I’m in NJ now, living with our daughter while our new home is being built. She has a Townhome in a perfectly beautiful area in northern NJ where there are views galore of the Ramapo Mountains wherever you turn. Wide streets and immaculate common areas are all around. My daughters home, an end unit, 3 finished levels and about 2600 sq ft brought about $700,000 about a year ago. Now the market is in the toilet. inventories are high and growing and this same home won’t bring $550,000. RE agents I have spoken to have never seen it like this and tell me buyers are there but they are bottom feeders and are offering really low ball prices. Some sellers are taking them up on the offers because the homes have been listed so long.
I have even contemplated buying one myself rather then go forward with the new construction scheduled to begin in Feb of 2008.
My daughters home, an end unit, 3 finished levels and about 2600 sq ft brought about $700,000 about a year ago. Now the market is in the toilet. inventories are high and growing and this same home won’t bring $550,000. My sister is going through the same thing. Good thing she and her husband don't have to sell. What really sucks is the devoloper, Toll Brothers, is selling brand new condo's on the same street for $50-75k less than what they paid for theirs.