Because of the housing prices here a lot of people moved to the other vally,about 45 miles one way & drive back & forth everyday. Now with the $3.10 gas they are realy hurten.
Glad I live in one of those non-popoualr places- bought my rundown two bedroom, one bath for <40,000.
questions asked, answers received, ignorance abated
I bought my 4 bedroom/2 bath small cape cod 7 years ago for $86,500 and now similar houses are listed at $160,000 to $180,000 here. There's just no starter houses around for sale. They've raised the proffers so the builders aren't putting up anything that's less than $$250,000. It's nothing like those other areas though.
Linden lived here a few years and used to tell us about the Cali housing market and warned us what's to come here and we are beginning to see it.
Some older neighborhoods with sewer and natural gas have been plowed under for new housing. Old neighborhoods are becoming more dense. Every old lot that was skipped over for 25 years is being built on.
I live 2 miles from Basking Ridge NJ (mentioned above). I bought my 3BR ranch 10 years ago for $215K. It's now worth at least twice that. I couldn't afford to buy it today at current prices.
A builder bought a Cape around the corner from us, turned it into a center entry colonial and sold it for mid $800K. It was nice, but not THAT nice. A divorced mother of 2 bought it. $800K!
How does a first time buyer get into the market when a starter home is $400K?
Around here basic cookie cutter homes are starting off around 150,000 for a 1,200-1,400 sq foot house on a small lot (.1-.2 acres). Seems mighty high for my tastes.
I bought my house last year, 24xx sq ft on .3 acres for 110,000. Granted it's getting kinda old (30ish years old), but I'd rather have an older house and still eat than a new one and starve.
A few guys I've talked to while at thier house have told me how thier house value has doubled. None were happy about it either. They all loved the area they lived in but were bombarded by higher tax's and most were looking to sell to get something affordable again.
I don't know if the houseing market will crash around here, but they aren't really slowing down. I don't know exactly how many houses go up every year, but it has to be around 1,000 a year or so. I'd guesstamate the population for this area is somewhere around 100,000 people or so (fairly large area too).
Eventually something has to happen, or there's going to be a lot of empy houses around.
watch for good water/beach front property bargins over in Louisiana & Mississippi. There might be some great deals, oh a bit of risk involved...
Ya know..that is really not that funny.