Real Estate bubble? Morristown and vicinity (for sale, real estate market, mortgage)

[blondebelle]

My husband and I have started to look at Real Estate in the Morristown area. Single Famly home or possible townhome. We are stunned by the price of the real estate (and of course, property taxes) We have both lived in NJ for a long time. Does anyone else feel that this area is in a bubble?

[vinodelotus]

Not really, it's pretty on par with most of North Jersey. Are you coming from somewhere much less expensive in NJ?

[Goldendoodle1969]

No bubble just a real estate market. It will go up and down over time but over a period of 20+ years your investment is as likely to appreciate as anything else regardless of what happens in the short term.

[vision33r]

North NJ $500k, South NJ $289k. Take your pick.

[captne76]

Makes me want to look for some BIG padded foam hammer to hit myself over the head repeatedly,,,

I lived in Morristown back in the mid 70's in a nice house, with a bunch of other college age kids,,,place was for sale, we rented, it was like either $25K OR $50K for a 4 bedroom suburban house and no one was even looking,,,,,,OH WELL

[Kthnry]

You pay a lot for being anywhere near a train to the city. If you don't commute into NYC, you might broaden your search.

However, houses in train towns do tend to hold on to their value when the real estate market fluctuates.

[Sage 80]

There's no bubble. What you're seeing is typical for the area.

[h_scott]

Another point to carefully consider is differences in real estate taxes between towns - not just the up front selling price. Many people don't realize that Morris Township is separate and distinct from Morristown (except they do share a school district and library). For two homes at the same price point the taxes in the Town are much higher than the Township. My suggestion is to consider the full cost of ownership when comparing homes - at least combine your expected mortgage payment plus taxes to compare and not just the up front prices.

[masterchef1]

Morristown has some distinct sections, if you look near the center of town within walking distance to the green, you will be shocked at what the price of townhouses are going for and selling for.
I looked up a townhouse on DeHart street that was for sale and it was going for 1.25 million, property taxes were 23k I believe, and they got asking price.
if you got to the less desirable parts of Morristown you can find reasonable prices but you may not want to live there.

[babo111]

OP: No.