Housing prices in Glen Ridge, Westfield, Millburn, Summit? (Washington: hardwood floor, health insurance)

[Lusitan]

Originally Posted by elflord1973

I would suppose that, though the reasons for my supposition don't really help JG183.

My household income is above the median for Short Hills and I live in Jersey City JSQ (one of those places everyone is advised to "stay away from")

Sure, no doubt there are a few affluent families out there slummin' it with the non-affluent. But as a class that can effect a wholesale replacement of the Wall Streeters when they leave Short Hills, and therefore prop up real estate prices, it's really a silly idea of JG's.

[elflord1973]

Originally Posted by Lusitan

Sure, no doubt there are a few affluent families out there slummin' it with the non-affluent. But as a class that can effect a wholesale replacement of the Wall Streeters when they leave Short Hills, and therefore prop up real estate prices, it's really a silly idea of JG's.

Yes, one of the reasons that they are doing this is because they are trying to keep spending on housing to a minimum, because prices are still to damn high (and no, no way I'm getting a place in Short Hills at current prices on my current income).

[Lusitan]

Originally Posted by elflord1973

Yes, one of the reasons that they are doing this is because they are trying to keep spending on housing to a minimum, because prices are still to damn high (and no, no way I'm getting a place in Short Hills at current prices on my current income).

Another reason why that tiny group of affluent-but-living-in-non-affluent-towns won't step in to prop up real estate values ... they're too smart, which is one of the reasons they're not bagholders to begin with!

[clevedark]

Some people would never want to live in Summit no matter how much money they make. That's one of the nice things about this country--you can live wherever you want.

[JG183]

Originally Posted by Lusitan

please enlighten us as to the new affluent class that's going to suddenly spring up overnight to replace the Wall Streeters as the financial sector crumbles around here.

I don't know who will make up that class, but I'd guess it will be the upwardly mobile types who "graduate" out of living in Jersey City, Montclair, and the like.

I believe that NJ will become a hotbed of activity for the "green" economy. There are just too many talented engineers, chemists, and scientists who are here, and do not want to move out. Right now they're probably languishing in mundane "old technology" jobs, but once the right opportunity comes along, their fortunes will take off like a rocket.

[elflord1973]

Originally Posted by JG183

I don't know who will make up that class, but I'd guess it will be the upwardly mobile types who "graduate" out of living in Jersey City, Montclair, and the like.

The problem is, they either need to be pulling a household income of ~300, or cashing in a lot of home equity (something younger buyers don't have a lot of, especially given the recent declines in both savings and home prices)

Sure, some of these people will move to Summit -- after prices there drop to around 500 or so.

[clevedark]

Keep dreamin'.

[elflord1973]

Originally Posted by ukhawaja

LUSITAN::::::,
Prices are at an all time low and though the lending laws have made it a bit difficult all around the Real estate industry has softened and allowed many first time home buyers the oppurtunity they've been waiting for ever since 2001. Your comments only deter renters from purchasing and making payments on someone elses mortgage.

You're joking, right ? Median sales price used to be about 120 in 2000 for area code 07302, according to trulia. Prices have fallen a long way (38% yoy again according to trulia), but not even close to an "all time low".

[Lusitan]

Originally Posted by ukhawaja

LUSITAN::::::,

Not to be so negative but I think people like you should keep their comments to themselves instead of scaring others into making decisions. FYI, the housing market for Real estate in Jersey City for the most part is up 28%, people are taking advantage of the lower interest rates and the tax credit being offered. I currently own 4 properties and am looking to invest in more. Prices are at an all time low and though the lending laws have made it a bit difficult all around the Real estate industry has softened and allowed many first time home buyers the oppurtunity they've been waiting for ever since 2001. Your comments only deter renters from purchasing and making payments on someone elses mortgage.

UKHAWAJA::::::::,

Not to be so negative, but you clearly have no idea what you're talking about. Prices at an "all time low"? Are you serious? Are you next going to say that people should buy now or be priced out forever? Real estate only goes up in value? They're not making any more land? Location, location, location? Pride of ownership? Did I leave out any empty buzz phrases I left out?

Real estate prices in NJ are far, far from any "all time low" -- they're not even back to historic norms, yet alone lows.

I'm all in favor of people buying houses that they can afford. And "afford" means putting 20% down, having a 6 month emergency fund saved up for a rainy day, and not spending more than 3x annual household income.

The fact is that most people cannot afford to buy houses around here, and therefore shouldn't. That's not their fault -- it's due mainly to the insane real estate prices we've had lately.

The days of borrow and spend and to hell with the consequences are over. We've already run this country's finances into the ground that way, now it's time for responsibility and adult behavior.

[clevedark]

Oh dear god it's clear than none of you have ever stepped foot in Summit. You have no idea of what kind of a town it is or what kind of people live there. It has *always* been on the top of the heap.

That's not to say prices won't go down, but it will NEVER be a bargain compared to surrounding areas.

Now go back to playing with your silly statistics.