Getting whacked by the housing market

From the NY Post:

Infamous Paul Castellano mob mansion on Staten Island back on the market — with a $4M price cut

It’s an offer buyers keep refusing. 

The ornate Staten Island mob mansion that just can’t find a buyer is back on the market, again.

This time it has a price tag of $13.995 million, a steep markdown from its $18 million ask that flopped in 2024.

Built in 1980 by Gambino crime boss Paul “Big Paul” Castellano, the Todt Hill “White House” — called such as he had the residence designed to resemble the White House with a pillared portico and circular drive — at 177 Benedict Road spans 33,000 square feet with eight en-suite bedrooms and 17 bathrooms.

Castellano’s former property aimed to fetch $16.8 million in October 2023, and then came back online with an $18 million price in late-2024.

Castellano commissioned it in 1976, after succeeding his brother-in-law, Carlo Gambino, as the syndicate’s don. Completed in 1980, Castellano lived and ran the family from there, until his 1985 death. John Gotti had him whacked outside of Sparks Steak House in Manhattan.

Posted in National Real Estate, NYC, Price Reduced | 85 Comments

That’s hot

From the APP:

2 NJ ZIP codes among hottest in America. See which towns made the cut

Two of the top 3 hottest ZIP codes in America are right here in New Jersey, according to new rankings from Realtor.com.

According to the website, the hottest ZIP code rankings reflect two aspects of the housing market: market demand, as measured by unique viewers per property on the website, and the pace of the market as measured by the number of days a listing remains active. The 10 hottest ZIP codes have the most unique viewers per listed property and fast-selling homes, two signs of limited supply.

“This combination of high traffic and rapid sales underscores the urgency and competitiveness that define these markets,” said Realtor.com senior economist Hannah Jones in a news release. “Buyers in these areas are ready to act quickly and decisively, deviating from the more mellow national market.”

Coming in at No. 1 was Peabody in Massachusetts (01960), a small community about 20 minutes from downtown Boston that returned to the Top 10 after last coming in third in 2021.

Then New Jersey takes over − with Montclair in Essex County (07042) and Sewell in Gloucester County (08080) coming in at No. 2 and 3, respectively.

“They want it all: a nice home in the suburbs, the amenities to match, and easy access to an economic hub,” Jones said. “This reflects a broader shift in the buyer pool, which skews higher-earning and more willing to trade savings for space, amenities and accessibility.”

Posted in Housing Bubble, New Jersey Real Estate | 26 Comments

Stop ruining our beaches

From the NY Post:

The Hamptons have competition and it’s a ‘secret’ NJ coastal town 45 minutes from NYC

Rumson, New Jersey has spent decades as Monmouth County’s best kept secret. Not anymore.

A sprawling waterfront compound on the Navesink River just hit the market for $26 million, which could stand as the highest asking price in Monmouth County history if it closes anywhere near list. It’s not an isolated blip. 

Just down the road, a home sold this year for $20 million and the buyers are tearing it down to rebuild. 

Zoom out further and the town’s entire market has been climbing steadily upward, with the median list price now sitting at $3.22 million and closings in the $3 million to $4.5 million range showing up on a near weekly basis, according to listing data.

The $26 million listing, at 100 W River Rd, includes four separate residences spread across more than five private acres, and it’s the clearest sign yet that this tiny riverside enclave 45 minutes from Manhattan has quietly transformed into one of the priciest zip codes on the East Coast.

The main house is a custom four story residence with six bedrooms, seven full baths and three half baths, plus a private elevator. The kitchen is stocked with Sub-Zero, Gaggenau, Wolf and Miele appliances, and the lower level has a cedar sauna, an exercise room and a hot tub. The primary suite comes with its own sitting room and library, along with a spa style bathroom finished in Perrin & Rowe fixtures and Ann Sacks tile.

And $26 million isn’t even the ceiling. LoPresti said a house just a handful of doors down from the listing recently traded for $20 million, and the buyers are tearing it down.

Rumson has always drawn Manhattan money looking for a shortcut between office and ocean. LoPresti described it as a longtime “bedroom community for New York,” where a SeaStreak ferry ride puts commuters on Wall Street or in Midtown within roughly 45 minutes to an hour.

“It allows people to have your cake and eat it too, if you will,” she said. “You can work in the city and in 45 minutes or an hour tops, your home in your dining room having dinner with your family.”

What’s changed, LoPresti said, is visibility. Rumson isn’t a new discovery, it’s a formerly quiet one.

“It just wasn’t talked about,” she said. “And the numbers that you’re seeing fly around now, as far as sale pricing, you weren’t seeing that before because it was really kind of like a secret almost. We used to say the best kept secret in Monmouth County is Rumson and the whole peninsula area.”

Posted in Housing Bubble, New Jersey Real Estate, NYC, Shore Real Estate | 53 Comments

NJ market showing signs of slowing

From NorthJersey.com:

NJ real estate was a mixed bag in July. Here’s what happened

Eighteen of New Jersey’s 21 counties had an increase in active listings compared with July 2026, and 17 counties had an increase in active listings compared with the previous month, June 2026.

In North Jersey, Sussex was the only county to have a decrease in active listings from last year. The other five counties all saw increases during this time.

  • Bergen: 1,789 listings (19.75%)
  • Passaic: 646 listings (17.67%)
  • Morris: 818 listings (16.44%)
  • Essex: 893 listings (9.84%)
  • Sussex: 510 listings (-4.59%)
  • Hudson: 1,323 listings (16.51%)

And compared with the previous month, June 2026, Morris and Essex counties had a decrease in active listings, while the other four counties had increases.

  • Bergen: 3.56%
  • Passaic: 2.05%
  • Morris: -3.82%
  • Essex: -0.61%
  • Sussex: -0.99%
  • Hudson: 3.97%

Fourteen New Jersey counties had listings stay on the market for more days than the year before. And compared to the previous month, June 2026, all 21 counties had listings stay on the market for longer.

In North Jersey, Essex was the only county where listings stayed on the market for fewer days compared to last year. The other five counties had listings stay on the market for more days.

  • Bergen: 33 days (4.76%)
  • Passaic: 33 days (10.17%)
  • Morris: 36 days (16.13%)
  • Essex: 37 days (-3.95%)
  • Sussex: 40 days (2.56%)
  • Hudson: 44 days (12.82%)

And compared to the month before, all six North Jersey counties had listings stay on the market for more days.

  • Bergen: 13.79%
  • Passaic: 4.84%
  • Morris: 25.22%
  • Essex: 18.7%
  • Sussex: 8.11%
  • Hudson: 4.14%

Of New Jersey’s 21 counties, 12 had an increase in median listing prices in July compared with the same time last year. And seven New Jersey counties had an increase in median listing prices compared with the month before.

In North Jersey, Bergen, Passaic and Morris counties saw a decrease in median listing prices compared with last year, while Essex, Sussex and Hudson saw an increase.

  • Bergen: $796,500 (-0.75%)
  • Passaic: $562,450 (-0.01%)
  • Morris: $724,725 (-0.99%
  • Essex: $610,125 (0.47%)
  • Sussex: $472,475 (7.57%)
  • Hudson: $607,500 (1.33%)

Compared with the previous month, Essex was the only county where median listing prices increased. The remaining five North Jersey counties all saw decreases.

  • Bergen: -0.31%
  • Passaic: -1.15%
  • Morris: -2.33%
  • Essex: 1.86%
  • Sussex: -0.48%
  • Hudson: -2.33%

Sixteen New Jersey counties had an increase in the number of properties with price reductions compared with July 2025, while nine counties had an increase compared with June 2026.

In North Jersey, Sussex County had a decrease in the number of properties with price reductions compared with the previous year, while the other five counties had an increase in price reductions during this time.

  • Bergen: 316 reductions (35.04%)
  • Passaic: 108 reductions (14.89%)
  • Morris: 158 reductions (11.27%)
  • Essex: 144 reductions (28.57%)
  • Sussex: 110 reductions (-14.06%)
  • Hudson: 244 reductions (16.19%)

And compared with the previous month, Passaic, Morris and Sussex counties had a decrease in price reductions, while the other three counties had increases.

  • Bergen: 11.27%
  • Passaic: -12.9%
  • Morris: -3.66%
  • Essex: 5.88%
  • Sussex: -5.17%
  • Hudson: 0.83%
Posted in Housing Bubble, New Jersey Real Estate | 63 Comments

Wrong, we’re the best.

From ROINJ:

N.J. rated the second-best state to live in WalletHub study

In a recent ranking of the best states to live in, WalletHub placed New Jersey second among the 50 states. The state moved up one spot from last year’s ranking.

With 50 unique states to choose from, each offering its own advantages and challenges, finding the right fit isn’t always easy. To identify the best places to live, WalletHub compared all 50 states across in order to determine the best and worst states to live in, WalletHub compared the 50 states across five key dimensions: 1) Affordability, 2) Economy, 3) Education & Health, 4) Quality of Life, and 5) Safety.

WalletHub evaluated those dimensions using 51 relevant metrics. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable living conditions. For metrics marked with an asterisk, the square root of the population was used to calculate the population size in order to avoid overcompensating for minor differences across states.

Finally, WalletHub determined each state’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order the states.

New Jersey is the second-best state to live in, behind only Idaho, and it has the third-highest median household income in the country, at nearly $104,000. In addition, New Jersey residents have the second-lowest median debt, the equivalent of around 27% of what they earn in a year. The Garden State has the fifth-lowest share of the population below the poverty line and the fifth-lowest food insecurity rate.

When it comes to health, New Jersey residents have the second-lowest premature death rate in the nation, the third-lowest obesity rate, and the third-best overall life expectancy. One reason for the low obesity rate is the fact that the state has the sixth-most miles of trails and the fifth-most fitness centers per capita, which gives people plenty of opportunities to stay active.

Finally, New Jersey has the ninth-lowest violent crime rate and 17th-lowest property crime rate, due in part to having the highest number of law enforcement employees per capita. The Garden State achieved the No. 2 ranking despite having an affordability rank of 49 and being only ahead of California in affordability.

Posted in Demographics, Economics, Employment, New Jersey Real Estate | 37 Comments

Taking for their good, not yours

From the NJ Monitor:

NJ Supreme Court sides with Seaside Park in eminent domain case

New Jersey law does not require municipalities to say why they need land they seek to claim through eminent domain, the state’s Supreme Court said in a divided ruling Monday.

In a 6 to 1 decision, the justices ruled that towns are not required to state the public use that prompts them to claim property through eminent domain, resolving Seaside Park’s yearslong quest to claim the Desert Palm Inn, a motel it moved to condemn in April 2022.

“No law requires a municipality to articulate the intended public use in the ordinance itself,” Justice Michael Noriega wrote for the majority.

Shree Jyoti, the firm that owned the motel, had argued it could not be seized by eminent domain because Seaside Park did not specify why it needed the property when it passed an ordinance to take it. The borough said only that it would be put toward a public use.

Though town officials in legal filings later said they would turn the property into a parking lot — and yet later, a well — neither New Jersey’s Eminent Domain Act nor its Local Lands and Buildings Law require it to state the taking’s purpose in ordinance. They only require the municipality to pass an ordinance, the court ruled.

“The statute does not set forth any requirements for the ordinance beyond the need for its adoption — it is silent as to the contents of the ordinance,” Noriega wrote.

In his dissent, Justice John Hoffman said he would have blocked the acquisition because Seaside Park had violated the square corners doctrine, a judicial construction that effectively says government agencies must be forthright when dealing with the public.

In this case, forthrightness would have meant disclosing the proposed public use for the property as early as possible, wrote Hoffman, who agreed that state law does not require towns to state a public use in an ordinance approving an eminent domain seizure.

Seaside Park knew its plans for the property at least at least a month before it moved to claim it, according to court records, but declined to disclose that purpose to the motel’s owner upon request.

It only revealed the purpose the second time it sued to claim the property, some five months after the borough approved the ordinance to seize it. The borough’s first suit was dismissed because it did not state a public use, and this appeal flowed from the second.

“I cannot join an opinion that overlooks the Borough’s intentional lack of candid engagement,” Hoffman wrote. “By excusing such conduct, the majority degrades the ‘square corners’ doctrine that asks our public leaders to operate with a baseline level of honesty and integrity.”

The majority’s opinion did chide Seaside Park for its lack of candor, acknowledging “the borough has spent the last four years involved in a matter that likely could have been resolved by simply disclosing the intended public use at the earliest reasonable point.”

Posted in New Development, New Jersey Real Estate | 108 Comments

Write off the rest of 2026

From the Street:

Zillow warns 2026 housing market has officially peaked

Zillow started its July Market Report with good news: Year-over-year home sales increased by 7%. This is the highest annual gain so far in 2026.

Then the real estate technology company hit us with a sobering reality.

This gain represents sales that closed in July, so many of the offers were actually made in June — before the U.S. officially ended the ceasefire with Iran.

That timing makes all the difference. July home sales data were strong, but Zillow analysts believe this is as good as it gets in 2026.

Unfortunately, it might all be downhill from here.

July’s strong sales figures reflect June buyer activity, but lagging sales representation isn’t the only reason Zillow analysts remain cautious.

Some of the other data points from Zillow’s July report also give the company pause. Specifically, it flagged data about newly pending listings, or homes that have received an offer but haven’t closed yet.

“Newly pending listings” from July will likely translate to “home sales” in August. Year-over-year newly pending listings increased by only 0.3% in July — and they’ve dropped 7.7% since June.

This shift makes sense, given that Freddie Mac mortgage rates ticked down a couple of times in June, then spiked in July. On July 30, the 30-year fixed rate reached an annual high of 6.66%.

Increasing interest rates probably deterred more people from making offers on homes in July.

“This portends a weaker half of the year for sales growth, with flat to declining transaction volumes for the remainder of the year in some regions,” wrote Mischa Fisher, chief economist for Zillow Group.

Posted in Economics, National Real Estate | 116 Comments

Inventory returning to pre-covid levels?

From Fast Company:

States with the least—and most—housing market inventory heading into the fall

Nationally aggregated inventory is up just 2.1% on a year-over-year basis from July 31, 2025, to July 31, 2026.

While that’s up a tad from the +1.9% year-over-year pace last month, it’s decelerated significantly since last year.

If you go back 12 months, that year-over-year national inventory growth rate was much higher (+24.7.%). After a period of a burst of softening in which leverage shifted more toward homebuyers, the supply-demand balance in the nationally aggregated housing market has been more stable over the past year, settling into what ResiClub considers a “soft” market. Note, however that there’s a lot of nuance regionally and locally.

Nationally, we’re still below pre-pandemic 2019 inventory levels (9.1% below July 2019), and some resale markets, in particular chunks of the Midwest and Northeast, still remain, relatively speaking, tight-ish.

From July 2024 to July 2025, U.S. active inventory across the country rose by 218,514 homes for sale.

From July 2025 to July 2026, U.S. active inventory across the country rose by 23,465 homes for sale.

Posted in Demographics, Economics, National Real Estate | 52 Comments

Don’t let the door hit you…

From Mansion Global:

NFL Star Aaron Rodgers Lists N.J. Mansion With Manhattan Views for $15 Million

NFL star Aaron Rodgers listed his New Jersey mansion with towering glass windows and unobstructed views of the Manhattan skyline for $15 million on Friday—two months after inking a new contract with the Pittsburgh Steelers, where he played last season.

The 10,000-square-foot mansion stands on a wooded 2.4-acre parcel on the border of Montclair and Cedar Grove. It has eight en-suite bedrooms, a two-story living room and a custom chef’s kitchen with three sinks and island bar seating, according to the listing. The contemporary open floor plan showcases polished white floors and an all-glass and steel exterior, accented with wooden staircases and cabinetry. 

The resort-style outdoor lounge features a heated salt-chlorinated gunite pool and spa, situated next to the fire pit, sauna and cold plunge. The outdoor living area is surrounded by manicured lawns and landscaped gardens with steps leading up to the house. 

The second floor hosts the primary suite—home to a walk-in dressing room and closet, as well as an open-concept spa bath with an oversize glass shower and soaking tub—and five en-suite bedrooms. Downstairs, the home features two more bedrooms, as well as a media room, a meditation room, a gym, a wet bar, and a wine cellar and cigar lounge.

Rodgers, 42, bought the home through a limited liability company in June 2023 for $9.5 million—$1.5 million under the initial asking price—when he signed a two-year deal with the New York Jets. The longtime quarterback and future Hall of Famer, who couldn’t be reached for comment, signed with the Steelers in June 2025 and told ESPN last week that this will be his final season. 

Posted in New Jersey Real Estate, Where's the Beef? | 24 Comments

Jobs Day!

From CNBC:

The July jobs numbers are due out Friday. Here’s what to expect

Job growth isn’t expected to show much improvement in July, with payrolls and the unemployment rate likely holding relatively steady and economists looking through the headline numbers for further clues about labor market health.

Nonfarm payrolls are expected to post a gain of just 83,000, with the unemployment rate staying and unchanged at 4.2%. That would come off a slow June, which saw a gain of just 57,000 jobs.

Outside the headline numbers will come important indicators about the general strength in the job market — specifically, participation in the labor force, wage growth and the sectors that are driving the labor market now. 

All that will paint an important picture for Federal Reserve officials, who lately have been expressing both a great deal of confidence in the labor market and worry enough about inflation to float the possibility of interest rate hikes sometime soon.

“Although the hiring rate is low, the unemployment rate remains steady because layoffs are also low,” Fed Governor Lisa Cook said Wednesday. “The low-hire, low-fire equilibrium hits some groups, including new entrants, especially hard and may restrain worker sentiment for good reason.”

Cook added that while she is confident in the labor market, if inflation doesn’t improve she will support a rate hike ahead, joining a growing chorus of central bankers looking at tightening monetary policy. Average hourly earnings are projected to rise 0.3% in July, and 3.5% from a year ago, a level that actually is considered consistent with the Fed’s 2% inflation target.

Fed officials generally focus more on the unemployment rate than the gyrations in monthly payroll numbers. However, the jobless rate has remained low in large part because of the decline in labor force participation; the employment level in 2026 has actually fallen by 833,000.

For that reason, economists at Citigroup and elsewhere think the Fed’s equation could change later this year. Citi has a well out-of-consensus call for three rate cuts between now and January 2027.

“While labor market data may still be described as ‘stable’ for now, we expect this to change in just a few months with the unemployment rate rising above 4.5%,” Citi economists Veronica Clark said in a note. “This would shift focus back to the possibility of rate cuts, with cuts restarting in Q4 in our base case.”

Vanguard economists say their 401(k) data points to a payroll gain of just 18,000 in July, pointing to a soft summer labor market that raises “the risk that this weakness will extend into autumn.” 

“Rising non-participation reflects lackluster hiring, which has been particularly challenging for younger workers,” the asset manager wrote. “We expect much of this participation decline to reverse in coming months, creating upward pressure on the unemployment rate as these workers re-enter the labor force faster than they find jobs.”

Posted in Demographics, Economics, Employment, National Real Estate | 129 Comments

Sizzzzzzling hot

From nj.com:

This N.J. town with $1.16M home values ranked 20th nationally for its hot housing market 

Ten New Jersey ZIP codes rank among the hottest real estate markets in the United States, according to Realtor.com

They made the list of the 99 neighborhoods in the nation with the fastest rising prices as competition to live in these areas continues to intensify.

Wyckoff in Bergen County was the Garden State’s hottest housing market in June, and ranked No. 20 in the nation. 

ZIP codes in Sewell (08080) in Gloucester County and (07450) Ridgewood in Bergen County followed at No. 26 and No. 42, respectively.

Swedesboro (08085) in Gloucester County and Riverton (08077) in Burlington County also made the list at No. 44 and No. 64, respectively. 

ZIP codes in Liverpool and Fairport, New York, were the hottest markets in the country.

Posted in National Real Estate, New Jersey Real Estate, Where's the Beef? | 122 Comments

Pandemic hot spots tumble

From Business Insider:

America’s capital of homebuying regret

Ryan McPherson fought hard for his piece of Austin. Back in the spring of 2022, when it seemed like everyone was angling for homes in the Texas capital, he and his wife set their sights on a tidy four-bedroom in a sprawling new development on the east side of town. They bid $20,000 above the asking price, stretching the total to $615,000, and penned a heartfelt letter to the sellers to lock in the deal. Austin was booming, and if the previous two years were any indication, that price might soon seem like a bargain.

“Everybody that I worked with, they kept saying Austin only goes up,” says McPherson, a surgeon who moved to the city for a job.

McPherson’s timing, however, couldn’t have been worse. In the four years since he grabbed the keys to his new place, asking prices in the Austin metro have plummeted by nearly 25%. No major city has seen a steeper fall, Realtor.com found. The rental market is also among the country’s softest, with landlords handing out discounts to lure potential tenants. California expats flocked to the Texas capital at the start of the work-from-home era, but last year, more people left Austin for San Francisco than the other way around.

The roots of the slowdown are no mystery. Developers built a ton of new homes, which, coupled with fewer cross-country moves and a painful rise in mortgage rates, put the brakes on Austin’s runaway prices. Plenty of other pandemic-era hot spots — places like Boise, Denver, and Phoenix — have also seen prices go south in the past few years, but even among these once raging cities, Austin’s long, painful hangover stands alone.

“The market got super out of whack, super quickly,” says Joel Berner, an Austin-based senior economist for Realtor.com. “We’re just still slowly recovering from that.”

Posted in Demographics, Economics, National Real Estate | 90 Comments

Maybe we need a little socialism in NJ too?

From the Shore News Network:

Working-Class Towns Shoulder New Jersey’s Heaviest Property Tax Burdens

The video argues that while wealthy communities such as Alpine and Saddle River often have effective property tax rates below one percent, many working-class municipalities face rates four to six times higher because they lack the commercial tax base needed to spread local government costs.

“Everybody just kind of nodded. Like 10 grand a year for the privilege of living in a house you already own was a completely normal thing to accept,” the narrator says. “The richest towns in the state, such as Alpine, generally have effective property tax rates of less than 1%, while many working and middle-class towns have rates four to six times higher.”

According to New Jersey Uncovered, the municipality facing the heaviest burden relative to income is Orange in Essex County.

The analysis says homeowners pay an average property tax bill of about $12,400 while the city’s median household income is approximately $53,000, meaning nearly one-quarter of a typical household’s income goes toward property taxes.

Orange was once a thriving manufacturing center, the video notes, but after industry declined, the housing remained while the tax burden continued to grow.

“The people paying the highest share of their income in property tax in all of New Jersey are not the rich. It’s people in places such as Orange,” the narrator says.

The analysis next points to Prospect Park, describing the Passaic County borough as just a half-square-mile community with little room for commercial development.

According to the video, homeowners pay roughly $12,000 annually in property taxes on median household incomes of about $70,000.

“So, it all lands on homeowners who are working families, not large corporations,” the narrator says, arguing that communities without office parks, shopping centers or industrial tax ratables place a greater burden on residential property owners.

New Jersey Uncovered also highlights Irvington as another municipality where property taxes consume a significant share of household income.

The video estimates an average annual property tax bill of about $9,400 against a median household income of roughly $54,000, or approximately 17 percent of annual earnings.

“This is another city with a story similar to that of Orange,” the narrator says, describing Irvington as a former industrial community now supporting tax rates established during a different economic era.

Posted in Demographics, Economics, New Jersey Real Estate, Property Taxes | 106 Comments

Who else would buy them?

From the NY Post:

Real estate insiders reveal the real cost of Mamdani’s pied-à-terre tax — and what it’s really doing to NYC

Buyers with big budgets are bewildered. Brokers, builders and building boards are apoplectic. It’s only been a month since Mayor Zohran Mamdani’s so-called “pied-à-terre” tax on second homes valued over $5 million took effect, and the city’s real estate market is already reeling.

“The numbers are so beyond what people are interested in spending every year that many people are rethinking,” said Pamela D’Arc, a Compass agent who frequently sells luxury city residences to tech and Hollywood execs from California, told The Post. “People are listing things for sale that they don’t use a lot. Buyers are sitting on the sidelines. I have clients that have changed their price point to be just under $5 million.”

Highly priced new buildings that lure out-of-town buyers are particularly vulnerable to the tax, which starts at 4% and rises to 6.5% annually in Phase 1. (A second phase will update the calculation in the 2028/29 tax year).

“We had a buyer from Madrid who also has a home in Miami. She was very attracted to the [new] Giorgio Armani Residences at 760 Madison Avenue, partially because of the name, partially because of the location,” Douglas Wagner, director of Brokerage Services at BOND New York, told The Post. “She had been watching a particular unit pre-market while it was still under construction, and when the price came down, she got serious. But we were coming up on July 1, and we told her about the pied-à-terre tax and what to expect. Around July 11th, she let us know that she was suspending her search because of the extra expense.”

That unit, No. 6B at the fashion-branded Lennox Hill condominium, has common charges and taxes that add up to roughly $120,000 per year. Based on its city-calculated valuation, the $8.9 million unit would eventually owe another $40,000 to $50,000 in annual tax, Wagner says. That sponsor unit is still for sale as a result.

The many “empty towers” of Billionaires Row, both lauded and lampooned as Swiss bank vaults for the globetrotting elite, are likely to be hit hardest.

At 432 Park — where Jennifer Lopez and Alex Rodriguez, as well as billionaires like Saudi property sultan Fawaz Al Hokair, have inked deeds — at least one third of the units will be subject to the tax, the Wall Street Journal reported. That puts owners at the building on the hook for about $3 million in tax on top of the $3.6 million in property taxes owners already pay. Many of the units at that super-tall building are owned by hush-hush LLCs, and if they too turn out to be owned by out-of-towners (which they almost surely are) that figure could be much higher.

Another Billionaire’s Row ultra-tower, 220 Central Park South, is also on shaky ground. It’s home to musician Sting and a cache of billionaires, including prime Mamdani target Ken Griffin, who has a $238 million, practically unused, playpen.

In his kerfuffle with the mayor, Griffin has threatened to withdraw his massive fortune from NYC. No wonder: He could be on the hook for another $1 million a year, on top of the $837,000 in property tax he now pays, the Journal reported.

Posted in NYC, Politics, Property Taxes | 56 Comments

So much bubble

From Inc:

The AI Boom Just Made This Tiny California Town America’s Most Expensive ZIP Code—and the Median Home Price Is Nearly $10 Million

The town of Atherton, which is also known as 94027, has seen massive growth due to the AI boom in nearby Silicon Valley. According to Bloomberg, the town of roughly 7,000 residents has already recorded five property sales of at least $30 million this year, compared with six the year prior. 

The town’s median home price increased by 20 percent—hitting almost $10 million—in the first half of 2026 compared to the same period last year, according to PropertyShark data obtained by the outlet. 

As a result of this boom, Atherton just beat out Fisher Island, Florida, as the most expensive ZIP code in the country. The median sale price of a home in Atherton is now $9.93 million. Last year, it was $8.33 million. Fisher Island’s median home sale price this year is $8.3 million; the year prior it was at $9.5 million. 

Below, the most expensive ZIP codes in 2026, according to Bloomberg:

  • Atherton, California: $9.93 million
  • Fisher Island, Florida: $8.30 million
  • Bridgehampton, New York: $7.20 million
  • Newport Beach, California: $6.20 million
  • Sagaponack, New York: $6.05 million

“The demand is among the strongest I have seen in my career,” said Ken DeLeon, a luxury realtor, told Bloomberg. 

Atherton, which sits roughly 30 miles south of San Francisco, is attracting those looking for a short commute into the tech hub. “Atherton’s luxury market hasn’t simply gotten more expensive,” Dana Carmel, a luxury real estate agent, told Bloomberg. “The market has migrated into entirely different price categories.” 

Posted in Economics, Housing Bubble, National Real Estate | 24 Comments