To the professionals..... in you opinion , what is the better buy or investment. Small condo on or block or two from ocean , preferably belmar, avon

Asked by Edward W Zukowitz, Tuckerton, NJ Wed Oct 12, 2011

, bradley area or a cute , cozy and quaint home like this one off of mantaloking road near the bay. Both around the 140 to 160 thousand range.

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5
Ronald Shaff…, Agent, Toms River, NJ
Thu Oct 13, 2011
Hi Edward,

You are making a wise choice to take advantage of the investment market right now. Noticing that you live in Tuckerton, I would lean towards the condo. As a landlord you wil be called upon to take care of many issues that the tenant comes accross. The condo association fees will be reasonable and will pick up some of the maintenance problems for you. If you are in need of an agent, the gut below my answer, Bruce Kunz, knows the area very well and I know you will be happy with his service.
4 votes
Diane Glander, Agent, Spring Lake, NJ
Fri Oct 14, 2011
It depends what you want to do with the property. Will you use it as a second home? or are you planning to rent it out?
The better buy will depend on where a property is listed vs the value and how much you can get for. The small cottage might have a more motivated seller than the beachfront condo.
The better investment (if you are planning on renting it out) might be the oceanfront condo. If you are planning on renting a condo, you need to know what the minimum allowable rental term is. Some associations will not allow you to rent for less than a year. However, most beach properties will bring as much in a summer rental as they will for the year, and you get the money upfront.
The way to figure it out is to look at what the mortgage, taxes, and HOA dues (for a condo) will cost you and then what rental income you can expect.
In my opinion, a rental beach block will bring in more income than a small bay cottage/house. If you can find one in Avon, that town gets higher rent than Bradley or Belmar.
I am the rental manager in my office and I am a landlord, too. If you have any other questions, feel free to reach out to me via Trulia or my website.
Web Reference:  http://www.dianeglander.com
0 votes
Francesca Pa…, Agent, Manasquan, NJ
Fri Oct 14, 2011
Ed,

I personally and not an advocate of condos as you are always subject to future unforseen assessements. However, I have many clients who prefer conos as a second home for convenience reasons and are willing to take the risk. Therefore, I'd vote for the "cozy, quaint, home."

However, I am not sure where u are going to find either type home in either area in that price range.

As for Belmar/Bradley/Avon vs. Mantoloking, frankly, it is a personal choice. In my view, most Jersey Shore areas hold their value quite well.

Sincerely,
Francesca Patrizio, Broker Sales Associate, ePro, SRES
732.606.2931
Francesca@PatrizioRE.com
Web Reference:  http://www.PatrizioRE.com
0 votes
Bruce Kunz, Agent, Brick, NJ
Thu Oct 13, 2011
Hi Edward,
As Helen notes, a lot depends on your target renter and your ability or desire to upgrade and maintain your investment. Additionally, your choice is limited by your price range. There are 11 listings for homes "along the waterfront" (which I guessed would be essentially East of Rte 71 in Monmouth County) between Lavallette and Asbury Park and between $125,000 & $200,000. Most of these homes are "condos" (aka apartments) and 4 or them are in the Marina View Towers building in Belmar.

Good Luck with any direction you go in. Now is a great time to purchase a home with prices and interest rates being the lowest they've been in a long time.
Bruce

PS: I was unable to see the home you referenced being off Mantoloking Road.
0 votes
Helen Cocuzza, Agent, BayHead, NJ
Wed Oct 12, 2011
Well Ideally if you are going to rent it - you'd get more renters for the Waterfront in the summer season, less for he fall through spring if any at all, and if you are looking to have renters in it year round then the few blocks in one would be a reasonable way to go as you can price it for the year rounder & there are plently of renters looking to rent but they may not be able to afford a waterfronts price. You may be able to get a year round waterfront renter also if you price the rental for off season year round correctly. Either way you go you cant lose , I personally would base my decision on how much repair if any needs to bedone to the home in question, as well as how much for the upkeep, Taxes,(waterfront is generally higher taxes) Flood Insurance Price as well as anything else. I hope this is somewhat helpful and if I can be of any service please do not hesitate to contact me~ GOOD LUCK!

Helen Cocuzza Realtor Associate
(732)232-1614 Email : Hcocuzza@glorianilson.com
Web Reference:  http://www.Helencocuzza.com
0 votes
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