NEED ADVICE ABOUT CONDO IN NEWARK NEW JERSEY!!!!
Hello,
I am looking to purchase a condo in Newark, New Jersey in the Springfield Belmont area. There are two that I am considering. One needs major work and the asking price is in the low 100s while the other is in better condition but the asking price is $170,000. I don't want to pay too much being that I am not totally familiar with the area. I've seen condos that were sold in the low 100s in that area so I'm not totally sure why they are asking that much.. Both properties will need some renovation either way...but the one at $170 is at least move in ready.
I would love to try to get the cheaper one at a lower price and do a full renovation which would allow me to custom the unit as I want but I'm resistant because I've heard horror stories from people who did renovation loans where it took a ridiculously long time or the quality of the final work was poor. Anyways, In brief can somebody who is familiar with this area tell me what is the market prices for those condos and what would be a smart starting offer for a condo going for $170,000 there? I plan to do a conventional loan by the way....