Everyone wants a good deal, especially when it comes to real estate. I do too!
What I've noticed throughout my 13 year career selling homes in Hoboken and the surrounding area is that the best deals are available when the least amount of people are buying or from properties that have relatively minor cosmetic issues.
For example the last financial meltdown beginning in late summer 2008 launched what may be the best opportunity to purchase a home in the last 20-30 years, maybe more.
Savvy buyers and investors were buying up properties but many would be home owners sat on the sidelines waiting for the economic outlook to improve. It finally began to show signs of improvement in early 2011. Buyer enthusiasm rose at the same time the inventories for homes declined and prices began to rise again.
Locally we've been in a steady rise ever since!
So if you missed the last opportunity to purchase at a really great level, are there still any good deals out there?
I think there are!
Take for example a two bedroom, two bathroom condo located at 300 Newark St in Hoboken.
Why is this a good deal?
Listed at just $548,686 and at over 1100 square feet, this is the closet and least expensive 2 bedroom, 2 bathroom to the PATH trains, the subway system that whisks you into Manhattan in under 10 minutes. It also has a granite kitchen with new stainless steel appliances, a bright 6th floor exposure and is located in an elevator building with a nice exercise room, resident driveway for loading and unloading, and resident parking available directly across the street.
This property could potentially be a good value for someone who wants an easy commute into the city and wants good amount of space.
Why hasn't this sold yet? Older parquet floors and carpeting in the bedrooms. Both are in good condition but gives the feeling that the apartment is older and needs work when in reality it is simple cosmetics.
Once done this will be a fantastic home in a great location and at a really good "all in" price!
Good deals are afforded to the buyers who have the fortitude to buy when most people don't have the confidence to do so or by those that can see past relatively easy upgrades.