Saturday, July 2, 2016

TVOL feature on the Lakewood real estate market

                                                              The Voice of Lakewood





37 comments:

  1. brilliance from MG and lefkowitz....... absolute brilliance! the brilliance is too bright that all of us are totally blinded from the light!

    ReplyDelete
  2. This was a paid advertorial by the real estate agents to cover over the fact that nobody else can afford to buy anymore so the prices peaked

    ReplyDelete
  3. The voice is part of the cartel trying to inflate the market.
    A loosing battle. The community called their bluff and are moving enmass to very reasonable and affordable housing in Jackson. - before the money hungry agents and developers can pump it up.

    The Lakewood bubble is about to pop.

    ReplyDelete
  4. Your wishful thinking. Lakewood is more in demand than Monsey,Flatbush etc and Lakewood prices are still much lower. So its wishful thinking on your part but the prices will keep going up. Sure there might be pauses and its not a straight line up ,but if you ate not an investor but you need a house to,live in , its only going to keep going up for the long term so buy .

    ReplyDelete
    Replies
    1. Thanks but il go buy in Jackson.

      You can keep on trying to sell your duplexes in crampt complexes where you can touch your neighbors deck, and nowhere to park or drive to retired Boro Parker's.

      The young normal Lakewood families are not paying three quarters of a million dollars for that.

      Delete
    2. Not the best advice. I gave my family members the same advice 2 years ago and told them to wait till prices come down. Now the houses they could have bought are priced out of their reach and they are angry at me for my bad advice. Even if prices stop climbing and even if they come down a little , these people will never get it for what they could have bought 2 years ago. So be careful about giving advise. You might hurt some close people.

      Delete
    3. Your timing may be off, but the advice is not. Hard to guess when the market peaks, but it is a market that peaks.

      Any number of things can cause that. Rising interest rates, tightening mortgage qualifications, change in demographics where the next generation moves out etc.

      for the price you are paying in Lakewood, you are getting very low quality of life. Look at the new houses on New Hampshre, people are paying a fortune to between a 4 line very busy road and an industrial park.

      Delete
  5. Previous comment is definitely coming from a realtor. If you were smart wait a year before buying new construction in Lakewood. Without a doubt the prices will come down significantly. when prices start climbing everyone becomes a developer and before you know it there is an over abundance of new housing. It will eventually catch up but it will take a couple of years. It happened before in Lakewood and it will happen again. It's a cycle and now is the time to wait to buy.

    ReplyDelete
    Replies
    1. being in the construction business I've heard from builders that a couple of the newer big-shots in the development industry bought huge pieces of land at a high price, meaning that they paid around 250k per duplex land. based on that there is no way the market will come down unless these guys go bust and sell the project at a significant loss.

      Delete
    2. Lakewood has a long history of developers going bankrupt.

      Delete
    3. but when they went bust did the market become more affordable? prices went down a little but not the amount they need to drop for housing to be affordable for most lakewooders

      Delete
    4. Prices have dropped by 30% and more in Lakewood not that long ago. If the economy ever picks up, interest rates will rise and a whole lot of people will be in trouble.

      Delete
    5. A lot of young couples who would have bought the new duplexes at the 3 yrs ago price now that the duplexes are no longer affordable are moving to Jackson.

      Delete
  6. Harold HerskowitzJuly 3, 2016 at 10:21 AM

    In 1989 a townhouse cost 165 thousand dollars. There were only ten on the market at any given time. I purchased a Townhouse on seventh and Lexington. I was told that the Township is not going to be allowing many more homes to be built in the near future. As the near future approached the "right" people were put into office, and on to the zoning and planning boards. Slowly but surely what was originally intended to be a more permissive attitude towards building with common sense, spiraled out of control. We suddenly took on thousands of new residents with all the challenges and costs that come with it. No other towns ever expanded at this rate geared towards families. This was all done to enrich a few developers, politicians and a few select realtors. Now we have a situation where the original attraction of Lakewood is fading.Families are,wisely so, moving to neighboring towns. Buyers now realize that they can have a better quality of life just outside of Lakewood. Since the Yeshiva is no longer a part of many residents' lives there is little need for a large part of our population to live in the center of town. Even businesses realize that they can function better outside the daily gridlock of Lakewood traffic. Route nine in Howell is now becoming the destination for new stores. Even Jackson is attracting very upscale businesses from Brooklyn looking to capture the Lakewood market. Right now there are plans to purchase private schools in Toms River and Howell for Jewish schools. It is only a matter of time that Lakewood schools will be looking for applicants as people flock to the new schools nearby. All of this a natural progression when a neighborhood becomes full.The only problem is that they waited until they ruined Lakewood before people started moving further out, and now the new neighbors are scared we will turn their town into a shambles as well.

    ReplyDelete
    Replies
    1. While I agree with most of your thread I think the opposite is going to happen due to lkwd permissive zoning and free trash pickup for schools all the schools for the tr and jackson residents will be located in lkwd putting more pressure on the remaining taxpayers.

      Delete
  7. Got to love the poll results. Close to 70% think that building should be slowed down. But we have local politicians going to Trenton claiming to represent the people to ask for even higher density zoning in the cross str area.

    ReplyDelete
  8. this poll makes no sense it saying that Lakewood grew in the pass decade less then the previous one .

    ReplyDelete
  9. Its a chutzpah for anybody who bought on the last 20 years to say to stop growth. I and my friends live here for close to 40 years. These newcomers hurt my nice quiet town by building their houses. It was nice and quiet before they came ,especially the seniors who took land zoned for 50 houses and built a few thousand. Now when they have their own houses and they don't need more ,they selfishly say that I should not have a house for my married children who were born in Lakewood before they came. Its totally selfish.

    ReplyDelete
    Replies
    1. Because you were a loser and voted in on the advice of the vaad corrupt politicians who sold out to developers and special interests. We should continue along that path until lkwd is as gridlocked as Manhattan!?!?

      Delete
    2. BTW the same way they claimed those houses were for the oilam they are claiming these new developments are to solve the housing crisis. While in fact most of them are being built and marketed for non-residents.

      Delete
    3. You keep saying this . There is only one broker marketing to NY people. The majority of developments are being bought by local people. I have family who bought and were looking into several projects and all the buyers we knew were from Lakewood.

      Delete
    4. You must have posted this before because I can't imagine anyone else having such twisted logic. there was some building 15 years ago, but not much, it got totally out of control within the last 10 years.

      If not for the mess made by the builders and their enablers, there would have been natural growth to the surrounding towns.

      You wouldn't have had Toms River buying up 25 acres on the Lakewood border so Lakewood Residents wouldn't move there. Land in Lakewood is a finite resource, should have stopped building while the town was still livable.

      that isn't even getting into the fact that much of the new developments are being marketed to New Yorker's, not your children.

      Delete
    5. Seniors are a net gain as they use very little in the way of taxpayer services and do not contribute much to the current traffic of lakewood. If there would be houses instead we would be in a worse financial situation.
      Rockwell, Stamford Meadows, Sterling Place-Forest,

      Delete
  10. A question to anybody in the know, I'm from Toronto where you can still buy a nice condo for $300,000 or less. Nothing fancy but new and livable. Why doesn't Lakewood offer something similar? Is it against some law or something?

    ReplyDelete
    Replies
    1. not worthwhile for investors/builders they earn much more off a piece of land turning it into a duplex that into condos

      Delete
  11. A 5 bedroom townhouse plus a 3 bedroom finished basement costs the builder more than 300,000 to build. That doesn't include the land or streets ,water ,sewer,sidewalks construction interest etc. You can't expect a builder to take loss on every house they sell. The condos you are talking about are probably small,not suitable for families with 10 kids.

    ReplyDelete
    Replies
    1. Yes, the condos are small, some just two bedrooms but at least it's something. Many people would buy such a place as they don't need more space. No I don't expect a builder to lose money but there doesn't seem be what we use to call a starter home anymore.
      A starter home is what I bought when I needed a home and as my family grew I sold it and used the equity to buy a larger home. I guess it's simply economics. Here in Toronto you can build 100 units on a very small,parcel of land. But I'll assume it's not feasible in Lakewood.

      Delete
    2. it doesnt cost more than 300k to build

      Delete
  12. 2 differences . First of all like you noted , here in Lakewood you cant build 100 condos on a small piece of land . You still need quite a number of acres .

    But more important , Lakewood is different . Many families have 10 or more children . There is also a Kollel mentality . Meaning ,that in Toronto a person with 1 or 2 kids buys a small starter condo apartment , with the intention that when his income increases as his family grows , he will have more money to upgrade . In Lakewood , most young families are getting help from parents to buy their house . They dont anticipate their incomes to rise substantially as they are not professionals ,lawyers ,doctors etc . So they want to buy something that they can live in with a large family for many years to come . Granted ,some families will see a rise in income and will be able to upgrade in the future to something nicer , . But the mentality is ,that I need to get the biggest house I can afford now because my husband might still be learning or be a Rebbi with a small salary and I may never be able to afford more .So the notion of building 2 bedroom small condos has not taken off yet . Maybe with time as more New Yorkers move in and there are professionals ,then it might happen .

    ReplyDelete
  13. Starter homes are not profitable to build. It's cheaper to rent for the space you would get with a starter home.

    ReplyDelete
  14. West gate apartments are close to what you are suggesting however they are being rented and are not for sale. I wonder if any builders out there could educate us as to what it costs per unit too build one of those strips of condos 3_5 bedrooms each

    ReplyDelete
  15. There is very little land zoned for apartment style condos.

    ReplyDelete
    Replies
    1. Still curious to know as to what the cost to build is

      Delete
    2. hard to know as the only ones who have built them was BMG and their prices won't be comparable to the public market as their's was purely tax free and built in the cheapest possible way

      Delete
  16. The only solution to reduce costs us to build up 5 story condos. A lot of units on small land. But then the nisht farginers will cry about even more overbuilding.

    ReplyDelete
  17. move to cleveland and buy a home for 125,000 thousand with 700 taxes a year

    ReplyDelete
  18. West Gate is an UGLY Unkempt , Ghetto where there is not one tree and about 3 Blades of Grass. The children have very little recreation and the teenagers in Westgate are going OTD,with nothing for them to do.The narrow streets are dangerous for ALL in the Mad rush,racing off to Nowhere.The greed (profit of at least $100,000 per sellable unit)is evident as the builder sucks up every penny he can leaving Westgate looking like a slum. Imagine if the zoning or planning cared about the Lives of our children,etc and demanded from developers wider streets,more green space and recreation for the Children to Blosssom. But NO, $$$$ Talks in this town, Our town like many others in NJ believe in Pay to Play, where the Taxpayers PAY for the Greed of a few

    ReplyDelete