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Old 03-28-2012, 01:13 PM
 
65 posts, read 196,453 times
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I had a prior post inquiring about the flooding issue in Wayne, and received good responses. But I'm still wondering if our question has been answered: why are the home prices in Wayne more affordable--and I will give an example: I found many homes that are 5 bedrooms over 3,000 sf, and around $550,000 --- this is in contrast to other towns where it would be diffcult to find. Of course there are SOME, but not many to choose from in other nearby towns. So again, the question again: is there any other reason, besides the possible risk of flooding issues (if not in your home, even in the streets) that Wayne home prices are relatively lower? I'm looking for specific answers, not comments like "what's your idea of affordable? or nice? or large?" etc!

Thanks in advance!
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Old 03-28-2012, 01:57 PM
 
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tons of ratables in Wayne - Willowbrook, etc. - has to help on the taxes somewhat to keep some prices down

but again, I believe you were listing other higher-end towns in your previous post. Wayne is a nice town, but not a destination/high status zip code. It's not a knock on the town, but a reality. It is also very spread out, so there are a lot of different and distinct neighborhoods mixed inside 07470.

good luck!
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Old 03-28-2012, 02:02 PM
 
65 posts, read 196,453 times
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Quote:
Originally Posted by NJ07035 View Post
tons of ratables in Wayne - Willowbrook, etc. - has to help on the taxes somewhat to keep some prices down

but again, I believe you were listing other higher-end towns in your previous post. Wayne is a nice town, but not a destination/high status zip code. It's not a knock on the town, but a reality. It is also very spread out, so there are a lot of different and distinct neighborhoods mixed inside 07470.

good luck!
Thank you...the real estate taxes seem fairly high in Wayne though, do you agree?
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Old 03-28-2012, 02:09 PM
 
Location: Randolph, NJ
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Again, what towns are you comparing Wayne to?

Compared to Ridgewood, yes a lot more house for the money; but that's not really a fair comparison.
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Old 03-28-2012, 04:11 PM
 
11,337 posts, read 10,131,223 times
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Quote:
Originally Posted by butterfly04 View Post
I had a prior post inquiring about the flooding issue in Wayne, and received good responses. But I'm still wondering if our question has been answered: why are the home prices in Wayne more affordable--and I will give an example: I found many homes that are 5 bedrooms over 3,000 sf, and around $550,000 --- this is in contrast to other towns where it would be diffcult to find. Of course there are SOME, but not many to choose from in other nearby towns. So again, the question again: is there any other reason, besides the possible risk of flooding issues (if not in your home, even in the streets) that Wayne home prices are relatively lower? I'm looking for specific answers, not comments like "what's your idea of affordable? or nice? or large?" etc!

Thanks in advance!
It seems like you are on a search for the Holy Grail of answers for "low" prices in Wayne. There is none. It's a nice town, just not prestigious. Prestigious towns all have one thing in common. The residents make lots of money. So I guess that's your answer if there is one. Income levels in Wayne will not match the levels of Short Hills or Saddle River. Housing prices reflect that. It's really that simple.
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Old 03-28-2012, 06:12 PM
 
291 posts, read 933,643 times
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Quote:
Originally Posted by butterfly04 View Post
I had a prior post inquiring about the flooding issue in Wayne, and received good responses. But I'm still wondering if our question has been answered: why are the home prices in Wayne more affordable--and I will give an example: I found many homes that are 5 bedrooms over 3,000 sf, and around $550,000 --- this is in contrast to other towns where it would be diffcult to find. Of course there are SOME, but not many to choose from in other nearby towns. So again, the question again: is there any other reason, besides the possible risk of flooding issues (if not in your home, even in the streets) that Wayne home prices are relatively lower? I'm looking for specific answers, not comments like "what's your idea of affordable? or nice? or large?" etc!

Thanks in advance!
I think "relatively lower" is a difficult thing to gauge unless we know which towns you are comparing Wayne to. I agree that if you're talking about the "popular" towns in N. Bergen County, it's not really a fair comparison. I do think that Wayne prices are a fair reflection of the neighboring towns and area.

Flood issues aside, it's very hard to look at Wayne as a whole when considering housing prices. Wayne is a huge town geographically as well as in population, and with varied "desirability", which translates into housing prices. It borders some towns that are more desirable (Franklin Lakes, for instance, one of the Caldwells), and some that are less desirable (Haledon, and especially Paterson). Access to public transit varies widely depending on where in the town you are located. Even the various neighborhoods/sections of town are more or less desirable, which affects property values of specific homes. That's to say, a very similar home in one part of town might sell for $400,000 or $600,000, depending on where it is exactly.

ETA: If you haven't already, I'd encourage you to check out the town in some depth--either with a realtor, or just with an atlas and GPS, and a list of the places you've found that you liked. Also check out the school reports and such if that's important to you. It will give you an idea of what $X will really get you in terms of neighborhood, access to transit, quality of schools, for each particular house.

Last edited by jerseyjersey; 03-28-2012 at 06:27 PM..
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