looking at the shore separately, activity increased by only 15 percent, Mr. Otteau reported.
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Home affordability better than ever before, experts say
April 29, 2012
Press of Atlantic City / pressofac.com
The five-year housing slump has taken the market to never-before-seen levels of home affordability, in New Jersey and nationwide…Jeffrey Otteau, whose Otteau Valuation Group in East Brunswick researches the state's housing market, said that a typical prospective home buyer now has nearly a third more income than needed to buy the typical home.
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Stunned Home Buyers Find the Bidding Wars Are Back
April 26, 2012
The Wall Street Journal / wsj.com
Even though bidding wars are pushing prices higher, many homes are still selling for prices far lower than a few years ago. Increased demand is "entirely affordability driven, which tells me there will be strong resistance to price increases" by buyers, says Jeffrey Otteau, president of Otteau Valuation Group, an East Brunswick, N.J., appraisal firm.
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Realtor sees improving home sale picture in Mount Olive and area
April 23, 2012
Mount Olive Chronicle / newjerseyhlls.com
Otteau said he expects home prices will remain stable this year and probably won't return to their pre-recession values until 2020. He said average New Jersey home prices have fallen 26 percent from the market peak in 2006, and are back to 2003 levels.
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Report: Leasing activity at less-desirable buildings driving office rebound
April 17, 2012
NJBIZ / njbiz.com
According to Jeffrey Otteau, president of East Brunswick-based Otteau Valuation Group Inc., that cost containment stems from companies focusing on their bottom lines more than ever before, which has led them to factor in rising rents for upgraded space.
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Warm weather, improved economy bringing out homebuyers and sellers this spring
April 1, 2012
The Star-Ledger / nj.com
This is extraordinary, said Jeffrey Otteau, president of the Otteau Valuation Group in East Brunswick. The market is "exploding off the charts, and I'm convinced this is just the early stages of what is yet to come. "And, I'm not an optimistic person by nature,'' he added. "I've seen so many negatives."
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Area's home prices drop 2.9% in January
March 28, 2012
The Record / northjersey.com
The report came a day after East Brunswick appraiser Jeffrey Otteau said that the New Jersey spring home-buying market will be the busiest in four years - though he also predicted that home prices will remain flat this year.
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Experts at Atlantic City builders convention predict housing will show growth in New Jersey
March 27, 2012
Press of Atlantic City / pressofatlanticcity.com
The forecast of modest growth in home values and new construction was relatively upbeat in the context of a still-bruised housing market. "We're likely to see home prices increase in the low single digits annually - 2 (percent), 3 (percent), 4 percent, which means we're still about eight years away from getting back to peak 2005 and 2006 home prices," said Jeffrey Otteau, of Otteau Valuation Group.
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N.J. housing market recovering, appraiser says
March 26, 2012
The Record / northjersey.com
We are at a turning point in the housing market and the economy, said Otteau, who tracks the statewide market from his office in East Brunswick and whose forecasts are widely followed. "The bounce in home sales [in January and February] is nothing short of astounding." He said sales are up about 30 percent in the first two months of the year, compared with last year.
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High Marks for Transit Hubs
March 22, 2012
The New York Times / nytimes.com
The latest survey on home prices conducted by the Otteau Valuation Group found that towns along the rail lines with New York City commutes of less than 50 minutes saw real estate values increase by 3.6 percent from 2010 to 2011, as compared with rural New Jersey, the weakest sector, which saw an 8.7 percent drop in home values.
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Housing index puts N.J.'s market near bottom
March 21, 2012
NJBIZ / njbiz.com
Based upon long-term economic and housing data, New Jersey ranks as one of the weakest markets in the country, Otteau said. "However, over the last seven months, economic growth has actually outpaced the rest of the nation, and the housing market has begun to recover."
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Metuchen narrows builders' pitches for Pearl St. project
March 21, 2012
Sentinel / gmnews.com
And so much of this is to really support Main Street, he said. Otteau told officials there is a demand for residential space in the "renter by choice" category, Muldoon said. These people, who are often younger professionals or older "empty-nesters," can afford to buy but want the flexibility that comes with renting. He said people in this category are looking for higher-end space.
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Sinking home prices leave some NJ homeowners unable to upgrade
March 17, 2012
Daily Record / dailyrecord.com
One result: Some 310,000 homeowners in New Jersey, or 16 percent of the state's homeowners, are "underwater," owing the bank more than their homes are worth, said Jeffrey Otteau, president of Otteau Valuation Group, a real estate appraisal and consulting firm in East Brunswick.
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Jersey City Condo Sales Spurt Going into Spring
March 7, 2012
GlobeSt.com
Housing market specialists noted a strong surge in the overall number of home sales starting in January, although average prices continued to decline. The explosion in demand occurred almost exclusively at the low-end of pricing, according to market analyst Jeffrey G. Otteau, whose Otteau Valuation Group is based in East Brunswick.
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Hovnanian sees 27 percent increase in home contracts
February 28, 2012
Asbury Park Press / app.com
Jeffrey Otteau, the president of the Otteau Valuation Group in East Brunswick, a real estate appraisal and consulting firm, said earlier this week that home sales in New Jersey spiked in January - a sign that the economic recovery is in full swing.
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Expert: N.J. housing market ready to handle outcome of foreclosure case
February 28, 2012
NJBIZ / njbiz.com
Jeffrey Otteau, president of the Otteau Valuation Group, said foreclosures in New Jersey were already on the rise in January, but the court decision could "accelerate" the process of clearing the backlog. Otteau said the majority of foreclosures will arise from urban and rural areas, where housing prices are likely to continue to decrease - but that doesn't mean the state isn't ready for the influx of foreclosed homes.
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Transforming Foreclosed Houses into Affordable Housing
February 15, 2012
NJ Spotlight / njspotlight.com
Otteau said the bill would go far beyond creating more affordable housing and reducing vacancies. It would also help stabilize the entire housing market and boost consumer confidence, which could lead to more home sales and the economic activity associated with them, including the purchase of furniture, appliances, carpeting, and other items.
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NJ gets $837.7M in nationwide mortgage and foreclosure settlement
February 9, 2012
Home News Tribune / mycentraljersey.com
There is a momentum building in the housing market. It is entirely occurring in the lower price ranges, Otteau said. "All housing recoveries begin in that entry-level price range. In order for a recovery to be sustainable, it must occur on the bottom rung of the price ladder."
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From Bottom Up, Signs of Housing Recovery
January 17, 2012
The Wall Street Journal / wsj.com
Analysts have noted a similar pattern in New Jersey. Sales have picked up due to buyers of properties priced less than $400,000, according to data compiled by the Otteau Valuation Group. The number of such contracts signed during the fourth quarter rose by 11.3% compared to the same period a year earlier.
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Expert: Uptick in existing home sales may spur new construction next years
January 16, 2012
NJBIZ / njbiz.com
Multifamily home construction will still lead the way in 2012, according to Jeffrey Otteau, president of Otteau Valuation Group, but recent increases in the number of existing home sales may turn into 2013 a new-home construction boom. There is a powerful indication there that the entry-level price range is beginning to churn," Otteau said."
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Rural Areas Slower to Rebound
January 12, 2012
The New York Times / nytimes.com
Also, the inventory of homes for sale shrank every month since May, according to Jeffrey G. Otteau, an analyst, whose Otteau Valuation Group in East Brunswick does monthly reports for the real estate industry; he called the latest news a concrete sign that the market was stabilizing." His December report was the first one in several years to sound a hopeful note."
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In hurting market, first-time buyers depend on parents to secure a home
January 3, 2012
NJBIZ / njbiz.com
According to Jeffrey Otteau, president of Otteau Valuation Group, in East Brunswick, the expiration of last year's homebuyer tax credits, tighter lending standards and low employment - compounded by boomers who put off retirement for 10 or more years - have had the greatest negative effect on first-time homebuyers, especially those younger than 34.
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The new year could bring opportunities for home buyers; market expected to improve by mid-year
January 1, 2012
The Star-Ledger / nj.com
My read is, several years from now we'll look back at 2012 as having been one of those rare homebuying opportunities that comes along once or twice in a generation, said Jeffrey Otteau, a real estate analyst and president of Otteau Valuation Group in East Brunswick."
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Demand for 'Estate'-Like Condos
December 8, 2011
The New York Times / nytimes.com
Seven percent of total sales in Bergen involved houses sold for $1 million to $1.25 million, according to Jeffrey Otteau, the president of the Otteau Valuation Group of New Brunswick, which analyzes sales data for the industry. That is the highest percentage of sales in that category of any county, Mr. Otteau said; Morris and Hudson counties each had only 3.3 percent of total sales in that niche.
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N.J. home prices continue decline; South Jersey hit hardest
December 2, 2011
NJBIZ / njbiz.com
According to Otteau, most of the homes coming off the market are high-priced properties in North Jersey. When you start to break the market down into submarkets, you start to see very different patterns," Otteau said. "The largest declines are occurring in rural markets, urban markets and southern Jersey."
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Homes Under Pressure
November 19, 2011
he Wall Street Journal / wsj.com
Foreclosures place downward pressure on neighborhoods, said Jeffrey G. Otteau, an appraiser and housing consultant. "Home prices are falling fastest in those urban and rural markets most affected by foreclosures."
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McMansions swell the real estate market as homebuyers think small
November 13, 2011
The Star-Ledger / nj.com
In New Jersey, it would take 14.6 months to sell the current inventory of houses listed between $600,000 and $1 million, according to real estate analyst Jeffrey Otteau, president of Otteau Valuation Group. The only houses that are selling are those with unique features, like an inground pool or a media room in the basement, agents said.
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Median home price for region including Shore drops 9.9 percent
November 10, 2011
Asbury Park Press / app.com
Meanwhile, the pace of home sales in New Jersey since August was about the same as the period in 2010, according to the Otteau Valuation Group in East Brunswick. It has only receded to last year's pace, which means that the market is no longer worsening," said Jeffrey Otteau, the firm's president. "It not getting better nor is it getting worse; it is moving sideways."
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A change of plans could save failing real estate
November 7, 2011
NJBIZ / njbiz.com
Real estate appraiser Jeffrey G. Otteau, president of Otteau Valuation Group, also said the bill's changes are necessary. He said towns are failing to deal with economic and demographic changes in the state, including declining incomes and numbers of children. House construction will need to incorporate both smaller living spaces, as well as smaller lot areas, in order to line up with what purchasing power will be," Otteau said."
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N.J. home sales flat as U.S. data show improvement
October 26, 2011
NJBIZ / njbiz.com
The housing market has been moving sideways since May, said Jeffrey Otteau, president of East Brunswick-based Otteau Valuation Group, which provides information on real estate trends. "The bottom was reached in New Jersey in May. Since then, there has no longer been a decline in sales, but we haven't seen any improvement either."
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Census: Young kids hard to find in some North Jersey towns
August 27, 2011
The Record / northjersey.com
It's essentially economic pressure, said Jeffrey Otteau, an East Brunswick appraiser who follows home price trends statewide. "We have young people who find employment scarce and salary levels low, and upward mobility to be very small. … The real issue is not that home prices have risen. The real issue is that salaries haven't kept pace."
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Bank allowed to resume foreclosures on NJ homeowners
August 18, 2011
Asbury Park Press / app.com
As both the economy and the market are leaking, this is poor timing because it will put additional strain on the economy, the banking system and on the housing market, said Jeffrey Otteau, president of the Otteau Valuation Group in East Brunswick. A sharp increase in the rate of foreclosure actions is now expected, he said."
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Federal action could reduce number of foreclosed N.J. properties
August 11, 2011
NJBIZ / njbiz.com
It would have the effect of softening the blow on the housing market of the foreclosure shadow inventory, said Jeffrey G. Otteau, president of Otteau Valuation Group. Otteau said urban and exurban areas have been bracing for an additional wave of foreclosures hitting the market, which "has the potential to flood some housing markets with large amounts of distressed inventory, which in turn would trigger additional price declines in those submarkets."
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Home price decline slows
August 10, 2011
Asbury Park Press / app.com
What we're likely to see here is that the momentum that we experienced in the housing market in May and June will likely recede back to what we saw in the first quarter, which tells us price declines will continue into next year, said Jeffrey Otteau, president of the Otteau Valuation Group, a research and consulting firm in East Brunswick."
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Home Listings Fall but Woes Persist
August 3, 2011
Wall Street Journal / wsj.com
If supply remains constrained, prices could stabilize. We're not at the end of the housing nightmare, but we seem to be getting closer," said Jeffrey Otteau, president of Otteau Valuation Group, an East Brunswick, N.J., appraisal firm. But if banks accelerate foreclosures, inventories will swell again. Mr. Otteau says it is too soon to celebrate because "we are all expecting that foreclosure 'tidal wave' to begin sometime soon."
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Selling your home in a down market takes patience, right price
July 28, 2011
Asbury Park Press / app.com
At the end of the day, housing demand is created by jobs, and jobs are being created very slowly, said Jeffrey G. Otteau, the president of the real estate appraisal and consulting firm in East Brunswick. There are some positive signs. In May and June this year, home sales increased over the same two months in 2010, which followed the expiration of a federal home buyer tax credit."
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Trenton sellers face a tough market
June 26, 2011
The Times of Trenton / nj.com
In April, Trenton had 22 times as many unsold homes on the market as homes under contract to be purchased, according to the East Brunswick-based Otteau Valuation Group's most recent housing market analysis report for Mercer County. Countywide, there were 13 times as many unsold homes on the market as those under contract in April, and Princeton Township had the same 22-to-1 ratio of sellers to buyers as Trenton, according to the Otteau MarketTRAC report.
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Train service to Midtown driving NJ suburban home price rebound
June 23, 2011
The Real Deal / therealdeal.com
The surest sign of an upcoming suburban real estate rebound in the New York metropolitan area? A train station. According to Jeffrey Otteau, a New Jersey-based appraiser, commuter towns are rebounding fastest because jobs in the city are what's driving demand for housing. Towns that are Manhattan-centric are experiencing price increases today," Otteau told WCBS 880"
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The newer the listing, the more attractive it is to potential buyers. Here's how to make the most of the fresh-on-the-market period
June 12, 2011
Nwitimes.com
But it's hard for sellers to be realistic about price in markets where bloated supplies exert downward pressure, explains Jeffrey Otteau, an East Brunswick, N.J., appraiser. Sellers shouldn't think backwards to what similar homes fetched months ago, Otteau emphasizes, but focus on recent data and the price trend. Sellers and their agent must pinpoint a figure that would fit the trend line, he adds. We've done research that shows that for every $1,000 a home is overpriced, you end up with $600 less," says Otteau."
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Don't Say Mall: It's a 'Mini-City'
June 11, 2011
The Wall Street Journal / wsj.com
During the summer months, with people traveling to the Jersey shore, hundreds of thousands of cars pass by the proposed mall site each day, says Jeffrey Otteau, president of Otteau Valuation Group, an East Brunswick, N.J., appraisal and real-estate consulting firm.
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Demographics Study Shows Declining Student Enrollment
June 4, 2011
Moorestown Patch / Moorestown.patch.com
Newer families are going to be smaller, she said of families in the next five to 10 years. "It's being predicted that one out of three couples are not going to have children," she said, citing information received from economist Jeffrey Otteau, of the Otteau Valuation Group, who tracks changes and trends in real estate markets."
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NJ real estate pros look for signs of recovery
May 16, 2011
The Real Deal / therealdeal.com
Sales, inventory and foreclosures are still in free fall and experts are now predicting that they may not reach rock bottom till 2013. Zillow also reported that New Jersey first-quarter median home prices had fallen 3.3 percent in 2011, a step up from the 6.6 percent cited by an Otteau Valuation Group.
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Real estate rebound will require jobs, time
May 13, 2011
Asbury Park Press / app.com
During the past year, Garden State home prices have fallen a full 9 percent. That's further and faster than our neighbors in New York (1.4 percent, 3.4 percent) and Pennsylvania (3 percent, 7.3 percent.)Elsewhere, an Otteau Valuation Group report showed New Jersey median home prices falling twice as fast, 6.6 percent, in the first quarter of 2011.
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Local home prices fall 6.9 percent
May 11, 2011
Asbury Park Press / app.com
And first-quarter figures released by Jeffrey Otteau, president of the Otteau Valuation Group Inc., a research firm in East Brunswick, showed only one of 21 New Jersey counties saw prices appreciate during the past year. Somerset County was up 2.6 percent from last year.
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Home Market Takes a Tumble
May 9, 2011
The Wall Street Journal / wsj.com
Buyers who qualify for mortgages are demanding bigger discounts as added insurance against further declines in values. Sellers, meanwhile, are balking. More often, they don't want to take the first offer," says Jeffrey Otteau, president of Otteau Valuation Group, an East Brunswick, N.J., appraisal firm. "What they don't realize is, in an oversupplied market, the next offer is for less."
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NJ's economy improves, but housing market still faces price declines
May 6, 2011
Asbury Park Press / app.com
But even with modest improvements to the state's economy, the housing market in the Garden State remains in the weeds. Sales are running less than last year,'' said Jeffrey G. Otteau, president of Otteau Valuation Group in East Brunswick. "We have more houses on the market and prices are once again declining." Still, there is a hint of some good news."
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In Jersey Shore Subset, Top-Heavy with Pricey Homes
May 6, 2011
The New York Times / nytimes.com
Manasquan, the most southerly of the three towns, typically has a somewhat larger sale inventory than Spring Lake. At the beginning of April, according to the Otteau Valuation Group, a New Brunswick company that compiles monthly real estate reports, 118 properties in Manasquan had not sold after at least a month on the market.
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How to pick a home contractor
May 1, 2011
Asbury Park Press / app.com
Generally, home improvements cost more than they add to the value of a home, said Jeffrey G. Otteau, president of Otteau Valuation Group in East Brunswick. You do increase the value of your house, but less than what you spend," Otteau said. But changes that are more cosmetic and less structural – and less expensive – have a greater return on investment, Otteau said. Such work could include replacing windows or a furnace to improve energy efficiency or painting and landscaping."
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Condo Market Shows Improvement
April 28, 2011
The New York Times / nytimes.com
To the extent that condos are holding their own in this market, said Mr. Otteau, the president of the Otteau Valuation Group in New Brunswick, "the fact that they are less expensive than single-family homes has to be considered a driving factor." But to talk of any market's holding its own, he added, is not to say it is healthy."
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Short sales repay stressed buyers with bargain prices
April 21, 2011
The Republic / therepublic.com
Banks are starting to realize that the faster they approve a short sale, the less of a loss they're going to have, since foreclosed homes typically sell for less than short sales, said East Brunswick, N.J., appraiser Jeffrey Otteau."
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Lower-Priced Homes Lagging
April 15, 2011
The New York Times / nytimes.com
The supply of unsold inventory with asking prices under $400,000 was 26 percent greater than at this time last year, according to a new report by the Otteau Valuation Group, which analyzes multiple listing statistics. The time it would take to sell these properties remains, in relative terms, shorter than for the more expensive homes. Yet in absolute terms, the wait for sellers of homes under $400,000 has done nothing but increase.
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N.J. Future Facts
April 4, 2011
NJ Future / njfuture.org
Otteau's presentation focused on the impact these economic factors have had on the state's real estate market. Demand for housing dried up when the recession hit, only to rebound dramatically when homebuyer tax credits were offered from May 2009 to April 2010. Sales abruptly slumped again after the tax-credit program expired. About 15 percent of New Jersey homeowners are saddled with negative equity" (a mortgage that is larger than the home is worth), more than 7 percent below the national average but 8 percent above the corresponding percentages in Pennsylvania and New York. New Jersey home prices, after showing declines ranging from 11.9 percent in the first quarter of 2009 to 6.2 percent in the last quarter, actually rose by an average of 1 percent in each of the four quarters of 2010."
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Opening the door to buyers as spring market gets underway
April 4, 2011
The Record / northjersey.com
Jeffrey Otteau, an East Brunswick appraiser who tracks the housing market statewide, said there's an oversupply of housing for sale throughout New Jersey. At the recent sales pace, it would take more than 10 months to sell all the homes on the market in Bergen County and more than 13 months to sell all the homes on the market in Passaic County, Otteau said.
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Rental Deal Set For 2,200 Homes
March 31, 2011
Wall Street Journal / wsj.com
Rental properties in central New Jersey are generally older, and there is an opportunity to make improvements that would increase pricing, says Mr. Otteau. "New supply will take several years to come to market, so the existing apartment complexes will have the market to themselves for a while."
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Home prices won't rebound till 2020, appraiser predicts
March 25, 2011
The Record / northjersey.com
If you're a homeowner waiting until prices rebound before you put your house on the market, you may have a long wait. New Jersey home prices will not return to their recent peaks until 2020, an appraiser predicted Thursday. 'It gets better from here, but it doesn't get better quickly,' Jeffrey Otteau, of the Otteau Valuation Group in East Brunswick, told a seminar for real estate agents Thursday at the Ramada Inn in East Hanover.
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Foreclosure's slow pace masks peril
March 20, 2011
The Daily Record
Foreclosure filings are, in a word, stalled in the proverbial pipeline. The problem likely will linger longer in New Jersey than in other states for two reasons, according to Otteau, who pointed out the Garden State lost 33,000 private and government jobs last year.
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Experts: Slow recovery will affect redevelopment trends in N.J.
March 3, 2011
The New York Times / nytimes.com
The lack of housing affordability in New Jersey helped the multifamily market improve consistently and dramatically" last year, even with the expiration of the homebuyer tax credits, said Jeffrey G. Otteau, president of Otteau Valuation Group, an East Brunswick-based appraisal and consulting firm."We're seeing a rush of new product coming to the market" in multifamily, which had been underbuilt in New Jersey for many years, Otteau said."
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In Some Places, Multicar Garages Are Standard
March 3, 2011
The New York Times / nytimes.com
Jeffrey G. Otteau, whose Otteau Valuation Group provides market analysis for brokers and builders, emphasized the socioeconomic component. In more affluent communities, where people have larger homes and also tend to own more expensive cars, multicar garages are more or less embedded in the culture, Mr. Otteau said.
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Life without Fannie, Freddie worries some
February 24, 2011
Asbury Park Press / app.com
Jeffrey Otteau, president of Otteau Evaluation Group in East Brunswick, said more stringent loan-underwriting standards will be permanent under this report. He is also concerned that without the government support, the banks will want to reduce risk by making loans shorter term.
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A Low Tide for Home Sales in the Shoreline Market
February 24, 2011
NY Times / nytimes.com
Price trends, on the other hand, appear to be breaking in unusual directions. A look at sales statistics from the last two years indicates that towns on beaches are doing less well than their counties-at-large, according to Jeffrey G. Otteau, the president of the Otteau Valuation Group in New Brunswick.
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Wealthy Areas Again See Rise in Home Prices
February 24, 2011
Wall Street Journal / wsj.com
The picture is cloudier in New Jersey, where the income ranges can vary more widely. Jeffrey G. Otteau, an appraiser and president of the Otteau Valuation Group, found that median prices statewide rose 1% between 2009 and 2010.
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Developer seeking changes in housing unit plan
February 16, 2011
The Time of Trenton / NJ.com
At last month's meeting, housing analyst Jeffrey Otteau was one of the experts testifying on behalf of Sharbell. He told the board the traditional link in the state between new home construction and school enrollment no longer exists."
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Median home prices up about 7%, but number of sales down
February 11, 2011
Mycentraljersey.com
This slight increase in home prices in 2010 is not likely to continue this year, into 2011, and what we're likely to see this year are some modest declines in prices, somewhere up to as much as 5 percent, Otteau said. "There is no longer any momentum from the expired tax credits and the foreclosure problem is still worsening."
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Empty Nests
February 6, 2011
Daily Record
We spent decades in New Jersey building primarily the houses people in New Jersey will not be wanting, Otteau said, referring to the classic four-bedroom suburban home that no longer suits an increasing number of households without children."
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Costs, land availability fuel South Jersey's growth, experts say
February 4, 2011
NJBIZ
More undeveloped land in South Jersey was a major factor in the region's growth over the past decade, said Jeffrey G. Otteau, president of Otteau Valuation Group, an East Brunswick-based consulting and appraisal firm. During the housing boom from 2000 to 2006, developers were forced into less-developed areas" such as South Jersey, he said, "because that's where the land is."
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Round of 'musical chairs' seen in N.J.'s office space market
January 31, 2011
The Star-Ledger/ NJ.com
The office vacancy rate in the fourth quarter of 2010 stood at 14.2 percent, the worst in 15 years and up from 14.0 percent the previous year, according to figures from the East Brunswick-based Otteau Valuation Group.
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Home Prices Sink Further
January 31, 2011
The Wall Street Journal
We're still running at half speed, said Jeffrey Otteau, president of Otteau Valuation Group, an East Brunswick, N.J., appraisal firm. "Sales are below year-ago levels and inventory is higher than it was a year ago." Far-flung suburbs continue to fare worse than homes located closer to core metro centers, he says."
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North Jersey home prices outpace paychecks
January 30, 2011
The Record / northjersey.com
Jeffrey Otteau, an East Brunswick appraiser who tracks housing markets around the state, said that North Jersey, especially Bergen County, has always been a costly market because it's so close to New York City. And the rebound on Wall Street will tend to keep prices up in this area, he said.
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Real estate experts cautiously optimistic about the spring market
January 29, 2011
Mycentraljersey.com
You have to remember that in November and December 2009, the tax incentives were in place, but in November and December 2010, they weren't, Otteau said. "So the fact that they were down only 10 percent from the previous year is significant."
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As Inventory Rises, More Towns Make the 'Cold' List
January 27, 2011
The New York Times / nytimes.com
As Jeffrey G. Otteau, the president of the analytic group, pointed out last fall, it is almost unfair to lump the southern half of New Jersey with the northern part when weighing relative market health. This is mostly because of the south's greater distance from the economic engine of the New York metropolitan area.
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Expert: Lengthy N.J. foreclosure process magnifies poor 'noncurrent' rate
January 20, 2011
NJBIZ
The result is that New Jersey takes several years while other states get it done more expeditiously, Otteau said. "What [the statistic] amounts to is a cumulative count of foreclosures that have been going on over the past several years. It's not really an indication of what is going on now."
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Rising foreclosure rate will 'haunt the state for years,' expert says
January 13, 2011
NJBIZ
New Jersey's job recovery has lagged behind national job creation - at least, until recently - which likely helped to drive foreclosure filings, said Jeffrey Otteau, president of East Brunswick-based Otteau Valuation Group. "Also, in 2009, the state had a large backlog of foreclosure filings and fell months behind in the process, so some 2009 filings were not recorded until 2010."
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Rising mortgage rates don't faze market expert
January 3, 2011
NJBIZ
Despite the recent rise, rates are still relatively attractive on a historical basis, said Jeffrey Otteau, president of East Brunswick-based Otteau Valuation Group. "To the extent they stay in the affordable range, the interest rate change shouldn't pose a problem."
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2011: Experts not predicting housing rebound
January 2, 2011
The Record / Northjersey.com
Any spring surge is likely to be modest and well below the 2010 surge driven by home buyer tax credits, Jeffrey Otteau, an East Brunswick appraiser who tracks the New Jersey real estate market, wrote in a recent report."
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Deciding Whether to Buy or Rent
December 30, 2010
The New York Times
Using calculations based on sales data, Mr. Otteau deduced the following: After four years, the buyer of a $400,000 home, putting 3 percent down and obtaining a mortgage at 4.83 percent, will start to come out ahead of a renter paying $2,000 a month.
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Opinion: The Worst Is Yet to Come for NJ's Foreclosure Crisis
December 17, 2010
NJSpotlight.com
They soon will be, according to Jeffrey Otteau, an East Brunswick-based analyst. He foresees a gusher of foreclosed properties, possibly a royal market mess" from thousands of houses dumped on the market at the same time."
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A 'Shadow Inventory' Dampens Winter Market
December 10, 2010
The New York Times
According to his most recent report, 67,800 houses on the market in October had remained unsold for a month or longer. That was 10 percent more than in October 2009; concurrently, there were 9 percent fewer sales than in 2009. Mr. Otteau tied the downward motion directly to the loss of jobs in the state - an average 3,900 per month this year, while the country over all was adding 87,000 jobs monthly.
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Today's real estate market calls for dire divorce decisions
December 5, 2010
NJ.com / The Star-Ledger
Lawyers said they have had to develop a more focused approach in an economy that, according to real estate valuator Jeffrey Otteau, has seen the inventory of unsold homes in New Jersey climb 10 percent from last year.
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Fewer apartments for rent
December 5, 2010
APP.com
What is significant here is that they are no longer falling. They have turned the corner. They are starting to rise, Otteau said. "Rent concessions have been disappearing and vacancies have been falling. We're still in tough times, but there's less and less of that with each passing month."
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Demand Grows for Over-55 Rentals
November 12, 2010
Nytimes.com
The New Jersey housing market analyst Jeffrey G. Otteau has pretty much sounded a dirge for active senior" condos, calculating an inventory build-up that would take more than 13 years to sell. He said that demand for rentals was likely to grow, but only if they were priced somewhere below $1,500 a month. "The market for senior rentals will be extremely price-sensitive going forward," he said, "and projects that are near transportation and job centers will do best."
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Christie Scrapping Tunnel Brings $5 Billion Wage Loss, Threatens Montclair
November 3, 2010
Bloomberg.com
Home prices in communities such as Montclair that are served by New Jersey Transit rail lines offering direct access to Manhattan's Penn Station rose an average of 6 percent last year, said Jeffrey Otteau, president of the Otteau Valuation Group Inc. in East Brunswick. The increase came even as real- estate prices statewide declined by 2 percent, he said.
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'Double-edged sword' for real estate
November 1, 2010
NJBIZ
The foreclosure delays are a double-edged sword," said Jeffrey G. Otteau, president of Otteau Valuation Group Inc., an East Brunswick appraisal and consulting firm. Since the federal homebuyer tax credits expired in April, New Jersey home sales have fallen by 30 percent, and "the housing market has been suffering under the weight of rising unsold inventory," he said."
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Home sales continue to fall in South Jersey
October 26, 2010
Courier Post Online
Some observers predict more air will come out of prices. Jeffrey Otteau, founder of Otteau Valuation Group in East Brunswick, told a gathering of agents in East Hanover on Monday that he expects home prices in New Jersey to decline an additional 6 percent in 2011.
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Housing Gloom Deepens
October 25, 2010
The Record
Long after other parts of the country have burned off their excess foreclosure inventory, we will still be digesting ours, that's for sure, said Jeffrey Otteau, president of Otteau Valuation Group, an East Brunswick, N.J., appraisal firm."
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Appraiser: Home prices could drop another 6 percent in 2011
October 25, 2010
The Record
New Jersey home prices will drop another 6 percent in 2011, an East Brunswick real estate appraiser predicted Monday. This is not a pretty picture, and it's not what you would prefer to hear, but it's what's going on out there," Jeffrey Otteau, who tracks the housing market statewide, told a seminar for real estate agents in East Hanover."
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Thousands of N.J. homeowners in foreclosure 'limbo land'
October 24, 2010
The Philadelphia Inquirer
Ask experts such as Goldstein or real estate analyst Jeffrey Otteau, president of Otteau Valuation Group, for the reasons and they will rattle off possible causes: New Jersey has the highest unemployment rate in the region, at 9.6 percent in August; the notoriously high cost of living in the state burdens struggling homeowners; predatory and subprime lenders targeted low-income residents in cities such as Newark and Camden.
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Looking for light at tunnel's end
October 18, 2010
NJBIZ
Without this project, there's no question future growth in property value and in tax revenues would be reduced, said Jeffrey G. Otteau, president of Otteau Valuation Group Inc., an East Brunswick-based appraisal and consulting services firm."
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A Housing Market Divided
October 15, 2010
The New York Times
Both are hurting, of course, but the southern half is a world of hurt apart, according to a new analysis of sales statistics proffered by the Otteau Valuation Group in New Brunswick. Looking at sample towns grouped geographically, the Otteau analysts concluded that: Median sales prices fell 2.7 percent in the northern suburbs during the first nine months of this year, compared to last year; the decline in the southern suburbs was 7.2 percent.
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Home Deals in Suburbs Start to Dry Up
October 13, 2010
The Wall Street Journal
Jeffrey G. Otteau, president of the Otteau Valuation Group, a New Jersey appraisal and consulting firm, said that New Jersey towns with short, direct train rides to Manhattan outperformed the rest of the state during the first half of the year. We have seen the effects of the Manhattan rebound in the market we describe as Midtown Direct," he said."
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Alpine loses top spot on Forbes' list of most expensive ZIP codes
September 28, 2010
NorthJersey.com
The slide may be indicative of the slack market for luxury homes in the wake of the 2008 financial crisis. Only three residential properties sold for more than $5 million in Bergen County last year, down from 10 in 2007. Jeffrey Otteau, an East Brunswick appraiser, estimated in June that there was a seven-year supply of Bergen County homes on the market with an asking price of $2.5 million or more.
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Home prices flat in first half of year, but may be headed lower
September 26, 2010
NorthJersey.com
But once the tax credit ended, the housing market began to sink again, said Jeffrey Otteau, an East Brunswick real estate appraiser who tracks home values statewide. The number of sales is down more than 20 percent nationwide and in the region since the credit ended. In the second half of the year, we will see modest price declines - we're thinking about a 3 percent decline," Otteau said. "Whether that will continue into 2011 will be determined wholly by what happens with the job market."
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As Sales Slump, Rental Stock Rises
September 24, 2010
NYTimes.com
Jeffrey G. Otteau, a real estate analyst, said that with interest rates so low, that choice is probably better, as long as the buyer's source of income remains stable - and there is no danger of going underwater on a mortgage. Mr. Otteau noted, however, that average home values were likely to continue to decline statewide.
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A Cool Summer for Housing
September 17, 2010
NYTimes.com
The sales data is telling us nothing good, said the market analyst Jeffrey G. Otteau. "Going into the end of the year, the trends are overwhelmingly negative in New Jersey: lagging home sales, declining prices, an inventory buildup - and everything in place to indicate the foreclosure rate will continue to rise."
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Home sales plunge 27 percent, to lowest rate on record
August 24, 2010
APP.com
The Shore's housing market told a similar story. Monmouth County sales in July were down 35 percent from last year; Ocean County sales were down 25 percent, according to statistics compiled by real estate analyst and appraiser Jeffrey Otteau, president of Otteau Valuation Group Inc. in East Brunswick.
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Middlesex County median home prices rise about 4 percent in second quarter 2010
August 14, 2010
Mycentraljersey.com
Otteau Valuation Group figures provide a look into the market for Central Jersey. In the second quarter, the median price for a home in Middlesex County was $292,068, up 1.8 percent from a year earlier. In Somerset County, he added, the median home sale price rose 10.3 percent from a year ago to $375,000 .
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Home prices rose in 2nd quarter
August 11, 2010
APP.com
Home sales have stalled, and we are expecting to see price declines in the second half of the year, said Otteau, president of Otteau Valuation Group, an East Brunswick firm. After 11 consecutive months of increasing home sales, the market has seen two months in a row where sales have fallen by about 25 percent, Otteau said."
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Yard sales, urgent purpose for Teaneck single mom
August 8, 2010
NorthJersey.com
The number of New Jersey homes going into foreclosure for the first time was up 45 percent in the first half of the year, compared with the same period in 2009, said Jeffrey Otteau, an East Brunswick real estate analyst and appraiser. Unemployment remains high, job creation has been slow and banks and investors in mortgage funds are becoming more proactive in terms of initiating foreclosure actions," he said."
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Extended slump for homebuilders
August 2, 2010
NJBIZ.com
Jeffrey Otteau, an East Brunswick-based appraiser who studies the state's housing market, said the market took a big hit when the federal tax credit expired. 'Absent a stimulus to the housing market, home prices will decline further, which will put additional downward pressure home prices,' he said. 'Without the stimulus, homes values will dip even further, in the second half of the year, which could push more people into foreclosure', Otteau said.
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Rowan, Rutgers study says N.J. is running out of open space, renews urban sprawl debate
July 28, 2010
NJ.com
This sprawl model, we no longer have a foundation for it, said Jeffrey Otteau, president of Otteau Valuation, a real estate analysis group, in East Brunswick. "Households will need to be more efficient in their spending, which means smaller houses with shorter commute times."
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Economists outline chilly forecast for N.J. housing market
July 26, 2010
NJBIZ
New Jersey's housing market is headed for a frigid fall and winter, according to Jeffrey Otteau, president of East Brunswick-based Otteau Valuation Group Inc., who said June home sales in New Jersey were down 27 percent, year on year.
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Slower Sales After Home Buyer Tax Credit Ends
July 25, 2010
The New York Times / nytimes.com
Over all, there was a stunning reversal" in the pace of sales in May, according to analysis done by the Otteau Valuation Group, which reports on trends in state real estate. After the expiration of the federal tax-credit program for buyers on April 30, the number of contract signings in New Jersey abruptly fell to the lowest point in six years - after more than a year of continuous gains."
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Gov. Christie vetoes $100M homebuyers tax credit bill
July 24, 2010
The Star Ledger / NJ.com
Jeffrey Otteau, an East Brunswick-based appraiser who studies the state's housing market, said the market took a big hit when the federal tax credit expired. 'Absent a stimulus to the housing market, home prices will decline further, which will put additional downward pressure home prices,' he said. 'Without the stimulus, homes values will dip even further, in the second half of the year, which could push more people into foreclosure', Otteau said.
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NJ Real Estate Expert: Homebuyer Tax Credit Program is Really Needed
July 21, 2010
New Jersey 101.5
Jeff Otteau, the President of the Otteau Valuation Group, says the tax credit measure 'is of vital importance to the housing market, and the New Jersey economy, given that since the expiration of the federal homebuyer tax credit - which had a deadline of April 30th - home sales in the state have plunged.' Otteau points out home sales fell 23 percent in May, and 27 percent last month - which a normally a very active time of year for the housing market…and home construction numbers have also plummeted.
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Red Bank townhouse project may be the future for building
July 8, 2010
The Asbury Park Press / APP.com
Two board members who voted for the application said they were swayed by a report by real estate expert Jeffrey Otteau. He said the conditions of the current real estate and employment market call for smaller, more affordable units, such as the ones the bank proposed. The Courtyards at Monmouth type of development fits the smart growth" model touted by the state as a tool for redeveloping older towns which have business districts and mass transit."
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Another Courtyards Plan Wins Variances
July 2, 2010
Red Bank Green
In giving their approval, several board members alluded to testimony by real estate expert Jeffrey Otteau, who said a new economic reality" made adding retail square footage in town unwise, despite the view of town officials who last year touted a mix of retail and housing as the key to sparking vitality in the train station district. After hearing Otteau, "I came to believe that retail would not be sustainable," said board member Tom Williams."
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Property Taxes Inhibit Sales in West Orange
June 29, 2010
The New York Times / nytimes.com
The backlog of homes would take eight and a half months to sell if no new listings were added, according to the Otteau Valuation Group, a market research company. That compares with a little over six months for the county, less than three months for nearby Glen Ridge and Livingston, and less than four months for Maplewood and Millburn.
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Treading water
June 20, 2010
Asbury Park Press / app.com
This was a time when homeowners began to create an enclave that would shut out as much of the world as possible, said real estate consultant Jeffrey Otteau, president of Otteau Valuation Group in East Brunswick."
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Absecon senior housing projects not selling, developers say
June 20, 2010
pressofAtlanticCity.com
Across the state, Otteau said there is a nine-month supply of unrestricted housing, but the current amount of age-restricted housing will take 180 months - 15 years - to sell out.It will not succeed," Otteau said of Visions. "It is sure to fail."
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Reviving a Housing Market in a Swoon
June 16, 2010
The New York Times / nytimes.com
Sales statistics are not yet final. But in a sample study of multiple-listing data from nine counties done by the Otteau Valuation Group of New Brunswick, which reports on the state's real estate industry, the pace of contract signings was found to be down in all of them, and in some cases sharply.
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With an asking price of $68 million, Alpine home is one of the nation's costliest
June 4, 2010
The Record / NorthJersey.com
It's a tough time to be selling a luxury home, since those sales have slowed in North Jersey since the financial crisis of fall 2008. Last year, only three homes costing more than $5 million sold in Bergen County, down from 10 in 2007. And Jeffrey Otteau, an East Brunswick appraiser, recently estimated there is a seven-year supply of homes for sale for more than $2.5 million in Bergen.
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Vacation home buyers slowly returning to Jersey Shore
May 16, 2010
The Record / NorthJersey.com
An analysis of nine shore towns by the Otteau Valuation Group in East Brunswick found that the number of sales was down, often dramatically, in most areas. But the price picture was spotty, with some towns - especially in the northern shore counties - actually clocking price increases.
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Shore housing market suffers
May 13, 2010
Courierpostonline.com
Wildwood is an overbuilt market with too much product and is likely to struggle for a very long time, said Jeffrey Otteau of Otteau Valuation Group, an East Brunswick-based real estate analyst. While New Jersey currently has a nine-month inventory of unsold homes, the backlog in Cape May County is 22 months. In Wildwood, it is expected to take 29 months to find buyers for the glut of properties."
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55 and older a tough sell for Visions at the Shore
May 13, 2010
Shore News Today
The idea was that baby boomers would be retiring with unprecedented wealth and retiring earlier, said Otteau, a trend analyst who did most of the presentation. "None of that has come to be. Instead there is a narrow, shallow pool of buyers."
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N.J. home prices increase in first quarter
May 12, 2010
The Star Ledger / nj.com
The increase reflects sales that were buoyed by record-low mortgage rates and the first-time homebuyers' tax credit, said Jeffrey Otteau of the Otteau Valuation Group. Statewide, the median price was $273.060, or 1.4 percent higher than the same period last year. It's just confirmation of the rebound that's been going on since last summer," he said.
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Home prices in area rise; another sign of recovery
May 11, 2010
Asbury Park Press / app.com
Figures compiled by the Otteau Valuation Group help show what is happening in Monmouth and Ocean counties. The median first-quarter home price in Monmouth County rose 6.8 percent over the same period a year earlier to $346,563, said Jeffrey Otteau, the firm's president. In Ocean County, the median price fell 3.7 percent to $215,370 in the first quarter.
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Builders Rethink 'Active Adult' Housing Label
May 5, 2010
The New York Times / nytimes.com
It is not a trend, or a sign of a significant uptick in the market for active-adult residential, said Jeffrey G. Otteau, a real estate analyst. In the State Legislature last year, his company, the Otteau Valuation Group of New Brunswick, worked to buttress builders' case for converting projects from age-restricted to regular-market housing.
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Red Bank residents oppose apartments plan
May 3, 2010
Asbury Park Press / APP.com
This generation needs something affordable, he said. "Projects that target luxury and big spaces will not be viable in the new economy going forward." With pricing to be "well below" $300,000, the mixture of one- and two-bedroom units, including some brownstone-like units, "aligns with the single and childless couples in Generation Y," Otteau said.
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Homebuilders have a new mantra: Small will sell
April 28, 2010
The Star-Ledger / NJ.com
New homes will continue to shrink, according to the Otteau Valuation Group in East Brunswick. Homes that are being planned now are about 200-square-feet smaller on average than at the height of the housing boom at 2,650 square-feet in 2007, the appraiser said.
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Builders seek to lift age limits
April 25, 2010
The Record / northjersey.com
A large number of age-restricted communities were proposed during the housing boom because it was easier to get municipal approvals, since these projects don't increase the school population. As a result, some analysts say, the market became saturated with 55-and-up communities. East Brunswick appraiser Jeff Otteau, who has worked as a consultant to builders, estimates that the state has a 15-year supply of age–restricted housing.
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Short Sale Basics
April 25, 2010
The Home News Tribune / MyCentralJersey.com
While the state's economy has lifted itself out of a recession, short sales are not over. With mortgage delinquency rates at about 10 percent, homes in short-sale situations represent about 15 percent of the unsold inventory in the market, Otteau said. There is a large number of these that have not yet been digested by the housing market."
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Expert says housing trends could help Somerville
April 23, 2010
The Home News Tribune / MyCentralJersey.com
Many will seek to own or rent smaller homes in higher density communities with access to mass transit and where shopping and eating opportunities are just a walk away, according to Otteau, whose firm provides clients with project feasibility and marketing studies, redevelopment guidance and valuation analysis.
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Luxury Condos for Princeton
April 14, 2010
The New York Times / NYTimes.com
Currently, there is very little on the market in Princeton Borough, which is an independent community within Princeton Township. The inventory of homes for sale is two and a half months, which Jeffrey G. Otteau, a real estate industry consultant, described as scant.
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Builders conference in A.C.: McMansions are dead
April 14, 2010
The Courier Post / CourierPostOnline.com
The next crop of first-time buyers will be earning 17 percent less than their parents earned 30 years ago, so luxury housing is severely troubled, said Otteau, one of three panelists to offer sober predictions about the future of New Jersey's housing market."
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Housing experts predict a bumpy road back
April 13, 2010
The Star-Ledger / NJ.com
And some estimates push that number to more than 6 percent by 2011, chipping away at affordability. That will assure that our housing market will be constrained for a very long time," said Jeffrey Otteau of the Otteau Valuation Group, an East Brunswick real estate appraisal firm."
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Multiple Bids, but Not Exactly a War
April 7, 2010
The New York Times / NYTimes.com
It is very gradual, in the low single digits, Mr. Otteau said. "While historically, coming out of a recession, prices go up 5 to 10 percent in the first year, this year so far we are seeing a couple of percentage points, in only limited markets."
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Multigenerational households increase as more families seek savings
March 28, 2010
Star Ledger / NJ.com
In New Jersey, the economic forecast is particularly onerous, said Jeffrey Otteau, a real estate analyst. Most private-sector jobs are being replaced by lower-paying public-sector jobs, and the state's high-tax climate is squeezing residents. 'The natural solution to all of this is that it's cheaper to live by the dozen,' said Otteau, president of Otteau Valuation in East Brunswick.
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In New Jersey, No Consensus on Foreclosure Problem
ebruary 24, 2010
The NY Times
Jeffrey G. Otteau, sounded a similar note on the quality of available statistics. The numbers from the various sources do not square," was how he put it. Mr. Otteau quoted data from RealtyTrac, a company based in Irvine, Calif., that monitors court filings around the country, in characterizing New Jersey's current foreclosure rate as very low - just .04 percent of households. He also predicted that foreclosure actions would decline as the overall economy improved."
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Single-family home prices decline 4.7% at the shore in the fourth quarter
February 11, 2010
Gannett / APP.com
Figures compiled by real estate consulting firm Otteau Valuation Group in East Brunswick offer a closer look at what is happening in Monmouth and Ocean counties. Home prices, including new houses and condominiums, in Monmouth County dropped in the fourth quarter to $336,611, down 6.2 percent from a year earlier, said Jeffrey Otteau. It matched the percentage decline seen statewide.
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Builders Reassess the Market
January 28, 2010
The NY Times
'Traditionally, after past recessions, housing starts have doubled within two years,' said Jeffrey G. Otteau. 'Because of the severity of this recession, though, there may be lingering wounds.' Yet even in the face of these sobering numbers, several builders of multifamily projects have forged ahead - some actually building, others planning on it as soon as weather permits.
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N.J. real estate prices headed up
January 11, 2010
The Record / northjersey.com
New Jersey home prices have bottomed out and will rise about 2 percent this year, real estate appraiser Jeffrey Otteau predicted Monday. 'While things will get better from here, they're going to get better at a slow, steady and sustained pace,' Otteau said. Otteau is based in East Brunswick, but he analyzes real estate markets around the state.
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Job growth, interest rates will drive home sales in 2010
January 11, 2010
NJBIZ / njbiz.com
It's a perfect storm, and it gets better from here,' said Jeffrey Otteau, president of Otteau Appraisal Group, an East Brunswick research and consulting firm that tracks the state's housing markets. Otteau's charts show contracts for home sales surged 55 percent, to 7,020 contracts, in October compared to the prior-year period. In November, the year-over-year increase was 33 percent, with 4,782 contracts.
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Housing slump slams brakes on construction
January 9, 2010
Gannett / APP.com
To a home builder, the slowing down on the pace of construction is just good business, said real estate consultant Jeffrey Otteau, president of the Otteau Valuation Group in East Brunswick."
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Optimism About the New Year
January 7, 2010
The NY Times
Statistically speaking, there are grounds for modest optimism that prices will trend upward in the near future, said the market analyst Jeffrey Otteau, whose Otteau Valuation Group continuously tracks sales data in 21 counties for real estate companies.
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Experts say real estate market's rise seems certain, but timing isn't
January 3, 2010
Press of Atlantic City
East Brunswick-based Otteau Valuation Group predicts a robust spring home sales surge in New Jersey and modest price increases in 2010, fueled by low interest rates, the tax credits, an improving economy and slowing job losses.
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Experts offer advice on homebuying
January 2, 2010
North Jersey Homes
Speakers include Jeffrey Otteau, president of Otteau Valuation Group, and Brian Spencer, a certified public account with Withum Smith & Brown. Otteau is an often-quoted expert on the current state of the housing market in New Jersey. Spencer's firm has been counseling clients for more than 30 years and has offices in six states.
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Trying for a comeback: New Jersey's housing market in 2010
December 23, 2009
NJ.com / Star Ledger
On the positive side, prime houses along the Jersey Shore and on lakes or other bodies of water could be a bright spot this spring, says Jeffrey Otteau, an appraiser who tracks New Jersey home prices. Those gems on the water will start getting snatched up as people who can afford million dollar homes feel more comfortable in the new economy. Perhaps their companies won’t fold, after all. They’ll need some place to celebrate this summer.
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New Jersey real estate trends don't mirror national patterns
December 21, 2009
Gannett / The Home News Tribune
When the economy weakened, the jobs that disappear first are the lower-paying service and retail jobs that these homeowners were likely to have, according to Jeffrey Otteau, chief executive officer of Otteau Valuation Group, an appraisal company in East Brunswick that also studies industry trends and market forces.
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Investors emerge from housing market rubble
December 21, 2009
NJ.com / Star Ledger
Investors feel prices can't drop much further, said Jeffrey Otteau of the Otteau Valuation Group in East Brunswick. That enables them to do the math," he said. With credit tightened by the recession, real estate investors now have to come up with more cash than they did before -- in some cases as much as half of the total value of the property, Otteau said."
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A Home for the Holidays
December 17, 2009
NY Times
Jeffrey Otteau of the Otteau Valuation Group, a company that analyzes the residential market and advises brokerages, said his analysis of contract sales data through the first week of December showed that the sharp increase in the pace of sales that started in June was continuing unusually late in the year.
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Wanaque home owner finds pricing home for sale is an art
December 13, 2009
The Record
Jeffrey Otteau, an East Brunswick real estate appraiser who analyzes the market statewide, says his research shows that, for sellers, overpricing is riskier than underpricing. When buyers think a home is overpriced, they lose interest because they believe the seller lacks motivation and is less likely to accept a fair price," Otteau writes in a recent report."
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Experts on Homebuying Offer Their Advice at Seminar
December 11, 2009
BigNews.biz
Otteau is an expert on housing values who is sought by investors, news reporters and government officials for his expertise and insight. He will talk about the state housing market as a whole and as submarkets, where housing values have been and where they’re going. He’ll also talk about factors that help homes sell more quickly.
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The Hottest Topic in Home Sales
December 11, 2009
NY Times
Taking a look at sales statistics to see how they might correspond to tax rates in given towns and counties, Jeffrey Otteau, the president of the Otteau Valuation Group in East Brunswick, said crunching the numbers produced counterintuitive" results."
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Less expensive homes are selling better than estate homes in today's market
December 5, 2009
Gannett / The Home News Tribune
Jeffrey Otteau of Otteau Evaluation Group in East Brunswick, said, We've never seen this magnitude of increase (in home sales) when unemployment was rising - ever."
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Cities take brunt of home sales slump
December 5, 2009
NJ.com / Star Ledger
In a deteriorating market, declines appear first and are greatest in urban areas, said Jeffrey Otteau of the Otteau Valuation Group in East Brunswick. "Those homeowners or potential home buyers are disproportionately affected by the downturn, and so that creates higher rates of mortgage delinquency and lower purchase prices."
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Pulda Farm should be saved, even by eminent domain
November 19, 2009
The Home News Tribune
Otteau Valuation of East Brunswick studied the real estate market, and estimated there is a 19-year supply of age-restricted housing either in place, or on the drawing board. Morris was looking at building homes in a market where supply was overwhelming demand. It has been a hard few years for Morris, whose plans to develop a large swath in downtown Somerville have also been thwarted by the weak economy, prompting attempts to squeeze more investment out of the borough.
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Report: Central Jersey home prices dropped 8.9 percent in third quarter
November 11, 2009
The Home News Tribune
The region's decline during the third quarter was more moderate than the second quarter, when prices fell 11.2 percent. What it tells is us that the housing market has stabilized in most of New Jersey, and that the decline in prices is ending, said Jeffrey Otteau, president of the Otteau Valuation Group, a research and consulting firm in East Brunswick."
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Puzzling Over Home Prices
October 25, 2009
The NY Times
Mr. Otteau said his data suggested that a ground is beginning to form in terms of prices," and noted that the trend had occurred as government stimulus programs that were intended to stabilize the residential real estate market were taking effect."
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W is for wow: Hoboken still hopes for sky-high prices
October 22, 2009
New York Post
According to data from New Jersey appraisal firm Otteau Valuation Group, Hoboken had a 10.9-month supply of inventory on the market at the beginning of this year. By August, that number had fallen to 8.8 months, and sales activity was up 63 percent compared to January and 34 percent compared to April.
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Report: Future bright for Center City housing
October 14, 2009
The Philadelphia Inquirer
In the post-recession economic cycle, Otteau said, incomes will actually drop, and affordable housing will be concentrated in urban areas. Two-thirds of households will have no children at home, energy costs will rise, and vertical construction in the downtowns [will be] more sustainable."
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Home run
October 11, 2009
The Asbury Park Press
The $8,000 tax credit has increased home sales not only in the first home-buyer price range of under $400,000, but across the entire market, Otteau said. It's because, statistically, a first-time home buyer's purchase can trigger four other simultaneous home sales, Otteau said. The seller of a home is able to buy a house from someone else, such as a couple over age 55 who are looking to move to a smaller home."
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Untapped niche
October 4, 2009
Philadelphia Business Today
Jeffrey Otteau, of the Otteau Valuation Group in New Brunswick, said the dynamics of the next housing cycle - including skyrocketing energy costs, sustainability, and declining income - will favor downtown housing.
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Soaring Above the Crisis
September 20, 2009
The Philadelphia Inquirer
The residential market's upper end is also the toughest sell - continuing fallout from last year's collapse of the financial system. For homes in the region priced at $2.5-million-plus, there was 122 months' worth of unsold inventory in the second quarter, according to economist Jeffrey Otteau, of Otteau Valuation Group in New Brunswick, N.J.
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First Signs of Recovery
September 18, 2009
The NY Times
WHERE do signs of a housing market recovery show up first? In New Jersey, the answer is: in the northern part of the state, in relatively affluent towns, especially those with train stations. Recoveries first take root in what we call the primary markets," said Jeffrey G. Otteau, a residential market analyst. "These are more desirable markets, but not necessarily those in luxury or high-priced areas. They are close to jobs, and close to trains."
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N.J. housing construction up, but permits at a low
September 18, 2009
NJ.com/The Star Ledger
Builders feel like, going forward, they'll need more houses to sell, not fewer, said Jeffrey G. Otteau, the head of the Otteau Valuation Group, which analyzes real estate industry trends. "They're actually starting to spend money to prepare for an improving housing market ahead. Otteau said, for the most part, the state's housing market has bottomed out. He added that he expects a slow, prolonged recovery of the state's housing market into 2011."
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The new estates on the block
September 6, 2009
The NY Times
Statewide, enough homes are on the market to last for nine months, compared with the six-month equilibrium of a healthy market, according to the Otteau Valuation Group, an East Brunswick appraisal and real estate data firm. But the supply of homes listed for $1 million to $2.5 million is more than twice the state average. And above $2.5 million, the inventory jumps to more than three times the state average.
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Savvy Buyers Seek the Shore
August 28, 2009
The NY Times
THE pace of residential sales in the shoreline counties of Ocean and Monmouth has wavered a bit this summer — cresting in June over the year before, then staying flat in July. But if you look only at the subset of homes within view of the water, the cresting persisted through July and at least into early August, according to the latest data from the Otteau Valuation Group, which analyzes sales contract data for real estate companies.
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N.J., Northeast real estate sales rise, signaling a bottom
August 21, 2009
NJ.com/The Star Ledger
The state has seen signs of a bottom of the market, and perhaps a turnaround, for a few months, according to data from the Otteau Valuation Group, an appraisal and analysis company that studies New Jersey real estate.
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N.J. foreclosures rise 31 percent during first half of year
August 13, 2009
NJ.com/The Star Ledger
Foreclosed homes tend to drag down the value of nearby houses, especially when there are many in a single neighborhood. But Jeffrey Otteau, whose firm Otteau Valuation Group compiles and analyzes New Jersey housing market data, said the continued foreclosure problem will, at most, forestall price increases in other areas.
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Area home prices continue to decline
August 12, 2009
APP.com/Gannett
Figures compiled by the Otteau Valuation Group help give a picture of what is happening in Monmouth and Ocean counties. According to the East Brunswick real estate consulting firm, the median price for all homes in Monmouth County, including new houses and condos, fell to $348,463 in the second quarter, an 11 percent decline over the period a year earlier. In Ocean County, the median fell to $225,906, a 10 percent decline over the second quarter of 2008.
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Rising housing sales encouraging, but market still has more ebbs to overcome
August 9, 2009
NJ.com/Star Ledger
In some municipalities, such as Perth Amboy and Elizabeth, there were twice as many sales this spring as last year, according to figures from the Otteau Valuation Group, which studies New Jersey real estate data.
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Shore bargains on pricey homes
August 9, 2009
APP.com/Gannett
In the second quarter, the market had a 10-month supply of homes in Monmouth County and an 11-month supply in Ocean County, according to the Otteau Valuation Group, an East Brunswick-based real estate consulting firm. That's down from an 11- and 12-month supply, respectively, in the same quarter last year.
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A Tarnished 'Gold Coast'
July 31, 2009
The NY Times
Condominiums make up roughly 80 percent of Hudson’s housing stock — and across the price spectrum, they have sold poorly, according to the Otteau Valuation Group, which reports to the housing industry. Even for those priced under $400,000, Otteau reported an 11-month inventory build-up.
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New home sales rise nearly 30 percent in Northeast
July 27, 2009
The Star Ledger
Sales of already-lived-in homes rose 2.5 percent in the Northeast in June, according to the National Association of Realtors. Also, many areas of New Jersey have seen sharp inventory declines, meaning more competition for fewer homes, according to figures from Otteau Valuation Group.
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Hopeful Signs in Housing
July 24, 2009
The NY Times
In June, according to Jeffrey G. Otteau, whose company issues monthly reports to the real estate industry, there was a breakthrough": the number of home sales exceeded that of June 2008 by 12 percent. Such a year-over-year increase has not occurred since midsummer 2007, said Mr. Otteau, the president of the Otteau Valuation Group in New Brunswick."
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Homes Sales Up in Mercer & Burlington Counties
July 23, 2009
NJBiz
The tide is turning, said Jeffrey Otteau, a housing expert based in East Brunswick who tracks New Jersey real estate "We're not in a housing market where we have returned to the glory days of rapidly rising prices and homes selling in a matter of days or hours, but it does appear that we have seen the bottom to the housing market, which is very good news for the economy."
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Jeffrey Otteau Testifies in Dallas, Texas
July 21, 2009
Susman Godfrey L.L.P.
Jeffrey Otteau testified in July at a complex trial in Dallas County, Texas that resulted in a $178 million jury award involving the NL Industries redevelopment site in Sayreville, New Jersey.
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New Jersey foreclosure rate falling
July 16, 2009
The Star Ledger
The reason that borrowers walk away and mail in the keys is because not only are they having a hard time making their payments, but their houses are worth less than their mortgage balance," Otteau said."
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Local couple navigate housing market in crisis
July 6, 2009
Press of Atlantic City
The housing market in New Jersey - not as ravaged by foreclosures and falling home prices as other states - is poised for a turnaround within the next 12 months, housing expert Jeffrey Otteau says.
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Enticed by the Water Views
June 26, 2009
The New York Times
And Jeffrey Otteau, whose company, the Otteau Valuation Group, analyzes residential sales statistics for brokers, said that in downtown Jersey City, the site of Crystal Point, the pace of condo sales had more than doubled since January.
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Age Restricted Communities Popular, but Still a Bust in NJ
June 26, 2009
The Press of Atlantic City
But housing market expert Jeffrey Otteau says boomers may not be so quick to flood those communities now – at least not in New Jersey.
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Transit Cities’ Face Roadblocks
June 19, 2009
The New York Times
As Jeffrey Otteau, a residential analyst, put it in a recent interview, "Nothing has been able to escape the economic and financial collapse we’ve seen over the last year — transit-oriented development included.
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N.J. Senate vote could allow courts to overrule towns and open up senior housing
June 17, 2009
Nj.com/Star Ledger
During the construction boom of the last decade, builders rushed to provide housing for people 55 and over, and local officials gobbled it up, said Jeffrey Otteau, of the East Brunswick firm Otteau Valuation Group, which studies New Jersey housing data.
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Housings analysts say rising mortgage rates mean potential N.J. buyers missed best deals
June 15, 2009
Nj.com/Star Ledger
For those that are still waiting, they've already missed that perfect moment when prices were low and interest rates were also low, said Jeffrey Otteau, whose East Brunswick company, Otteau Valuation Group, tracks New Jersey real estate data.
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How to buy a home
June 14, 2009
App.com/Gannett
People are reacting. The inventory of homes for sale at the Jersey Shore has shrunk since January as sales have increased, said Jeffrey Otteau, president of Otteau Valuation.
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N.J. real estate sees steep drop in foreclosures
June 11, 2009
Nj.com/Star Ledger
That feeds into this trend now of the bottom occurring in housing, prices firming up and things getting better going forward, said Jeffrey Otteau, of Otteau Valuation Group, which tracks New Jersey housing data.
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Ray of light for Mercer homebuyers
June 6, 2009
Nj.com/Star Ledger
In New Jersey, sales of new and existing homes rose 23 percent in March and 18 percent in April, according to Jeffrey Otteau, a housing market expert based in East Brunswick. In April 2008, sales had risen just 9 percent.
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N.J. home prices haven't hit bottom yet
May 27, 2009
Nj.com/Star Ledger
Prices are expected to fall further as more people lose their jobs and homes, hitting a bottom sometime in the second half of the year, said Jeffrey Otteau, head of Otteau Valuation Group, which studies New Jersey real estate data.
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Real Estate Experts: Its an Excellent Time to Buy a Home
May 17, 2009
The Home News Tribune/Courier News
Simultaneous falling home prices and mortgage rates have made 2009 an historic year, according to real estate experts. For buyers who have a sufficient down payment and a secure job, it's an excellent time to buy a home. But buyers' fears about job security and higher interest rates on jumbo mortgages are holding many buyers back throughout Central Jersey, according to Jeffrey Otteau, president of Otteau Evaluation Group in East Brunswick.
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New Jersey counties report record numbers of tax appeals
May 16, 2009
Nj.com/Star Ledger
Ocean County has a double whammy, said Jeffrey Otteau, president of the Otteau Valuation Group, an independent firm that tracks real estate trends and prices.
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A Mixed Forecast Down the Shore
May 15, 2009
The New York Times
ALONG the shore, the weather report for the real estate market is cloudy with some brightening, according to the barometer of recent sales statistics, although more severe conditions prevail at the sand line. An analysis based on fresh data from the state’s four shoreline counties shows the following, according to the housing trend analyst Jeffrey Otteau:
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N.J. real estate decline tightens state and county budgets
May 12, 2009
NJ.com/Star Ledger
Jeffrey Otteau, president of the Otteau Valuation Group, which tracks the New Jersey real estate market, said the current losses are real-time indicators of a market gone sour.
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Home Prices Down but Leveling Off in New Jersey, Expert Says
April 23, 2009
The Home News Tribune
After spiraling down in 2008, home prices are expected to decline about 10 percent further before starting to stabilize later this year, according to a New Jersey real estate expert. Home prices dropped by about 7.4 percent in New Jersey in 2008, a trend matched in Monmouth and Ocean counties, said real estate consultant Jeffrey Otteau, president of the Otteau Valuation Group in East Brunswick…
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Families need homes more than over-55s
April 7, 2009
myCentralJersey.com
Over-55 housing has become so popular in New Jersey that a glut has developed. Otteau Valuation of East Brunswick, which studies the real estate market, estimated there is a 19-year supply of age-restricted housing either in place today, or already approved.
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North Brunswick officials concerned about possible housing construction law
April 3, 2009
myCentralJersey.com
Proponents of the bill say it is a cost-free economic stimulus. The New Jersey Builders Association, a trade group, points to a 2008 study by East Brunswick-based Otteau Valuation that suggests that the state has a 19-year supply of new, single-family detached homes with age-restrictions.
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Housing Affordability Improves
April 3, 2009
The New York Times
These tidings may seem underwhelming in their gladness, but they are the most salutary available as prices continue to slide and the inventory of houses for sale blips upward this season, according to the market trend analyst Jeffrey G. Otteau. House prices right now are descending at the rate of about a percentage point a month, according to Mr. Otteau, whose company is based in New Brunswick. At seminars that he conducted for brokers in March, Mr. Otteau predicted an additional nine point drop in prices by the end of the year, and no likely upturn until 2010.
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Age-Restricted Housing Becomes Ageless
April 2, 2009
AARP Bulletin Today
In New Jersey, "it is much more difficult to find construction financing, and many banks are saying they will not lend at all" for such projects, says Jeffrey Otteau, president of the Otteau Valuation Group.
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Taxation appeals soar in Mercer
March 31, 2009
Times of Trenton
Indeed, a perceived decline in the housing market has been backed up by a measurable decline in prices statewide, according to Jeffrey Otteau of East Brunswick-based Otteau Valuation, which tracks New Jersey real estate prices...
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Signs of Life in the Housing Market
March 27, 2009
The New York Times
The housing analyst Jeffrey G. Otteau raised an alarm last year about potential overbuilding of multifamily housing units in Hudson County, where tens of thousands of units were approved during the boom years — and where the market for condominiums has declined from the strongest to one of the weaker markets in the state in the past year.
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Learning to sell real estate in a struggling economy
March 22, 2009
Asbury Park Press
Once they pass the course and the state exam, they'll enter a rough real estate market. Last year there were 75,200 home sales, down from a peak of 145,692 sales in 2005, said real estate consultant Jeffrey Otteau, president of the Otteau Valuation Group in East Brunswick.
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Bill to scrap housing age-limits advances
March 17, 2009
The Trenton Times
State lawmakers will send Gov. Jon S. Corzine a bill allowing developers to seek the removal of age restrictions on housing projects without re-starting the lengthy local approval process. Across the state, age-restricted units that are approved but not yet built or currently under construction account for between 15 and 18 years of supply, according to Jeffrey Otteau of Otteau Valuation in East Brunswick...
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State may lift age-restrictions on some housing
March 16, 2009
The Trenton Times
According to Jeffrey Otteau of Otteau Valuation in East Brunswick, age-restricted "homes that are being built now or that have approvals but have not yet been built account for somewhere between 15 and 18 years of supply in the market."
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Retirees See the Value in Rentals
March 13, 2009
The New York Times
For years now, New Jersey residents who are 55 years old and over have been migrating out of the state at one of the highest rates in the country, according to Jeffrey G. Otteau, a housing analyst. His firm, the Otteau Valuation Group, conducted the builders’ study. Mr. Otteau said that the most recent census data showed that New Jersey...
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A Market Going Downhill Fast
February 19, 2009
The New York Times
Over the course of three and a half years, the New Jersey residential market has headed downhill fast. In September 2006, Jeffrey G. Otteau, whose Otteau Valuation Group gathers data on the residential market for many builders and brokers, said there were 68,000 houses sitting on the market unsold for a month or longer, more than he had ever seen in his experience in this market. By spring 2007, there were 71,000 unsold houses, his firm reported, and by May 2008, that number had climbed again, to 74,000.
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Real estate market and jobs tied together
February 13, 2009
Asbury Park Press
As real estate consultant Jeffrey Otteau, president of the East Brunswick-based Otteau Valuation Group, said in today’s story, "Fears of job security are putting a freeze on the market."
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Defining the Buyer of the Future
February 6, 2009
The New York Times
The short answer from the housing trend analyst Jeffrey G. Otteau: "very different." Economic, financial and sociological changes now in progress will effectively morph the profile of the typical home buyer over the next 15 years, said Mr. Otteau, whose company, the Otteau Valuation Group, issues monthly reports on trends to subscribing brokers and developers.
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Housing
January 29, 2009
The Times of Trenton
Real estate appraiser Jeffrey Otteau said that beginning in September, the rate of decline for New Jersey home prices doubled, from a half-percent loss in each month to a full percent per month. Otteau said that job losses are the primary reason for the continuing declines.
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Price Cuts Spur Home Sales
January 27, 2009
The Wall Street Journal
We're looking for a very tepid spring market, said Jeffrey Otteau, president ofOtteau Valuation Group, an East Brunswick, N.J., appraisal firm. Mr. Otteau doesn't expect prices in New Jersey to bottom out before the second or third quarter of this year.
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The Shore's economy is expected to slump in 2009
January 4, 2009
Asbury Park Press
The Shore's economy is expected to slump in 2009 as weary consumers deal with job insecurity, shaky home prices and depleted investments. The housing sector has yet to stabilize. Home prices statewide on average have fallen about 20 percent from their peak in 2005, and they are expected to fall another 8 percentage points to bring them in line with workers' incomes, said Jeffrey G. Otteau, president of the Otteau Valuation Group, an East Brunswick real-estate consulting firm...
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First-time buyers make hay in housing drought
January 3, 2009
The Star Ledger
No one should be surprised the real estate market has turned to sawdust. Home sales in New Jersey are expected to finish 2008 at just 68,000, down 20 percent from the 85,000 sold a year ago, said Jeffrey Otteau, president of otteau.com, an East Brunswick market research and appraisal firm...
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As Wall Street suffers, so does nearby New Jersey
December 31, 2008
Reuters
The Wall Street upheaval that has depressed New York City's high-flying real estate market is also slowing property sales and lowering prices right across the river in the state of New Jersey. At the current pace of sales, which in November was down 47 percent from last year, it would take 24.1 months for all the properties on the market in Hudson County to sell, said Jeffrey Otteau, president of Otteau Valuation Group, a real estate consultancy and appraisal service...
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Housing Inventories on the Rise
December 26, 2008
The New York Times
A new assessment of the region prepared by the Otteau Valuation Group presents a generally unlovely picture of residential sales markets: Manhattan now has an 11.8-month supply of unsold inventory, said Jeffrey G. Otteau, whose Old Bridge, N.J., company analyzes contract sales figures and advises real estate brokers.
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Transitions Made Easier
December 5, 2008
The New York Times
Statewide, the pace of residential sales has continued to decline each month since July, according to the latest report from the Otteau Valuation Group. In Essex County, for example, the average time a house spent on the market was 73 days in July, and 92 days in October…
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Retiree Havens Turn Younger to Combat the Housing Bust
December 01, 2008
The Wall Street Journal
In New Jersey, the age restrictions have been lowered or dropped for at least nine new projects, while an additional 10 planned developments were scrapped altogether, says Jeffrey Otteau, president of Otteau Valuation Group Inc., a real estate market-analysis firm in East Brunswick, N.J.
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Board OKs Alfieri's housing, retail plans
November 26, 2008
Suburban
Alfieri's professionals proposed that the board allow him to finish the residential component of the development first, since his marketing consultant, Jeffrey Otteau, testified that the market for housing is more likely to rebound first in the current economic decline. "Every home can be sold at a price," Otteau said…
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Reducing property taxes is possible, but not likely
November 22, 2008
The Star Ledger
The unraveling of the housing market has caused a decline in home prices over the past three years," said Jeffrey Otteau, president of Otteau Valuation Group, a real estate research firm based in East Brunswick, which tracks the New Jersey real estate market...
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Keeping Afloat
November 19, 2008
The Star Ledger
Statewide, home prices fell 5 percent, to $312,437, down from $330, 396 during the third quarter, said Jeffrey Otteau, president of Otteau Valuation Group, a real estate research firm based in East Brunswick, which tracks the New Jersey real estate market...
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Now what?
October 5, 2008
Asbury Park Press
In New Jersey, home prices have declined about 19 percent since they peaked in the fall of 2005, and a declining housing market that looked as if it might bottom out next spring faces even more uncertainty, said Jeffrey Otteau, president of the Otteau Valuation Group, a real estate consulting firm in East Brunswick...
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Rentals Remain Robust
October 4, 2008
The New York Times
The high rental occupancy rate is expected to stay where it is for the immediate future, or perhaps even tighten further. "The number of units in the pipeline in the state is, well, dramatic," said Mr. Otteau, adding that, in fact, it was already time to start thinking about the issue of overbuilding…
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Buying New is a Winning Move
September 19, 2008
Asbury Park Press
A new market report, released by the Otteau Valuation Group, an East Brunswick-based company, stated that " there are developing signs that we are seeing the early stages of a recovery now."…
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Where to Buy Now
September 16, 2008
The Star Ledger
Jeffrey Otteau, the guru of all things real estate-related in New Jersey. Otteau's methodology for coming up with his list of top spots to buy involved coming up with a calculation he calls the "projected absorption" rate of homes…
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Experts Say Restricting Development in Jersey Towns May Backfire
September 15, 2008
New Jersey 101.5 FM Radio
Jeff Otteau runs the Otteau Valuation Group in East Brunswick. He says the prevailing mindset in many towns is if you allow new housing, it will overburden local schools and…
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‘Active Adult’ Housing Loses Luster
September 12, 2008
The New York Times
A FEW years ago in New Jersey, housing complexes for those 55 and older were proliferating, with new projects seeming to pop up and sprawl out nearly anyplace with acreage — be it urban, suburban or rural. Jeffrey Otteau of the Otteau Appraisal Group is offering brokers and developers new data showing reduced demand for such housing around the state, and a large inventory of unsold units.
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First-Timers’ Charm
September 7, 2008
The New York Times
The moment, however, is likely to last only about another six months, said Jeffrey Otteau, a market analyst whose Otteau Appraisal Group monitors statewide sales data and provides monthly reports to the real estate industry. He predicted that by next spring the subprime lending crisis, which primarily affects…
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Tracking the Real Deal
September 1, 2008
NJ Biz
One might assume that with the current slump in housing demand, this would be a lousy time to launch a new product for the real estate market. Yet, Otteau.com, a real estate appraisal and data firm in East Brunswick, recently began marketing a new research tool called MarketTRAC, which tracks residential real estate trends...
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Trading Up Slows Down
September, 2008
The Real Deal
Wall Street job losses and jobs migrating out of New Jersey are contributing to the "sluggish sales pace" for trade-up homes in that state, said Jeff Otteau, president of the Otteau Valuation Group…
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Has the Central Jersey Housing Market Reached Bottom? No one is sure
August 23, 2008
Courier News
Jeff Otteau, CEO of the Otteau Valuation Group in East Brunswick, agrees. His figures show that the inventory of homes for sale has been shrinking, while the number of homes sold has remained steady in the second quarter, a trend that continued in July. It's too soon to tell if we've reached bottom. Otteau said part of the reason for the decline…
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Home Prices Decline 3.1%
August 15, 2008
Asbury Park Press
Jeffrey Otteau, president of the Otteau Valuation Group, an East Brunswick real-estate consulting firm, said his figures also indicate a decline in prices locally. In the second quarter, the median home price in Monmouth County fell 7 percent from last year to $390,271 and in Ocean County dropped to $249,635, down 9 percent from last year, Otteau said. He cited a decline in vacation homes sales as a reason.
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Amid Housing Slump, Glut Eases Slightly
July 29, 2008
The Wall Street Journal
We have the added weight of a recessionary economy on what was already the weakest housing market since 1930’s, says Jeffrey Otteau, president of Otteau Valuation Group, an East Brunswick, N.J., appraisal firm. He says the market won’t recover fully until employment starts growing again and credit becomes more readily available.
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N.J. home sales fell 30 percent in first quarter
June 14, 2008
The Star Ledger
Jeffrey Otteau, president of the East Brunswick research firm Otteau Valuation Group, said he suspected the NAR's original numbers were out of whack when they were issued May 13.
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New Jersey home sales down 30%
June 14, 2008
The Home News Tribune
Jeffrey Otteau, president of the Otteau Valuation Group, an East Brunswick real estate consulting firm, said it is not unusual for statistics to be revised
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With New Jersey housing markets down, it's the right time to buy
June 10, 2008
The Courier News
We'll look back in five years and conclude that this year, 2008, was the time to buy, said Jeff Otteau, CEO of Otteau Evaluation Group in East Brunswick.
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N.J. housing report's hint of hope
June 6, 2008
The Star Ledger
A report by East Brunswick-based research firm Otteau Valuation Group shows April home sales increased from the March level -- the first time that has happened since 2005 -- in what may be a sign market has bottomed out.
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Neighbours hit by empty homes next door
May 27, 2008
BBC News
Armed with the tools of his trade, a tape measure and a clipboard, Chris Otteau looks at a house in Matawan, New Jersey.
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A Buyer's Market, a Seller's Pain
May 18, 2008
The New York Times
WITH a laser measuring device clipped to his belt and a reel of yellow tape tucked under one arm, Christopher Otteau roamed around a tidy house on a corner lot in Ridgewood, preparing to deliver the unwelcome news to its occupants.
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Sale prices of homes stabilizing at Shore
May 14, 2008
Asbury Park Press
Figures compiled by the Otteau Valuation Group, an East Brunswick real-estate consulting firm, show that the market is approaching its bottom, said firm President Jeffrey Otteau.
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Spring in a Cold Climate
May 11, 2008
The New York Times
THE only way to know when the residential real estate market has "hit bottom" will be with a look in the rear-view mirror, according to Jeffrey G. Otteau, the New Jersey-based real estate analyst.
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Banking on Rumson Home Sales
April 3, 2008
Asbury Park Press
But Rumson, which is an upper-priced market where many homes sell for more than $1 million, has seen less of a downturn than other parts of the county, said Jeffrey Otteau, president of the Otteau Valuation Group in East Brunswick…
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Bid for Reality
March 28, 2008
The Star-Ledger
The study by Otteau Valuation Group measured and analyzed more than 15,000 transactions annually over a period of several years.
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NJ Exodus Cutting Into Home Sales
March 27, 2008
Hunterdon County Democrat
Another study, by the Otteau Appraisal Group working for developer CRC Communities, says home sales in Hunterdon...
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To Pounce or Be Patient?
February 19, 2008
New Jersey Monthly
The premier number cruncher in Jersey real estate is probably Jeff Otteau, whose Otteau Valuation Group in East Brunswick provides the most comprehensive real-time snapshot of the market.
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Renting Beats Buying (or Not)
February 17, 2008
The New York Times
To buy or not to buy, that is the question - especially in a market where property values have been deflating, and may deflate still further. In northern New Jersey in the past year, the median home value slid 5 percent, to $403,087 according to newly compiled statistics from the Otteau Valuation Group, which monitors property values statewide…
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Home Prices Up Minimally
February 15, 2008
Asbury Park Press
Price figures from the Otteau Valuation Group, Inc., an East Brunswick real estate consulting firm, show that in the fourth quarter, a median price for a single-family home in Monmouth County rose 6 percent to….
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Housing Mixed Bag
February 15, 2008
The Star ledger
We have the second-highest income in the country, which creates a higher level of earning, said Jeff Otteau, president of the Otteau Valuation Group, a leading real estate research firm based in East Brunswick.
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Home Prices Start to Dip, Recalling '90s Slump
February 3, 2008
The NY Times
Homes in suburbs within a one-hour commute have not lost value as fast as those in the outer suburbs, said Jeffrey Otteau, president of the Otteau Valuation Group in East Brunswick, N.J. And Mr. Otteau forecasted that the closer suburbs…
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The Hard Sell
February 3, 2008
The Star Ledger
The pace of home sales in New Jersey slowed to a crawl in December, with the volume of sales contracts falling 31 percent year over year, according to Jeffrey Otteau, president of East Brunswick-based Otteau Valuation Group…
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Buyers, Now Hear This
January 20, 2008
The NY Times
The market analyst Jeffrey G. Otteau told brokers in his January report not...levels until spring of 2014,'' Mr. Otteau stated flatly in the report, which is...low mortgage interest rates,'' Mr. Otteau said. Jacelyn Botti, president of Weichert...
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A Housing Market Perspective of TOD
January 2008
Transit-Friendly Development
Newsletter of Transit-Oriented Development & Land Use in New Jersey At the 2007 NJ State League of Municipalities Conference, held in November, Jeffrey Otteau, president of the Otteau Valuation Group, Inc., offered his perspective of the New Jersey housing market, drawing particular attention to housing in transit-friendly locations. He believes that with the deep slump in New Jersey's housing market, one bright spot remains-locations that are transit-rich.
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Cashing Out of New York City
December 30, 2007
The New York Times
...statewide, house prices have dropped by about 1 percent a month in the last several months, said Jeffrey Otteau, the president of the Otteau Appraisal Group in East Brunswick. Buyers in Long Island's most desirable suburbs are finding that they...
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Where Sales Are Buoyant
November 4, 2007
The New York Times
The three Monmouth County towns - Asbury, Belmar and Long Branch - outperformed their county, which showed no increase in median sales price over the first nine months of the year compared with the same period in 2006, according to a market analysis done by the Otteau Valuation Group at the request of the New York Times…
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Sales History
November 4, 2007
Asbury Park Press
Home prices have declined after several boom years. Prices rose 131 percent in New Jersey from 1998 - 2005, before declining 8 percent in 2006, according to Jeffrey Otteau, president of the Otteau Valuation Group…
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With Buyers Sidelined, Home Prices Slide
October 25, 2007
The Wall Street Journal
Foreclosure headlines create a "fear factor" among buyers and prompt more to think they should wait before taking the plunge, says Jeffrey Otteau, president of Otteau Valuation Group…
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Merrill beaten up over writedown
October 25, 2007
Star Ledger
Home sales fell 17 percent in September, the worst performance of the year, according to Jeffrey Otteau of the Otteau Valuation Group, whose firm tracks pending sales contract…
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Housing market weathers crisis
October 25, 2007
The Times
Real estate appraiser Jeffrey Otteau, whose firm is based in East Brunswick, said the current downturn in real estate…
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Where the Deals Are
September 16, 2007
The New York Times
Jeffrey G. Otteau, President of the Otteau Appraisal Group in East Brunswick, N.J., picked out the pattern while analyzing the unsold housing inventory in towns on and around the commuter rail lines…
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Aging Gracefully
September 16, 2007
Asbury Park Press
The age-restricted housing market has been hit hard as well, said Jeffrey Otteau, president of the Otteau Valuation Group, an East Brunswick real estate consulting firm. Those who want to buy such homes still need…
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Slumping Builder Slashes Home Prices
September 13, 2007
The Star Ledger
One homebuilder, Lennar, slapped huge discounts on some of its homes late last year, according to Jeffrey Otteau, President of the Otteau Valuation Group…
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Census: More N.J. Homeowners are Over-extended
September 12, 2007
The Star Ledger
Jeffrey G. Otteau, President of the Otteau Valuation Group in East Brunswick and a housing analyst, predicted New Jersey faces a future with…
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Good, Bad News for N.J. Housing
August 23, 2007
The Star Ledger
Foreclosures shoot up, but total is fairly small. Jeffrey Otteau, president of the Otteau Valuation Group, a leading real estate research firm in New Jersey, said while the increase appears large, the number of homes foreclosed on is still quite small…
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Softer Landing
August 16, 2007
The Star Ledger
The inventory of unsold homes in all of New Jersey has soared to a record 72,000 homes, compared to only 39,000 in June 2005, said Jeffrey Otteau, president of East Brunswick-based Otteau Valuation Group…
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Central Jersey Real Estate Sales Fickle
August 5, 2007
Courier News
Location, commuter access and structural upgrades all factors when putting home on market, experts say. Jeffrey Otteau, president of the Otteau Valuation Group in East Brunswick, specializes in compiling data throughout the state…
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Revving Up Interest
July 29, 2007
Asbury Park Press
With the high number of houses sitting unsold on the market these days, some real-estate agents are finding innovative ways to market their listings to attract attention. "In the future, as the housing market evolves, marketing will become even more important," said Jeffrey Otteau, President of the Otteau Valuation Group…
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The State of the Slump
July 26, 2007
The Wall Street Journal
Tighter Credit Helps Keep Housing Inventories Rising, Though Some Hard-Hit Cities See Signs of a Turnaround. Jeffrey G. Otteau, President of Otteau Valuation Group, says the parts of New Jersey popular with commuters…
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Demand for Office, but Not Homes
June 15, 2007
The New York Times
AFTER more than five years, the huge inventory buildup of commercial office space in New Jersey is beginning to diminish. Coincidentally, as best the pundits can tell, the inventory of unsold homes has hit a record high. "Markets do have lives of their own," said Jeffrey G. Otteau.
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RealtyTrac to revise formula
June 12, 2007
The Star Ledger / nj.com
When RealtyTrac releases data on home foreclosures each month, media outlets across the country rush to print and broadcast the news. But housing experts such as Jeffrey Otteau, president of the Otteau Valuation Group, a leading real estate research firm in New Jersey, believes RealtyTrac's existing methodology is highly misleading.
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It's Spring. Somebody Tell the Buyers
May 27, 2007
The New York Times / nytimes.com
IT'S spring, the traditional time for hope and growth in residential real estate sales. But beyond the borders of New York City, there are indications that a wintry chill besets the market in much of the region..The number of sales contracts signed in April declined in 20 of 22 counties monitored by the Otteau Valuation Group, which does market analysis.. ...
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Home Prices Fall in Rich New York Suburbs Once Immune to Slump
May 9, 2007
Bloomberg Print Media / Bloomberg.com
The U.S. housing slump has hit New York City's richest suburbs. Wealth and excellent credit have until now spared bedroom communities in New Jersey, Connecticut and New York's Westchester County from declines in home prices. Now the tightening of credit in response to rising subprime defaults has disrupted the real estate food chain, bringing the national housing slump to Manhattan's doorstep. First-time home buyers are more likely to be subprime borrowers. Every purchase of an existing house by a first-time buyer triggers four other sales in the housing market, said Jeffrey Otteau, president of Otteau Valuation Group in East Brunswick, New Jersey.
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Why Sellers May Be Disappointed
March 11, 2007
The New York Times / nytimes.com
HOME sellers beware. Despite what real estate industry data might suggest, sales prices were down around the state last year - and prices are still flat in most locales, according to Jeffrey G. Otteau, who heads Otteau Valuation Group...
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Housing Glut Gives Buyers Upper Hand
January 25, 2007
The Wall Street Journal / wsj.com
Amid a continuing glut of homes for sale in most of the country, buyers should have lots of choices and plenty of bargaining power in the spring selling season.. Mr. Otteau figures home prices fell an average of about 10% ...
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A Rough Market. Or Not
November 12, 2006
The New York Times / nytimes.com
Nevertheless, new statistics from the Otteau Group, which feeds data to brokers based on analysis of signed contracts, indicates an 18-month buildup of ...
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Northern New Jersey market starts to drag
September 2006
The Real Deal / therealdeal.com
Home sales statewide declined 17 percent during the first half of 2006 and inventory rose 70 percent, according to a widely followed market report from Jeffrey Otteau, president of Otteau Valuation Group....
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TELEVISION MEDIA

Some Wrongfully Foreclosed Homeowners Will Get Monetary Compensation
April 12, 2013
NJ Today / NJTVonline.org
This practice has stopped, but the moratorium on foreclosures created a backlog, which is the main reason why foreclosures have been on the rise in New Jersey over the past year. "In the first quarter of 2013, they were up about 50 percent from the same time period a year earlier. And so generally, we're seeing a faster pace of new foreclosure filings in the state primarily because the state is beginning to catch up with the backlog that resulted from the foreclosure moratoriums back in 2011," said Otteau Valuation Group President Jeffrey Otteau. The good news, says Otteau, is that these homes are coming on the market at a time when housing inventory is low.

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Housing Prices Rebounding in New Jersey
April 1, 2013
NJ Today / NJTV
Housing prices are on the rise in New Jersey and experts expect they will continue in an upward trend this year. Otteau Valuation Group President Jeffrey Otteau told NJ Today Senior Correspondent Desiree Taylor that he believes "the stars are aligned" for the housing market to continue to gain momentum and prices will increase this spring and summer.

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New Jersey Home Sales/Shore Homes
June 6, 2008
NJ News 12
Home Sales in New Jersey's Beach Communities are down by as much as 23%. Analysts say it's a trend that speaks to a broader economic down turn. And despite these statistics, shore area Realtors are reporting an up-tick.

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New Jersey Home Sales/Shore Homes
June 6, 2008
NJ News 12
Home Sales in New Jersey's Beach Communities are down by as much as 23%. Analysts say it's a trend that speaks to a broader economic down turn. And despite these statistics, shore area Realtors are reporting an up-tick.

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Struggling Home Owners in the U.S.
May 27, 2008
BBC World News
There is no reprieve for struggling home owners in the United States for the fall of house prices and sales. Not only causing problems for the economy it is becoming more difficult to put a valuation on the properties and that leaves many families in financial difficulties.

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Foreclosures at an All Time High
March 24, 2008
NJN Public Television & Radio
The Foreclosure rate in New Jersey is at an all time high and the housing market is in decline. In some cases, one person's misfortune can be another's opportunity.

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The Effect Of Foreclosures On Your Ability To Qualify For Mortgages
May 9, 2007
NBC TV
High Foreclosures Create Crisis In Mortgage Industry. Roseanne Colletti investigates the effect of foreclosures on the Mortgage Industry.

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Home Prices Fall in Rich New York Suburbs Once Immune to Slump
May 9, 2007
Bloomberg TV
The U.S. housing slump has hit New York City's richest suburbs. Wealth and excellent credit have until now spared bedroom communities in New Jersey, Connecticut and New York's Westchester County from declines in home prices. Now the tightening of credit in response to rising subprime defaults has disrupted the real estate food chain, bringing the national housing slump to Manhattan's doorstep. First-time home buyers are more likely to be subprime borrowers. Every purchase of an existing house by a first-time buyer triggers four other sales in the housing market, said Jeffrey Otteau, president of Otteau Valuation Group in East Brunswick, New Jersey..

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RADIO MEDIA
More NJ Families Will Rent Instead Of Own
December 30, 2012
NJ 101.5 / nj1015.com
With high unemployment and home foreclosures rising, more people are giving up the dream of owning a home - instead opting to rent. Real estate expert Jeff Otteau of Otteau Valuation Group says the housing market here in New Jersey is shifting more towards a European model, where there will be an increasing number of renters and a lower percentage of homeowners. "We are also going to see that those renter households will increasingly be located near to jobs, near to transportation and trains."

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New Economic Worries Could Hurt Jersey's Recovering Housing Market
August 15, 2011
NJ 101.5 / nj1015.com
Garden state housing expert Jeff Otteau, President of the Otteau Valuation Group, says "the housing market continues to be oversupplied - and thus challenged -however not withstanding that, home purchase activity in May, June and July increased about 10 percent over that period compared to the prior year.

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Home Prices Fall in Rich New York Suburbs Once Immune to Slump
May 9, 2007
Bloomberg Radio
The U.S. housing slump has hit New York City's richest suburbs. Wealth and excellent credit have until now spared bedroom communities in New Jersey, Connecticut and New York's Westchester County from declines in home prices. Now the tightening of credit in response to rising subprime defaults has disrupted the real estate food chain, bringing the national housing slump to Manhattan's doorstep. First-time home buyers are more likely to be subprime borrowers. Every purchase of an existing house by a first-time buyer triggers four other sales in the housing market, said Jeffrey Otteau, president of Otteau Valuation Group in East Brunswick, New Jersey.

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PUBLISHED ACADEMIC ARTICLES
The Role of New Construction in the Relocation Appraisal
September 1993
The appraisal process relies heavily on the principle of substitution in developing an estimate of value. This principle holds that typical potential buyers in a marketplace usually are unwilling to pay more for a property than the cost of acquiring an equally desirable substitute property. In considering competing listings, the availability and pricing of new construction should be examined carefully. Since most potential buyers consider new construction more desirable than a previously owned home, the availability of new homes is a limiting influence on the anticipated sales price of a transferee's existing home.

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Understanding the Buyer's Perspective
April 1993
Real estate markets naturally tend to seek a balance between the opposing interests of buyers and sellers in the marketplace.

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The Value Added by Appraisers
November 1996
The valuation process for a relocated employee's home has long been a source of concern and controversy for employers and employees alike. This is not unexpected, given the intensely personal nature of homeownership. The unique characteristics that comprise our individual personalities lead us to create home environments in our own image. It is, therefore, natural that we, as individual, sense intrinsic value in our homes that will not always be fully recognized by others. It also seems reasonable to expect that outsiders' failure to validate or agree with that perceived value during the relocation process will be a perpetual source of conflict.

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Valuation Practices: How Policy Choices Affect Appraisal Results
November 2009
MOBILITY Magazine
The troubles in the housing market during the past several years have resulted in renewed interest in understanding real estate valuation practices with regard to both process and methodology. One of the key lessons to emerge from recent trends is that the link between historical data and future trends becomes increasingly unpredictable as the pace of market change accelerates.


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