Shore housing market suffers
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…
N.J. home prices increase in first quarter
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…
Home prices in area rise; another sign of recovery
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,…
Builders Rethink ‘Active Adult’ Housing Label
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…
Homebuilders have a new mantra: Small will sell
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,…
Short Sale Basics
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…
Builders seek to lift age limits
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…
Expert says housing trends could help Somerville
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…
Builders conference in A.C.: McMansions are dead
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…