ajtj99's Market Pulse

[jdaasoc]

The pain will hit harder the lower down the economic ladder you go.

In Newark NJ (90%+ minorities), offers 5 year tax abatement to anyone who redevelops vacant land remaining from the 1967 riots.

You have seen a lot of 2 family homes go up in the $400-500K range that increasingly having for sale signs or for rent signs on them. Mixed in the 20 square block Central Ward are many cement foundation shells that have been abandons by their builders.

Property tax assessments on these 2 family houses are about $12,000 and will kick in over the next 2-3 years as the tax abatement wears out. If the interest rate uptick doesn't make them go empty surely elimination of the 100% tax abatement will.