The US has the most diverse real estate market in the entire universe and what holds true in Manhattan certainly won't in Podunktown WV, Smallville KS, etc., nothing against those states :)  So why should the numbers?  

A few weeks ago on a Sunday, there were 2, that's correct 2, open houses by owners for condos in Manhattan.  

I just moved back down to FL from living full-time in Manhattan!

Next month I'll be moving to Manhattan KS and I look forward to making myself familiar with the real estate there.

I took the plunge and have been a Real Estate Salesperson here in NYC focusing on Upper Manhattan.

Anything else starts to feel less than ideal.My attraction to Newark is the hope that soaring NYC property values continue to drive gentrification in outward-expanding concentric circles around the Manhattan.

I'm investing in Brooklyn, Queens & Upper Manhattan.

I assume because of your NJ mention that you might mean close to Manhattan?

The challenge which has held me back for the past 2 years is that I live and work in manhattan and am recently out of college (24 years old).Buying in manhattan isn't realistic for me nor does it provide me with a good enough cash on cash return for someone starting out (even if I did have the money to buy a multifamily here, I'd want to invest elsewhere).

Meanwhile regarding deposit payment, it's attached to purchase contract and hold by escrow company or real estate attorney (different states have different rules), for example in Manhattan or other part of New York State, for up to 1 million dollar property it's reasonable $5,000, for Los Angeles 3% of sale price.