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I really like the city view via hudson river, so i am looking at acquiring a property at edgewater,NJ. I saw some condo units for sale at the Promanade with a decent price, i am aware of the high HOA + ofcourse the additional flood insurance coz that area is in the floodmaps..
But my concerns is, "this is just what i saw on zillow" the market has decrease 3% from last yr and another 3% decrease is projected for next yr. Is that really bad edgewater, nj now? i mean the area is nice and a lot of new condo's are being developed.. but how come it seems that the housing market is decreasing?
I'd check the prices of properties in the price range you're looking in. That close to the city it could just mean that some ultra-expensive property isn't selling as quickly as it used to. (Well, other than Zillow being almost worthless, of course...)
I'd check the prices of properties in the price range you're looking in. That close to the city it could just mean that some ultra-expensive property isn't selling as quickly as it used to. (Well, other than Zillow being almost worthless, of course...)
Agreed, on both counts.
Might also be a relatively-temporary drop, with all the new construction becoming available soon.
Thanks for the response.. yeah qrysdonnell there are a lot of new construction going on there and props are millions.. but i see the inventory is big on that one.. wish i could afford it lol...
SALT CAP and new inventory can easily bring down prices...low interest rates should slow the decrease tho...... once your research indicates that a property might be overpriced or bubbled up... lower the offer appropriately or walk away.
Read through this link. Promenade was built next to an extremely toxic superfund site and sits on a former land fill, not to mention it was cheaply built.
Read through this link. Promenade was built next to an extremely toxic superfund site and sits on a former land fill, not to mention it was cheaply built.
Yep. And I’ve seen the condos down there sinking into the landfill. And the newest mall at 115 river rd...in the summer the marsh STINKS up the hallways of the condos.
They keep building and building along the Hudson so I wouldn't buy until they finish building and have them all vacant. The prices are just outrageous, $675k+ for a 3 bedroom house connected. No garage, assigned parking spaces.
They keep building and building along the Hudson so I wouldn't buy until they finish building and have them all vacant.
LOL !
It will be at least 10 years (if ever) before there are vacant properties along River Rd.
All that I see on this thread is people trying to influence public opinion, for their own personal gain.
Won't happen
With regards to properties near a NYC rail line, if there is a bubble to be popped it's Westmont Station in Wood-Ridge. The hype has evaporated, and the property tax abatements are almost all done...
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