Author Topic: Lakewood Luxury Lifestyles  (Read 37171 times)

Offline yzj

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Re: Lakewood Luxury Lifestyles
« Reply #120 on: February 06, 2017, 08:18:53 PM »
I know someone who got a 3 bedroom 1.5 bath for 750. That's insane, a year ago it was 1150.
I remember in 2000-2001 there were signs on yeshiva bulletin board advertising basements in the far out- back then- developments for $495. By 03-04 there were almost no apartments to be had. 500 apartments can be filled just by Lakewoods natural growth but there will probably be short term pain. Ask $595 and your basement will be rented in a heartbeat so I really doubt a $4000 a year deficit is going to trigger mass foreclosures but it will put a damper on demand going forward until things stabilize.

Offline thaber

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Re: Lakewood Luxury Lifestyles
« Reply #121 on: February 06, 2017, 08:29:56 PM »
I remember in 2000-2001 there were signs on yeshiva bulletin board advertising basements in the far out- back then- developments for $495. By 03-04 there were almost no apartments to be had. 500 apartments can be filled just by Lakewoods natural growth but there will probably be short term pain. Ask $595 and your basement will be rented in a heartbeat so I really doubt a $4000 a year deficit is going to trigger mass foreclosures but it will put a damper on demand going forward until things stabilize.
yes and no. It is cyclical, but this seems much worse than previous cycles.
for example:

Almost certainly....

Tho there are a lot of apartments available now... wonder if everyone there will hold on or drop the price.
The prices will drop soon enough, this has happened before.
+1
The market in Lakewood has been very cyclical the last few years. Supply catches up with demand eventually.
I wouldn't call it cyclical rather volatile. What is happening is not supply catching up, but that every time a bunch of developments finish within a few months of each other there becomes a temporary glut. This has occasionally last long periods depending on the account of new construction. Otherwise there is usually short supply



and in terms of this

Maybe I wasnt clear. Besides for all those houses in the woods that will be done in the next 2-3 months, there is 3+ pages in this weeks masa umatan. I dont just mean in the woods but other places too  may drop their price.


just my .02
we're at 16 pgs now

Offline churnbabychurn

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Re: Lakewood Luxury Lifestyles
« Reply #122 on: February 06, 2017, 08:36:53 PM »
Yeah, this is no normal cycle. Homes on the market prices are in a downward spiral. It just started but it's the tip of the iceberg.

Offline Super Speed

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Re: Lakewood Luxury Lifestyles
« Reply #123 on: February 06, 2017, 08:37:13 PM »
yes and no. It is cyclical, but this seems much worse than previous cycles.
for example:



and in terms of this
we're at 16 pgs now
19 last week

Offline churnbabychurn

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Re: Lakewood Luxury Lifestyles
« Reply #124 on: February 06, 2017, 08:38:26 PM »
19 last week
Anyone counting for sale pages in back of voice? 20+?

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Re: Lakewood Luxury Lifestyles
« Reply #125 on: February 06, 2017, 08:46:19 PM »
yes and no. It is cyclical, but this seems much worse than previous cycles.
for example:



and in terms of this
we're at 16 pgs now
It always seems more extreme than previous cycles. This has all happened before and will happen again.
Feelings don't care about your facts

Offline Super Speed

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Re: Lakewood Luxury Lifestyles
« Reply #126 on: February 06, 2017, 08:50:44 PM »
It always seems more extreme than previous cycles. This has all happened before and will happen again.
Fact is they're building a lot more than they have in the past so theres no saying when that time will come.

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Re: Lakewood Luxury Lifestyles
« Reply #127 on: February 06, 2017, 08:55:12 PM »
Fact is they're building a lot more than they have in the past so theres no saying when that time will come.
That is what they said last time too
Feelings don't care about your facts

Offline efflpetzel

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Re: Lakewood Luxury Lifestyles
« Reply #128 on: February 06, 2017, 08:57:37 PM »
I know someone who got a 3 bedroom 1.5 bath for 750. That's insane, a year ago it was 1150.
where

Offline yzj

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Re: Lakewood Luxury Lifestyles
« Reply #129 on: February 06, 2017, 09:02:12 PM »
That is what they said last time too
Yep. In terms of housing prices there can easily be a 5-6 year duration peak to trough to recovery if past performance is any indication so things may take a while to fully stabilize...

Offline churnbabychurn

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Re: Lakewood Luxury Lifestyles
« Reply #130 on: February 06, 2017, 09:08:08 PM »
That is what they said last time too
One word: Jackson

There has never ever been such a massive supply.

There are dozens of blocks full of for sale signs.
« Last Edit: February 06, 2017, 09:11:55 PM by churnbabychurn »

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Re: Lakewood Luxury Lifestyles
« Reply #131 on: February 06, 2017, 09:14:54 PM »
One word: Jackson
And other times there were other new areas such as 9 South, Raintree, and other areas each in their time.
Feelings don't care about your facts

Offline churnbabychurn

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Re: Lakewood Luxury Lifestyles
« Reply #132 on: February 06, 2017, 09:40:27 PM »
And other times there were other new areas such as 9 South, Raintree, and other areas each in their time.
Yeah, same houses in raintree have been on the market for 6-12 months. Prices are dropping.

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Re: Lakewood Luxury Lifestyles
« Reply #133 on: February 06, 2017, 09:52:05 PM »
Yeah, same houses in raintree have been on the market for 6-12 months. Prices are dropping.
I'm sure they are. That does not mean this is different than previous downturns. It may be worse but there is no way of knowing now.
Feelings don't care about your facts

Offline churnbabychurn

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Re: Lakewood Luxury Lifestyles
« Reply #134 on: February 06, 2017, 10:00:18 PM »
I'm sure they are. That does not mean this is different than previous downturns. It may be worse but there is no way of knowing now.
Take a drive through Jackson. In just the brookwood neighborhood there must be around 100 homes for sale. And that's basically a regular Lakewood neighborhood already.

Any not new houses in the older neighborhoods like raintree etc are frozen. Noone is buying.

There are a few small pockets of hysteria still like ridge (BP south), but everywhere else supply way exceeds demand.

How and why are you proposing that demand will catch up to an unlimited supply?

I'm not so involved with new construction, but judging by the sheer volume of new construction for rent, (upstairs and downstairs), and the massive developments in planning/building stages, there is also a serious problem.

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Re: Lakewood Luxury Lifestyles
« Reply #135 on: February 06, 2017, 10:02:26 PM »
Take a drive through Jackson. In just the brookwood neighborhood there must be around 100 homes for sale. And that's basically a regular Lakewood neighborhood already.

Any not new houses in the older neighborhoods like raintree etc are frozen. Noone is buying.

There are a few small pockets of hysteria still like ridge (BP south), but everywhere else supply way exceeds demand.

How and why are you proposing that demand will catch up to an unlimited supply?

I'm not so involved with new construction, but judging by the sheer volume of new construction for rent, (upstairs and downstairs), and the massive developments in planning/building stages, there is also a serious problem.
this is exactly the same argument I heard a few cycles already.
Feelings don't care about your facts

Offline churnbabychurn

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Re: Lakewood Luxury Lifestyles
« Reply #136 on: February 06, 2017, 10:04:55 PM »
this is exactly the same argument I heard a few cycles already.
Fine, call it a correction. Either way, duplexes in places like sterling place are down to the very low 4s again. Just like they were 5 years ago new.
Anyone who buys for 6+ now is nuts imho

Btw Here's a good visual.
« Last Edit: February 06, 2017, 10:48:10 PM by churnbabychurn »

Offline YesThatsMe

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Re: Lakewood Luxury Lifestyles
« Reply #137 on: September 04, 2017, 11:01:16 AM »
The way I see it is that the median lifestyle spending is based on a 180k income. (Median - many spend way more).

There's no way that 180k is the median salary. CMIIW?

Just readind this for the first time. I live in Lakewood and am 25 years old, married 3 years already. I started working for $800 two and half years ago, finished an online masters (BA from Yeshiva) in the meantime and now get paid $120K annual, same company (I commute to the City). My wide started at $500 a week, and now makes $1000 and is due for a raise, she only works because we have just one baby. My company pays for top health insurance, commute, phone, and 5% 401K. I drive an Accord, bought a house in a development and live in basement because I don't need the space. I'm saving a solid $50k a year in a non volatile investment account and made 11% in the bull run this year (long may it last!). At this rate I'll be making more than enough to afford anything in the VOL, yet I feel its a huge waste of money. Maybe that's become I'm out of towner.

The way I see it is that some guys go into Real Estate etc. and make "fast money" and spend it all, and if they can keep it up very good, but as these things are very volatile there are bound to be hard times, and there's no safety net and they just cant stop spending nebach...

Offline Tuna Baygel

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Lakewood Luxury Lifestyles
« Reply #138 on: September 04, 2017, 01:14:04 PM »
Just readind this for the first time. I live in Lakewood and am 25 years old, married 3 years already. I started working for $800 two and half years ago, finished an online masters (BA from Yeshiva) in the meantime and now get paid $120K annual, same company (I commute to the City). My wide started at $500 a week, and now makes $1000 and is due for a raise, she only works because we have just one baby. My company pays for top health insurance, commute, phone, and 5% 401K. I drive an Accord, bought a house in a development and live in basement because I don't need the space. I'm saving a solid $50k a year in a non volatile investment account and made 11% in the bull run this year (long may it last!). At this rate I'll be making more than enough to afford anything in the VOL, yet I feel its a huge waste of money. Maybe that's become I'm out of towner.

The way I see it is that some guys go into Real Estate etc. and make "fast money" and spend it all, and if they can keep it up very good, but as these things are very volatile there are bound to be hard times, and there's no safety net and they just cant stop spending nebach...
You were getting paid $800 a week and than magic happened you got a masters online and the same company bumped you up to almost triple that plus the most prestigious benefits package??

You left out vacation, I'm sure it's something like 6 weeks paid vacation including expenses
 
Your 3 person family total income is over $170k plus you have a tenant paying most of your mortgage, no health insurance, phone or commuting costs and only one car yet you managed to only put away $50,000?

You sure?
« Last Edit: September 04, 2017, 01:22:50 PM by Tuna Baygel »

Offline hide4

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Re: Lakewood Luxury Lifestyles
« Reply #139 on: September 04, 2017, 02:31:55 PM »
You were getting paid $800 a week and than magic happened you got a masters online and the same company bumped you up to almost triple that plus the most prestigious benefits package??

You left out vacation, I'm sure it's something like 6 weeks paid vacation including expenses
 
Your 3 person family total income is over $170k plus you have a tenant paying most of your mortgage, no health insurance, phone or commuting costs and only one car yet you managed to only put away $50,000?

You sure?
Taxes.