Real EstateDiscuss Real estate investments, home improvements, decorating etc.
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I actually think I'm passing on the apartment because I'm not sure I can handle it. However based on the towns surrounding it, this is what happened in every one of them. They did eminent domain in one of them for the past 5 years and now its hard to find an apartment under a million. A lot of it has to do with the community of people, who are developing it as well.
You have to, have to, have to realize what an anomaly the past 5 years have been. That was a bubble driven by cheap credit, bad underwriting, overbuilding, and in many cases, out and out fraud. And this is the bust. NO credit, too much capacity and irrational market fear. If you want to take an informed look at the property outlook in what I would imagine is a much stronger market than yours, take a look at Goldman's New York report. This is the short interpretation
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Although real estate is still over priced in NJ (been looking for 3 years and counting) gay men especially, usually maintain their properties very well which in turn will bring up the value assuming more move in the community. The other plus is that the medical mari act may be passed in NJ to some extent, and wouldn't be surprised if AC were to eventually have a "smoking" section...more tourists and/or more industry = more favorable property values. It'll be interesting to see if Trump can exploit the pending act to revive AC.
As someone who lived in a gay community my only question is are you near areas where you actually want to hang out? I lived in Oakland Park but rarely went out for drinks or anything because the bars were all gay and lesbian, I just hopped in my car or rented a taxi to head to downtown fort Lauderdale, las olas or the beach. Living in Oakland Park was never an issue with me except for my single life. Btw the biggest issue I have with your posts is you sound like you could have problems affording it. If you do press forward make damn sure you can qualify and afford, it one thing to have a nice place the other is to actually afford it .
Can't believe this thread is already 6+ months old. Fortunately for me, I did not purchase the property. I still think about how amazing the property was, but I realized that I couldn't handle the community. Nothing wrong with gay people, it's just not my ideal scene. I haven't made any purchase yet, had some hold ups in the family that slowed me down for a good 4 months... I made an offer on another great property about 3 weeks ago, they countered and I'm currently icing the situation. Its not the first property that I've made an offer on... I did have another property that was amazing, but someone gave them their full asking price so I lost it...
I will keep you guys updated! Thanks for all the advice
Sounds like the area might have been Asbury Park. My only concern there would have been the nightlife, I'm not sure there's really that much going on. I too looked in Hoboken and for the prices there you might as well be looking in Manhattan, it's absurd. I think I'm going to settle on the Bedminster area myself. It's cheap, 5 minutes from decent bars in Morristown, 45 min train to Manhattan and an hour drive to the beach. Where did you end up buying?
Sounds like the area might have been Asbury Park. My only concern there would have been the nightlife, I'm not sure there's really that much going on. I too looked in Hoboken and for the prices there you might as well be looking in Manhattan, it's absurd. I think I'm going to settle on the Bedminster area myself. It's cheap, 5 minutes from decent bars in Morristown, 45 min train to Manhattan and an hour drive to the beach. Where did you end up buying?
Bingo. The area was AP.
I didn't end up buying yet. Still in the process right now.
Hoboken prices are absurd yes, and I might as well be looking in Manhattan, but I need to be in Jersey for several reasons.
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