Tuesday, May 31, 2016
700K for a Duplex!
No, not for both houses but for only one house in a duplex, reading The Lakewood real estate section has now become wishful thinking to many couples. Its like reading home prices in the affluent suburbs of NYC. For those who hoped to buy a home in Lakewood after renting for ten years, its now a fading dream. The asking prices keep rising with no end in sight. Many are hoping for the bubble to burst for the market to flood, but that has yet to come. Blame goes around from developers to builders to brokers to the home buyers themselves. Builders are not making more money per house as prices went up and selling the land is where the profits are made. Standards have gone up and the average duplex is now closer to 3000 Sq feet. Brokers are luring New Yorkers with more money to put down since for them Brooklyn is not an option, a home in Lakewood for 700K is cheaper than paying over 1 Million. Young couples are looking elsewhere after they are being priced out. Neighboring town homes are not that cheaper with prices being driven up, at least you get a nice sized property. Time will tell but for now there is no letting up and kolell members living in Lakewood for a number of years are now facing a reality they did not think would come so fast.