Weequahic Section of Newark, New Jersey shows multifamily stability on the westside for the month of July, with only five multifamily properties for sale and only one closed sale.
While property values have taken a hard tumble here in New Jersey, areas such as Weequahic have been hit especially hard and the price points demonstrate the point.
Short sales and foreclosures are predominant. Thereby creating an opportunity for an owner occupant or investor. two family properties range from $75,000 to $150,000, with the average being around $112,500. The average days on market is around 86 days. There is one four family with two bedrooms each listed for $89,100.
Interest rates are at an all time low making real estate investment extremely affordable. Weequahic Section of Newark, New Jersey shows stability on the westside and you could be the proud owner of one of the limited properties available for sale.
The People's Organization for Progress (POP)/Restore Muhlenberg Coalition will be Finalizing plans for Wednesday's commemoration of the 2nd anniversary of Muhlenberg's closure. The meeting will take place at the duCret School of Art, 1030 Central Avenue, August 9, 2010 at 6:30 PM . Park and enter at the rear of the building.
The second annual commemoration of the closing of Muhlenberg Hospital will take place on Wednesday, August 11, 2010 at 6:30 PM at the Muhlenberg parking lot, corner of Randolph Road and Park Avenue.
The People's Organization forProgress/Restore Mulenberg Coalition has worked tirelessly to keep the hospital closure at the forefront of issues concerning Plainfield. Come out and lend your support in the planning and execution of the commemoration.
East Orange, New Jersey Condominium and Coop Listings for July 2010 were a total of 46 with three under contract during the month.
The month's inventory ran the gamut from studios to three bedroom units, with a price range of $45,000 to $284,000. The average list price was approximately $113,000. There were no closed sales for condominiums or coops during the month, with average days on market hovering around 187.
FHA financing is the premier financing today for most transactions. However, the changes in FHA regulations have made condo financing somewhat challenging in that many complexes that are not FHA approved, have a much more grueling process as a result of MORTGAGEE LETTER 2009-19. Some of the highlights of the mortgagee letter include:
- At least 50% of the units must be owner occupied.
- No more than 15% of the units may be delinquent for more than thirty days with respect to the payment of fees and assessments.
- FHA insurance will be available to only 50% of loans in any Condominium until December 31, 2010, after which this limit will decrease to 30%.
- The condominium's insurance policy must cover 100% of the replacement cost exclusive of the land.
- The condominium must not be a party to litigation, except for that related to the collection of delinquent assessments. However, a request for an exemption for pending litigation will be considered on a case by case basis.
-Once approval is obtained, it is good for two years.
Anyone of the above mentioned could adversely impact your ability to sell or buy a condominium. It would serve the interest of sellers to check with their HOAs with regard to the above mentioned to ascertain what impact the new regulations have on the condominium development.
East Orange, New Jersey Condominium and Coop Listings for July 2010 represented good values for the money. However, if at all possible, going forward conventional financing might provide for easier access to condominium ownership.
This is the time of year when any excuse will do for a BBQ. This weekend the city of Plainfield is celebrating with a community appreciation bbq. The barbecue will be hosted by Plainfield's Fire Officers Association in the 100 block of Church Street on August 7th from 5 - 9 PM and the best part is that it is FREE!
So after you and you and the kids njoy the kids fun festival at library park, compliments of the Police Benevolent Association Local #19, come over to Church Street and satisfy your hunger with mouthwatering BBQ at the community appreciation bbq.
Come and be a part of the kids fun festival in Plainfield, New Jersey. The Plainfield Police Benevolent Association Local #19 will host a fund day for kids 12 and under. Rock-climbing wall, dunk tank, free rides, facepainting, popcorn, ice cream, and other activities. Children must be accompanied by an adult. At Library Park, West 8th Street, August 7th from 1 - 5 PM. FREE.
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Bill specializes in residential and income producing new construction, resales, short sales and foreclosure properties in Union, Essex, Somerset and Middlesex counties.
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