I know everyone’s tired of hearing money-related rants, but we’ve seen that when we put our prayers, our askanus, and our money together, we can make change in this town. I’m sending this letter not to complain, but to make a plan and get people on board—once and for all.
Because enough is enough.
As of 2025, anyone trying to buy a house in Lakewood with enough space for their family better figure out how to come up with $1.3 million—or they’re doomed. Yes, there are some on the market for a little less, but so far, what I’ve seen are homes hiding mold or other structural issues, possibly painted over for a “fresh” look—if even that.
The numbers keep going up at rocket speed, like this is Manhattan with an average of six- to seven-figure income families. Neighbors are horrified by the listing prices next door, but then suddenly consider jumping on the money-making wagon too. After all, it’s “location, location, location,” isn’t it? You can’t fight the market rules… or can you?
Rabbosai, it’s out of hand.
Someone’s going to get hurt from this—and usually it’s the buyers who buy just before it crashes. This isn’t sustainable for most locals living on local salaries.
Who’s responsible for driving this greed insanity?
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Realtors? Pushing for bigger numbers because they can make more on the sale?
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Sellers? Thinking, “If the guy next door made $1.2 million, I should try for $1.4 million”?
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Investors, developers, builders, and flippers? Buying up land, cramming in as many people as possible, and upselling for maximum profit?
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New Yorkers? Treating Lakewood like the new Goldene Medina, not realizing that houses never cost millions here until they started outbidding locals and leaving them with nowhere to go?
(I could say, “Go back to NY and let this place go back to affordable Lakewood,” but that sounds too anti-fellow-Yidden—so I won’t.)
There is a crisis, and we have an achrayis to make change instead of turning a blind eye. There is no affordable housing left in this town. None. Zero. Zilch. Nada. And because it’s all in the name of “prime location,” nobody stops it—they defend it. Maybe they plan to cash in too.
“Don’t like it? Move to another town!” say the people who want to pocket the extra change. (Those people clearly aren’t parents of special needs kids—hope they’re counting their blessings.) Unfortunately, it’s not an option for everyone to leave Lakewood.
I myself have a special needs child and can only send to SCHI if I live locally. Many are in this same situation. Others are in Yeshiva and don’t have two cars or a practical way to live 15–20 minutes out. Regardless, local salaries simply do not match the skyrocketing prices, and when the bubble bursts, it will hurt the most vulnerable. Inflation can’t last forever—empty greed always collapses.
You can tell me I’m clueless about how markets work, and maybe I am—but this isn’t a natural market. This is greed in a place that isn’t truly affluent. And some people are going to have to answer after 120 about their business dealings in the Lakewood market. I’m pretty sure there’s a deliberate push to list as high as possible to milk buyers for every penny.
Have we lost our minds and our souls together? Does money really mean so much that you have to drive Lakewood locals out of Lakewood? This has to stop. We must come up with a plan—a real solution. We have the most amazing yiddishe kups around; why can’t we figure out how to reset this insanity? It’s okay to make a profit—it’s not okay to be greedy. The Gemara talks about price gouging, doesn’t it?
Too many people need a place to live and have nowhere to go. I believe that if enough of us band together and form a plan, we can make Lakewood homes affordable again—under a million dollars.
We just need the manpower, the brains of our wisest, the askanus power, and some good hock to get this going. Can we do this?
I know we can—if we get enough people on board to crash the market full of empty air and hot heads.
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I think you have a great point. Look what the SATMER REBBY did in Monroe, but that would never work in Lakewood.
I agree one thousand percent!
Manchester. Brick howell
Read again – many people can’t move out of Lakewood for various reasons including being able to send to special needs programs.
Schi has kids from different towns in nj. Mot just lakewood.
You should never know the difficulties facing parents with special needs children . You can’t know what each parent faces .
It’s a yes-or-no question, with no judgment on their pain. To say it can’t be done is not truthful. It’s done by many daily.
With all do respect, if you want assistance for special needs, move to NYC. In NYC you get 10 times the services that one can get any where in NJ.
With all the respect shayach the cost of living in NY is way higher than NJ. So not a viable option for many. Also, for those who have family near by it’s very hard to move.
It’s not more expensive in NYC. I live in a small apartment in NYC, and we are very happy. My relatives in Lakewood are all struggling to pay mortgages etc. I don’t need 3 cars for my family to survive. We just hop on a bus or train. Nobody told everyone to vacate NYC the last 30 years and call Lakewood outside of Galus.
Yes, true the houses are a fortune for the average person. But writing a letter complaining without presenting a competent plan and a way to execute the plan, puts you in the category of another complainer. If you want change develop a plan and execute the plan. That is what all the people whom your complaining about do and why their Successful at it!
Sell me your house for $350,000. Be the Change you want to see in the world!
This was the best letter I ever read!!!
Of course soon people will mock you but I want to be a positive poster first.
We too (a Lakewood born & bred couple of many years) were “pushed” to the deep bowels of Jackson and are suffering because of it!
We have no reason to move “out of Lakewood” as we were here first! Our families have been here since R’ Ahron’s time. Most of our extended family live here (grandparents too). Why should we move out of our home town because of out-of-towners being priced out of their towns.
The cycle is vicious and it needs to stop.
We are still in galus.
Prior to coming to America we would face expulsions and pogroms to perpetuate the galus.
Now we just get priced out of our neighborhoods by other Yidden.
This has been the most comfortable time in our galus.
With that perspective in mind it’s nowhere near as hard.
MAGGA:
Making Golus Great Again.
Again, the us versus them mentality! Who allows you to decide who can buy? No halacha says I can’t buy a house for myself if I live in Teaneck and want to buy in Lakewood.The buyer can get whatever people are willing to pay. That is the halacha. I was taken to Bais Din by someone who had this complaint. He lost big time. He stated I had no right to offer a higher bid, although the owner made it clear he was starting at a minimum and there was no maximum bid. I gave the highest bid, so I got it.This nut job wanted to say that he is a bar metsara when he was a renter 10 miles away. Let’s ask our Daas Torah how real estate works before we say it’s not yoisher
You are part of the problem. Your attitude and your gaiva and your lack of any empathy for another yid makes me wonder about your your true origins…
Why is he a Baal gaiva? Because he’s stating that what he did was perfectly legal and in line with Halacha?
it sounds like the other guy was the one who had the self entitled attitude and was basically looking for handouts. It sounds like the other guy took him to Bais Din to see if they can force him to drop out and let him have the house.
It’s exactly like all those people who write into the scoop complaining about the peer pressure, asking for uniforms for camps, crying that they can’t afford lululemon and other brand names for their kids while others could, and trying to force people to stop spending their money the way they would like.
and then they say that everyone else has the problem except for them. Because they’re the nebach and therefore everyone else has to either also be a nebach like them , or make it so that they’re not a nebach by giving them all those things that they want that everyone else has.
well, that’s not real life, and that’s not how the world works. Welcome to reality, where how you think everything should be is not how it is, and that not even Halacha is on your side in the matter.
maybe get a therapist to work on the self entitled attitude, you’ll be a much happier person in the long run.
Almost none have been there since Reb Aaron ZATZAL. Reb Aaron sent all his talmidim out of lakewood. Unless your grandfather was a Bachur, or a relatively young married man he was sent out. Lakewood also existed long before Reb Aaron came to America. Lakewood was a summer resort town. The reason housing is so expensive in Lakewood is because of supply and demand. Simple business model. There are more people living in lakewood and it’s surrounding towns then Lakewood was ever designed to handle.
Correct
Lakewood was a winter resort, not a summer resort. I know because my family owned a hotel in Lakewood from the 1930’s to the 60’s. We were open all winter and closed in the summer.
So sorry. It doesn’t give you any more right to buy a house here because your family is here for many years. The house goes to the highest bidder. It’s not a shidduch. Yichus won’t help u.
I’m not from Lakewood. Don’t live in Lakewood.HAve zero interest in living in Lakewood. I despise the mentality of Lakewood. Too many in Lakewood think they are Hashem chosen, and anyone outside Lakewood is an Am Ha’aretz. In Lakewood and the surrounding extensions, Gashmiyus permiates basically everything. I’m happier in my small Brooklyn Apartment then anyone I know in Lakewood with 10 times the space. So are my children. I agree the hous geos to the highest bidder, so I have no idea why you said that to me.
as someone that grew up in LKWD and my parents are here from the 80s I gave up there is nothing to be done its not ez seeing lkwd become like the 5 towns and williamsburg together but yes we are all frum yidden and yes the housing prices will never change so if u want u can join me in okochobee florida
I would think any house in Florida would cost more than the average house in Lakewood or surrounding towns…
lakefrontestates in Fl is for frum families brand new construction starting at 400,000
Absolutely, I’m in agreement. Let’s outline our plan. The fact is, as long as buyers continue to pay high prices, the market will not see a decline in those prices.
The reason prices are going up is called supply and demand. Simple fact of life. Remeber in the bigining of Covid, when people thought there wouldn’t be toilet paper and papertowels, people were willing to pay $5 a small roll of papertowels.
And that was PURE greed… its not called supply and demand. Its called milking the vulnerable because you can.
Wrong. If you’re willing to overpay for something, it’s your problem. That’s why houses in Lakewood are so high priced. There’s always another clown willing to overpay.
We’ll sell said my friend. As a longtime resident of Lakewood currently brick the offered we had received on our modest 3 bedroom home were not to be believed( not complaining just saying) I understand the Jewish community is tight knit however maybe as you guys continue expanding into Toms River Jackson etc there price will drop
You should have told them it’s cheaper to buy. After all u thought it wasn’t right to receive that offer.
i think you’d love NYC with the new mayor. He’s giong to freeze rents.
The Lakewood housing market is not manipulated, the market decides what the house is worth. it doesn’t matter what I post it for. people put in offers and the best one gets accepted.
While it is nice in theory, Unfortunately there is no solution. As I believe was posted on TLS a few weeks ago, lakewood is all bit developed out. So if your hoping for an abundance of new housing to help bring down the price you’re out of luck there(unless you want to do that in Jackson, Howell etc….). In regards to crashing the market which you mention in the end of your article, as you mentioned earlier in the article, you’re only hurting those who bought last, the greedy individuals who may(or may not have) been the reason for the price hike, already made they’re money and are gone.
I’m sorry that you feel as a born and bred lakewooder you have a “right” to stay in lakewood, if you can’t afford that, it’s simply not how it works. That’s why most young couples are forced to move out of Brooklyn or the like, and that’s why most moved here.
That said, while I cant even begin to understand what life is like with a special needs child. For those that don’t have that struggle, moving to one of the “five boroughs” are thier best bet. The more people that move out, and/or the more construction that happens in the surrounding areas can and will have a direct impact on cost of living in lakewood proper(albeit, proces probably won’t return to pre covid rates). It’s a simple issue of supply and demand, mixed with some fear mongering(people who aren’t ready nor can currently afford, rushing to buy out of fear that proces will continue to rise), greed and some why not ,which has caused the increase in prices(as well as supply chain issues, interest rates and possibly as well as other issues). If the supply is increased substantially in surrounding areas, it can take a strain of the lakewood market, the fear mongering will end and that will help drive prices down.
Much hatzlacha on getting zoning approvals for large amounts of land to be developed in the surroundings towns tho. Good luck, and may you be zoche to make enough money that you can afford whatever and wherever you’d like.
(P.s. maybe the issue isn’t that prices are too high, maybe some people are just getting paid too little and/or relying too heavily on gov’t programs, which requires them to earn a minimal amout to stay eligible.)
One potential option actually may be, to take the last pieces of land that have been sold and approved for building(but yet to be built). And instead of building large extravagant housing, and or duplex or even standard townhouses with a basement rental, you can build more neighborhoods similar to Coventry, Saratoga, woodbine etc… i.e. smaller, narrower townhouses with a basement(non rental). This would take advantage of land while still giving some ample living space.
Now it’s not ideal as by doing so 1. You are essentially overcrowding, and may potentially cause a strain on local infrastructure and create greater traffic issues. 2. You don’t stop “Investors” from buying and driving your prices. 3. As well there is not much land, so youre essentially buying a house with virtually zero property(but some shared property). 4. And lastly the houses are smaller so people need to lower their expectations and make due with what’s available.
To address these issues 1. If your building townhomes/duplexes you are either way stuffing in the same amount of people, the only difference is here you won’t get as small a basement or as large a regular unit. 2. To stop the “investors” you can set deed restrictions and or affordability covenants(legal restrictions placed on the property/deed to maintain affordability). 3. To address the issue with minimal land. Either way that’s what your getting now either way, so It’s not any worse. 4. The issue in and of itself is the answer. If you want to purchase a home you have to make a sacrifice. I.e. buy smaller and local, or larger but more out.
The idea not just would bring affordability to the lakewood market, it would put money back in the potential “renters” pocket, as a lower cost of housing may allow more to purchase, meaning less renters, and investment in to your own future instead of someone else’s.
That said its a short term solution practical and realistically helping maybe a couple hundred or thousand families, you’ll still max out and sell out pretty quickly, as well while you may be able to set a income limit on potential buyers and limit the resale price. You can’t set a age and say newlyweds without kids can’t buy, or smaller families can’t buy.
One last approach although the practicality of it is questionable, is to create as a chessed a organization that can give either. A. Interest free loans for builders, can save builders and in turn buyers 8% if not more(depending how long it takes to build) [or lower interest rates]. B. Offer lower or no interest on mortgage rates through a community funded gemach(much higher risk of default and practicality is all but non existent seeing that unlike the first example which you can do for say $25-50million(per project), this one you would need BILLIONS of dollars to fund seeing that mortgages last 15-30 years). C. Create a complete chessed organization building housing and selling at cost or slightly above cost, which would save buyers more.
Combining options A & C can save buyers up to 20%(I believe a few years ago there were talks of Louis scheiner doing something like this). But again there’s minimal land and every solution creates new issues.
In theory you’re right. However, the reason each development keeps making houses bigger is because people want bigger. If you currently own in whispering pines, you’ll have a hard time getting 500k for it. No matter it’s condition. Unless someone is desparate, the’re just going to go to the newer larger options.
Whispering Pines houses are currently worth over a million.
Because of shortage. Now look at the prices of the newer larger homes? 250k minimum more.After all they are much larger.
Coventry houses are cheaper as well. It might be smaller. But it’s yours. Maplewood in tr is still 6 700k depending on house. Chap arein
Feel free. I’m staying in Torahdik, Yeshivish Brooklyn.
Ok. There are neighborhoods in Tom’s River that aren’t as expensive. Same for Manchester and Jackson. Of course we would prefer to live in our area. However, there are many that are insisting the prices that they want in a neighborhood that it’s worth more. Ever try telling a car dealer you want a Lexus at the price of a Kia? When there is no houses i hear. But there are and u feel we owe it to u on your terms.Lwkewood tenants had many chances in the past years when things were cheaper. You waited. Don’t wait it will get expensive. Go further out and u can raise a beautiful family there with nice neighbors who share the same values at an affordable rate. People all had school issues when they moved. It was worked out. No. Iam not broker or developer. Its just heartbreaking to see people ignore solutions when they are next door .
Reading this I only could laugh being born and rise in Lakewood it’s no longer Lakewood it’s a city for the rich ..it’s family that can’t afford rent let a alone finding a job but everyone up here speak in on how much a housing cost..why is housing so high ?? Why is rent so high why is some many homeless ppl sleeping outside why is this whole time fix for the Jewish and Mexican ppl This is the reason for that hate and crimes today ..we all ppl we all humans and this is not humanity I’m sorry I’m sorry to say my God bless the whole Lakewood and our hearts
Welcome to Lakewood where we manufacture crisis in order to get empathy. I am able to get what I want on my terms only. I have many people see houses in toms river and Manchester where there plenty of frum people.They are often able to afford it they tell me. They won’t because it’s not lakewood period. No not all brokers are greedy. The market is decided by the consumer not the brokers. Its simply not true. If I wanted to sell a 4 bedroom small house for 1 million deep in Manchester people would not pay for it. So the prices are lower. Same for 15 min in to tomsriver on lyn drive area. Still house much cheaper. So there’s no crisis and plenty of houses just u need to go out a bit. To say people have no right to sell houses for high prices is not true. Its been tried in Bais Din many times. Please feel free to reach out to your local broker and ask him for mechilla
As someone whose children recently bought homes I will confirm that brokers are at least partially to blame – why do they encourage and coherse ppl to offer significantly more than asking price and stir up bidding wars on many many properties, it’s unethical and damaging – bh my kids did end up buying (not above asking) but 100% the developers and realtors are to blame and I agree that there are halachic boundaries that have been crossed. We may to accept this by now as a reality but that doesn’t obliterate culpability
Not true. While there may be a broker or two trying to hike things up, the majority don’t. Also, if you go to Tpms river and the other towns, you can knock on the door of any home and discuss an offer. I have a friend that moved to toms river and his broker did that for him. Only thing was, the seller gave a price take it or leave it. No negotiating. They closed the deal pretty quickly in that manner. No bidding wars. Developers need potential buyers before they start their process. Otherwise they risk their investment. That’s how they work today. It’s also why some of the homes are more expensive. The initial buyers,who sign with them in advance, get better deals. those that come after, pay higher to cover the difference between real cost/profit and what the innitial people paid.
Excuse me but you are not allowed to go knocking on doors soliciting to buy a house in Toms River and other areas. You need a realtor to gain the interest. Soliciting is against the ordinance. Thank you.
People do it anyways. My non Jewish neighbor was telling me how people knocked on her door, left her cookies with notes on her front porch and letters in her mailbox asking to buy her house…
Theer are ways to get around it. Legally.
Just show up unsolicited and shake down whoever it is that was lucky enough to answer the knock at the door.
… Then pretend when people tell you to buzz off, that it is ‘abuse.’
Cool, very considerate strategy.
TLS comment section is always a hoot.
No shake down what so ever. Ask a simple question, how much they would want to sell their home. Shake down, would include a bidding war or forcing them to sell for less. Paying market value, no negotiating for a better deal, isn’t a shake down.
Do you think the homeowners in Lakewood want to see the value of their homes drop?
Lakewood is a very high-demand location with few homes for sale, the prices are mainly driven by supply & demand.
This isn’t about greed or people being taken advantage of.
The high cost of real estate is most likely here to stay, just as it is in Brooklyn & Monsey.
So let me understand this, you want to artificially drive down the cost of housing in Lakewood so that you can buy a home. At the same time you want everyone’s tax dollars fund the education of your special needs child. Where do you think that money comes from??? There are plenty of homes in Chestnut, Raintree, New England Village that do not cost $1.3 million dollars, I know because I have kids that own them. They may not be the dream home you like, but that’s an issue with your expectations not the town IMHO.
Exactly. Also when it comes to special needs,NYC has 10 times the services of Lakewood. In NYC, you also don’t need 2 cars. there are things that balance out the different costs of NYC verse Lakewood. You need to choose what matters most to you. The amount of grass, or the ease of public transportation. As someone recently told me, they were in Brooklyn for a weekend and it felt like a nice quant out of town community. people nice and pleasant. Said hello in the street. Things they said are no longer common in Lakewood.
You’re so off on basic economics of supply and demand. How do all those in Israel, where so many frum people are living and have been learning for many years afford it?…trust me, I guarantee that if u were well off without having to worry about the money, u wouldn’t give 2 hoots… you’d never even think of writing this…it’s ONLY because YOU are affected and hurting. This letter, and most of the other whiners that are hurting in areas like money, shidduchim, or the other subjects people keep whining about should stop thinking about themselves all day.
What does shidduchim have to do with this??? Why are you even bringing that up????
are you trying to imply that all the letters about the shidduch crisis is just people whining??? Mind you, most of those letters have been written by people who are married!! And are hurting for the thousands of girls many in their 40s and 50s who have yet to walk down to their chuppah for the first time!!!
Don’t bring shidduchim into this!!! It has nothing to do with money either, I know plenty of older singles from very wealthy homes (and when I say wealthy I mean their name is known for money) and they’re pushing 40!!! Never been married, beautiful, smart, etc. and still they’re not finding their zivug (though they will soon IY”H). And don’t start with “supply and demand” or all the “age gap” garbage that’s constantly being regurgitated, shidduchim is not economics!!! It doesn’t work that way!!!
His point is that not everything is a crisis that can be solved by writing an op-ed on TLS and blaming others. Somethings are the way they are because of the ormal ways of the world.
It’s not a normal way of the world that women in their 40s and 50s who are dying to get married and crying to hold their own children are still single!!! Not in the Yiddish velt, that’s for sure!!!
That’s not what I said. Nor what I meant.
Eretz yisroel has the exact same problem couples can’t afford yerushalayim or bnei brak they need to move way out deep beitar etc…
Absolutely Nothing which the author Blames above is the case.
REALTORS: That’s their Job, and a very hard job too, is to make a Shidduch between the seller and buyer. They’re abused hard working tzadikim v’tzidkunios.
SELLERS: what do you expect, every seller wants top dollar. A seller whom has the pleasure of giving a buyer, a stranger a bargain needs to go to a mental institution.
INVESTORS DEVELOPERS BUILDERS &FLIPPERS: They take great RISKS, they work very hard, suffer abuse, and sell us beautiful new guaranteed HOMES for our children to live at a fair and measly percentage of profit. And they’re better people than I am, I bought a few homes in the 80’s and 90’s for you know what of which I don’t plan ever to sell them, regardless of an occasional bad tenant, major repairs and other headaches, I never sold a property in my life. So they are better than me.
BUBBLE BUSTING: There’s no bubble! כאין עין הרע Look how much weddings there are every night, look how much babies are born! do you expect the supply and prices to be like a 1980’s population! Neighborhoods do go out of style for some, but for every 1 family whom moves out 2 new families move in which is the case in Old Lakewood, Boro Park, Flatbush, Williamsburg and everywhere else.
NEW YORKERS: New Yorkers are the same ehrlicha yidden as we are but they have a harder life and are less spoiled than we are. Don’t Bash New Yorkers!
To the Author: If HaShem gave you a special needs kid roll up your sleeves and start earning a decent living for your family and Stop Blaming Everyone else.
His sleeves are probably rolled up and he is trying to earn a decent living, but still can’t make it. Mybhusband and I both work (not in chinuch) and we would never be able to afford a house in today’s market!! We bh bought one in 2000 for 200k!! That’s his point. Where should he turn if he has to stay in lkwd due to services for his child and he is priced out? Even with earning a decent income!!
I guess this is the point where the Chovos Halevavos would say that if you did all your hishtadlus, and nothing worked out, and you need to stay in Lakewood for specific reasons but you desperately need to buy a home and it needs to be bigger, then at this point a person’s job is to let Hashem take over and make it happen. And He will make it happen. That’s emunah and bitachon.
He should stay with the rent that he can’t afford and watch all his friends buy houses who can’t afford it and manage fine in newer frum places.
Guess what, that’s the majority of people.That doesn’t give us a right to complain and blame others who have the emans from living the way they want. I also can’t afford to buy. I’m a realist. I’m not blaming others. Lakewood services for special needs are a joke. If you really want services, move to Brooklyn. Services are much better, many more services are available, also funded better by the government. Lakewood and NJ is not much better then a 3rd world country when it comes to services. That excuse is dumber then dumb.
I would love to see you roll up your sleeves and get to work when hashem sends you a child with special needs.
It’s tough to have a child with special needs. I don’t think anyone wants to be in your shoes. Unfortunately, this has nothing to do with the facts of real estate. The bottom line is that anyone who owns a property is allowed to get whatever people are willing to pay, period. We don’t live in a communist world. Fair isn’t equal!
having lived in Lakewood since 1970 ,it is not the town that it used to be and so goes the cost of buying a home here , as far as asking more just because your neighbor sold for X number of dollars thats not how it works ,a home just like any material thing is driven by supply and demand ,you can ask any crazy price ,unless someone is willing to pay that it does not matter
Correct.
There are a number of factors at play that you are entirely ignoring.
The cost to build a “Lakewood house” not including land cost starts at $550-850k (duplex/single family) add land cost, soft costs, permits & approvals, taxes, insurance, site work, and interest.
Total profit on a thirty month venture is typically about $200,000. It’s not that much considering the capital risk.
Another major factor at play here is the NIMBY attitude that many seem to have taken with regards to new development.
Are there some issues with how development has been handled/is handled? Of course! But the solution is smart development including connecting to existing roads instead of being closed for egress (think grid style vs spaghetti).
And there are a number of other factors being ignored here at the same time.
I’m not saint this to be cruel to people looking to buying houses in Lakewood (I’m looking to buy a house in Lakewood), I’m saying all this as a rational person who is capable of making well reasoned observations.
I moved to lkwd in 2003
prices already were pretty high and as fresh kollel youngerman I had same question how can people afford 400-500k town homes
my wife was bringing $12 in hour then working secretary , with my 12,000 savings after wedding didn’t take me far . My parents from out of country with no $ to their name
I asked my landlord then David Ringle ztl who owned many many apartments properties in Lakewood , to give me advice where to start as I also wanted to own a home and live in lkwd
remember his advice like it was today
move 1 mile further from where people live now prices are much much cheaper and in 2-3 years they will be doubled as people move in to new area
I followed his advice borrowed few $ for down payment and bought on Arlington Ave where nothing was happening then and just 1-2 years later pine river was built and home doubled in price pretty quick
I repeated this many times since and B”H doing well
point trying to bring out instead of kvetching just accept you are coming in late in game and this is life and you can afford only further out in brick Howell etc so go there
eventually it will go up and next guy will be jealous how cheap you paid 4 years ago
just do it
Very informative. But he CAN’T live there. Did you read?
Define cant? Can he afford to stay. No. I also must have a Lexus. I need guici shoes. I cant buy loafers only 450 shoes. U are making your own issues. You are refusing to accept a solution. You would rather see yourself as a nebach then get help. In short solicit empathy to avoid bieng responsible.
He could buy a home there and rent it out and maybe that could help him get a down payment for a 1mil dollar home…
He can. I know of a family that couldn’t afford to be on the north side of the lake in the 80’s. They bought on the south side and live in the same house for over 40 years. They also had special needs children. the wife 2-3 times a week had to take 2-3 children, load them into a station wagon, remeber those, drive to NYC for basic services. So if one wants to own a home, even with a special needs child, they can. It just involves lots fo work. If you don’t want to do the extra work, it’s on you. BTW, majority of services are covered every where in Nj. They just might have to transport to Lakewood for a Jewish service provider.
By living in Lakewood, you’re getting about 150K a year in taxpayer funded special ed, a tremendous benefit. At some point, your child will graduate from the school system & you will no longer need to live here.
How about buying an affordable home in a nearby town, renting it out, & one day moving in or selling it for a down payment in Lakewood?
Looking for villains to blame for the high prices won’t get you anywhere.
Be proactive & make the best choices possible now.
A solution is to build smaller cheaper houses. It’s not an absolute necessity to have a massive first floor with a huge- living room dining room kitchen playroom study and tons of bathrooms and storage rooms. Basements are like this. They should build the upstairs similarly. The main reason that average people move from basements is for more bedrooms. Not for a mansion of a first floor.
I disagree. Many people move to a house due to lack of living space.
We had 3 bedrooms in our basement and we moved to a house with 3 bedrooms upstairs. We were cramped out of our basement because there was one room of living space- living room, dining room, playroom combined.
Even a small 3 bedroom house with no basement goes for over 600. 7 years ago that could’ve gotten you 3500 sq ft plus a basement. The minimum is not affordable anymore.
I never said there is no such thing as someone wanting more living space. So although you and what you did are not completely irrelevant, I remain correct that this is not an absolute necessity for average people and I am very proud for being the “wise” person that this article was written for, that I actually came up with a partial solution. And I sincerely appreciate you putting the numbers out. Without the mansion first floor, the house is half the price!
If I can just expand this conversation past Lakewood. The same problem is starting outside of Lakewood where there are 10’s of thousand of houses. The ones to blame are the realtors. The mindset of advising your buyers to bid higher in order to get the deal only benefits the realtor and the seller and hurts the rest of the community. What another day and you will find another opportunity. Do not listen to your realtor who is only worried that they don’t lose this commission deal. They create panic as this is the last opportunity. Then guess what? The next seller ups their asking price to this new inflated price. Thank you Realtors for what you have done to lakewood. Buyers, stop the trend so it doesn’t happen to all other communities around Lakewood
Wrong. The seller sets the price. The multitude of interest in each house causes a bidding war. If you can’t afford 1.2 don’t offer 1. I can’t afford, so I just look at the asking prices and laugh at all the fools spending the money. Reality is, our grandparents lived in tiny hell holes and were happier then we are in mansions. Go back to 2 bunk beds per bedroom and teach your children to be happy. If you insist on having lots of space and room per child, it’s your loss.
Thanks fir the awareness. There are many homes available in TR or Manchester. Here is a eitzah that worked for me. Go on zillow and find houses that have non 613 brokers! I bought and my freinds did for cheaper. No panic! The 613 brokers hate when u tell them but on zillow it’s cheaper. So there are 2 markets. Let’s expose houses that are cheaper. Rabbosai Google in. I just found a small house on zillow for under 500 in tr. 10 min drive to evergreen. Non 613 owner and broker. Be Mechazek!!! And frum brokers we fargin u your commission. If you continue exploiting we will list all available houses in areas that have non 613 brokers and their deals.Stop exploiting!!!
So you’re saying that we should stop shopping in Jewish owned grocery stores. After all, I can get non cholov yisroel in target. Non cholov yisroel is cheaper. It’s Kosher. The reason Cholov Yisroel is more expensive, and shopping in kosher stores the same, is because our cost of living is higher. So a Jewish broker needs a higher percentage to make ends meet. There are solutions to get Frum brokers to lower prices. BTW, it also matters what the seller needs to sell. If a seller is despaprate they will ask for less. If they are only selling because they see the money people are willing to pay, the price will be much higher. Hence the 1.5+ million homes all over.
There’s this weird dynamic going on where people who can’t afford houses and don’t need them yet are buying houses for more than they are worth and don’t plan even plan to move in for several years.
It doesn’t make sense any way you slice it. There are so many people who need houses now but can’t get one because barely newlywed couples are offering over market value for houses they don’t even need. The only thing that makes sense about it is that it worked 9 years ago when you could get a house for 300 on the border of Jackson. It doesn’t make sense anymore and it is hurting everyone involved. Including the buyer who realizes 4 years later that he needs to renovate his already overpriced house from top to bottom because his tenants wrecked it.
I’m having a difficult time wrapping my head around a few things;
1. The expectation that everyone can buy a home
2. That things stay the same they were in the past
I never expected that we would ever be able to afford a house of our own. Hkbh works in miraculous ways. As humans we need to accept where we are placed and try to make the best of it. It’s time to stop blaming everyone else for your wants/needs and take some responsibility for your choices. Sometimes it does take a move to an area that isn’t your first choice. Sometimes it means renting for longer than you would like. And trust me, I understand that it’s difficult, that’s where personal growth happens. I bentch you find a solution that works well for you.
Please whatever the solution is, stop building! Lakewood and the surrounding areas are being ruined by overdevelopment. Besides looking terrible (no trees, rows and rows of hundreds of cookie cutter homes) overdevelopment causes environmental issues with rain water runoff (flooding), traffic problems, etc. This area can’t take much more housing development!
Very sadly true!
As a broker I’m amazed at the ignorance of people. I just wanted to clarify a myth. The objective of selling any Real Estate is to make the most possible on the property. Any home owner will tell you this. I repeat homeowner. Now there are homes that go for market value and those that go for above market value. The market value homes are generally sold at those prices because that is what they can get for it. Period. The above market prices is also what we can get for it. As mentioned earlier, there are many houses that we don’t sell. Often they aren’t worth it as the commissions are higher by high demand areas. By all means please don’t be affraid to go and buy there. We are selling a luxury product for people who can afford it. We tell you when you ask to see the house, what u are in for. Clearly. The house will go to the higest bidder. You know thos beforehand. Its silly to go to a open house when you know your limits and have complaints. Additionally, very often when I’m approached for cheaper properties I direct them to homes I’m not selling or making a commission off. Its understandable that people need homes to live in. Its not understandable that people insist that they deserve to call the price at their terms and expect the owner to give up money. Its not your property. Its his. Its a luxury product marketed to the people that can afford it.
I got priced out of NJ last year and moved to the Midwest. I love where I’m at now, it’s just like Lkwd was in the late 90s.
Thanks for the article. I had no idea. Just listed my house for 1.3 million and have a bidding war going.
The realtors, developers and investors are to blame. Saying housing depends on the laws of supply and demand is really cute but if investors would find other investments instead of housing, there’s no doubt housing prices would come down. Near me most houses are bought by investors for tax break purposes and whatever other money making objectives they have. In other words, in order to make money they destroy regular people’s abilities to buy homes. Money can be made and invested in endless ways and clearly they have the business mind to be able to accomplish that but they chose this. I once watched a farmer pitching an idea on shark tank and one investor suggested that he raise the price of the item to make more money. The look of confusion and his response “but they’re farmers!” Was incredible. Another investor joined him and they made millions without harming his fellow farmers. How sad that Yidden with money-making potential have less Rachmanus. How sad that developers purposely build homes that will need basic upgrades instead of giving buyers their money’s worth ie fuseboxes in the tenants apartment, minimal soundproofing… How sad that realtors encourage bidding wars. I once read Rabbi Abraham J Twerski’s opinion that today’s Avoda Zara is money. How true…
Only a small percentage is investers. Often it’s people that are wealthy and can pay more for themselves or their kids. If people would be willing to spread out we would never have a crisis. Its the stubbornness of of people to a particular area that makes the bidding wars. There isn’t bidding wars in lower demand areas at all. Move further out at areas you can afford and you will enjoy it iyh!
The complainers want tolive amongst those with money for pennies on the dollar. That’s part of the problem with Lakewood today. That’s one of the reasons I refuse to consider Lakewood an option for my family.
Not true. Blaming the business people? Blame the sellers for selling. Maybe if the people weren’t interested in paying a fortune to live in Lakewood, the houses wouldn’t even be on the market. You clearly have zero business knowledge nor understanding of the process involved.
There is a huge difference between investers and wealthy people. Investers generally take homes that are not crazy expensive now but later will turn a profit. They take a big risk. If there are low demand houses that are plentiful there cant be a complaint. If someone is from the few that bids high at the expense of people who are trying to buy that is against halacha. On the othe hand if somone is wealthy and is willing to pay premium price that’s his issue. Can’t have a complaint there. Also, brokers can’t make a shortage if there isn’t. People generally do research and ask around. In maplewood in toms river where i reside there were several brokers that tried and failed big time. There are tons of homes on the market. You are welcome to join our 100 plus families. 2 shuls. More to come. 15 min from evergreen by car.
Please first clarify with a Rav if what you’re saying is against Halacha is REALLY against Halacha.
a lot of people like to say something is assur when it’s not, but because they feel that way suddenly it has to be assur. I don’t think what you’re saying is against Halacha. If someone wants to buy a house for an investment and he’s out bidding those who want to buy the house to live in, that’s not against Halacha and I don’t think there’s any Rav or Dayan who will say it is either.
Its called ani mehapech . A person has a right to buy a house at market value before an invester. If the seller for example is willing to accept 1 mill and u offer 1.3 to invest that’s a issue in halacha! Won a Din Torah over that!
I have a feeling there’s a lot of factors with that Halacha that you’re missing. Maybe call the Bais Horaah and clarify with them if what you’re saying is true. You might be surprised to find out that it’s not as black and white as you’re making it, if it’s even a problem halachically altogether.
Their # is 732 905 9992.
Probably you were a neighbor and had a din of a bar metzrah. Nothing to do with offering more for the property.
I’ve followed this discussion, and as a non Jewish person don’t understand some of the language, but I do understand the frustration. I want to enlarge that frustration to include many people trying to buy a home in this area. Jewish families aren’t the only ones priced out. And part of that is because of the boom in Jewish families settling in Ocean county. Not a criticism, not anti Jewish…just a fact. There just isn’t a solution that is good for all of us.
Exactly. Well said. Also known as supply and demand.
Its so interesting that some of these commentators here dont apply the same standard to themselves. I know them well.They have no problem charging insane prices at their stores. That’s the market. They have no problem charging crazy tuition that’s the market they say. They have no problem demanding crazy support for their mediocre minimal learner son because that’s the market. When it comes to houses people don’t believe that there is any market. Explain ro me why there is a crisis if tgere are houses15 20 min away from lakewood. You send your kids to school in lakewood. You buy here. Don’t need to miss simchas. Sleep 20 min away. That’s a crisis? In brooklyn there is no cheap places. Families that moved to Staten Island love it. They benefit from all brooklyn amenities. I have yet to hear people see there. Nebach it’s 20 min away. Sure it’s higher now. Still cheaper than bp. Tolls are a couple of dollars if u reside there. Its annoying to see a double standard. My renter neighbor always complained about how high it was. He bought a cheap foreclosure in Manchester 10 years ago for 250. Put in tenants. Now the block beca.e jewish. He agreed to sell as per request of neighbors. Just to the highest bidder. I confronted him. He said that it’s mine and I could make the max profit. He took the money and moved to deeper in to Manchester. There isn’t a single person that is sane that would sell for cheaper. So stop being entitled. It was never your property. Move where you can afford.
We need the Roshei Yeshiva to make a kol koreh like they did in Kiryas Yoel with price controls.
I agree one hundred percent. I told the loft that even though I can get a lunch special at Glatt Bite I insist they match the price. I also insisted that evergreen match the price of the coop. Lastly, I called the palace in ny and asked them to match the price of bais faiga package. Its mammish a chutzpah! How could they charge prices so high and get away with it? How dare they. Even though I can go to cheaper places u owe it to me to shop here at my prices. Let’s see how far we get. All of the above places are awesome jews. They give plenty tzedaka. They have no problem if u go to cheaper places. Its your choice. You are trying to solicit empathy and paint everyone terrible so people should agree with u. Please dont ignore the opportunities that are open.