Commuter towns hold value better
Sunday, March 3, 2013 Last updated: Sunday March 3, 2013, 10:32 AM
BY GUY KIPP
SPECIAL TO THE RECORD
The Record
While home values have fallen about 25 percent in the region since the housing boom’s peak in 2006, prices have held up better in towns along commuter train lines.
According to a study by Otteau Valuation Group of East Brunswick, the average price of homes in Glen Rock, for example, fell from $638,854, to $567,174, from 2006 to 2012, a drop of 11.2 percent. In Ridgewood, another community with a train station, prices dropped 12.6 percent from $855,219, to $747,226.
While no homeowner would find a dip of more than 10 percent a source of comfort, these communities fared markedly better than North Jersey communities in more remote locations. Franklin Lakes, for example, saw home prices fall more than 29 percent from $1,487,113, to $1,053,997, while Oakland endured a drop of 22 percent from $554,791, to $432,489, for the same six-year span.
Homeowners in towns along the train lines say that an easy commute influenced their decision to buy.
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