“Realtors will tell you it’s always a good time to buy/sell. They make a commission either way so they are always happy.
In Ridgewood there has been a decline in home values for houses over $1 million dollars. They sit longer and need multiple price cuts. Buyers can get a good deal if they are willing to pay $45k in taxes. Newspapers say that housing prices have recovered from the crash but that’s not true for us. Houses that cost $2 million in 2004 are still sold at a loss – in spite of home renovations. Realtors need to maintain the notion that Ridgewood homes are desirable and have buyers (they love their Commissions!). I would love to hear a realtor explain what he/she sees as the reason for the decline. High taxes? No SALT deduction? No one wants a big house anymore?
How many more tax appeals will the Village have? The Village has to pay their bills so the tax burden will eventually be shared with the under $1 million homes. Be careful what you wish for with high density housing, Parking garage, Library “Reimagine” and the High School PAC. The developers will benefit the most from these projects and the residents are on the hook for the bills.”
