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Re: A Case Study in What's wrong with JC Real Estate:
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Newbie
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The listings OP is referring to are 149 Essex and 1 Greene, you can just look them up on Trulia if you want. Not as close to the PATH as I would like it, but still Paulus Hook.
Great topic OP, I too have been looking in JC and 2% real estate tax on top of retarded maintenance fees hurts a lot. I am used to looking at LIC / Williamsburg / Downtown Brooklyn for listings. Sure you pay 50-100K more but your monthly fee is so much less because of DOUBLE DIGIT monthly taxes!
However, you did forget to mention that if you work in NYC and live in NJ, you save 3.5% city taxes which on a 100K annual income (the minimum you need to seriously consider a 500K condo) is 3500 a year, which makes a big difference considering your real estate tax is tax deductible.
So:
10000 real estate tax on a 500K condo. *0.65=6500 -3500 city tax savings =3000 a year
Not as bad as it looked before right? Throw in a pair of unlimited PATH cards for $1300 a year and it is still respectable.
As for maintenance fees, you can always go for older buildings with less bells and whistles. Avoid buildings with pools, valet parking, tennis court and you should be fine.
Posted on: 2009/1/26 22:57
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