good investment properties in the tri-state area
i would like to invest my money in the form of real estate somewhere in the tri-state area, preferably new york or new jersey. manhattan is pretty much out of the question since apartments are unbeliveably expensive (and tiny). are there any under-developed or untouched areas around here that would be worth looking into?
Re: good investment properties in the tri-state area
Check out the condo i am selling
www.pocketlounge.com/grandview.htm
Best location in Jersey City
Re: good investment properties in the tri-state area
733 square feet for $565,000 dollars? Are you fucking insane? My condo is 1150 square feet, 2 full bedrooms, 2 full baths and I paid $150,000 for mine. :yikes: I also have a ground level patio that is about 12 feet long by about 8 feet wide.
Geezus Krist. It'll be so nice when that housing bubble bursts... ;) I can get an even bigger house for less money. heh
Re: good investment properties in the tri-state area
VG,
Remember it is not a 7 minute commute to downtown NYC from your condo. Not unless it includes a transporter. Average real estate prices in the NYC metro area are historically 2.25-2.5 X midwest prices with an aditional premium for commute time to Manhattan. I am not saying it is a bargain, but comparing cities 1500 miles apart makes no sense.
Re: good investment properties in the tri-state area
True...but, I just cannot see why someone would pay that much money for that little space. Maybe I'm a money prude, but that is absolutely ridiculous. I would love to live in San Diego, but I refuse to spend $450,000 on a house that is the size of my condo. ;)
BTW...my condo is about a 20 minute commute to downtown Chicago...and some of Chicago's real estate is just as insane.
Re: good investment properties in the tri-state area
Venus, today's 'rule of thumb' on Manhattan condo property pricing is around $1,000 per sq.ft. Comparable property on the 'Jersey Side' of the river is going for 3/4 of that, because many people are willing to trade a commute time of 1/2 hour or less in exchange for a Jersey state income tax rate which is 5% lower than NY and a Jersey property tax rate which is somewhere around 1/2 of NY !
Either way, NYC metro real estate prices are 'bubble central', so that if you don't need to LIVE there, IMHO it's a pretty risky area for property price speculation right now.
Re: good investment properties in the tri-state area
Check out housing prices in Upstate NY.
VenusGoddess's place "My condo is 1150 square feet, 2 full bedrooms, 2 full baths and I paid $150,000 for mine." would go for probably half that here.
Of course the business and tax climate is atrocious.
Re: good investment properties in the tri-state area
I agree it's insane but that is where the prices are. Actually i am asking almost 15k more than market because there are onl two 1beds with balconies on the top floor in the building and i own both of them. I'm not in too much of a rush to sell.
The location is in the heart of the financial district of Jersey City. 2 blocks from the ferry and path (aka subway) into NYC. It's a block from the New Goldman Sachs building (largest building in NJ).
Who knows if you asked me 2 years ago what i thought of the market i would have said you would be insane to pay the prices people were asking. I'm not saying there is no bubble but no body has a crystal ball.
My plan is to sell all my realestate ove the next 1.5 years. My motives are a little different because I am self employed and am working on some new business ventures so i need the funds. I also feel that the market has done very well and there is no need to get greedy. I learned the mistake in the tech bubble.