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You can thank the greedy builders for the lack of starter homes.
I want one of those too, and I'm willing to pay a premium for the lot to build it on.
But every single builder I talk to, "only do high end".
They actually turn me down when I say I don't want high end, nor do I want 2500+ sq. ft.
As long as there is a waiting list of people ready to pay these builders what they demand, we're SOL.
I also think you can blame younger people as they don't want a starter home. To them a starter home is a big 4 bedroom colonial with 3500 sq ft plus.
Homebuilders want to build affordable homes because that is where demand is strongest, and homebuilders are doing this across much of the country. However, building affordable homes - say less than $400,000 - is difficult to do in many parts of New Jersey. Homebuilders lose money building homes at these price points. The lot might cost $100,000, the regulatory costs and professional fees another $100,000, and the building materials and construction labor $200,000. Where's the profit?
One reason is regulation. Most undeveloped, buildable land in northern New Jersey has been made off limits for housing construction. One solution is throwing open this land to homebuilding. Some examples are North Hudson County Park, Overpeck County Park, and South Mountain Reservation. Demand for housing is strong in these locations, commuting times to Manhattan are reasonable, and this land is surrounded by residential housing. Government agencies own and control this land. They could donate it to homebuilders on the condition they build affordable homes. With free land and lower regulatory burdens and fees, homebuilders could justify building $400,000 homes.
A second reason is New Jersey homebuyers are among the wealthiest in the country. More than 40% of homes in New Jersey are sold to cash buyers. This compares to 20% or so in similar areas like Boston and Washington, DC. So home prices get bid up in New Jersey because homebuyers have more financial resources.
One reason is regulation. Most undeveloped, buildable land in northern New Jersey has been made off limits for housing construction.
Let us not forget the reality that some towns simply don't want affordable housing to be built. Take the case of Hillsborough, which is being given $5 million for its affordable housing fund by a builder of luxury homes. The powers-that-be in Hillsborough have stated that they "don't know" what they will do with that money.
Homebuilders want to build affordable homes because that is where demand is strongest, and homebuilders are doing this across much of the country. However, building affordable homes - say less than $400,000 - is difficult to do in many parts of New Jersey. Homebuilders lose money building homes at these price points. The lot might cost $100,000, the regulatory costs and professional fees another $100,000, and the building materials and construction labor $200,000. Where's the profit?
One reason is regulation. Most undeveloped, buildable land in northern New Jersey has been made off limits for housing construction. One solution is throwing open this land to homebuilding. Some examples are North Hudson County Park, Overpeck County Park, and South Mountain Reservation. Demand for housing is strong in these locations, commuting times to Manhattan are reasonable, and this land is surrounded by residential housing. Government agencies own and control this land. They could donate it to homebuilders on the condition they build affordable homes. With free land and lower regulatory burdens and fees, homebuilders could justify building $400,000 homes.
A second reason is New Jersey homebuyers are among the wealthiest in the country. More than 40% of homes in New Jersey are sold to cash buyers. This compares to 20% or so in similar areas like Boston and Washington, DC. So home prices get bid up in New Jersey because homebuyers have more financial resources.
That's probably one of the worst ideas I've ever seen put forth on this forum. NJ already has given over way too much of its open land for building. I watched NW Bergen County turn from a lovely wooded area still spotted with small farms to an overbuilt mess with congested roads in just a few short years.
I moved down to Monmouth Country ten years ago, and in that time, the same thing has happened as far as traffic hell and overbuilding, but at least Monmouth had the sense and foresight to put a lot of property aside for parkland.
We need more birds and animals and their habitats preserved in NJ, not more PEOPLE.
That's probably one of the worst ideas I've ever seen put forth on this forum. NJ already has given over way too much of its open land for building.
+1
To their credit, the powers-that-be in my town in Central NJ continue to purchase farms and wooded areas in order to prevent further development. The farms can continue to be used--solely for farming--and the wooded areas remain wilderness tracts where wildlife can continue to thrive. One of their biggest recent projects involved the purchase of a vast tract of land that was owned by a religious group that was apparently disbanding.
The existing buildings on the site will be re-purposed for a new recreation center, BOE offices, and other municipal functions, and the land will remain vacant and undeveloped. If they had not done this, there would likely have been several hundred homes built on that land, along with a resulting increase in congestion on already-crowded local roads.
You can thank the greedy builders for the lack of starter homes.
I want one of those too, and I'm willing to pay a premium for the lot to build it on.
But every single builder I talk to, "only do high end".
They actually turn me down when I say I don't want high end, nor do I want 2500+ sq. ft.
As long as there is a waiting list of people ready to pay these builders what they demand, we're SOL.
Greedy builders?
What makes them different from every other business in the world? They are not charitable organizations. Maybe you should check with Habitat For Humanity to see if you qualify.
If they are refusing to build what you want, that means that they can obviously make more money elsewhere.
If a crew could be building a house that makes them $100K in profit, but they are tied up building your house for only $50K profit, why would they waste the manpower building a house to your specs? You seem to think that it is their responsibility to take a pay cut for you. And if they don’t do you this favor, then they are “greedyâ€.
That's probably one of the worst ideas I've ever seen put forth on this forum. NJ already has given over way too much of its open land for building. I watched NW Bergen County turn from a lovely wooded area still spotted with small farms to an overbuilt mess with congested roads in just a few short years.
I moved down to Monmouth Country ten years ago, and in that time, the same thing has happened as far as traffic hell and overbuilding, but at least Monmouth had the sense and foresight to put a lot of property aside for parkland.
We need more birds and animals and their habitats preserved in NJ, not more PEOPLE.
Totally agree. Some people wont be satisfied until every piece of land is covered over, and we turn every suburb into a city.
This has been happening for years, but they keep making new jobs in NYC to replace them. I worked with people at what it no JPM Chase back when we were with Manufacturers Hanover. None of these people, a few of whom are still with Chase, work in Manhattan. Two (a married couple) were moved down to Florida ten years or more ago.. Another one was moved to NJ. They're now moving his function out to somewhere in the country.
Yet JPM is building rebuilding a huge headquarters building in midtown. Also note that Amazon, despite being kicked in the balls by the local idiots in Queens, is still interested in NYC, and has just bought the old Lord and Taylor building. The jobs keep coming.
Quote:
Originally Posted by nybbler
Not to worry, once New York companies realize their employees can work from home, NYC commercial real estate is going to fall through the floor, and Northern New Jersey home values right along with them. Companies will have a tiny prestige office in NYC and everyone else will be paid peanuts to work from Iowa or Bangledash.
(ha ha, I'm kidding. Companies hate employees working from home; they're sure they are slacking off)
Go modular. Have the house built on a factory floor in PA and trucked in (and no, I'm not talking about a trailer.) Cheaper, just as good quality if not better, and faster
Quote:
Originally Posted by JG183
You can thank the greedy builders for the lack of starter homes.
I want one of those too, and I'm willing to pay a premium for the lot to build it on.
But every single builder I talk to, "only do high end".
They actually turn me down when I say I don't want high end, nor do I want 2500+ sq. ft.
As long as there is a waiting list of people ready to pay these builders what they demand, we're SOL.
That's probably one of the worst ideas I've ever seen put forth on this forum. NJ already has given over way too much of its open land for building. I watched NW Bergen County turn from a lovely wooded area still spotted with small farms to an overbuilt mess with congested roads in just a few short years.
I moved down to Monmouth Country ten years ago, and in that time, the same thing has happened as far as traffic hell and overbuilding, but at least Monmouth had the sense and foresight to put a lot of property aside for parkland.
We need more birds and animals and their habitats preserved in NJ, not more PEOPLE.
Couldn't rep you again, but this. Really, really this.
Quote:
Originally Posted by BBMW
Go modular. Have the house built on a factory floor in PA and trucked in (and no, I'm not talking about a trailer.) Cheaper, just as good quality if not better, and faster
Modular has come a long way and continues to improve. Lots of choice in terms of quality, too. It seems like it's been a lifetime ago, but I guess it's really been about 25 years, we looked at Acorn Deck House for homes. Used to be smaller homes. They have some monster houses these days. Still beautiful, though, and you'd never guess they're modular.
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