Buying an Apartment in New York (Brooklyn) or New Jersey? (Downtown Jersey City)? (Harrison: real estate, 2013)

[star80]

Hi all,

Let me cut to the chase. I am currently living at home with the folks because I am trying to straighten some finances out and save for a down payment on a apartment. I am hoping to start looking for an apt in December of 2012 or Jan 2013. I know it seems far away - but time does go fast. I am saving about 16k.

I am female 31, single, no kids, no pets (would love a pet friendly apt) and I would like to live in my own apartment for a few years (about 4-5) and then if need be move and rent the apartment - with that money i'm hoping to pay for my college loans quicker and also one day sell the apt and pay the the rest of my college loan off and hopefully buy another apt someday

the most apartment I can realistically afford is 100k for a 1 bed. I would like to know which areas are best: New Jersey? which is where I live now (newark) or New York? Downtown Jersey city is preferably, but I haven't found anything desirable in my price range and I would NOT live in the Heights or Journal Square sec. Manhattan is too expensive and I am not interested in living in the Bronx or Harlem. The only area that's desirable and within my price range is Kensington in Brooklyn, I am somewhat familiar with the area and liked it - it was peaceful, quite and easily accessible to the "F" train which takes me to work ( I work in the Lower East Side).

I would appreciate anyone with helpful information to respond.

Thank you

[star80]

also, if I could get names of some very good realtors in the Kensington are that would be wonderful.

Thanks

[Nexis4Jersey]

Whats wrong with the Heights? What about Weehawken....? Downtown Jersey City has a few sub neighborhoods like the Powerhouse / ART disrect , Paulus Hook , Newport , Harborside , Liberty Harbor , Exchange place , Historic Downtown and 6th street corridor. You can find something for your price range in all but these sub neighborhoods of Jersey City , Newport , Exchange Place and Liberty Harbor.

[jad2k]

A one bedroom for $100K in Kensington? You sure about that? Are the places you're finding in need of a lot of work? Actually, are you sure they really are in Kensington and not somewhere else?

Also, a heads up that at that price point you would be looking at co-ops which by and large have strict policies about renting. It's possible to find co-ops that do allow renting but that adds another challenge to your search (on top of the strict budget). And keep in mind that with a co-op, they will usually require 20% down and there are also closing costs on top of the down payment.

[star80]

i've been to the Heights and it wasn't for me. maybe i'm not looking at the right areas, because whenever i do a search for downtown jersey city everything is 180k and up.

if you have any links to send me that would be wonderful

[star80]

thanks for the info jad2k

Originally Posted by jad2k

A one bedroom for $100K in Kensington? You sure about that? Are the places you're finding in need of a lot of work? Actually, are you sure they really are in Kensington and not somewhere else?

Also, a heads up that at that price point you would be looking at co-ops which by and large have strict policies about renting. It's possible to find co-ops that do allow renting but that adds another challenge to your search (on top of the strict budget). And keep in mind that with a co-op, they will usually require 20% down and there are also closing costs on top of the down payment.

[Nexis4Jersey]

Originally Posted by star80

i've been to the Heights and it wasn't for me. maybe i'm not looking at the right areas, because whenever i do a search for downtown jersey city everything is 180k and up.

if you have any links to send me that would be wonderful

The Heights is 2 sq miles , there are really nice areas and slightly run down...but theres something for everybody. Same with Journal SQ... Downtown might be a stretch but i'm sure if you dig you can find something for your price range. Theres also Bayonne and Weehawken...or Harrison.

[star80]

thanks nexis

Originally Posted by Nexis4Jersey

The Heights is 2 sq miles , there are really nice areas and slightly run down...but theres something for everybody. Same with Journal SQ... Downtown might be a stretch but i'm sure if you dig you can find something for your price range. Theres also Bayonne and Weehawken...or Harrison.

[Henna]

Originally Posted by star80

Hi all,

Let me cut to the chase. I am currently living at home with the folks because I am trying to straighten some finances out and save for a down payment on a apartment. I am hoping to start looking for an apt in December of 2012 or Jan 2013. I know it seems far away - but time does go fast. I am saving about 16k.

I am female 31, single, no kids, no pets (would love a pet friendly apt) and I would like to live in my own apartment for a few years (about 4-5) and then if need be move and rent the apartment - with that money i'm hoping to pay for my college loans quicker and also one day sell the apt and pay the the rest of my college loan off and hopefully buy another apt someday

the most apartment I can realistically afford is 100k for a 1 bed. I would like to know which areas are best: New Jersey? which is where I live now (newark) or New York? Downtown Jersey city is preferably, but I haven't found anything desirable in my price range and I would NOT live in the Heights or Journal Square sec. Manhattan is too expensive and I am not interested in living in the Bronx or Harlem. The only area that's desirable and within my price range is Kensington in Brooklyn, I am somewhat familiar with the area and liked it - it was peaceful, quite and easily accessible to the "F" train which takes me to work ( I work in the Lower East Side).

I would appreciate anyone with helpful information to respond.

Thank you

In Kensington for $100K, you would only find a studio coop, not a one bedroom condo. I could not in good conscience advise someone in your situation to buy a place with your constraints and future plans. If you want to invest in real estate, do it elsewhere (outside the NYC metro area). I don't have anywhere specific to suggest, but perhaps you could look around on investment forums.

The problem with coops is what Jad already posted above. With your budget and other constraints, a purchase just does not make sense.

If there are nice areas in NJ that are close to NYC where you can buy a one bedroom condo for $100K, then you could pursue that. (I don't know NJ at all.) It just doesn't seem that likely to me, given how expensive real estate is in this entire region.

[star80]

hi Henna, thank you very much for your input.

I've been thinking to wait until i make more money and give it more time, i'm only 31 and i decided to rent for a few more years - that seems to be the most plausible thing for me at this point.

thank you all