crushthedemoniac wrote:
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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.

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!

moxiebaby wrote:
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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.

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.

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?

BrightMoment wrote:
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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!

TaZMaNiO wrote:

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

jc38wayne wrote:
thoughts, comments?

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?

jc1 wrote:
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o73o2 wrote:
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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.

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.

Scottacus wrote:
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wibbit wrote:
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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.

heights wrote:
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margel wrote:
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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.

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.

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

flying_the_flannel wrote:
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dieselpowerd wrote:
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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.