Commuter Apartment / Investment in Metro NYC area (Newark, Lee: real estate, rental)

[kinderhookcamper]

Hello

I work full time in NYC but live upstate with my family. I have a nice room rental close to work where I stay during the week, but with the real estate prices down and interest rates rock bottom I'm considering purchasing a small place close to Manhattan as a permanent place to stay during the work week.

I'm thinking I would get a small studio or possibly a 2 bedroom and rent out one of the rooms to another commuter.

Does anyone have any suggestions? Someone recommended downtown Newark to me. The prices are right (around 100k) for a 1 bedroom and 120k for a two bedroom. I've also been hearing that Newark is coming back.

Are there any other up and coming areas anyone would suggest?

Thanks in advance

[SoBronxGuy]

Depending on your income, you can purchase some pretty amazing condos/coops in new developments in the Southern Bronx, about 25 minutes (or less) to 14th st. Here are some examples:

Via Verde
Case Study: LEED-Platinum Co-op Hits All the Right Notes - Green Building, Multifamily, Leed, Indoor Air Quality, Affordable Housing, Green Design, Low Voc, Community Projects - EcoHome Magazine
Fox Street co-op draws middle income residents *|*Hunts Point Express

This list is just a very small example of the broad range of affordable coops and condos available in the Southern Bronx, and these types of developments, large to small, are accelerating in the neighborhood. Middle income developments are now the norm and attracting a wide swatch of residents from across the borough and city seeking the exact thing you are: an affordable, great home a short commute to Manhattan.

[likeminas]

It's gonna depend on your budget and other things such as; proximity to Manhattan, apt size, neighborhood, etc.

[Kefir King]

SoBro,

The income limit on the MELODY, tops out at 90K, probably for a large family. It doesn't sound like somebody looking for a pied-a-terre is going to qualify.
Probably as a SECOND home he is disqualified, PERIOD.

[kinderhookcamper]

Thanks for your replies. As a veteran of some bad Chicago hoods I lived in as a kid, my tolerance for a slightly sketchy neighborhood is moderate.

In general, it seems the need for housing in the NYC area will continue to expand. I'd be interested in knowing where other think it is likely to expand to. Ideally I'd buy some place that is up and coming now and would perhaps be safe enough for my young kids to live in when they get old (in another 15 years).