Why rents are going up?

[sdrealtor]

North Jersey is just as expensive as out here when you factor in all the costs of living. The fact that they didnt come speaks more to their attachment to living there and the widespread availability of good high paying jobs with top corporations than it does to the cost of living here.IMHO

BTW, a good friend of mine living in North NJ that’s a C level exec with a small public company ($150M market cap) came out to visit me last summer with his family. He thought it was cheap out here.

[sdrealtor]

North Jersey is just as expensive as out here when you factor in all the costs of living. The fact that they didnt come speaks more to their attachment to living there and the widespread availability of good high paying jobs with top corporations than it does to the cost of living here.IMHO

BTW, a good friend of mine living in North NJ that’s a C level exec with a small public company ($150M market cap) came out to visit me last summer with his family. He thought it was cheap out here.

[sdrebear]

I'm certainly not sure what "all the costs of living" add up to, but a quick eyeball of CL Real Estate in North Jersey shows me a different picture of the most expensive of living costs. I’d say they are at about half price across the board on RE.

Not to mention the reasons given to their VP by many of them on their exit interviews backs up my assertion.

Also not too sure what DOESN’T look cheap to a C-level exec of a $150+ MC company! 🙂

[sdrebear]

I'm certainly not sure what "all the costs of living" add up to, but a quick eyeball of CL Real Estate in North Jersey shows me a different picture of the most expensive of living costs. I’d say they are at about half price across the board on RE.

Not to mention the reasons given to their VP by many of them on their exit interviews backs up my assertion.

Also not too sure what DOESN’T look cheap to a C-level exec of a $150+ MC company! 🙂

[drunkle]

i dont imagine foreclosed properties end up in the rentals for quite some time, if at all. so there’s one reason for potential homes to sit empty.

same for sale properties… hoping that the bottom has passed, you keep holding out and holding out until you have no choice. whether sfr or condo conversion or new condo units sitting on the shelf.

so i think it’s a transition period, things could go up or down locally due to latent demand and transaction demand (ie., got foreclosed on or got lucky and sold but still want to live in the same area or better). rents will probably lag sale prices in either increases or declines…

actually, that’s probably something someone could look up, a chart of rent vs home price change…

right there in rich’s bubble primer. rents lag sale prices, looks like on the order of a year or 2.

[drunkle]

i dont imagine foreclosed properties end up in the rentals for quite some time, if at all. so there’s one reason for potential homes to sit empty.

same for sale properties… hoping that the bottom has passed, you keep holding out and holding out until you have no choice. whether sfr or condo conversion or new condo units sitting on the shelf.

so i think it’s a transition period, things could go up or down locally due to latent demand and transaction demand (ie., got foreclosed on or got lucky and sold but still want to live in the same area or better). rents will probably lag sale prices in either increases or declines…

actually, that’s probably something someone could look up, a chart of rent vs home price change…

right there in rich’s bubble primer. rents lag sale prices, looks like on the order of a year or 2.

[(former)FormerSanDiegan]

BTW, a good friend of mine living in North NJ that’s a C level exec with a small public company ($150M market cap) came out to visit me last summer with his family. He thought it was cheap out here.

If you live on LA’s Westside, parts of the OC, and the Bay area it might seem relatively cheap in San Diego as well.

[(former)FormerSanDiegan]

BTW, a good friend of mine living in North NJ that’s a C level exec with a small public company ($150M market cap) came out to visit me last summer with his family. He thought it was cheap out here.

If you live on LA’s Westside, parts of the OC, and the Bay area it might seem relatively cheap in San Diego as well.

[what_a_disasta]

You should try London. Not only are the houses more expensive than anywhere in the US, but add in $9 gas and a 100%+ premium in prices for everything else.

It makes me laugh when people complain about $3 gas.. that number can, and will, go much higher and people will just suck it up.

[what_a_disasta]

You should try London. Not only are the houses more expensive than anywhere in the US, but add in $9 gas and a 100%+ premium in prices for everything else.

It makes me laugh when people complain about $3 gas.. that number can, and will, go much higher and people will just suck it up.

[sdrealtor]

NJ is not nearly as homogenous as SD County. Many of the places on that link to craigs list are far out in the boonies or in the big time hood. Look in nice areas and you will see similar pricing and higher in many cases. My comment was also pertaining to COL not just RE purchase prices. Think 25,000 tax bills on a 500K home in a great area. think $1,000 plus utlity bills. Think $4,000 car insurance bills.

I lived there for 30 years. You are in my wheelhouse right now. People from there for the most part cant imagine moving cross country for any reason as they are so ingrained there. Good jobs are also much easier to find and the amount of wealth there is mind boggling.

[sdrealtor]

NJ is not nearly as homogenous as SD County. Many of the places on that link to craigs list are far out in the boonies or in the big time hood. Look in nice areas and you will see similar pricing and higher in many cases. My comment was also pertaining to COL not just RE purchase prices. Think 25,000 tax bills on a 500K home in a great area. think $1,000 plus utlity bills. Think $4,000 car insurance bills.

I lived there for 30 years. You are in my wheelhouse right now. People from there for the most part cant imagine moving cross country for any reason as they are so ingrained there. Good jobs are also much easier to find and the amount of wealth there is mind boggling.

[sdrealtor]

FSD, he thought it was cheap when comparing comparable areas to Carlsbad. I.E Nice upper middle class areas with relatively good schools and within 10 minutes of the beach. He doesnt live in on of the uber wealthy areas. Where he lives is very comparable to Carlsbad w/o the weather and beaches of course. His 50 year old house with lots of problems and nothing spectacular about it is over $1M in South Orange, NJ. Check it out and you will see we are not talking west la.

[sdrealtor]

FSD, he thought it was cheap when comparing comparable areas to Carlsbad. I.E Nice upper middle class areas with relatively good schools and within 10 minutes of the beach. He doesnt live in on of the uber wealthy areas. Where he lives is very comparable to Carlsbad w/o the weather and beaches of course. His 50 year old house with lots of problems and nothing spectacular about it is over $1M in South Orange, NJ. Check it out and you will see we are not talking west la.

[PerryChase]

I agree with sdrealtor. The New York metropolitan area and suburbs are totally different from SoCal. Established folks back East rarely consider moving out of their neighborhoods. The culture is different. Moving from Queens to New Jersey is big shock. Here, moving from Chula Vista to Carlsbad or from Pacific Beach to Pasadena is no big deal.

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