Friday, November 18, 2011

2 Sale in Downtown Jersey City-Downtown Jersey City Sales Update-November 18, 2011

There were just two sales in downtown Jersey City this week.

There was a short sale at 88 Morgan that closed at a very low $400/sq.ft. The original owner of this property paid $686/sq.ft. We're going to see a lot more short sales at 88 Morgan over the next 24 months.

Taxes are over $9700/year and maintenance is $593/month and doesn't include parking. What many buyers don't realize is that taxes can't be appealed on building with a tax abatement and 88 Morgan has a tax abatement until 2028! OUCH!

A 3 family sold on 8th and Erie for $710,000. Priced well, but the rent roll is a little low at $2100/month, but if they can rent out the third apartment for a decent rent it should almost break even.

Information Provided By:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957

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