Margaret, Home Buyer in 10952

Have sales of lakefront homes on Lake Hopatcong in NJ slowed . . have the selling prices dropped?

Asked by Margaret, 10952 Tue Oct 16, 2007

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4
Rick Ambrose’s answer
Sales activity of all homes have dropped. The average home price has been declining approx 1% per month for the last 3 years. Waterfront homes tend to hold their values better due to location, however higher taxes assessed on waterfront properties can deter buyers these days.

Quality and value sell in all markets. Presented properly and priced for the current market, homes sell when marketed widely.
Web Reference: http://njLakehouse.com
0 votes Thank Flag Link Wed Nov 23, 2011
The homes located on Lake Hopatcong listed under 500,000 often sell under the average of 120 days. Homes over 600,000 are sitting on the market much longer. This is true in many areas, the allure of the lake doesn't allieviate the finacial concerns of a higher priced home. The rates are really good right now, but they are higher for a jumbo loan.Higher priced homes require more consumer confidence. They come with higher taxes and bigger heating and cooling bills. The lake will always hold value for those who want the lifestyle that it provides. I live on a cove that leads into the lake, and I treasure the memories I make there every year.
0 votes Thank Flag Link Tue Aug 31, 2010
In Sussex County, you will find values that surpass that of what you are likely to find anywhere else in NJ. Many people live on waterway inlets from the ocean and rivers, and many of these bays feel and look like lakes. However, they come w/ price tags substantially higher than Hopatchong. There is a seasonality to real estate associated w/ when one can gain the best and most frequent use of the amenities. Hopatchong provides much for the investment made. I would not anticipate strong appreciation in the next few years. For a buy and hold property, good value.
0 votes Thank Flag Link Wed Oct 17, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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Overall lakefront homes have come down a little on Lake Hopatcong. Sales of lakefronts tend to slow a little once the summer passes. Most lakefront buyer like to in by spring or early summer so they can enjoy the season on the lake. Most lakefront sellers that have their home on the market in the off season are serious about selling. If you would like a list of available lakefront homes feel free to contact me.
0 votes Thank Flag Link Tue Oct 16, 2007
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