Get one of these and you are guaranteed to make money!
We often receive requests from buyers that go something like this:
“We want a 2 bedroom /2 bath condo, of at least 1,100 square feet, in an elevator building with indoor parking, central air, in-home laundry and hopefully outdoor space, and we want to try to keep it under $600,000.” No problem! Here’s all that is necessary to find exactly what this buyer wants:
That’s right folks – all you need is a time machine. Jump in your DeLorean and set the destination for 2011. Back then, we were selling a condo at 1313 Park Avenue with most of those features (no outdoor space) for just over $500,000. We couldn’t give it way. In fact, it went unsold for 6 months and the sellers pulled it off the market because they wouldn’t accept the only offer they received in the mid-400’s. We should have bought it ourselves! The last unit that sold in that building closed last May for over $700k. Today it would probably fetch closer to $750k.
What’s that you say? You want to be close to the PATH too? That’s going to be a bit of a challenge, even with our time machine. Most of the properties near the PATH were built around the turn of the century, so while they may have some or all of the amenities you seek, few or none will have an elevator, or central air, or parking. We can try going Back to the Future (see what I did there)? New construction (like that at 84 Willow Ave.) starts at over $900k and goes well over a million.
The planned construction for Observer Blvd over the railroad tracks may have all the amenities you desire, they certainly will not be in your price range. But fear not – there are no problems our DeLorean can’t solve. Simply go back to the 1960s when buying a blighted bulding in Hoboken was still affordable and develop your own luxury building. Here is 600Newark St. for sale for just over a million in 2000 and today, with individual condos starting at $1,800,000.
Now clearly I’m being a smart aleck – but I’m trying to make a point. If your Realtor takes you to see homes in your price range and they are either too small, too dark, too far from the PATH or too many flights up, then either you need to increase your budget to get what you want, or reconcile yourself to the fact that you’re going to have to make some sacrifices. No seller is going to accept less that what their home is worth in today’s market because you’re a nice person, or because you want a deal. There are no deals in a seller’s market – only bruised bananas. When the fruit cart is full of bananas you can be picky and look for that perfect banana and play hardball, because supply is plentiful and demand is weak. When there are only a few bananas, you’re going to have to pay up for the best one, and overlook the bruises because there are three other people waiting to buy it if you do not.