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Old 09-17-2008, 01:53 PM
 
5,340 posts, read 13,002,204 times
Reputation: 1174

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Quote:
Originally Posted by proboscis View Post
I agree with what you're saying but I was just talking about the $350K-$400K range, the so-called "starter homes".
Oh, I find it laughable too. I remember in the end of 1999 my friend bought a smaller, but very nice 3 br/2 ba colonial on a lovely street in Verona for $280k. I thought she was out of her MIND. This house was a gem and in "move in" condition. Well, in 2002 when I was buying I would have given my eye teeth for that. I got a cute but tiny little home (3 Br, 1 bath) that was in SUCH godawful condition that when we closed I was too grossed out to stay in it. We continued renting for 2 months while we renovated. We put about $90k into renovations after paying just shy of $300k for the home. These were homes taht in 1998 were selling for $190 in good condition. REDICULOUS> Everyone told us "Well, it's a nice starter home." I said "At this rate, it's an ender home." lol
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Old 09-17-2008, 01:57 PM
 
Location: High Bridge
2,736 posts, read 8,995,018 times
Reputation: 670
Quote:
Originally Posted by EEEPNJ View Post
Of course age has something to do with it. If JM's Mom is in her 70s a stable investment is the way to go at this point. I don't think risky investments are good for older folks.
She never owned stock though, and always went with CD's (this is just gleaning from JM's post), content with a few percent.

I couldn't do that. Even in my 70's.... then again I'm a control freak, and I even handle the redistribution of my 401k money monthly
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Old 09-17-2008, 02:03 PM
 
Location: NJ
12,284 posts, read 33,044,845 times
Reputation: 5263
Quote:
Originally Posted by CuCullin View Post
She never owned stock though, and always went with CD's (this is just gleaning from JM's post), content with a few percent.

I couldn't do that. Even in my 70's.... then again I'm a control freak, and I even handle the redistribution of my 401k money monthly
depression era babies have/had a very different outlook on money.
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Old 09-17-2008, 02:07 PM
 
5,340 posts, read 13,002,204 times
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Quote:
Originally Posted by tahiti View Post
depression era babies have/had a very different outlook on money.
With good reason I guess...
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Old 09-17-2008, 02:28 PM
 
646 posts, read 2,503,646 times
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Folks we are already there and going down!
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Old 09-17-2008, 03:11 PM
 
Location: South Philly
1,943 posts, read 6,424,691 times
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Quote:
Originally Posted by EEEPNJ View Post
On the contrary, I complain about unbridled capitalism ALL the time. I think it is evil!
You and me both
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Old 09-17-2008, 04:32 PM
 
Location: Stewartsville, NJ
7,577 posts, read 21,014,950 times
Reputation: 1253
Looks like Wamu is up for sale..anyone interested? 180 billion in deposits... the math doesn't add up! Now the press is putting the fear of FDIC not be able to cover all of our monies... I'm sure the banks will be crowded tomorrow with people withdrawing their money! I have an ING account... I wonder how safe that is??? Back to the "First National Bank of Mattress!"
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Old 09-17-2008, 08:04 PM
 
Location: New Jersey/Florida
5,644 posts, read 11,229,556 times
Reputation: 3934
Who needs money when we have the internet to satisfy our needs. Lets have a meeting at the George Washington Bridge at 5PM tomorrow and we can all jump off together. Give me a tent in Colorado a fishing pole and some basic supplies and I'll be more happy than the rat race that we are stuck in.
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Old 09-18-2008, 06:00 AM
 
Location: Exit 14C
1,555 posts, read 3,855,063 times
Reputation: 396
Quote:
Originally Posted by EEEPNJ View Post
That has to do with many factors, in Northern NJ at least, it has a lot to do with folks who work and lived in Manhattan making beaucoup bucks moving to NJ. They are used to paying 1.2 mil for a tiny condo and now they are getting a McMansion and not having to fork out for private school in the city - so they think $700k is a steal.
Although the majority of people who work in Manhattan haven't been able to buy a place in Manhattan for a long time now . . . and unless they've been there forever so that rent control is working in their favor, the majority of people who work in Manhattan can't afford to rent there, either. With the housing market the way it is now, most of them can also barely afford to live nearby in Jersey and commute. They're having to go further out and balance more reasonable housing costs with ridiculous commuting costs (and time).

There are folks who work in Manhattan who make enough money to live there, obviously (aside from rent control that is), but it's not as if most jobs you can get in Manhattan are jobs paying 6-figure salaries. Jobs paying around 50-75k are much more common, and there are far too many jobs paying far less than that.
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Old 09-18-2008, 06:41 AM
 
Location: Stewartsville, NJ
7,577 posts, read 21,014,950 times
Reputation: 1253
Quote:
Originally Posted by JERSEY MAN View Post
Who needs money when we have the internet to satisfy our needs. Lets have a meeting at the George Washington Bridge at 5PM tomorrow and we can all jump off together. Give me a tent in Colorado a fishing pole and some basic supplies and I'll be more happy than the rat race that we are stuck in.
Can't do it JM! would mess up my Jersey Hairdo!!!!
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