Just lost another bidding war in north new jersey, looks like forever rentcellmode

[kengriffeyjr24]

I made 425k last year. Bumped my base salary up another 50k this year, so should be targeting 500k this year (however whole banking/finance sector is unstable, so chance I get laid off too). Trying to be prudent with what I buy in terms of housing.

Anyways, found a nice listed home (4 bed, 2.5 baths), in a strong school district for 1.2mm. 40 minute train ride to NYC. Very very nice area.

home link:
https://www.redfin.com/NJ/Short-Hill.../home/36210338


Home was listed about right according to recent sale comps in the town.

Offered 1.35 million. Tired of losing bidding wars, so went above thinking this would get it done. Home is on a sort of busy road so figured this would temper the demand .

There were over 20 offers, was told I was "not even close to the top"

Just heard from an agent the home apparently is under contract for 1.6mm. 400k OVER! I mean it was a nice house, but it was sort of on a busy road.....cannot believe what's happening in this country right now with housing.


Cliffs:
Making half a million and unable to buy a home.
op getting mogged by homeowner master race

[OliverHeldens]

There are still plenty of people who pulled tons of money out of markets in NYC area and now want to leave the city to avoid paying taxes. You're going to have this problem outside of any expensive city right now as people are leaving because of the pending recession.

My city is generally expensive, but it's in the Midwest so the housing market is already dead here.

Frankly, that seems like a pretty chit deal.

You offered $1,350,000, which is about $8500/mo in payment per month for just Principal and Interest at current prices. Add in probably $40k of taxes per year and $8000 Insurance.

This would give you monthly housing expenses of $12,500, not including any upkeep on the house. All that to ride the train for 40 minutes each way every day. That's a big waste of money.

Stick to renting. Get a $5000 per month apartment and put everything else into savings. Fuk paying $12,500 per month in housing expense, that's just robbery and will fuk your entire life up.

[kengriffeyjr24]

There are still plenty of people who pulled tons of money out of markets in NYC area and now want to leave the city to avoid paying taxes. You're going to have this problem outside of any expensive city right now as people are leaving because of the pending recession.

My city is generally expensive, but it's in the Midwest so the housing market is already dead here.

I dont know. I've been stocking away cash ready to pounce on the market, and figured high rates and a recession would kill buyers in my region. Agent told me that I am one of hundreds doing the same thing around here.

Just too much money in this country (Srs). Even with banks collapsing, mass layoffs and 7% rates, there are too many buyers able and desperate to buy.

[OliverHeldens]

I dont know. I've been stocking away cash ready to pounce on the market, and figured high rates and a recession would kill buyers in my region. Agent told me that I am one of hundreds doing the same thing around here.

Just too much money in this country (Srs). Even with banks collapsing, mass layoffs and 7% rates, there are too many buyers able and desperate to buy.

See the part I just added to my first comment. You don't want to buy a house in that area right now. I've been living in an apartment waaaaaaay too long as well, but if you run the numbers it's just basically putting yourself into a life of relative poverty to live in an area that isn't very great. Stick to renting for a bit longer. It will make a big positive impact on your life.

Don't follow the Joneses into the suburbs in this instance. It will kill you financially.

[LoginCell]

There are still plenty of people who pulled tons of money out of markets in NYC area and now want to leave the city to avoid paying taxes. You're going to have this problem outside of any expensive city right now as people are leaving because of the pending recession.

My city is generally expensive, but it's in the Midwest so the housing market is already dead here.

Frankly, that seems like a pretty chit deal.

You offered $1,350,000, which is about $8500/mo in payment per month for just Principal and Interest at current prices. Add in probably $40k of taxes per year and $8000 Insurance.

This would give you monthly housing expenses of $12,500, not including any upkeep on the house. All that to ride the train for 40 minutes each way every day. That's a big waste of money.

Stick to renting. Get a $5000 per month apartment and put everything else into savings. Fuk paying $12,500 per month in housing expense, that's just robbery and will fuk your entire life up.

This. Rent a sick pad in Manhattan for around $5k and enjoy.

[kengriffeyjr24]

There are still plenty of people who pulled tons of money out of markets in NYC area and now want to leave the city to avoid paying taxes. You're going to have this problem outside of any expensive city right now as people are leaving because of the pending recession.

My city is generally expensive, but it's in the Midwest so the housing market is already dead here.

Frankly, that seems like a pretty chit deal.

You offered $1,350,000, which is about $8500/mo in payment per month for just Principal and Interest at current prices. Add in probably $40k of taxes per year and $8000 Insurance.

This would give you monthly housing expenses of $12,500, not including any upkeep on the house. All that to ride the train for 40 minutes each way every day. That's a big waste of money.

Stick to renting. Get a $5000 per month apartment and put everything else into savings. Fuk paying $12,500 per month in housing expense, that's just robbery and will fuk your entire life up.

its about 8.5k ish for total payment (including taxes) at around a 5.5 rate 3 which is what I was getting quoted as a I have va home loan eligibity (which have lower rates), was going to put 20% down as well.

I make close to 17k after tax per month off my base, so leaves me with 8 to 9k after mortgage and taxes to live off of (and I get a bonus end of year to save).


Renting a 5k apartment in manhattan gets you a tiny 1 bedroom (Srs). I have little kids ready to start school (plus no thanks jeff on nyc public schools).

3 bedroom rental in manhattan puts you back 8k to 10k

[OliverHeldens]

its about 8.5k ish for total payment (including taxes) at around a 5.5 rate 3 which is what I was getting quoted as a I have va home loan eligibity (which have lower rates), was going to put 20% down as well.

I make close to 17k after tax per month off my base, so leaves me with 8 to 9k after mortgage and taxes to live off of (and I get a bonus end of year to save).


Renting a 5k apartment in manhattan gets you a tiny 1 bedroom (Srs). I have little kids ready to start school (plus no thanks jeff on nyc public schools).

3 bedroom rental in manhattan puts you back 8k to 10k

5.5% on the VA does make things better, but still that's locking $270,000 into your home's equity for likely 10+ years and making it not liquid in order to get an $8000/mo payment(at the absolute lowest) still isn't good.

But yes, I'd also not want to live in the city with kids, I thought you were single. Pussy is the most expensive thing in the world. Hopefully she's worth it.

Surely you can rent in Hoboken or somewhere cheaper and only ride the train 10 minutes though. I'm sure a 3 Bedroom unit can be had for $5000 decently there.

[GreatOldOne]

Brutal. Idk if it would go for half of that down south around Raleigh NC and thereabouts.

Bank your money...then move south. Jeez.

No wonder why everyone around here is from New Jersey.

[tripod29]

That's crazy OP because I made 425k last year. Bumped my base salary up another 50k this year, so should be targeting 500k this year (however whole banking/finance sector is unstable, so chance I get laid off too). Trying to be prudent with what I buy in terms of housing.

Anyways, found a nice listed home (4 bed, 2.5 baths), in a strong school district for 1.2mm. 40 minute train ride to NYC. Very very nice area.

home link:
https://www.redfin.com/NJ/Short-Hill.../home/36210338


Home was listed about right according to recent sale comps in the town.

Offered 1.35 million. Tired of losing bidding wars, so went above thinking this would get it done. Home is on a sort of busy road so figured this would temper the demand .

There were over 20 offers, was told I was "not even close to the top"

Just heard from an agent the home apparently is under contract for 1.6mm. 400k OVER! I mean it was a nice house, but it was sort of on a busy road.....cannot believe what's happening in this country right now with housing.


Cliffs:
Making half a million and unable to buy a home.
op getting mogged by homeowner master race

[kengriffeyjr24]

Brutal. Idk if it would go for half of that down south around Raleigh NC and thereabouts.

Bank your money...then move south. Jeez.

No wonder why everyone around here is from New Jersey.

its honestly a 10/10 area in the usa though (srs). top schools that are way better than anywhere in NC, nice access to NYC, neighbors are elite people. not new jersey in general, but this particular part of nj (rest of NJ is a chithole though)

also not likely I make what I make here in NC.

[MikeLowrrrey]

its honestly a 10/10 area in the usa though (srs). top schools that are way better than anywhere in NC, nice access to NYC, neighbors are elite people. not new jersey in general, but this particular part of nj (rest of NJ is a chithole though)

also not likely I make what I make here in NC.

Then you can't complain. This ain't the 80s, it costs money to live in a 10/10 area. MOG harder & Pay up or move.

[AWSbruh]

Lol at paying 1.2 mill for a starter home.

[LoginCell]

its honestly a 10/10 area in the usa though (srs). top schools that are way better than anywhere in NC, nice access to NYC, neighbors are elite people. not new jersey in general, but this particular part of nj (rest of NJ is a chithole though)

also not likely I make what I make here in NC.

This is true. Short Hills (the smaller area in the county where OP is looking) is as elite as it gets in the Northeast.

[TugOfPeace]

Then you can't complain. This ain't the 80s, it costs money to live in a 10/10 area. MOG harder & Pay up or move.

These complaints are always from people who are trying to buy in areas with outrageous competition.

OP could get a mansion in most other places with a much higher quality of life for $1.35MM.

[kengriffeyjr24]

This man is making half a million and still can't make it. What in the actual hell is going on in this country?

I don't know its crazy. I mean I am banking great money, and have a nice job. But in terms of buying property its hard.

I actually went down in my price range thinking "ok, I'll just look at 750-900k homes in average school districts in less trendy towns where I have more power to outbid people". It was WORSE. WAY MORE buyers and riff raff looking to buy ANYTHING. Way more all cash buyers too. Anything that wasnt a complete chithole house would have someone all cash ready to blow everyone out.

So then I'm like...ok Ill look around 1.3mm range. Should be less buyers (as you need a 500k job). Also impossible as there are people making 1million a year looking to move down teh price range and blow out buyers like me.


I could move to somewhere like the midwest, but now my 500k income is now 150k base and 50k bonus, which leaves me in no better of a situation (arguably worse in terms of wealth appreciation and saving for retirement/FIRE).

if you dont currently own a home, american dream is sort of dead for most. what is the person making 170k total in the north east supposed to do?

or the married couple making 130k in a MCOL town supposed to do (with all the bills they have). No way they can buy a home right now.

[cjr169]

Quick search on Trulia shows 3 beds all over Manhattan in the 5-6k range.

Idk why you would want to live in suburban hell with that salary but ok.

I make great money and live in the upper west side. Used to live in Bloomfield, NJ right on the border with Montclair.

Would rather be dead than go back to that dull ass life.

[kengriffeyjr24]

Quick search on Trulia shows 3 beds all over Manhattan in the 5-6k range.

Idk why you would want to live in suburban hell with that salary but ok.

I make great money and live in the upper west side. Used to live in Bloomfield, NJ right on the border with Montclair.

Would rather be dead than go back to that dull ass life.

show me an acceptable non chithole 3 bed in manhattan that 5 to 6 range.

[LoginCell]

show me an acceptable non chithole 3 bed in manhattan that 5 to 6 range.

Results under 92nd street = 0

[kengriffeyjr24]

Results under 92nd street = 0

exactly. lol at paying 6k to rent a 3bedroom in upper manhattan (aka harlem, washington heights) where its 90% blacks/hispanics, high crime rate, and dirty/dangerous parks/streets.

no thanks

[cjr169]

show me an acceptable non chithole 3 bed in manhattan that 5 to 6 range.

https://www.trulia.com/p/ny/new-york...16--2207107361

[kengriffeyjr24]

https://www.trulia.com/p/ny/new-york...16--2207107361

thats a pretty ghetto apartment (and I used to live a crappy nyc apartment at one point so I have a tolerance for the nyc apartment grind)

bad kitchen, 1 bath only

would bet one of those bedrooms is a fake one with added in walls

[cjr169]

thats a pretty ghetto apartment (and I used to live a crappy nyc apartment at one point so I have a tolerance for the nyc apartment grind)

bad kitchen, 1 bath only

would bet one of those bedrooms is a fake one with added in walls

Ghetto apartment
Murray hill

Pick one

You obviously have no idea what you’re talking about or your one of those messenger bag soy boys who lived and died in the financial district and never left that area when you lived in the city

[OliverHeldens]

exactly. lol at paying 6k to rent a 3bedroom in upper manhattan (aka harlem, washington heights) where its 90% blacks/hispanics, high crime rate, and dirty/dangerous parks/streets.

no thanks

I think if you re-sign a lease for one more year and try this same exercise in 12-16 months, it's going to be easier.

Remember, everyone just got their finance bonuses and is looking to do the same thing you are. Maybe wait a few months? Anyone who doesnt' have a VA loan is dealing with 6.5% interest rates right now. That's eventually going to kill this housing market.

[OliverHeldens]

https://www.apartments.com/330-east-...nit-2/p4nky6t/

Here ya go. Sick new apartment for $5750/mo. Way cheaper than your chitty house, and only a 15 min commute.

[cjr169]

https://www.apartments.com/330-east-...nit-2/p4nky6t/

Here ya go. Sick new apartment for $5750/mo. Way cheaper than your chitty house, and only a 15 min commute.

Na man didn’t you see his post, Murray hill is the ghetto ! Lmao

[akferd]

You know things are fuked when a dude making half a mill a year is getting outbid.

Brootal.

[Destor]

Are those property taxes accurate, $1800/month on top of $1.6M USD for that house built in the '60s? lmao

[kengriffeyjr24]

Are those property taxes accurate, $1800/month on top of $1.6M USD for that house built in the '60s? lmao

Very accurate. How else are you gonna get top notch roads, police, and government services in the Great state of New Jersey

[kengriffeyjr24]

Are those property taxes accurate, $1800/month on top of $1.6M USD for that house built in the '60s? lmao

This one has 40k taxes a year on a 1.2 million home.


https://redf.in/zzXg6J
Such is life in Kathy hochuls new york

[SillieBazzillie]

Weird, aren't we told constantly on this board how folks are moving out of high tax, liberal areas like Cali and New York?

Apparently not the ones with money to spend like you boyo.

Also, what do you do in banking boyo?