Condo prices in NJ starting at $900,000. [Archive]

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LordJezo

11-03-2006, 09:51 AM

I know the housing market here in the NYC area is out of control but even this one made my jaw drop, while driving to Mitsuwa in Edgewater, NJ we passed a new building going up with a sign out front letting you know the prices: "Condos starting in the $900,000 up to the $4,000,000s" Who the hell are these people that can afford these things?  And there are that many of them that they can fill up an entire building?  I understand big houses or top level NYC places for that price, but in NJ?  Sure, it's on the Hudson, but hell, it's a condo, in New Jersey.

Don Stugots

11-03-2006, 09:56 AM

i agree with you.  the whole market is out of control.  about a month or so ago i was thinking of moving due to the high real estate prices in the area.  NYC metro area is pushing out the middle class.

A.J.

11-03-2006, 09:56 AM

You should come to DC/Northern Virginia.

phixion

11-03-2006, 10:07 AM

stugots we got plenty of room out here in queens. well not really the big thing now is for companies to buy a one family house knock it down and build a two family house on its lot. yeah the value of my house is gonna plummet

angrymissy

11-03-2006, 10:11 AM

People use creative financing.  Like Negative Amortization loans where you're not even paying the full interest OR any principal that reset in 5 years, leaving you owing more $$$, Interest Only Loans where you don't even pay the principal,  Adjustable rate mortgages where you pay a year at a crazy low teaser rate, then the rate resets to something high.

EffMeBoobs

11-03-2006, 10:13 AM

Missy sounds so hot when she talks the smart talk.

This message was edited by EffMeBoobs on 11-3-06 @ 2:15 PM

grlNIN

11-03-2006, 10:14 AM

Is Missy speaking tongues?

Don Stugots

11-03-2006, 10:15 AM

phixion wrote: stugots we got plenty of room out here in queens. well not really the big thing now is for companies to buy a one family house knock it down and build a two family house on its lot. yeah the value of my house is gonna plummet    this is what is happening in brooklyn and in staten island.  where there was a nice big old house are now 6 townhouses each selling for a sick amount of money.   the IO loans and creative financing methods will lead to foreclosures sooner or later when people realize that they will never be out from the loans or that they owe more than what the place is worth.

jax

11-03-2006, 10:18 AM

I thought the housing market was starting to soften up

narc

11-03-2006, 10:27 AM

No condo is worth this much. Unless maybe it's on 5th Avenue like someone else said with a nice view of the park.

angrymissy

11-03-2006, 10:38 AM

They tried to sell us all these crazy loans when we bought our house on LI, so I researched all this crap.  We ended up getting a regular old fixed rate (although we got one for 80% of loan and one for 20%).

Don Stugots

11-03-2006, 10:43 AM

angrymissy wrote: They tried to sell us all these crazy loans when we bought our house on LI, so I researched all this crap. We ended up getting a regular old fixed rate (although we got one for 80% of loan and one for 20%).   missy, this what a lot of people are doing.  we may have to do the same thing as soon as we find a place that we like.

EffMeBoobs

11-03-2006, 10:45 AM

We did the same thing for our condo in Carmel, NY.  We have 2 mortgages and both are fixed.  It's safer that way.

Earlshog

11-03-2006, 10:45 AM

jax wrote: I thought the housing market was starting to soften upit is

UnknownPD

11-03-2006, 10:46 AM

Condo prices have been dropping pretty steadily in New Jersey. I know a chick who bought a one bedroom at Port Liberte (Jersey City Waterfront)for $485,000. Now two bedrooms are listed around 400K.

Earlshog

11-03-2006, 10:47 AM

narc wrote: No condo is worth this much. Unless maybe it's on 5th Avenue like someone else said with a nice view of the park. if thats what its selling for and people are buying them that is what they are worth...

Recyclerz

11-03-2006, 10:51 AM

Pretty much all the new construction in the NY Metro area is going to be on the "luxury" end of the market.  There's  too much buying power flowing to the top end of the financial community for the builders to worry about catering to us middle-class proles.And Missy and Stugots are right about avoiding the "creative" mortgages.  You don't want to leave yourself stretched too thin financially if the interest rates or economy start getting away from you.

Tenbatsuzen

11-03-2006, 10:56 AM

Edgewater is one of the priciest towns in NJ.  Mainly because it's right on the water and right next to the city.  A lot of successful people who don't want to live in the city live there.

Bulldogcakes

11-03-2006, 02:58 PM

Recyclerz wrote: Pretty much all the new construction in the NY Metro area is going to be on the "luxury" end of the market. There's too much buying power flowing to the top end of the financial community for the builders to worry about catering to us middle-class proles.  No, not really. New construction tends toward the high end for alot of reasons, one of them being the insane costs placed on developers (by the city and state) trying to build here in NY. Almost DOUBLE what Chicago costs, the next highest city, and many times above the national average. And there is no physical reason for it, its not any harder to build here than elsewhere. I suspect the same fleecing goes on in NJ. So developers cater to the high end market because they have to. It's like when you buy a brand new car its expensive, but if you get a used one you can find a better deal. Same goes for housing. And one day all these new developments will be yesterdays news, and will be selling for much less. <blockquote />