Sellers Slump Is A Harsh Realty In Tri-State

Thanks to the author, Braden Keil for giving us the heads up about his article in the NY Post.

Sellers Slump Is A Harsh Realty In Tri-State

November 21, 2005 — The chill in the Manhattan residential real-estate market is blowing across the city’s suburbs and outer boroughs.

From Westchester County to Fairfield, Conn., to Bergen, N.J., the tri-state area is seeing prices and numbers of sales stalling or dropping, while inventories of properties are starting to pile up.

“Sales are drying up at the top,” said one northern New Jersey broker. “And now homes on the lower end [of the price scale] are sitting for weeks and months.”

A Post survey of northern New Jersey brokers showed similar dismal results, with prices ranging from flat in working-class areas to dropping nearly 10 percent in more affluent communities.

Caveat Emptor!

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14 Responses to Sellers Slump Is A Harsh Realty In Tri-State

  1. This is exactly the type of articles that will change the herd mentality of the masses, which in turn will drop housing prices. I think that it is not only the buyer who needs to think prices are to high, but the buyers Mom and Dad, barber, co-worker, friends, etc.

    If everyone is telling you prices are to high, you will not be buying a house. it is all the conforming mentality. You do not want to look like an idiot to everyone else for buying at the wrong time, just like everyone in the past 3 years who have bought to not look like they are missing the boat.

    I choose not to by, and I hear about it everytime i see my GF’s family (we live togther in a 2br rental). All they ever talk about is how much we are losing in apprection by not having a starter home. it does not help that her mothers BF and his sons are flippers and have been doing really well for themselves.

    Right now, a lot of people are buying on speculation, because everyone around them is talking about what a great deal real-estate is and how if you do not get in you will be missing out.

    I will keep renting, and in 3 years or so, buy myself a really nice house in a town that I want, not just in a town that I can afford.

    As for the artcile, I wonder which towns in NJ they are talking about that have seen a 10% drop in home prices?

    I remember reading on, in the Chatham Section Message board, that home prices in Chatham had dropped 17% before they were in Forbes magaizne as top 10 places to live. I am sure after that was published, the prices went back up again.

    i will comment on homes for sale in chatham. I drive through that town daily on all different back roads, and the number or for sale signs is unbelievable. not to mention a lot of houses that have been for sale since early summer are still sitting there.

  2. Anonymous says:

    A Post survey of northern New Jersey brokers showed similar dismal results, with prices ranging from flat in working-class areas to dropping nearly 10 percent in more affluent communities.

    Are the details of this survey available?

  3. grim says:

    I don’t have any more information than what is in the article, but hopefully Braden sees this thread and can comment on it.


  4. chaoticchild says:

    njresident286, I feel your pain. I had to deal with my extended family in the last few Thanksgiving, Xmas adn 7/4 BBQ. When every “elder” you repect is telling you are stupid by not getting into RE.

    One of my aunts is flipping co-ops/condo in Fort Lee area. She got her son buying in NYC with a no-doc mortgage also. She keeps telling me how RE can’t go down because it is NYC Metro area. However I can’t still remember she got burned in the RE bubble, she put her house in Englewood cliffs for sale in 90, she didn’t sell it until 94!!!!!

  5. Richie says:

    Yes; also realize that your elders are the same people that pressure you to get married as well.

    Free Advice Sucks!

  6. Richie,

    Free advice is usually worth what you paid for it.

    Advice/opinions are like asshole$…everyone’s got one, and they usually stink.


  7. Anonymous says:

    The Bloodbath has began. People want confirmation when they take action.
    The current information will confirm and give them comfort not to be a fool and bid on a house now.
    Buyers strike.

  8. Anonymous says:

    do not bail out these morons who have spent their life savings tricking out their raised ranches and cape cods.

    I think we are in for a decade long decline in RE similar to Japan in the 1990s. Think about it: all these dipshit baby boomers are counting on their homes to provide the retirement they never saved for. there will be a glut of houses on the market over the next decade. outside of immigration, population growth is flat. and mexican immigrants ain’t buying $1,000,000 houses

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