Fully Updated 2 BDR 2 BA Condo (bus to NYC trains right outside building!)

mshan242700

My sister has her fully updated 2 BDR 2 BA condo in Belleville, NJ for sale: http://www.trulia.com/property/3028878609-9-Montgomery-St-U-A15-Belleville-NJ-07109

It has very easy access to the Garden State Parkway, and to NYC trains at Lackawana / Bloomfield Station and Newark Light Rail at Branch Brook Station, both via New Jersey Transit Bus #93: http://www.njtransit.com/pdf/bus/T0093.pdf (the bus stops right outside complex, maybe 50 paces from door of my sister's condo building) Bus also goes to Branch Brook Station, where you can catch Newark Light Rail right into the area of Newark where all schools are concentrated.

Bus service to NYC is also available right next to Bloomfield Station via Decamp Bus route #44 http://www.decamp.com/schedules_routes.asp

Bloomfield Shuttle stops 2 blocks from condo and will also take you down to Bloomfield Station for $0.50 / ride: http://www.bloomfieldtwpnj.com/recreation/dial-ride








** New Jersey First Time Home Buyer program offers 4.75% 30 year fixed with 3.5% downpayment!: http://www.state.nj.us/dca/hmfa/consu/buyers/ownprg/firsttime.html **

Given how far housing prices have dropped and how long mortgage rates are (anything below 6.5% is considered historically low), this condo represents a great alternative to renting!

mshan242700

Title should say bus to NYC trains stops right outside complex (it is maybe 50 paces from door of my sister's building, not directly outside her building).

Tried to correct, but edit option is now gone.

mshan242700

Representative floorplan:



(click on thumbnail for larger view)

cdy

Does it come with a stereo?

cnh

Good Luck with the sale? Depending on how close this is to NYC the pricing could be 'prohibitive' for the average buyer.

mid-jersey to NYC/metro-Jersey is still inflated housing-wise.

cnh

mshan242700

Prices are indeed still very high in official train towns such as Montclair, but Belleville is not considered a train town, though condo is only 1.1 miles away from train station with shuttle or bus that stops within 1 or 2 blocks of condo.


New York Times Rent vs. Buy and Rent Ratio articles:

http://www.nytimes.com/2007/04/11/realestate/11leonhardt.html (2007)

http://www.nytimes.com/2010/04/21/business/economy/21leonhardt.html (2010)

http://www.nytimes.com/interactive/2010/04/20/business/20100420-rent-ratios-table.html (Rent Ratios in 2010)

Rates are at historic lows and the spread for jumbo loans has shrunk dramatically.

As CNN Money explained:

Normally buyers have to take out a jumbo loan to finance any mortgage beyond the $417,000 threshold ($729,000 in high-cost cities such as New York). These loans have higher interest rates because they are considered non-conforming ? or higher risk ? and are not backed Fannie Mae or Freddie Mac.

In 2009 buyers of high-end homes paid 1.8 percentage points more in interest than the average buyer. But in 2010, that spread had shrunk to just 0.6 points more.

They can also fix that rate for 30 years. The 30-year-fixed-rate-mortgage may be a victim of the new lending reforms. Mark Zandi, chief economist of Moody,s Economics addressing the administration's recent report on reform:

"A private system would likely mean the end of the 30-year fixed-rate mortgage as a mainstay of U.S. housing finance. A privatized U.S. market would come to resemble overseas markets, primarily offering adjustable-rate mortgages."

http://kcmblog.com/2011/03/14/if-prices-are-falling-why-are-the-rich-buying/

mshan242700

This spacious (1100 sq. ft.) 2 BDR 2 BA condo with easy access to GSP, Hoboken & NYC trains and bus, Newark Light Rail is now also available as a rental (http://www.gardenstateapartments.com/search/view_listing/NJAP5679) which will be professionally managed by Real Property Management of North Jersey.

jmwest1970

Not to TC, but being from the rural south I'm amazed at what things cost in that area of the country. My house appraises for less and it's a 2000 square foot 4 bed, 2 bath with central heat and air.

Good luck with the sale.