Quote:
Originally Posted by FergusonDechert
Sounds like an active adult mobile home park, possibly.
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Yes, there are many such adult communities along GSP toward AC. Everytime when we went down there and hit the traffic will just exit to check out some.
Some rules make it harder to deal with. e.g. need to be over 55 year old, and no one young then 18 can be there, and when you sell, you have to sell to the same time of buyer (much few buyer population, therefore, buy low sell low).
It is like a condo community with lots of restriction that investors would not want to buy, and tenant will pay high rent. e.g Woodhaven at Edison, each time change tenanent, you need to pay $300 extra to condo association, and pets disallowed. tenant needs to be registered with parking, so end up rent is $1,650 and no lease shorter than one year. On the other hand, places like Woodhaven is good for buyer who plan for owner occupied, since the buying price is only $250,000 lower than nearby 2br 2ba condo, but it is nice community with fireplace...
So, adult community is great if your mother-in-law or senior family members want to live there. Some good points are no kids making noise, you see most people in unit not play on street, and yard very neat, clean, and lots of plants and flowers ...etc.
If you want something very good price and affordable and owner occupied. There are many in Edison and Piscataway area. e.g. the supermarket casher just told me she lived at Village Gate at Edison, there were 3 buildings for people over 50 years old and the rent of 2br is not $1,400 to $1,500 as market price; she only pay 1/3 of her Shoprite cashier salary, about $700 a month. i.e. one can pay $700 to rent $1,500 market value 2br 2ba condo ...
Helen told me the other day that when she went to Chinatown Supermarket off Rt 27 Somerset, she saw two huge bus took about 100 people from Seninor housing (over 55 year old), and they came to shop with free ride. Most people are Chinese and in fact many knows her. She was also told every day the center at Somerset near Rutgers Chinese church outsourced the lunch to the famous Chinese restaurant at Rt 27 Edison with great lunch, and every Thursday, the bus even took all to eat out! What a great life!
Helen is so upset to find all these out since she is millionaire not qualified. So, tell your mother-in-law to look around town near you, there are lots of great deals like this in New Jersey.
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