Home Selling in 08807>Question Details

Mike, Home Seller in 08807

I own a 2 bedroom condo in Finderne Heights on Coumbia Drive in Bridgewater NJ. It is an investment property

Asked by Mike, 08807 Tue Jun 30, 2009

that I rent out. My current tennants lease is up end of August. Should I continue to rent out @ 1,300 a month or do I list for sale?

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8
I'm a real estate investor and interested in finderne heights condominiums. I purchase for cash.

michaelhajduk@verizon.net
0 votes Thank Flag Link Thu Nov 13, 2014
Hang on to your condo. I believe prices are going to go up. I think you will see +5% per year, compounded over the next 10 years. If you can afford to hold it & rent it, that is what I would do. Although, what were you going to do with the money? You may have tax implications, so you should consult your accountant. If you would like to schedule an appointment please contact me directly.

Anthony J. DiNardi
RE/MAX Competitive Edge
177 Washington Valley Road
Warren NJ 07059
908-791-1010: office
0 votes Thank Flag Link Mon Aug 29, 2011
The key to this question is when did you buy the condo? The last sale in Finderne Heights closed 6/11/2009 at $165,000. This was a 2 bedroom, 1 1/2 bath with a 1 car garage. If you purchased this property many years ago, then you could make money selling it in the current market. If you bought 2005-2007, you may have to hold out until the prices start to move upward instead of the spiraling downward turn we have been experiencing, which could take another 3 years or more. And you have to consider if the $1300/mo. is covering all of your expenses. If it is, or it comes close, then I would hang on and start looking for another tenant. I hope this will help you decide. I can be reached at 908-334-8010 should you need any other info regarding this matter.
.Carol Taylor
0 votes Thank Flag Link Fri Jul 3, 2009
Hi Mike, Don brings up a good point with his recent experience with a sale in your complex. If you do decide to sell, I would urge you to list promptly. With the lease up end August, I'd begin the process of interviewing listing agents now, so that you can list soon. The good news for sellers of entry level condos/townhomes and homes is that the market is quite active as first time buyers come off the fence to take advantage of the Federal Tax Credit. And the NJ Housing Tax Credit Loan Program, just announced this week, allows qualifying buyers to use the Tax Credit to cover down payment and/or closing costs - in the form of a loan to be repaid when the tax credit is received -- sweet.

Mike, Somerset County is my stomping ground and I am a dominant force in internet marketing. I'd like to throw my hat in the ring and be considered among agents you interview when the time comes to sell.

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Tue Jun 30, 2009
Mike,

Since this is not your primary residence, I'd say 'it's all about the numbers'. I'd approach it
as strictly a business decision. Like any business decision, the more data, the better the decision.
So, I'd ask: 1) when did you buy it? how much? at current market prices would it be a loss? 2) how much are your monthly payments (mortgage, condo fees, property taxes)? Does the market rental price
cover these monthly payments? 3) do you need to free up the equity (assuming you have some)
for other purposes? 4) Do the current tenants wish to renew their lease? or, would you need to
potentially wait a month or two to find a new tenant?

I'd be happy to work through the numbers with you and help you put it on the market for
either sale or lease -- feel free to contact me.


Marilyn Holda-Fleck
Prudential NJ Properties
Marilyn.Holda-Fleck@Prudentialnewjersey.com
Cell: 908-456-0779
0 votes Thank Flag Link Tue Jun 30, 2009
Mike,
It really is up to you. Is there a more convenient place to have your investment? Can you get a better return elsewhere? One other thing regarding selling. My office has a unit in your development under contract and we ran in to an issue with financing since less than 70% of the total units are owner occupied. Fortunately our buyer is able to put more money down to complete the deal. You have to figure in the lower price ranges that not every buyer will be able to put more money down so the selling side may be a little bit more difficult than the renting side. Hope this helps. Let me know if you want more info.
0 votes Thank Flag Link Tue Jun 30, 2009
Mike, Only you can answer this question. Does it make financial sense to hold onto the rental, ie, you're making money off of it? Is it a burden on your lifestyle? As stated below, 2 bedroom rentals are around 1200/month. I have a 2 bedroom, 1.5 bath until coming on later this week that will list for $165,000. If you'd like to discuss further feel free to give me a call, 908-227-8990.

Donna Haigh
Web Reference: http://www.donnahaigh.com
0 votes Thank Flag Link Tue Jun 30, 2009
Mike, I've had both rentals and sales in Finderne Heights in the past year. A recent 2 Bedroom 1 1/2 bath sale went for $165,500. There were 2 recent rentals of 2 bedroom 1 bath units, renting for $1190 and $1250. If you have good tenants and you don't have to sell, I'd say hold on to them for now. If you have questions call me on 908-400-6060.
Web Reference: http://www.LynnDicton.com
0 votes Thank Flag Link Tue Jun 30, 2009
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