Re: New Jersey condo market is heating up: report [by user1111]
NOT Jersey City::New Jersey condo market is heating up: report
Quote:
Why even include other parts of JC with this bullshit.... the other parts of JC do not have tons of condos. GV only has SH and PL and both were ruined in Sandy. This article is about condos on the waterfront not housing.FYI housing in GV pricing is declining but not homes near the lightrail. They have been steadily increasing. Anyway here are the comments from nj.com pretty funny stuff.
Marc Shakter
This article is a stretch at best... It's easy to say the market is warming up in this area so close to NY when there's no other housing readily available for people that work in NY. When you're given little to no alternative, of course people are going to snatch these places up. Have fun buying the air between some walls and then having to pay rent on it to boot.
BOINK!
My neighbor’s house has been on the market for 3 years and it is nice and affordable.
awildcat
There are 3 tenets that a buyer needs to consider: location, location and location. Perhaps, your friend's property doesn't fall into those categories. Affordability is very subjective.
FreeMySpeech
Location isn't everything. I think Storm Sandy proved that point. I have family and friends downtown, Jersey City with sweeping views of NYC -- amazing how I stayed dry and safe with running water and electricity while those "in great locations" had to move out because their places were no longer inhabitable. You must be a RE agent looking for new suckers. The NYT article must've been sponsored by the developers desperate to move their properties. Take a ride throughout JC and you'll see nothing but "for sale" or "for rent" signs. This is nothing more than fluff, at best.
awildcat
Henley-on-the-Hudson is selling like crazy. The article stated that well placed properties are going. Perhaps, the locations you refer to are not so well placed. Waterfront properties with a clear view of the NY skyline are going quickly. A few blocks back, not so much. Pulaski Skyway? How funny.
FreeMySpeech
No, the funny part is the developers looking to move their stagnant properties by fooling people into believing the units are "selling like crazy.” That my friend, is the hysterical part!
PropertyTaxSlave
Agreed. Total fabrication. Equivalent to a "Real Estate Reality Show.” All over Jersey City the condos for sale are almost all short sales and REO's.
Joe Schmoe
600k for a lousy 1 bedroom condo? What a joke. Probably just a bunch of finance industry crooks looking for a place to park their money and then flip the property to a bank.
navajorug
I ran the numbers on this for illustrative purposes. If you put 20% down ($120,000) on a $600,000 condo and finance the rest with a 30 year fixed rate mortgage at 4.5%, your mortgage payment is almost $2,500 per month. Add the taxes, insurance and condo fees, and you're probably dealing with a total cash outlay of $4,000 per month. With that in mind, I'd be better off keeping my $120,000 and renting a place nearby (or maybe even in the same building) for a heck of a lot less than $4,000/month -- right? Am I missing something here?
FreeMySpeech
Am I missing something here? You're not missing a thing! Totally on point and completely rational, too bad a good portion of society views life through rose colored glasses because they ruin it for the rest of us.
runaway government
Propertytaxslave, can you elaborate? How about an ou...
via Jersey City List - Jersey City, NJ :: Forum http://jclist.com/modules/newbb/viewtopic.php?post_id=311461
Quote:
Beachguy wrote:
Yep - the condo market is definitely heating up. Downtown, values are close to 2008 and climbing. I watch the market pretty closely and what's impressing me is the rise in the Heights - both houses and condos. Greenville is still struggling and from what I can see, Lafayette is pretty flat.
Why even include other parts of JC with this bullshit.... the other parts of JC do not have tons of condos. GV only has SH and PL and both were ruined in Sandy. This article is about condos on the waterfront not housing.FYI housing in GV pricing is declining but not homes near the lightrail. They have been steadily increasing. Anyway here are the comments from nj.com pretty funny stuff.
Marc Shakter
This article is a stretch at best... It's easy to say the market is warming up in this area so close to NY when there's no other housing readily available for people that work in NY. When you're given little to no alternative, of course people are going to snatch these places up. Have fun buying the air between some walls and then having to pay rent on it to boot.
BOINK!
My neighbor’s house has been on the market for 3 years and it is nice and affordable.
awildcat
There are 3 tenets that a buyer needs to consider: location, location and location. Perhaps, your friend's property doesn't fall into those categories. Affordability is very subjective.
FreeMySpeech
Location isn't everything. I think Storm Sandy proved that point. I have family and friends downtown, Jersey City with sweeping views of NYC -- amazing how I stayed dry and safe with running water and electricity while those "in great locations" had to move out because their places were no longer inhabitable. You must be a RE agent looking for new suckers. The NYT article must've been sponsored by the developers desperate to move their properties. Take a ride throughout JC and you'll see nothing but "for sale" or "for rent" signs. This is nothing more than fluff, at best.
awildcat
Henley-on-the-Hudson is selling like crazy. The article stated that well placed properties are going. Perhaps, the locations you refer to are not so well placed. Waterfront properties with a clear view of the NY skyline are going quickly. A few blocks back, not so much. Pulaski Skyway? How funny.
FreeMySpeech
No, the funny part is the developers looking to move their stagnant properties by fooling people into believing the units are "selling like crazy.” That my friend, is the hysterical part!
PropertyTaxSlave
Agreed. Total fabrication. Equivalent to a "Real Estate Reality Show.” All over Jersey City the condos for sale are almost all short sales and REO's.
Joe Schmoe
600k for a lousy 1 bedroom condo? What a joke. Probably just a bunch of finance industry crooks looking for a place to park their money and then flip the property to a bank.
navajorug
I ran the numbers on this for illustrative purposes. If you put 20% down ($120,000) on a $600,000 condo and finance the rest with a 30 year fixed rate mortgage at 4.5%, your mortgage payment is almost $2,500 per month. Add the taxes, insurance and condo fees, and you're probably dealing with a total cash outlay of $4,000 per month. With that in mind, I'd be better off keeping my $120,000 and renting a place nearby (or maybe even in the same building) for a heck of a lot less than $4,000/month -- right? Am I missing something here?
FreeMySpeech
Am I missing something here? You're not missing a thing! Totally on point and completely rational, too bad a good portion of society views life through rose colored glasses because they ruin it for the rest of us.
runaway government
Propertytaxslave, can you elaborate? How about an ou...
via Jersey City List - Jersey City, NJ :: Forum http://jclist.com/modules/newbb/viewtopic.php?post_id=311461
Posted by TIE
on 5:27 AM.
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