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Bocina Homes owner Bruce Bocina on the increased interest from potential home buyers.
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-- -- Today's big story here on the Fox Business Network real estate.
The last three years the most expensive -- have been slow to sell forcing some to take their properties off the market.
But now housing is -- covering.
Sort of the seller's doing.
Selling boxes -- out of Shapiro is -- far hills New Jersey with more -- -- some pictures out of that gorgeous house.
We'll -- we're gonna not only show you more of this gorgeous Tom again gonna hit the market at two point six million dollars I want to introduce you to the man who built this home has built other final -- -- in the area.
Real estate developer Bruce post -- he is the founder and president.
Both seen -- home corporation thank you for joining us on the Fox Business Network what are you -- are the high end buyers coming back into the market.
Whether -- certainly come back.
We're seeing some activity in the last six months it's gotten better.
People are coming back to looking at houses or buying houses.
They wanna see -- ounces.
And they haven't seen that.
Lately and thank you told me when we got here early this morning that there was almost a period of three or four years where there was no new product being built because of the recession.
Yes I mean we stop building luxury houses we did a lot of spec houses when the market was -- we totally stopped by.
2008.
So -- like this two point six million you've built this home finished it just recently you're going to break ground on another home not far from here.
What is it that's bringing back the high end buyers at the low interest rates -- their portfolios recovered enough that they think it's time to buy.
-- I think people stop by and for awhile and I think the pent up demand is there.
I think all those factors are helpful low interest rates.
People are looking for new product.
The -- -- -- about the economy.
So it's all those things combined -- you know.
It if you hear two point six million dollars we live in a part of the country where two point six million we're talking about a high -- home but actual -- -- people in New York City people around New York City two point six million isn't as high -- as you could go.
Somerset County one of the wealthier counties in the area you're telling me that a home for a million maybe a little less multiple offers I haven't heard about multiple offers and a long time.
Well in this area you -- getting multiple offers on -- -- -- hundred million dollars.
Because wind is so expensive.
Building houses and is expensive on the East Coast here so.
You are didn't for the lower and quote lower end under a million is multiple offers.
It's we spoke to a far -- long gonna who isn't bikers economists and he was telling us that.
If you don't even more lower rent although I find it -- leave when I see three or 400000 is -- -- but.
If you look at that price range he thinks that sellers.
May not come back into the market until prices continue to go up say another 10% we just saw prices go up in December.
You're every year eight point 3% do you think he's right -- do you think even at that price point people who wanna start coming back why.
I think at that price point people and start coming back -- -- possess a good price in this area that's that's a great price.
So I think people -- gonna sort of find those -- You know we'll see you gonna see appreciation over the next couple years.
So you think that have people who this is the time they wanna get the bargain if you can consider two point six million apartment and interest rates that are pretty look this is the time -- to job.
It's a it's a good time because there are you know the the prices are gonna go up slowly.
I don't think it's gonna be boom market but.
But prices will be -- up.
Bruce associated thank you very much for joining us on the Fox Business Network they -- you haven't even seen the main bathroom.
It is this size.
That huge conference room back it headquarters and -- trying gets in there and show you something really more.
-- -- and surely bigger than my entire apartment and I am not gotten hot exaggerating at all.
Adam they gave their lives terrific work can't wait to see all day -- bureau in far hills makers say -- --
