Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Even with NJ's insane taxes and insane real estate prices people do make ends meet. The media makes it seem everyone is on the brink of bankruptcy but all of my neighbors seem to be doing fine. Unemployment is 10% but that means 90% of people still have jobs. Also, there are decent homes in good school districts with transportation to NY in the 400k range. North Edison has lots of 400K ranch style homes on the market. They are not McMansions but perfectly good houses to raise families in and you have good schools and proximity to 3 NJT train stations within 35-45 min to NY. Even in Westfield which is an affluent town with easy commute into Manhattan you can find decent homes in the sub $500k range.
I'm commuting to lower Manhattan right now. Mostly, it's about finding a nice town with a reasonable commute. It seems you have the impression that I want a place with 3000 square feet on an acre. Actually, I'd be perfectly happy with little cottage on 1/12 of an acre or a townhouse if I liked the town. Just a matter of doing more leg work so I get a sense of what some of these other towns are like.
If that's the case, I think you can find better values in Hudson, Bergen, or Passaic than in Essex. As I said, I find Essex to be unusual in the sense that it is expensive and snooty, and at the same time its upscale towns still manage to have corporate buildings and high power lines scattered in and amongst those very upscale, expensive homes. In my part of Bergen County, and for the most part in Bergen County, they seem to do a decent job zoning to keep utilities and corporations/businesses separate from residential areas. Considering it's an old county they've done a good job that way.
I don't see why you wouldn't find something if you're happy with a smaller home and smaller piece of property - you should be able to find something inexpensive/affordable. I did get the impression from you that you're kind of picky as to what would be a decent family home. For more affordable prices, the homes you look at will tend to be older; not "fixers", unless you're particular about certain things. You can find a move-in 3+BR. 1.5+ bath home for well under $400K but it may not have hardwood floors, granite countertops, central air, stainless appliances, 2-car attached garage, etc. and it will be older. To some people that's a "fixer" because they can't live without those amenities, but in reality those are superficialities and people can actually live with carpeting, formica countertops, white appliances, etc. There's nothing wrong with wanting all those extras, but not being able to get them for a low price in NJ doesn't mean NJ is unaffordable.
I don't know what you consider a "reasonable commute", but when I worked in lower Manhattan it took me about 1 hour to 1:15 to commute to lower Manhattan. Usually 1:15 door-to-door, and I worked at Liberty and Broadway, took the train to Hoboken and the PATH to WTC, then walked a block. For a better commute you could try further south in Bergen or in Hudson County.
There is a good presence of corporations in Bergen, so when I worked in Woodcliff Lake, Montvale, Rockleigh, and Paramus my commute ranged from 5 to 20 minutes, driving (with traffic).
Quote:
Originally Posted by elflord1973
I completely agree, but regardless of whether their reasons are valid or not, it makes for fewer people out there willing to sell at a realistic price, which makes for a supply problem in the housing market.
True, but I don't think they represent the majority of homesellers, and I don't think their impact on the housing market is that big, even though it is an impact. Most of the people who overpaid the "bubble" prices did so within the last 5 to even 10 years; people typically don't sell that quickly. Even in normal times with no housing bubble, when someone buys a house, he or she will lose money on it if selling within 5 years because the house doesn't appreciate enough in that time to offset closing costs and interest on the mortgage, and their equity is very little at that point. I think the people who overpaid would most likely not have been looking to sell at this point regardless of the bubble bursting, and with the bubble bursting I think they're less inclined to sell and more inclined to stay settled until they build enough equity (and hopefully appreciation of the home's value) to sell in the future (if they're not settled here for life).
Quote:
Originally Posted by elflord1973
Location is certainly important. If it was just about being able to buy a decent house or a very nice loft apartment, there are plenty of options in Irvington, East Orange, Newark, etc.
But as far as location is concerned, I care more about my immediate surroundings than which major city I am closest to. I do need a town that provides good career opportunities (which means I really do need to live near a major city, with a somewhat high cost of living), but proximity to Manhattan is not the be-all-end-all of what makes a location desirable.
I can say that where I live it is nice and calm and quiet, yet I'm within 15 minutes of good shopping, 5 minutes of groceries, parks, and other daily conveniences, and 30 minutes to the GWB (driving) and 30 minutes in the the other direction I can be hiking in woods in the (small) Mountains, completely isolated. When I want to go to the city it's an hour to Midtown tops with moderate traffic (coming home at night is well under an hour w/ no traffic).
Good luck in your search. Buying a home is really more about knowing what your priorities are than making a "find" based on superficialities like price and amenities.
This state is done, from a purely housing standpoint. So, probably, are NY and CA. If you’re waiting for things to line up in such a way that a reasonable person would gain from the transaction, pack a lunch. You’ve got about a 20-40 year wait ahead of you.
BTW, when prices finally “bottom”…that will just be the beginning of a series of even worse events.
This state is done, from a purely housing standpoint. So, probably, are NY and CA. If you’re waiting for things to line up in such a way that a reasonable person would gain from the transaction, pack a lunch. You’ve got about a 20-40 year wait ahead of you.
BTW, when prices finally “bottom”…that will just be the beginning of a series of even worse events.
More vague doom-and-gloom with absolutely no logic or facts behind it...
And despite your apocalyptic prophecies, you choose to stay here... Why???
If I thought that what you are saying is true, I would leave NJ immediately. I have noticed that most of the doom-and-gloomers love to talk about NJ's demise but they always stay here...the actions belie their words.
It's like watching a guy chow down on a Big Mac, fries, chicken nuggets and shake at McDonald's while he's screaming "McDonald's food has rat poison in it! [chomp chomp] Don't eat it!!! [chomp sip chomp chomp sip] It will kill you for sure [sip chomp sip] *BURP*!!!"
That's simply false. There are lots of people who aren't counted as Unemployed but who also don't have a job.
Ur right but my point is that most of the workforce is still employed and most people are getting along fine. Sure the economy is bad and some families are really going through hardship but plenty of people are doing just fine and some are even thriving. People need to stop being victims and do something about their situation. I know its not easy out there but crying about it day in and day out does not do much good. My parents came here with 2 suitcases, and my father worked in a sweat shop part time while going to school. To this day I never hear him complain about how hard he had it. Previous generations had it much rougher than we do now.
Ur right but my point is that most of the workforce is still employed and most people are getting along fine. Sure the economy is bad and some families are really going through hardship but plenty of people are doing just fine and some are even thriving. People need to stop being victims and do something about their situation. I know its not easy out there but crying about it day in and day out does not do much good. My parents came here with 2 suitcases, and my father worked in a sweat shop part time while going to school. To this day I never hear him complain about how hard he had it. Previous generations had it much rougher than we do now.
Thank you. We in New Jersey (added to stay on topic), need to stop whining and start making ourselves marketable here in the Garden State.
I fully understand that the Internet will eliminate my job in the next few years. Once accurate data on sales and listings becomes a normal part of the Internet, Realtors are kaput!
I'm not crying about it. I am planning expansion of my skills to other fields NOW, before it's too late here in the on-topic New Jersey Garden State.
More vague doom-and-gloom with absolutely no logic or facts behind it...
And despite your apocalyptic prophecies, you choose to stay here... Why???
If I thought that what you are saying is true, I would leave NJ immediately. I have noticed that most of the doom-and-gloomers love to talk about NJ's demise but they always stay here...the actions belie their words.
It's like watching a guy chow down on a Big Mac, fries, chicken nuggets and shake at McDonald's while he's screaming "McDonald's food has rat poison in it! [chomp chomp] Don't eat it!!! [chomp sip chomp chomp sip] It will kill you for sure [sip chomp sip] *BURP*!!!"
It's a case of Zero credibility.
YAWN
" "The state can no longer be your court of last resort. We are broke." Gov.-elect Chris Christie
Wow, that's quite a statement, and a different one from the governors that have served the state for the past 30 years. Let's hope this policy becomes reality. I never liked Christie as a candidate, but as governor-elect, his early posture is very positive indeed.
It will be painful but it must be done or we will continue to dig a deeper hole.
I also like the bill to defer pension payments does not have much support another factor of why we are in a huge hole..sooner or later the piper must be paid...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
