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sussex county real estate


chuck172

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The real estate market by me in Sussex County is going nuts. There are bidding wars and homes are selling for way more than they are worth. The house right across from me just sold for 430,000. 5o k over asking price. Just a short time  on the market.  House was small with only 2 acres.

Are homes with acreage, hunting acreage , bordering state land,  in big time demand to those living below right now, or is this just an inflated temporary market?

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2 minutes ago, chuck172 said:

The real estate market by me in Sussex County is going nuts. There are bidding wars and homes are selling for way more than they are worth. The house right across from me just sold for 430,000. 5o k over asking price. Just a short time  on the market.  House was small with only 2 acres.

Are homes with acreage, hunting acreage , bordering state land,  in big time demand to those living below right now, or is this just an inflated temporary market?

It's people getting out of the cities

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6 minutes ago, Rusty said:

Correct, it's a Covid thing.  The pendulum will swing back as things calm down.  The people who have moved out this way from the city are already starting to get bored and want to move back.  

Yea but even near me houses are going for stupid money.  I would love to sell but there is nothing to purchase comfortably. Houses that where 200000 2 years ago are going north of 4 now.  And mind you where I am it's a 1 acre lot.  I am refinancing and will do an addition in the next 2 or 3 years.

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1 hour ago, Rusty said:

Correct, it's a Covid thing.  The pendulum will swing back as things calm down.  The people who have moved out this way from the city are already starting to get bored and want to move back.  

thats a good thing

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1 hour ago, vdep217 said:

Yea but even near me houses are going for stupid money.  I would love to sell but there is nothing to purchase comfortably. Houses that where 200000 2 years ago are going north of 4 now.  And mind you where I am it's a 1 acre lot.  I am refinancing and will do an addition in the next 2 or 3 years.

builder bought old summer house next to me  for $200,000.00 ( 50x100 lot ) knocked it, down put up 2 story house , sold for $650, 000.00 in a week , crazy times , crazy prices

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3 minutes ago, JD48 said:

builder bought old summer house next to me  for $200,000.00 ( 50x100 lot ) knocked it, down put up 2 story house , sold for $650, 000.00 in a week , crazy times , crazy prices

That’s not really crazy with the price of fuel and materials. Probably cost the contractor 30k or more just to demo the old house. All said and done the builder did not get rich there. This day and age it will cost you 325.000 to build a 2000 sq ft home now figure he has 230 just in the lot  then the realtor gets there end. 

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1 minute ago, smittty said:

That’s not really crazy with the price of fuel and materials. Probably cost the contractor 30k or more just to demo the old house. All said and done the builder did not get rich there. This day and age it will cost you 325.000 to build a 2000 sq ft home now figure he has 230 just in the lot  then the realtor gets there end. 

good points

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The people buying this homes are not walking away from homes to move to Sussex.   The real estate  for residential is alive and well in NYC. 

Edited by CJ3a

I spent most of my money on hunting and fishing. The rest I just wasted.

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2 minutes ago, CJ3a said:

The people buying this homes are not walking away from homes to move to Sussex.   The real estate  for residential is alive and well in NYC. 

There is no walking away for most of NYC residents as most do not own most of it is renters so they are loosing security deposits if they walk away.  Look at the appt building alot of them are going empty

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But what is happening to commercial market. Last week I was in a huge office complex on Mt Kemble Ave in Morristown. Two enormous, beautiful buildings. Waterfalls, fountains, beautiful landscaping and 100s of acres of paved parking lots. I was there for 6 hrs and I saw two people. All office are empty and maybe a few dozen cars in parking lots, ghost town !!

Edited by Lunatic
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