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Reload this Page Morris County & Montclair Comp killers (real estate, 2009, first time home buyer)
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Old 02-08-2009, 09:45 AM
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Default Morris County & Montclair Comp killers
Read Feb 6 & 7 reports. Even the good areas are getting hit hard. Falling prices are not localized....they are not immune. Things keep looking good for first time home buyers.

New Jersey Real Estate Report
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Old 02-08-2009, 09:56 AM
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Dang. Some of those places are amazing. Especially the one on school house road, with that price. I would've picked it up in a second.
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Old 02-08-2009, 11:40 AM
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Ouch.
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Old 02-08-2009, 02:10 PM
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Great story, unless you're the idiot who overbid ;-)

New Jersey Real Estate Report » Montclair Comp Killer!
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Old 02-08-2009, 08:11 PM
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Quote:
Originally Posted by LCMT View Post
Read Feb 6 & 7 reports. Even the good areas are getting hit hard. Falling prices are not localized....they are not immune. Things keep looking good for first time home buyers.

New Jersey Real Estate Report
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Old 02-08-2009, 08:40 PM
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Dang, that crazy stuff. That Denville one especially because I was watching it out of curiosity.

Luckily I havent seen my town show up yet so that means that I am immune to this market...







KIDDING!!!
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Old 02-08-2009, 08:52 PM
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That house in Montclair isn't worth the 528 they sold for, imo.
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Old 02-08-2009, 09:02 PM
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Quote:
Originally Posted by brookdaleresident View Post
That house in Montclair isn't worth the 528 they sold for, imo.
I agree. Especially since the taxes on that puppy are probably at least $15K.
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Old 02-09-2009, 05:50 AM
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"comp killers" makes me laugh.

Many of those houses are $250K elsewhere in the country excluding the NE and W. Yes Incomes are higher in NJ. Yes being near NYC raises the prices. Sorry but the Montclair house is still a 1950s/1960s ranch and is nothing special to look at.

You can afford a house 2-3.5X your gross income. More is kamikaze financing.

BTW thanks OP. nuther good bookmark.

Houses are coming down. Dont forget NJ is a net out migration state. The future? who knows. FL was a huge in migration state and is not nearly so today. You think its bad here? Go to FL. Trends change.
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Old 02-09-2009, 07:16 AM
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Quote:
Originally Posted by ottomobeale View Post
"comp killers" makes me laugh.

Many of those houses are $250K elsewhere in the country excluding the NE and W. Yes Incomes are higher in NJ. Yes being near NYC raises the prices. Sorry but the Montclair house is still a 1950s/1960s ranch and is nothing special to look at.

You can afford a house 2-3.5X your gross income. More is kamikaze financing.

BTW thanks OP. nuther good bookmark.

Houses are coming down. Dont forget NJ is a net out migration state. The future? who knows. FL was a huge in migration state and is not nearly so today. You think its bad here? Go to FL. Trends change.
I would say 3 times your gross income is as high as anyone should go, but I understand your point.
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