Friday, March 17, 2017

Zillow Lakewood market report

For most Kollel families Lakewood is no longer an option as they have been priced out of the market. Agents keep luring out of town buyers from Brooklyn to buy in Lakewood and are willing to put down more and pay more for a home.Will the bubble burst? read Zillow market report

MARKET TEMPERATURECool
Homes may stay on the market for longer. 
Buyers can have more negotiating power.

The median home value in 08701 is $305,000. 08701 home values have gone up 5.0% over the past year and Zillow predicts they will rise 3.2% within the next year. The median list price per square foot in 08701 is $156, which is lower than the Lakewood Township average of $157.


Foreclosures will be a factor impacting home values in the next several years. In 08701 1.0 homes are foreclosed (per 10,000). This is the same as the Lakewood Township value of 1.0 and also lower than the national value of 1.4

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in 08701 is 0.0%, which is higher than the national value of 0.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of 08701 homeowners underwater on their mortgage is 0.1%, which is the same as Lakewood Township at 0.1%.
zillow



20 comments:

  1. This article makes 0% sense

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  2. thanks to all the greedy builders for causing the prices to skyrocket & not letting people learn by causing them to leave town to live elsewhere when they love Hashems torah but cant learn. GO BACK TO SEDOM ALL CONTRACTORS

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  3. I am not a big fan of Zillow. I have run reports on identical properties, in the same condo association, directly across from each other, and there was a 20% variation in the "value" of the 2.

    However, i strongly believe that Lakewood is headed for a short term market correction, and long term market stagnation.

    The short term correction is long overdue, prices have risen too high too fast, additionally, interest rates are rising which makes homes less affordable.

    Long term, Lakewood is headed for a long stagnation, if not decline. First take a look at the aging developments. How many young couples want to buy in Westgate or Forest Park, even some of the developments with larger homes like the Villas are losing their allure.

    There are now more options, and Jackson and Toms River are real options for all types of people, they are no longer viewed as being "out there" as they once were, lets face it, most homes in Lakewood are not walking distance to Yeshiva either.

    Looking at a recent ad of homes a house in the Villas was asking the same price as a 5000sq. ft mansion in Toms River on an acre of land and with a swimming pool. Sure in the villas you MAY be able to rent your basement, but not everyone wants to be a landlord, or at least not with their place of residence.

    Additionally, taxes in Lakewood will be a worsening problem in the future. the percentage of commercial ratables continues to decline, and many of the commercial properties being built now (most of them) are being given 30 year tax abatements. More basement means more tax exempt shuls and schools, as well as more BOE expenses will be required per home (this can be solved by taxing homes with basements at a higher rate, but it won't be)

    As the surrounding downs become mainstream, objectively, why would any young couple want to live in Lakewood? Sure their may be some people with older children that want established neighborhoods so their children will have friends their age, but this is a limited and shrinking market.

    Will prices go down in Lakewood, quite possibly, and possibly severely, but it is more likely that Lakewood will face a very long term stagnation.

    I have been a passive real estate investor for a while, mostly out of Lakewood, but this is just one persons opinion (although it is an opinion I would be willing to bet money on)

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    1. I brought in Westgate 2 years ago I can get $50,000 more. When a house is put up for sale on my block it is mostly taken within 3 mouths. My taxes is cheaper because I do not have an out side entrence to the basement

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  4. Same thing in Boro,park. There are ups and downs but long term ,the demand is just too great and prices stay high. Yes there is Kensington and 21st avenue and the outskirts but the center is still priced high. Same will be true in Lakewood. The cost to build a duplex with 3 bedroom finished basement is not so cheap so while the land price fan fluctuate a little ,the building costs will keep going up as inflation heats up so the house prices gave nowhere to go but up in the long term he can if there are corrections in the short term

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    1. The areas surrounding BP are very different than those surrounding Lakewood.

      People have been unreasonably afraid of spreading out. That is no longer the case.

      Lakewood also faces a long term property tax issue that does not exist in Brooklyn.

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  5. You are a very smart man. I agree with everything that you have said. The only thing that could change the Lakewood market is the flood of Brooklynites who are able to sell tgeir homes for millions , rushing to Lakewood to retire in comfort, which could happen

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  6. With all the growing downsides of Lakewood it will continue to be a hot market because the frum community is growing at a rapid pace and most major frum communities faces a housing shortage. There are very few places capable of absorbing all this growth. Lakewood is still the cheapest frum housing market in a large frum community. What may change however is the demographics. E.G. Westgate today is from the least chsidshe neighborhoods in Lakewood. I wouldn't be surprised if in thirty years it is almost all Chasidim.

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    1. When taxes are taken into consideration, Lakewood is not all that affordable.

      The tax issue is going to become an increasingly bigger issue due to poor planning, and the fact that more single family homes are constantly being turned into 3 unit apartment buildings. (2 rentals in the basement).

      At least in Brooklyn, if you own your home an can afford your mortgage your in good shape.

      In Lakewood, someone who was able to pay their mortgage 5 years ago, an find themselves foreclosed on due to rising taxes.

      This is even more true for fixed income residents.

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  7. As more and more people move to Jackson and TR. The only place for them to send their to school due to the current zoning in both towns will be Lakewood. Meaning a disproportionate amount of schools in Lakewood = Less ratables higher property taxes for the remaining residents.

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    1. At some point, when the need and desire arises, TR and Jackson will have to allow the building of Jewish schools.

      Both towns have an abundance of empty land, and if planned intelligently, it can be done without having a major impact on congestion, or tax ratables.

      Will Jackson and TR ever allow a property generating $60k a year in revenue to become a school, unlikely, nor should they.

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  8. Why don't the bloggers here complain that we should not allow the Jackson and Tons River people to,us Lakewoid schools. Why only complain about new housing in Lakewood.

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    1. I agree while we cant dictate who a school can accept, this is why lakewood has to enact some stricter zoning laws in regards to where schools are allowed. Perhaps discontinue or cap free trash pickup for schools, as this service is being provided for more and more out of town students.

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    2. It's not the schools problem that the Township Committee are destroying Lakewood.

      Many schools are closer to Jackson and TR then they are to parts of Lakewood.

      But based on your line of reasoning, when will shul not allow people who rent basements, or who turned a single family home into a duplex, to davenport in their shuls.

      The original residents struggle to financexpect a shul. It is finally built and is a comfortable place to daven, then you have people renovating renting basements, and knocking down single family homes and building duplexes.

      Now the once comfortable shul, built by the original members, is overcrowded and suffocating.

      A block that once had 10 families, now has 20, and a shul that was built to accommodate 100 people now needs to accommodate 200.

      Of course you can't tell people not to daven in a shul, but the problem is real.

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  9. All the Jackson and TR people are using Lakewoid schools and service's without paying any taxes to Lakewood.There are some bloggers here who think that this is a good idea. I think its insane.

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    1. Considering that almost all the main roads are either county or State, they aren't using much of Lakewood resources.

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  10. Maybe, maybe not. I am surprised that so many Chasisidishe Communities are setting up camp in Lakewood. It is not solving their housing problem, and only setting up the next housing crisis (which will be in the former of unaffordable taxes).

    Ihey are coming in mass and with their own Mosdos. Instead of moving to an area that already has significant issues, and lumited growth opportunity, they could have just as easily moved to a nearby, less densely populated, cheaper area.

    They are free to do what they want, I just don't see the sense in it.

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  11. How about oak street corridor no parks and no shuls/mikvas are they going to clog the development parks/shuls.. across/down the street?

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    1. In the words of a planing board member the olam will figure out shuls on their own.

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  12. And parks? I love how one of the committee members said people in developments don't want parks that gear toward older kids such as basketball courts because it can cause a "hangout" we rather the kids hog our driveways and park down the block! I have an idea for schools how about their tax free status is based on enrollment for every child out of the city they gotta pay taxes on which will be passed on to those parents..

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