Fiscally Fit
Terri Cullen writes the “Fiscally Fit” column for the Wall Street Journal. She usually has practical advice and insight concerning personal money matters. In today’s addition of the WSJ she writes about a new housing development that is being built near her home in Monmouth County and what effects the development will have on the local area. (She does not say exactly where she lives or where the new development is going to be, however, from this article I would guess it’s the new Kara Homes on rte. 36 in Middletown or the new homes being built by Centex (?) on rte. 35 near the Whole Foods.) Regardless, she made this reference below about the Shore.
Snip…
“Another wildcard is the local real-estate market. While the Monmouth-Ocean region of New Jersey has seen some of the biggest home-price increases in the nation -- the median price of existing homes has doubled in the last five years to $377,800, according to the National Association of Realtors -- rising interest rates and a sharp increase in the number of homes on the market have already forced homeowners in our area to offer price reductions.”
Sorry no link.
Also, here is her e-mail if you want to send her a link to this blog. fiscallyfit@wsj.com
Snip…
“Another wildcard is the local real-estate market. While the Monmouth-Ocean region of New Jersey has seen some of the biggest home-price increases in the nation -- the median price of existing homes has doubled in the last five years to $377,800, according to the National Association of Realtors -- rising interest rates and a sharp increase in the number of homes on the market have already forced homeowners in our area to offer price reductions.”
Sorry no link.
Also, here is her e-mail if you want to send her a link to this blog. fiscallyfit@wsj.com
posted by Little_Silvered at 6:37 PM
11 Comments:
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can't wait to see the builders start dropping these outrageous prices from monmouth to ocean!
About a year ago, I called Kara Homes about their "coming soon" development in Jackson called Hawkins Ridge or something like that....they hadn't release any details yet so I was inquiring about price and size...when I told him I was looking for something about 2500 square feet for about 450 to 500k, he almost laughed at me and told me I needed to look further south to get that price.
Oh well, I guess we'll see if he was wrong or right over the next year or so.
-1200sqft
Does anyone think there will be dramatic price reductions in the "beach" areas like Manasquan, Bay Head or lavallette. Could their location near the ocean save them? I hope not, I'd sure like to buy there but can't imagine they'll ever come down far enough.
Anyone wishing to see falling prices will be in for a let-down I've seen this before if homeowners can't sell they'll simply RENT out there house until they can get what they want ,this happened in the 8o's as will happen now. Land is a unreplenshable commodity,I have never known one to fall that is in such great demand
"Anyone wishing to see falling prices will be in for a let-down I've seen this before if homeowners can't sell they'll simply RENT out there house until they can get what they want ,this happened in the 8o's as will happen now."
And despite everyone renting their houses to each other, the 80s saw a rather painful RE correction.
Didn't you see THAT before?
yes indeed we have seen some price correction from the 1980's.....up about 750% .....jeez not a bad return huh......LOL
"yes indeed we have seen some price correction from the 1980's.....up about 750% .....jeez not a bad return huh......LOL"
Heh.
750%? Homes today are worth SEVEN AND A HALF TIMES what they were worth in the 1980s?
Really?
Not only did homes NOT appreciate by 750% but the lion's share of house gains since the 1980's happened in the last 5 years or so.
People who bought at the last peak had to wait A LONG time before they saw any appreciation.
the peak of the 80's was around 88 and we didnt return to those prices for almost a decade. we need to experience a mass layoff as we did in the 80's. the financial sector lost like 30,000 jobs at the end of the 80's. i think. thats what ive been told. and jersey shore re went down 30 pct
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