Monday, October 10, 2016

Masa Umatan Rental list -Oct 7


The Rental List is a very popular feature in Masa U'Matan Click HERE for the current list. 

50 comments:

  1. The list is getting longer and longer, have rental prices gone down?

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  2. The housing market will collapse bh

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  3. Sorry to burst your bubble but in yidishe markets there are always ups and downs but eventually ,the demand brings back higher prices. In BP and Willy there were always times of lower prices, but within a few years the higher prices always came back. In Lakewood on a 550000 dollar duplex for example ,about 400000 is the cost of construction and the roads and sewers etc plus a 10 per cent builders profit. So its not like the majority of the price is the increase in land costs. The builders are including a lot in these houses today with finished 3 or 4 bedroom basements . Even if prices pullback temporarily, the long term trend is only higher. Every shver and father has plans to retire in Lakewoodand every Chasidus is moving to Lakewood .We are running out of room.

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  4. I think in the long term (5+ years) the market will be fine, however there might be a short term drop in prices, as investors realize they can't always rent out their new duplex so fast and for as much as they wanted to. Most (not all) homeowners will be able to survive a few months without a basement rental and for a couple hundred dollars lower than expected. However investors (as they have to rent out top and bottom and will be taking a cut on both of them) might have a harder time and even if they pull funds from somewhere else it's no longer such an attractive investment. I feel that a major factor in high prices (besides brooklyn moving here) is investors, look how many top and bottom rentals are available from the same person in massau umatan. They create a false sense of demand which just keeps on raising the prices.

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  5. The vast majority if buyers are users, not investors. Even the investors sre usually people who are buying for unmarried children ,not stam investors.

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  6. Investors have stopped buying up in Lakewood most of the homes are now purchased by the end users. However prices are still rising forcing people to move away.

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  7. The last price crash was because most of the buyers were investors intent on flipping. Today its all users so it wont crash. Users need a place to live.

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  8. To the all the above comments that it's all end users not investors, can you please explain why so many top and bottom apts are available from the same person?

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  9. If users can pay their mortgages that's fine.


    But they cannot.

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  10. There are always going to be a few investors ,plus parents buying for teen age children not yet married. But the vast majority are users who are living there

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  11. Prices might come down if the standards come down. Right now the buyers ,even yeshivaleit are demanding very high standards even in the finished basements and the builders costs are much higher than a few years ago.

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  12. I see a major uptick in people that have been asking to "borrow" to pay their mortgage as well as many people that are asking random people to help them "syndicate" with their down payments. Many people bought with absolutely no cheshbon or a very tight cheshbon making their mortgage payments dependent on expectations for very high rents and zero vacancy. The slightest hiccup is throwing them in to not being able to make the payments. There is alot of pressure for the younger oilam to but what they can't afford. I'm not sure who is to blame but it needs to stop.

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    1. definition of "uptick" - a small increase (going up by just a tick)
      there is no such thing as a "major uptick"

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  13. Most basement rentals are out of central Lakewood. Not exactly prime so there is a glut. Those in prime neighborhoods, single family developments closer to town that avoid Route 9 have usual vacancy.

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  14. Top rentals are due to home owners sticking it out a few years in basement

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  15. In the new Hampshire Cedarbridge area the asking price came down $150.

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  16. It has been this way for many years. When there are a lot if new rentals st one time like it is now ,the prices come down. As soon as building slows down a little and there are less new rentals ,the prices of rent come back up. Regular supply and demand ,economics 101. Obviously the prices in outlying areas like new Hampshire stadium will come down faster and quicker than those in the heart like pine st.

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  17. The problem is building is not slowing down there are a lot of developments coming on line within the next two yrs. Each new house besides for adding a new rental also causes a vacancy of an existing rental unit. Besides that we have the capitol units and the fact that Jackson is and TR are also helping keep supply levels high.

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    1. Jackson and TR. Geo not have any hadememt rentals.

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  18. Interest rates at zero for years. Some predict negative rates. As loans mortgages are fixed in the sub 4% range, the price is manageable.
    However those who sought privacy & quietness & rural life, will need to rethink. it's going, going & soon to be gone.
    The problem is:
    NY is a higher price , lower taxes & much less land for your buck.
    Lakewood higher taxes, higher tuition, more land, newer bigger house, higher taxes.
    Out of town, like Pittsburg, Chicago, Detroit, & that type of place, lower house cost, lower standard of living, lower taxes, but higher tuition less choice of schools. Reason being less kids to fill the class.
    Now if many would make the shift to the dwindling communities, some are (like Binghamton IMO, even Scranton, if not for the Yeshiva, & a new khal geirin)are on the brink of shuttering, they have the infrastructure to start a kehiilah, a shul Mikveh , day school. The emptying buildings are there.
    If people would move as a group, these communities could be revived, new jobs found, & the tuition could go down. The cost of living will be less, and the kehilos could thrive, with live , let live & live with.
    It is time to reckon, the have & have-nots & start the move.
    I guess once you are used to the Pizza stores & ice-cream stores, Sushi bars & cholent shops, it is a little hard to get out your bread-maker or taking a turn watching the cows being milked.
    Better milk the cows, than let the powers, & machers that be milk you.
    BTW the pioneers will be rewarded, both in gashmius & rucnius, Vehameivin Yovin.

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    1. When your wife has a job and all your chaveirm live in lkwd it is very hard to move out.

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    2. We don't want day schools,we want chadorim. These 'established' towns will immediately lower standards and end up fighting any attempt to raise them

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  19. There are cl91st to 1000 new families being formed every year. So there is a need for new rentals.

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  20. Totally off base. The cost of construction is the same in out of town as in Lakewood,maybe even more. The only difference is the cost of the land. For the exact same construction of a duplex with finished basement .maybe you will save 125,000 in Scranton or Rochester etc. Assuming the land costs there are 25,000 per unit. So you save 650 per month on the mortgage but everything else is much,more expensive and you can't find a job. And you have no basement rental of 1,000 a month. So it doesn't make sense. Yes you can find cheaper houses there but they are older and much smaller so its not a fair comparison.

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  21. Only reason you need a newer & larger house, is because everyone else has one. That is not what we should be building in Golus. Older & smaller as long as it is livable, is enough. Where does the Torah command us to have 5000foot plus new homes with all mod-cons in them? How many brand new 500 foot houses are there in those communities. Did all your parents & grandparents have new custom built homes?
    You are offbase, or unfortunately the generation is off base.

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  22. Nobody said we need these houses. I agree that we shouldn't need them. But to make an honest comparison you have to compare apples to apples. It is not honest to say that you can have the crane house out if town for 300,000 less. That is not true.

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  23. I wasn't comparing apples to apples the way you look at it, for that matter we could buy the Empire State building. I was referring to a place to live, which is livable Bederech Kovod, and yes that is relative to the demography.
    Living quarters to living quarters is apples to apples. Living quarter to killing quarters(heart attacks that owners may get from the costs) or making the umos haolam's eyes's pop out, may be apples to oranges.
    I have an old house on Lakewood standard, maybe a large or double lot, but in Lakewood it cost 400K plus, & in Scranton, my house would cost 100K or less. True you may not want to do a shidduch with me, because I am old fashioned, or look to poor, but I try to live within my means.

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  24. You are off base. You are talking musar,in which you are right. But you initially phrased it as economics in which you are not right. Of course we should ideally be happy to,live in smaller not so fancy houses. But then don't try to paint it as an economic. thing. Even in Lakewood if the oilam would be happy with a very basic 2200 sf 4 bedroom townhouse,we could have t cheaper housing. So stick to musar and maybe you will get somewhere

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    1. Not true westgate is still pretty basic and the houses go for 330-360k

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    2. The same basic new home in Scranton is also going to be at least 250 to 275. Its only the 90 year old antiquated houses that are cheaper. 330 without today's mortgage rates is considered affordable. You won't find it cheap0er anywhere else in Nj

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    3. A 100k difference is nothing to sneeze at that is a 30% difference. The point is davka to look outside of NJ.

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  25. NO musar, just my own house in Lakewood it is 400K plus, same house in Scranton (built in the fifties) is less than 100K. Plain economics using my own house not a new townhouse.

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  26. So when are you moving to Scranton. ? Is it all talk or for real ?

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  27. The lots in Scranton are even smaller than a duplex lot in Lakewood. They are like boro park lots.

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  28. The houses are 90 years old and the neighborhood is pretty rough.

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  29. AnonymousAugust 8, 2016 at 9:27 AM

    The houses are 90 years old and the neighborhood is pretty rough.
    So was Ridge & Park in Lakewood 20 years ago.

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    1. But ridge and park houses were bought for lots to be torn down. This person wants large families to,live in them as is

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  30. http://www.zillow.com/homes/for_sale/Scranton-PA/9566912_zpid/20398_rid/globalrelevanceex_sort/41.476817,-75.514355,41.332095,-75.809613_rect/11_zm/1_fr/?3col=true
    see what Scranton costs

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  31. So Mr zillow why aren't you moving ? I can find you even closer inner city areas with 90 year old houses for cheap. All Scranton has is a mikvah and a shul. That's not so expensive to replicate.

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  32. There are tens of thousands of old cheap houses in various inner cities within less than 3 hours from Lakewood. If people want that ,there is plenty available for cheap

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  33. Here you got something like new Lakewood in Scranton, but they are asking more than the Zestimate & half of Lakewood, they probably won't get the asking.
    http://www.zillow.com/homes/for_sale/Scranton-PA/61183731_zpid/20398_rid/globalrelevanceex_sort/41.476817,-75.514355,41.332095,-75.809613_rect/11_zm/1_fr/?3col=true

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  34. So why aren't you moving there ? Talk is cheap , Lets see you sell and move next week.

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  35. A few points . This house and any newer houses is about an hour walk from the shul and an hour and 20 minute walk from the yeshivah . Basically even further than Jackson or Toms River is to shuls . So compare it to Jackson ,not Lakewood . Second ,it is only 3 bedrooms and 2454 sf and smaller than the 2600 sf townhouses that are going for 175000 more but are including a 3 bedroom finished basement which these dont have . Im not saying we should not strive to live in smaller houses , its just not fully comparable .A larger family will have to add one or 2 bedrooms , not terrible but an expense nonetheless . But by all means , I think you should move out there and lead the way for us .We are all waiting

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  36. An old house 2300sq feet is 85-120 range and are near the shuls. Just curious what does it cost to renovate such a home?

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  37. Unless you really believe,the town will become frum and in demand ,it does not make sense to renovate too much. You will never get your money back. The prices do not go up.

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  38. AnonymousAugust 9, 2016 at 10:34 PM

    An old house 2300sq feet is 85-120 range and are near the shuls. Just curious what does it cost to renovate such a home?
    That question is similar to how much is your grocery bill? It really depends on what you buy & how often you buy.
    Each house is different & the standard you want to bring it up to, varies too.

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  39. To add 2 bedrooms and 2 bathrooms plus a new k9shed kitchen and modernize the windows ,heating and ac etc will definitely cost you much more than what you spent on buying the house.

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  40. Why do you need to add 2 they already have 5-6 bedrooms

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  41. Mist of them only have 3 small bedrooms. In any event they are 90 years old. Not designed for large Yeshiva families. But by all means lets see some people move there. It will be great.

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  42. This long list has a silver lining! Rents will be coming down馃槉

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