God Bless them man, that's awesome they're earning that money
Bay Area is beautiful but pricey
Bay Area is beautiful but pricey
25 years ago a garage cost $500K in Palo Alto. Making $400k in Silicon Valley is pretty average. Just so expensive to live there.
How much do you think a person can afford to buy with a salary of 400k or 200k?
A third of home owners in this country have no mortgage
Another third have an average of 300k of equity
Boomers giving their inheritance to kids
A lot of people with money out there...
1400 sf for $740,000 in Roseland is bonkers
Market value for anything move in ready here. You get top 10 schools and top 10 public school sports all for $8K/yr in property taxes. Hard to beat.
Had to look it up as I knew the name but wasn’t 100% on location.
Doesn’t seem too far of a train to the City either?
And your “as we saw it” was correct.👍
7 minutes to the orange train which is 30 minutes to New York Penn Station. Theres bus’s too, I go by train.
It's my home High School district (I'm from North Caldwell). Roseland is a nice, normal boring town with good schools, and that it costs 3 quarters of a million for a starter home there is just a sign of the insane times we live in wrt housing.
Well a starter home in North Caldwell is now over $1,000,000 haha. I had a client bid $975K on a 3 bedroom ranch at 25 White Oak and come in 5th place. When did you graduate west essex? I of course went there as well 2009 grad.
Depends on if youre a dual household income, downpayment amount, etc. But yeah, pretty much. It’s fairly common in this area for dual households incomes to have that level of income. All it takes it one spouse making $200K and another making $150K. Alot of Rutgers grads in their 30’s are making at least that
This was the house in north caldwell for perspective. They accepted over $1,000,000, my client bid $975K came in 5th. Starter home. Zillow says “caldwell” but its north caldwell
www.zillow.com
25 White Oak Dr, North Caldwell, NJ 07006 | Zillow
25 White Oak Dr, North Caldwell NJ, is a Single Family home that was built in 1954.It contains 3 bedrooms and 3 bathrooms.This home last sold for $1,100,000 in June 2024. The Zestimate for this Single Family is $1,142,400, which has increased by $9,340 in the last 30 days.The Rent Zestimate...
www.zillow.com
And this is my house that we bought in December. Starter home. Sales price went down as $739,500 but it was really $725K as I credited my commission of $14,500 towards sales price. We got a good deal imo. If i listed it today I’d list it at $699K and likely get around $800K. Spring market has been bananas here
www.zillow.com
10 Plymouth Pl, Roseland, NJ 07068 | Zillow
10 Plymouth Pl, Roseland NJ, is a Single Family home that was built in 1957.It contains 3 bedrooms and 2 bathrooms.This home last sold for $739,500 in December 2023. The Zestimate for this Single Family is $793,500, which has increased by $11,300 in the last 30 days.The Rent Zestimate for this...
www.zillow.com
For an Essex county town those taxes are exceptional.
I worked in that area from 1980 until about 1987.
They built a townhouse complex on Eagle Rock at the time which had a portion of low income units. The tax assessor told me that almost every low income unit was sold to a contractor/ plumber/ electrician etc from town.
The benefit of having a business and reporting your own income.
I worked in that area from 1980 until about 1987.
They built a townhouse complex on Eagle Rock at the time which had a portion of low income units. The tax assessor told me that almost every low income unit was sold to a contractor/ plumber/ electrician etc from town.
The benefit of having a business and reporting your own income.
My mom sold her house in North Caldwell a few years ago and got just under 500. Too bad she didn't hold out a little longer lol
10 haha. Rankings as per NJ Dept of Education
These towns boast N.J.’s top-rated schools. Here’s what it costs to buy a home there.
Spoiler alert: You probably can't afford most of them.
That is a great buy in a great area.And this is my house that we bought in December. Starter home. Sales price went down as $739,500 but it was really $725K as I credited my commission of $14,500 towards sales price. We got a good deal imo. If i listed it today I’d list it at $699K and likely get around $800K. Spring market has been bananas here
10 Plymouth Pl, Roseland, NJ 07068 | Zillow
10 Plymouth Pl, Roseland NJ, is a Single Family home that was built in 1957.It contains 3 bedrooms and 2 bathrooms.This home last sold for $739,500 in December 2023. The Zestimate for this Single Family is $793,500, which has increased by $11,300 in the last 30 days.The Rent Zestimate for this...
The only thing I don’t like about 1950s construction is the orangeburg sewer pipes and federal pacific breakers. But I am sure that has been addressed by now on these homes
Yeah, we scoped the sewer line and all new electric service
A house in my town sat on the market for 6 months in 2022 with the price reduced from $1.6M to $1.4; eventually selling for $1.4. It went back on the market a couple of weeks ago with some cosmetic upgrades. It listed at $1.9M. It’s already under contract.
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I tried tell anyone who would listen back in 2022 that housing market wasn't in a bubble at that time or about to tank.
And now I'm here to tell you that in the latter half of 2025, rent growth will accelerate above historic norms. While I was skeptical of claims by people that high interest rates were inflationary, I'm more open to the idea now. When you consider that rents are the single largest input into inflation measures and that new permits have fallen off a cliff for 5+ unit multi-family (because interest rates are too high for builders to build) all while we have record absorption rates, rent growth is gonna accelerate again in late 2025.
I totally agreed with you and appreciate your analysis back in 2022.
What do you think of the housing market in 2025/26? Are the prices going to continue surging unless there is a rapid rate cut? Do you see a 10% pullback?
you were right in 2022, great call
I do not believe higher rates are inflationary however, I see it as credit keeps expanding and that is the issue
it's going to break, just not sure when
Well, if theres a rapid rate cut, traditionally that would lead to an acceleration of sfh prices. I think in this environment even moreso. Theres really no data right now showing that home prices are facing much downward pressure. Now of course there are some very small pockets of the US that are facing minimal downward pressure but it’s really a simple supply/demand story. Markets that have beeb flooded with supply of new construction are really the only ones facing any downward pressures. Florida is dealing with an insurance issue but theyre doing okay despite that.
Locally in NJ? Barring some kind of exogenous shock, prices will continue moving upward and accelerate above norms upward as rates come down. For example, if you woke up tomorrow and mortgage rates were 5%, i think things would get crazy.
I put out my monthly newsletter on a similar topic last week if you wanna give it a read. https://mailchi.mp/0751724c7b91/cha...ng-for-rates-to-fall-before-buying-their-home
There was a poster here by the name of kyk that called it too !
what supply? all rate cuts will do is make the prices go higher
Until you see a forced reduction in the credit expansion and a break in employment, sticky inflation is here which is why the Fed needs to raise rates and force much higher reserve requirements on the banks
The excess demand would slaughter any supply it would unlock
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