Its Not Only Real Estate Anymore

aaron — Fri, 20 Aug 2010 04:09:28 +0000

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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The Worst is Over

aaron — Fri, 06 Nov 2009 05:00:19 +0000

Anywhere you turn, you cannot hide from the news announcing the end of the recession. “The worst is behind us,” they say.

Is there really any significance to this? After all, unemployment is still at record highs, and housing prices continue to fall in many cities. It’s only significant that people are willing to believe that things will be improving instead of getting worse.

Hope is a powerful force. When hope is hard to come by, when the news media and the politicians are out there convincing everyone that the world is coming to an end, everyone loses their will to take reasonable business risks. Now is the time to strike, when hope is returning, and those who have been in hiding until now have not yet come out of their caves.

If you have an idea, a plan, a risk to take, what are you waiting for? In a few months from now, the playing field will be very crowded. Now it’s empty. Go for it.

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Lost in Kollel » economy

Its Not Only Real Estate Anymore

The Worst is Over