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Re: Flood Zone Real Estate
#1
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I think this is the flood map you should be using. Most all of downtown JC is a flood zone. This zone is usually an AE zone, which means it's an established flood zone. The feds will require flood insurance for all AE zones. Type in your address and then click the PDF link for more details. Having lived here for 10 years I wouldn't live anywhere south of Columbus. They always get hammered. There are two areas that seem to be safe. 1 is around where Erie and Bay meet and around there. Also, up on the East side of Hamilton park is safe from floods. Lastly, there is a hill in Paulus Hook on Montgomery street. That's the highest point in downtown JC. These properties will NOT require flood insurance. Remember, flood insurance is around 500 per year for non-flood zones, 5000 a year for established flood zone, and will be 30k a year for "velocity zones" which generally are right on the beach. That is why people on the shore are abandoning their homes as they aren't worth insuring.

http://www.region2coastal.com/sandy/table

Posted on: 2013/8/9 14:28
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Re: Is there anything you can do after getting your car keyed?
#2
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My car was keyed by the infamous Erie Street Scratcher, a guy with mental health problems who likes scratching things. I have an old car and the mark isn't huge so i never worried about it. But you can probably make a claim if you have comprehensive insurance and a police report may be prudent because the person who keyed your car is probably the person who owns that driveway....

Posted on: 2010/11/5 16:24
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Re: Visitor Parking Permits/Parking Regulations
#3
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A simple question. Can anyone without a permit park in any of the zones Friday night trough Monday morning? Or do you need a zone permit to park in the zones over the weekend?

Posted on: 2010/10/22 16:05
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Private Lot Parking in Downtown
#4
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Quite a regular


For the last 5 years I've happily parked my car on the street near Toricos, but I have a desire to get a newer car and I feel off-street parking will be necessary.

Could anyone please recommend a private lot downtown that they are happy with (I live near Torico's so near there would be best)? Also, I don't want it to be valet (I want to take my keys with me). Lastly, I drive my car to work every day, so it needs to be sort of convenient to get to.

Thanks very much in advance.

Posted on: 2010/6/2 13:26
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Re: Framing Shop in JC - Suggestions Please?
#5
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+2 for Gallerie Hudson. They've done beautiful work for me too. I dropped off a custom poster for framing yesterday. Great to work with, but not inexpensive.

Posted on: 2010/5/3 17:35
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Re: Condo Opinion
#6
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Quote:

crushthedemoniac wrote:
Quote:

dieselpowerd wrote:
Why would you buy a place you aren't totally happy with? You should be able to get exactly what you want in this real estate market.


Im on a tight budget right now. This place has everything and more that anyone could need in an apartment, and the building itself is brand new. I just would prefer a better view which unfortunatly it can't provide. For the price its going for though I think id be an idiot to pass it up.


I understand that people want to own because then they feel like they've "made it". But if you are on a "tight budget" I'm not sure owning is for you. Just my 2 cents.

Posted on: 2010/5/3 15:53
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Re: Condo Opinion
#7
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Why would you buy a place you aren't totally happy with? You should be able to get exactly what you want in this real estate market.

Posted on: 2010/5/3 15:16
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Re: Okay, so who here thinks the Katyn monument needs to go?
#8
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Quote:

neverleft wrote:
Attention Jersey City old-timers all 236,000 of you. The invading hipster’s all 2,000 (or less) of them have decided to tear down our statues, our symbols of the past. (they have their hip designer sneakers at the ready to whack the statues as they fall) The statues seem to be a little too ugly for their tastes. After all they are HIPsters! Way cooler to paint or plaster posters on the walls of downtown buildings with cool designs. Than have everyone try and figure out what the **** they mean.

Please be aware that they are also trying to take control of YOUR neighborhood bars and restaurants. They do not want you in their territory. They have begun to take away all of our dollar stores. They want the space for their fancy second hand stores (which are really just fancy dollar stores..dah!) and bicycle shops.

It’s interesting that they all want “the ultimate urban living experience” yet they don’t want to deal with the natives, their past symbols, or their current problems. They want JC to be “nice” like the burds where they grew up living in mommy and daddy’s split level ranch.

It ain’t happening deal with it! We’re here! We’re old-timers! Get use to it!


For all of you geniuses... what does a bayonet being driven into someone’s back symbolize?


What’s next on your hit list? The Jackie Robinson statue up Journal Square (I don’t like the way he is raising his both arms...seems too threatening to be in front of a transportation center) or the Christopher Columbus statue.. (hey he is holding a cross and just who is he pointing at? Is that his pointer finger or middle finger?).

Or better yet....

Is the Holocaust Memorial: Liberation Monument by Nathan Rappaport in Liberty State Park next on your hit list? It is kind of “in your face” having a US WWII soldier carrying a poor skin and bones concentration camp survivor in the shadow of the NYC skyline. Gee how gross I think his rib bone is popping out.


LSP: Liberation Monument

***

JC old-timers watch group: I am looking for volunteers to guard the Ruby Dollar Store and the K-Mart on Rt 440. I heard that the hipster’s might try and make a move on them. Something about a combined wine school, yoga studio, bike shop complex, where you can sip a glass of homemade wine, workout, while you get your bike fixed.

Jersey City will survive with out without hipsters. If you remember the first hipster..err I mean yuppie invasion was in the late 80’s. That didn’t work out too well because of the crash in the early 90’s. But we survived ... crappy dollar stores and all!





I'm one of those gentrifying yuppies. And yes, you nailed the absurdity of wannabe rich people (JC first, tomorrow Chelsea!) moving into slums to find an idyllic authenticity, I was truly lol. I would also have mentioned strollers full of hierloom tomatoes and arugala salads, but well done nevertheless.

Gentrifying yuppies really don't want authenticity or urban grit at the end of the day, they want suburban bliss in the shell of something they can claim is authentic. Look at Chipotle in Manhattan. Where are all the mom and pop coffee shops they claim to love? I guess they prefer chain store burritos.

Posted on: 2010/4/29 18:55
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Re: Okay, so who here thinks the Katyn monument needs to go?
#9
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Quite a regular


If you look into the history of Katyn you would know that most of the people killed were Polish workers and state emplyees (doctors, professors, police officers, university graduates, political prisoners), not soldiers. Get schooled. Running away is not cowardice when you have no power, expectation, or ability to fight.

Posted on: 2010/4/29 15:09
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Re: Okay, so who here thinks the Katyn monument needs to go?
#10
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I love the monument. I don't think the artist was a hack at all. I always bring vistors from out of town to see it.

I also see the statue as a perfect metaphor for living in Jersey City given the politics around here.

Would you rather have a statue of a unicorn running up a rainbow or of Mayor Healy passed out?

The statue stays.

Posted on: 2010/4/29 13:38
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Re: City To Conduct First Property Revaluation Since 1988
#11
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Quote:

moxiebaby wrote:
Quote:

dieselpowerd wrote:

Renting has worked out well for me the last 5 years.


In the last 5 years, I've owned for 3 of them and rented for nearly 2. Renting has turned out to be poison at every turn, despite the fact that we live in a "desirable" neighborhood. Our landlord is an ass, the building, which shows well, has constant issues, the car has been broken into on a regular basis. I challenge vandals to break into it more after our trading 07302 for 07306. Seriously.

I don't understand the rent vs own calculator. The place we are buying is going to be cheaper and larger than what we rent. [sarcasm mode on] (Yes, I know we are moving into the dreaded 07306, where Satan him/herself resides). [sarcasm mode off]

We are looking to spend at least 20 years there, which is a critical difference between us and most buyers. I owned my last place (in the also reviled 07030) for 13 years. This is why we use the term investment. I wish it was referred to as "involvement", as that is a true reflection of what's entailed.

I'm not sure why I'm even posting any of this but I get pissy when people insist they have no personal power or impact on anything. That is why Healy can be successful.


I'm sorry you've had a bad experience renting. I've parked on the street for 5 years and the only thing that happened to my car is that the infamous downtown fence and car scratcher scratched it a bit a year ago, and on halloween 3 years ago someone sprayed shaving cream on it. I think it helps that I live across from the police station on Erie. Also, its an old car. lol

The rent vs buy calculator I posted is only useful if you compare nearly identical properties in nearly identical locations. You can't compare your rent downtown with your owning costs outside downtown, that's an apples and oranges comparison. A good comparison would be comparing the cost of owning a 1 bedroom at 77 hudson with renting a 1 bedroom at 70 Greene. Those buildings are even attached so its a very fair comparison.

Also, regarding your contention that the gays are moving outside downtown.... I would have to disagree. Although Pavonia ave near Journal Square still remains a popular alternative to downtown. Also, a lot of gay men bought in the heights during the peak. You know how that worked out... not good. Since Star Bar has become a big hit with the mo's many people who decamped to Journal Square and the heights are returning downtown which is establishing a pretty decent gay nightlife scene.

Posted on: 2010/4/29 13:25
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Re: City To Conduct First Property Revaluation Since 1988
#12
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Quite a regular


Quote:

moxiebaby wrote:

Dieselpowerd: I'm not sure what the other options are unless you really do want to rent forever. Buying a place and flipping it in a few years is no longer a way to make $$. I really do believe that property is a long term investment. What's happening in Hudson County is not isolated to only Hudson County. There are tea parties and tax crises going on all over the U.S. right now.


Renting has worked out well for me the last 5 years. I'd be paying much more per month out the window had I purchased a similar apartment, and I'd also be underwater. I don't think I have to rent forever per your suggestion, in fact I think that owning is great most of the time and I want to be a homeowner someday, but we are not living in normal times. The old adage of buy any property and wait just won't pan out anymore for anyone with a time horizon less than 10 years. Buying near the peak matters and affects your lifetime net worth. I always pop the numbers into these rent versus buy calculators for JC properties and comparable JC apartments. Even though downtown JC is down 15-20% from peak prices the numbers still don't add up.

http://www.nytimes.com/interactive/bu ... /buy-rent-calculator.html

I see no compelling reason to jump into the market in the next 6 - 12 months. However, things could change after that time frame, especially after the reval shakes out. A walk around Paulus Hook and Harsimus Cove will reveal huge numbers of For Rent signs. My building has had a perpetual for rent sign for 8 months. I'm trying to get another 5-10% off my current rent (2 blocks from Grove street Path). If I don't get it, I'll move somewhere else. I'm already paying 22% below the rent I paid in 2008. Paying 30% less would be sweet. I feel bad for those stuck in JC properties they recently bought. If you bought at peak and your taxes were artifially low due to no renovations???It might hurt

Posted on: 2010/4/29 0:58
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Re: City To Conduct First Property Revaluation Since 1988
#13
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Quite a regular


I guess my visits to open houses in JC these past few weekends have been in vain. I was already hesitant to buy since we probably haven't seen the end of the real estate decline. Now I'll also have to worry about property taxes possibly going up significantly after a reval. The whole point of owning is that you can have mostly fixed costs and save equity, whereas rental costs vary more. For instance, my rental costs for the same apartment went up 25% between 2005 and 2008 and the rent is now lower than my original rent in 2005.

Has Hoboken had a reval recently? I know they had a 40% property tax increase recently but I don't think that was a reval, just an adjustment forced by the state. Anyone know?

Posted on: 2010/4/28 14:01
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Re: Tell me where to get Sushi please...
#14
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Quite a regular


Komegashi on Montgomery. Ask for the off-menu Mountain roll. It's delicious.

Posted on: 2010/2/9 1:15
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Re: Ready to give up living in this city...
#15
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Quite a regular


Quote:

creativeconquests wrote:
I appreciate the posts. I don't know if it's enough to come around. Maybe I'm just not adult enough to lump the realities of losing so much money in a fraudulent purchase, manipulative builders, corrupt government, apathetic strata councils hoping problems just dissolve, and people who walk through doors talking on their cell phones when I open them and can bare to whisper a thank you, ....I understand why many of my peers remain in this area for a 5-7 year period and then leave. They make their money and take off, or have their babies and move away. Something happens to YOU, not necessarily the city changes - what is that saying, "leave New York before it makes you hard?"''Leave LA before it makes you soft". I am not young anymore and not as eager to take on the world. But I don't want to force myself to be inspired when what I see around me are people taking advantage of the system, ripping other people off, corruption....

I just see city workers with short term memories screwing me over and again, I hate (and rarely) play the victim, but in the situations I've experienced I can't believe the truth isn't good enough.

I am not naive to think other city's are better, I just know I've lived in them, and they have their flaws but there's an overall goodness that prevails. People smile. Say thank you. Dignity prevails. Again, nothing has changed here but my perception and the size of my bank account thanks to these taxes. Steven Fulop seems to be a great person. Does he to therapy sessions too?



I agree with you that there is a loss of dignity that occurs after living in JC a few years. I moved here from Boston, having previously lived in New Hampshire. Those are places where the government is more or less on your side, where new contruction luxury condos are actually luxury condos, not shoddy gut jobs with Ikea cabinets. I'm glad I didn't buy anything in 2005, because now I'd be stuck.

On the other hand, living in JC instead of Manhattan has allowed me to accumulate a lot of savings. Back in 2005 a one bedroom in JC seemed like a stretch financially. Now one bedroom condos in manhattan seem doable. That wouldn't have been possible without my 5 years in JC. I was hoping JC could become an urban alternative to Manhattan. But really, JC combines all the worst attributes of NYC with all the worst attributes of NJ. You aren't getting the best of both worlds, you are getting the worst of both.

But, living here is OK as a renter. PATH is OK except at 3 AM. A stroll to Toricos in summer is a joy. My gym is conveniently located across the street from my apartment. But I won't be investing in Real Estate here. I'll move before I give these crooks 10k a year in property taxes. No thank you. If you buy a place in JC you are basically signing on to be abused by your representatives. Its a cruel joke. Even though I rent I go to the assembly meetings. I'm glad people are stirring the pot, but I don't think there is enough critical mass.

Posted on: 2010/2/4 17:53
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Re: worth buying in downtown JC?
#16
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Shiny new Brooklyn and Queens condos used to be demanding much higher prices, now those prices are 25% lower on average. I think JC is following a similar trend. Neither place is "degentrifying" but they are "deflating". Check out Curbed for more info.

Check out this article. http://curbed.com/archives/2010/01/19 ... al_at_northside_piers.php

Posted on: 2010/1/29 20:00
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Re: Crescent Court?
#17
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Quite a regular


OK, knew that sounded too good to be true.

Posted on: 2010/1/29 18:31
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Re: Crescent Court?
#18
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Quote:

BrightMoment wrote:
Quote:

lisamisa wrote:
Does anyone have any "new" insights into this condo? It does seem like a great bargain for comparable condos in downtown JC.

To buy or not to buy... what do you think?


In tonight's Tax Increase Protest at City Council, one of the speakers specifically drew attention to Crescent Court and how it typified the "30 year abatements" on taxes that most JC residents who own their condo/house saw increase 25 fto 30% with this quarter and last year's tax increase. One woman in Paulus Hook spoke about how she and her husband were facing a tax increase comparable to their mortgage and were contemplating just walking away from their condo due to tax increase. See the link here for the full NYT article: Walk Away From Your Mortgage!


Crescent Court has a 30 year abatement for residents? Please explain. Most condos downtown have 5 year abatements. Does Crescent Court really have 30? Crescent Court just became interesting.... Given the volatility of taxes in JC a 30 year guarentee would be compelling...

Posted on: 2010/1/29 18:18
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Laundering and Dry Cleaning
#19
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Quite a regular


I've been going to the Dry Cleaning/Laundering place on Newark ave since I moved here 5 years ago. Its the place just a few hundred feet from the Grove Path. Golden Dry Cleaners. I remember when my laundered shirts were 1.25 and pants 3 dollars. Now the shirts are 2 dollars and the pants are 5 dollars. What other options do I have downtown that would be recommended?

Posted on: 2010/1/29 16:54
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Re: New Low? Downtown Jersey City 1BR Duplex Under $200K with deeded yard....
#20
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Quote:

TaZMaNiO wrote:

In the near future mobility to gain employment (or follow biz opportunities) will trump ALL!


Amen brother. Why buy a house if you change jobs every 5 years and need to relocate. A big issue with this recovery is that people can't relocate to new jobs because their houses are underwater. Renters don't have that issue and can relocate at the end of a lease.

Posted on: 2010/1/29 16:14
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Re: worth buying in downtown JC?
#21
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Quote:

jc38wayne wrote:
thoughts, comments?


No, you can get a far nicer rental for less and no stress about JC going bankrupt or taxes going up. Remember, at one time renting was at a premium to owning. Now the premium is at owning, and with 22% tax increases in JC this year the situation is getting worse. Also wait for JC to be reassessed for taxes. Then you'll know what you're signing up for and won't get a nasty surprise in a few years. Until the bubble deflates and jobs come back to NYC I wouldn't buy in JC or Manhattan. The only place I'd buy is in a place that has already recovered, like Boston, or San Francisco. Don't be a knife catcher. You don't know how far down it will fall. Also, most economists are expecting a double dip in house prices once the federal stimulus goes away in March. What do you have to lose by waiting a year?

Posted on: 2010/1/29 16:09
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Re: Rally at City Hall Wednesday, Jan 27?
#22
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Ok it's getting fiesty now. Some yelling and hooting.Best quote so far "how about affordable housing for people who pay taxes!"

Posted on: 2010/1/28 0:22
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Re: Property Taxes will increase as Jersey City introduces $507 Million budget
#23
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Quote:

jc38wayne wrote:
Any thoughts on how this impacts people looking to buy into downtown JC? Are the taxes being advertised for new properties going to go up the same way i.e. $800 for every $100000 assessed? For new homes, sales agent told me sale price is assessed price, can any one confirm?


I can tell you personally that the despicable treatment of new residents in JC and Hoboken by local governments prevents me from buying here. When you buy a home, you are making an implicit vote of confidence in the state and local governments where the home resides. I will likely forever be a renter as long as I'm in NJ due to the horrible state of affairs. The state and city of JC can hardly stay afloat. Why would I invest in that?

Posted on: 2010/1/27 17:45
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Re: The Saffron - 213 Newark Avenue
#24
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Quote:

jc1 wrote:
Quote:

o73o2 wrote:
Quote:
Well, I guess the Saffron changed their minds. Just got an e-mail from them announcing that 2 BR units there start at $399K. Those of you that insisted that these units are worth upper $400's now have your chance to put your money where your mouth is...


the developer is getting antsy ... clearly, the auction approach brought in some business, but is the developer so desperate to cut prices right going into the spring selling season? i do hope that they won't go belly up.

it would be sad for a decent, but overpriced and somewhat overhyped, property ... and particularly those who actually bought the place to live in, and not to flip.


To be clear, I already own in JC. I did visit the Saffron and need to dispute some of your language. First, 2 BRs "starting" at 399k obviously implies that the least desirable, smallest 2BR unit(s) are available for 399k. This does not in anyway imply anything that you are insinuating related to going belly up. I love the drama some of you like to create, it is truly absurd.


The auction established 400k as the market price of the BEST 2 bedrooms in this building (do you think the bidders picked the crappy 2 bedrooms or the best ones?). If they price all the 2 bedrooms at 400k I think they'll do alright, even though it appears the whole building is constructed of elmers glue and dust. If they want 500k for 2 bedrooms, I see the belly up scenario playing out.

Posted on: 2010/1/15 16:08
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Re: Real estate prices in Jersey City
#25
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Quite a regular


Quote:

Scottacus wrote:
Thanks to everyone for the thoughtful replies. A real estate thread on JClist that didn't turn into a flame war? Amazing.

We should clarify something in the original calculation, the 100k down payment is NOT included in the 2800 buying per month scenario. In the renting scenario, you still have the 100k, in the buying scenario you don't. That has to be considered and really makes the cost more than 2800 a month. More like 3200 a month if you consider you just lost 100k of investable money.

Also, you really aren't socking away any significant principal the first 5 years. Here's how my numbers break down.

Lets consider 400k condo, 500 month maintenance. 500 a month taxes. All pretty lowball for what most people pay around here.

Mortgage interest (out the window) = $1666
Property Taxes (out the window) = $ 500
Condo Fees (out the window) = $500
Total out the window per month = $2666

Principal (equity!) = $480

I'm all for equity, but is a $2666 out the window worth $480 equity creation per month? Its all religion/philosophy/politics so just do whatever you want, I'm sure you'll love your new condo.

Also, if you really found a condo that sold for 300k and would rent on the market for $2300 kudos to you. Sounds impossible to me.... maybe you found the perfect short sale.


The 100k down payment is a leveraged equity investment -- basically the same as buying stocks on margin - and will appreciate or depreciate at a multiple of whatever the rate of appreciation of the home is.

Roughly speaking, if you put down 100K on a 400K home that appreciates at 3% per year, your 100K will appreciate at 12% per year. Conversely, if your home loses value you will lose 4x the amount too. Just like any leveraged investment.

Over time you are deleveraging as you build up equity, which reduces the multiplier effect (up or down). So there is actually a very important time component to how you think about your down payment as an investment.

Again, there are many factors to consider but your down payment isn't dead money -- you just need to think about how you would otherwise invest it and compare possible returns.

And as wibbit said, the tax benefit should always be included in calculations, as it is a huge contributor to both affordability and house prices.

Also, you aren't really $2666 "out the window". You need to compare that to the next best alternative (the cost of rent) and of course include the tax benefit to find your true opportunity cost.[/quote]

Good points Scottacus. I will factor in the tax deduction.

Assuming 28% tax rate.

Mortgage interest (out the window) = $1318 (based on 400k mortgage)
Property Taxes (out the window) = $ 250 (based on 500 pretax)
Condo Fees (out the window) = $500
Total out the window per month factoring in tax savings= $2068

Principal (equity!) = $480

Posted on: 2009/12/8 11:17
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Re: Real estate prices in Jersey City
#26
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Quite a regular


Quote:

Scottacus wrote:
Quote:

wibbit wrote:
Quote:

dieselpowerd wrote:

I would definitely buy a condo if it were the same price as renting. But buying is nearly twice as expensive for the same space. I pay 1650 to rent a 750 sq foot loft with 12' x 8' windows in both rooms a block from Grove street PATH station. Buying the same place would probably run me 2800 a month. If you find a similar place as mine with "the same responsibilites" for 1650 please let me know!


it's per individual basis. how much of that 2800 can you

1) get back from tax deductions?
2) as principal towards the mortgage
3) will you qualify for the 8500 free cash

add all up and make a determination, there are no blanket statements. But one thing is for sure though, if you believe the price will continue to drop another 10-20%, there is NO REASON to buy whatsoever. I bought because i feel downtown jc real estate prices has reached a flatline and the potential for another 10-20% drop is a low probability. Also my numbers made more sense - 3000 buying vs 2300 renting, plus a nicer dig not to mention the current low rates. So it wasnt a hard decision after finding a good bargain....


All good points. If you are in the 25% tax bracket you would end up paying roughly $2225 after tax benefits on the scenario above (very rough estimate including only Federal benefit).

You would also be paying principal every month, which is very roughly analogous to putting money in a savings account if you believe real estate prices will hold steady or slowly increase. This would be another few hundred dollars per month to think about.

If you think prices are going to continue to decline it wouldn't make any sense to buy right now. But if you think they're stable or on track to slowly increase then it comes down to individual situations.

In the end buying a house is a combination of two things - a rational investment (where you are essentially paying yourself rent and using the funds to make a leveraged investment) and an emotional one (since people ascribe a lot of meaning to owning a home). So whether homebuying makes sense depends on how much value you place on both aspects.


Thanks to everyone for the thoughtful replies. A real estate thread on JClist that didn't turn into a flame war? Amazing.

We should clarify something in the original calculation, the 100k down payment is NOT included in the 2800 buying per month scenario. In the renting scenario, you still have the 100k, in the buying scenario you don't. That has to be considered and really makes the cost more than 2800 a month. More like 3200 a month if you consider you just lost 100k of investable money.

Also, you really aren't socking away any significant principal the first 5 years. Here's how my numbers break down.

Lets consider 400k condo, 500 month maintenance. 500 a month taxes. All pretty lowball for what most people pay around here.

Mortgage interest (out the window) = $1666
Property Taxes (out the window) = $ 500
Condo Fees (out the window) = $500
Total out the window per month = $2666

Principal (equity!) = $480

I'm all for equity, but is a $2666 out the window worth $480 equity creation per month? Its all religion/philosophy/politics so just do whatever you want, I'm sure you'll love your new condo.

Also, if you really found a condo that sold for 300k and would rent on the market for $2300 kudos to you. Sounds impossible to me.... maybe you found the perfect short sale.

Posted on: 2009/12/7 17:50
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Re: Real estate prices in Jersey City
#27
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Quite a regular


Quote:

heights wrote:
Quote:

margel wrote:
Quote:

thriftyT wrote:
Another approach to evaluate real estate values (some would argue it's the only true way to evaluate RE values) is to consider the income of people buying and living in the area. i.e., what can the people afford to pay for housing?

Assuming a $400K condo:
100K down payment.
300K mortgage at 6%, 30 year fixed
$6000 annual property tax
$500/month maintenance

That would be a $2800 monthly payment. (not including PMI or other expenses)


Don't forget that property taxes and interest payments are tax-deductible, that substantially reduces your $2800 in real terms. And a lot of buildings around here have tax abatements. In my case, my total monthly condo payments aren't much more than I would be paying in rent if I were renting a similar apartment....

A smart move, if you are living alone, and paying rent then yes buy buy buy. Especially a condo where you will have the same responsibilities as paying rent. Save your money, savor the future.


I would definitely buy a condo if it were the same price as renting. But buying is nearly twice as expensive for the same space. I pay 1650 to rent a 750 sq foot loft with 12' x 8' windows in both rooms a block from Grove street PATH station. Buying the same place would probably run me 2800 a month. If you find a similar place as mine with "the same responsibilites" for 1650 please let me know!

Posted on: 2009/12/7 5:24
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Re: The Saffron - 213 Newark Avenue
#28
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Quite a regular


Quote:

FletchFletcher wrote:
Thrifty, if you think pre-construction auction prices are the same thing as market prices, you really need to get your head examined!!!

Auctions are nothing but bottom feeders. Expect the market for Saffron to be 10% to 20% higher than the pre construction offering.

Saffron will sell out, just like Ivy house did and Dixon Mills is slowly doing.

Remember, $250 per month maintenance fee is a lot better than $550 at Dixon and Gulls Cove.


These auction prices will set the bar for all of Saffron going forward. Any potential buyer can find the auction prices on the internet and anyone who is interested in the Saffron will be looking to spend a similar amount or less, not more. Auctions are the most accurate way to perform "price discovery". The true value is not 20% higher. If it were, that price would have been established at the auction... it wasn't.

Also, which "nice finishes" are you referring to. The plastic substance coutertops or the beautiful electric stoves? Or the second bedrooms which felt more like offices at best?

Posted on: 2009/11/15 21:16
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Re: 213 Newark Avenue Named "The Saffron"
#29
Quite a regular
Quite a regular


Quote:

thriftyT wrote:
The auction results in order were:

2 BR ($400K) $440K #505
2 BR ($390K) $429K #513
2 BR ($385K) $423K #401
2 BR ($358K) $393.8K #108
2 BR ($360K) $396K #312

step-up 2 BR ($360K) $396K #502
step-up 2 BR ($360K) $396K #105
step-up 2 BR ($360K) $396K #313

1 BR ($275K) $302.5K #504
1 BR ($288K) $316.8K #506
1 BR ($275K) $302.5K #306

step-up1 BR ($275K) $302.5K #404
step-up1 BR ($275K) $302.5K #510


These sq foot prices are actually pretty good. They range between 380 and 420 a square foot, except for the sucker who paid 440k at 480 a square foot (I have the bidders guide which listed suggested price and actual sq foot). Also the suggested prices on the 2 bedroom condos were in the mid to high 5s. That means these sold for 25-30% below list price. All the papers are saying they went for 10% below list. Not quite.

I expected new construction cookie cutter condos would fall to 400 a square foot, looks like we're there. This doesn't mean that 77 Hudson and Crystal Point will go to that price, but Grove Point, A, Waldo Lofts are pretty cookie cutter.... and they are still looking for high 400s a square foot.... Sadly, the layouts sucked at Saffron and its all electric energy so I didn't bother going to the auction. I feel like you have to adore a place now to even consider buying, and I didn't love Saffron.

Posted on: 2009/11/14 21:10
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Re: Ode to my lost home/ My first posting in 11 years of living here
#30
Quite a regular
Quite a regular


Quote:

flying_the_flannel wrote:
Quote:

dieselpowerd wrote:
Quote:

flying_the_flannel wrote:
What the hell subculture has mandated beer, t-shirt, and facial hair requirements?

Everyone keeps saying this that and the other thing about hipsters or whatever, and you're all starting to sound above and beyond ridiculous.

Do you actually know anything outside of the life you once lived, and/or the life you are currently living?


Hey take it easy. I have friends, more like acquaintences at this point because they party hard and drink every day that still "DJ in the East Village", "Drink box wine" and "Get Tattoos". I get these people and it can be fun to spend a night out with them because they know a lot about good music generally and they get me free drinks. If you don't think there are requirements to membership you have never been to a concert at McCarren pool and seen how everyone looks the same.


No, I'm familiar with all of that, believe me.


No hard feelings. We are all in this together. Obama told me so.

Posted on: 2009/11/14 18:27
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