NJ real estate

[Laura24]

New Jersey...once you move out, you can never afford to move back! Every generation sector struggles, young, established and senior. I, for one am waiting for the bubble to burst or the shoe to drop! NJ is definitely *STRESSED*..in more ways than one.

 

[scanne]

I live in Burlington County, NJ and we paid a LOT for our home. Our taxes aren't TOO bad considering that the townhomes around the corner have tax bills as high as $12,000. We're a single and no where near that! (Our home is about 5 years old, the townhomes are about 1 1/2 years).

I read part of an article in the Philadelphia Inquirer this past weekend about how NJ/PA (Philly area) won't "burst" in terms of the housing market. It stated that since this location is valued by buyers for being close to NYC, Philly and Atlantic City as well as not too far from DC, that the home prices will continue to climb, but not as sharply - and it may take longer to sell your home, but you will make a profit.

DH and I bought our first home (a townhouse in Voorhees, NJ) in 2000. We paid $150 and sold it for $300. That was the only way we could have afforded the home we're in now. Also, I'm a teacher and DH is an environmental chemist - so we fall into the lower middle class category as far as what our annual income is.

What amazes me is that there are about 4 new home developments in my town and they are ALL starting in the $600's. Now, that's BASE price. After upgrades I think many of the homes sell for the $700's or more. Who can afford these homes? The taxes must be close to $20,000 a year! It is truly INSANE!!!!!

 

[Hillbeans]

We're in Somerset County, and we have been very lucky so far with the real estate market. We bought our first home in Monmouth county in 2000 and sold it in 2002 for a $75K profit. We moved to a 3 bedroom townhouse. We're going to be house hunting in the spring in Hunterdon County but our townhouse that we bought in 2002 is now worth over $100 K more than we bought it for. My dad lives in one of the richest towns in Morris County and his house is small compared to others in the town and is worth 500K. It's almost impossible to afford anything anymore in NJ if you don't take a fixer upper or you live in the boonies very far from your job.

Dh and I could afford to live on one salary, but we'd never be able to afford any vacations or trips or extras if we both don't work FT. Luckilly we both have good paying jobs and we count our blessings that we'll have them for years to come.

 

[Hillbeans]

Oh, and my dream was to buy one of those little beach houses one day in Ocean Beach NJ - we used to vacation there when I was a child every summer. Those tiny little 2 bedroom 1 bathroom bungalo's cost $325,000 and you don't even own the land!