Major Price correction in Downtown New Brunswick ? (Middlesex, Hillsdale: for sale, real estate)

[block911]

The last recent sale downtown in NB was for Hiram Sq was 360,000; those properties were listed for 550-650k from 2006 to 2008 and even now: 08901 Real Estate & 08901 Homes for Sale - Zillow

This tells me a major correction/crash is underway for Hiram sq and all the poor saps that paid 600k for a 1 bedroom in the Spring St tower. Ouch!
Address: 22 Hiram Sq, New Brunswick, NJ 08901 » Map
Date Sold: Apr 29, 2009
Date Officially Recorded: May 22, 2009
Sale Price: $ 360,000.00
New Jersey Real Estate on NJ.com


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Prices paid for Spring St: NJ Property Sales Results


Prices paid for Hiram Sq: NJ Property Sales Results

[block911]

The last sale on spring st http://www.onespring.com/ was:

Middlesex New Brunswick 1 SPRING ST, UNIT 1903 Other 07/15/2008 $510,000 $171,000 LIOU, JANICE HEGYI, THOMAS & OSTFELD, BARBAR

The property was purchased in 2006 for
Middlesex New Brunswick 1 SPRING ST, UNIT 1903 Other 08/29/2006 $643,445 $171,000 HEGYI, THOMAS, & OSTFELD, BARBAR SPRING STREET DEVELOPMENT URBAN

The person took a $133,445 loss ... ouch.

[JG183]

Originally Posted by block911

all the poor saps

have had someplace to live, that they can call their own...

others, meanwhile, have lived in their parents' basement

[JG183]

Originally Posted by block911

the person took a $133,445 loss

very classy of you to broadcast their name...

while we're at it, let's post how much everyone has lost in their 401K these past 7 months

[DodgeViper01]

There is a major price correction in all of NJ, let alone the world so this not new information. You can choose any city and get a similar result.

Also for the record, this is the smallest 3 Bedroom unit in the complex (1215 square feet) and only has 2 full baths.As far back as I can go, there has not been a unit like this that has sold recently.

The other two 3 bedroom units that have sold over the last five years had 2.5 baths and were MUCH larger by almost 1000 square feet. Just for comparison purposes, the 2338 square foot 3 bedroom 2.5 bath version recently sold for $519,000 on June 9th 2009.

So basically what I am saying, there is not as much of a correction in the complex as you think. Actually if you just simply look at the data, this complex has done pretty well over time with the change in the market.

[stevemorse]

you know when my husband bought his house Hillsdale he was 23 years old in 1987. He paid 180,000. Right after the Persian Gulf War the economy went into recession and he thought ohh no, what the hell did I do. His house value was down to 100K He was mad that his mother kinda told him at 23 to buy a house and worried. Well he sold that house for 419,000 in 2007. So in twenty years look what happened. So I guess he was a poor sap!

Look hold on if you can , it will all eventually come back. If you can buy at the bottom great, but hold on.

What I dont get is this poor sap crap. Yes I guess they are poor saps but if they could hold on 20 years like the others who bought at the boom I have a feeling they wont be poor saps. Now I am glad I did not buy at the height of the boom but I dont want to wish people ill fate.

[stevemorse]

Originally Posted by JG183

have had someplace to live, that they can call their own...

others, meanwhile, have lived in their parents' basement

I agree with you on this one. This guy is just outright on a mission to be cruel? Whats the point?

[GiantRutgersfan]

Originally Posted by stevemorse

you know when my husband bought his house Hillsdale he was 23 years old in 1987. He paid 180,000. Right after the Persian Gulf War the economy went into recession and he thought ohh no, what the hell did I do. His house value was down to 100K He was mad that his mother kinda told him at 23 to buy a house and worried. Well he sold that house for 419,000 in 2007. So in twenty years look what happened. So I guess he was a poor sap!

Look hold on if you can , it will all eventually come back. If you can buy at the bottom great, but hold on.

What I dont get is this poor sap crap. Yes I guess they are poor saps but if they could hold on 20 years like the others who bought at the boom I have a feeling they wont be poor saps. Now I am glad I did not buy at the height of the boom but I dont want to wish people ill fate.

agreed. but on the other hand, if your husband ought low and had $500 more in his pocket a month for the 20 years he owned the place, he probably would have been even happier about the deal he made

[stevemorse]

Originally Posted by GiantRutgersfan

agreed. but on the other hand, if your husband ought low and had $500 more in his pocket a month for the 20 years he owned the place, he probably would have been even happier about the deal he made

actually I get what your saying , and this house was a mother/daughter so he rented the one part (seperate studio apartment) and that paid the mortgage. He did good but look at the difference in prices. 180K to now probably worth now 360k we sold at the right time for 419K. But I do understand what your saying , its nice for US to get along !!!

[block911]

Originally Posted by JG183

very classy of you to broadcast their name...

while we're at it, let's post how much everyone has lost in their 401K these past 7 months

Its all public information by our wonderful state gov't : mycentraljersey.com | Central New Jersey Datauniverse - NJ Property Sales, 1990 through January 2008 | MyCentralJersey.com