Lakewood housing price bubble- unique or not?

[yuneeq]

They've added 3-4 additional towns. There's no more a need for housing in Lakewood proper. New construction in Lakewood hasn't been selling out.

Location location location

[Euclid]

Location location location

Vast majority of young people (this is also the vast majority of new home buyers in town) are buying outside of Lakewood. What started out of necessity, now has become lechatchila; young people aren't interested in living in Lakewood when everyone their age lives in TR or Jackson etc.

[Euclid]

Like where?

Most recently, the development on Massachusetts where they were going for more than $1 million and had a gorel, for regular duplexes. Not sure about the current status but they still weren't full as of a few weeks ago.

[Kobe Bryant]

When the printing of money is out of control, real assets go up. Heavily popular frum areas are never that affected by housing declines

Couldn’t disagree more.

[Moshe123]

Except for some tiny blips, buying real estate in an established frum area is a pretty much guaranteed investment with high returns.

Do you know anyone who didn't gain a lot of equity from owning a house in Monsey/Willi/KJ/BP/LW?

[aygart]

Except for some tiny blips, buying real estate in an established frum area is a pretty much guaranteed investment with high returns.

Do you know anyone who didn't gain a lot of equity from owning a house in Monsey/Willi/KJ/BP/LW?

Lots of people lost TONS of money in Monsey in the 80s and kept Kupas Ezra very busy.

[smart man]

Most recently, the development on Massachusetts where they were going for more than $1 million and had a gorel, for regular duplexes. Not sure about the current status but they still weren't full as of a few weeks ago.

They’re for sale for months and they aren’t on Zillow?

[Euclid]

They’re for sale for months and they aren’t on Zillow?

It's new construction

[smart man]

It's new construction

New construction can still be on Zillow if it’s actively being sold.

[yuneeq]

Most recently, the development on Massachusetts where they were going for more than $1 million and had a gorel, for regular duplexes. Not sure about the current status but they still weren't full as of a few weeks ago.

I heard they're selling for 1.2m.

[S209]

They've added 3-4 additional towns. There's no more a need for housing in Lakewood proper. New construction in Lakewood hasn't been selling out.

I went under contract today to sell a house in Jackson for 15% above asking. Reports of a slowdown are greatly exaggerated, though the worst might be ahead.

[Euclid]

I went under contract today to sell a house in Jackson for 15% above asking. Reports of a slowdown are greatly exaggerated, though the worst might be ahead.

Mazel Tov! But I doubt you're moving back to Lakewood

I was only coming to counter the claim that Lakewood needs to add more units. There's plenty of housing available in TR/Jackson etc.

[avromie7]

RE prices are always a balance between supply and demand. While Lakewood and the surrounding area will never have a demand shortage, there can be a supply surplus. As long as the general market has a supply shortage, the Lakewood area will be no different. When the general market has a supply surplus, it will reach the Lakewood area to some degree. For starters, buyers from outside our community will dry up, as they can get a much better deal somewhere else.

[jye]

Vast majority of young people (this is also the vast majority of new home buyers in town) are buying outside of Lakewood. What started out of necessity, now has become lechatchila; young people aren't interested in living in Lakewood when everyone their age lives in TR or Jackson etc.

Howell is the new Jackson.

[Moshe123]

Lots of people lost TONS of money in Monsey in the 80s and kept Kupas Ezra very busy.

Monsey in the 80's had more than 10% of the current population, or less than 10%?

[aygart]

Howell is the new Jackson.

Be careful where in Howell because some parts have tchumin questions.

[S209]

Mazel Tov! But I doubt you're moving back to Lakewood

Not the home I live in.

[Euclid]

Not the home I live in.

Ah; still a mazel tov is in order

[jye]

https://www.northjersey.com/restricted/?return=https%3A%2F%2Fwww.northjersey.com%2Fstory%2Fnews%2Fnew-jersey%2F2022%2F06%2F24%2Fnj-counties-vulnerable-housing-market-decline-america%2F7709693001%2F

https://archive.ph/m0UCn

[Mordyk]

All I know about this is that I was looking at some houses in Jackson and my parents were looking in TR.  Both locations the houses did not just get grabbed l, and a few weeks later we were both approached with a price cut.  This was in the last two months.  12 months ago this would never happen as each house had a bidding war.