The Rolex Forums   The Rolex Watch

ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX

Old 4 March 2021, 12:14 PM   #1
mwatt65
"TRF" Member
 
Join Date: Oct 2018
Real Name: Michael
Location: NJ
Watch: 116710LN 16610LV
Posts: 50
Property Prices NJ

I put an offer on a house in Northern NJ today $51k over asking, multiple offers above mine. Any idea when this madness will end? Is the stupidity country wide?
mwatt65 is offline   Reply With Quote
Old 4 March 2021, 12:16 PM   #2
Thug
"TRF" Member
 
Thug's Avatar
 
Join Date: Oct 2014
Real Name: Papi
Location: NYC
Posts: 186
Quote:
Originally Posted by mwatt65 View Post
Is the stupidity country wide?
Most of the country doesn't have the proximity to NYC.
Thug is offline   Reply With Quote
Old 4 March 2021, 12:20 PM   #3
rolexgiants
"TRF" Member
 
Join Date: Aug 2008
Location: new york, usa
Posts: 2,897
Quote:
Originally Posted by Thug View Post
Most of the country doesn't have the proximity to NYC.
Just curious, is that a good selling point? LOL
rolexgiants is offline   Reply With Quote
Old 4 March 2021, 12:21 PM   #4
dimag333
"TRF" Member
 
Join Date: Dec 2014
Location: IN
Posts: 1,979
I think most of ny is just trying to get out, sold my house in central Jersey in august for 100k more than we bought for 12 months prior, as a matter of fact at least 10 did in my hood, all to New Yorkers.

Moved to Indiana and tons of families moving to town is from Chicago, and prices are through the roof here

See a trend? People aren’t moving to get closer to cities, they are moving to get away

steve
dimag333 is offline   Reply With Quote
Old 4 March 2021, 12:28 PM   #5
Travelair007
"TRF" Member
 
Travelair007's Avatar
 
Join Date: Mar 2014
Location: CA
Posts: 1,514
Quote:
Originally Posted by mwatt65 View Post
I put an offer on a house in Northern NJ today $51k over asking, multiple offers above mine. Any idea when this madness will end? Is the stupidity country wide?
Yes brother. It’s everywhere. I put an offer in at $100k above asking in CA...
I must be stupid but the wife wants it.
Travelair007 is offline   Reply With Quote
Old 4 March 2021, 12:31 PM   #6
brandrea
2024 Pledge Member
 
brandrea's Avatar
 
Join Date: Jul 2013
Real Name: Brian (TBone)
Location: canada
Watch: es make me smile
Posts: 73,115
It’s just as nutty here.

Free money and the exodus to the burbs is driving up prices here. I don’t see an end in sight until rates rise.
brandrea is offline   Reply With Quote
Old 4 March 2021, 12:43 PM   #7
mwatt65
"TRF" Member
 
Join Date: Oct 2018
Real Name: Michael
Location: NJ
Watch: 116710LN 16610LV
Posts: 50
I understand money is cheap, but the property taxes are nuts! over $20k on a 3 bedroom house.Do people who move out of the city understand, all the extra expense that go with a house? Are we on the verge of another property bubble?
mwatt65 is offline   Reply With Quote
Old 4 March 2021, 12:45 PM   #8
Al1969
2024 Pledge Member
 
Al1969's Avatar
 
Join Date: May 2008
Location: New Jersey
Posts: 6,585
What county in Northern Jersey?
__________________
WG SUB-116719
GMT MASTER II 126719
Al1969 is offline   Reply With Quote
Old 4 March 2021, 12:51 PM   #9
mwatt65
"TRF" Member
 
Join Date: Oct 2018
Real Name: Michael
Location: NJ
Watch: 116710LN 16610LV
Posts: 50
Essex county,south orange. The $21k in taxes doesn't even include, garbage pickup.
mwatt65 is offline   Reply With Quote
Old 4 March 2021, 12:52 PM   #10
dimag333
"TRF" Member
 
Join Date: Dec 2014
Location: IN
Posts: 1,979
It’s Highway Robbery, I don’t know why anyone deals with it, I don’t know why I did for so long

steve
dimag333 is offline   Reply With Quote
Old 4 March 2021, 01:05 PM   #11
gnuyork
"TRF" Member
 
Join Date: Dec 2011
Location: Marietta, GA
Posts: 3,246
We looked the value of our house on Zillow yesterday. I was shocked. We've been toying with the idea of selling or renting out, and moving somewhere else. Maybe it's time to sell...but then it's a catch 22 on the buy.
gnuyork is offline   Reply With Quote
Old 4 March 2021, 01:15 PM   #12
singe89
"TRF" Member
 
singe89's Avatar
 
Join Date: Oct 2011
Real Name: Jim
Location: Orange County, CA
Watch: Rolex, AP & Patek
Posts: 3,721
Quote:
Originally Posted by mwatt65 View Post
I put an offer on a house in Northern NJ today $51k over asking, multiple offers above mine. Any idea when this madness will end? Is the stupidity country wide?
Yep here in SoCal my sister-in-law wanted to come back to OC and even inland they offered $100k over asking and were the lowest of 5 bids over asking. Funny because we know people are leaving CA but they can’t build houses fast enough in certain areas. They built 7500 houses inland recently and are now developing an old landfill.

Sellers market for sure. We’ve had families in the community on the hill below us knock on our door with their kids and ask us if we would sell. Most of my neighbors are older and their kids are now out of college but not many leave. They love the neighborhood and nothing stays on the market for long. Don’t plan on moving until I can’t walk up stairs anymore.
singe89 is offline   Reply With Quote
Old 4 March 2021, 01:15 PM   #13
Watchflair
2024 Pledge Member
 
Watchflair's Avatar
 
Join Date: May 2012
Real Name: Jim
Location: Westchester NY
Watch: 116500 116518LN
Posts: 5,869
Property Prices NJ

NYC is still and will always be the place to be - anything within an hour of the city will always command a premium. Now more than ever these properties are in demand.

Taxes - simply enough you pay where you want to live. Make sure the schools are top notch - helps justify the cost.

We moved in July of last year to our new home - got in right before the craziness. Had a legitimate offer in writing from a realtor on behalf of a client of $300k over what we paid with a certified check for deposit a few months back - we turned it down as we don’t know where we’d go. There’s not one house in our community for sale - those that have sold in the past months have sold for significantly more than we paid.


Sent from my iPhone using Tapatalk
__________________
Remember what matters. Value everyday
Watchflair is offline   Reply With Quote
Old 4 March 2021, 01:17 PM   #14
dimag333
"TRF" Member
 
Join Date: Dec 2014
Location: IN
Posts: 1,979
Schools can be taken into consideration when they are open, OP district is basically on strike I believe, not one hour of in person learning yet.
My entire family besides me is in “public education” in nj.....

steve
dimag333 is offline   Reply With Quote
Old 4 March 2021, 01:53 PM   #15
4vCoupe
"TRF" Member
 
4vCoupe's Avatar
 
Join Date: May 2012
Location: USA
Watch: GMT Master 16750
Posts: 787
Quote:
Originally Posted by singe89 View Post
Yep here in SoCal my sister-in-law wanted to come back to OC and even inland they offered $100k over asking and were the lowest of 5 bids over asking. Funny because we know people are leaving CA but they can’t build houses fast enough in certain areas. They built 7500 houses inland recently and are now developing an old landfill.

Sellers market for sure. We’ve had families in the community on the hill below us knock on our door with their kids and ask us if we would sell. Most of my neighbors are older and their kids are now out of college but not many leave. They love the neighborhood and nothing stays on the market for long. Don’t plan on moving until I can’t walk up stairs anymore.

I don’t understand how houses can be selling for $100k over asking. Are the listing agents just listing them way under market value to get a bidding war going?


Sent from my iPhone using Tapatalk
4vCoupe is online now   Reply With Quote
Old 4 March 2021, 02:01 PM   #16
mwatt65
"TRF" Member
 
Join Date: Oct 2018
Real Name: Michael
Location: NJ
Watch: 116710LN 16610LV
Posts: 50
I think here, most want out of the city, they now realize that apartments in the city cannot compete with a house. Gardens to hangout in, working from home & zoom school, showed how much apartments don't work.
mwatt65 is offline   Reply With Quote
Old 4 March 2021, 02:06 PM   #17
Andad
2024 Pledge Member
 
Andad's Avatar
 
Join Date: Nov 2006
Real Name: Eddie
Location: Australia
Watch: A few.
Posts: 36,692
Australia is the same.

My daughter is a real estate agent.

This week a property listed at a vendor bid of 800k sold at auction for 1.4 million.

Rental homes are also almost impossible secure.

I can't see how this can go on?
__________________
E

Andad is offline   Reply With Quote
Old 4 March 2021, 02:37 PM   #18
singe89
"TRF" Member
 
singe89's Avatar
 
Join Date: Oct 2011
Real Name: Jim
Location: Orange County, CA
Watch: Rolex, AP & Patek
Posts: 3,721
Quote:
Originally Posted by 4vCoupe View Post
I don’t understand how houses can be selling for $100k over asking. Are the listing agents just listing them way under market value to get a bidding war going?


Sent from my iPhone using Tapatalk
Prices have gone up so quickly I don’t think all agents or sellers will know what the market will bear especially in the $1m+ market. I watch the MLS listings on Redfin and Zillow for fun and to see how much these houses are going for and how quickly and it’s pretty shocking. I also think many buyers are caught up in the frenzy and don’t realize just how much money they are spending.
singe89 is offline   Reply With Quote
Old 4 March 2021, 03:16 PM   #19
Star Ferry
Banned
 
Join Date: Aug 2015
Location: down by the river
Posts: 4,926
I heard the average down payment nationally is about 6%. Maybe if people actually needed to put 20% down it wouldn't be like this
Star Ferry is offline   Reply With Quote
Old 4 March 2021, 03:38 PM   #20
chieftd
"TRF" Member
 
chieftd's Avatar
 
Join Date: Mar 2006
Real Name: Tim
Location: Kapolei Hawaii
Watch: Blue Sub, YM16623
Posts: 1,360
In Hawaii offers of $100K over the asking price are coming up short. My realtor friend says it’s crazy in Hawaii, buyers offering insane prices. Realtors are also cold calling home owners trying to get them to sell while the market is hot.

My home value has skyrocketed, but no intention to sell right now.
chieftd is offline   Reply With Quote
Old 4 March 2021, 03:39 PM   #21
Rock
2024 Pledge Member
 
Rock's Avatar
 
Join Date: Jun 2009
Real Name: Rocky
Location: Australia
Watch: Grail:Bluesy
Posts: 17,635
Yes, regional Australia is exactly the same. Much worse in the cities where very ordinary properties are selling well above the $M.
We are trying to find something nice (low-set on flat block with view) for the rest of our lives and seeing hardly anything. Properties sell without even being listed. You have to establish a relationship with the Agents from several Agencies and persuade them to call you as soon as something suitable comes to their attention. Was to look through one this week but it sold for asking price before we could get there.
Prices are up about $100K on last year and still climbing.
Almost no available land to build and what there is has a waiting list. Remind you of anything?
Cheap money and irresponsible lending policies is the problem. Learned nothing from the GFC. If official interest rates were to climb or people to lose jobs it would be very interesting.
__________________
Cellini 4112. Sub 14060M. DJ 16233. Rotherhams 1847 Pocket-watch.

Foundation Member of 'Horologists Anonymous' "Hi, I'm Rocky, and I'm a Horologist..."
Rock is offline   Reply With Quote
Old 4 March 2021, 04:16 PM   #22
kieselguhr
"TRF" Member
 
kieselguhr's Avatar
 
Join Date: May 2013
Real Name: Nick
Location: Las Vegas
Watch: 1601
Posts: 10,352
Wait till you come to Vegas... prices have nearly doubled over the past 3 years. I keep getting random offers on my properties through email from random real estate groups.
kieselguhr is offline   Reply With Quote
Old 4 March 2021, 04:31 PM   #23
Fleetlord
"TRF" Member
 
Fleetlord's Avatar
 
Join Date: May 2013
Location: Vain
Posts: 5,893
FOMO

Buy the house NOW or you will pay too much, rinse and repeat.

No shortage of money either, especially for fresh, new homes in FL. Spot lots, track homes...where ever they can build something new. SOLD SOLD SOLD. Cannot build them fast enough. Affordable housing is getting snapped up quick in blocks, monopoly style. Cash buyers are going door to door in depressed areas offering to buy homes. They want to rent out the whole neighborhood!
Fleetlord is offline   Reply With Quote
Old 4 March 2021, 06:50 PM   #24
enjoythemusic
2024 Pledge Member
 
enjoythemusic's Avatar
 
Join Date: Nov 2012
Real Name: Steven
Location: Glocal
Posts: 19,265
It's called a bubble for a reason. Our nextdoor neighbor sold their home four months ago for $10k over asking within 24 hours. Guess they were in a rush and just two weeks ago the new owners sold the same home within 48 hours for $50k more than they paid.

i smell a bubble.
__________________
__________________
“Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming 'Wow! What a Ride!'” -- Hunter S. Thompson

Sent from my Etch A Sketch using String Theory.
enjoythemusic is offline   Reply With Quote
Old 4 March 2021, 09:56 PM   #25
Watchflair
2024 Pledge Member
 
Watchflair's Avatar
 
Join Date: May 2012
Real Name: Jim
Location: Westchester NY
Watch: 116500 116518LN
Posts: 5,869
Quote:
Originally Posted by enjoythemusic View Post
It's called a bubble for a reason. Our nextdoor neighbor sold their home four months ago for $10k over asking within 24 hours. Guess they were in a rush and just two weeks ago the new owners sold the same home within 48 hours for $50k more than they paid.

i smell a bubble.

My only thought on that - it seems like prices are rising to pre housing market crash numbers. So they are going back where they once were in many instances.


Sent from my iPhone using Tapatalk
__________________
Remember what matters. Value everyday
Watchflair is offline   Reply With Quote
Old 4 March 2021, 10:24 PM   #26
330ci
"TRF" Member
 
Join Date: Jun 2020
Location: michigan
Posts: 2,281
I think people are starting to realize you can’t print more land.

Fortunately it seems population has peaked for humanity.

FWIW I’m 26 and looking to purchase my first home. Prices have skyrocketed so much here. I think it’s cheaper to buy land and build new than it is to purchase something existing. I can get a 2 acre lot for $45k. 1,400 sqft houses on an acre are bringing 250+. Never built but seems like it might be the better option
330ci is offline   Reply With Quote
Old 4 March 2021, 10:42 PM   #27
Chester01
"TRF" Member
 
Join Date: Jun 2018
Location: East Coast
Watch: 16610
Posts: 4,933
Quote:
Originally Posted by mwatt65 View Post
I put an offer on a house in Northern NJ today $51k over asking, multiple offers above mine. Any idea when this madness will end? Is the stupidity country wide?
It’s bananas. But this problem in NJ in particular had been going on for years. Plenty of places under 300k, plenty over about 800k. For some
Reason housing developers when the they do build, it’s all kinds of 55+ communities, rentals, and like who is going to retire in NJ. Must be some kind of incentive to build the 55+ communities and not enough profit for houses in the 300k-700k range. I can remember multiple bids on places even back in 2013-2014. The cheap money has also inflated the prices as well, so people have no option but to keep offering more and more. I have realtors sending me mail and calling (seriously) asking if I want to sell. It’s nuts.
Chester01 is offline   Reply With Quote
Old 4 March 2021, 11:47 PM   #28
samson66
2024 Pledge Member
 
samson66's Avatar
 
Join Date: Jul 2013
Real Name: Mike
Location: Eastern Shore, MD
Watch: my money leaving!
Posts: 12,808
I do believe we are heading into another housing bubble. Down here in high-tax Maryland it's no different. Values have taken off since last summer. I just hope I'm not priced out of a retirement property in 6 years when I retire.
samson66 is online now   Reply With Quote
Old 4 March 2021, 11:54 PM   #29
Thug
"TRF" Member
 
Thug's Avatar
 
Join Date: Oct 2014
Real Name: Papi
Location: NYC
Posts: 186
Quote:
Originally Posted by rolexgiants View Post
Just curious, is that a good selling point? LOL
Considering OP stated there’s multiple offers over his $51k over asking, yes?
You’re far less likely to run into this problem if you’re buying somewhere that isn’t as close/easy to get to a bigger city.
Thug is offline   Reply With Quote
Old 4 March 2021, 11:59 PM   #30
VintageVagabound
"TRF" Member
 
VintageVagabound's Avatar
 
Join Date: Sep 2017
Location: Washington, DC
Posts: 568
Low mortgage rates. When the rates go up buyers will back off and prices will drop. This happens every time the rates change.
VintageVagabound is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Takuya Watches

Bobs Watches

Asset Appeal

My Watch LLC

OCWatches

DavidSW Watches

Coronet


*Banners Of The Month*
This space is provided to horological resources.





Copyright ©2004-2024, The Rolex Forums. All Rights Reserved.

ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX

Rolex is a registered trademark of ROLEX USA. The Rolex Forums is not affiliated with ROLEX USA in any way.