Real Estate pros: Will home prices go up, down or stay same

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Forum -> Inquiries & Offers -> Lakewood, Toms River & Jackson related Inquiries

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amother

Thu, Feb 02 2023, 8:02 pm

Real Estate pros: Make a prediction.

Will home prices in the frum populated areas in Lakewood, Toms River, Jackson, Howell, etc, (are there other cities in this area, where frum people are establishing communities that Im not aware of?) go up, go down or stay about the same, in the next few months or years?

What does it depend on (besides demand)?

When prices went down, what caused it?

amother

Wheat

Thu, Feb 02 2023, 8:10 pm

Not an expert here, but I would think prices will keep going up, as the demand is still very high and not enough houses available.

amother

Powderblue

Thu, Feb 02 2023, 8:14 pm

Definitely up up up

Super popular area just getting started its the new boro park/5 towns / Flatbush/ Toronto/ monsey def missing some LA and Miami- all combined lol lakewood is the new what Flatbush and boro park once was

amother

Thu, Feb 02 2023, 8:20 pm

amother Powderblue wrote:

Definitely up up up

Super popular area just getting started its the new boro park/5 towns / Flatbush/ Toronto/ monsey def missing some LA and Miami- all combined lol

I take it that you think South Jersey will become so popular, it will make all of the formerly in-town communities that you cite above, OOT? Not that fast. Its still an almost 2 hour traffic-y drive from Manhattan.

cupcake123

Thu, Feb 02 2023, 8:24 pm

I'm not a pro. I think they will stay the same/go up more slowly then they have been. Definitely don't think they'll go down.

amother

NeonGreen

Thu, Feb 02 2023, 8:26 pm

Not going down. Staying the same or going up

relaxation

Tue, Feb 07 2023, 10:19 pm

but isn't there a limit of up it can go ?

amother

NeonGreen

Tue, Feb 07 2023, 10:48 pm

relaxation wrote:

but isn't there a limit of up it can go ?

I watched Brooklyn go from 150,000- 2 million….

amother

White

Tue, Feb 07 2023, 11:45 pm

relaxation wrote:

but isn't there a limit of up it can go ?

And I see TINY houses in Los Angeles's frum area going for 2-3 million....

To quote a famous movie, "the limit does not exist"

amother

Milk

Tue, Feb 07 2023, 11:47 pm

Howell went down due to the rising interest rates.

amother

Ginger

Wed, Feb 08 2023, 2:22 am

amother Milk wrote:

Howell went down due to the rising interest rates.

This is because the people buying there where mainly investors projecting that the area's are becoming frum, who are more careful with money and interest rates.

The areas that are already frum will stabilize (slower jumps) but I do not think will go down. Same about the already solidly frum area's in Jackson and Tomes River.
The just becoming frum/ projected to become frum will probably go down, because those area's are mainly investors buying and they are likely to sell the properties they own already if they need cash flow, and if to hold off purchasing new properties with current interest rates.

amother

Ginger

Wed, Feb 08 2023, 2:38 am

[quote="amother OP"

When prices went down, what caused it?[/quote]

The prices went down in 2008 because people over extended themselves and bought and foreclosed. Basically, when the housing market was hot and jumping people, bought with 0 down payment, no interest on the mortgage for the first two years , and would sell at a profit before the interest payment kicked in. So they artificially inflated the demand. And then, responding to the artificial demand developers over developed, beyond the true demand.
They had to get rid of the properties cheap, and brought the whole market down.

That could happen again in the surrounding area's, I think Lakewood is basically developed.
It is possible that developers will purchase huge lots in Jackson and build a bunch of Westgate type of developments and that will drop the prices of everything else

Davka the high interest rates, and inflated costs of building will probably prevent the developers doing this, in the short term. Long term this is very possible.

This is the difference between the Greater Lakewood area and Brooklyn or LA. Those area's where already fully developed. No place to build. The max is going to the few blocks down that are not yet frum, but the numbers are not comparable to a development of 100's of houses that can be built in Lakewood.
Plus, there are bad neighborhoods in the surrounding area's, and frum people won't go there. So the supply is finite, and as the demand rises the prices rise. There is a LOT of land available in the surrounding areas. Some is available for development, and some isn't but as frum people become the majprity, they tend to change the zoning (as happened in Lakewood) and build build build.

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