Reader Submission
Here is a little ditty to consider regarding Monmouth County shore
properties, as I am a long time Sea Brighter....
On realtor.com there are at least 5 maybe 7, 1 bed/1 bath condos for
rent in Runaway Beach posted, for $1100.00 per month, and more.
There are two condos in this complex for sale at $325,000 each.
So how out whack is the real estate market? If you want to purchase
one of the 325K condos, with a 20% downpayment of around 67K, your
monthly mortgage payment is aproximately $1,634 ! ! ! !
So, I can rent one of these condos for $1,100 per month, or buy it with
the 20 % down and still pay over $500 more than to rent it ! ! !
Thought you might be interested in this real life analogy. Post if you
like.
All the information I presented can be verified through realtor.com
properties, as I am a long time Sea Brighter....
On realtor.com there are at least 5 maybe 7, 1 bed/1 bath condos for
rent in Runaway Beach posted, for $1100.00 per month, and more.
There are two condos in this complex for sale at $325,000 each.
So how out whack is the real estate market? If you want to purchase
one of the 325K condos, with a 20% downpayment of around 67K, your
monthly mortgage payment is aproximately $1,634 ! ! ! !
So, I can rent one of these condos for $1,100 per month, or buy it with
the 20 % down and still pay over $500 more than to rent it ! ! !
Thought you might be interested in this real life analogy. Post if you
like.
All the information I presented can be verified through realtor.com
posted by Little_Silvered at 11:24 PM
4 Comments:
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The housing market and condo market are totally irrational now. Back in the early 1990's when the last real estate bubble popped many condos dropped 50%+ in price and houses 25%+. However today the housing market is much farther out of wack than 15 years ago.
So the drop should be harder and farther down.
was down in belmar over the weekend. there are a ton of homes for sale there. all you see are for sale signs on every block, at least five homes for sale on every block, unbelievable! i guess everyone is trying to cash out.
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