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.

17 comments:

  1. Give it 6-8 months and it will start coming down. When it goes up so fast the market wont be able to sustain it. Its happened before and it will happen again.

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  2. There is no mitzvas yeshivas Lakewood.
    There are many out of town communities that are affordable and offer better job opportunities than Ocean County .
    Oak Park
    Cleveland
    Scranton
    NE Phila
    Pittsburgh
    St Louis
    Atlanta
    Indianapolis
    South Bend
    Norfolk Va
    Etc Etc Etc

    What would anybody lose if they would move out to any of these areas with 5/6 chaveirim

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    1. Lakewood was always and could have been affordable its greed money and power is what did this. Why should someone pick himself up and move out of town when his children are in local schools and he and his wife have jobs just because an outsider with more money decides to move in.

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    2. They should do what they want. But if they think that the laws of supply and demand will somehow magically stop just take a look at what people are paying for rent in Boro Park Monsey and Flatbush and they will c it's just a pipe dream . I am merely making suggestions for those that r finding owning a house something beyond their dreams

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  3. $700K for one house in a duplex?

    Pretty soon even the Brooklyn crowd is going to get priced out. When you factor in the higher Lakewood real estate taxes the mortgage is probably higher then it would be in Brooklyn on a more expensive house.

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  4. totally insane & crazy at the same time

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  5. The monthly mortgage is close to 6k that means renting 2 bsmnt apartments plus another 3rd monthly.

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  6. The Lakewood housing market will crash. It will be spectacular to watch.

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  7. Hovson is planning to build 6000 plus homes with shopping and schools on site 15 minutes from Lakewood on Rt. 70 West

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  8. Looks like a bunch of families may be moving to Bensalem PA. Affordable housing, daily minyanim, MIKVA; 45 minutes to Lakewood. Close to Philly and not that bad from NYC.

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  9. Ya I heard that Bensalem is offering significant $$ to pay for the downpayment of families that move there.

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  10. where's this 700k duplex??

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    Replies
    1. park ave and other areas

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  11. http://www.vosizneias.com/240166/2016/05/31/new-jersey-lakewood-zoning-board-members-opt-out-of-meetings-because-of-recording-devices/

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  12. big Olam moving to Browns Mills, NJ 30 minutes from lakewood down rt 70 in Burlington county. Houses going for 150k. 2 kollelim opening for Elul zman

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    Replies
    1. last i heard browns mills fell through

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