NJ now tops nation in foreclosure rates
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.…
Spring weather leads to uptick in home improvement projects
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…
Jersey Shore rental rates rank as third-most expensive in New Jersey
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…
NJ home prices expected to rise 6 percent this year
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.
South Jersey still lags nation in real estate recovery
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…
Revitalizing Suburbia: Giving Aging Malls and Office Parks a New Lease on Life
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…
Foreclosures Surging in New York-New Jersey Market
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…
NJ Home Prices Increase for the 5th Consecutive Quarter
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…
Home affordability turns around as inventory shrinks, median prices climb
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…