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Re: VVP - Rent vs Buy Scenario
Home away from home
Home away from home


I've talked to a handful of architects that note while brownstones have a ton of character, they are much more expensive to work on than new construction. Seems to me that a condo in a brownstone is not the way to go unless the price is so cheap that it offsets the brutal tax bill and future repairs likely to occur.

I'm blown away at just how bad the taxes are on condos in JC. It's not like your getting good schools for your dough. I guess you're right: game the system or look elsewhere. Quite sad...

Posted on: 2009/7/15 15:13
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Re: VVP - Rent vs Buy Scenario
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Home away from home


I've been researching brownstones and condos within brownstones around VVP. Can anyone explain why property taxes on a condo that takes up half a brownstone are as much or more on entire brownstones being sold?

9k in prop taxes for a 1250sf condo is insane when you often pay the same amount on an entire brownstone? Is there a method to this or is it just totally arbitrary like many JC things???

Posted on: 2009/7/15 14:18
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Re: Councilwoman Elect Lopez a Florida Resident?
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Home away from home


wanna bet absolutely nothing happens to her?

My guess is this is minor compared to the typical ethical shenanigans of our city council...

Posted on: 2009/7/10 13:24
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Re: VVP - Rent vs Buy Scenario
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Home away from home


So the 31X annual rent is a P/E of sorts; obviously that's high given S&P 500 P/E is more like high teens nowadays.

What is a more reasonable annual rent multiple for sales price: ie one that would allow a landlord to breakeven on his monthly nut versus rental income?

Posted on: 2009/7/9 11:30
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Re: VVP - Rent vs Buy Scenario
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Home away from home


I know rent v buy has been talked about, but the point I was trying to get at is just how huge the spread is on this specific property (albeit about as nice as they come near VVP).

I mean it's one thing if a market is off by a bit but in this case the monthly nut to buy is effectively double what the owner's seem to think they'll get from renting out the two duplexes. In an efficient market the spread would be nowhere near this wide. Guess that's what I was trying to point out/get opinions on....

Posted on: 2009/7/7 18:39
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VVP - Rent vs Buy Scenario
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Home away from home


I noticed that a very nice 2 family brownstone on Barrow between Montgomery and York was taken off the market and is now up for rent. It was listed for the bulk of the spring at $1.495mm. Now they are trying to rent the 2 units for a combined $4,000 per month. Links to rental ads are at the bottom of this posting...

Simple math says that with 20% down your 1.2mm mortgage payment to own the place would be about $7650 per month assuming 6.6% 30 yr jumbo fixed. Granted this doesn't include taxes, mort int deduction or mansion tax.

I don't think those things would change the conclusion much which is that at 1.5mm they'd have to get twice the rent they're asking currently to break even.

I'm sure there are many with slightly more advanced RE calculators at their disposal, but am I missing something or is this simply a case of a huge mismatch in terms of what people are trying to sell places for versus what the rental market is willing to pay???

http://www.armagnoagency.com/ArmagnoA ... asp?varRentalListingID=91
http://www.armagnoagency.com/ArmagnoA ... asp?varRentalListingID=90

Posted on: 2009/7/7 14:17
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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Home away from home


Those rental prices are way too high. You can live in Manhattan for those rents. Furthermore, Exchange Place is going to have their weekend path service cut off to Manhattan for a year iirc, major problem. Anyone with the money to pay 4k for a 2bd/2bath is going to be spending their time/money in Manhattan, not Newport/Exchange Place.

Sure 70 Greene has nice amenities, but that's not going to be enough to even remotely justify those prices. Maybe they'll luck out and get some corporate rentals the way Grove Pointe did but the average savvy renter is going to balk at those prices.

Given that Wall St is still in a minimal to no hiring mode, I have no idea how all these lux condos are going to get sold/rented without major drops in price...

Posted on: 2009/6/18 14:32
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Re: City Council to Renegotiate Abatement For Developers
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Home away from home


Think of it like this: property tax up, value of your home down. The morons on the council continue to stick to your average homeowner and this one is a double whammy.

I hope that Crystal Point continues to wallow as people shun overpriced "luxury" apartments. How long before Crystal Point is auctioning off apartments a la Beacon?

Given that Manhattan prices are coming down, JC is losing it's advantage of being significantly cheaper. JC will have to compete with Manhattan on something other than price, hmmm...

Posted on: 2009/6/18 12:24
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Re: where is the JCLIST Tax Abatement Revolt?
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Home away from home


can anyone post the details of this meeting?

My guess is the low rent govt officials will sneak this thru one way or the other.

It is a disgrace that the city coddles RE developers the way they do.

Posted on: 2009/6/17 15:30
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Re: New York Times: Beacon Luxury Condos, All Bids Considered
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Home away from home


okay so the amenities aren't perfect - it seems to me the bigger issue is that prices will likely be more than 50% less than what others paid a year ago. What do you think the guy who spent $2mm on a penthouse is thinking? My guess is this exercise in "price discovery" will show that JC luxury condos are worth a lot less than people thought a year ago. Builders are doing this out of desperation, same thing is going on down in Philly.

If this auction fetches prices at half off, no amount of tax abatement from our illustrious city council is going to keep the other lux condo builders around here in the black - think 77 Hudson and Crystal Pointe.

Posted on: 2009/6/15 18:40
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Re: Hamilton Park Renovation - Update
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Home away from home


anyone know if the tennis courts will be rebuilt or if they are goners... Thanks..

Posted on: 2009/6/7 17:20
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Re: City Council to Renegotiate Abatement For Developers
Home away from home
Home away from home


You can pretty much bet the brunt of any property tax increases will fall on downtown owners. The more a person earns and the more expensive their home is basically inverse to the odds they voted for Healy (if at all).

What does he care if the yuppies get stiffed on property taxes, that's not his voter base. Plus it plays well with the populist theme going on around the country... My cynical 2 cents...

Posted on: 2009/6/3 15:41
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Re: Fisher Development Celebrates 'Topping Off' of Crystal Point on Jersey City, N.J.'s Waterfront
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Home away from home


yeah why should a RE developer ever face risk? It's the new way in America - do something big with a lot of leverage, fail and then cry for bailouts/tax breaks/etc.

Pathetic that the politicians are even entertaining a sweeter deal for this guy...

Posted on: 2009/6/2 15:51
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Re: Exchange Place Gunfire Injures Two
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Home away from home


this ought to help with the marketing of all those $700 psf condos coming online around Paulus Hook.

Security guy hit the nail on the head - it is a total ghost town nights/weekends which makes for problems like this every so often.

Posted on: 2009/5/24 11:59
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Re: Men's Clothing
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Home away from home


yeah - Decarlos is on Monmouth and does very nice stuff. I think it's mainly bespoke but he may have some off the rack type offerings. He also does custom women's shirts...

Posted on: 2009/4/25 17:03
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Re: 3 Hampton Court
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Home away from home


the 3 Hampton Court place had a website, but all it says now is "off the market". Not sure if that means it sold or they decided to stay. Like the 26 West Hamilton place, it has a lot of great detail on the inside. 13,600 in taxes though...

Posted on: 2009/4/15 0:00
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3 Hampton Court
Home away from home
Home away from home


Does anyone know if this brownstone sold? It was FSBO a little while back. Thanks for any info...

Posted on: 2009/4/14 14:26
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Re: Why don't JC restaurants/bars do that well?
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Home away from home


I think the reputation (deserved or not) deters people from Manhattan/Brooklyn of coming over to JC. So it's not really a destination town.

So that leaves the locals. My sense is that many people live here as a cheaper alternative to Manhattan/Brooklyn. That mentality also applies to discretionary spending and as a result there is just not a big concentration of people looking to spend a lot at restaurants/retail. That is my guess why the higher end places don't do well. M&P, Lighthorse seem to be enough to serve the spending contingent that does live here.

I also think the fact that Grove St and Newark don't have tons of foot traffic late night hurts any chances of a major bar scene. Who knows maybe this changes with time, but my guess is that with development grinding to a halt that things stay the same...

Posted on: 2009/4/8 13:38
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Re: New construction at Wayne & Barrow
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Home away from home


I'm floored that any developer would take on that location if they had any clue as to how difficult sales will be given the cast of characters on that block. Nothing like a broker marching potential buyers thru the drug deals, drunks, etc as they're going to check out their dreamhome.

Will be very curious to see what they do with that space...

Posted on: 2009/4/1 23:05
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Re: Council moves to defer $14.8 million in pension payments
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Home away from home


don't all thees abated condo owners have to start paying full taxes after a few years? So if that's the case the bigger concern needs to be how many people are going to bail on their condos because they can't afford the mortgage plus full property tax burden. I'd bet most of the 2005-2007 buyers were banking on quick RE price gains/refi to offset any tax increases. And as we can see that ain't a happening...

Posted on: 2009/3/27 13:58
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Re: Lincoln Park Golf
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Home away from home


it ain't Maidstone but it's kinda fun. I would reiterate that the range balls have definitely been well used...

Posted on: 2009/3/20 17:02
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Re: Wall Street Journal: Hard Times for Hovnanian’s 77 Hudson -JC’s condo values fell 11% from 2007 peak
Home away from home
Home away from home


that project is in trouble. No way people are going to pay 850 a foot. Look at all the high end retail going bust around downtown JC - Maxmillian, On the Inside, etc. High dollar market is still pretty weak around JC. Plus as Manhattan and Brooklyn get cheaper the incentive to come over here becomes less pronounced. I can't imagine the closing of direct PATH to WTC on weekends this summer will help their marketing pitch either.

My guess is that condo will scale back the amenities bigtime to try and stay in the black.... Curious what others think abpout 77 Hudson's prospects...

Posted on: 2009/3/18 13:22
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Re: Furniture repair/reupholstery
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Home away from home


Rackley is still in business, had some chairs reglued there recently. Nice guy....

Posted on: 2009/3/11 19:23
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Re: Salon X
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Home away from home


Paul's haircuts are really good. At $40 it's a very reasonable price especially compared to comparable quality in the city...

Posted on: 2009/3/11 12:47
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Re: Alternatives to PSEG
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Home away from home


I don't think more windows help with utility bills. Most windows are cheap and prone to bad drafts. Even the good ones don't insulate as well as a solid wall. The sun is much weaker in the wintertime when you actually want the sun to warm things up.

People may pay up for the windows if it's a great view, but I don't see it being helpful from a utility minimization standpoint...

Posted on: 2009/2/24 17:00
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Re: Alternatives to PSEG
Home away from home
Home away from home


part of the problem is that NJ electric rates are almost 70% higher than the national average according to this site:
http://www.neo.ne.gov/statshtml/115.htm

My guess is nat gas prices are similarly high relative to the national average. I guess the concentration of population in the NE states causes the prices to be high.

This is another reason RE pricing and rental pricing is likely to come down now that people are factoring in utility costs to the monthly nut...

Posted on: 2009/2/24 14:56
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Re: With record numbers of riders turning to the PATH - $4B in upgrades coming
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Home away from home


How could anyone who plunked down top dollar at 77 Hudson or other luxury apartments around Exchange Place stand for the WTC line to be shut down on weekends for a year - and probably more given inevitable delays?

I still can't believe PATH is going to go ahead with that horrible plan...

Posted on: 2009/2/23 19:47
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Re: Downtown: 100 bags of heroin seized during Wayne st drug bust
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Home away from home


There's a young couple trying to sell their house on that block. The per square foot pricing is well below what they could get for a worse home one block south on Mercer. The reason is because everyone knows what a bad block that is.

I agree that icechute's cynical take is probably the correct one. The police turn a blind eye to that block most of the time. I have no idea why. Downtown would be hugely improved if you could just clean up that one block, it's so simple...

Posted on: 2009/2/18 14:20
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Re: Downtown: 100 bags of heroin seized during Wayne st drug bust
Home away from home
Home away from home


They made a bust at the same park last fall and vowed to up the police presence. That lasted for a few weeks and then the visivble presence seemed to go away. Once the cruiser was no longer parked out in front of that park, the hooligan factor started to creep up again.

I'm always happy when dealers get arrested, but I don't think there's any real change happening. Everyone knows that block/park are a problem every day. Seems to me the JC Police should just man that street 24/7 and if the politicians are smart they'd close off that park. I don't see much in the way of kiddie play going on ever and VVP is a block away...

Posted on: 2009/2/18 1:59
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Re: Armed robbers make getaway along light rail tracks in Downtown
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Home away from home


I'm confused did this mugging happen at noon or midnight?

If it happened during the daytime that's quite brazen. I can't imagine that would help the city's pitch for more comapnies to move to "wall st west.".

Posted on: 2009/2/12 17:44
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