Readers begin to face prospect of declining Real Estate Values
If your scenario plays out take whatever money you win and put it towards moving costs since it will not be worth staying in a town that gives into a group that lies, manipulates figures, distorts, deceives, etc.
What they are asking to do defies logic, and then another group(PB) agrees that it is o.k. to insult both their intelligence, and the people that they are representing ?
Simply put, the bad press will only get worse if this gets past the PB.
Two houses in my neighborhood came up for sale recently. Both sold in less than two weeks. I can’t imagine these sellers recapitulated on price that quickly.
I bought in 2008. I estimate if I sold this summer, I’d be up 25% gross, 15% if I accounted for improvements made since taking possession.
If you bought in 2005, well…sorry for your loss.
How about 30 years ago. Plenty of equity.
Haven’t taxpayers also given in to the public sector unions? Aren’t those unions a group that lies, manipulates figures, distorts, deceives, etc ? They’ve gotten everything they’ve asked for for decades; and our representatives – who supposedly were protecting taxpayers interests – have just bent over backwards with one giveaway after another…
My house sold in 2 days for 42,000 over asking price in Ridgewood, no problem there the market isn’t as dead as everyone say’s it is.
Does not seem to be declining in my part of town homes are selling quickly.
There’s always going to be a buyer for your house in 07450.
It does not take much to turn a real estate market and we are likely on the tipping point.
Perhaps the most interesting indication of this is the No Valley and No Apartment signs that appear on the lawns of houses that have recently sold to young families moving into town. They came here for the schools and the neighborhood feel of the town. Then, they learn that what they just bought into is under the threat of the massive hospital and apartment complexes. Having just sunk their young fortunes into new homes, they are justifiably worried.
Think now of what happens if that worry becomes known to those currently looking. Through this blog, for instance, or newspaper coverage of the planning board hearings or letters to the editors. Real estate can very quickly take a nose dive in Ridgewood when towns in close proximity offer almost as much without the looming risk.
If you were 30-35 again, with two young children and enough money to buy a house in Ridgewood, and there was a chance Ridgewood was going to turn into something more along the lines of the hustle and bustle found in a small city sometime in the next 5 to 10 years, would you risk your hard earned down payment money on Ridgewood property? And for those of us in the 45 to 55 range, on the verge of being empty nesters, do we risk riding the property market to the bottom when we can cash out now?
No, make no mistake, Ridgewood is very much on a precipice formed by the intersection of a monolithic hospital concerned about its future revenue stream, developers who want to increase their profits and well meaning Villagers who are buying into false arguments and fears generated by the Hospital and developers.
#7, I’m not a proponent of the current Valley proposal, or the new proposed apartments in town.
I doubt either will get approved. But I think you’re way over-exaggerating any real estate price drop.
Do you really think a young family wouldn’t buy here and choose Saddle Brook or Waldwick instead? not a chance.
Your fears are over exaggerated.
Finally, someone else who gets it. This decision could easily turn Ridgewood into a place where people will, if nothing else, think twice about moving here. Towns like Midland Park, Ramsey, and Waldwick will start to look a lot better to potential buyers.
#8 — not saddle brook or waldwick perhaps, but allendale, hhk, wyckoff, franklin lakes, saddle river, montvale, westwood, etc. The allure of Ridgewood is well maintained family neighborhoods and safe well-run schools. The very things threatened by overbuilding.