Lakeview Drive Colonial Sells for $525K

Five properties sold recently in Morris Township and Morris Plains.

Another slow week for sales in the Morristown area. In fact, no houses were sold this week in Morristown, with only three sold in Morris Township, two in Morris Plains.

Here are some more details about what was sold:

Morris Township

Address Style Year Built Total Rooms Bedrooms Baths List Price Sold Price 27 Kennedy Road Cape Cod 1943 8 4 2 $410,000 $390,000 6 Raymond Road Cape Cod 1954 8 3 1 $359,000 $360,000 364 South St. Cape Cod 1955 9 4 2 $279,000 $280,000

Morris Plains

Address Style Year Built Total Rooms Bedrooms Baths List Price
Sold Price 45 Lakeview Drive Colonial 1950 10 4 3 $549,000 $525,000 10 Mayfair Road Cape Cod 1964 7 4 2 $389,800 $360,000


See what sold in ParsippanyMadisonEast Hanover and Florham Park.

I plead the 2nd tchk tchk May 07, 2013 at 09:08 PM
Hold off buying a house right now. all the prices are too high, because the mortgage rates are too low. artificially low. This makes the prices way too high. mortgage rates will go up in the double digits and their will be nothing the fed can do about it. What will happen is you will be stuck with the house and unable to sell to move. Let me explain. The interest rates have to go up and they will jump fairly rapidly. When this happens, no politician will be able to stop it. When this happens, the housing prices will plummet. Why? because no one will be able to afford the monthly payments on a house with a mortgage of 12% to 18%. So prices will have to drop accordingly to a level where some joe can afford the payments. It is tempting to buy right now with low interest rates, but remember this, you should not be buying an interest rate, but buying a house. I made a huge amount of money with real estate. i bought in 2000 and got an intrest rate of 7.35%, the house was 150,000 and the payment was about 700 dollars. five years later I sold it for 350,000 dollars when the intrest rates were 5.0% on top of a buying frenzy. Not a bad return. but you have the exact opposite situation going on now. intrest rates only have one way to go, and that is up. way up in my opinion. Buy cautiously. oh when all this happens, NJ, NY economies are going to crumble and you will have to move to get another job. my advice is rent for now.


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