Do houses sell in Northern Jersey? (Edison, Clifton: for sale, condo, house prices)

[NCtoNJ]

From reading various posts in this forum, it looks like people are having trouble selling their houses in Central or Southern Jersey. I am curious to know if the same is true for Northern Jersey as well? Or is Northern Jersey (Clifton, Rutherford, Montclair, Oranges, etc) doing better because of its proximity to NYC ?

[njkate]

I live in Morris Couny, Lk Hopatcong and 2 of the newer McMansions close to me went up for sale...I thought they would sit with asking prices well over $600K..2 1/2 months later both are now occupied by new owners.

I think South Jersey may have problems because there is no work really down there, North Jersey has many many corporate headquarters located there

[Onizuka]

Houses in NJ (and elsewhere) are selling if they're priced correctly.

The reason houses are NOT selling is because sellers don't seem to understand capitalism and the free market. You WILL NOT get what your neighbor got in 2005, or even 2006. So if you set a realistic price, your house will sell.

It's simple supply and demand. There's too much supply and that naturally will drive down prices. That's not even considering the recent sub-prime meltdown and the ensuing drying up of liquidity that will reduce demand even further.

So, to sum up: more supply + less demand = house prices will continue to drop for a long time.

[Smartone]

Northern Jersey can be an awsome place to live. The market is awful and cost of living is generally high. People don't realize there are ways to save money. For example, wealthy people go to Saddle River, Upper Saddle River, Kinnelon, Mountain Lakes, Morristown, Ridgewood, Hoboken.... But, towns like Pompton Plains, Wayne, Clifton, Nutley, Lynhurst, East Rutheford, Mahwah, Cliffside Park.... etc. are towns with some bad sections but mainly good sections where you can get a decent house for half a million and you can be near a lot of fun stuff.

[krusher]

I think South Jersey may have problems because there is no work really down there, North Jersey has many many corporate headquarters located there

True, in the southwest you have Killadelphia ("kill" cuz of all the murders there) and the southeast you have... I dunno, Atlantic City?

[laure768]

Originally Posted by Smartone

But, towns like Pompton Plains, Wayne, Clifton, Nutley, Lynhurst, East Rutheford, Mahwah, Cliffside Park.... etc. are towns with some bad sections but mainly good sections where you can get a decent house for half a million and you can be near a lot of fun stuff.

Out of that list... I would definitely recommend Wayne, Pompton Plains, and Mahwah... the others are becoming a bit too "urban", even Nutley.

I would put Wayne at the top of that list though. Home prices in Wayne range anywhere from $150k for a bungalow (albeit flood prone) to over $2million for much bigger homes (especially the homes that have lake frontage) and the homes that are in the very hilly sections.

[DodgeViper01]

The housing market in a whole has changed. It is not that people are not selling their houses, it is just slow and the inventory is at an all time high. The market all over the United States has changed so it would be unfair to say that houses are not selling in NJ.

[ching1698]

I know a neighbor who rented out his condo at Edison and bought a new home at Bellville NJ, so I think Northern Jersey is selling still ...

Another one just sold her townhouse at Westgate and bought a house at New Providence NJ (is it North enough?) will be close late August.

Yet another one sold her condo at Edison and bought another one at Sprinfield NJ.