Scattered Anecdotes
This MarketWatch article from yesterday mentions that a preponderance of “scattered anecdotes” could set the stage for eventual housing price declines. Here are some “scattered anecdotes” I have heard but cannot and will not vouch for.
-Older Rumson families are cashing out and moving to the hills in Atlantic Highlands where its cheaper and the views are better.
-The new condos and townhouses in Long Branch along Ocean Ave. are being bought mostly by local realtors and speculators.
-The McMansions of Marlboro, Manalapan and Millstone, were designed with huge vaulted ceilings because many purchasers could never afford to furnish the vaulted “space” if it were actual rooms.
-One realtor told a potential buyer I know that price appreciation will only slow to about 8% a year after the buyer suggested houses might be cheaper next year.
“NEW YORK (MarketWatch) - It may not take rocketing interest rates to pop the housing bubble now seen in patches of the country, according to Ethan Harris, chief U.S. economist at Lehman Brothers.
The manic buying spree and escalating prices could all be brought to an end by a simple but severe case of investor nerves, he said.
A likely scenario, in Harris' view, is that scattered anecdotes reported in the press - about such worrisome developments as mortgage defaults, unpaid renovation crews and home buyers unable to pay astronomical sums - cumulatively would unnerve potential buyers.”
Continue…
-Older Rumson families are cashing out and moving to the hills in Atlantic Highlands where its cheaper and the views are better.
-The new condos and townhouses in Long Branch along Ocean Ave. are being bought mostly by local realtors and speculators.
-The McMansions of Marlboro, Manalapan and Millstone, were designed with huge vaulted ceilings because many purchasers could never afford to furnish the vaulted “space” if it were actual rooms.
-One realtor told a potential buyer I know that price appreciation will only slow to about 8% a year after the buyer suggested houses might be cheaper next year.
“NEW YORK (MarketWatch) - It may not take rocketing interest rates to pop the housing bubble now seen in patches of the country, according to Ethan Harris, chief U.S. economist at Lehman Brothers.
The manic buying spree and escalating prices could all be brought to an end by a simple but severe case of investor nerves, he said.
A likely scenario, in Harris' view, is that scattered anecdotes reported in the press - about such worrisome developments as mortgage defaults, unpaid renovation crews and home buyers unable to pay astronomical sums - cumulatively would unnerve potential buyers.”
Continue…
posted by Little_Silvered at 6:45 PM
3 Comments:
Do Raritan Bay shore towns from South Amboy to Atlantic Highlands have any hopes for getting the same appeal as their true Jersey Shore counterparts ?
Some of those towns do I think. Certainly Atlantic Highlands, maybe the Highlands. Port Monmouth and Belford might have some appeal to.
Keansburg does not have any appeal and probably won't for at least another 50 or 60 years. The 'burg seems to always have an over abundance of misfits.
What about Keyport, Laurence Harbor, Union Beach ?
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