stillinjc wrote:
Sounds about right for a $2.5 mil property.

Ask people from Summit or Westchester.

bodhipooh wrote:
Pretty soon, all the Newport commuters will have to ride the train back to Grove or JSQ in order to be able to board a train heading to NYC. While Grove does get crowded at times, I have never not been able to board a train there, but at Newport it is a different story. When all these new developments in JSQ finally get erected, the PATH trains leaving from there will be almost at capacity already.

bodhipooh wrote:
As someone else had predicted, we are starting to see a lot more high-end properties coming online for sale. Perusing the Zillow listings for properties with values of 750+ K in 07302 yields almost 60 hits. I don't remember ever seeing that many listings at once. I wonder how many of those are motivated to to try and sell now because of the reval.

But it'd be much fairer to have the taxes on real estate appreciation be paid upon a sale, not before. Market value appreciation is not cash in hand and yet taxes are cash out of pocket.

jcneighbor wrote:
Quote:

Monroe wrote:
What are the municipal taxes on the property?

Looks like ~$24K/year if this is correct:

http://www.zillow.com/homedetails/2-2 ... NJ-07302/2139191201_zpid/

Monroe wrote:
What are the municipal taxes on the property?

Probably should have invested in The Beacon instead

brewster wrote:
Quote:

jmcee wrote:
I forgot to include the thousands and thousands of (abated) new rental units coming up for rent in DTJC putting downward pressure on rents

I have my doubts about this often repeated theory. It would make perfect sense if we were a self contained market, but we're not. There's tremendous pressure coming from across the river where the rents in Brooklyn and Queens are skyrocketing. Thousands of new units here is a drop in that bucket 32x our size. Now, they're building over there too, but the demand is huge. I can't see the already lower rents here going down without a market wide correction.

jmcee wrote:
The prospect of interest rates going up at the same time as a reval could be the double whammy on prices as these folks who have been under-paying rush to sell. Will the all cash buyers (I'm looking at you Dixon) come in and save the day. We shall see.

I moved to Hoboken right after the reval and I must say the air smells cleaner there. Good luck with your lawsuit Steve.

Nori wrote:
http://www.grubstreet.com/2015/10/thirty-acres-closing.html

bodhipooh wrote:


The problem with the idea of using it as an AirBnB investment property is that from its location to the region's main attractions (NYC!) is not friendly for out-of-towners that need to rely on public transportation. The reason so many AirBnB and SkyCity Apartments are located all over DTJC is that they are all close (within short walking distance) to convenient mass transit.

I think you'd be crazy to buy at current prices when there's a real threat your property tax bill might double or triple in the next 5 or so years. Meaning once the reval goes through (Ward E) and if JC loses its Abbott district status (everyone).

That is not correct. There are several condo projects in the works. In addition to The Oakman (160 First) you have the next two towers going up at Provost Square, which will be condos (apparently both are condos or will include a significant amount of condos) and you have the second Trump building (65 Bay) and the various small projects happening around town: places like The Gannon and the building across from it. Supply is limited now and will continue to be tight, but there will be inventory being added over the next few years.

I suppose that's their prerogative, but if patrons want to enjoy outdoor seating they won't get the business. Simple as that. If patrons want to eat inside (and don't ban them "on principal") they will be ok.

Monroe wrote:
Cheap taxes for a $5 million dollar home, actually. In, say, Short Hills most houses hit that tax amount when the asking price is around $3 million. $5 million dollar houses are half again as much in taxes as Manning's condo.

SRhia wrote:
Looks like they're having an "investor day/tour" at 237 Montgomery Str. Initially I thought it was an open house (door open, lady with balloons on stoop), so I asked if I could go in and take a look. Nope, for investors only - most people there are in suits, or shirts with ties.

Apparently, there's a small "carriage house" in the back of the house (sitting at the end of the empty lot next door). It's a 2-bed and and 2-bath. It was renovated by Dixon as well, and will be on the market shortly (separate entrance from 237 MOntgomery).

Imagine how great this whole thing (brownstone up front + carriage house in the back, plus a small yard) would be for a family. DROOLING!!!!!!!!

TwoBootsJC wrote:
Folks. Just to put the "we need to nip the problem in the bud" argument to rest, one need only look at Washington Street in Hoboken, arguably 10 years ahead of JC in gentrification. If you take out the banks and phone stores (which can really only be chains), chain stores amount to well under 20% of ALL stores. (I'm happy to share the data with anyone interested.) I would only repeat that this is a solution in search of a problem. Great PR but not a problem.

MDM wrote:
Would Whole Foods be considered a 'chain store'?