Is the Morristown/Morris County area in a real estate bubble? (Union: for sale, condo)

[blondebelle]

Does anyone feels the housing prices in the Morris County area in a bubble?

[zhelder]

Originally Posted by blondebelle

Does anyone feels the housing prices in the Morris County area in a bubble?

While I still don't know how people are paying the prices they are for housing in a lot of towns, I don't think they're going down. In fact, they're increasing, even with mortgage rates on the upswing.

The obscene wealth in NYC is simply spreading out further in NJ. People priced out of NYC blew Bergen County prices into the stratosphere in the 90s and early aughts. Now, that next tier of people are being priced out of Bergen County.

Guess where they're heading...

I just signed a purchase agreement for a new construction townhouse in Morris County not too far from Morristown. I wanted to stay in Bergen County, but it was no longer possible for me to do so financially without buying a true piece of garbage house. They actually raised the price of my townhome just before I signed the contract, AND took away items that were initially included as standard (a deck and a walkout basement being the biggest two of those options).

I was fortunate that the sales agent was honorable, and she honored the former pricing and options for me. And despite the price increase, there's still plenty of interest in the community.

TL;DR Version: Prices in Morristown and Morris County ain't going down anytime soon.

[HalfFull]

Does anyone think that a second thread on the same topic was needed?

//www.city-data.com/forum/new-j...-vicinity.html

[jaymoney]

Originally Posted by HalfFull

Does anyone think that a second thread on the same topic was needed?

//www.city-data.com/forum/new-j...-vicinity.html

If they keep asking maybe they'll hear what they want to hear.

"Yes, it's a bubble, don't buy there, it's overpriced and will crash next week!"

[NJpoliticiansarecrooks]

Ridiculous. Morristown is nice enough but it's not like the bar and restaurant scene is anything close to Hoboken. And it's a long, expensive train ride to New York City.

[This Guy111]

Is the bar and restaurant scene comparison between the two cities that important? I have taken the train from Morristown to NYC and it was neither long nor expensive.

[Docendo discimus]

Originally Posted by NJpoliticiansarecrooks

Ridiculous. Morristown is nice enough but it's not like the bar and restaurant scene is anything close to Hoboken. And it's a long, expensive train ride to New York City.

Not sure if you're specifically referring to the below post in the duplicate thread:

Originally Posted by 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.

The townhouses on DeHart that are going for that kind of money are 3500+ sf. That $1.25 million price tag is not that much far off from how much a typical, new construction, 3500+ sf house w/yard in that area of Morris County would cost. It costs a slight premium to live on The Green. Those townhouses come with their own driveway/garages, and people are within walking distance to not only bars, cafes and restaurants, but the train station, movie theater, Mayo PAC, post office, public library, a grocery store (Kings), department store (Century 21), banks, doctors, dentists, and even the courthouse if you get stuck with jury duty. All that, and you're also a 5 minute drive away from forests & trails if all of a sudden you're in the mood to go country.

I agree that the bar/restaurant scene is not comparable to Hoboken (and downtown JC, which would be my preference if I had $1.25 million to blow on a condo), however, not everyone really cares about, or FOR, city living, a bar/restaurant scene, and NYC access. There are plenty of professionals making big money in Morris/Essex/Union Counties working for one of the firms, corporations, hospitals in Florham Park, East Hanover, Roseland, Madison, Summit, etc. etc.

Also, if you took that same $1.25 million townhouse (same amenities & square footage) and dropped it in the middle of Hoboken, it would probably be more like $3 or $4 million.