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Old 10-24-2010, 05:25 PM
35 posts, read 74,500 times
Reputation: 14


Hi All,

I'm still searching for a place to live and was wondering if any regulars and/or even non-regulars have any thoughts about buying a luxury condo in an auction?

The condos I'm looking at are near the Rutherford train station (within a minute walk). The questions I have are:

Is the area near the Rutherford train station safe? The condos are on meadow road - 17 meadow road to be exact.

Absolute Auction - November 20 - The Gate, Rutherford, NJ

Does anyone know what existed on the land before the condos were built? When they were built?

Is buying a condo in Rutherford a good deal? Meaning will the value of the condo appreciate over time?

The condo fees are 270-300 per month - Is that high? The fee only covers common area maintenance and nothing else. Finally - is homeowners insurance covered by the HOA fees?

Any tips/suggestions about auctions would be very much appreciated.
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Old 10-25-2010, 01:43 PM
2,358 posts, read 3,837,499 times
Reputation: 1363
So many questions...so little time I used to live in East Rutherford and I passed that building EVERY day for over a year.

About Rutherford: It's a great town with good schools, nice walkable downtown, FABULOUS restaurants, no bars( you have to cross the train tracks into East Rutherford to go to a bar). It's Bergen County and it's proximity to NYC makes it a pretty safe real estate investment to hold value and a good bet for appreciation( as good as anything can be theses days).

About that building...not a great location( I'd call it ugly, not the building just the surroundings). Train tracks and Rt. 17 are your backyard(I'd go there to see the train noise). Your neighbors are Wendy's, Arby's, Burger King and Popeye's, 2 gas stations, gym and a cleaners.

On the plus side you have super easy access to Rt. 17 and rt. 3, the train/downtown are literally a 5 minute walk but some parts of Erie do not have sidewalks and the lighting situation is n't awesome. I'd check into that too.

About Auctions.....ohh how fun they are. You will have to preregister. Most places require you to bring a minimum of a $10,000 deposit( this is either cash or a certified check). The auction starts and you bid( just like you see on tv). The auctioneer charges a certain percentage on top of the winning bid, the winner is responsible to pay the purchase price PLUS the auctioneers percentage. So you better find out what that percentage is before hand.

Condo Fees: That is a little high but not crazy, especially for an elevator building with a big parking lot( that has to be plowed), you should find out what percentage of that, if any, goes into the condo's reserves. Reserves(or the "in case ***** fund" as i like to call it) can make it easier for people to get mortgages should you sell the condo in the future.

Home owners insurance is not typically covered by your HOA fees.
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