Today's Apartment Rentals

1 Bedroom Garden Apartment, hardwood floor, full kitchen, Tile bathroom, Close to New York Transportation, $1150, heat and hot water, and parking included, Available 6/1/06 NO Fee -- 973-746-0193

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Spacious 1 Bedroom, Living Room, Huge Kitchen w/ Dishwasher and Bathroom, Near New York Transportation and Stores, Laundry and parking availiable. May Occupancy, $1100 Utilitys included. 973-994-7373

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1 Bedroom with study in renovated brick building, hardwood floors, Eat-in-Kitchen, basement, Laundry and Dryer included, parking, 1 car Walk to transportation and shops, $1275 + utilities, Available Immediately, Call 973-783-9364
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2 Apartments, 2 Bedrooms, $1200, Parking extra $50, heat and hotwater included, Available 5/15/06. Call Maureen, 9-5 PM. 973-746-7947.

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Montclair 2 Apartments Available, 2 Bedrooms, Dishwasher/ Air Conditioned, Excellent Location, Heat and Hotwater included, No Fee, $1450/mo, Avail immediately, Call Owner 973-303-8068.

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2 Bedroom, 1st Class Apartment, Great Location, $1450/mo, W/D, Dishwasher. 973-783-2660
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Montclair 2Bedroom, Spacious and Elegant, 1 Block to town center, Pergo Living Room, Kitchen, Tile Bathroom, near all Transportation and stores, Laundry and parking available, heat/water and gas included Available 5/1/06

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Montclair 5 Charming Rooms, $1325, 2 Bedrooms, Living Rooms, Dining Rooms, Large Kitchen, great location, near center of town, 973-746-0770

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Is The Montclair and National Real Estate Market Finally Bottoming Out?

Courtesy of Kamau Austin, Publisher

Recently my wife and I and other Montclair Home Owners have had a more challenging time selling and renting real estate properties. This is in stark contrast to the popularity and profit of Montclair real estate in the past.

Is Montclair New Jersey Real Estate and desirable upscale communities in other parts of the country now experiencing a slow down in prices, profits, and value? This is a salient issue for many home owners and real estate investors throughout the country.

Let's examine the local and national trends on real estate to see what the future may hold for real estate fortunes today. You may not want to become the Donald Trump just yet.

Should you buy your first apartment now? Or should you continue to rent?

Is The Real Estate Market Finally Bottoming Out?

The US real estate market has been in an overdrive for the last couple of years. The boom has lasted quite a while. Some experts suggest that because of this ceaseless activity, the market is exhausted and needs to cool down. However, when it comes to the issue of whether the market is about to bottom out, the opinion is divided.

Some experts believe that the boom has lasted for quite a while, and we are definitely headed towards a cooling off period in the near future. They believe that the real estate market in the US is headed towards a recuperative phrase and that this phase is likely to spread over several months, right into the year 2006. These experts point to the Morgan Stanley REIT index (or RMS)—a highly respectable trend tracker in the industry.

During the last year, RMS shows that the thirty week moving average has been broken twice. Experts believe this to be a very significant development, and for them, it indicates a smoothing out of the market at hand. For them, this constitutes almost a warning that the sprinter’s run (which the real estate market has been imitating for the last two years) is about to slow to a snail’s crawl.

They claim that the rental market is already showing signs of this behavior. For the first time in years, it has become cheaper for families in the US to rent a house rather to own it. They point to the fact that this behavior has been in evidence across several major US cities for some time now. The rising interest rates have been blamed for the emergence of this scenario. Their data is especially pronounced for the high-end segment of the real estate market in cities like New York, San Francisco, Washington, and in areas like southern California.

Even the prospect of gaining a valuable tax deduction through a mortgage is not tempting families into buying homes (this had always been a big incentive for buyers in the past).

In fact, the data points out that renting a house, rather than buying one, can save, on average, thousands of dollars in a year. They claim that a scenario is emerging where the supply now outstrips the demand, and therefore, the market will bottom out. This is especially true for the apartment market. They predict that even homeowners will begin to sell off their homes to move onto rentals because it will just make much more financial sense. If this disturbing trend is replicated across the country, we will be facing a major real estate slump in the future.

Others experts believe that the market is very stable and much too heterogeneous for any single consensus or trend to predict its rise or fall.

These real estate market experts believe that real estate remains as sound an investment option as before. They caution against believing that national averages accurately portray local situations. These experts holds that the real estate market operates at a micro-economy level. For example, market trends in Montclair NJ, New York, Houston and Boston can never be the same at any given point of time.

Also, while the interest rate remains an important factor for calculating future behavior, it cannot remain the sole criterion. Even within a city, different neighborhoods register on the price index—some headed towards a slump, others on the upswing. There could be numerous reasons for this, including over-construction.

Also, the real estate market has always remained highly stable. In the long run, the value of a property will definitely appreciate. The fact that the US always remains a highly desired destination for immigrants ensures that there is always a steady stream of buyers in the market. Also, since people are marrying much later in life today, the number of single people who end up owning a home is quite remarkable. It is true that the interest rate is going up, but you also need to factor in the vagaries of supply and demand.

As long the demand is up, the market will remain strong. Though the market will eventually cool, real estate prices would continue to appreciate and remain just above the national inflation rate. A continual peak in this field does not necessarily point towards an impending collapse. The national average is always influenced by the high end of the market (homes above $1,000,000). This does not mean that a similar decline in value is observable for older homes around the $150,000 mark. Also, not many new homes in the US have been constructed with the lower price segments in their sights, so national averages do not really reflect an across the board value depreciation.

Today's Rooms and Commerical Rentals

2 small rooms, carpeted, no windows $600 includes, utilities,, available immediately: 973-783-9364
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427 Bloomfield Ave, Historical Madison Building, Office Suites up to 90 SF + 7900 Square feet. 1st Floor retail, will divide. Dubrow Management 973-624-9130
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Montclair 900 square feet, Hardwood Floors, bright and Sunny, elevator, Common Bath, 2nd Floor, $1,275 includes Utilities, Call 973-783-9364.
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Lease Commerical Space 352SF, Mountainside Hospital area, Phil Rizzutto,
973-470-2551
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Upper Montclair - 2 Professional Buildings, Spaces for Rent. 250 Sqaure $450 a month, 450 Square Feet, $850/month. Located in Center of Upper Montclair Business District. Available immediately, Call 973-746-5151.