I would think 1 bedrooms in downtown JC are readily available for under $2K. Is that not the case? I am not really in the market right now.

Look for owners renting their units out in smaller brownstones in the area. The new large apartment buildings are usually way more expensive.

Thanks for the link Toonces; that answered all my questions.

The unit I am looking at is a 642 SF 1 bedroom. The condo fee is $411 a month and the taxes are $135 a month. That puts you under $550 a month.

I keep questioning the property tax; but this is coming straight from the broker.

But the condo fees at Canco are not higher than other buildings in JC. If you combine taxes and condo fees for a 1 bedroom at Canco you get about $550 a month. Just taxes at most buildings in JC would be $500 a month.

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Toonces,

How do you like living in the building and area? Any info/thoughts on living in Canco would be greatly appreciated. Thanks.

I have been looking around JC for awhile. The condo fees at Canco seems to be inline with other buildings in JC. Beacon and ZL seemed to be the highest.

I don't know if rates are widely available, but if you check any of the listings and talk to the agents, the taxes usually come out to about .9% of purchase price. That is insanely low for Jersey. Let me know if you find anything out...

Any info on why the property taxes at Cacno are so low? Other tax abated properties in JC are nowhere near this low.

These are all rentals; none of the projects are condos. The result will be a decrease in overall rental prices. Miami? JC is a 10 minute commute to the financial capital of the world. Miami is the capital of EuroTrash in a trailer park state.

If you think the issues with the PATH due to Hurricane Sandy will have a permanent effect on rental prices in JC, you are sorely mistaken.

What will bring rental prices slightly lower is the awesome amount of rental units that will be dumped on the market in the next few years. There are 1,000s of units currently under construction in JC. Maddox, 18 Park, York St, massive Harborside project, new building at Newport, phase two of Marbella, Cast Iron Lofts, and Toll Bros at PAD. It really is amazing to watch. I don't know if there is any city in the US (about the same size as JC) that has as many rental projects as JC going up. Unreal...

This is the building going up on York. Rentals; 1, 2, and 3 bedrooms.

Anyone here live in Canco? The units look amazing, but I am not to sure about the location. Just wondering if any owners can give me some pros/cons of purchasing there. Thanks.

Very bright flashes that lasted over 30 seconds coming from just north of Journal Square. What was that????

-Intersection of Grand and Grove completely flooded

-Electric wires sparking/fire on Bright St. and York St.

-Marin Light Rail Station flooded

-18 Park and Conrad Hotel Lots flooded

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Agreed, real estate prices are once again very expensive in JC. Hoping the foreclosure sign offs will bring prices down a little in the near future.

Thanks for the info; I'll see what I can find out.

Anyone on here live in Zephyr Lofts? How do you like it? Pros/Cons? Thinking of buying a unit and moving in. Thanks.

Regarding Gulls Cove, don't the owners have to vote is any changes to the POS? How does Metro Homes expect any changes to Phase II to pass?

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From what I gather, 18 Park is replacing this building.

This article mentions 18 Park. Is that development in LHN?

$345,000 for a 1 bedroom there seems a little pricey; but who knows. Hopefully they will sell fast.

The grass lot is absolutely tiny; I am guessing hotel expansion? Although it would be great if it was the San Remo.

What's being built next to the Marbella? They were driving piles today.

Went here for the first time today and it was AWESOME!!!!!!!!!

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That's interesting; what building is this? The building I am referring to is coincidently Gull's Cove. The studios and 1 bedrooms were sold out while they still had many 2+ bedrooms on the market. These were initial sales during pre-construction and after, not resales.

The link to the article below is about NYC. It mentions increasing demand and rental prices for studios and 1 bedrooms vs 2 bedrooms. While JC is definitely not the same market as NYC, I always heard that 1 beds and studios were much more 'sought after' in urban areas, while 2 bedrooms were in higher demand in the suburbs.

Manhattan RE

At the end of the day, if you are going to live in this place for 5 or more years, I would make sure it's a place you are comfortable in. You could easily outgrow a small unit in 5 years.

Studios are usually the most 'liquid' and easiest to rent out. The lower price gives you a much larger market and better resiliency during downturns. The type of tenant that rents your unit depends on what type of background check and how much research you do. You will attract a ton of prospective tenants with a studio in JC. You will have the opportunity to choose.

Two bedrooms and up a generally harder to rent and sell in JC. Look at any condo project and notice that the 2 plus bedrooms are still on the market whereas the studios and 1 bedrooms sell out much earlier.

Finally, the price that you resell your studio for will depend on where the market is when you decide to resell. Look at what studios sold for in JC in 2006-2007. If the market improves again, (I don't know when/if that will happen) studios will not be left out while other sized units increase in value. Good luck!