True, many IT professionals are "renting" in Greater Edison Area, and that's why people like Danny bought 5 condos at Edison Hollow South http://raspberryct.blogspot.com/
in cash!!! Why? to rent to IT professionals.
Why not ask Ken Kumar who just paid cash to buy 1935 Raspberry Ct Edison NJ 08817 1br 1ba at $203,000 and rented it $1,400 to IT professional. He also has another one, at least, when I ran into his other tenant.
So, if you think Yog is correct that he said " I had tough time to find professionals who take less than $100.00-$120.00 per hour rates. " Then, that means for those years, IT professionals making $200,000 to $240,000 a year, assuming they do not work overtime and just 2,000 hours a year.
Now, just take a quick guess, how many millions cash flowing around in Greater Edison Area per IT family? and that also answered the fact that many IT professionals decided to pay cash to buy 1br or 2br condos to rent out to their peer junior IT professionals and make some supplemented income in the area.
And, don't forget many IT professionals with spouse also working in IT, that is to say, even if they did not get $100 to $120 per hour contract, with $30 to $50 contract, they still make $120,000 to $200,000 a year! and of course, with 3 to 5 cash paid condos or townhouses rental supplemented, they make extra $100,000 a year.
I know an IT professional who used to put all his money into Bank of America, and because he had to rush to Wall St in early morning, and got home late, and weekend not around, going traveling. He never noticed BofA paying him less than 1% interest of his millions cash in the stupid checking account!!!!
Now, his contract finally ends, and had sometime to went thru his bank paper, he told me, wow! He was lucky that his millions cash are in checking account, NOT in stocks, especially, NOT in BoA stock :-)
When he asked me what to do, I told him, to put $200,000 in each bank (that's before $100,000 limit raised to $250,000, even not the $250,000 will end Dec 2009), and make them 5 year CD's making easy 5% interest, rather than 0.xx% (so stupid, and banks steals so much money that way).
Later, he told me that just the interest itself so far, he is making more hourly rate he used to be as IT professionals., and he still have million cash left... What other suggestions I have? I told him there are 3 savest investment, other than US government EE and Bank CD, the third one is rental. i.e. buying condos or townhouses to rent.
So, you are going to see that soon there will be 5 more condos to be sold. I told him, to buy as few bedrooms as possible can walk to NYC Train station because many IT professionals in Edison working in NYC started with no car and within walking distance is important. Also, most of tenants are looking to rent 1br or 2br condo, fewers looking to rent 2br or 3br townhouses.
Oh! by the way, IT contracts often ended Thanksgiving, and will resume after January. It is just the budget matter, and end of years, not too much to do, corporate can save some money. That is to say, as soon as January comes, many more IT professionals got notified with new contracts, you will see them finally make up their mind to buy nice house. They may not rush to buy million dollar house, but many of them will buy 2br or 3br townhouses trying to limit under $450,000, however, some have waited a few years more than they were supposed to, so some move up their limit to $550,000 to $650,000 giving the fact, they save much more cash for past 2 years.
So, you will see nice house like those at Gramercy Park at Piscataway http://gramercyparkatpiscataway.blogspot.com/
moving very fast ...
As to realtors, I personally think they are all knowledgable and licensed, knowing the law. However, each specialized in different area. So, if you happen to be interested in, say, 3 area, Edison, Piscataway, East Brunswick, for example, you may want to use 3 realtors, each specialized in one area, and do not mix them up. At the end, you may buy just one, but do not hesitate to refer your other buyer friends or colleagues to those other realtors specialized in other area that they are interested in.
Oh! don't believe me? Call your realtor to find out if The Commons of Piscataway http://thecommonsatpiscataway.blogspot.com/
just sold out!!! And, of course, Brookview Commons at Edison, Aspen Manor at Edison, ...etc also sold out. Waterford at Edison just sold 3 more, and will be sold out soon ...
University Heights at Piscataway also sold out, and many Rutgers parents going to buy at Society Hill at Piscataway which will be sold out after Xmas when they fly over for vacation to meet their Rutgers kids and made offers ...
At the end, keep in mind, many people own and buy houses in Edison does NOT work at Wall St. e.g. Danny who bought 5 condos in cash own property rented to Tawa Restaurant; he also own auto service in South Plainfield. And, Michael bought 3 units, from FL.