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Old 10-02-2019, 10:46 AM
 
Location: Hoboken, NJ
100 posts, read 36,418 times
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Quote:
Originally Posted by Kracer View Post
where goes CA so goes NJ.


CA was able to produce a housing crisis through crazy high taxes, surely Nj legislators and voters are capable of meeting or exceeding CA's legislative economic disaster.
I would say that most of the CA housing crisis was driven by an extremely overheated economy (in addition to its normal magnetic pull due to weather), coupled with geological constraints and unchecked NIMBY-ism. I don't think it really has anything to do with crazy high taxes.
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Old 10-02-2019, 11:16 AM
 
1,082 posts, read 3,269,273 times
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Quote:
Originally Posted by dcb175 View Post
I would say that most of the CA housing crisis was driven by an extremely overheated economy (in addition to its normal magnetic pull due to weather), coupled with geological constraints and unchecked NIMBY-ism. I don't think it really has anything to do with crazy high taxes.
Agreed. I would also add draconian state regulation to your list. California actually has low property taxes.
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Old 10-02-2019, 03:20 PM
 
Location: NYC
13,777 posts, read 9,280,776 times
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NJ's housing market depends heavily on location, crime, and schools. Taxes is not really that big a factor until you are past $30k. A lot of million $ homes with over $30k in taxes are now having a harder time being sold unless it has a really terrific location.
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Old 10-03-2019, 09:08 AM
 
Location: New Jersey
1,731 posts, read 3,167,124 times
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Quote:
Originally Posted by IKM View Post
"Do You Think Property Taxes Will Ever Lead NJ’s Housing Market Into A Crisis?"

Yes
Care to tell us why you feel that way, oh sage commenter ?

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Old 10-03-2019, 12:22 PM
 
898 posts, read 610,506 times
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What do you consider “crisis”. Prices dropping 25%, 50%, 75%?
People just abandoning their homes and leaving them to deteriorate with squatters like in Detroit or Las Vegas?
I don’t think property taxes will be the driving force.
I can envision a scenario of global warming causing more natural disasters along nj coast and causing housing to be worth little.
High property taxes mean lower selling prices just like high condo or coop fees mean lower apartment prices.
But that’s not a crisis it’s a market adjustment.
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Old 10-03-2019, 01:42 PM
 
Location: NJ
4,359 posts, read 9,508,593 times
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Quote:
Originally Posted by foodyum View Post
.
I can envision a scenario of global warming causing more natural disasters along nj coast and causing housing to be worth little.
Oh come on. Not in any of our lifetimes. Remember all the doom and gloom back in 2012 after "superstorm" Sandy hit? People were forecasting that we would be getting pummeled by these types of storms more and more frequently. It has already been 7 years since that storm and there has not been a single storm of that magnitude anywhere near NJ or even most of the east coast.
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Old 10-04-2019, 02:42 AM
 
898 posts, read 610,506 times
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Quote:
Originally Posted by ansky View Post
Oh come on. Not in any of our lifetimes. Remember all the doom and gloom back in 2012 after "superstorm" Sandy hit? People were forecasting that we would be getting pummeled by these types of storms more and more frequently. It has already been 7 years since that storm and there has not been a single storm of that magnitude anywhere near NJ or even most of the east coast.
The op is asking for opinions. I think a natural disaster is a possibility.
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Old 10-04-2019, 08:28 AM
 
Location: NJ
4,359 posts, read 9,508,593 times
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Quote:
Originally Posted by foodyum View Post
The op is asking for opinions. I think a natural disaster is a possibility.
I understand your point, I'm just saying that the likelihood of a natural disaster having any substantial effect on property values in NJ is slim to none. In places like California there are houses literally falling off cliffs into the ocean, or getting washed away by mudslides, yet CA still has some of the highest property values in the nation. NJ's climate is quite tame compared to most other areas of the country.
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Old 10-04-2019, 08:50 AM
 
Location: Hoboken, NJ
100 posts, read 36,418 times
Reputation: 217
Quote:
Originally Posted by ansky View Post
I understand your point, I'm just saying that the likelihood of a natural disaster having any substantial effect on property values in NJ is slim to none. In places like California there are houses literally falling off cliffs into the ocean, or getting washed away by mudslides, yet CA still has some of the highest property values in the nation. NJ's climate is quite tame compared to most other areas of the country.
I think we should be careful not to conflate natural disasters (which, even with increasing frequency, may be viewed as one-time events) and the general impact of rising sea levels from climate change. Scientific consensus is building toward a 2-3 foot sea level rise over the next 50 years, which is very possibly in my lifetime and definitely in my children's lifetime. Both hurricane flood events and general sea rise can make low-lying coastal areas less habitable. Note that I'm not saying uninhabitable, because wealthy cities such as NYC, Boston & Miami will likely be able to build flood controls similar to the Netherlands. But it's not economically feasible on a large scale across our 1000's of miles of coastline. In either case, it's easy to envision a scenario that this will have a major impact on property values on the NJ shore. You could argue that it has already started to.

https://www.npr.org/2019/07/10/73946...recasters-warn
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