Tuesday, May 09, 2006

“…The market has made an adjustment of 10 (percent) to 15 percent,”

The Press of Atlantic City published this article last week. It describes the softening of the real estate market along the coast in south Jersey. Interestingly, it looks like prices might be off as much as 10% to 15% from last year’s highs.

[OCEAN CITY — In a resort where for-sale signs are as common as beach umbrellas, Ocean City home buyers are finding something new this year.

“Reduced” signs are sprouting up in odd lots around the island. Realtors said this is a reflection of a cooling real-estate market and rising interest rates.

Economists are predicting that national resorts that saw the largest jumps in real estate prices in the past three years soon will see the largest declines. But not everyone is so pessimistic.

Ocean City Realtor Mark Grimes said a 10 percent return per year is still pretty good.

“Speculators who were buying and flipping properties, they're not in the market anymore. Developers have a lot of inventory. They're not buying properties right now,” he said.]

full article


Anonymous Anonymous said...

I received the below email from a person who lives in New Milford:

"Is it possible that the original prices on the list of houses were primarily high speculation prices?
I don't disagree that the drop in prices are and reflecting higher mortgage interest rates.
The statistics on employment recently sent the stock market up.
Comparative price drops on homes in the 350's and lower 400's from what I see locally in the Bergen Record
have not taken the substantial price reduction.
Cash is not king just yet!"

Immunityto price reductions in Bergen county. I doubt it.

Prices have escalated there as much as anywhere else, maybe even more so. I really would like to see original price, the current prices, and what a property finally closes at for communities in Bergen County.

Can you get access to comp's like that?

I doubt there is any difference between Bergen County and the rest on NJ.

Tuesday, May 09, 2006 6:55:00 PM  
Anonymous Anonymous said...

This comment has been removed by a blog administrator.

Tuesday, May 09, 2006 9:31:00 PM  
Anonymous RYatEWR said...

I've seen the same reductions here in eastern Monmouth in the last few months.

Wednesday, May 10, 2006 10:57:00 AM  
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