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Reader says The value of my house since 2005 has gone down and overall high end values have been reduced 10-30%

for sale Ridgewood_Real_Estate_theRodgewopodblog

file photo by Boyd Loving

As a long time resident of Ridgewood my observation is that we are sinking fast and no one is working to save things. The value of my house since 2005 has gone down and overall high end values have been reduced 10-30%. Real numbers we paid 2.5m in 2005 rebuilt the entire house for an added cost of almost 1m and recently appraised at 1.7m and can’t sell it. This when taxes have gone from 27k to over 40k. The schools have eroded, the village is in shabby shape in many places, the commute to NYC assuming a village resident can get a parking spot after 6:45am is awful requiring a dreaded switch (no direct trains).
Really a shame and a study in how weak and inexperienced leadership can really drive down a community. We keep electing lightweights to village, school, and other positions and expect change.
Look for my house. Is is one of many with a for sale sign out front. Real sad but really time to go

6 thoughts on “Reader says The value of my house since 2005 has gone down and overall high end values have been reduced 10-30%

  1. 2005…peak of the market. Rotten luck.

  2. All the big earners who can afford 1.7 have left NJ.
    Houses less than 1m readily sell in Ridgewood .
    I see for sale then “under contract” signs in my ridge school neighborhood .
    At least 2 or more sold on beechwood for around 1.3
    Maybe you overpaid for a McMansion on the east side?

  3. it’s not bad luck at all. it is a series of issues that have contributed to the reduced value of homes such as the school budget, pensions, police and fire compensation, high local and state taxes, mentally challenged government representatives across all party lines, etc.. People are leaving the state and they are taking the real wealth of NJ with them.

  4. Wall Street directly and indirectly generated most of the high-paying jobs in the region. Technology is advancing at a rapid pace now and what with the high taxes, there simply is no need for these guys to live in the Tri-State area anymore.

  5. Good comments …all true …

  6. People that buy houses are generally concerned with the monthly payment. So take what you can afford in a monthly payment, subtract the amount attributable to real estate taxes, not much left for purchase price.

    Throw in taxes no longer deductible for federal income taxes (yeah) and it gets even worse.

    In the end math matters.

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