TVHead123

Hi, I am new to the board here, but I just wanted to mention that I just visited New Jersey and I knew real estate had gotten higher but WOW...the prices of homes were insane!

Coming from Los Angeles I am used to high prices but I didn't think NJ's market was that high. I know the market is obviously not doing well now, but if anyone knows, when was the biggest increase in real estate in NJ? Around what time period? And also what neighborhood's/ares of NJ are considered desirable?

GoTravel

If you think prices are high, check out property taxes.

JEC

Housing prices in NJ really boomed after 9/11. In regards to desirable, what are you looking for?

SusieQQ

TVHead, Are you considering moving to NJ? There are many desirable areas but it depends on where you work, how long you would be willing to commute, do you like country or city, beach or mountain etc? Prices have skyrocketed within the last 10-15 years and although the market is now weak I don't see prices dropping (in my town any why.)

nytraveler

What is desireable depends on who you are.

Do you have kids/are schools important?

Where will you be working and what means of transit will you use?

How many of you are there - do you need a house? will a town house do?

And as for Jersey being expensive - have a look at New York and you'll feel better. (Real estate in the suburbs has gotten a little soft, but the city is holding much better - and the average 2 bedrom apartment in Manhattan is still over a million$.)

TVHead123

No, I'm actually not relocating to New Jersey. I work with HGTV and we have a show called Bought and Sold based out of Northern New Jersey. Which I am told is one of the toughest markets in the country. I was just unaware of how expensive homes had gotten there and I was surprised to see the asking prices. If you're interested you can check out it out at www.hgtv.com - I'm sure there are maybe many areas, but what is the general feel of Northern Jersey, completely suburban/expensive or are there more ghetto areas? Any info is appreciated. Would like to find out people's opinions from NJ.

njsusan

TVHEAD123-I like your show, I just put it in as a season pass on my TIVO.

I live in South Jersey and the real estate market is nothing like it is up north.Shh are taxes aren't that bad either.

granniem

TV Head, I am an avid HGTV watcher but I have only seen the ads for that show, have not caught it yet, looking forward to doing so.

Good luck

GoTravel

I think it is mostly suburban/expensive with a few ghetto areas thrown in.

For example Newark has one of the highest violent crime rates in the country but places like Hoboken are becoming popular.

My parents live in a what once was a blue collar town (South Amboy) but real estate prices have gone through the roof and it now sports some really tony housing.

Trish and Budman should be able to give you much better info.

TVHead123

Njsusan- Oh I'm glad you like the show and thank goodness for TIVO! Any feedback is much appreciated!

Ganniem- Glad you watch the network! You should definitely check out the show and let me know what you think about it. It comes on Sunday nights at 10pm.

Most of the areas I've seen have been very nice and some of the houses featured in the show are just stunning. The colonial homes are marvelous. Living in LA we definitely don't have that kind of architecture or history. It seems like track homes are definitely the norm in my area so it's so great seeing such beautiful homes in NJ area.

mmouse52

Being from North Jersey it is the most expensive area of the state but north or south prices are out of hand. Not only the taxes but car insurance too. Bergen county is the most expensive in the state. This is were Richard Nixon Eddie Murphy and Brooke Shields once lived. Many sports figures live here sice it's so close to NYC. Then we have Morris county where Whitney Houston has a house also where Jackie O had her estate and Malcolm Forbes still lives. Most people have the impression towns in North Jersey look like the opening of the Soprano's. It can't be farther from the truth it is very beautiful many farms,apple orchards and horse country. There is so much more to our state than you see from the parkway and turnpike.

Ryan

Where Malcolm Forbes still lives?

Malcolm Forbes has been dead since 1990. Are you sure you don't mean his son Steve? (BTW, are you sure you don't mean Somerset County? I believe Steve Forbes lives in Bedminster and Jackie O's horse farm was in Peapack.)

Yes, NJ has some very expensive real estate. That's what happens when you have a state with the 2nd highest per capita income in the county. Connecticut, which is 1st, is equally - if not more - expensive. The same can be said for Westchester County in NY.

NJ has 9 of the 100 wealthiest counties in the country. It's no different than parts of California. The difference though is these areas are relatively close to one another which makes the supply of homes in areas that are desireable and within the budgets of many, limited.

Essentially, we're space constrained.

hamlet

I've lived in Bergen County for most of my life and I can tell you it is a pretty diverse place. There are upscale towns such as Alpine and Franklin Lakes, home to CEOS or celebrities. And there are towns with a more working class population such as Little Ferry or Lodi, not to say that property here is cheap, it is still expensive compared to other parts of the country. There are also towns that attract a specific population such as ... Koreans in Leonia, Orthodox Jews in Teaneck, Filipinos in Bergenfield, etc. So you might call these "ghettos" of sorts - not to say anyone was forced to live there or that the people are impoverished. Some towns are really mixed - such as Englewood or Hackensack where you have a higher income population living in huge houses or in luxury condos just a few minutes away from a lower income group of people with less appealing accommodations.

In the last 20-30 years, some populations and landscapes have changed dramatically. Edgewater didn't have much going on and didn't build up the land on the Hudson River overlooking Manhattan, but that certainly changed. Teaneck, which once had a student population that spoke over 40 languages, has closed several public schools in recent years because incoming families choose to send their kids to a private school that may or may not be in town. Paramus has always been unique in that in didn't have a real downtown because of all the malls in the area, but the town itself still grows having added more shopping areas and construction of more houses. Ridgewood has always been a "nice" town but their downtown really boomed in recent years and there has been the addition of popular chain/mall type stores and eateries (Ben & Jerry's, Sigrid Olsen, etc.)

Northern NJ definitely has a diverse landscape and it's population is the crossroads of the world, but you have to drive around the towns to see it. And I think the general impression of residents here is that Northern NJ IS expensive... regardless of who you ask and what town they are from.

karameli

Hi TV,

To answer your original question, NJ's biggest boom was in the summer of 2003 through mid-2004. There was a few years of plateau, and then prices dipped slightlyn -- but they're still about 40% higher than they were in early 2003.

The most desirable areas in North Jersey seem to be in Bergen County, especially the mansions in Englewood, Alpine, and Cloisters. But the Philly suburbs in South Jersey remain NJ's best value, IMHO

karameli

OMG, did I just say "there was a few years"? My grammar needs some coffee today!