Its Not Only Real Estate Anymore

It was only a few years ago that the dominant business in Lakewood was all real estate related. Prices all over the country, and especially in Lakewood, were appreciating 25%+ a year, and everyone wanted a piece of the pie. Rich people, poor people, wanna-bees, and hopefuls, were all jumping in head first to the money that was seemingly there for the taking.

And then came the crash. It started slowly, with all the stakeholders realizing that things were slowing down but at the same time were saying things like Lakewood is different, it won’t be so bad, things will bounce back quickly, get a bargain while you can, etc. etc.

Nowadays, saying “I do real estate” is less popular than saying “I’m learning in kollel.” Granted, there are a few people making money in real estate today, but it is nowhere near the levels of just a few short years ago.

So, what is everyone doing? If real estate is out, and yeshiva guys don’t have medical or law degrees, so how are they making money?

Believe it or not, the economy of Lakewood is changing into a “normal” economy, where the businesses are diverse and widespread. There are mortgage brokers, of course, but there are also medical equipment suppliers. There are construction firms, but also solar powered energy consultants. There are branding experts, high tech web development firms, and retailers of all kinds of products from handbags to business office supplies.

The real estate crash may have been devastating to the Lakewood economy, but it won’t be for long. It forced everyone to broaden their horizons away from just real estate, and there is plenty of opportunity elsewhere. Even without academic training, these savvy former kollel guys won’t let a real estate crash get in their way of success.

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Filed Under: Business Tips

Tags: degrees • economy • real estate lakewood