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Lkwd house as invesrment
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amother
Apricot


 

Post Thu, Nov 17 2016, 10:05 am
Buying in a developement is a good idea. I did that. For investment. I have two Jewish good tenants. Yeshivish btw. And usually the developement is less on taxes and rentals. So a lot of people buy or rent there. Currently there are a lot of developement building. Now is the time to buy. It's much cheaper then single family homes.

Check out the voice of Lakewood. There are a lot of houses you might want to see. And some houses for investments that take non Jews are not frum neighborhood anyway. So please speak with a broker.

Are you chasidish? You don't need to answer if you don't want to. But clearly yeshivish people don't want chasidim here. So be prepared for that. If you go to a chasidish developement then u won't feel it as much.

Other chasidish neighborhoods
Ridge, brookhill, chateau park, sterling forest, harmony psrk. Toms River is a mix of chasidish and yeshivish. There are a lot of chasidish people in Lakewood. I know some posters here are mad. Sorry.
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amother
Papaya


 

Post Thu, Nov 17 2016, 10:07 am
amother wrote:
I think what this poster is saying is that buying a home in Lakewood is now completely unaffordable for the Lakewood residents. A big reason for that is the market has gone up due to people from other cities buying houses and renting them out or by people who can sell the home they live in (in another specific state) which goes for high prices and buy a house in Lakewood for way less than they sold so they are able to even walk away with extra cash in their pockets.

Nowadays the developers are focusing on selling houses to ppl who live out of state because they are able to charge more than what a native would pay. This has driven up the cost of housing tremendously.

It is frustrating for plain old Lakewood residents because now I can't buy a house in Lakewood where I grew up. I have to move to Jackson or Toms River. Because that's the only places with housing that most ppl here can afford.

I am not hating on the people who buy the houses for the inflated prices. It's just frustrating and sad.



I think your giving the poster a little to much credit. What would you guess is the ration, in the past 5 years, of families buying houses for themselves vs. buying houses to rent out? I would imaging the reason Lakewood housing is more expensive than it was years ago is because many families want to live there.
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amother
Apricot


 

Post Thu, Nov 17 2016, 10:19 am
For some reason the lakewooders are blaming it all on New Yorkers. Even though a lot of the people are yeshivish from bmg and are from ny and are also buying. Stop being angry about something you can't control. Just like you can't control the weather.

It's a fact of life that real estate goes up and down. To blame New Yorkers is like blaming the sun for coming out everyday.
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amother
Gray


 

Post Thu, Nov 17 2016, 12:14 pm
Are you promoting Sinas Chinam?

amother wrote:

Are you chasidish? You don't need to answer if you don't want to. But clearly yeshivish people don't want chasidim here. So be prepared for that. If you go to a chasidish developement then u won't feel it as much.

Other chasidish neighborhoods
Ridge, brookhill, chateau park, sterling forest, harmony psrk. Toms River is a mix of chasidish and yeshivish. There are a lot of chasidish people in Lakewood. I know some posters here are mad. Sorry.
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Iymnok




 
 
    
 

Post Thu, Nov 17 2016, 12:17 pm
Why don't you contact the OP of this thread?
http://www.imamother.com/forum.....33064
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amother
Pewter


 

Post Thu, Nov 17 2016, 1:20 pm
OP here. I am currently living in Flatbush and the housing is out of my reach but I do still want to a house to have the equity. Lakewood seems like a good idea because eventually the kids may end up there and the townhouses have two rentals. I am not really ready to talk to a broker yet. Annoymous amothers is a great sort of information Smile I really just want numbers of how much a cheaper new construction townhouse/duplex would be and how much basement can charge and upstairs can charge. I am not chassidish and since this house may go to family one day I would actually perfer a litvish location but thats getting a little ahead of myself....
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amother
Blonde


 

Post Thu, Nov 17 2016, 1:33 pm
amother wrote:
OP here. I am currently living in Flatbush and the housing is out of my reach but I do still want to a house to have the equity. Lakewood seems like a good idea because eventually the kids may end up there and the townhouses have two rentals. I am not really ready to talk to a broker yet. Annoymous amothers is a great sort of information Smile I really just want numbers of how much a cheaper new construction townhouse/duplex would be and how much basement can charge and upstairs can charge. I am not chassidish and since this house may go to family one day I would actually perfer a litvish location but thats getting a little ahead of myself....


Take a look at the masa umatan to get an idea of what you can chaRge for rentals. As of now, in a great location for a 3 br + 2 bath basement you can get 1250+ utilities. For upstairs, you can get around $2000 or a little more.
If you buy further out (where it's less expensive for you), you can rent the basement for $8-975 and the upstairs for $1900-2000 but you will have a harder time finding tenants.
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amother
Wheat


 

Post Thu, Nov 17 2016, 2:18 pm
amother wrote:
OP here. I am currently living in Flatbush and the housing is out of my reach but I do still want to a house to have the equity. Lakewood seems like a good idea because eventually the kids may end up there and the townhouses have two rentals. I am not really ready to talk to a broker yet. Annoymous amothers is a great sort of information Smile I really just want numbers of how much a cheaper new construction townhouse/duplex would be and how much basement can charge and upstairs can charge. I am not chassidish and since this house may go to family one day I would actually perfer a litvish location but thats getting a little ahead of myself....


This is not the same as just buying for income flow.

How old are your kids? Although real estate is often a solid investment, there's no way to be sure that the house you buy in Lakewood now will be appropriate for your kids down the line. Neighborhoods change, needs change, etc.

Again, if you want to invest in real estate, there's no need to buy in Lakewood now. Buy somewhere else, on the advice of a professional, and use the proceeds to buy your kids a house when and where they are ready. Or put money into an index fund and let the stock market do its thing.
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amother
Amber


 

Post Thu, Nov 17 2016, 2:56 pm
'right now the basement rental market is flooded so there are vacancies. Typically it comes in waves, with no apartments available and many desperate couples willing to pay anything or tons or too many apartments so couples will shop around - looking for nicest, larges, cheapest and best location.
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sky




 
 
    
 

Post Thu, Nov 17 2016, 2:59 pm
Chayalle wrote:
I keep hearing from people that Lakewood prices are going to fall, as people are more and more willing to buy in Jackson and Toms River.


I wish.

I know everyone always says lake woods bubble will never burst. We bought at the last height about 12 years ago. Everyone said prices will never fall because Lakewood is so hot, investors were fighting over properties and they were selling in minutes. It was a realtor market. Raintree was selling for so high then, I don't think it is back there yet. but then prices fell - a lot. I keep thinking maybe it can happen again.
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sky




 
 
    
 

Post Thu, Nov 17 2016, 3:01 pm
Also keep in mind the real estate taxes on a new house are at least 1,000\month. You have to factor that into the expenses.

Check out the voice its on line - google. it should have a lot of real estate and prices.
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amother
Orange


 

Post Thu, Nov 17 2016, 4:10 pm
amother wrote:
I think what this poster is saying is that buying a home in Lakewood is now completely unaffordable for the Lakewood residents. A big reason for that is the market has gone up due to people from other cities buying houses and renting them out or by people who can sell the home they live in (in another specific state) which goes for high prices and buy a house in Lakewood for way less than they sold so they are able to even walk away with extra cash in their pockets.

Nowadays the developers are focusing on selling houses to ppl who live out of state because they are able to charge more than what a native would pay. This has driven up the cost of housing tremendously.

It is frustrating for plain old Lakewood residents because now I can't buy a house in Lakewood where I grew up. I have to move to Jackson or Toms River. Because that's the only places with housing that most ppl here can afford.

I am not hating on the people who buy the houses for the inflated prices. It's just frustrating and sad.


As frustrating as it is, that's life. I know people who live in Yerushalayim who can't afford to buy an apartment in their neighborhood because it became a fad for rich Jews all over Europe and America to buy apartments there.
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amother
Lawngreen


 

Post Thu, Nov 17 2016, 4:41 pm
amother wrote:
Lawngreen I think op meant low class Mexican non Jews. Thanks for reminding people to be careful how we post


Who decides that the Mexican non Jews are "low class"? You've just done the same thing as OP as well. Mexican non Jews are also people with families that they want to house in the best possible way that they can afford. Just like us.

To me, "low class" means you can't describe another section of our society without resulting to demeaning slurs such as "low class" or "bad crowd"....
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amother
Bronze


 

Post Thu, Nov 17 2016, 5:16 pm
amother wrote:
I think what this poster is saying is that buying a home in Lakewood is now completely unaffordable for the Lakewood residents. A big reason for that is the market has gone up due to people from other cities buying houses and renting them out or by people who can sell the home they live in (in another specific state) which goes for high prices and buy a house in Lakewood for way less than they sold so they are able to even walk away with extra cash in their pockets.

Nowadays the developers are focusing on selling houses to ppl who live out of state because they are able to charge more than what a native would pay. This has driven up the cost of housing tremendously.

It is frustrating for plain old Lakewood residents because now I can't buy a house in Lakewood where I grew up. I have to move to Jackson or Toms River. Because that's the only places with housing that most ppl here can afford.

I am not hating on the people who buy the houses for the inflated prices. It's just frustrating and sad.
and the same can be said for Monsey. Honestly, it's so old. this is how the market works. just because you grew up here doesn't give you a monopoly over it. so you need to move out of town a little. its frustrating but thats how it goes. I lived in monsey and bought a house in airmont. others have been moving to chestnut, pomona, hillcrest...
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sky




 
 
    
 

Post Thu, Nov 17 2016, 6:17 pm
amother wrote:
and the same can be said for Monsey. Honestly, it's so old. this is how the market works. just because you grew up here doesn't give you a monopoly over it. so you need to move out of town a little. its frustrating but thats how it goes. I lived in monsey and bought a house in airmont. others have been moving to chestnut, pomona, hillcrest...


You're right - but I think people feel that Lakewood was started as a Yeshiva town. The only reason anyone ever moved here was because of the yeshiva. The city was centered around it.
Now that there is an infrastructure everyone is moving here because of what the yeshiva built. And the yeshiva people are being pushed out of the market.

You're right that is how the market goes, but for those who have built their lives here for the yeshiva it is hard to see it change, and it makes lives very difficult. Its hard to be pushed into areas that have a 1/2 hour or more commute to yeshiva, requiring 2 cars, making it harder for wives to work, etc.
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amother
Natural


 

Post Thu, Nov 17 2016, 8:06 pm
amother wrote:
Take a look at the masa umatan to get an idea of what you can chaRge for rentals. As of now, in a great location for a 3 br + 2 bath basement you can get 1250+ utilities. For upstairs, you can get around $2000 or a little more.
If you buy further out (where it's less expensive for you), you can rent the basement for $8-975 and the upstairs for $1900-2000 but you will have a harder time finding tenants.


You are living in lala land, so sorry to burst your bubble. As everyone here keeps saying, there are way too many basements available right now; it's a renter's market. Unless you are very much yeshiva area, you are not getting 1250 for your basement. Sorry. Maybe a year ago, but not anymore.
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mommy3b2c




 
 
    
 

Post Thu, Nov 17 2016, 8:08 pm
amother wrote:
Take a look at the masa umatan to get an idea of what you can chaRge for rentals. As of now, in a great location for a 3 br + 2 bath basement you can get 1250+ utilities. For upstairs, you can get around $2000 or a little more.
If you buy further out (where it's less expensive for you), you can rent the basement for $8-975 and the upstairs for $1900-2000 but you will have a harder time finding tenants.


$2000 for a house or an apartment? My brother just rented a 2000 square foot apartment for $1500.
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amother
Amber


 

Post Thu, Nov 17 2016, 8:11 pm
The high end for new 3 bedroom apartments + 2 baths in good areas is still around 1100. The older, smaller, and further from the center the prices are going below that. But even the good apartments are going down.
I think the upstairs are still going for decent money. Not as money are rented.

Its a shame because many are buying homes to have the basement cover part of the mortgage or at least the taxes, but many are being sold unreliable expectations by the realtors - and it is hurting some.
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amother
Natural


 

Post Thu, Nov 17 2016, 10:53 pm
mommy3b2c wrote:
$2000 for a house or an apartment? My brother just rented a 2000 square foot apartment for $1500.


In Lakewood? I've never heard of this. What area is it in?
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amother
Seashell


 

Post Fri, Nov 18 2016, 12:17 am
amother wrote:
In Lakewood? I've never heard of this. What area ils it in?


You can get apartments (or what most Lkwd ppl would just call a townhouse) for this price in westgate.

And jbtw, not everyone is moving to jackson, TR, Howell and Brick because they're being priced out of the market. Some actually prefer the larger properties, privacy, and houses that have a whole lot more personality than your average cookie-cutter townhouse/duplex. Even if it's not brand new and doesn't have a pesach kitchen and huge bedrooms and means a longer drive to yeshiva/school/work.

Just sayin
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