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Re: Home price surge worries longtime residents
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{{{{Since 2003, the average sale price of a home in Hudson County has soared by 25 percent - from $287,000 to $408,000, according to the Liberty Board of Realtors. The number of homes sold annually during the same period has also increased by 25 percent, from 4,600 to 6,100 last year.}}}}

What can you get for $408,000 these days??? Not much. You will be limited to one & two bedroom condos. I have to laugh when I see what is listed at $499,000 in Manhattan. Usually a tiny studio thats half the size of what I am paying $720 a month in rent for in Queens.

{{{Those kinds of numbers have residents concerned about their ability to continue living here.}}}}

Not only housing prices but also real estate taxes, payroll taxes, and the highest auto insurance & utility rates in the country.

{{{{In a March 2003 poll, 44 percent of the respondents said they have lived in the county for at least 20 years, and 64 percent said they expected to live in the county for at least another five years.}}}}

I hope those 64% like riding on overcrowded subway & PATH trains, paying close to 30% per pay period in witholding taxes, and spending $2,000 or more on housing costs. Not to mention again, the highest car insurance & utility rates in the country.

Its amazing, it seems like everyone in Manhattan, Hoboken & Jersey City these days is under 30, lived in the area for less than 5 years, but have tons of cash available to pay the ridiculous prices and rents being asked.


{{{However, in the most recent poll, nearly 48 percent of the people said that the rising cost of living in the county may force them to leave.}}}}

Contrary to popular belief there is a large country west of the Delaware river that is doing pretty well and where people are not constantly miserable, not rude & hostile toward each other, don't need to live in a constant police state, and don't have to work 12 hours a day in some corporate office for a $75,000 a year salary.


{{{Of the respondents, 52 percent said they were renters and 40 percent said they own their homes.}}}

Buying does not pay in this market especially with rising interest rates and with condo common charges, real estate taxes & or maintenance (for co-ops) easily negating any savings of buying versus renting.

{{{{The county-wide poll had a plurality of respondents - 42 percent - who said they were from Jersey City and made more than $30,000 annually.}}}}

How does someone who makes $30,000 or $50,000 survive these days???

{{{"I often sit people down and show them how they can afford the house, but it takes a little sacrifice, like entertaining at home instead of going out," Hottendorf said.}}}

Sure, we are supposed to listed to a real estate agent about how much house we can afford to buy. They won't be there when your I/O payment jumps $800 or more when the rate is reset or when your home is foreclosed upon.

Posted on: 2006/4/8 3:41
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Re: Home price surge worries longtime residents
#11
Home away from home
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I remember when Kraftwerk sent robots to tour for themselves! haha
http://jan.moesen.nu/media/photos/2004/03/kraftwerk-in-de-ab/


Hey I know everyone has done this but I was just looking at houses for sale between $10,000 and $90,000 nationwide on ebay pretty interesting.
http://realestate.search.ebay.com/ws/ ... &sacat=12605&sofindtype=1

Posted on: 2006/4/4 1:56

Edited by GrovePath on 2006/4/4 2:12:26
Edited by GrovePath on 2006/4/4 2:15:09
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Re: Home price surge worries longtime residents
#10
Home away from home
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Quote:

GrovePath wrote:
And for live music...

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Quote:

NNJR wrote:
Quote:
(gee, I wonder who's gonna sell all of you your coffee and newspaper in the morning.)


Robots of course.


We're charging our battery
And now we're full of energy
We are the robots

We're functioning automatik
And we are dancing mechanik
We are the robots

Ja tvoi sluga (=I'm your slave)
Ja tvoi Rabotnik robotnik (=I'm your worker)

We are programmed just to do
anything you want us to
we are the robots

We're functioning automatic
and we are dancing mechanic
we are the robots

We are the robots

Posted on: 2006/4/4 1:39
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Re: Home price surge worries longtime residents
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Home away from home
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NNJR wrote:
Quote:
(gee, I wonder who's gonna sell all of you your coffee and newspaper in the morning.)


Robots of course.


Nah, they're already at work in the offices, and post here during the day

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Posted on: 2006/4/3 23:56
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Re: Home price surge worries longtime residents
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Home away from home
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And for live music...

Resized Image

Quote:

NNJR wrote:
Quote:
(gee, I wonder who's gonna sell all of you your coffee and newspaper in the morning.)


Robots of course.

Posted on: 2006/4/3 23:55
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Re: Home price surge worries longtime residents
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I hope they aren't named H.A.L.

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Posted on: 2006/4/3 23:51
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Re: Home price surge worries longtime residents
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(gee, I wonder who's gonna sell all of you your coffee and newspaper in the morning.)


Robots of course.

Posted on: 2006/4/3 23:35
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Re: Home price surge worries longtime residents
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So basically, the entire Eastern Seaboard will eventually be populated exclusively by rich people (gee, I wonder who's gonna sell all of you your coffee and newspaper in the morning.)

Posted on: 2006/4/3 22:19
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Re: Home price surge worries longtime residents
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DoggieDew wrote:
The key to successfully cashing out is not to buy back into the same area for which you will pay dearly, but to move to other parts of the country where both cost of living and quality of life are more reasonable, affordable, and enjoyable.

I made my money in Hudson County, now I can happily go elsewhere to spend it! Thanks Hudson County for making me rich!!!! See ya'!


Ain't that the truth!!!

Posted on: 2006/4/3 22:04
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Re: Home price surge worries longtime residents
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Other parts of the country have the same problem as the NYC area, like atlanta, LA, Chicago...housing prices have soared there too...
Also, even you move to say North Carolina to have better quality of life, you quickly find out that you live next to a meth lab, you have gangs in the neighborhood, crime is a serious problem, you have break-ins etc.
...the quality of life in Jersey is better in some regards than other parts of the US.
... I would much rather raise a family in Hudson County than say Houston, at least here people are exposed to culture and you have people setting a positive example.

Posted on: 2006/4/3 22:04
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Re: Home price surge worries longtime residents
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Its the same story all over the NYC metro area. A similar poll was done on Long Island a few months ago, and the results were the same.

The key to successfully cashing out is not to buy back into the same area for which you will pay dearly, but to move to other parts of the country where both cost of living and quality of life are more reasonable, affordable, and enjoyable.

I made my money in Hudson County, now I can happily go elsewhere to spend it! Thanks Hudson County for making me rich!!!! See ya'!

Posted on: 2006/4/3 19:54
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Home price surge worries longtime residents
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OUT OF CONTROL?
Home price surge worries longtime residents
Monday, April 03, 2006
By JARRETT RENSHAW
JOURNAL STAFF WRITER

Hudson County home prices are soaring - and while that might be good news for those who are selling, it's a cause for concern for residents who don't want to cash out, according to a new poll by The Jersey Journal/New Jersey City University.

Nearly two-thirds of residents surveyed in the poll said they probably couldn't afford to buy a home in the neighborhood they live in now; less than 30 percent were confident they could.

In addition, more than 70 percent of the respondents think real estate prices in their neighborhood are "too high." Just 5 percent say the prices are too low, and 14 percent say they're "about right."

Since 2003, the average sale price of a home in Hudson County has soared by 25 percent - from $287,000 to $408,000, according to the Liberty Board of Realtors. The number of homes sold annually during the same period has also increased by 25 percent, from 4,600 to 6,100 last year.

Those kinds of numbers have residents concerned about their ability to continue living here.

In a March 2003 poll, 44 percent of the respondents said they have lived in the county for at least 20 years, and 64 percent said they expected to live in the county for at least another five years.

However, in the most recent poll, nearly 48 percent of the people said that the rising cost of living in the county may force them to leave.

"It's a remarkable turnaround in such a short time," wrote the supervisors of the poll, Bruce Chadwick of the English department and Fran Moran of the political science department, in an analysis of the results.

"While residents have told us they enjoy living in Hudson and generally like being here, we see some concern over whether or not the cost of living, particularly the cost of housing and the spill-over effect it has on the cost of economic goods, may make it difficult for them to stay," Chadwick and Moran wrote.

Of the respondents, 52 percent said they were renters and 40 percent said they own their homes.

The county-wide poll had a plurality of respondents - 42 percent - who said they were from Jersey City and made more than $30,000 annually.

Joe Hottendorf, executive vice president of the Liberty Board of Realtors, said there's always anxiety about rising costs in Hudson County, but with a little research, people's fears are eased.

"I often sit people down and show them how they can afford the house, but it takes a little sacrifice, like entertaining at home instead of going out," Hottendorf said.

Posted on: 2006/4/3 14:29
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