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Re: Spat pits developer against Jersey City condo owners
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Home away from home
 
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2006/11/13 18:42 Last Login : 2022/2/28 7:31 From 280 Grove Street
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State regulations don't allow condo owners to take over full control of the homeowner's board until at least 75 percent of the units are sold
This gives some developers time to pull out only after making their money from rentals (and calculated sales) without having to put much money in maintenance, repair crap workmanship and replacing cheap materials - Once the building becomes 'high maintenance' they'll pull out leaving homeowners with a huge bill and sell off the rest - The public in general, have no clue how cheap these buildings are actually being built for. If a developer sells more then 75% relatively quickly, they will be up for any warranties and maintenance issues during their accountability period - By controlling the 75% ownership it mitigates their accountability to construction / maintenance issues in that period.
Posted on: 2015/7/2 5:12
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My humor is for the silent blue collar majority - If my posts offend, slander or you deem inappropriate and seek deletion, contact the webmaster for jurisdiction.
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Re: Spat pits developer against Jersey City condo owners
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Home away from home
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Jersey City condo owners face off against developerBy When Gull's Cove, the first high-rise development in Jersey City's Liberty Harbor North area, began selling units in 2007, its developer heralded his "one-of-a-kind" building and declared its sales program "a sensational success." "We are thrilled about the attention Gull's Cove is receiving," developer Dean Geibel said then of the planned two-building, 431-unit development. Eight years later, some Gull's Cove residents are less than thrilled. The second building has yet to be constructed. Meanwhile, Geibel remains in control of the homeowner's board, with residents saying they're given no voice to make changes they say are badly needed. "Right now, we are stuck as long as he is in control of the board," Maria Karlsson, a Gull's Cove resident since January 2011, said. Only the first phase of the project — a 16-story, 323-unit building overlooking Liberty Harbor Marina — was constructed, while next door, instead of the promised nine-story, 108-unit sister building, there remains a fenced-in vacant lot. State regulations don't allow condo owners to take over full control of the homeowner's board until at least 75 percent of the units in Gull's Cove are sold, and that includes the second building. Read more: http://www.nj.com/jjournal-news/index.ssf/2015/07/post_369.html
Posted on: 2015/7/2 4:12
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Re: Spat pits developer against Jersey City condo owners
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Home away from home
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2009/3/19 15:20 Last Login : 2020/6/2 11:06 From Scenic McGinley Square
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If a building has more than 50% rental units compared to owners, it can be very difficult, if not impossible, for prospective buyers to get a mortgage. The transition from developer control to his control is often a major PITA that ends up in arbitration.
Posted on: 2015/6/25 1:18
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Re: Spat pits developer against Jersey City condo owners
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Home away from home
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I think that for current residents, it is damned if you do, damned if you don't. Sale prices may take a hit if potential buyers are aware of current problems/issues, and the construction site is definitely a minus for selling... it has been in limbo for years now! I know someone that lives there, and they are definitely not happy with the situation. I do not envy their situation.
Posted on: 2015/6/24 21:21
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Re: Spat pits developer against Jersey City condo owners
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Just can't stay away
 
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I am not sure that's the case. If the second building was going to be built and owned by the developer as rental building, wouldn't it legally be separated from from the building currently standing (the one that has the condo association)? At least that's how it seems to work at LHN and Grove Pointe. Quote: It is almost universally accepted that owners are much more desirable when compared to renters. The thinking goes that renters do not care as much about being good neighbors, or keeping up their place of residence, since they are not there for the long term. I don't necessarily agree (I think it varies, based on circumstances, the people involved, etc) but people seem to accept this as gospel True, I guess I was looking at it from a purely financial point of view In any case I don't think these guys aren't helping themselves by making all kinds of hard to prove political connection charges public. Better of selling while the market is hot.
Posted on: 2015/6/24 21:02
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Re: Spat pits developer against Jersey City condo owners
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Home away from home
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Isn't it more an issue that without the SALE of additional units, the association will never be formed?? That would mean that the condo owners never have a say in anything because they have no voting rights. Am I mistaken that for as long as the sale of units remains under 75%, a condo association will not be enforced? If I am not mistaken, then a whole bunch of owners have no right to make decisions about their property! Now THAT would make them very unattractive if one wanted to sell.
Posted on: 2015/6/24 17:31
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Re: Spat pits developer against Jersey City condo owners
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Home away from home
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Quote:
It is almost universally accepted that owners are much more desirable when compared to renters. The thinking goes that renters do not care as much about being good neighbors, or keeping up their place of residence, since they are not there for the long term. I don't necessarily agree (I think it varies, based on circumstances, the people involved, etc) but people seem to accept this as gospel. But, I also have to admit that my own personal experience has been that when developments have switched from owners to mixed owners/renters, a lot of issue do come up. It does seem true that some renters will show little to no concern for their neighbors. And, just a handful of bad/inconsiderate neighbors can have an outsized detrimental effect on all other residents.
Posted on: 2015/6/24 16:34
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Re: Spat pits developer against Jersey City condo owners
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Just can't stay away
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This kind of friction between developers and owners seem to be the norm in all new buildings. They eventually work themselves out. We had some issue at Liberty Harbor North in the beginning.
One thing I don't get is why the owners would care that the new units were rentals instead of Condo. Wouldn't having updated, newer units right next door, make your units less desirable when you want sell? Besides the tight supply of condo units is only helping keep the prices up.
Posted on: 2015/6/24 16:00
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Re: Spat pits developer against Jersey City condo owners
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Home away from home
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Anyone else find the following article quote to be very interesting? I'm sure there's a story.
"Thieroff was campaign manager for Fulop's 2013 election victory and deputy mayor in the Fulop administration for about six months before leaving the administration. Asked to describe his relationship with Fulop now, he called it "dormant."
Posted on: 2015/6/23 19:33
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Spat pits developer against Jersey City condo owners
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Home away from home
Joined:
2014/6/9 22:10 Last Login : 2017/6/16 11:22 From Jersey City, NJ
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http://www.nj.com/hudson/index.ssf/20 ... rsey_city_condo_owne.html
By Terrence T. McDonald | The Jersey Journal Email the author | Follow on Twitter on June 23, 2015 at 1:53 PM, updated June 23, 2015 at 2:55 PM JERSEY CITY ? When Gull's Cove, the first high-rise development in Jersey City's Liberty Harbor North area, began selling units in 2007, its developer heralded his "one-of-a-kind" building and declared its sales program "a sensational success." "We are thrilled about the attention Gull's Cove is receiving," developer Dean Geibel said then of the planned two-building, 431-unit development. Eight years later, some Gull's Cove residents are less than thrilled. The second building has yet to be constructed. Meanwhile, Geibel remains in control of the homeowner's board, with residents saying they're given no voice to make changes they say are badly needed.
Posted on: 2015/6/23 19:19
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