Just started our condo search last week and daaaamn it's a lot of work. So many newspaper and website listings to go through I think I'm going cross-eyed. Got a bunch more places lined up for this weekend but after that I think that's about it. Slim pickings in the areas that I'm concentrating on at our price range unfortunately. May have to expand the search zone.
Discovered that wandering randomly into open houses usually isn't very effective since you have no idea what you're going in to see until you actually enter. We did find an absolutely awesome 1 year old 3BR condo in Union City this way though. Perched on top of the cliff overlooking Hoboken, you had a clear view all the way into Manhattan. Plus it was on a short dead-end street. And the interior was super nice. With 2 parking spaces (outside though) and 400 sq ft of storage in the basement. Unfortunately it was also $770,000. With $14,000 property tax. Krikey.
So move on we must. At least we're not in a huge rush just yet. But man, when's this damn bubble gonna pop eh?
Comments (4)
Heh, funny we're in the same boat. I've got to start looking for a place too, now that crazy roommate is gone. I guess you're thinking of buying? I too am wishing for the bubble to pop. It kills me -- had a chance to buy a small loft in Chelsea three years ago, but decided prices were too high then! Maybe it would be better to rent for a few more years... analysts say monthly mortgage payments and rents should theoretically rise in tandem, but mortgages are now way outpacing rents. On the other hand, I've been reading about the last bubble; in the worst-hit markets, prices only dropped 25%, which isn't enough for me. A property I looked at two years ago for $250k is probably going for more than $300k today... a 25% drop would only bring it to $225k, and most my savings would b eaten up with increased interest rates anyway! Argh, you can't win. Why are you deciding to move now?
Posted by Homeless BasTard! | August 11, 2005 4:22 PM
Posted on August 11, 2005 16:22
Heh, moving cause I'm tired of paying so much on just rent and also rent here is starting to increase way beyond my means. And you're saying that mortgage costs are outpacing rent? Hard to believe cause rent seems to be edging back up these days.
Posted by Ben | August 11, 2005 6:08 PM
Posted on August 11, 2005 18:08
here's a piece fom the Wall Street Journal yesterday:
Speculators push rents down
http://www.post-gazette.com/pg/05222/551693.stm
Posted by Homeless BasTard! | August 11, 2005 6:24 PM
Posted on August 11, 2005 18:24
Yeah as usual it varies around the country. Definitely NOT pushing the rent down here in Jersey City and probably not in NYC either. I don't even think most of the complexes are offering those 1-month free deals anymore.
Posted by Ben | August 11, 2005 11:39 PM
Posted on August 11, 2005 23:39