Northern New Jersey Among Riskiest Real Estate Markets
The PMI Group's Winter 2006 Economic Real Estate Trends Report has been released and is available at:
Winter 2006 Economic Real Estate Trends (PDF)
Northern New Jersey again ranks among the Top 20 Riskiest Real Estate Markets..
Top 20 Riskiest Metropolitan Statistical Areas (MSAs)
1 - San Diego-Carlsbad-San Marcos, CA
2 - Santa Ana-Anaheim-Irvine, CA
3 - Boston-Quincy, MA
4 - Nassau-Suffolk, NY
5 - Oakland-Fremont-Hayward, CA
6 - Sacramento-Arden-Arcade-Roseville, CA
7 - Riverside-San Bernadino-Ontario, CA
8 - Providence-New Bedford-Fall River, RI-MA
9 - Los Angeles-Long Beach-Glendale, CA
10 - San Jose-Sunnyvale-Santa Clara, CA
11 - San Francisco-San Mateo-Redwood City, CA
12 - Cambridge-Newton-Framingham, MA
13 - Edison, NJ
14 - New York-Wayne-White Plains, NY-NJ
15 - Las Vegas-Paradise, NV
16 - Fort Lauderdale-Pompano Beach-Deerfield Beach, FL
17 - Newark-Union, NJ-PA
18 - Washington-Arlington-Alexandria, DC-VA-MD-WV
19 - Detroit-Livonia-Dearborn, MI
20 - Miami-Miami Beach-Kendall, FL
Caveat Emptor!
Grim
Winter 2006 Economic Real Estate Trends (PDF)
Northern New Jersey again ranks among the Top 20 Riskiest Real Estate Markets..
Top 20 Riskiest Metropolitan Statistical Areas (MSAs)
1 - San Diego-Carlsbad-San Marcos, CA
2 - Santa Ana-Anaheim-Irvine, CA
3 - Boston-Quincy, MA
4 - Nassau-Suffolk, NY
5 - Oakland-Fremont-Hayward, CA
6 - Sacramento-Arden-Arcade-Roseville, CA
7 - Riverside-San Bernadino-Ontario, CA
8 - Providence-New Bedford-Fall River, RI-MA
9 - Los Angeles-Long Beach-Glendale, CA
10 - San Jose-Sunnyvale-Santa Clara, CA
11 - San Francisco-San Mateo-Redwood City, CA
12 - Cambridge-Newton-Framingham, MA
13 - Edison, NJ
14 - New York-Wayne-White Plains, NY-NJ
15 - Las Vegas-Paradise, NV
16 - Fort Lauderdale-Pompano Beach-Deerfield Beach, FL
17 - Newark-Union, NJ-PA
18 - Washington-Arlington-Alexandria, DC-VA-MD-WV
19 - Detroit-Livonia-Dearborn, MI
20 - Miami-Miami Beach-Kendall, FL
Caveat Emptor!
Grim
9 Comments:
Please help me.. how is 2/3 bedroom ranch with a galley kitchen worth $729? They couldn't even take a good picture of the place
http://newjersey.craigslist.
org/rfs/139244721.html
it is only worth what a real seller (not some fishing expedition)is willing to take and the highest price a willing buyer is willing to pay.
It really is this simple. But lately many buyers probably should have their heads examined buying houses they can't afford economically but through some risky mortgage scheme loan.
Home prices in this area are overvalued by about a 1/3.
Based on incomes to rental rates, incomes to mtg rates and base line annuallized appreciation of 5% in housing prices.
I wouldn't put too much weight on "Blue Ribbon" schools. The school applies to be considered for that award and then works hard to make changes and whatever necessary just to win the award. After the review is over, you don't know if the improvements will be there forever...
"Can someone recommend any town in NJ that has Blue Ribbon school district but where prices are not going to Bust in next few years !!!"
Prices are going to decline everywhere.
"I would like to buy a house, but don't want to pay high. Personally, since I work from home, I don't need to be near major metro area."
Then I would recommend Princeton. Great schools, great properties (nice size lots, nice architecture, nice community), but the commute is a bit rough.
$600K will get you into a nice home there.
Anonymous said...
Please help me.. how is 2/3 bedroom ranch with a galley kitchen worth $729? They couldn't even take a good picture of the place
http://newjersey.craigslist.
org/rfs/139244721.html
One acre of land is the real driver on the price. They will probably get $650.
Many people entirely disregard socioeconomic factors when looking at school rankings..
Do you think it is coincidence that the best ranked school districts are typically in the highest income areas?
Take two scenarios:
1) Wealthy family. Stay home mom is well educated and doesn't need to work. Parents know the value of education and are dedicated to the education of their children. Parents are able to regularly attend school events, after school events, sports, etc. No expense is spared when it comes to education. Mom picks up the kids at school, ensures they do their homework and study, etc.
2) Lower income family determined to give their kids the best. Parents must both work to be able to afford to live in the same area as Family #1. Parents both work in NYC, thus are out of the house most of the day. Parents are unable to attend many events, kids come home to an empty house. Expensive after school activities are out of the question.
Which children are more likely to do well?
grim:
I was in camp #2 although the neighborhood was pretty lower middle class, and I did quite well for myself considering dinner for me most of the time was $5 left on the table so I could order in Chinese. We lived paycheck to paycheck. My favorite meal was an entire package of bacon and Welch’s frozen grape juice pops [at least I got vitamin C]. I took the subway alone from age 11, and commuted to school for over an hour each way.
I knew my parents cared even though they didn't necessarily have the time of focus to give. I was motivated not to let them down because they worked so hard.
By the way, scholarship aside, it is 100x easier for a child from #2 [when #2 is in a bad zip code] to be accepted into a good school/college.
#1 are a dime a dozen, hence the bar is substantially higher
#2 creates “diversity”
Obviously, I am biased. However, I am involved with alumni contacts for Cornell University, and I believe it gives me a unique perspective on backgrounds and circumstances. My wife also worked briefly in the Ridgewood and Princeton school districts.
chicago [via Flushing Queens – no I am NOT for it]
Sorry to seem ignorant, but I am in this area. What is meant by a Risky Real Estate Market? Risk of decline in value? Most of the areas listed have been inflated for years--Boston,
SF, NYC, etc.
I have been following a site now for almost 2 years and I have found it to be both reliable and profitable. They post daily and their stock trades have been beating
the indexes easily.
Take a look at Wallstreetwinnersonline.com
RickJ
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