Register now !    Login  
Main Menu
Who's Online
164 user(s) are online (76 user(s) are browsing Message Forum)

Members: 0
Guests: 164

more...


Forum Index


Board index » All Posts (ResidentJC)




Re: Condo reserves
#1
Newbie
Newbie


It sounds like at the $190 the boilers and heaters are each units own responsibility. If it is not, then yes that maintenance is way under funded. The only real things is the roof replacement, the common areas and very little more than that. It isn't that uncommon in smaller condo buildings recently converted. The roof is around $10,000 or so, can get a bit higher for a longer lasting one or higher priced contractor to do it.

Posted on: 2010/4/3 15:23
 Top 


Re: Condo reserves
#2
Newbie
Newbie


Hate to tell this, well your attorney told you the wrong thing then. One will find there is most of the time more on the mortgages than ever will be the insured amount on a building for condos. On houses that is the case not on condos. In my building the amount is around $50,000 per unit but the values are over $200K each, and everyone of them almost has some mortgage on it.

Posted on: 2010/4/3 13:56
 Top 


Re: Condo reserves
#3
Newbie
Newbie


When it comes to insurance on any building, the amount should only be for the rebuilding cost, not the market value of the properties. Commonly insurance agents love to over sell the insurance for a property. In the case of a condo building, the amount isn't nearly as much as when it comes to a 1 family home. The contents of a condo are not the condo associations responsibility. A 8 unit condo building, say 4 floors tall might have a 1.5-2 million market value, but rebuilding costs probably are around 500-600K only since it sound like a brick building. A wood framed would be less, maybe 1/2 that. So when you find out how much insurance is stating for the building keep that in mind, is the condo association over paying. Each unit owner is responsible for the contents not the condo association. I had looked into a job called a public adjustor and that job involves knowing that reality so to catch all those being way overly insured. The insurance company might love to have a $1 million policy on it, yet full well knowing they aren't going to pay the $1 million out but maybe only the 500-600K to rebuild the building.

Posted on: 2010/4/3 13:19
 Top 


Re: The Precinct at 769 Montgomery - buying preconstruction
#4
Newbie
Newbie


from the poster on the building it is neither of those two, the last one who had it was Bridget Clearly at Coldwell Banker. Don't think she sold more and 1 or 2 at most. From the phone number and no name of a real estate company it looks like the developer is selling it themselves. Otherwise if it was a real estate company they would surely have the sign or poster on the building themselves most likely.

Posted on: 2010/3/31 19:56
 Top 


Re: The Precinct at 769 Montgomery - buying preconstruction
#5
Newbie
Newbie


The building at 769 Montgomery Street has been on the market for a while. It mentions that it has some parking, but I can't figure out where they are talking about. Since it is now adertised you can rent to purchase the units and not just buy them, probably will get the builder more negotiatable on the sale of a unit. But on the other hand if they get a lot more renters, then for the time being the developer will be running the board for some time. The building is in a great location as it is probably around a 10-15 minute walk to Journal Square.

As far as the Pub goes, it has been up for sale longer than the Precinct has been doing the construction. The owner is in never never land about the price she thinks she will get for the building and then even more in never never land for how much that liquor license she wants to have that sold with it. The owner got it from an ex-boy friend for almost nothing, and has had it listed a number of times by different realtors. I know the owner, and she has no intentions on reopening it herself, nor having a reasonable price for the building and liquor license. The purchase requires a 25% down for the building and then the liquor license technically has to be all in cash since it can't be mortgaged. If you know of anyone interested in the purchase of it, or maybe would want to partnership up with the owner as the liquor license can't just be rented out. It is a full liquor license, so the old barber shop space could be a liquor store in addition to the bar being there. Anyone know of anyone interested let me know and I will contact the owner. She is still wanting around $850,000 for both building and liquor license. There is also 2 apartment above the building, a 1 bedroom and a 2 bedroom, both in gutten condition.

Posted on: 2010/3/31 12:05
 Top 


Re: Property Taxes will increase as Jersey City introduces $507 Million budget
#6
Newbie
Newbie


What happened to the 4% rule, the amount of increase is in the 20% range? Now the governor is talking of it being 2.5%.

How is the petition going against having these taxes raised so much?

Posted on: 2010/3/28 18:12
 Top 


Re: The Hudson County Real Estate Tax vs School Performance Mashup
#7
Newbie
Newbie


You make it sound like the real estate brokers/realtors are all bad. They have a function whether it is buying or selling or renting, you just have to make an intelligent judgement with what company/brokerage they are coming out of.

Posted on: 2010/3/28 17:34
 Top 


Re: New York Times: A Warm Winter for Rentals -- 50 Columbus nicer than her old place in Chelsea
#8
Newbie
Newbie


It might have been around for 24 years, primarily for shopping. The restaurants and bars in that area tend to come and go a lot more than other establishments of downtown.

And for all those highrise that are rental buildings, they are pretty transiant to say the least just look at Manhattan which is around 75% rentals. Used to be more, but today they are called co-ops, rarely do they become condos. Rarely do you hear of a new building being a co-op over there usually always a condo.

Going from rental to condo is rare, since most of the time the owner/sponsor wants more money they they will get from the sale of the units. In some cases it is the mortgage on the building, which they don't want to pay off with the proceeds and that is why part of the maintenance is a tax write off for them and not with a condo. Once the mortgage on the building, not the units gets paid off then it can go condo.

Posted on: 2010/3/20 17:56
 Top 


Re: Any information on the razing of the Lincoln Park Golf Range?
#9
Newbie
Newbie


Chelsea Piers in Manhattan, if the golf course down in Bayonne doesn't have one. Not certain as I don't play the game so haven't had to check.

Posted on: 2010/3/17 20:19
 Top 


Re: Any information on the razing of the Lincoln Park Golf Range?
#10
Newbie
Newbie


That is county land not city land so it is a cash cow for Hudson County, not Jersey City. It will be nice they are looking at doing something more there than just a driving range.

Posted on: 2010/3/17 19:00
 Top 



TopTop






Login
Username:

Password:

Remember me



Lost Password?

Register now!



LicenseInformation | AboutUs | PrivacyPolicy | Faq | Contact


JERSEY CITY LIST - News & Reviews - Jersey City, NJ - Copyright 2004 - 2017