Profile picture for user1188820

Is this home purchase worth it?

I have been looking to buy in Hoboken, NJ for quite some time - and I have found that I can comfortably afford between 300-400K at around 1800/mo including taxes+maintenance. Is a 1 bedroom, 680 sq feet, hardwood, small kitchen (but granite counter tops/stainless steel), small bathroom no tub (but nice!), spacious living room + dining room, nice size bedroom - 3 closets in apartment, no dishwasher or washer dryer or parking..worth it? I'm trying to decide. It's listed at $359,000 and is priced to sell, I'm told. I just need another opinion!!!!!!

Did I mention I love it - and it also has exposed brick? Thanks :)
  • December 13 2012 - Hoboken
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Answers (6)

Profile picture for Gabilan Properties
The hardest and longest listings I have ever had are 1 bedroom, 1 bath properties. I don't know values in your area at all, but feel that the price sounds high for what you are getting.

Have your agent show you recent (less than 3 month old) comparable sales of 1/1 properties that have actually closed escrow and look at days on market and price reductions to get a feeling of the true value.

Is this a house or a condo you are considering?
  • December 13 2012
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Im partial to the suggestion of PAYING a third party appraiser to inform you on the value of a specific property - if it comes down to that. A full appraisal may not be needed, only help in evaluating if a specific property is worth it or not. Here is a link to find an appraiser.

BUT whether you go with an appraiser OR Realtor, make sure they are local and deal with similar units all the time.
  • December 13 2012
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Profile picture for Ofe Polack
If you are working with a buyer agent ask the agent to do a comparative market analysis, which is free, or have an appraiser do an appraisal which involves a few hundred dollars.  Good luck!
  • December 14 2012
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The only way to know for sure is to look at comparable properties that have sold in the last 3-6couple months. In my area you can buy 3000 square foot of new upscale construction, in a very nice neighborhood for that amount... needless to say it sounds very high to me! However it may be the going rate where you're at. Ask your agent for closed sales, and or higher in appraiser. Good luck and enjoy your new home.
  • December 14 2012
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Lets recap:

1. You've been looking for quite some time so presumably you've seen lots of similar condos, both online and in person so by now you should have a sense of market values.

2. You can comfortably afford this

3. You love it.

My question to you is, What are your concerns?

To get a better sense market values so that you can feel more comfortable making a good decision then have your agent provide you with a current Comparative Market Analysis (CMA) comparing similar homes that are on the market, under contract / pending to close and have sold within the last 3-6 months.

You should also discuss with your agent the overall process of purchasing a condo in Hoboken and the strategic and tactical ways of making an offer that will not only get accepted, but also give you the best deal in the current buying environment.

We are at historical low inventory levels and buyers are burning through our current inventory so my advice is to try to make a decision on this home ASAP!

Happy home shopping....

Eddie -

  • December 14 2012
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It probably is not worth it, if you are relying on Zillow zestimates.  You need a local Realtor to work with you.  The seller pays them, you do not, and they can potentially save you thousands with expert price opinion and local knowledge of the market.
  • December 17 2012
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