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Wow ... They can't even get $75K for this house, and the PTaxes are still a whopping $7,758?!?!? Seems insane to me. Is Crazy Eddie still alive?
Nice house. Maybe I could get my parents to buy it so they can downsize .
Probably two reasons they can't get it sold is probably because #1 it is on a main road and I know I personally wouldn't want that inconvenience getting in and out of the driveway, I grew up in a house on a main road and it was a real pain to get in and out of that driveway when I first learned how to drive. The other reason is definitely the taxes without question. That is insane for a house like that. Why does Woodbridge have such high taxes? It's a town of 100,000 people and has the mall and all that other super-regional retail and corporate offices around. Did they have any corruption in the past that has left them in debt they need to pay off?
Nice house. Maybe I could get my parents to buy it so they can downsize .
Probably two reasons they can't get it sold is probably because #1 it is on a main road and I know I personally wouldn't want that inconvenience getting in and out of the driveway, I grew up in a house on a main road and it was a real pain to get in and out of that driveway when I first learned how to drive. The other reason is definitely the taxes without question. That is insane for a house like that. Why does Woodbridge have such high taxes? It's a town of 100,000 people and has the mall and all that other super-regional retail and corporate offices around. Did they have any corruption in the past that has left them in debt they need to pay off?
You forgot to mention Hess which is the largest contributor. If or whenever Hess decides to move out of town, they will feel the heavy weight of property taxes. I guess that this is the reason why Woodbridge residents don't mind dealing with the pollution generated by the refinery on the border of Port Reading and Carteret. I have no idea why taxes may be high, but when I look at the rates paid in Union and Essex counties; I feel like we pay nothing.
Wow ... They can't even get $75K for this house, and the PTaxes are still a whopping $7,758?!?!? Seems insane to me. Is Crazy Eddie still alive?
Indeed! The house has been empty for nearly five years. I know this because I work right by it everyday on my way to the train station. Therefore, this house is pretty bad condition. I also agree that its location, beign smacked right on the middle of a main road, does not help its selling appeal.
Again, only talking my own little world, here, but I have "worked in the area" for about 9 years, and although I CAN afford a house, I will not buy one, given the PTaxes. I am now retiring, and can open up my frontiers a bit, and this is the time of my life I have awaited ... being free from commuting so that I can look into actually AFFORDABLE places to live.
And this has worked for me ... If I HAD bought a house, say 3 years ago, I'd be in all sorts of hurt right now, and I'd have the ball & chain of that house around my neck as I try to sell it.
Again, just my own opinions, but they are what flavor my decisions.
This is a unique situation though. Most people have no intentions of buying a new/bigger home if they are within 10-15 years of retirement.
People want the big house when they have the kids to fill it living with them
Homes in my area lost about 10% of their value in the collapse, but have stayed pretty steady ever since. I live in Logan Twp. which is South Jersey located at exit 10 on 295 and exit 2 off the Turnpike. We have very good schools, but very low property taxes do to the Pureland industrial complex being located in the township. While that sounds bad, the size of the township affords the park being completely segregated from the rest of the town. I think the combination of good schools and low taxes help keeps the values steady. However, it is a bit off the beaten path for most and not convenient to any public transit, so that does cut down on the people who would buy here.
The unique thing about the area though is the other towns that are located in the same area. Swedesboro proper and Woolwich Twp. all border Logan and they all share the same regional high school. Overall the school systems are equal, but taxes are upwards of 30% higher in the other towns. The other difference is that those towns have a lot of newer construction, especially Woolwich.
What I have noticed is that values in those towns have dropped about 25% during the decline and have slipped about another 5%- 10% since April. The only thing that would explain it to me is property taxes. Everything is virtually equal, except for the fact that Logan has lower and more stable taxes. This fact seems to provide some insulation against price fluctuations.
FWIW - I pay ~$4k per year in property taxes for a 2,200 sq.ft. home on a .25 acre lot.
Homes in my area lost about 10% of their value in the collapse, but have stayed pretty steady ever since. I live in Logan Twp. which is South Jersey located at exit 10 on 295 and exit 2 off the Turnpike. We have very good schools, but very low property taxes do to the Pureland industrial complex being located in the township. While that sounds bad, the size of the township affords the park being completely segregated from the rest of the town. I think the combination of good schools and low taxes help keeps the values steady. However, it is a bit off the beaten path for most and not convenient to any public transit, so that does cut down on the people who would buy here.
The unique thing about the area though is the other towns that are located in the same area. Swedesboro proper and Woolwich Twp. all border Logan and they all share the same regional high school. Overall the school systems are equal, but taxes are upwards of 30% higher in the other towns. The other difference is that those towns have a lot of newer construction, especially Woolwich.
What I have noticed is that values in those towns have dropped about 25% during the decline and have slipped about another 5%- 10% since April. The only thing that would explain it to me is property taxes. Everything is virtually equal, except for the fact that Logan has lower and more stable taxes. This fact seems to provide some insulation against price fluctuations.
FWIW - I pay ~$4k per year in property taxes for a 2,200 sq.ft. home on a .25 acre lot.
Thanks for the input. That's the type of feedback I was trying to receive, if only more people would chim in......
I was reading the paper online today and it says that home prices rose 3 to 4% from Monmouth and Ocean County to the northern counties. This was for homes sold in the 3rd. quarter year over year. If I was looking I would buy with the low interest rates and the large variety of homes on the market. Maybe even a foreclosure.
Homes in my area lost about 10% of their value in the collapse, but have stayed pretty steady ever since. I live in Logan Twp. which is South Jersey located at exit 10 on 295 and exit 2 off the Turnpike. We have very good schools, but very low property taxes do to the Pureland industrial complex being located in the township. While that sounds bad, the size of the township affords the park being completely segregated from the rest of the town. I think the combination of good schools and low taxes help keeps the values steady. However, it is a bit off the beaten path for most and not convenient to any public transit, so that does cut down on the people who would buy here.
The unique thing about the area though is the other towns that are located in the same area. Swedesboro proper and Woolwich Twp. all border Logan and they all share the same regional high school. Overall the school systems are equal, but taxes are upwards of 30% higher in the other towns. The other difference is that those towns have a lot of newer construction, especially Woolwich.
What I have noticed is that values in those towns have dropped about 25% during the decline and have slipped about another 5%- 10% since April. The only thing that would explain it to me is property taxes. Everything is virtually equal, except for the fact that Logan has lower and more stable taxes. This fact seems to provide some insulation against price fluctuations.
FWIW - I pay ~$4k per year in property taxes for a 2,200 sq.ft. home on a .25 acre lot.
This really supports what I had said here: http://www.city-data.com/forum/16600157-post11.html Property taxes WILL make potential buyers turn away from a property, no matter how nice it might otherwise be. Everyone KNOWS P-Taxes will increase, and if you're starting your home-ownership at $1,000/month, what will it be by the time you've paid off your mortgage in twenty years? Twice that? Thrice? At any rate, I fear it won't be sustainable in the out-years.
McGreevey was the mayor there. Does that answer the possibility of corruption question?
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