Real Estate

bobpbx

Piney
Staff member
Oct 25, 2002
12,283
2,525
Pines; Bamber area
The direction the economy is quickly going. Having your property valued at well more than it's worth, without people having the funds to purchase it, due to rising costs and inflation, doesn't make for a good scenario.

I guess no one recalls the housing crisis from not too long ago. How many homes and properties are still abandoned, because people paid much more than what they were worth when prices fell out.

I'm certainly no expert and I have no dog in this race, but I will be impacted by the failing economy. That's my immediate concern.
I agree with you, to a degree. Also, our government throws money around to solve problems too readily, and likely without some necessary restrictions too.
 

Jon Holcombe

Explorer
Dec 1, 2015
839
1,645
Medford
Having your property valued at well more than it's worth, without people having the funds to purchase it, due to rising costs and inflation, doesn't make for a good scenario.
I don't think the housing market today is the same as 2008, when sub-prime lending and securitization of mortgages caused the crash. Realtors are basically holding auctions and selling houses without inspection because the demand is so high. I don't know if banks are qualifying buyers correctly, but I'm thinking they would not made the same mistake again. We've been trying to help a family member get back on his feet but there just aren't many houses available.
 
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DeepXplor

Explorer
Nov 5, 2008
331
12
Jersey Shore
I don't follow the real estate market since I'm quite happy here and have no interest in selling. But with all the news about real estate recently, I had a look at Zillow just for fun. Holy sh***! My house value has gone up 35% in less than a year. That is just crazy. The bottom fell out of the market here when Atlantic City went bust, my house lost 1/3 of its value and didn't change for years. If this continues, soon I'll be back to what I paid in 2006, which was practically the peak of the housing boom.

Looking at the big picture, this raises concerns about over-development in the Pines. What do you think? Are we on the cusp of a big development boom in the Pines?
I think that we are already seeing that happening. Just look at the 67 complex in Barnegat, on the West side of the GSP and the development across the street from 67. I think that this development has the highest commercial bldg. in the Pines.
 

bobpbx

Piney
Staff member
Oct 25, 2002
12,283
2,525
Pines; Bamber area
I think that we are already seeing that happening. Just look at the 67 complex in Barnegat, on the West side of the GSP and the development across the street from 67. I think that this development has the highest commercial bldg. in the Pines.
Except this was planned for in the Pinelands Master Plan. While none of us like it, in my opinion the pines proper are still safe from a building boom.
 
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