NJ real estate

[dani0622]

Any other NJ people out here frustrated with the cost of real estate in NJ? My DH and I have been looking for our first home for about a year now and we seriously think we'll be renters for the rest of our lives! It seems the only place you can find a decent priced home if you are middle class (we're probably lower middle class! ) is way out west near Pennsylvania or way, way down the shore. We're renting in Morris County now but we know we'd never be able to afford anything near us!

 

[jel0511]

In that part of NJ, real estate is out of control!! We live near Princeton and it's really not better here. As long as you're within commuting distance of NYC, everything is outrageous!!!!

 

[dani0622]

In that part of NJ, real estate is out of control!! We live near Princeton and it's really not better here. As long as you're within commuting distance of NYC, everything is outrageous!!!!

Yeah, I know about your area too, I've looked there!

 

[luvwinnie]

I live in Bergen County. Luckily, we bought in 2001 or else I couldn't afford my house now!

 

[LisaNJ25]

I am in Morris County also. The prices are crazy. I live in a "not so great" town and houses that are not great at all are selling for $300-$350. Forget a 2 family house, they are over $400

 

[imsorry]

my house is down in Ocean County and it has doubled in price since we bought it 3 1/2 years ago!

 

[wwtbamrob]

I know what you are talking about too. My company just announced plans to close the local facility where I work. They have offered everyone who works in IT (which includes me) our current jobs, but we would need to work out of Morristown, NJ. We went house hunting there and realized that the cost of housing is approximately 3 times what it is here. Likewise property taxes and insurance. I'll be looking for another job in this area.

I hate to give up 17 years, but what else can I do? It's sad, I think only 2 people are moving and only because they are so close to retirement. They are going to lose about 50-60 good people. The saddest part is that there are other locations that would welcome us but upper management wants us all in New Jersey for some reason.

 

[dani0622]

I think part of the problem is that there are soo many people in NJ that are upper upper class and can afford the high real estate. In my area, when we first starting looking, we looked at a two bedroom one bath cape cod, that needed some TLC. That house sold for almost a half a million dollars!!!! I've seen similiar homes in Monmouth county selling for $200,000-$250,000! I guess as long as there are people willing to pay a half a million for a tiny starter home-fixer-upper, nothing is going to change unfortunately...

 

[barbeml]

The prices are bad enough, but the taxes kill us.

My 12-year-old 1400 sf townhome was just revalued at $300,000. I have no garage, no basement, no land. Taxes and condo fees add up to about $7,500 per year (based on the old valuation of $113,000). Next year should be fun when the new tax bill hits.

A few years ago, DH and I looked for a single-family home in the next town (which is a bit less costly). Every house we looked at had water issues and only 1.5 bathrooms (I have 2.5 now).

Even if I sold my house at a nice profit, where would we go? We're stuck.

 

[stm61]

things aren't so cheap here at the shore either. They're still less then north Jersey but with the migration from north to south and then from the Philly/Cherry Hill area, my house has doubled in 3 yrs. It might look cheap to someone from your area but it's definately not to us! We don't get the salary you can get there. Many families are being forced out of state because rents and taxes have gone up so high. If I hadn't bought 4 yrs ago I'd never be able to rent here, never mind buy!

 

[dani0622]

My 12-year-old 1400 sf townhome was just revalued at $300,000. I have no garage, no basement, no land. Taxes and condo fees add up to about $7,500 per year (based on the old valuation of $113,000). Next year should be fun when the new tax bill hits.

Wow! We've had to look away at a few places after we found out the taxes! My in-laws had to sell their house (it was too big for them anyway at this point in their lives) and buy a condo mostly because their taxes were getting close to $10,000 (Essex county).

 

[jx3smom]

Real estate really is crazy here. I am so happy that I bought my house 20 years ago. We live on an island and it is just nuts. There is no land available so houses are being torn down and they are rebuilding monster homes with no yards.

 

[71010]

jx3smom I hear ya!! Im in Stone Harbor. Yikes!! One beachfront is for sale for 7 mil, one bayfront is for sale for 9 mil. Cant even touch a small one bedroom condo for under 1 mil.

 

[SamRoc]

my house is down in Ocean County and it has doubled in price since we bought it 3 1/2 years ago!

Same thing here! We bought a little over 4 years ago and there is no way we could afford our house in Ocean County now.

 

[TiggerPiglet]

We also live in Morris County, bought our house about 3 years ago and we have been told we could get at least $150,000 more than what we paid for it. It's totally out of control.

 

[ducklite]

I just sold my 3/2 townhome in Middlesex county for $315,000. We did put some $$ into it (about $5k) before we listed it, it had new carpet and vinyl through out, and every spec of wall and ceiling (even in closets and the garage) was freshly painted. New blinds, a three month old dryer, it was in really good condition.

In all honesty the people who bought it got a pretty good deal, but I sold without a Realtor, so I didn't get greedy.

Anne

 

[OhMari]

What kind of salaries do you consider low income.

We live in WI and homes are really starting to climb where I live. I am 40 miles north of Milwaukee WI and a new home, 2 story is going for $280,000-$300,000. There is no way people make that kind of money to pay for mortgages where we live.

We have a printing company that prints, Time, Sports Illustrated, Playboy and starting wage there is $11.00, most are only making about $12-$15. Pretty soon no one will be living here, unless we all take on second jobs on top of our full time jobs.

 

[dani0622]

well, NJ's median income is about $56,000. We've been told and heard that if you make under $100,000 in NJ you are lower class. We make less than that but more than the median income. I had always thought we were middle class (okay lower middle class) but now people say under $100,000 is the new lower class in NJ. I can see why when in Northern and Central NJ you can't buy a decent home for under $300,000.

 

[Sleeping~Beauty]

It' s out of control here. I feel sorry for couples just starting out and trying to buy a home.

I'm in central NJ (Bayshore area) and we are just outrageously priced. We are actually looking to move out of the state and down south.

 

[dani0622]

It' s out of control here. I feel sorry for couples just starting out and trying to buy a home.

I'm in central NJ (Bayshore area) and we are just outrageously priced. We are actually looking to move out of the state and down south.

You're in Hazlet right? I have family there, would love to live there!