The metric is NEVER EVER, what the previous owner paid, but what the market for the product is NOW. I bought my brownstone for nearly $100k more than the previous owner paid 18 months before I made my offer in 2002. Still I got an awesome deal for the market at the time I purchased my home.

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surprise ... they dropped in value ....

zillow and anecdotal "evidence" indicate a decline of approximately 6 - 7% year-to-year ....
http://www.zillow.com/local-info/NJ-Jersey-City/Downtown/r_273483/

my "guesstimate" is a decline of at least a 10% over a 2 year period .... since 2006 .... who knows ... i have seen condos dropping more than 20% since then .... but you know that (i assume) .....

it seems that it also depends on quality ... and .... "other factors"

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depending on when they bought it ... you have to look at what they have put in the property over time ...

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you are overpaying, unless there have been some substantial improvements to the condo. since there has not been many transactions in the building (at least what your statement implies), the sellers may still have their 2006 goggles on ... and that is not good.

if your broker is not able to offer you a good analysis of recent transactions in the area, you have a lousy, incompetent and unprofessional agent (which seems to be the general standard in real estate in jersey city). it may be so that the agent owns (or otherwise has an indirect beneficial interest) the condo?????

you should also look at the finances of the condo. in many cases, particularly when it comes to the larger condo associations, there may be owners who have been unable to pay on time, a problem the recent recession surely has exacerbated. this may carry a contingent liability for you by increased future assessment to cover any operating or capital shortfall .... these can be "painful".

all in all, at a 5% discount from the 2 year price, the seller is getting a sweet deal ... not you ... you are probably overpaying 5-10% .... NEGOTIATE!

actually --- i am curios what the wisdom of jclist has on prices .....

Daisy...Check comparable properties which sold in the last 6 months or so. Keep in mind its a buyers market and if you do not get the price you want you can buy something else. If you can take your time through this process its all that much better I would think.

I'm no expert by far but keep in mind who you are getting advice from (realtors, etc) and what their incentives are.

My personal view on real estate prices in Jersey City or these other places that haven't gotten hit to hard? What happens when interest rates start going up?

Your best gauge is to have your realtor show you recent sales on comparable sized units. What happened 2 years ago is doesn't matter.

LongtimeJc, How much lower are you thinking? Hmmm...Is it too late to go lower than my original offer?

From 2 years ago I would def. want to pay less than 5% of what the previous owner paid. The market has come down a bit more than 5%

Also, I would think "so what" as far as what they paid 2 years ago. Maybe they over or underpaid in the first place. Look at comparables as well.

This link lets you pull up sales prices....http://tax1.co.monmouth.nj.us/cgi-bin ... ata&district=1301&mode=11

Hope that helps!

Go to the Hudson County tax department, specifically the deeds & mortgages section at the administration building on Newark Ave. They might have moved to the new facility on Academy and Mill streets. The tax records provide the assesed value, and the price paid for the property.

Hey all, I am thinking about purchasing a 2 bedroom condo in downtown Jersey City or the Hamilton Park area...Does anyone know if condos have retained their value in this area as compared to 2 years ago?(Approximately the peak of the market)....Are current condo owners selling for less than what they originally paid for their condos? The condo that I might be purchasing would cost me about 5% less than what other condo owners paid in the same building about 2 years ago for the same square footage...I'm thinking I still maybe be overpaying but am not sure..