Who can afford all this?

Posted on April 11, 2023 by grim

From Stacker:

The 50 cities in New Jersey where home prices are rising the fastest

This entry was posted in Demographics, Economics, Housing Bubble, New Jersey Real Estate. Bookmark the permalink.

19 Responses to Who can afford all this?

  1. dentss dunnigan says:
    April 11, 2023 at 6:24 am

    first

  2. dentss dunigan says:
    April 11, 2023 at 6:25 am

    second

  3. dentss dunnian says:
    April 11, 2023 at 6:26 am

    third

  4. Juice Box says:
    April 11, 2023 at 7:10 am

    Seaside Heights! It’s a developer’s dream now a 10 story high rise apartment building with retail going up now. The nightclub Karma made famous by Snooki and crew is about to be knocked down and turned into high rise condos with retail on the first floor. The whole place is one big area in need of redevelopment and the developers will get 30 year tax breaks know as a pilot agreement.

    60 new homes added to Seaside Heights in the last 2 years, selling for $750,000 to $1 million and fetching weekly rents of $5,000 to $7,000……

  5. Juice Box says:
    April 11, 2023 at 7:13 am

    Open House on Saturday…Bring your checkbook and best and finest offer!

    https://www.zillow.com/homedetails/15-7th-Ave-Seaside-Heights-NJ-08751/39598236_zpid/

  6. The Great Pumpkin says:
    April 11, 2023 at 7:49 am

    Cali now?!

    Juice Box says:
    April 11, 2023 at 7:13 am
    Open House on Saturday…Bring your checkbook and best and finest offer!

    https://www.zillow.com/homedetails/15-7th-Ave-Seaside-Heights-NJ-08751/39598236_zpid/

  7. Fast Eddie says:
    April 11, 2023 at 8:11 am

    Right after Sandy, I told my brothers that we need to snap up something in Seaside Heights. That goes for any beach town really as illustrated in the list above. Too late now.

  8. grim says:
    April 11, 2023 at 8:18 am

    My sister snagged a great teardown in Ortley on the bay a few years back, right before the boom there. Put up a nice place, finished last spring.

  9. Fast Eddie says:
    April 11, 2023 at 8:43 am

    Ortley is even a better choice than Seaside because if you wanted to rent it for a portion of the summer, you could recoup a big chunk of your payments. Ortley is family friendly; Seaside Heights, not so much. But, if not, your sis made a score either way!

  10. grim says:
    April 11, 2023 at 8:54 am

    There are 49 other ridiculous price increases on that site, I just grabbed Seaside as an example. Though, the shore seems to be over-represented in the mix.

    LBI is equally as stratospheric.

  11. Phoenix says:
    April 11, 2023 at 9:36 am

    People are buying them, so either they have money or leverage.

    It’s capitalism, isn’t this how it’s supposed to work?

  12. Juice Box says:
    April 11, 2023 at 10:26 am

    Talk about livin on a prayer….

    Bon Jovi’s kid must have used the tuition money his dad gave him to buy the engagement ring. He dropped out of Syracuse and now lists himself as an actor with no film credits. I mean this young man does not even have to file income taxes as he as no discernable income other than perhaps his dad’s Amex black card.. I bet his dad does not want him singing “Who says you can’t go home?” next….

  13. Juice Box says:
    April 11, 2023 at 10:29 am

    There are lots for sale in Mantoloking where the ocean smashed through the dunes, all yours for the low low price $3,500,000. No worries the taxpayer built you a steel sea wall..

  14. Juice Box says:
    April 11, 2023 at 10:47 am

    Whoopps..there goes Billions in US Aid to Egypt.

    @Washington Post: Leaked US documents indicate Egypt secretly planned to supply rockets to Russia.

    Egypt President Abdel Fattah El-Sisi recently ordered subordinates to produce up to 40,000 rockets to be covertly shipped to Russia, according to a document obtained by the WaPo.

    “In the document, Sisi instructs the officials to keep the production and shipment of the rockets secret ‘to avoid problems with the West,'” the Washington Post reports.

  15. Phoenix says:
    April 11, 2023 at 11:55 am

    Why are we sending billions of aid to Egypt anyway when there are Americans that have teeth worse than Jack-O-Lanterns?

  16. Boomer Remover says:
    April 11, 2023 at 12:03 pm

    It’s impossible to stay engaged while listening to Yellen drone on.

  17. The Great Pumpkin says:
    April 11, 2023 at 7:04 pm

    Houston apartment owner loses 3,200 units to foreclosure. Applesway borrowed $230 million to buy the buildings during the pandemic, as part of a Texas buying spree.

    Investors who bought properties at the peak of the market in 2021 often financed those deals with floating-rate mortgages. Many of those loans have reset at higher rates, making it more difficult for investors to make their debt payments.

    As interest rates rise, some buildings no longer generate enough profit to make debt payments, increasing the risk of foreclosures like Applesway’s.

    This could lead to more foreclosures in the apartment sector in the coming months.

    Arbor Realty Trust foreclosed on the properties after Applesway defaulted on loans. This is the first major foreclosure in the apartment sector since the pandemic began.

  18. BRT says:
    April 11, 2023 at 7:15 pm

    Yellen speaks very slowly so she doesn’t lose her train of thought.

  19. leftwing says:
    April 11, 2023 at 9:20 pm

    All blonde hair blue eyed chicks are certifiably insane. Except of Nordic decent. Otherwise it’s a serious genetic disorder.

    BBC News – Theranos Founder Elizabeth Holmes to go to prison end of April
    https://www.bbc.co.uk/news/world-us-canada-65241105

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