Housing market for short hills, summit, the best areas for New York commuters is seeing very healthy growth in both sale and price.
Any house priced around 1MM, with >0.2 acre land and about 2200 sqt, is sold within about 2 weeks.
In Short Hills, builders are in a rush to build up their land inventories. An old house with 1/3 acre land at a decent location is being grabbed by these builders, willing to pay at least 1MM. We can reasonably predict no house will be priced under 1MM in Short Hills in a foreseeable future.
Summit is a town with broader price range than Short Hills. In my opinion, it is a better town for our Chinese fellows seeking diversity, excellent school, slightly lower tax and not fiercely intense competition compared to Short Hills. Summit is a nice town but a recent violent crime (a group of teenagers beat an Hispanic middle aged worker to death in the town center under the daylight) would seriously degrade the reputation of the town and make the public question the ability and the quality of Summit's highly paid public service.
Putting everything in the context of globalization, I don't think housing price in some areas would eventually come back to their peak level any time soon if not at all. Rich are getting richer. But people with no sophisticated skills, challenged by their international peers paid by only a fraction of theirs, will get poorer.
"Baicai" house will become "Xiancai" house, at the end of the day.
Any house priced around 1MM, with >0.2 acre land and about 2200 sqt, is sold within about 2 weeks.
In Short Hills, builders are in a rush to build up their land inventories. An old house with 1/3 acre land at a decent location is being grabbed by these builders, willing to pay at least 1MM. We can reasonably predict no house will be priced under 1MM in Short Hills in a foreseeable future.
Summit is a town with broader price range than Short Hills. In my opinion, it is a better town for our Chinese fellows seeking diversity, excellent school, slightly lower tax and not fiercely intense competition compared to Short Hills. Summit is a nice town but a recent violent crime (a group of teenagers beat an Hispanic middle aged worker to death in the town center under the daylight) would seriously degrade the reputation of the town and make the public question the ability and the quality of Summit's highly paid public service.
Putting everything in the context of globalization, I don't think housing price in some areas would eventually come back to their peak level any time soon if not at all. Rich are getting richer. But people with no sophisticated skills, challenged by their international peers paid by only a fraction of theirs, will get poorer.
"Baicai" house will become "Xiancai" house, at the end of the day.
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