The battling question of the day revolves around buying a condo in New Jersey or New York. Is it even a debate? Well in some circles, it is. The debate is long and hard but only until one learns about the price tag to live in New York City or Brooklyn.
Living in New Jersey these days seem to be more “affordable” compared to Manhattan. Buying a condo in New Jersey (a luxury condo in Edgewater, NJ) may range from $375,000-$725,000 depending on the building, year built, amenities, views and square footage. According to CNN Money, in the next 2 years as in 2016-2017, buying a condo in New York City will drain your bank account by more than $3 million. This data was extracted from City Realty. I don’t know about you but if you’re venturing into New Jersey, asking yourself the pros and cons of buying a condo in New Jersey or New York City seem to be a simple debate.
Let’s sink in that number first. A roughly 1550 square feet apartment with 2 bedrooms and 2 bathrooms work out to $2150 a square foot (estimate) if we’re using a $3 million range.
A luxury condo in Edgewater, NJ for example with 1500 square feet with 2 bedrooms and 2 bathrooms with waterfront views, terrace, Viking range, concierge, additional amenities and a short scenic ferry ride or bus ride into Manhattan calculate out to $449.93/square foot or around $674,890. Seems reasonable in comparison right? Basically, you can buy 4 solid condos at this rate vs. buying one in Manhattan!
Let’s consider 150 The Promenade, a new listing at $674,890 with 2 bedrooms, 2 baths, 1500 square feet with annual property taxes of $7692 and a HOA fee of $619.69/month. Building amenities: 24 hour security, door man, exercise room, health club, sauna, super on premise, built in 2000s, stainless steel appliances, NYC views, central air, washer/dryer in unit and a covered parking space. Public transit includes bus, light rail and ferry). Listing Courtesy information Group 26.
So with that knowledge, as long as the million dollar sticker shock of Manhattan condo prices don’t panic you, buy buy buy in New York City. Otherwise, a short ride into New Jersey might work for you. I’m here and ready to welcome you to New Jersey! Use the contact form when you’re ready for a tour or you simply have questions. I don’t claim to know everything, (who does) but I’ll definitely help you in the process.
