I am looking to purchase a condo in Union City/Jersey City for rent (under 200K); Is now a good time?

Asked by Michael, NYC Metro Sun Jun 15, 2008

Are these good areas to purchase a condo? I was looking at The Lenox as well as other high rises. What are your thoughts about studios vs. 1 bedroom that will be purchased for rent.

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Jeanne Feeni…, Agent, Warren, NJ
Sun Jun 15, 2008
Hi Michael, Overall, it is a great time to buy! The combination of high inventory levels, relaxed prices and low interest rates is unusual and likely not to last. Generally speaking, I'd recommend for resale and rental value to go with the one bedroom over the studio.

You'll want to do the math to be sure that the property you are considering makes sense from a cash flow basis. If it does, then charge ahead!

Best of luck to you,
Jeannie Feenick
Weichert Realtors
Web Reference:  http://www.feenick.com
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Matthew De F…, Agent, Nutley, NJ
Sun Jun 15, 2008
Do you mean you are buying the property to rent out? today is a great time to buy especially with low interest rates and sellers are a little more flexible. I would however to more research on the area and get comps to see what homes in that area are selling for before you purchase.
Web Reference:  http://www.njproperty.info
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