Post New Jersey Housing Market Observations Here
We haven't run a "Post Observations Here" thread since the summer so I think we are due for some input from our readers. If you see or hear anything interesting at open houses or from neighbors or just driving around, post your observations on this thread.
In the meantime, maybe we could get some insight on a few random questions that have popped up in recent weeks.
Item 1. Does anyone have any idea how the Centex project on route 35 in Middletown is progressing? This looks like a big mess and I find it hard to believe Centex did any market studies to see if it was worth putting up those high-density townhomes right next to the highway.
Item2. How is LBI looking these days? I go to think that more than a few "investors" are upset their rental cash inflows for the summer aren't covering their debt service cash outflows for the entire year.
Item3. Are people seeing more single family rentals more than usual? Especially in non-vacataion type towns.
In the meantime, maybe we could get some insight on a few random questions that have popped up in recent weeks.
Item 1. Does anyone have any idea how the Centex project on route 35 in Middletown is progressing? This looks like a big mess and I find it hard to believe Centex did any market studies to see if it was worth putting up those high-density townhomes right next to the highway.
Item2. How is LBI looking these days? I go to think that more than a few "investors" are upset their rental cash inflows for the summer aren't covering their debt service cash outflows for the entire year.
Item3. Are people seeing more single family rentals more than usual? Especially in non-vacataion type towns.
posted by Little_Silvered at 12:17 PM
21 Comments:
Centex's project in Middletown, The Villages at Chapel Hill, is doing quite poorly. I spoke to the sales person in the office that said foot traffic was low and that prospective buyers weren't impressed by the exterior appearance. I would have to agree. The exterior looks like a cross between dormitory housing and an assisted living complex. The fact that they are on the highway is not a huge negative, a lot of high density housing tends to be on main roads and highways. The problem here is the aesthetic and the ridiculous pricing. As you have stated, I would find it hard to believe an extensive market study was conducted. At best their market study grossly over-estimated the market in that area.
We are selling a single family home in Western Monmouth County. We have had great foot traffic and one decent offer in just the first three weeks. That said, we priced our home fairly-about 15 percent off 2005 high value-which most sellers are still refusing to do. It seems like many sellers think the market will go up in the spring, we are more skeptical, but there is certainly not the crash that some bloggers are claiming
I found that pricing is the KEY,I sold a house in Fair Haven I had 2 realtors give me "fast sale" numbers took another 10% off the low number and listed it on craiglist ...had it sold within a week .mid 400,000's I was happy and the buyer was happy as well that 's the sign of a fair price
After the 100% run-up in prices over the past six years, I don't think 15% off peak 2005 prices makes it a buyer's market. Yes, there are houses selling, but I don't think 2006 buyers are getting any great deals.
I am still waiting for prices to come down in the Manasquan through Point Pleasant Beach area. I am always told "this is the beach area", and "homes always hold their value here".
All of the homes are wildly over priced. Some will be reduced, but they are asking $750k +, and a $20k reduction is nowhere close to a fair price.
I also noticed that if a house does sell, it is printed in the paper as "sold", with the original asking price included. It does not say what it actully was sold for. Does anyone know if this practice is legal?
I live nearby the Centex development in Middletown and it's an absolute eyesore. The only way I'd condider buying there is if a) I was desperate and b) the price was about $250,000 less than asking.
Speaking of Middletown anyone know where the whole "Town Center" project stands?
njcoast - Thank you for the information. I was hoping to lowball, but am fully prepared to walk away if the seller does not accept.
"I live nearby the Centex development in Middletown and it's an absolute eyesore."
I have to agree. We were interested when we first heard about the project. However, after seing the exterior of the first few, we immediately lost interest. What a dumpy looking development. I guess they are chasing the yuppy crowd - next door to Whole Foods and close to Red Bank and the Middletown train station, but not a sinlge boozer within walking distance!. I believe the asking price was 450-550 K? I am not sure who would shell that out for a flimsy condo when you can almost get a decent SFH for that in Middletown (at least at 550K).
Re: Centex, my first impression was, "wow, looks like Staten Island".
NOTHING IS MOVING UP NORTH IN BERGEN COUNTY. HOMES HAVE BEEN ON THE MARKET SINCE SPRING...MULTIPLE OPEN HOUSES HAVE DONE ZERO. NOW, NO ONE EVEN ATTENDS THEM.. IN ADDITION, MANY "SPEC" HOMES HAVE GROUND TO A HALT. THERE IS NO WORK BEING DONE ON MANY IN OUR AREA. THIS AIN;T OVER, AND WON'T BE FOR AWHILE... 5 YEARS OF STEAM WON;T COME OUT OF THE MARKET IN 6 MOS. EXPECT AN "EQUAL" AND "OPPOSITE" REACTION...
NOTHING IS MOVING UP NORTH IN BERGEN COUNTY. HOMES HAVE BEEN ON THE MARKET SINCE SPRING...MULTIPLE OPEN HOUSES HAVE DONE ZERO. NOW, NO ONE EVEN ATTENDS THEM.. IN ADDITION, MANY "SPEC" HOMES HAVE GROUND TO A HALT. THERE IS NO WORK BEING DONE ON MANY IN OUR AREA. THIS AIN;T OVER, AND WON'T BE FOR AWHILE... 5 YEARS OF STEAM WON;T COME OUT OF THE MARKET IN 6 MOS. EXPECT AN "EQUAL" AND "OPPOSITE" REACTION...
NOTHING IS MOVING UP NORTH IN BERGEN COUNTY. HOMES HAVE BEEN ON THE MARKET SINCE SPRING...MULTIPLE OPEN HOUSES HAVE DONE ZERO. NOW, NO ONE EVEN ATTENDS THEM.. IN ADDITION, MANY "SPEC" HOMES HAVE GROUND TO A HALT. THERE IS NO WORK BEING DONE ON MANY IN OUR AREA. THIS AIN;T OVER, AND WON'T BE FOR AWHILE... 5 YEARS OF STEAM WON;T COME OUT OF THE MARKET IN 6 MOS. EXPECT AN "EQUAL" AND "OPPOSITE" REACTION...
NOTHING IS MOVING UP NORTH IN BERGEN COUNTY. HOMES HAVE BEEN ON THE MARKET SINCE SPRING...MULTIPLE OPEN HOUSES HAVE DONE ZERO. NOW, NO ONE EVEN ATTENDS THEM.. IN ADDITION, MANY "SPEC" HOMES HAVE GROUND TO A HALT. THERE IS NO WORK BEING DONE ON MANY IN OUR AREA. THIS AIN;T OVER, AND WON'T BE FOR AWHILE... 5 YEARS OF STEAM WON;T COME OUT OF THE MARKET IN 6 MOS. EXPECT AN "EQUAL" AND "OPPOSITE" REACTION...
NOTHING IS MOVING UP NORTH IN BERGEN COUNTY. HOMES HAVE BEEN ON THE MARKET SINCE SPRING...MULTIPLE OPEN HOUSES HAVE DONE ZERO. NOW, NO ONE EVEN ATTENDS THEM.. IN ADDITION, MANY "SPEC" HOMES HAVE GROUND TO A HALT. THERE IS NO WORK BEING DONE ON MANY IN OUR AREA. THIS AIN;T OVER, AND WON'T BE FOR AWHILE... 5 YEARS OF STEAM WON;T COME OUT OF THE MARKET IN 6 MOS. EXPECT AN "EQUAL" AND "OPPOSITE" REACTION...
NOTHING IS MOVING UP NORTH IN BERGEN COUNTY. HOMES HAVE BEEN ON THE MARKET SINCE SPRING...MULTIPLE OPEN HOUSES HAVE DONE ZERO. NOW, NO ONE EVEN ATTENDS THEM.. IN ADDITION, MANY "SPEC" HOMES HAVE GROUND TO A HALT. THERE IS NO WORK BEING DONE ON MANY IN OUR AREA. THIS AIN;T OVER, AND WON'T BE FOR AWHILE... 5 YEARS OF STEAM WON;T COME OUT OF THE MARKET IN 6 MOS. EXPECT AN "EQUAL" AND "OPPOSITE" REACTION...
NOTHING IS MOVING UP NORTH IN BERGEN COUNTY. HOMES HAVE BEEN ON THE MARKET SINCE SPRING...MULTIPLE OPEN HOUSES HAVE DONE ZERO. NOW, NO ONE EVEN ATTENDS THEM.. IN ADDITION, MANY "SPEC" HOMES HAVE GROUND TO A HALT. THERE IS NO WORK BEING DONE ON MANY IN OUR AREA. THIS AIN;T OVER, AND WON'T BE FOR AWHILE... 5 YEARS OF STEAM WON;T COME OUT OF THE MARKET IN 6 MOS. EXPECT AN "EQUAL" AND "OPPOSITE" REACTION...
I guess the guy from Bergen kept hitting the enter button....
IS ANYTHING MOVING UP NORTH IN BERGEN COUNTY? JUST WONDERING...
NJCOAST..thanks for those numbers...but where can I see them. I was having a hard time finding such numbers. thanks
does anyone know about sea girt? i am looking to purchase.
I'm seeking for description of [b]XRumer program[/b].
Can you help me? Or give me a link to the official site with this sofware.
Thanks
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