|
Re: How much do you need to make to afford a home in New York metro area?
|
||||
|---|---|---|---|---|
|
Home away from home
 
|
My point is providing an example that anyone can use to calculate their true affordability by isolating the money you have left for discretionary spending after factoring in net debt and income.
Obviously if you have a big car payment, daycare or whatever, then factor those in as part of your monthly net debt, same goes for incomes. Each situation is different but in most cases you will also receive a decent tax refund from the mortgage interest/property tax that you can apply towards your retirement savings. If you cant afford it then obviously dont get yourself in the hole but i think $2000 a month for food and discretionary is very reasonable speaking for myself, but if you eat at 5 star restaurants daily then no it wont be enough. Point is dont be fearful of debt, know your numbers, and learn to manage it. Leverage can work wonders for you especially at today's rate if you make the right investment choice. Sitting on cash like deer in the headlight can be even more risky than making a good investment. ps dont eat beans.
Posted on: 2014/6/2 20:09
|
|||
|
||||
|
Re: How much do you need to make to afford a home in New York metro area?
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
People are so afraid of debt, when in reality debt is GOOD. You just need to manage it responsibly. There is nothing wrong with getting debt and apply leverage to your money especially if you are young. Considering today's interest rate that we probably will not see again for a decade or more once gone. It's a no brainer to take advantage of it and leverage yourself especially if you plan to use the property as primary residence while it appreciates over the years. With a 20% down mortgage, you will have a 1:4 leverage on your investment. It's probably the best thing you can do right now, given how over inflated the equity market is and the crapper fixed incomes are in. It's not rocket science, you just need to understand your cash flow and pick a property that's in a good location always in demand (i.e. not heights). With 90K salary, you can easily afford a 400k home (assuming you have a 20% 80k cash down). With a 320k 30yr @ 4% fixed, you are looking at $1500 monthly payment, plus $1000 property tax/fees. That's $2500 a month net debt. Net income is $7500 - 40% income tax = $4500. Leaving you $2000 a month for discretionary spending/savings. And with 10% down + pmi, cashflow becomes tighter but still doable depends on how secure your job/income is. You will also have $5000-$10000 refunded in tax return each year depends on your filing status which you can apply to your retirement IRA. Don't let the old timers scare you, just make sure you pick a good location, don't get fooled by those fancy luxury developments in a bad area. Always go for location over renovation, as you can always spend $50k and gut renovate but can't move your house.
Posted on: 2014/5/26 15:46
|
|||
|
||||
|
Re: PRESERVATION OF POWERHOUSE TO BEGIN
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
No supermarket or retail stores will move into that place because of the location - it has no foot traffic AND no parking spaces included. Maybe they can move the jersey city museum in there but it will never pay the bills required to restore the place. This place is a lost cause and a failure of multiple administrations including the current one. Just get rid of this garbage dump and give us a small park please.
Posted on: 2014/5/22 19:54
|
|||
|
||||
|
Re: PRESERVATION OF POWERHOUSE TO BEGIN
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
appreciate the info, but again where are the news/announcements regarding this? i havent be able to find a blip of news regarding this.
Posted on: 2014/5/19 19:16
|
|||
|
||||
|
Re: PRESERVATION OF POWERHOUSE TO BEGIN
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
where or who did you "hear" this from?
Posted on: 2014/5/15 20:30
|
|||
|
||||
|
Re: PRESERVATION OF POWERHOUSE TO BEGIN
|
||||
|---|---|---|---|---|
|
Home away from home
|
all of you with your head in the sand screaming preservation without the slightest clue what's going on, let me give you a reality check:
1) Restoration officially "broke ground" in 2009, 5 years and millions of tax payer dollar later, all we are left with is a garbage dump and a brick shell with boarded windows that is falling apart every day. The roof is completely gone, there is no weather proofing, the interiors are fully exposed and deteriorating. 2) To successfully restore this brick shell: a) PA needs to signoff b) path transformers need to be moved to the triangle with a new structure built to enclose it c) all those gigantic windows need to be replaced d) new roof installed e) interior gut renovation to make it safe f) major cleanup outside and structure reinforced 3) The structure as it stands today is extremely unsafe, especially given the waterfront location and hurricane/storms we have. The potential of a collapse is very real, on top of damaging the path transformers, creating a major incident. 4) It will cost decades and tens of millions more of taxpayer money to successfully complete this project, at best estimate with the funds available, and with JC/PA support (which is nonexistent currently). Meanwhile all the residents nearby have to live with this unsafe garbage dump everyday. So get off your high horse, i am all for preservation but not at the expense of safety and living conditions, and this is not the sistine chapel we are talking about here. Level the damn thing before it collapses, put a grass field and some flower beds and call it a day.
Posted on: 2014/5/13 21:27
|
|||
|
||||
|
Re: JC make top 10 'most stressed out' cities in America list
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
Is this a joke? I pay $6500 a year in property tax for a 800sqf 1br apt and that's on the cheap side, 2br is 10k, other highrises are even higher meanwhile the giant mansions in the suburbs also have 10k taxes a year. In the same space where you have two of those houses in the suburbs paying a total of 20-30k in tax, we have 250+ units each paying 6-12k in tax. Not sure what planet you are from if you think JC taxes are lower than suburbs.
Posted on: 2014/5/9 7:40
|
|||
|
||||
|
Re: Trump Plaza - Jersey City
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
77 hudson's finish is nice - both kitchen/bathroom. The building is also convenient with a supermarket right in the lobby, parking is also deeded. If i have money to throw around i would buy there.
Posted on: 2014/5/2 15:05
|
|||
|
||||
|
Re: Trump Plaza - Jersey City
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
Are you just making stuff up as you go about portofino? I lived in both buildings, there is very little difference except you pay $600 more each month in trump for 1br with parking and get a larger gym. Curry smells exist in both buildings at occasion depends on your neighbors. Hallway - portofino has the traditional hotel style vs trump modern, just personal preference. And unit layout i definitely prefer portofino, it has separate washer/dryer in closet as oppose to a single unit smack in the middle of an open kitchen. Trump's unit is nothing to write home about, looks like a rental except the nice windows. You can always renovate the unit if you think it's old, i paid $15k and redid mine in portofino and it's better than any trump's while saving so much more money each month + purchase price. Trump is one of the worst value in JC, it's not luxury, but charges the luxury price, and just horrible management.
Posted on: 2014/5/1 20:46
|
|||
|
||||
|
Re: Another Whole Foods fake-out in Jersey City
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
i really dont get trader joe, i went to the one in edgewater for the first time with high expectations, but walked out literally empty handed. They dont seem to sell anything normal? it's all this weird brand/stuff i never heard of. Even the checkout is strange, you ring a bell? wtf....
Posted on: 2014/4/2 20:11
|
|||
|
||||
|
Re: Trump Plaza - Jersey City
|
||||
|---|---|---|---|---|
|
Home away from home
|
I owned in trump a while back, it is absolutely one of the worst buildings / value for your money in jersey city, all this luxury is a facade. There are constant issues with the building amenities and elevators. The management is non-responsive and extremely difficult to deal with.
The monthly condo fee is 50% higher than comparable luxury high rises nearby. And parking is extra running at $250+ cheapest for unreserved. There is nothing luxury about the units themselves, the finish is only slightly better than rentals, many units have a single unit cloth washer/dryer combo right in the open kitchen! (who in their mind designed this). The immediate area is also nothing to write home about, facing a parking lots on 2 sides, abandoned warehouses on the other 2, diagonal to a dump ground where all the old construction bricks/steels were left. The italian supermarket heavily promoted by agents/sales office a few years ago never opened, even though the coming soon signs are still up in the empty ground floor retail space. Only thing i liked is those big windows, gives a good classic feel as oppose to full floor to ceiling windows. Glad i got out when i did. If you want highest luxury in JC go for crystal point / 77 hudson / and newport condos. If you want luxury-value go for the mandalay / portofino / A condo, they all come with parking included and cost 50% less in monthly maintenance fees. I bought in portofino, then used the money saved to buy an investment property near jsq path. Lost 50k total net net after realtor fees from the trump sales but couldnt be more happier and my quality of life remains the same/better. /rant off
Posted on: 2014/3/31 16:14
|
|||
|
||||
|
Re: How do you check a potential tenant's background?
|
||||
|---|---|---|---|---|
|
Home away from home
|
The only online background screening i trust is http://ntnonline.com
they are a bit more expensive, but worth the cost. in person meet is also a must.
Posted on: 2014/3/28 7:14
|
|||
|
||||
|
Re: 10 Huron Ave
|
||||
|---|---|---|---|---|
|
Home away from home
|
it's a great building, old but well built unlike some of the new paper thin constructions. if your unit has leak due to sandy etc..just talk to management they will get it resolved. I havent noticed any issues with mine.
My only complaint is it doesnt have washer/dryer in the units, but cant beat the value / commute. I am paying 50% less in condo fees + taxes each month vs the same 1br in newport, and get 150sqf more.
Posted on: 2014/3/27 15:39
|
|||
|
||||
|
Will the powerhouse ever be completed? (Councilwoman Osborne / Mayor Fluop)?
|
||||
|---|---|---|---|---|
|
Home away from home
|
Hi Mayor Fulop and Councilwoman Osborne,
Is there a plan in place to finish the art power house restore project by washington blvd/2nd street? I have watched over the last FIVE years the money wasted in on/off projects trying to board up the windows(dont they all need to removed again?), then take down the smoke stacks, then the roof etc.. This warehouse right now is nothing but a broken shell left, with no windows, no roof, no interior, all its original characteristic including the smoke stacks gone. I understand in order to move forward the path transformers will need to be relocated which is owned by port authority. This site as well as the triangle area in front of it right now is a complete garbage dump, in the literal sense - right in the middle of a heavy residential area with apartments all around. I am all for preserving historical structures, but maybe it's time to rethink this plan and just demolish this old warehouse, put a structure to cover the transformers, cleanup all the garbage, and turn both the warehouse site and the triangle area in front into a simple grass field. God knows we need more green space around the area. I am very hopeful with the old guards gone, mayor fulop and the new administration can finally do something to complete this eyesore and dangerous site right in the middle of a heavily populated residential area. PS I tried to reach out to JC redevelopment agency over the years, but they never tells me anything just stating the plan is ongoing. Thank you
Posted on: 2014/3/14 16:34
|
|||
|
||||
|
Re: Journal Square - City Center Towers - J2
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
hi is the twin tower in 1. to be built in the area north of JSQ path where there used to be a bunch rundown small shops include KFC, then everything was demolished but nothing ever got built? thanks
Posted on: 2014/3/14 16:13
|
|||
|
||||
|
Re: Sweeney floats idea of casinos in Newark, Camden or Jersey City
|
||||
|---|---|---|---|---|
|
Home away from home
|
i am all for a casino in jersey city, just put it in one of beacon's buildings.
Posted on: 2014/2/8 14:59
|
|||
|
||||
|
WARNING: do not use systrum energy as your util supplier - SCAM
|
||||
|---|---|---|---|---|
|
Home away from home
|
I switched from pseg to systrum energy ( http://www.systrumenergy.com/ ) a few months ago as my electricity supplier, at the time the company promises a slightly lower rate than pseg and looks like a well run legit family business with no bad reviews.
Then for Jan, they jacked up my electricity rate by 400% without any notice or explanation when the market rate hasnt changed much. My bill for supply went from ~$80 to $350 for Jan (delivery from pseg still remains the same ~$70). A little google later, it turns out many people got scammed as well. Looks like their tactic is to sucker everyone in then do a big bang scam for 1 month, pulling 2-4x the normal rate. After that they dont care if you leave or not. I will be filing with bbb etc...this is just a fyi if anyone is looking to sign up with systrum, dont. My advise is to stay with pseg and not get suckered into those scams, NJ deregulated electricity supplier, so you got all those shady outfits popping up sucker people in then rip them off hoping the customers not notice.
Posted on: 2014/2/5 19:02
|
|||
|
||||
|
Re: The next real estate bubble
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
Real estate is just like any other commodity - its price affected by supply/demand. Shelter is a basic human right, having your own property is not a right, but a luxury - only afforded to those who have the means. This sense of entitlement to home ownership is largely the fault of the government propaganda.
Posted on: 2014/1/30 19:31
|
|||
|
||||
|
Re: 25 Hudson St.
|
||||
|---|---|---|---|---|
|
Home away from home
|
you need to get the units facing the water, all the units facing the lightrail is bad, you get no view no sunlight and train going by every few mins.
price went as low as 300k asking(for the 1br units facing lightrail) during the bust fyi, one of the steepest drops in any building around downtown (price has since rebounded ) builder is the same company that did crystal point, so quality is fine.
Posted on: 2014/1/30 14:34
|
|||
|
||||
|
Re: Jersey City real estate prices going back to pre-bubble burst prices
|
||||
|---|---|---|---|---|
|
Home away from home
|
No surprise here...i am speaking strictly of dtjc, not too familiar with the other areas.
1) inventory limited - no new condo constructions since 2008 ( i think crystal point was the last highrise condo), all rentals only afterwards. 2) demand up - the majority of people buying all work in the financial industry which is doing ok now, so buyer confidence is back so is the income. 3) record low mortgage rates - although i really dont see this as big a factor as some. a 1% increase on a 500k loan is only $416 extra a month, it is decent money but for the ones buying 750k homes with 1.5k+ condo fees/taxes, it's not a lot to affect the decision. So yeah prices are going up, once the freedoom tower is completed, expect even more demand. Nothing beats a 10min 1 stop ride on the path train to wtc. Even the crap by the rail yards between hoboken and newport, that has major construction issues and turns into a river everytime it rains, is going for 350k+ for 1br. They couldnt give those units away at 200k during the bad times. Nuts!
Posted on: 2014/1/22 19:20
|
|||
|
||||
|
Re: The Beacon
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
Doesnt beacon also include all utilities (ac, heat, and electricity) in the condo fee? or is that not the case. Also is self parking available now and how much is it a month? valet only parking was a major reason we didnt buy there. Thank you
Posted on: 2014/1/6 22:24
|
|||
|
||||
|
Re: A-Condos Jersey City
|
||||
|---|---|---|---|---|
|
Home away from home
|
this building has a lot of problems:
1) building quality issues - leaks, defective window units, pipes etc.. 2) upcoming construction on north, west, and south side in very close proximity that will block a lot of the light nevermind any views. Only the east side is somewhat safe as there is no plan to touch avalon currently and it has some distance to allow sunlight with washington blvd in between even if there is a highrise in place of avalon. 3) horrible inexperienced management who has no idea how to deal with all those significant building problems but waste the association's money. If you are looking to buy in the area, i would avoid A condo and trump especially considering how overpriced they are vs what you get. If you are looking for top end checkout crystal point and 77 hudson (i prefer crystal point - better value/finish/views, and parking included), or the newport condos that have a better immediate neighborhood. For mid end, checkout portofino, mandalay, and 311 washington st. (i prefer portofino - larger units, new lobby, parking included and very well managed low condo fees). Either way cant go wrong with any of those buildings, but not A condo (too many problems and bad management) and trump (horribly overpriced and badly managed) good luck
Posted on: 2013/10/1 21:57
|
|||
|
||||
|
Re: Jersey City mayor demands resignation of JCRA chief
|
||||
|---|---|---|---|---|
|
Home away from home
|
I just want to know what(and when) they are doing with the stupid jc powerhouse. It has been a complete waste of tax payer money, to board up the windows, then remove the smoke stacks, then found out the roof is collapsing, then to stabilize the roofs.
So painful to watch for almost 3 years. What exactly is the plan? when(if) the power house gets revamped they have to then remove all those windows they spent a year putting up, and remove the temp roof etc.. also i thought they were moving the path transformers to the triangle area, 2 years later still nothing. What a joke this "redevelopment" has been, either raze the damn warehouse and sell the land to a developer to get income/remove eyesore, or actually have a full plan to renovate it and put it to use. Instead of dragging this out for years doing nothing but wasting money putting up temporary crap to "stabilize" it. So painful to watch...
Posted on: 2013/9/30 23:20
|
|||
|
||||
|
Re: V’s Barbershop Now Open in Downtown Jersey City
|
||||
|---|---|---|---|---|
|
Home away from home
|
looks nice but the price is too high for men's haircut, i can just walk 2 blocks to the mall and get the same haircut for $10 less.
Posted on: 2013/9/26 20:56
|
|||
|
||||
|
Re: NYTimes: “The underlying terror is that you might have to move to Jersey City."
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
didnt read the whole article but if i understand correctly mr klinenberg lives in harlem and he's making fun of jersey city? that is pretty funny.
Posted on: 2013/9/18 19:22
|
|||
|
||||
|
Re: mortgage denied
|
||||
|---|---|---|---|---|
|
Home away from home
|
To OP, this is common in condos as it is a requirement for them to sell the mortgage. The failure in this case is DD isnt done by you and/or your mortgage broker before going into attorney review.
Any good mortgage broker should have at least reminded you that, and you should got the condo questionnaire from the management and insisted the broker run it through first before going into attorney review. Right now the only way to salvage the situation is find a local community bank or credit union (maybe) who HOLDS their mortgage and does not sell them. Then they dont have to abide by the occupancy rule as long as you can convince them your creditworthiness. 2nd option is see if you can get a mortgage on one of your existing unit (if you have multiple) who satisfies the lending requirement then use this money to buy the property in question in cash. I dont see any other alternative but walk away and eat your closing cost loss otherwise. Consider lesson learned.
Posted on: 2013/9/13 16:18
|
|||
|
||||
|
Re: New roof deck at The Beacon in Jersey City offers views of Manhattan and the Hudson River
|
||||
|---|---|---|---|---|
|
Home away from home
|
What is the connection between that photo and beacon's roof top deck. Not the same area or location at all...
Posted on: 2013/8/27 17:25
|
|||
|
||||
|
Re: New aquarium store on Jersey Ave
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
i wanted to check out that place for a while but keep missing everytime in the city, do they have a good selection of equipments too?
Posted on: 2013/8/12 20:27
|
|||
|
||||
|
Re: New aquarium store on Jersey Ave
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
thanks, i have a battery operated power filter to keep the water oxygenated in case of power outage. For heating during winter, i have some heat packs i can put in a bag and float on the tank if needed, similar to how fish is shipped during cold weather. Nothing crazy like those saltwater junkies, those guys need the whole system to operate otherwise everything start to fail like dominos. I know people who wired their reef tank to off grid solar panels and/or giant gasoline powered generators in case of power outage. It's nuts.
Posted on: 2013/8/12 20:24
|
|||
|
||||
|
Re: New aquarium store on Jersey Ave
|
||||
|---|---|---|---|---|
|
Home away from home
|
i visited them today, it was nice and organized. Very clean tank with healthy fish without any signs of disease or ich, also reasonably priced, although their cherry red shrimp was expensive at $4 each and didnt like the fact they carried painted glass fish which is fish force injected with red dye.
The livestock is pretty impressive covers majority of the common aquarium types, also i couldnt believe they had caribe piranha at $25 each, almost bought them on impulse. Not much in term of plants or equipments, they had some beginner tanks and gears, not much else. But overall it's a great place to go for buying aquarium fish, i will definitely go there to stock my new tank in a few weeks once cycled instead of ordering the fish online like i used to. Hope this shop stays for a long time.
Posted on: 2013/8/10 18:14
|
|||
|
||||