To all the people with $700,000+ homes (Rockaway, Long Valley: school, property taxes, live in)

[EEEPNJ]

Originally Posted by BobKovacs

True, but as recently as a year ago they sure were. Hell, they could get a $700k house with probably $20k down, and then pull a HELOC based on future appreciation. With the ridiculous interest-only ARM loans that were being written, you could have pulled a $700k mortgage for around $3k/month. Those are the folks who are in trouble now......

And then the "financial experts" wonder why we're in the mess we are now?

[EEEPNJ]

Originally Posted by HobokenGuy

Don't you live with your parents????

LMAO Classic!
You know, I had a friend who bought in Rio Vista in Mahwah about 5 yrs ago, it was a little over 1.0 million. They were able to furnish all of 2 rooms because they were house poor. It was funny because we'd drive around and a good # of the houses, if you peeked in the windows, did not have all the rooms furnished.

[bluepacific]

Originally Posted by HobokenGuy

Don't you live with your parents????

I love it. Perfect response!!!!!

[wileynj]

Originally Posted by EEEPNJ

LMAO Classic!
You know, I had a friend who bought in Rio Vista in Mahwah about 5 yrs ago, it was a little over 1.0 million. They were able to furnish all of 2 rooms because they were house poor. It was funny because we'd drive around and a good # of the houses, if you peeked in the windows, did not have all the rooms furnished.

I've seen that alot in Mt. lakes! No furniture..no window dressing..etc. People strapping themselves financially just to have "the address". Sad, very sad!

[EEEPNJ]

Originally Posted by wileynj

I've seen that alot in Mt. lakes! No furniture..no window dressing..etc. People strapping themselves financially just to have "the address". Sad, very sad!

It really is.... btw... LOVE Mountain Lakes! I'll never afford it, but I love it. LOL

[wileynj]

Originally Posted by EEEPNJ

It really is.... btw... LOVE Mountain Lakes! I'll never afford it, but I love it. LOL

Mt. lakes is nice but I don't get the whole "it's beautiful"? It's located on a main drag..heavy traffic! Houses are nice but you can do better for less in neighboring towns. Plus the school system isn't no. 1 anymore..even if it was, it doesn't justify paying 32K/yr. in property taxes..send them to a posh private school if that's the case. Over-rated in my opinion! In morris county...I would choose Long Valley over Mt. lakes anyday! (you can rep. me later T )

[EEEPNJ]

I only drove through once LOL, I was lost going to my client in Boonton... it seemed pretty - but I'm not buying there (or anywhere else) any time soon! lol

[Obrero]

Originally Posted by wileynj

Mt. lakes is nice but I don't get the whole "it's beautiful"? It's located on a main drag..heavy traffic! Houses are nice but you can do better for less in neighboring towns. Plus the school system isn't no. 1 anymore..even if it was, it doesn't justify paying 32K/yr. in property taxes..send them to a posh private school if that's the case. Over-rated in my opinion! In morris county...I would choose Long Valley over Mt. lakes anyday! (you can rep. me later T )

And what about me...can I neg you later? Oh you're lucky that option has gone!

[NewHomeHappy]

Originally Posted by wileynj

I've seen that alot in Mt. lakes! No furniture..no window dressing..etc. People strapping themselves financially just to have "the address". Sad, very sad!

In our neighborhood, I have seen some people take great care of their homes & lawns. Others however, turn their lights on (at night) and the whole world can see their empty rooms. Not a stitch of furniture and worst yet, sheets on their windows. Ugh... We had those paper accordian type shades on our windows when we first moved in, but some of these nearly million dollar homes still have them up.
I've seen their front flower beds with weeds up to the window sills and their teenage kids can't pull a weed or two?? Holy crap, when my kids are teens, they will become "The Landscapers"

[lolamom]

Originally Posted by tahiti

it would be interesting to see a breakdown (in NJ!) of foreclosures -vs- amount of loan. i would venture a guess those who have $700K + mortgages are NOT the majority of loans that have defaulted.

exactly