Monday, June 26, 2006

The Rumson House is for Rent and for Sale

That house in Rumson that we have been following for over a year now and which has had multiple asking price drops is now for rent and for sale. I’m starting to see a number of houses in the area that are both for sale and for rent, which is a clear indication how slow the real estate market currently is.

10 Comments:

Anonymous Anonymous said...

http://biz.yahoo.com/ap/060626/economy.html?.v=11

Monday, June 26, 2006 7:28:00 PM  
Blogger njcoast said...

But Sally O says houses in Rumson are selling like hot cakes!

Monday, June 26, 2006 8:48:00 PM  
Anonymous Anonymous said...

In the long run Rumson and similar areas will hold value. The market may be slow, and get slower, but there will be no collapse in value in places like Rumson. The overpriced homes will come back to earth, but you'll never get a nice 3 bed 2 bath on a nice street in Rumson for less than $500- $550k. Still that is a good bit less than the $600-$750k being asked for this type of property today. The fall will see buyers back in the market as they realize that asking prices will only fall so much.

Tuesday, June 27, 2006 7:02:00 AM  
Blogger njcoast said...

Let's run some figures for Rumson from the Monmouth County MLS.

June 2002- homes under contract-17
June 2003-homes under contract-17
June 2004- homes under contract-14
June 2005- homes under contract-16
June 2006- homes under contract-3

Oh but forgot Rumson is immune to the bubble. I bet everybody's just waiting until the last 2 days of June to go under contract!

Tuesday, June 27, 2006 10:03:00 AM  
Anonymous Anonymous said...

in rumson in 1992 you could buy any number of spec houses from the bank at 2-300k after they had gone into foreclosure. and they were 4-5 bedrooms 4000sqft +.

Tuesday, June 27, 2006 2:31:00 PM  
Anonymous Raul said...

TO njcoast ,that just proves the point ....In Rumson people won't reduce prices ,with only 3 contracts that tells me prices arn't being reduced ,and buyers aren;t stepping up...so NO home sales ...which is in the winner and which is the loser ?....you tell me how the seller is the loser when he 's still living in his own house

Tuesday, June 27, 2006 7:47:00 PM  
Blogger njcoast said...

Raul- He's the loser if he's used his house as an ATM to finance European vacations, Hummers, college for the kids etc. and now his HELOC payments are rising with each interest rate rise- remember all HELOCS are adjustable. He's a loser if he loses his job or divorces and is forced to sell. He's a loser if the property taxes keep rising along with the price of heating and cooling his mansion that is empty now that all the kids have grown. Believe me most people in Rumson do not own their houses free and clear if anything the houses own them, just check out the County Clerks website and see the liens that are on these properties.

Tuesday, June 27, 2006 8:07:00 PM  
Blogger njcoast said...

Hey Raul- I'm a stickler for backing up my point of view with statitics so here we go. According to the Monmouth County MLS:

5 Buttonwood Ln
Listed-5/22/05- $5,700,000
Reduced-3/1/06-$5,300,000
Still on the market!

98 Rumson Rd.
Listed-11/03/05- $2,200,000
Reduced-4/12/06- $1,800,000
Reduced-4/23/06-$1,400,000
Still on the market!

53 Shrewsbury Dr.
listed-8/19/05- $2,695,000
reduced-11/19/05- $2,250,000
reduced-4/27/06- $1,995,000
Still on the market!

1 Pond rd.
listed-1/7/05-$3,295,000
reduced-3/2/05-$3,225,000
reduced-4/24/05- $3,195,000
reduced-6/7/05-$2,999,000
reduced-9/20/05-$2,899,000
reduced-11/15/05-$2,795,000
Still on the market!

18 Edgewood Dr.
listed 11/27/06-$2,650,000
reduced-4/22/06-$2,495,00
Still on the market!

78 Ridge Rd
Listed 10/28/05-$1,495,000
reduced-3/17/06- $1,395,000
reduced5/17/06-$1,295,000
Still on the market!

38 Navesink Ave
Listed-9/26/05-$2,500,000
reduced-6/02/06-$2,295,00
reduced- 6/20/06 $1,920,000
Still on the market!

I could go on since about 30% of the 137 houses for sale in Rumson are reduced- it was just getting tedious to list them all. So yes, Rumson houses are being reduced and still not selling!

Tuesday, June 27, 2006 8:47:00 PM  
Anonymous Anonymous said...

"you tell me how the seller is the loser when he 's still living in his own house"

I think we can call the subject Rumson House owner "loser."

Take a look at the photos. That house isn't occupied. Hasn't been for a while. Think of all the thousands spent each month on PITI, maintenance, etc. out the blowhole.

Wednesday, June 28, 2006 7:11:00 AM  
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Tuesday, July 18, 2006 9:17:00 PM  

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