Friday, November 25, 2005

A Henry Hudson House

One of my favorite areas in Monmouth County is the highlands area, which includes the towns of Highlands, Atlantic Highlands, Locust, and Navesink. There is a house in that area that I particularly like that has been for sale since last March. Last March, when I saw its price and description, it actually seemed to me to be a relatively decent deal. However, as the bubble talk started to heat up in the spring, and through the summer, I became more convinced that buying a house now in the highland area would be the equivalent of throwing cash into Raritan Bay. What is even better though, is that the house is still listed and the asking price has been reduced by about 13%. Nevertheless, even though I think the house is very nice and the asking price is lower now than it was 6 months ago, I'm even less tempted to make an offer now than I was last April since I have become more convinced prices have a lot further to fall this coming spring.

5 Comments:

Blogger Krenkel said...

I am an attorney in Monmouth County. Perhaps the most telling sign of a bubble ready to burst is the fact that I have not had a first time home buyer as a client in over six (6) months.

Sunday, November 27, 2005 12:54:00 PM  
Anonymous Anonymous said...

Krenkel

Very interesting. We are first time homebuyers with ample cash for a 20% downpayment. We are just waiting for the right time to get in. We are mainly focused on the Middletown/Lincroft area where it appears prices have flattended but I haven't noticed any real decline yet. We are very fortunate to have been able to save for a nice downpayment, but I can imagine there aren't many first time buyers with the resources necessary to jump in right now in Monmouth County. Unless of course you are so risk averse that you go with a no money down ARM or IO loan.

Monday, November 28, 2005 10:08:00 AM  
Blogger Krenkel said...

I also believe that the Middletown/Lincroft area has recently flattened, and possibly even suffered a small decrease. My advice to you is that if you are going to plunk down the 20% (to avoid the PMI), then you better be able to withstand a possible 20 to 25% drop in the value of your purchase if the trend continues. Of course, a 20% decrease for you may put you in mortgage prison, given the fact that if you decide to sell you will need to pay a broker fee and the hefty realty transfer fees our State now imposes. If you are going to buy in Middletown and stay for the long haul then you may not have a problem. I guess that all depends on the stability of your employment. Good luck.

Saturday, December 03, 2005 7:18:00 PM  
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