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Old 05-19-2009, 09:20 AM
 
Location: Montgomery County, PA
2,771 posts, read 6,279,707 times
Reputation: 606

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Originally Posted by sholden View Post
3 bed/2 bath, SFH in the same development I'm renting in, though I'm renting a 2 bed/1bath condo in a 12 condo building. It's obviously much bigger, but has no yard - the building/patio extends essentially to the fences and driveway. They're asking $520k. Price isn't the underlying issue, the taxes+HOA fee is 80% of the rent I currently pay is the main thing. It's also asking 12% more than the current owner paid in early 2007...

It's not *that* much better than my crappy rental. It's bigger, but the view isn't as good (the advantage of being above the ground floor) and the common grass area behind my place is *much* better than the area that house is in.

You certainly couldn't rent it out profitably at that price.
Ouch! What county is this ?
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Old 05-19-2009, 09:32 AM
 
Location: NJ
31,771 posts, read 40,745,578 times
Reputation: 24590
Quote:
Originally Posted by sweetpotato View Post
jg183, i haven't bought a house yet because i'm on no timeline to buy until my oldest starts public school over a year from now. i would probably bid more aggressively if it weren't for the fact that i keep seeing price reductions around me every few weeks. it just doesn't seem like we've hit bottom yet, at least not in NE bergen county, given that prices don't seem to have plateaued yet. (again, this is experientially and not statistically speaking, so completely imho.) and i just don't want to make a huge purchase that will start by likely decreasing in value the next year. so you're right, i am sort of waiting for more of a "steal", or at least for prices to come down a little more, and i'm in a position where i can wait for that to happen.
just accepted an offer on my apartment in brooklyn. now im in the same boat as the others waiting for the best deal in new jersey.

my old man thinks i should have held out for more on the brooklyn place. bought 160k summer '04 and just accepted 173k. the problem is i see things only getting worse and i dont want to live with my dad forever. he is happy to have us living with him and we could sit on the apartment forever in his mind.
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Old 05-19-2009, 10:51 AM
 
744 posts, read 1,407,276 times
Reputation: 182
Quote:
Originally Posted by elflord1973 View Post
Ouch! What county is this ?
Mercer. 08540 to be precise, so 500k is not exactly expensive... And it was a nice looking (on the inside anyway) house though far from perfect which it'd want to be for the carrying costs...
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Old 05-21-2009, 11:24 AM
 
191 posts, read 591,551 times
Reputation: 82
for the record, i just found out that we weren't outbid after all! perhaps the listing agent just told us that to see what we'd be willing to raise our bid to bc the sellers wanted a higher counter offer - which we held firm as our final price. my agent said it's still active (it's only been a few weeks on the market) and hasn't gone into any process, so the owners must still be sitting on it.
but now that we've let go of the house mentally, we're not as eager to get the house and are just fine to wait for the fall now...
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