Sell New York, Buy New Jersey.
Do you want a million dollar view for less than $500,000?
Yes, so does everyone else. So why isn’t everyone and their mother taking advantage of the LOW NJ real estate prices?
Can’t afford this multi-million dollar view? Me either. Not many can afford this.
These two views below to your left costs about $400,000. You can buy this same condo with a $20,000 down payment, and your mortgage payment monthly with taxes, insurances, and monthly condo fees, will be under $3,000 per month. If you are reading this, and live near the NYC area, your 2 bedroom rental probably costs you between $1,700-$4,000 per month.
Ok, Fine. So you aren’t as close to the Empire State building. But you don’t pay New York City Tax! That saves you thousands of dollars per year right there.
In my opinion, NJ properties within 2 miles of the Hudson River still have room to run (increase in value) over 30% over the next 18 months. Yes, that is right, 30%. If you buy a $500,000 condo now, this time in January of 2019, it will be worth $650,000.
WHY? HOW? Simple. Supply and demand. 4 Buyers in the market for every seller. More people than housing, for now that is.
My next article is going to tell you what town/city is going to be the next “Park Slope Brooklyn”. Park Slope is probably the most sought after area in all of New York, primarily for families and schooling. So, which town is your guess around here in Hudson County?
The Mortgage Quarterback
NMLS # 69987
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