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Re: Australians investors buying up Jersey City housing
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Just can't stay away
 
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Yes, the house sold for below asking, but $950,000 ain't that bad considering the house needs some interior work (in my opinion).
Posted on: 2013/5/21 16:41
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Re: Australians investors buying up Jersey City housing
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Home away from home
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The seller was a motivated seller. The father had died and the heirs to the father's assets wanted to liquidate ASAP so that the assets could be divided up. Plus the Australians came with cash so no need to wait for a mortgage approval which may or may not have been approved if the buyer needed a mortgage.
Posted on: 2013/5/21 14:36
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Re: Australians investors buying up Jersey City housing
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Home away from home
Joined:
2009/5/15 4:26 Last Login : 2017/12/25 1:59 From here to eternity
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Quote:
According to Zillow, the corner property closed below asking http://www.zillow.com/homedetails/136 ... y-NJ-07302/38888735_zpid/
Posted on: 2013/5/20 19:28
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Re: Australians investors buying up Jersey City housing
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Home away from home
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This morning I heard the Australian investors were the ones who recently purchased the entire residential building that was for sale on the northeast corner of 8th & Erie as well as the one next to it.
Posted on: 2013/5/20 14:55
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Re: Australians investors buying up Jersey City housing
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Home away from home
Joined:
2012/9/18 3:58 Last Login : 2021/9/23 15:07 From Between Thought and Expression
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907
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Dixon has a strong marketing machine - slick website and aggressive sales staff. They take newbies to Jersey City, get them signed into a one year lease at rents significantly above market rate, and by next lease renewal, the tenants will realize that they overpaid, and are gone. Let the buyer/renter beware, but Dixon Leasing usually doesn't offer a good value to renters.
Posted on: 2013/5/20 14:45
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Re: Australians investors buying up Jersey City housing
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Home away from home
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I for one welcome our marsupial overlords. ;)
Posted on: 2013/5/20 13:00
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Re: US Masters / Dixon Managment
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Home away from home
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I know some people who said they were not very responsive after Sandy (I had friend's who had to pump out the basement of a neighbor's Dixon property because they could simply not get Dixon to do it).
That said, most of the places they are buying were going to be at least partial rentals anyway and I don't get the impression they are any better or worse than most large property companies. They certainly have to be a step up from Del Forno.
Posted on: 2013/5/20 12:22
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Re: US Masters / Dixon Managment
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Home away from home
Joined:
2010/6/17 17:22 Last Login : 2014/11/19 0:07 From Pizza City
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I think it's hard for someone so intent on writing a conspiracy theory to extend a welcoming hand.
Posted on: 2013/5/20 4:44
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Re: US Masters / Dixon Managment
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Home away from home
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Quote:
Whatever. I have no idea if these guys will be good or bad landlords. Nothing I've said defends any specific REIT firm. What I'm saying is -- once more, with feeling -- 70 percent or more of Jersey City are currently renter-occupied units. It's been that way for a long time, it will be that way for a long time, no single company will buy enough units to make a dent in that number, and the city will not be harmed by the existence of more rental units anyway. And if you want to build a community, you'd better start extending a welcoming hand to the renters, who vastly outnumber owners.
Posted on: 2013/5/20 3:14
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Re: Australians investors buying up Jersey City housing
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Home away from home
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Squeeg...I'm suspicious of the fact that this you have only posted twice on jclist ever--solely on this thread. Of all the things that happen in JC, this is the first time that you've felt the need to be a concerned neighbor? Did you lose out on a bid to these guys? There's obviously more to your story.
I have have read the posts on this topic over the past few months with great interest. Some people indicate that they are actually making positive changes in their neighborhoods. There are pros and cons to selling to them, and I'm sure that people have a variety of reasons for doing so. BTW, is there such a thing as a landlord who is not in it for the money? If indeed they are changing a legal two-family into an illegal three-family, you should report them instead of wasting your time insulting others on this list whose opinions differ from yours. And no, I don't work for them.
Posted on: 2013/5/20 3:05
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Re: US Masters / Dixon Managment
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Newbie
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So how long have you been working for US Masters?
I heard from a dozen real estate agents that you guys troll Jclist often and you're prompt to respond credulously when anything negative is written about US Master or Dixon Management. Congratulations, you have take the bait so now let the fun begin...expect to hear from us on a daily basis so stay tuned. Those of you who have never lived next to or near a property owned by US Masters bite your tongue. Until you have seen things through the same lens as those of us who are living through their lack of accountability for the community then you should wait until it happens to you... Take our word - it's a nightmare!!! On the surface it seems like US Masters / Dixon Management's intentions are auspicious and rah-rah, goody-goody for the neighborhood, however, peel back the layers and what you get is a vile rot infested organization filled with false promises and lies. Let the education regarding the truth about US Masters / Dixon Management begin To be continued...
Posted on: 2013/5/20 2:02
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Re: Australians investors buying up Jersey City housing
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Home away from home
Joined:
2012/1/11 18:21 Last Login : 2019/12/26 15:30 From GV Bayside Park
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I agree,they have done wonders here and brought in very good renters. No complaints here, besides no families are rushing to buy the many 1 family 2 family homes here so therefore I say keep it up.
Posted on: 2013/5/20 1:03
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Re: Australians investors buying up Jersey City housing
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Home away from home
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Regarding the basement apartment - call the Mayor's Action Bureau and report it and ask for a reference number for follow-up. They did a similar deal in a house near me. Renting a basement that was illegal and had much non-permited work (stove, bathroom, etc..). People were definitely living in the basement and you could see them coming in at night and leaving in the morning. You can look up "dixon leasing" (aka US Masters Residential Fund) on Yelp -- feedback is not great.
Posted on: 2013/5/20 0:57
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Re: Australians investors buying up Jersey City housing
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Not too shy to talk
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I'm not sure why anyone is complaining.
I've seen roughly a dozen of the Dixon properties. The contractors do fantastic work turning outdated apartments into modern, well-crafted apartments. All units have stainless steel appliances, washer/dryer (if they fit), new windows along with hardword floors and plumb walls. These units are pretty nice, in my opinion. If all the units in downtown were this nice, the rents would be substantially higher. Also, to the one guy that said his rent was raised 80% - that is illegal. If that was the case, you should have taken them to court.
Posted on: 2013/5/20 0:40
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Re: US Masters / Dixon Managment
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Home away from home
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Quote:
No, they aren't. As already noted, roughly 70-75% of JC is rental units. That's around the same as Hoboken, and lower than parts of Manhattan. Quote: we get transient renters, drifters and folks who don't care for their property or for our community. Renters are not subhuman. They're normal people who simply haven't chosen to buy. And if they're paying decent rents, they aren't going to wreck the entire town. Quote: your brownstone, townhouse, building etc., will be gutted, it will be carved up and the historic details will be demolished.... Plenty of families who buy homes in JC will gut them. If the building is in a historic district, the (exterior) details cannot be removed without permits. And if Masters/Dixon were a bunch of slumlords, they wouldn't fix up anything. Quote: Your neighbors and the neighborhood will then have to deal with more cars fighting for parking spots.... It's up to the city to deal with parking issues. Not departing owners. And maybe, if you want to build a community, you should invite our new neighbors to town and make them feel welcome -- instead of insult and harangue them before you've even met them. Quote: Let me be clearer....they are about one thing and one thing only! Making money Yes, you can say that about any landlord. Quote: I have had the opportunity to speak with many members of US Master and the Dixon Property Management team and I have learned that they are hell bent on ripping into Jersey City communities with absolutely no regard as to the outcome. It is sickening to say the least! What could they have possibly said to you? Did they light cigars with dollar bills? Cackle evilly when you asked them questions?
Posted on: 2013/5/20 0:27
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Re: Australians investors buying up Jersey City housing
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Home away from home
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One of the members of management is an American who has lived downtown JC for at least 4 years. I don't share that for any particular reason other than an FYI. I only know the guy from facial recognition and he has always been nice to me.
Posted on: 2013/5/20 0:21
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Re: Australians investors buying up Jersey City housing
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Just can't stay away
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No. I did not attribute to it at all. It's not like there was a murder or a robbery next door going on which I failed to report to the authorities. Everyone in Jersey City does renovating on the weekends etc and I have to live next door to this person because I'm not moving. The situation I described occurred gradually over the course of a year. I didn't know about the basement being bedrooms until they started showing the place and the crap in the backyard was irksome but I chose patience/tolerance because I have to live next door and I don't want to be a rat. I was hoping at the time that it was to be owner-occupied by a nice young couple or family and I'm disappointed to find out it's a rental with high turnover.
Posted on: 2013/5/19 20:26
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Re: Australians investors buying up Jersey City housing
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Home away from home
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Quote:
Well you attributed to it as well. Did you call all 4 council persons and complain about the debris, the sleeping quarters, and non-permits ? Along with the illegal day laborers ?
Posted on: 2013/5/19 18:50
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Get on your bikes and ride !
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Re: Australians investors buying up Jersey City housing
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Home away from home
Joined:
2006/5/10 16:36 Last Login : 2023/7/18 1:45 From Hamilton Park
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Quote:
the historic details will be demolished to make your two family home into a three family home. Do you have an example of this happening? From my experience with Jersey City zoning laws this is extremely difficult, verging on impossible. They won't allow a historic 2 family to be re-zoned as a 3 family. I suspect, if you have an example in mind, perhaps the building always was a 3 family, but in recent years had been used as a 2 family? Robin.
Posted on: 2013/5/19 17:28
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Re: Australians investors buying up Jersey City housing
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Just can't stay away
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they bought the place next door to me for $179,000. in cash. It was listed for $225,000 so I don't believe they're paying more than market, here they payed MUCH less. Our neighbor across the street said of the previous owners "they gave the house away"
They filled the backyard with demo debris for months before taking it away quietly in a van. They fininshed off a raw basement into bedrooms to make the downstairs a duplex. I saw no permits in the window--ever. Their Mexican "workers" lived on premises while doing the work. They rented for top dollar to people who stayed a year. Turnover is high. Work continues. The backyard is full of weeds. They're typical "flippers" except they rent instead of sell. I agree they bring the neighborhhood down.
Posted on: 2013/5/19 17:13
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Re: US Masters / Dixon Managment
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Home away from home
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There is an investment group that bought up a number of properties up where I am. The renovated the cat-piss soaked building next to me and rented it out.
The former owner told me they have been buying up properties and renting them out enough to break even. Their plan is that when the market improves, they will be tearing down a building new homes for resale. Thought my area is gentrifying it is going Indian.. with the Indians becoming homeowners instead of just renters.
Posted on: 2013/5/19 16:15
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Re: US Masters / Dixon Managment
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Home away from home
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have you been to the Heights recently? With its proximity to Hoboken, Downtown and 42nd street in Manhattan, the socioeconomic makeup of the heights is changing anyway.
Posted on: 2013/5/19 16:04
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Re: US Masters / Dixon Managment
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Home away from home
Joined:
2006/11/13 18:42 Last Login : 2022/2/28 7:31 From 280 Grove Street
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Developers have learnt from history how to relocate a specific socioeconomic group they want to target from a neighborhood. Instead of force, they use money then manipulate the market to maximize their investment.
Gentrification is another word for social cleansing and every year you can see parts of JC changing. City hall is complicit with gentrification by increasing taxes to hard working lower income families. There is an Australian developer from the Pratt family clan which has a similar m.o. to property acquisition .... They run a global company called VISY however the patriarch (Richard) was found guilty of fraud and deception (or similar) and was stripped of a national award ... he has since died, but didn't leave a positive social legacy with many negative media reports.
Posted on: 2013/5/19 15:52
Edited by fat-ass-bike on 2013/5/19 16:09:24
Edited by fat-ass-bike on 2013/5/19 16:13:37 |
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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: US Masters / Dixon Managment
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Home away from home
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yes, but if they want to make money, don't thye have to make sure that their rents/houses are affordable which helps those who can not afford to buy.
Posted on: 2013/5/19 15:48
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US Masters / Dixon Managment
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Newbie
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I want to point out to everyone here to walk away from US Masters and Dixon Managment at every opportunity...no better yet RUN away!!!!
They are destroying our neighborhoods...they are purchasing homes with cash which keeps families and young couples from purchasing, fixing up and integrating themselves in to our neighborhoods. Instead, we get transient renters, drifters and folks who don't care for their property or for our community. Lets go into a little more detail shall we...US Masters will buy your home for cash. They will pay more than asking. Good for you, now that your moving to the Carolinas you can leave JC behind with money in the bank. Now, lets take a look at the consequences....your brownstone, townhouse, building etc., will be gutted, it will be carved up and the historic details will be demolished to make your two family home into a three family home. Nothing will be done to the exterior so your decision to leave the upgrades to the new owner before you sold will never be realized. Your neighbors and the neighborhood will then have to deal with more cars fighting for parking spots, renters that can care less about the property and the added bonus of knowing that the new owners (US Masters / Dixon Management) WILL NOT DO ANYTHING THEY TELL YOU WHEN YOU CALL THEM OR CONFRONT THEM. Let me be clearer....they are about one thing and one thing only! Making money for the Australian fund that is being used to purchase JC properties. (see link below) http://usmastersresidential.com.au/index.htm This is a business - plain and simple...this is not about resurrecting a community or contributing in any way shape or form towards quality of life or to a better future for JC that we all dreamt of. How it works: Australians with money to invest in the fund are financing property purchases through US Masters who will buy our properties for profit. Plain and simple!! Do they care about anything else other than money? Do they care about the neighborhood? Absolutely not! Hey, I'm all for capitalism but when it comes to community and quality of life someone has to say something to the good people of Jersey City with hopes that we will all WAKE UP AND SPREAD THE WORD! US MASTERS / DIXON MANAGEMENT is destroying our hopes and dreams of a better Jersey City! I have had the opportunity to speak with many members of US Master and the Dixon Property Management team and I have learned that they are hell bent on ripping into Jersey City communities with absolutely no regard as to the outcome. It is sickening to say the least! I am begging you to tell your friends, speak with your neighbors and share this information with anyone you know who is considering selling a building to please stay away from this company...make a few dollars less and sell your building to someone who cares, someone who wants to make a difference in our community. Please Please Please consider the outcome when selling your homes...please do your best to make a family or a young couple happy instead of contributing to a fund for profit and destroying our neighborhood in the process! by all means...RUN FROM US MASTERS & DIXON MANAGEMENT! PLEASE PASS THIS ON.... Respectfully, A concerned neighbor
Posted on: 2013/5/19 15:36
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Re: Australians investors buying up Jersey City housing
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Newbie
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I live in a small studio near Hamilton Park. Dixon just hit me with a 62% rent hike, forcing me out.
Posted on: 2013/1/28 19:04
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Re: Australians investors buying up Jersey City housing
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Home away from home
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Again, the pressure fund manages are under to meet shareholder expectations can be crushing.
That combined with little to no knowledge of the local environment and politics can have a huge impact particularly in a challenging economy. It's a little different than your average absentee landlord and alot different than most owner landlords. It doesn't have to be negative, only time will tell, but don't you think the Lefraks and Silvermans of this world have considered the same investment? Why have they not made that investment? I don't think investing in property no matter who it is, is a bad thing, but I have to wonder if 1)the Dixon analysis isn't flawed, and 2) if it is what's the fallout going to be like?
Posted on: 2013/1/28 16:16
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Re: Australians investors buying up Jersey City housing
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Home away from home
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OK, so I looked into the US Master Residential filing in Australia. It's quite interesting. Follow the link below and you can see EXACTLY what properties have been acquired (with photo) and the price, along with the property description and the expected rent for each property. They also include the expected annual yield from each property.
Here are a few of my issues: 1) Clearly as a fund manager your interest is to your share holders and maximizing yields is paramount. Every landlord wants to make money but the pressure super high here. I'm not sure I'd want to be a tenant in one of these properties if there's a problem. Do they have a proper management company, are they fixing problems correctly? 2) Australians investing in these properties are investing [u]retirement monies. This is clear from their own website. I don't think this is a Ponzi scheme like the David Lerner REITs (and is currently under investigation AND being sued by FINRA) but REITS are not suitable for retirement money. I'm sorry, it's a huge bet on the economy and no matter how bullish you are, it's inappropriate for retirement funds. 3) Emphasis on "ESTIMATED" yields. As foreigners are they relying on information they are getting from people with their own agenda? How do you estimate yields in Jersey City without knowing how the reval will effect you? I'm sure part of the attraction to the properties in JC was low taxes, as most of the JC properties seem pretty low end (sorry if that offends anyone). That could change in the blink of an eye. 4) The expected rents for the Hoboken and Park Slope properties seem a little high, but who knows it could be attainable. 5) I don't care for the terminology on the website, i.e. they are "targeting" Hudson County. Also, in the You Tube video Dixon calls Hudson County the "island across from Manhattan". Yeah, he probably just misspoke but it does make you wonder. Go to all the websites, watch the You Tubes and then you can decide if the intention seems honorable or not. That's all. Time will tell. http://www.usmastersresidential.com.a ... er-Monthly-Final-2012.pdf
Posted on: 2013/1/28 14:37
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Re: Australians investors buying up Jersey City housing
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Home away from home
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bodhipooh: aren't campaign donations the best vote of all
Posted on: 2013/1/28 11:57
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Re: Australians investors buying up Jersey City housing
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Home away from home
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Heights:
If by "they" you are referring to the Australian REIT fund, you should know that they will not be voting for anyone because, legally, non citizens are NOT allowed to vote. With a very few notable exceptions, foreigners are not allowed to vote at ANY level of government. And none of those are in NJ. For someone who is so brazen and cavalier in his attitude towards foreigners and immigrants, and who has no qualms in spouting xenophobic rants, you have a remarkably small grasp of laws and facts regarding those matters.
Posted on: 2013/1/28 4:19
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