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Yeah. I just recall the 1st plan shown for the Dye Dee site had townhomes (3 story with parking on ground level or underground) apartments, and shops in front and park off on side. But the density levels are what some town folk balked at. The revamped it to less than Collingswood and still people went crazy.
There are also a few Eminent Domain cases associated with it and my guess is that is slowing things as well. But I agree that is prime location (between collingswood/haddonfield) that allows liquor, and can be a money machine for businesses. But it is just taking forever....
Same issues here in Westmont, NJ. Back in 2002 timeframe an old diaper factory was sold and planned for redevelopment. Since then they have leveled it and done environmental cleanup on site but the plan to redevelop it has been battered left and right. Group in town want parks and such on site and to minimize density in area. YET Collingswood 2 miles down Haddon Ave just built a new site called the LumberYards and the Westmont site has a lower than that density yet the people are still going crazy. So 6+ years and not one thing has been built. Maybe by 2010 something can happen.
In many respects, in many towns, it is the local people's own faults that the taxes are high. They constantly stop development which would spread the tax burden around, make it more expensive for business to locate anywhere near them, and generally ensure that taxes will do nothing but go up and up.
New Jersey needs to move to a more business friendly atmosphere. Currently it is not that friendly a place business wise, and it is for the most part, the residents own fault. The residents think it is their right to tell other people what they can do with private property, they put undue pressure on the elected officials to punish development, and they continue to elect people to local and state possitions who are anti development, anti freedom of choice when it comes to property rights, and anti business. Is it any wonder that this state ranks so poor for long term job creation.
Anyone buying and especially selling a house now is simply crazy... Wait for this stuff to clear. Could take years. rent in meantime..
You can say what you want about my motives, but this is blood in the water time. Normally that is the time that you get the best deal, long term. If you don't own a home now but want to own one, what better time, then when there is turmoil, and sellers who need to sell are likely to accept a reasonable offer from you?
Making blanket statements that people are crazy who want to buy or sell, is just not helpful to anyone.
If someone is moving why should they move 2 times just so that they can pay rent to someone else, and then pay to have to move again? Even if prices fell 5% and you were able to realize that who 5% savings on the home you purchase, what about all the expense you rack up moving 2 times, paying rent, your time and effort, sounds like a wash to me.
Same thing with selling a home, if you are moving and will be buying a different home at the same time, what is the difference if you do it now, or wait 8 month or a year or how ever long, your current home will likely take the hit as well as what ever you are buying, net net, it is likely a wash.
I wish prices will stabilize just like everyone else. But lets face it. It is a crap shoot. Maybe they go up but maybe they drop 20 percent. So if someone wanted to rent at this time I wouldn't say thats a bad thing. But who knows, you could be right or you could be wrong. I think with everything falling and potential job losses that we only have 1 way to go and I really hope i'm wrong.
This is my concern. The market in my focus area is dropping. Maybe not fast but houses just aren't selling at the current prices so day after day I see them dropping. So that makes me want to hold off unless I find the perfect house for us which I plan to keep 10+ years MINIMUM. And even if I do find that perfect house I want to build in some "value" protection by getting it 5% or so under current fair value. That part is flexible depending on how much I like that house.
Problem is I have found only 1 house I like a lot. Issue is it is above any other house sold in that area price wise. So I made offer at my number. He dropped 10k but I want another 40-50k off.
So I made my 1 offer. Not countering since I don't think his bottom line is what my top offer will be today. Maybe in 3 months he has no other bites and reconsiders my offer more serious. Totally willing to let house go. Don't want to get stuck in expensive house, etc... Even if I plan to stay there long term.
This is my concern. The market in my focus area is dropping. Maybe not fast but houses just aren't selling at the current prices so day after day I see them dropping. So that makes me want to hold off unless I find the perfect house for us which I plan to keep 10+ years MINIMUM. And even if I do find that perfect house I want to build in some "value" protection by getting it 5% or so under current fair value. That part is flexible depending on how much I like that house.
Problem is I have found only 1 house I like a lot. Issue is it is above any other house sold in that area price wise. So I made offer at my number. He dropped 10k but I want another 40-50k off.
So I made my 1 offer. Not countering since I don't think his bottom line is what my top offer will be today. Maybe in 3 months he has no other bites and reconsiders my offer more serious. Totally willing to let house go. Don't want to get stuck in expensive house, etc... Even if I plan to stay there long term.
Why not counter $500 above your last offer and say final.
But then again how likely is it that someone else is going to come around and like that particular home and be willing to pay 10K more than you? Or how likely is it you will find another home that you like as much, when you and possibly 100 other home buyers feel like the market is now safe to do something in?
In 10 years time what is the difference to you if you purchased that home for 10K less or more? Not much really.
Keep in mind I am not really talking to you NatasNJ I am talking to the general home buyer who may be thinking the same way you are. The market is a self perpetuating thing at times, if enough people are negative on the market and refuse to do anything, then things will fall apart, but with that, there is a limit as well. drop prices enough and the savvy will swoop in and load up.
this is a mortgage example but I was made away of a bunch of wall streeters who had seen the collapse coming a month or two ago, they put together about 250 million and are now lending it out as mortgages to people with 730 credit scores and 20% to put down on the purchase price. My understanding is that their rate is about 1/4 higher than what you see as the average on bankrate.com. They are making a bet that the market is not going to collapse. Are they right? Are they wrong? will they make money? but I would bet that they will make money.
Likelyhood of someone paying 10k more than me for this house? HIGH is my guess.
More details on house. Rehabbed. So basically new inside.
Taxes not reassesed for 2008 post rehab. So they are going up and my guess is people want to know that number before offers come in.
Asking price was $425k in June. Now relisted at $399k.
I offered $320k. He countered $390k.
Nothing from me yet. I would go up more but I don't think he is going down to match where I will go up to. Sure I could give final offer at my top but for some reason I am holding off at this point on doing that.
The other consideration in all this is interest rates. Sure, the house prices may continue to fall, but what if interest rates go up? Right now they are pretty low. If interest rates shoot up, it's not going to do you any good to wait out the market and get a lower home price.
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