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Investing in Public Programs Matters: How State Policies Impact Children’s Lives
January 24, 2012
Foundation for Child Development / fcd-us.org
"As states prepare their 2013 budgets, state policymakers must recognize that the costs of shortchanging children today is too high a price to pay in the future. Public disinvestments in children have real consequences for generating future tax revenues and for bearing the costs of supporting unhealthy and poorly educated adults."
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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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Shadow inventory remains unchanged at 1.6 million
December 21, 2011
Housing Wire / housingwire.com
"National home prices continue to be pressured by a stream of distressed properties that threaten to push prices even lower, a CoreLogic (CLGX: 13.26 +2.55%) report said Wednesday. The nation's shadow housing inventory stood at 1.6 million units, or a 5-month supply, in October, suggesting little movement in the past six months."
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NAR reduces home sales index 14.3%
December 21, 2011
Housing Wire / housingwire.com
"The National Association of Realtors revised its existing home sales downward 14.3% in the period from 2007 to 2010, after the group said its data diverged from actual market conditions. The trade group announced the revisions Wednesday in its monthly existing-sales report. November sales rose 4% from last month and 12.2% from a year ago."
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Jersey City waterfront ends year on high note with $285M commercial sale
December 21, 2011
NJBIZ / njbiz.com
"A year of major deals along the Jersey City waterfront has ended on a high note, as Cushman & Wakefield on Tuesday announced the $285 million sale of 10 Exchange Place, a fully leased, 30-story office tower, to a Canadian financial company."
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Hudson waterfront gives New York City run for its tenants
December 19, 2011
NJBIZ / njbiz.com
"With vacancy rates at their lowest in a decade, the Hudson waterfront continues to be one of New Jersey's most robust submarkets for office space. And the rebirth of Lower Manhattan will do little to change that in 2012, according to insiders who say Jersey City and Hoboken will continue to lack nothing in appeal."
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California biotech moves U.S. to Bridgewater
December 15, 2011
NJBIZ / njbiz.com
"Among the number of Economic Development Authority announcements made earlier this week, a French biotechnology company quietly announced it is moving its North American operations to Bridgewater. Ipsen will move its U.S. headquarters from Brisbane, Calif., to Bridgewater, with operations beginning in April 2012. The move is part of the company's reorganization of its U.S. footprint."
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NAR preps for revision of home sales
December 13, 2011
Housing Wire / housingwire.com
"The National Association of Realtors will revise its existing home sales figures downward dating back to 2007. It said new figures would be released Dec. 21. The expected revision has been awaited since February when analytics firm CoreLogic (CLGX: 12.46 -2.43%) challenged NAR on its numbers, suggesting they were far too rosy."
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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
The 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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Home sale offers new protection
November 3, 2011
Courier Post / courierpostonline.com
"Jeffrey Otteau, president of Otteau Valuation Group in East Brunswick, says new financial products make sense in a stalled housing market. “One of the reasons homebuyers hesitate is because they are concerned where prices are going,” he says. “It isn’t surprising that people in real estate are looking for ways to remove this obstacle."
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N.J. home sales flat as U.S. data show improvment
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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State Schedules Solar Summit to Discuss Stabilizing Prices
September 12, 2011
NJ Spotlight / njspotlight.com
"With many in the solar industry worried about its prospects in New Jersey, the state will convene a stakeholders' meeting this week to focus on what, if anything, should be done to stabilize a sector some say is in danger of collapsing. The session, to be convened by the state Board of Public Utilities (BPU) in Trenton on Thursday, comes at a time when the price of solar renewable energy certificates (SREC), the primary means of financing the installation of new systems, has fallen precipitously."
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N.J. seeks to entice firms like Celsion to the state with financial incentives
September 11, 2011
The Star Ledger / nj.com
"After gaining some notoriety for its anti-business environment, New Jersey has adopted a whole new tactic for attracting business, especially biotechnology companies like Celsion that have the potential of adding good-paying jobs. Officials at the state’s Business Action Center — the heart of Lt. Gov. Kim Guadagno’s business retention efforts — are competitive, persistent suitors who offer financial incentives to prospective new companies as if they were red roses."
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Brooklyn bakery decamps for increasingly food-friendly Newark
September 9, 2011
NJBIZ / njbiz.com
"Food manufacturing is one of New Jersey's established and growing industries, and Damascus (Bakery) is a natural fit for this state," said Tracye McDaniel, president and CEO of Choose New Jersey, in an e-mail. "Its story is an inspirational one, and it's exactly the sort of business that will thrive in a state like New Jersey. "We welcome the 180-plus full-time food manufacturing jobs it will bring to New Jersey, and we look forward to helping them continue to grow in our state."
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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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EDA approves incentives to pharma, health care companies considering N.J. addresses
August 16, 2011
NJBIZ / njbiz.com
"Pharmaceutical and health care companies would benefit from incentives approved by the New Jersey Economic Development Authority if they bring jobs to the state. The EDA board approved four incentives at its monthly meeting in Trenton today."
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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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NJ Historic Trust 2011 Preservation Project at MU
June 7, 2011
Word On The Shore / wordontheshore.com
"Guest Speaker Jeffery Otteau, Pres. of Otteau Valuation had things to say about the fairly recent past, back to the early 1900’s for the most part. He added interim populations and housing trends, customs of the shifting / growing and now shrinking population, and the choices they have and will be making about basic life choices, such as where people will chose to live (urban vs. suburban in the state). His well-researched talk dealt also with what kind of family make-up, the interpersonal relationships of families (childless couples, single women and men, for example), and the economic and social rationale of these future changing directions. It brought to the fore present plans for transportation, environment concerns, housing and population density."
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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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Multigenerational Housing Is a Real Estate Growth Niche
April 21, 2011
The New York Times / nytimes.com
"Such multigenerational housing is specifically aimed at the booming immigrant population in the Bay Area, and is emerging as one of the few growth niches in a moribund housing market. “If you’re selling in certain areas of the Bay Area, you have to be more extended-family-oriented,” said Cheryl O’Conner, government affairs consultant to the Building Industry Association of the Bay Area."
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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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At last, a ‘meaningful’ incentive to BRRAG about
April 18, 2011
NJBIZ / njbiz.com
"The first of more lucrative job-retention packages are starting to win Economic Development Authority approval following Honeywell International’s successful bid last year to extend the length and value of grants in one of EDA’s key incentive programs. Last week, EDA’s board awarded multiyear, multimillion-dollar Business Retention and Relocation Assistance grants to real estate and relocation services firm Realogy Corp. and systems and software engineering provider Mission Solutions Engineering LLC."
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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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Expert: Built Environment to Blame for High Energy Use
March 28, 2011
The Daily News / memphisdailynews.com
"In real estate, there’s a structural shift in how we’re building the built environment and either you accept the structural change in the marketplace and give the market what it wants or you’re going to be left in the dust,” Leinberger said. The built environment is composed of real estate and infrastructure – the transportation systems that have been put in place, the sewer and phone lines. The sum of those assets is 35 percent of the country’s entire asset base, the largest class in the entire economy."
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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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Project to get market analysis
March 8, 2011
Phillyburbs.com
"On Monday, the Township Council appointed a professional to prepare a market analysis study on the Medford Crossings project to determine what real estate and business markets might absorb. The study and related work will be performed by Jeffrey G. Otteau of Otteau Valuation Group of New Brunswick."
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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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Foreclosures offer mixed message, association reports
February 18, 2011
NJBIZ
"Jeffrey Otteau, president of East Brunswick-based Otteau Valuation Group, said even in properties just entering the foreclosure process, New Jersey is 11th in the country for the highest number. He added that the state will probably be dealing with a high number of foreclosures for a few years."
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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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N.J. senators, Amtrak official to announce new commuter train tunnel project across the Hudson
February 6, 2011
The Star-Ledger / NJ.com
"Amtrak’s top executive and New Jersey’s two U.S. senators Monday are expected to announce an alternative to the Hudson River commuter-train tunnel that was killed by Gov. Chris Christie in October. The "Gateway" tunnel proposed by Amtrak would largely follow the same footprint as the canceled nine-mile Access to the Region’s Core tunnel from Secaucus to New York City, but connect to new tracks in an expanded New York Penn Station instead of dead-ending deep under West 34th Street, representatives for U.S. Sens. Frank Lautenberg and Robert Menendez said tonight."
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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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Home values continue to slide nationally, but up in Bergen
January 25, 2011
The Record
"The real issue here is we’re still not seeing meaningful job creation. That detracts from housing demand. Layered on top of that is this worsening foreclosure problem."
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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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Retail market improving
January 17, 2011
NJBIZ
"The retail market has improved steadily this year, as vacancy rates have drifted lower in response to increased consumer spending. While this is welcome news for retail real estate, it remains to be seen whether these gains can be sustained."
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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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Another poor showing for N.J. in outmigration report
January 4, 2011
NJBIZ
"A new report again ranks New Jersey near the bottom when comparing the number of people moving out of the state versus the number of people moving into it. Moving company Allied Van Lines on Tuesday released its 43rd annual Magnet States Report, which tracks the company’s household good shipments between states, ranking them by comparing the number of outbound and inbound moves the company completed in 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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Amtrak derails tunnel revival
November 15, 2010
Northjersey.com / The Record
"Talks between Amtrak and NJ Transit on any tunnel project are dead, Amtrak officials said late Thursday. "We are no longer interested in this project," said Vernae Graham, spokeswoman for the national rail agency. “There were exploratory talks going on with NJ Transit," Graham said “The talks have stopped. … That was commuter rail, and we are interested in intercity rail projects."
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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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Amtrak expresses interest in ARC tunnel plans
November 8, 2010
NJBIZ
"Though scrapped by Gov. Chris Christie last month, plans for the trans-Hudson rail tunnel project have caught the eye of federally funded Amtrak. NJ Transit spokesman Paul Wyckoff said the agencies are in exploratory, preliminary talks, but could not provide details on any conversations. “These are sorts of discussions that would occur anyway," he said. "We're always talking with our sister agencies seeking infrastructure answers that are better for New Jersey."
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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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After two-week review, Christie kills ARC tunnel, again
October 27, 2010
NJBIZ
"Gov. Chris Christie again canceled the NJ Transit tunnel to Manhattan, two weeks after he gave a reprieve to the project he suspended, citing cost overruns. Christie said the state did not have the money for the project, known as Access to the Region’s Core, due to irresponsible spending in the past by officials from both parties. “The bill has come due for that irresponsible conduct,” Christie 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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Christie to reconsider canceling rail tunnel plan
October 8, 2010
Philly.com
"A day after canceling a massive new rail tunnel between New Jersey and Manhattan, Gov. Christie agreed Friday to reconsider. U.S. Transportation Secretary Ray LaHood met with Christie at the statehouse in Trenton for nearly an hour Friday afternoon and persuaded Christie to give a panel of experts two weeks to evaluate ways to continue the project."
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Christie cancels rail tunnel to Manhattan
October 8, 2010
Philly.com
"Gov. Christie on Thursday canceled plans to build a new rail tunnel to link New Jersey with Manhattan, saying it faced billions of dollars in cost overruns. The project, which was started in June 2009 and projected at that time to cost $8.7 billion, would have been the nation's largest public-works project."
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Corner Office: Jeffrey Otteau
October 4, 2010
NJBIZ.com
"The economic turbulence of the past few years has us all focused on the short term — tightly gripping the steering wheel in anticipation of the next bump in the road. Chronic high unemployment, depleted personal wealth, widespread financial insolvency, home foreclosures and runaway government spending all have our full and immediate attention. But much like a driver who is so focused on their front bumper that they miss the inevitable turn in the road, we must keep an eye on our longer-term future, as well."
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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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Good news, say U.S. economists: The recession is over
September 20, 2010
NJBIZ.com
"Housing typically leads a recovery, but in the residential market, we’re still seeing elevated levels of delinquency and foreclosures," Otteau said. "Commercial is also extremely weak — except for multiunit rental properties, which are seen as an alternative to single-family housing. As part of the flight to value, demand for multiunits is rising."
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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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'Huge decline' in home sales concerns industry watchers
August 24, 2010
NJBIZ
Otteau said home-sale contracts in New Jersey dropped 27 percent year-over-year in July, continuing a downward trend that began in May. That’s an indication that future NAR numbers will continue to be negative, he said. "It’s very concerning," Otteau said. "The idea [of the tax credit] is to create this bridge with the hope that when the stimulus runs out, the economy will have recovered to a point that it can sustain itself and run without the stimulus."
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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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NJ State Senate Passes the Homebuyer Tax Credit Bill 38-0
June 14, 2010
NJBA.org
"On Thursday, June 10th, by a vote of 38-0, the State Senate passed S692 (Sarlo/Van Drew/Oroho) which would establish a $100 million New Jersey Homebuyer Tax Credit Program. Having already passed the State Assembly, the bill will now be sent to Governor Christie for final action and hopeful enactment."
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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
"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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Pinning housing market’s future on hope for job growth
April 1, 2010
NJBIZ
"The 61,063 unsold homes on the market at the end of February represent 12 months of supply, said Jeffrey Otteau, president of Otteau Valuation Group, in East Brunswick, which released its latest market outlook report Wednesday. “We’ve seen worse,” Otteau said. In February 2009, the state had unsold homes equivalent to a 14.2-month supply, a record for this time of the year, he said."
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Views from the NJ State League of Municipalities Conference
April 2010
Transit-Friendly Development Newsletter
"In contrast, he cited the growth of two segments of the population, emerging seniors and young professionals, as a factor indicating greater future demand for TOD housing. Both of these groups, Baby Boomers and Gen-Y, tend to live in childless households and to prefer the amenities offered in TOD locations. He cited the 2008 study on national home buyers preferences that found that a majority of homebuyers prefer urban locations, where they can walk to work and use public transportation."
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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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Changes on the way for real estate, panel says
March 24, 2010
NJBIZ
"When housing inventory is less than eight months, home prices will stop declining,” he said, putting the average inventory across the state at about 8.5 months. He said the expiration of a federal tax credit for first-time homebuyers next month will lead to a slump, though high demand for rentals should create brisk activity for multifamily units."
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In New Jersey, No Consensus on Foreclosure Problem
February 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
"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
"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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TELEVISION MEDIA

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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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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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.