I Want Antecdotes
I like hearing anecdotal stories of realty excess, greed and over exuberance. If you have any specific stories about Shore house prices (or elswhere) please post them here. If the story is good, I'll give it a full "post" and give full attribution if you want (or it can stay anonymous.)
posted by Little_Silvered at 10:32 PM
3 Comments:
I went to a house tour in Spring Lake last week and could not believe the amount of "For Sale" signs on the lawns. Some streets had signs on all 4 corners! A spec house on Ocean Ave. is on the market for $11,500,000- good luck to that builder. The smart money is running to cash out!
I've noticed a number of huge "spec" houses in Rumson too.
This is a great blog. I can't imagine when this bubble is gonna burst, though.
My folks live in Clifton (North Jersey), and the irrational exuberance in housing prices there is off the f-ing wall. Clifton useta be a blue collar town, suburban but smacking more of the 'urban' that the 'sub,' small homes, small yards. Then the factories up and left, but it's proximity to highways and the rails have made it this commuter haven; I can only assume all the dopes who are moving there now must be NYC commuters, because who else would have the money to shell out on these little homes? Back in '76 my folks maybe $40Gs for their very modest home -- 2 bedrooms, 1 bath, rather small lot. Now, homes on their very street, the same size, go for half a million bucks. How is this possible?
Anyways, good looking out.
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