Ram, Home Buyer in New Jersey

Any comments on the suggested price for condo sale in Mandalay at Hudson?

Asked by Ram, New Jersey Mon Oct 1, 2007

There are a few properties available - 1 BHK, 2 BHK's. If its a city facing view 1 BHK, wht should be the approximate price/sq ft. Given that the market has tanked again, should I wait or is it better to bargain??
Also, similar question for the apartments available in James Monroe at Newport.

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Answers

1
They aren't selling. Facing the city may be worth a little more, but I would bid around $300 to 320 per square foot depending on how much you want it. Bear in mind the Trump Building, Hudson and all of Grand Street are flooded with unsold properties. JC is selling around $350/360 for quality and Mandalay isn't quality. Most real estate investors expect Jersey City will"clear" when property starts selling at $250/300 a square foot. It may take until the this time next year to even begin to find a bottom. Investors like me can't even rent the units we have bought in luxury high rises. Rents are falling, prices are falling, unemployment is rising... don't be in a rush to buy.
2 votes Thank Flag Link Mon Mar 2, 2009
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