Ridgewood, NJ Real Estate Trend? (real estate market, 2010, foreclosures)

[akitasun]

I've been hearing that in Ridgewood, NJ, the recession (Wall Street) has been hit pretty hard. There are many stores in the downtown area that have closed up and foreclosures have gone up.

My question has to do with purchasing a house in Ridgewood. Are buyers low balling sellers or are sellers still getting close to what they want?

I have tried going online to get a trend analysis but I can not find one.

Does anyone have an opinion on this, I would appreciate it.

Thanks

[Ninjahedge]

My wife and I have been looking there too.

It does not seem to be suffering much from the recession in that most of the houses there were not trophy houses. They are also not luxury condos, and there were very few flipping opportunities. Most of the people there seemed to be buying for the next 10 years, not 2, so most did not look at it in quite the same way as other developments.

It is also one of the best walkable places I have been to, with many shops and amenities. Aside from the switch needed in Seacaucus, the transit from Ridgewood is also phenominal. I have always liked that town.

And so have a lot of other people.

So as bad as things are, it is not a great indicator of overall fiscal health in that it was not a wall-street dominated habitation. Also being very desired, even if people had to move out, there was a supply of people waiting to get in, so prices did not drop that much.

As for trends, you might want to try Trulia (I think that is the website) to get individual listings, prices and past prices.

GL!

[akitasun]

Thanks

[ira]

Originally Posted by akitasun

I've been hearing that in Ridgewood, NJ, the recession (Wall Street) has been hit pretty hard. There are many stores in the downtown area that have closed up and foreclosures have gone up.

My question has to do with purchasing a house in Ridgewood. Are buyers low balling sellers or are sellers still getting close to what they want?

I have tried going online to get a trend analysis but I can not find one.

Does anyone have an opinion on this, I would appreciate it.

Thanks

We bought our house in Ridgewood 3 years ago but I still follow local real estate market, just out of curiosity. The very top of the market (1.5mil +) is suffering quite a bit. The rest of it...not so much. Downtown is looking sad these days. Lots of empty storefronts. Obviously, Ridgewood is not immune to what's been happening but the average house in Ridgewood is still around $700K.

[Dingo99]

Originally Posted by ira

We bought our house in Ridgewood 3 years ago but I still follow local real estate market, just out of curiosity. The very top of the market (1.5mil +) is suffering quite a bit. The rest of it...not so much. Downtown is looking sad these days. Lots of empty storefronts. Obviously, Ridgewood is not immune to what's been happening but the average house in Ridgewood is still around $700K.

very true point about the downtown. I think Ridgewood as a town needs some changes politically. The town is asking $700,000 for a liquor license. It would cost you well over a million bucks just to open a small bar and grill in that town (while leasing). Obviously every empty storefront cant be occupied by a restaurant, but its one change the town could easily make which would bring business in. The downtown is being overrun by banks and such because they are the only ones who can afford the rent!

The owners will eventually lower rents once these empty storefronts start to sit for a while. I do think that the downtown area will get back on track in a few years.

[Kevin1975]

According to the NJMLS, Ridgewood's sold listings in the past 6 months have been closing at 94.3% of their final list price. However, this doesn't count the listing's beginning list price. Some houses have been reduced several times over the course of their active listing.

[Kevin1975]

Also, the average single family home price has declined 10% from 2008 to 2009 in Ridgewood. $823,942 in 2008 to $741,983 in 2009.

[ira]

Originally Posted by Kevin1975

According to the NJMLS, Ridgewood's sold listings in the past 6 months have been closing at 94.3% of their final list price. However, this doesn't count the listing's beginning list price. Some houses have been reduced several times over the course of their active listing.

Exactly. I am seeing so many houses that are being re-listed with the lower price. While completely legal, I always thought that this "technique" is dishonest, to say the least. I started following Ridgewood market a year before we bought our house for that precise reason - by the time we were actively looking, I knew every house on the market and its "listing" history.

[akitasun]

I haven't been actively tracking houses and the re-lisiting action that goes on in Ridgewood, but I will, starting this month. I'm looking at houses no more than $600k and probably won't move into Ridgewood until 2010.

Are there any neighboorhoods in Ridgewood which I will have more luck in finding a house. Any areas I should be weary of. Any info would be welcomed.

Thanks for all your help.

[Hal Jalikeakick]

there are really no areas of Ridewood you need to be wary of, though Broad street and surrounding streets would most likely be considered the least desirable in town.

also the lawns section (hawes school area) tends to be the most modest neighborhood. You really can't go wrong in Ridgewood though in my opinion.