Please recommend towns in NJ. Details within.

[Mike_J]

Originally Posted by foodyum

There are no toll bros type homes in this area so that is a false equivalent.

The reason to watch out for the new builds in the bergen cty northern valley town is because new builds have just recently selling after sitting on the market for a long time, with many price reductions and then going to rentals.
They MAY be overpriced because
1- they appeal to families moving out of the city and not families trading up. There is a premium for a new build. One that city families will pay because - they are flush from the sale of their coop, they are looking at no private school tuition and low interest rates to justify the high price.
2- they are often built on the less desirable streets but a new to the area buyer wouldn't know that.
3- very 2020 design. won't age well
4- no relation to quality of construction - that is builder dependent.
5 all of my real estate friends think so and they are smart and I trust they are being honest with me
6- city buyers are desperate bidding up the price on new more than older home. See #1.
7- New builds have higher taxes.
8- new builds have smaller lots (generally)

Some advise
Most of these towns don't have busing. Live near the school to be able to walk.
Look at the street, not just the house. Busy streets are not desirable in this area. If it has a yellow line, drive by.
No way will you beat out a developer for a knockdown or a rehab. Don't even try.
Research the builder.
Look closer to 2M and negotiate down. That's where the deals are. That price point isn't moving as fast.
Each town closer to the city is worth more. Tenafly is the closest and most expensive.
All the high schools are roughly the same. You are splitting hairs.
Bigger further away is less value than smaller closer in. Montville would not be a good investment IMO.

Great post.

[sp00fer]

This post really resonated with me as I’m moving back from the Bay Area and have similar criteria. Nycdude - where do you end up after this evaluation? And why?

[Retriever]

Originally Posted by sp00fer

Nycdude - where do you end up after this evaluation? And why?

Just bear in mind that he hasn't posted in any CD forum since 8/25/20, so you might not get a response from him.