Thursday, June 23, 2016

Out of control prices

$418,000 for an 8000 sq ft lot, in the Ridge area, the latest amount advertised in the local real estate section. Why are people willing to pay so much? are these prices reflective of the current trends? will the bubble burst?

35 comments:

  1. It's not just real estate that is massively inflated.

    Eg. A towel robe for a 5 year old is going for $104.

    There is massive inflation throughout the Lakewood economy. It will collapse.

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    1. You dont need to buy a towel robe for your child however everyone needs a house to live in

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  2. Unless we allow more development ,these prices will double. Not enough supply. The bloggers who always criticize the boards for approving subdivisions are causing these price increases.

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    1. pls explain your nonsense

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    2. That's a first its the bloggers fault.

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    3. what total hogwash! look at how many houses were approved in 2015! it was more than 1000!!!!!!!!!!!!!!

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    4. I had to check the date to make sure it wasn't April 1st when I read this comment.

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    5. Land is a finite resource one day we will run out of land regardless of how many houses are approved. Then a new solution will need to be found anyways, so why not find that solution now instead of destroying the city to benefit a few.

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    6. Good response, anew solution will be meeded. If Lakewood wasn't such a complete mess, there would have been less resistance to moving into neighboring towns.

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  3. If you put a duplex on the lot you can sell each one for 700k

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    1. you can't put a duples on that size lot. i believe you need 12k sq feet. (unless you are well connected than you can do what you want)

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  4. The boards are not benefiting the homegrown yeshiva olam. The real estate agents and developers are luring and targeting the heimish olam from Brooklyn who are willing to pay more for a house. A kolell couple saving up for ten years can't compete on a down payment with an outsider willing to pluck down more. The crowds are moving out to Jackson, Browns mills, and elsewhere.

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    1. ain't nobody moving to browns mill, and jackson has to be approx. 130k cheaper to break even without a basement rental

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    2. They are close to it. Not everyone wants to be dependent on a bsmnt rental in order to make their mortgage, what happens when you dont have a tenant even for 1 month or the prices go down you are in big trouble. Additionally not everyone wants to live right on top of their neighbors. You also need the downpaymnet, on a 450k duplex that equals 90k. I would also be happy to be free of all of our wonderful askanim.

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  5. A friend yeshiva guy living in lkwd, learned in bmg now looking to buy in a new large upcoming development on rt 9 south area the agent was nice enough to tell him it's going to be a heimish chasidish crowd many who are not even living in Lakewood now. Yes it's a free country but....

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  6. The market is crashing....aside for developments catered specifically to the chasidishe oilom...sales are absolutely flat...there is an abundance of unrented basements so people are realizing that they cannot depend on income from the basements to help pay the insane prices...developments are sitting with no takers....no movement...they cannot afford to reduce prices because they paid too much for the land...sooner than later someone will reduce and THAT will burst the bubble...everyone with a half of brain is taking their money to Toms River and Jackson...

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    1. what world are you living in?

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    2. there are duplexes that have been advertised for months. williams street has been on the market for around a year. still haven't sold. cedarwood hills also. the ones near heimishe establishments, like oak meadows which is near sterling forest and chateu park; stirling ave near ridge; these sell like hotcakes. near the yeshivishe oilam is alot tougher to sell.

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  7. Why are prices insane? The costs of the construction and road improvements and water and sewer and a 3 bedroom 2 bath finished basement and the interest and soft costs of a duplex are about 400,000. The builder is entitled to make 45000. That leaves about 120,000 for a duplex lot. That is not insane.

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    1. total construction costs for duplex isnt 400k. its actually aprox 300k.

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    2. If you can build a quality duplex with a finished 3 bedroom 2 bath basement with granite kitchens and including water ,sewer,new roads ,curbs ,sidewalks,construction interest,supervision,real estate taxes ,insurance ,permits ,soft costs etc for 300,000 then I will buy a few thousand units from you.

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    3. you can't argue with someone in the development business. one investor told me when he cheshbons for a project, he cheshbons worst case scenario 305k.

      real estate taxes not included as that has to do with the land not the actual construction.

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  8. Such nonsense. Developments are like everything else. The good locations and good designs are selling like hotcakes.

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  9. All my friends who grew up in lkwd are moving to jackson I wonder who is buying all these new houses

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    1. Noone.

      The market is flooded with houses for sale.
      The voice has ten + pages...

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  10. You are delusional. My relatives are in the market and they have lost a few new houses because they waited 3 days to make up their minds. In s good location you can't wait more than a day. In a mediocre location you have a few days.

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  11. like everything in life those with money are buying and there are bh lots of gevirim and others that are gebenched and buying for their children. Those who cant afford, Lakewood is no longer an option.

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    1. In other words most of the kids who grew up in lkwd will not be able to buy in lkwd.

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  12. Just because someone is asking 400k for a lot on ridge, doesn't mean they will get it. There was a duplex on Ridge that was asking for over a million, and recently lowered it to 875k, and it's still sitting. Some sellers/developers are dilusional as to how much they will get.

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  13. HV keep it up the scoop is copying your posts :)

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    1. Half the posts are indirectly about them.

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  14. who looks at poop

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  15. this lot has been advertised for a long time. no one is biting.

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  16. The only eitzah is to flood the market with homes for the yeshiva olam in Cedarbridge park

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  17. move to cleveland ohio or allentown pa
    and buy a home for $125,000

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