Town Redevelopment - Thoughts?
My town in New Jersey is going through a large 46 acre redevelopment, for which they are tearing down vacant strip malls and redeveloping with 800 apartment units, retail shopping, mass transit to NYC (busses), technology center and medical building. They are thinking about moving the towns municipal complex here too. The project starts this summer and will be completed in 3 phases over the next 7 years.
Now for my question, right in the heart of the redevelopment location, there are some condos for sale that were built in 1987 (1 bed, 1 bath or 2 bed, 1 bath). Assuming the numbers are in our favor, would these condos be a good investment, particularly with the redevelopment occurring?
My husband (in construction) and I have flipped 3 houses, but we are new to buy and hold game. So far in my Bigger Pockets research, it seems that investing in condos is typically frowned upon due to the uncontrollable HOA fees. We have 0 multi-family homes for sale in our town as we are a suburban town with mostly single family homes, townhomes, condos and apartments.