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If you were to take advantage of the market and buy a condo in Monmouth County as an investment, where would you buy? Please explain why so I can understand the reasoning. Thanks!
Usually on a house a three bedroom is a better investment than a two bedroom. On a condo in this area would a two bedroom be a much better investment than a one bedroom?
I have heard for years about Asbury Park revitalization and I guess it's finally starting to happen. How about that area? I haven't researched if there are many condos there but if so, do you think that is a smart choice?
No, Asbury park is still a dump. It will be decades or maybe another century when it becomes viable to invest in. I would not recommend property investment anywhere right now.
I'm not looking necessarily for oceanfront and I should have been more clear...I'm thinking of buying a condo to live there over the summer and the rest of the year in SC. I lived in Atl. Highlands for ten years and I love the whole area. I'm open to almost any town from Keyport down to maybe Long Branch. When I said investment I guess what I'm asking is where do you think I can buy a condo that the prices have gone down low enough and you think they will go back up and appreciate.
I had a friend buy a condo in the Highlands for $65,000 about ten yrs ago and within a few years they were selling for over $300,000. Same for someone else I know that bought a condo in Seabright for $80,000 and even in this market sold for over $200,000. he only had it for maybe eight yrs.
I never looked at condos in this area and not even sure what's out there. I looked on Realtor.com the other day and it seems you can get a 1 or 2 bedroom in the $100,000 price range but I don't know if they are that inexpensive because of the market right now or because they are in bad neighborhoods. I'm a Realtor in Myrtle Beach and you can get a condo on the beach for $100,000 right now but a few yrs ago the same condo sold for $400,000.
Honestly, you're about 15 years too late to buy an investment property in Monmouth County. The prices are through the roof to insane levels and I don't know if they'll ever go down.
If you want to take the plunge, buy a condo in Brielle or Manasquan. There are some new condos going up in different parts of Belmar, too.
Honestly, you're about 15 years too late to buy an investment property in Monmouth County. The prices are through the roof to insane levels and I don't know if they'll ever go down.
If you want to take the plunge, buy a condo in Brielle or Manasquan. There are some new condos going up in different parts of Belmar, too.
Thanks but Brielle and Manasquan aren't even close to the area I want to be. Why am I 15 yrs too late? Is that the only area not affected by the real estate downturn? When I moved to SC 3.5 yrs ago the houses in that area were $100,000 more than what I see them at now and I know that because I spent 6 months looking at property there. I just didn't look at condos so don't know about them. I'm not looking for a $500,000 condo, I'm looking in the $100,000 price range but I don't know what areas are bad or good and don't want to buy something in a bad part of town. On Realtor.com there's a bunch in the $100,000 price range and I don't consider that through the roof. In fact some are on the water? Grant it, they are in the Highlands but when real estate is up that area is somewhat desirable.
Do you have the MLS listings on these $100k condos? Can you post the link?
I am guessing they are on Shore Dr near the ferry terminal. I've looked at several of those units in the past.
Since you will be using the property during the summer the winter rental market is the big concern. Being a realtor maybe you can call a NJ agency and ask about the winter rental prospects and what rates you can get.
Also, the fact these units are back down to $100k shows they couldnt hold any of their value.
I'm not looking to rent it out because my SO works in NJ and is now paying rent when he is up there. He would be able to put that monthly rent towards the condo if we buy it and stay in it when he's there.
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