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Re: The Beacon
#1
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Not too shy to talk


Quote:

GnomeGeneral wrote:
I have a friend who lives there, who is moving downtown tomorrow. We had to pay $10 for valet, because you can't park your car in their lot yourself and I wasn't going to leave my car in the surrounding neighborhood. Another interesting thing is his car insurance went up despite his residence being in a "gated" community. The downtown zipcode costs LESS to insure then the zipcode at the beacon. The car insurance companies have spoken. And they are telling us our cars are safer downtown.


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Posted on: 2009/7/30 13:36
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Re: The Beacon
#2
Not too shy to talk
Not too shy to talk


Quote:

sjcarolan wrote:
Clearly you are confused, again-you made a similar argument a few weeks ago, to no avail. You are now comparing Manhattan neighborhoods with amenities galore (bars/restaurants/etc) within a one block radius to the Beacon, which has amenities (projects and a highway on-ramp) within a one block radius. Beacon is in the middle of nowhere from a shopping/mass-transit pov. Give it a rest buddy.


Lol, you don't even know the neighborhood. Yeah, find me a galore amenities that you described within one block radius on 34th and 1st. I know FDR is there. Oh yeah, the Water Club is pretty close.

Quote:

sjcarolan wrote:
Im glad you like it there, but stop trying to convince me and everyone else who doenst live there there that the location is something it's not.


No one is trying to convince you but telling you the fact of how they feel about where they live. You don't have to buy it. I think you should give it a rest since you have no interest in Beacon.

Posted on: 2009/7/29 14:58
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Re: The Beacon
#3
Not too shy to talk
Not too shy to talk


Quote:

sjcarolan wrote:
The fact is I know the area quite well as I actually looked at a unit when I was in the market. I also ride my bike all over JC including past your building on my way to Lincoln Park.


At this point lets agree to disagree. You think the location is perfect and I find it less desireable.


Does your bike included in the transportation value you talked about?

Posted on: 2009/7/29 14:32
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Re: The Beacon
#4
Not too shy to talk
Not too shy to talk


Quote:

sjcarolan wrote:

Let's talk about Williamsburg, I lived there for 3 years. The L train stops on Bedford/Lorimer/Graham...great proximity and yes public housing in some parts but the point is that they are close to public transport....not sure what you are getting at as the Beacon is NOT.

I guess you are in the minority that wants to live an urban atmosphere without the conveniences typically associated with city living - shops/restaurants/transport all within walking distance. As Ive said before, I am thrilled that you are so pleased with your buy, but that does not change the fact that the location is subpar at best-and the majority of people value location in real estate.


I've lived quite few places such as 34th on 1st avenue and Battery Park. According to you, those aren't consider urban atmosphere because they are located a easy 10 mins walk to the station.

Posted on: 2009/7/29 14:24
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Re: The Beacon
#5
Not too shy to talk
Not too shy to talk


Quote:

sjcarolan wrote:

How can you say location, location, location doesnt apply here??? I agree you want to get into a location before it booms, but you want a location that is in a GOOD location relative to conveniences/subways/etc before the rest of the world has caught on, as in Willlamsburg or Grove ST path 10 years ago when people moved to relatively downtrodden areas that had great proximity to subway/path (something the Beacon does not currently have, and will never have).

Most people who are posting negatively are arguing that the Beacon initially was ridiculously overpriced given its location. My impression BSUN is that you bought at a distressed price at auction, in which case you may have paid an amount that is appropriate. The fact that a large number of units had to be disposed of via auction proves that the market agreed the initial prices were extremely overpriced.


When I said doesn't apply here, I don't mean transportation included. Depends on who you talk to, many that I know doesn't like to live too close to the train station including myself. For people who don?t commute using public transportation, Beacon is fine. It is close enough to get on 78.

Let?s talk about Williamsburg. Which transportation that you know that goes to the booming Williamsburg area and are they close to projects? Better yet, have you been there?

That?s right; I pick up a nice unit at a fair price during the auction. Do I believe the price should be higher? Hell yes. Otherwise, what the hell I?m buying it for. The lower price now doesn't mean the initial price few years back was wrong. The price had adjusted based on market situation. I wouldn't call it overprice few years back because I couldn't afford it.

Posted on: 2009/7/28 20:46
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Re: The Beacon
#6
Not too shy to talk
Not too shy to talk


Quote:

yahjcforya wrote:


On the other hand, I think what some of people is stating in this thread is that some folks living/brought at the Beacon is in certain amount of denial that they made a bad investment, at least in the short run. It will be years before they even come close to recouping the original cost if they can at all. I think many people have stated that the three rules of real estate is location, location, location. The location and the maintenance cost (question, what is so great about the amenities that it is worth over $800 and sometimes over $1000 for a 2 bedroom)is enough to turn a lot if not most of the folks away. This is why the values went down as much as 40% from the peak/original ask and will continue to underperformed the downtown, journal square areas for years to come...


The quote "location, location and location" doesn't applies the same like retail business here. From an investment point of view, you want to get into a potential location before it booms.

$800 maintenance isn't that bad consider all utilities are included and saving of gym membership. Anyone know what is the monthly NYSC membership around here for 2?

Posted on: 2009/7/28 19:30
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Re: The Beacon
#7
Not too shy to talk
Not too shy to talk


Beacon is a very nice building with great amenities, the owners believe it is a good investment. However, the area outside is not safe according to non-owners.

"Let it be done, let it be written"

Posted on: 2009/7/24 21:03
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Re: The Beacon
#8
Not too shy to talk
Not too shy to talk


Quote:

SLyng wrote:

2. "bsun" joined 3 wks ago and all 15 of his posts are about the Beacon... But I'm sure he has no hidden agenda


The above is a true statement. I just recently become one of the proud owners of Beacon.

Quote:

SLyng wrote:

The Best you can hope for is to correct any outright lies about the subject...


To correct any outright lies about the subject, in this case Beacon, who do you ask? Someone who drive by the area and never set foot inside the building or the owners/tenants? The fact is you have not heard any owner/tenant complaint about the property which indicates their satisfaction.

Regardless, this thread is all about Beacon. It is a good place to start if anyone has interest in the property. Like many, I browse thru this forum and this Beacon thread specifically before making my purchase decision.

Despite all the naysayer,
based on 25+ luxury condos that I visited in JC and NYC,
proximity to the so call warzone,
Mongol Gardens coming down,
amenities,
great people who live there,
the price I paid,
I believe my investment/speculation worth every pennies.

Posted on: 2009/7/21 19:33
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Re: The Beacon
#9
Not too shy to talk
Not too shy to talk


Quote:

groovlstk wrote:
Funny, I don't recall ever seeing anyone who owns at 77 Hudson start a thread here to "educate" the rest of us on how wonderful the building is and why it's such a great value and, by the way, the corner unit on their floor is for sale and it's a great value to all you potential homebuyers.


groovlstk you puzzle me. First of all, this is how the thread started:

Quote:

Roaring20s wrote:
I just noticed a huge banner on the side of the old JCMC. The verbiage was for the Beacon

There's next to no info on the site...just wants your personal info.


How was that being educational? I find it is more of a question don't you think?

Second, of cause you don't see anyone from 77. You are talking about 200 vs 20? 25? in population.

Let me know if you want me to start at "77 Hudson" thread for you.

Posted on: 2009/7/21 15:28
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Re: The Beacon
#10
Not too shy to talk
Not too shy to talk


Quote:

groovlstk wrote:
In what world do people believe the Beacon is a competitor to 77 Hudson?


Doesn't 77 Hudson wish they got those 32 new owners instead of Beacon?

groovlstk, you look famaliar, are you from 101 hudson or something.

Posted on: 2009/7/21 14:39
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Re: The Beacon
#11
Not too shy to talk
Not too shy to talk


Quote:

jennymayla wrote:
Stay classy, bsun.


My apology..

Posted on: 2009/7/21 14:33
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Re: The Beacon
#12
Not too shy to talk
Not too shy to talk


Everyone has the right to opinion but continuously downplay or bash others interest is low. For those of you who have no interest in Beacon, I?m really curious why you are here the first place? So, I started analysis what is the motive behind all these bashing:

1. If you have real estate interest in JC, Beacon success is good news for you because of property value gain. Even if you are from the competitor such as CP and 77H, pervious statement should still true.

2. If you have no real estate interest in JC but continuously trolling this particular thread, Beacon success must do you no good. Perhaps you are one of those to be evicted resident living in Mongol Gardens?

3. You are envy as simple as that.

I tend to believe 2 is the right one, just didn?t realize Mongol Gardens is Internet ready.

Posted on: 2009/7/21 14:24
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Re: New York Times: Recycling, and Selling, Some History - NEW APARTMENTS The m650 Flats in Jersey C
#13
Not too shy to talk
Not too shy to talk


Quote:

JC_Man wrote:
It's just not the economy stupid - location, location, location. M650 is located on the border of a war zone. Real Estate 101.


If that is a war zone, then there is no where to live in NY. STFU

Posted on: 2009/7/13 13:55
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Re: New York Times: Beacon Luxury Condos, All Bids Considered
#14
Not too shy to talk
Not too shy to talk


32 unit sold at the auction. 10 mil isn't something you want to sneeze at. 2 AIG buildings combine sold for only 150 mil. Trumps, 77 Huson, CP better rethink their price or stay 75% vacant.

Posted on: 2009/7/3 3:04
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Re: The Beacon
#15
Not too shy to talk
Not too shy to talk


Quote:

kitten wrote:
Quote:

bsun wrote:
Quote:

jennymayla wrote:
For sure, JCSHEP. I've seen that first hand and have personally invested in the area. But I'd also argue that we have a bit of a way to go, particularly with creating and sustaining more local business, as well as addressing the constant crime, even on the small time level. The stolen bike thread just reinforces that message. I know, we live in a city, yadda yadda but that doesn't make it ok.

And many other neighborhoods throughout JC have not had the same turnaround...yet.

Paving a housing project and putting up a Barnes & Noble ain't the answer.


Then you haven't been around nyc or surrounding. Trust me, Barnes & Noble is your Beacon of good location. You see a upcoming B&N sign in the negborhood, it's time to take another mortage out. There is only 2 B&N in Brooklyn and guess where they are located.

In JC, there is only one at Newport.


There's a B&N at Newport??


My mistake. It is B. Dalton which is a sub of B&N. Another one is in Hoboken. Come to think of it, Metrovest should submit a site proposal to B&N on the upcoming retail space. Let me give Vikram Pandita call to have Citibank start their JC estabishment right here at Beacon. JK

Posted on: 2009/7/2 23:13
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Re: The Beacon
#16
Not too shy to talk
Not too shy to talk


Quote:

jennymayla wrote:
For sure, JCSHEP. I've seen that first hand and have personally invested in the area. But I'd also argue that we have a bit of a way to go, particularly with creating and sustaining more local business, as well as addressing the constant crime, even on the small time level. The stolen bike thread just reinforces that message. I know, we live in a city, yadda yadda but that doesn't make it ok.

And many other neighborhoods throughout JC have not had the same turnaround...yet.

Paving a housing project and putting up a Barnes & Noble ain't the answer.


Then you haven't been around nyc or surrounding. Trust me, Barnes & Noble is your Beacon of good location. You see a upcoming B&N sign in the negborhood, it's time to take another mortage out. There is only 2 B&N in Brooklyn and guess where they are located.

In JC, there is only one at Newport.

Posted on: 2009/7/2 19:52
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Re: The Beacon
#17
Not too shy to talk
Not too shy to talk


Quote:

wibbit wrote:
i dont think there is any point discussing this further as we are just going in circles, each side have made all of their points.

Looking back 2 years, I dont think anyone can disput the fact the anti-beacon crowd was correct on the price predictions as evident by the recent prices. Now lets bury this thread for another 2 years, and see who's right again at end of 2011.


Did I said something wrong? I just got here. There were no prediction whatsoever. It was just how the market works and everyone know that. One can said the same price drop for every building near the waterfront area. Aslo, there were no Beacon unit sold for under 215k + 10% if 175k is what you call a prediction. I beleive for 215k + 10%, whoever bought that did well. Let's assume you put 20% down and take 180k mortage, with common and tax, you pay approx 1800 monthly with most utilities included. Where do you find a 1br with all Beacon has to offers at this price downtown? Forget about NYC. Even for investor who want to rent the unit out make sense.

Since the second phase about to start, I beleive this thread should go on. People who is interest about Beacon can get some of their questions answered.

My first question is to wibbit, why are you still here after two years?

Posted on: 2009/7/2 19:45
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Re: The Beacon
#18
Not too shy to talk
Not too shy to talk


Quote:

Xerxes wrote:
Can you get the shuttle at 2AM? Do you call and they come for you?

It's easy in retrospect to say look how a neighborhood changed AFTER it has changed and AFTER an economic growth spurt (roughly 1993 through 2008.) But it might be a mistake to extrapolate that to a single developer moving far afield to start his own little Valhallah. In BAD economic times one cannot presume all such ventures will succeed just becasue they did during the go-go years, and generally speaking, an auction is a sign of failure no matter WHAT spin the developer tries to weave.

Jersey City has a recent particular pattern of growth near the PATH trains..Newport, Avalon Cove, Harborside and Paulus Hook. These areas grow as the region gets popular. Same cannot be said for areas 3/4 miles from the stations with no appreciable new development in-between.

The fate of Jersey City is intricately tied to only one factor...the financial health of New York City. If NYC booms, the Beacon can expand Westward along Bergen Avenue to Journal Square. If NYC financials struggle, the Beacon will stand alone in the dreary wilderness for a long time.


The shuttle run less frequently after mid-night, but it is still available. There is a website you can find out more about the community:

www.beaconowners.com

JC is a steal compare to other areas near NYC such as Brooklyn. I was at NOVO in Brooklyn last month and their 1bd is asking for 500-650k. The building isn?t even close to the waterfront where I can pick a 2bd at Newport for 600k+ easily. However, 600k+ is still high in today market compares to what Beacon has to offer. Yes, Beacon is not in a desire location I must agree. Potential? Yes. From an investment point of view, buying a 2bd for 340k in Beacon compares to 600k+ in Newport? What about rental market? For those who lost their job and can no longer afford NYC waterfront area, JC is on their short list. A 1bd with all the amenities will run you approx 2500 month? Well ? miles away is 2000. You can do the math.

Yes, it is all depends on the market. At least one is brave enough to unload their inventory via auction and move to the next phase. 77 Hudson? 30% sold? Whoever bought a 1br for 500K in there will be stand alone on their floor for a long time. Well, maybe it is a good thing.

chill

Posted on: 2009/7/2 15:54
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Re: The Beacon
#19
Not too shy to talk
Not too shy to talk


I wasn't comparing beacon with Battery Park, but in general I would prefer a bit distance from the station. Beacon for sure is no walking distance, but 5 mins shuttle isn't bad for me

Posted on: 2009/7/1 22:40
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Re: The Beacon
#20
Not too shy to talk
Not too shy to talk


Quote:

sjcarolan wrote:
In my mind you cannot make a comparison to Grove a few years ago, the major difference being that the area around grove has ideal proximity to transportation (ie you do not need to take a shuttle OR walk 15 minutes to get PATH). I would venture to guess that 85%+ of Downtown JC residents come to JC because of its great commute to Manhattan. I know I did, and I know we immediately ruled out the Beacon because we did not want to have to deal with a shuttle.

That is not to say that the Beacon is not a beautiful building. I could care less about the projects IF the location was closer to PATH, but its not, and never will be. Again, I am thrilled that people like the building, as do I. But in the grand scheme, it's location is far from ideal. And while its surroundings may improve, it will be tempered by the fact that its location is sub-par.


I sort of disagree. Best resident area not necessary need to be this close to a station. Let's take Battery Park for an example. It take easily 15 mins to get to the subway from any building in that area.

Personally, I would prefer my place a bit farther from the station instead of Grove Pointe. Too many pedestrian traffic cause pollution and garbage.

Just me.

Posted on: 2009/7/1 18:03
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Re: The Beacon
#21
Not too shy to talk
Not too shy to talk


Let me share a funny story. I was in the Grove street area, god knows how many years ago, working for Pershing the company. The Pershing Plaza was the first new building came up at that time after Harborside I believe. Anyway, the first month we were there we had to work many late hours. We used to bring our dinner to work instead of venturing out to the local. The Grove pointe was where I used to park my car for $5 whole day. One night, my co-work and I were in short of mayonnaise and went to one of the local deli for it. No joke, the local charged us $7 for the jar of mayonnaise. Since we expense our dinner, we bought it.

This was a silly incident, but what I'm trying to imply is that the local know when to jack up price and that is how cost of living in newly developing area goes up.

A bottle of Dasani water in Chelsea is $3 today and I think it is crazy, but the residents around the area has no problem with that.

Posted on: 2009/7/1 17:52
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Re: The Beacon
#22
Not too shy to talk
Not too shy to talk


Hey jennymayla,

I still live in Brooklyn, but have worked in JSQ for 2 years now. I don't meant the existing neighbors should move but the possibilities is high if the area is cleaned up and flourished.

It is a simple cost of living ratio. If the area is cleaned and more mid to higher income families moved in, more higher disposable income will be in the area. Higher standard retail stores will want to have a presence in the area. Banks will compete to have their branch open. Then the question is whether the existing 3 stories apartment building landlord wants to rent their property to the usual or to these high ranking businesses.

From experience, if bank want a corner they usually get it. No landlord will refuse a 10-15 years lease with renovation of their property.

You are correct. Redevelopment of dumped down neighborhood not always work. It really depends on the city and the developer commitment.

Somehow, I see the commitment from the city and developer in the area where Beacon is at.

I hope it isn't a wishful thinking.

Posted on: 2009/7/1 16:32
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Re: The Beacon
#23
Not too shy to talk
Not too shy to talk


I?m surprise I read this entire thread. I guess because I?ve interest in the building. Anyway, I?m from Brooklyn and let me share my two cents. Good neighborhood is the caused of money poured into the area. Regardless where it is, as long as the city, businesses and people willing to invest in the area, the area is destined to come up. For the last 15 years, I?ve invested in areas where they once called sh-ithole. All these areas are now consider the good or best place to live. To name a few, Sunset/Parkslop, BedStuy, Redhook, Fort Green and Williamsbury. If you read New York newspaper, these areas weren?t Disneyland and some areas still need more clean up. However, young couples and middle class families are moving in regardlessly and the real estate value in these areas has increased god know how many folds. Few years ago, I was looking to buy a brownstone in Fort Green for like $500,000 but missed the opportunity. Today, the same brownstone is around $2.5 - 4 mils.

Reason? These areas are cheaper than the waterfront to live and are close to the city. Today, the monthly rent for a 2 bedrooms apartment in Parkslop and Williamsbury is about $3,000 with no view. Want to buy a 3 families building in Redhook? 3 mils if you are lucky. Can these people afford to live there? Sure.

Beacon is no different. It is consider cheaper than Exchange Place/Waterfront areas. So what if it is surrounded by thugs/gangs? They won?t survive for too long. When there are more money pour into a neighborhood, there will be more patrol. No thugs want to get stopped by police everyday. Thugs need low-income areas to survives don?t you notice? There will be no juice left for them eventually then they move.

After the Beacon auction, the developer is moving to the next phase of the project. The area is going to get more tax income from the new residents. No city wants that to go away so it will get cleaned up. For those who own property around this neighborhood should feel fortunate.

I give this area another 3+ years then it should be all clear. For the Montgomery Garden, I see a Barns and Nobles sitting there very soon. Just for the reference, It took less than 3 years for 97 Warren Street, NY to complete. Building no longer take 10 years to build.


Posted on: 2009/7/1 15:16
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