I have been looking to buy a sub $1mm unit near NYC after saving up for a few years ($200k). The good value condos that pop up on zillow or streeteasy are gone in an instant or bid up rapidly. Does anyone know of any other sites or ways to find hidden gems in or near NYC? Thank you
Are preforeclosure homes even a possibility around here?
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Can't speak for NJ, but in NYC the market is at a long-term peak right now especially in that price range. The good value condos are being bought up for cash by investors, even in a bidding situation it is usually cash buyers. I'd wait another year and have a realtor on the hunt so they are aware of anything coming to market shortly.
Will also add anything that needs a lot of work will be a real challenge right now, if you happen to find somewhere with "potential". Unless you are able to do it yourself, a gut renovation could run around a year or more right now with the labor and materials shortages in the city.
Assuming you're in your 20s, please don't buy a condo in NYC / NJ. The cost of owning in that area is insane and destroys the "rent versus own" analysis every home buyer should do.
In shorter term holds (3-5 years), you won't have paid down any equity and transaction costs will kill you even if the condo market goes up 2% every year. You need serious long-term value growth in the condo + you need to stay there for a decade for it to pencil. If you have never heard of a rent vs own analysis, please look into it and do the math.
If you're buying this to rent it or rehab / sell it. Different discussion
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