Waterfront in Weehawken

[Miguel Cohecha]

Hello guys, I am new into real estate investment and I would like some advice since It is kind of a big investment for my family and it is also my first property. I am thinking about purchasing a condo in Weehawken waterfront, the building is called AVORA. It is a 2 bed/2bathroom apartment in a higher floor. Those who are into real estate in Weehawken/NJ/JC/Hoboken/Union could you please tell me if Weehawken is a good area? Have you heard about Avora? There are a lot of pre constructions in the waterfront such as Nine on the Hudson and Avenue collection. Which building do you think it will give me more return? Where do you see this area 10 years from now? Will the market be as hot as hoboken or JC? I heard that after the Hudson Yards completion the value of my property will rise. Is a good idea to invest in a new condo? HOA fees are almost 1000$ per month. Sorry for my silly questions, I am from Europe and I am not familiarized at all with NJ/NY market. I am about to sign my final contract and I just feel like I should purchase in another area... Thanks in advance.

[Diana Tian]

@Miguel Cohecha 

i would agree with @Patrice Penda.  Weehawken by the waterfront is a very nice place to live. it has high end amenities and offers high life qualities. but for investment, there are two majors things to consider: cash flow and appreciation. 

the high end condos have high HOA fees and high taxes. your expected monthly cash flow may be very low or even negative. from the appreciation perspective, the housing market has increased a lot for the past 6 years. betting on the more appreciation in short term is speculation.

if you like the area and want to purchase it as investment, the question you may want to ask yourself is if you are willing to keep the place for > 5 years, based on the estimated cash flow.