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Re: Studio Condo resale value
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Quite a regular
 
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The units in my building that sell the fastest are the 2 br/ba not the studios or 1 br. That's interesting; what building is this? The building I am referring to is coincidently Gull's Cove. The studios and 1 bedrooms were sold out while they still had many 2+ bedrooms on the market. These were initial sales during pre-construction and after, not resales. The link to the article below is about NYC. It mentions increasing demand and rental prices for studios and 1 bedrooms vs 2 bedrooms. While JC is definitely not the same market as NYC, I always heard that 1 beds and studios were much more 'sought after' in urban areas, while 2 bedrooms were in higher demand in the suburbs. Manhattan RE At the end of the day, if you are going to live in this place for 5 or more years, I would make sure it's a place you are comfortable in. You could easily outgrow a small unit in 5 years.
Posted on: 2012/2/11 6:33
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Re: Studio Condo resale value
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Home away from home
 
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Trying to sell a one bedroom is miserable I can't imagine a studio. Figure out how much you can rent it for though, versus the mortgage and maintenance. This way if you outgrow it you still have a rental property. Not all tenants suck. A little due diligence goes a long way.
Posted on: 2012/2/11 4:09
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Re: Studio Condo resale value
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Home away from home
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The units in my building that sell the fastest are the 2 br/ba not the studios or 1 br. They also hold their value since they are more sought after.
Posted on: 2012/2/11 3:54
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Re: Studio Condo resale value
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Home away from home
Joined:
2005/7/13 15:03 Last Login : 2023/6/11 23:48 From Western Slope
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You make studios far more attracive then any other apartment size. I don't live in a studio and just being in one room in my place makes me want to run out and into another room. I think in Nyc a studio could sell fast but in J.C. apartments with seperate bedrooms are quicker to sell.
Posted on: 2012/2/11 1:28
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Get on your bikes and ride !
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Re: Studio Condo resale value
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Home away from home
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Hi All,
Thanks for all the feedback. The place is in Gulls Cove.
Posted on: 2012/2/11 0:27
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Re: Studio Condo resale value
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Quite a regular
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Studios are usually the most 'liquid' and easiest to rent out. The lower price gives you a much larger market and better resiliency during downturns. The type of tenant that rents your unit depends on what type of background check and how much research you do. You will attract a ton of prospective tenants with a studio in JC. You will have the opportunity to choose.
Two bedrooms and up a generally harder to rent and sell in JC. Look at any condo project and notice that the 2 plus bedrooms are still on the market whereas the studios and 1 bedrooms sell out much earlier. Finally, the price that you resell your studio for will depend on where the market is when you decide to resell. Look at what studios sold for in JC in 2006-2007. If the market improves again, (I don't know when/if that will happen) studios will not be left out while other sized units increase in value. Good luck!
Posted on: 2012/2/10 19:33
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Re: Studio Condo resale value
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Home away from home
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In my opinion, a studio will be much harder to re-sell when the time comes. Also you need to factor in the HOA cost for a building with all of the amenities these can be high. I absolutely would not pay more than $500 per square foot so for 500 sf $250,000. I have seen many studio condos on the market forever in places such as Gull's Cove asking around $300k. Good luck.
Posted on: 2012/2/10 15:42
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Re: Studio Condo resale value
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Home away from home
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Location in the building is also important, if you are in a hi rise the upper floors
with the best exposure & view will help maintain value and make resale easier. In my building there are couples that rent studios to save money for the future not to support an active night life.
Posted on: 2012/2/10 14:59
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Re: Studio Condo resale value
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Newbie
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When it comes to purchasing a condo the building matters. Without disclosing the building the amount one would pay for the condo could vary considerably. Also, location plays a key role. Sure, you mention that you are only 10 minutes from the PATH, but that could be just about anywhere downtown. Without that information it would be hard to tell how much you should pay. Even building next door to each other could vary considerably.
Posted on: 2012/2/10 14:47
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Re: Studio Condo resale value
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Home away from home
Joined:
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I can't see that renters would only be young and single. Lots of people of all ages and more than one person rents an apartment, most of the brownstones are apartment buildings. And the apartment buildings lining the J.C. waterfront has a mix of people living there renters and owners. I can see studios being the main attraction for young & single but not an apartment with a bedroom or more.
Posted on: 2012/2/10 14:31
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Get on your bikes and ride !
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Re: Studio Condo resale value
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Home away from home
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2012/1/11 18:21 Last Login : 2019/12/26 15:30 From GV Bayside Park
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I think your friend has a point, most people that rent studios downtown are usually people who want to be close to the city and when they have had enough they usually move back to wherever they came from like the Midwest, south, etc, so getting a long term tenant may be hard, people move into studios temporary they usually dont see themselves in them for very long. I personally prefer a house over a condo, but to each is own. The problem with condos downtown there are just too many of them and I have three friends right now trying to sell theirs and they can't because of all the competition. Condos downtown JC has become a little like Miami way too much stock not enough buyers.
Posted on: 2012/2/10 12:13
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Re: Studio Condo resale value
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Home away from home
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No it doesn't. I don't agree with him. he basically said that only young single individuals rent condos so if you ever decide to rent, you'll most likely rent to an individual who wants to be close to NYC (nightlife) but can't afford nyc. This person, he argues, will be more likely to not pay his rent.
Renting is just a backup - I plan to live in this place for at least the next 6-8 years.
Posted on: 2012/2/10 7:27
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Re: Studio Condo resale value
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Home away from home
Joined:
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Quote:
I'm confused by this. Most people who rent in JC can't afford to rent something comparable in NYC. Does this make us all lousy tenants?
Posted on: 2012/2/10 5:15
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Studio Condo resale value
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Home away from home
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Another post got me thinking about condos and after looking at a few places I was thinking of getting one in the downtown area. Without naming buildings, how much would you pay for a 500sq ft condo with central ac/heat, gas stove, doorman, and parking?
Or what is the most you would pay. You are also about 10 mins from the PATH. I am also worried about resale value but should I be? Someone told me that the only people you can get to rent studios in jersey city are the ones who can't afford studios in NYC and you don't want those people as tenants...but i argued with him. What do you all think?
Posted on: 2012/2/10 5:01
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