What does a million dollar home look like in your area?

[DemonLlama]

Highlands Ranch Colorado 80129

 

[ducklite]

Salaries are higher but housing & taxes have increased much more.
Plus there's the car/home insurance which is very high the NY Metro area.

So the double the salary and you can afford it doesn't work in this area anymore.

Actually some areas of NJ are seeing prices stabalize and even drop. The home we sold in NJ two years ago is worth less now than when we sold it. DH and I have been keeping an eye as we're in the market to buy a condo in Somerset or Hunterdon county. We've been saving our pennies for the d/p--while many were out taking vacations with last years tax return, ours has been sitting neatly in the bank collecting interest. Our "vacation" this year will be five nights DVC at Vero and we plan on eating at least a couple of the meals "in" to keep it a budget trip. In many ways it comes down to personal priorities.

One thing about NJ (I can't speak for NYC/LI, although I can't imagine it's not the same) is that there is so much "keep up with the Jones'." It seems like a constant race to see who can have bigger and more expensive stuff, and that trickles down to first time buyers who won't settle for an older condo or townhouse, they want the four bedroom Toll Bros McMansion as a starter home.

I'll give you that car insurance is expensive, I practically die laughing when people complain about car insurance prices in FL. On the otherhand, in many areas of Florida homeowners is double, triple, or even more than it would be for a similar home in NJ. When it costs $6000 a year to insure a $300,000 home (not unheard of here) you know homeowners is high.

Anne

 

[crazyme5kids]

There sure is a huge keeping up with or even let's beat the Jones' mentality here! That is a whole other issue though.

Last year I went with a friend who was looking for a house. She looked at houses in the cheap price range. Cheapest in the area was $429,000 to mid $400,000. These were small, older 3 bedroom houses, small yards, but a fine size for a growing family.

When I say nothing had been done to update or maintain the houses I am being truethful. She would have needed to spend way too much money to make improvements, if not right away, in the future. My advice was for her to wait until prices drop. At some point they have to. I can't imagine them staying as high as they've been.

 

[ducklite]

When I say nothing had been done to update or maintain the houses I am being truethful. She would have needed to spend way too much money to make improvements, if not right away, in the future. My advice was for her to wait until prices drop. At some point they have to. I can't imagine them staying as high as they've been.

We're actually hoping to find a condo that is structurally sound--good plumbing and electrical, but needs carpet, paint, small holes patched, fixtures updated, etc. DH is very handy, and we'll clean the carpet before he moves in, then while he's staying there he'll paint, replace fixtures, and eventually we'll put in new carpet. If we can save $20-40K on a place that needs $5K in improvements if he does everything but the carpet himself, that's a nice bargain for us. We're thinking that with the current trends, there will be a glut of pre-foreclosures and REO's in the next 2-4 years, and we'll scoop up a bargain--I think that the bargains will be there before the moortgage industry rebounds, so for people who either have a large d/p or can pay cash, it will be like a kid in a candy store.

Anne

 

[MUFFYCAT]

Actually some areas of NJ are seeing prices stabalize and even drop. The home we sold in NJ two years ago is worth less now than when we sold it. DH and I have been keeping an eye as we're in the market to buy a condo in Somerset or Hunterdon county. We've been saving our pennies for the d/p--while many were out taking vacations with last years tax return, ours has been sitting neatly in the bank collecting interest. Our "vacation" this year will be five nights DVC at Vero and we plan on eating at least a couple of the meals "in" to keep it a budget trip. In many ways it comes down to personal priorities.

One thing about NJ (I can't speak for NYC/LI, although I can't imagine it's not the same) is that there is so much "keep up with the Jones'." It seems like a constant race to see who can have bigger and more expensive stuff, and that trickles down to first time buyers who won't settle for an older condo or townhouse, they want the four bedroom Toll Bros McMansion as a starter home.

I'll give you that car insurance is expensive, I practically die laughing when people complain about car insurance prices in FL. On the otherhand, in many areas of Florida homeowners is double, triple, or even more than it would be for a similar home in NJ. When it costs $6000 a year to insure a $300,000 home (not unheard of here) you know homeowners is high.

Anne

Yes, housing prices have dropped a bit the last year or so.
but from 1999 till 2006 the prices skyrocketed to a point where no one could afford them. While salaries have remained pratically flat.
That's why it feels like halk of the Metro area is moving to the Carolinas.
Between the taxes and the housing noone can afford to live here.

 

[scanne]

I used to live in Voorhees, NJ.

Here's a development going up in that town.

http://www.weichert.com/search/real...untyid=32697&ptypeid=32&minpr=1000&maxpr=1500

I now live in Mt. Laurel. Here's one from my town.

http://www.weichert.com/search/real...58524&zip=08054&q=08054&minpr=1000&maxpr=1500

 

[CathrynRose]

A whole lotta nothing, IMO...

This is across the street from my house....

 

[tuckerkeys]

We're actually hoping to find a condo that is structurally sound--good plumbing and electrical, but needs carpet, paint, small holes patched, fixtures updated, etc. DH is very handy, and we'll clean the carpet before he moves in, then while he's staying there he'll paint, replace fixtures, and eventually we'll put in new carpet. If we can save $20-40K on a place that needs $5K in improvements if he does everything but the carpet himself, that's a nice bargain for us. We're thinking that with the current trends, there will be a glut of pre-foreclosures and REO's in the next 2-4 years, and we'll scoop up a bargain--I think that the bargains will be there before the moortgage industry rebounds, so for people who either have a large d/p or can pay cash, it will be like a kid in a candy store.

Anne

you may want to start thinking about the condo sometime in the near future, as NJ prices are dropping weekly....the poop has hit the fan as most of our real estate customers have told us....for what you are looking for there are A TON of places on the mkt....some for over 1 yr already and sellers are trying to offer all kinds of incentives to get people to buy....in this sunday's paper, most new home builder places were offering free basements, and even cars to go along w/ the home...since you'd be looking for an older one with work needed, i'm sure you could find a deal! 2 people we know who are looking want the new homes w/ the deals, not older homes....the reason the homes are sitting other than the mkt has dropped is that it is much harder to get a mortgage now, and most people have to fork over a down payment. the days of 100% financing are over....which i think is a good thing...

 

[TaraPA]

Here's a million dollar home in our area - and it's MINE! Never thought I'd be able to say that!

This was 2 years ago the week we moved in - no landscaping no nothing!

Most (if not all) new construction in this area starts at $750K so it's not all that special to have a million dollar home. It IS special to me though!

 

[MUFFYCAT]

Here's a million dollar home in our area - and it's MINE! Never thought I'd be able to say that!

This was 2 years ago the week we moved in - no landscaping no nothing!

Most (if not all) new construction in this area starts at $750K so it's not all that special to have a million dollar home. It IS special to me though!

You have a beautiful home.

 

[ducklite]

you may want to start thinking about the condo sometime in the near future, as NJ prices are dropping weekly....the poop has hit the fan as most of our real estate customers have told us....for what you are looking for there are A TON of places on the mkt....some for over 1 yr already and sellers are trying to offer all kinds of incentives to get people to buy....in this sunday's paper, most new home builder places were offering free basements, and even cars to go along w/ the home...since you'd be looking for an older one with work needed, i'm sure you could find a deal! 2 people we know who are looking want the new homes w/ the deals, not older homes....the reason the homes are sitting other than the mkt has dropped is that it is much harder to get a mortgage now, and most people have to fork over a down payment. the days of 100% financing are over....which i think is a good thing...

We don't want a house, we want a condo, because DH is only there a couple weeks a year and doesn't want maintenance. No garden apt conversions, either--is there a blech smiley?

We're looking for a KHov type place (Society Hill type place), preferably in B'Burg, but would consider Bridgewater, Whitehouse Station, *maybe* Somerville, etc. In all seriousness, if you hear of something, let me know. We prefer a 2/2 but would take a 1/1 if the right thing comes along.

I don't think the market has hit rock bottom yet, and we'd really rather wait until spring for cash-flow reasons (I'm due to get a 20% raise with a promotion I've been told is coming) but if the right thing comes along we'll jump on it and figure it out.

Anne

 

[Ticket Man]

Richmond, VA Area

New Construction in far suburbs:
http://homes.realtor.com/search/lis...5438e91e&lid=1077636184&lsn=4&srcnt=31#Detail

The most prestigious neighborhood in Richmond, a smaller house
http://homes.realtor.com/search/lis...438e91e&lid=1084280947&lsn=10&srcnt=31#Detail

An almost 100 year old home in a nice area of the city
http://homes.realtor.com/search/lis...91e&pg=1&lid=1084908428&lsn=3&srcnt=31#Detail

 

[TaraPA]

You have a beautiful home.

Thank you - and it's open for a DIS-Meet!! Anyone? Anyone??? Although today you may have to come by boat with all this rain!

Ducklite - you said B'Burg - excuse my ignorance - where in NJ is that? I'm just across from P'burg in PA. 75% of our development is NJ-ers hopping the border for lower housing & taxes - but then commuting back to NJ/NY every day. Was it you that mentioned "keeping up with the Jonses in NJ?" It is not like that at all in our development (you'd think it would be) - but we can tell the NJ people when they move in are used to that way of life. I don't mean that in a negative way, they just like to show off their expensive things (nothing wrong with that, it's just not me), and talk about them, and ask what everything cost you, and then try to top it. We're very down-to-earth, hard working & are happy when others get a new Porsche. We just don't see the need to one-up it!

 

[MUFFYCAT]

Thank you - and it's open for a DIS-Meet!! Anyone? Anyone??? Although today you may have to come by boat with all this rain!

Wouldn't that be nice.
If I went home from your house, I get depressed just looking at our shoeboxes that cost way too much money.

NY/Long Islanders do the same as New Jersey with keeping up the Jones.
I thought it was a suburb thing.
When I lived in Queens, New York we didn't do that.

 

[Tiffer]

All the Million dollar homes are going to be looking like $650k homes in the near future.

 

[ducklite]

Ducklite - you said B'Burg - excuse my ignorance - where in NJ is that?

Branchburg--about an hour due east of you, just west of Bridgewater.

Anne

 

[Jestocost]

Well, just over $1 million:

 

[Crankyshank]

Nothing in the town I live in is going for that much now. There's a lot in my surrounding areas, but they're either multi-acres, waterfront, or in the historic district. So to show you a house that is priced in the million dollar range, this link is for my home town (20min away)
http://homes.realtor.com/search/lis...0&sby=2&lid=1080226860&lsn=7&srcnt=316#Detail

I will say that around here the million dollar price tag is usually not for the house. Most often it's a so-so house on a huge lot, or a high end location.

 

[Stargazer]

This is the closest match (about 25 miles away):

http://www.era.com/erabin/listing?Property=1622127
List price $999,900
4 BR / 4.5 BA
7,800 sq ft
1/2 - 1 acre

Although, I think this one looks better
http://www.era.com/erabin/listing?Property=2248200
List price $939,000
4 BR / 4.5 BA
7,600 sq ft
2-5 acres

 

[Liberty Belle]

http://www.premierrealestateandhomeservices.com/detailpage.asp?prop=resi&mls_acct=717994

This is an historical home, so I'm sure that raised the value at least a little.