Short sales repay stressed buyers with bargain prices
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."
Lower-Priced Homes Lagging
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…
Opening the door to buyers as spring market gets underway
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…
N.J. Future Facts
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…
Rental Deal Set For 2,200 Homes
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…
Home prices won’t rebound till 2020, appraiser predicts
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…
Foreclosure’s slow pace masks peril
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…
In Some Places, Multicar Garages Are Standard
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…
Experts: Slow recovery will affect redevelopment trends in N.J.
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…