Buying a townhouse/Condo near Franklin Lakes, New Jersey? (Wayne: real estate, condos)

[Ammuz]

Hi,

We are planning a move from Raleigh, NC to NJ in the next few months. We will miss our new home and most of all, the lovely weather. My husband's company is based in Franklin Lakes and I will be looking for work. I am appalled by the state/property taxes of NJ We really appreciate any suggestions on nearby areas to buy a house/condo, max priced at $400,000. A family friendly neighborhood with bike trails and proximity to basic shopping will be ideal. Thanks in advance!

cheers,
Mia

[Mightyqueen801]

Originally Posted by Ammuz

Hi,

We are planning a move from Raleigh, NC to NJ in the next few months. We will miss our new home and most of all, the lovely weather. My husband's company is based in Franklin Lakes and I will be looking for work. I am appalled by the state/property taxes of NJ We really appreciate any suggestions on nearby areas to buy a house/condo, max priced at $400,000. A family friendly neighborhood with bike trails and proximity to basic shopping will be ideal. Thanks in advance!

cheers,
Mia

Well, you should fit right in. Most New Jersey residents are also appalled by the state/property taxes in NJ!

I suggest you start looking at Ramsey and Mahwah. Both towns are close to Franklin Lakes, have a number of condo complexes, have sizeable park areas (especially Mahwah) and plenty of shopping choices.

Another idea is to look over the very-close border into Rockland County, New York.

[Ammuz]

Thank you MQ for the prompt response Also, what is your opinion about living in Morristown, Parsippany and West Orange. When I did an initial real estate browsing, WO came up with the most variety of choices but Parsippany seemed more affordable of the lot. However, the taxes of each unit seemed the highest in WO though their selling prices were lower than their counterparts in Morristown.

Thanks again,
Mia

[tdstyles]

Taxes in WO are some of the highest in the state and the schools are not the greatest. WO often attracts people from out of the area and first time buyers because you get a lot more house for your money and its a decent area. However when you factor in the tax difference you really are not getting much of a deal.

Towns within that budget that are going to have decent houses/neighborhoods are Wayne and Hawthorne, west orange, and Fair Lawn( if you want a house) Mahwah and Ramsey( if you want a condo, since houses will probably be a bit more expensive). I'm partial to Hawthorne since I live there but all those towns are very nice.

[Mightyqueen801]

Originally Posted by Ammuz

Thank you MQ for the prompt response Also, what is your opinion about living in Morristown, Parsippany and West Orange. When I did an initial real estate browsing, WO came up with the most variety of choices but Parsippany seemed more affordable of the lot. However, the taxes of each unit seemed the highest in WO though their selling prices were lower than their counterparts in Morristown.

Thanks again,
Mia

I am not as familiar with those towns as I am with northwest Bergen County. Your husband would have a longer commute to Franklin Lakes, however. Would not be too bad from Parsippany to Franklin Lakes--there is a major interstate that would be most of the distance.

I see tdstyles gave you some other choices, and I do agree with him about his town of Hawthorne. I lived in Hawthorne for a few months temporarily, and I really liked it there. It does not have many condos, though.

[Ammuz]

Thanks to both of you for the valuable inputs. The reason we are sticking to condo/twnhms are because they seemed to be the newer of the lot. We don't know any handiwork nor have the resources to maintain an old house though I personally would love to have an older home with lot of charm & character.

[ansky]

Originally Posted by Ammuz

Thanks to both of you for the valuable inputs. The reason we are sticking to condo/twnhms are because they seemed to be the newer of the lot. We don't know any handiwork nor have the resources to maintain an old house though I personally would love to have an older home with lot of charm & character.

You shouldn't automatically assume that older homes will need extra maintenance or work. As long as they were properly maintained over the years they can be in just as good of shape as a newer house. I own a 1930's home and it's just as good as a new home since everything was updated by previous owners. In many cases older homes are structurally built better than newer homes.

[tdstyles]

You should also be aware that the Condo/Townhome communities in West Orange have insane association/maintenance fees. A friend of mine bought into one in Eagle Ridge and taxes and maintenance together were almost $1,800/month. Keep in mind the place only cost him $375,000.

[Ammuz]

I totally agree with you Ansky. I am sure there are newer houses out there with lots of hidden problems.
@ tdstyles - I did see the WO community fees; they are simply ridiculous and is a real deterrent!