Brian M, Home Buyer in Middletown, OH

Looking for a 1 or 2 bdrm condo in Highlands, NJ......

Asked by Brian M, Middletown, OH Wed Sep 26, 2007

for investment purposes. Is anyone familiar with the current rental market/prices, so that I can assess if break even or cash positive is possible with such an investment?

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5
In the Highlands there are 1 bedroom rentals from 1050 to 1400/month and 2 bedroom rentals from 1350 to 2100/month. If you need help with this area please feel free to contact me or visit my website to search the listings in the area. http://www.heatherdaccurso.com
0 votes Thank Flag Link Fri Sep 28, 2007
In Atlantic Highlands, there are 2 developments with units available for sale: King James Court and Victoria Square. The prices in King James Court are $160,000-175,000 and in Victoria Square $220,000-$269,000. If you send me your email, I can forward you the listings.
Rentals available as of this moment are $1250 and $1500 for apartments.
Taxes in King James Ct are around $2200 and HOA fees around $350; in Victoria Square the taxes are $3100-$3600 and HOA fees are around $150/mo.
In Highlands, Bayview starts at 165 for a 1 BR and 235 for a 2 BR; a 1BR at Eastpointe starts at 198 and 2 BR at 325; Ferry Landing a 1BR starts at 165 and 225 for a 2 BR; Wyndmoor 1 BR start at 215. There are several other developments around, but nothing cheaper than the prices I've quoted above.
In Highlands, Bayview starts at 165 for a 1 BR and 235 for a 2 BR; a 1BR at Eastpointe starts at 198 and 2 BR at 325; Ferry Landing a 1BR starts at 165 and 225 for a 2 BR; Wyndmoor 1 BR start at 215. There are several other developments around, but nothing cheaper than the prices I've quoted above.
Taxes at Ferry Landing and Bayview are 3-4000, HOA dues around 225/mo. Rents for 1BR start around 1100 and for 2 BR go to 1300+.
So, whether you can break even or not will depend on your down payment. You will need to put 20% down as an investment property. Assuming you do on a 160 purchase, that's 32000 down with a mortgage of 128,000 at 6% with taxes and insurance your carring costs would be approx 1242/mo. So, you are close, but not totally in the black.
Hope that helps. If you have any other questions, reach out to me via my website. Good luck to you.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Fri Sep 28, 2007
Hi Brian,

Trulia shows some homes for sale that match your criteria and I've included a link to those results below so you can check those out.

I hope this helps you.

Best Wishes,

Emily Gibson
Customer Service Representative
0 votes Thank Flag Link Fri Sep 28, 2007
Hi,

Do you want Atlantic Highlands or Highlands? Through the years I have been in and out of just about every complex in and around Highlands. I have been in many this summer alone, as I had some active buyer and seller activity there recntly. Atlantic Highlands only has a few condo complexes; Highlands has many.....?? 25 - 30, maybe more. I have spent a good deal of time in and out of several units over the summer. I have handled first time homebuyer purchases, investment purchases, weekend home buyers, and sellers. A few complexes in the Highlands are within walking distance of the ferry. A few city dwellers like these, as they park cars in the condo lot in for free, and ferry in for the weekend. There are condo style units and townhouse style. Some of the complexes on the hill have waterview units where the views are spectacular. I know of a few highly motivated sellers as a result of looking on behalf of other buyers recently.

Your options range from a single bedroom condo style to a three bedroom, 3 story water view townhouse. Rents can range from $1000 - $3000. Be sure to calculate taxes an HOA fees in your projected carrying costs. There are 58 units for sale ranging from165K-875K in Highlands, and 39 rentals.

Feel free to reach out to me at 732 530-6350 or email Deborah@PeninsulaFirst.com.

Regards,
Deborah Madey - Broker
Peninsula Realty Group
New Jersey
0 votes Thank Flag Link Wed Sep 26, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
There are 2 developments with units available for sale: King James Court and Victoria Square. The prices in King James Court are $160,000-175,000 and in Victoria Square $220,000-$269,000. If you send me your email, I can forward you the listings.
Rentals available as of this moment are $1250 and $1500 for apartments.
Taxes in King James Ct are around $2200 and HOA fees around $350; in Victoria Square the taxes are $3100-$3600 and HOA fees are around $150/mo. So, whether you can break even or not will depend on your down payment.
You will need to put 20% down as an investment property, possibly less if you can qualify it as a second/vacation home.
I recently purchased another investment property that I got to to finance as a second home since I live in NJ. I can put you in touch with a few good mortgage people, too.
Reach out to me via my website. Good luck to you.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Wed Sep 26, 2007
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