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Re: Flood Zone Real Estate
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Home away from home
 
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The OP (who is nowhere to be found after posting the question) mentioned that the place took in 6 feet of water during Sandy.. so not sure what the hell your talking about here. Obviously he is talking about a low lying area, either somewhere in Paulus Hook, or York / Grove / Bright / Grand area.
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Posted on: 2013/5/24 16:35
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Re: Flood Zone Real Estate
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Quite a regular
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The people on this thread really are clowns, so many much bias it's just laughable. No reason to hate on someone else because of where they want to live, but to tell a non-local that Lafayette is a better investment than Downtown is pretty far fetched as this point in time.
Yes there is flooding Downtown, but it's not 100% of all the blocks that flood. Hoboken is far worse overall but it continues to be a good investment due to LOCATION and ACCESS to Manhattan, just like DTJC. Over here, the same blocks flood over and over, specifically in the vicinity of Bright and Grand from Jersey to Marin. However there are also several areas Downtown that stay dry and made it through both Irene and Sandy without any issues. If you are looking to buy here, do your homework. If a building is for sale for below market rate, that is a dead give away. Look into the history of the buildings on the block and ask neighbors. This doesn't just go for Downtown, but anywhere. Flooding literally can vary from block to block, just like low-lying areas of Hoboken, Brooklyn, Manhattan (LES, Battery Park City, Financial District, West Chelsea, etc). Common sense goes a long way.
Posted on: 2013/5/24 14:12
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Re: Flood Zone Real Estate
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Not too shy to talk
Joined:
2005/2/27 15:20 Last Login : 2017/10/12 22:40 From The Heights!
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How did we all do today in the rain?
Seems to have receded at this point, but does anyone know specifically if the corner of Grove and Grand was under water again?
Posted on: 2013/5/23 23:00
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Re: Flood Zone Real Estate
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Home away from home
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The new administration will actually look into ways to help homeowners with this issue rather than just ignoring it.
New pumps are already being built at the Colgate clock and behind Liberty Medical Center.
Posted on: 2013/5/23 21:22
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Re: Flood Zone Real Estate
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Newbie
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Don't do it. I have only been living in JDTJC for two years and I can tell you this area, especially Paulus Hook, always floods whether there is a hurricane or raining. My apartment has a basement and it flooded two inches a few weeks ago when there was a downpour. My fiancee and I were looking to buy property and we found a really cheap property near Taqueria for sale. We did some research and realized they were selling it because it was always being flooded. If you are looking to buy property in DTJC, you are going to have to spend the extra money. It just isn't worth your hard earn dollars to buy a place that is guaranteed to be flooded. If you are looking for a cheap property to buy, try the Lafayette-Bergen area of Jersey City. The newly elected mayor is moving there.
Posted on: 2013/5/23 2:42
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Re: Flood Zone Real Estate
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Newbie
Joined:
2013/5/20 3:00 Last Login : 2013/12/6 19:26 From Sunnyside,NY
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Not sure about the disclosure rule, but you can always have the seller do representation on the property's flooding history during the attorney review process. That way you have something in writing.
Posted on: 2013/5/22 22:24
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Re: Flood Zone Real Estate
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Home away from home
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Call your physician and ask him/her about the risks of being exposed to raw sewerage.
Posted on: 2013/5/22 14:38
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Re: Flood Zone Real Estate
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Home away from home
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I've lived in downtown for over a decade. It is the same spots that get flooded over and over and over again. I always say that the only reason these places sell is they count on some poor suckers who are new to Jersey City to purchase them or rent them.
If it happened during Irene and it happened during Sandy, it will happen again. That is, unless the City drastically improves its water/sewer/drainage system, which is unlikely in the forseeable future.
Posted on: 2013/5/22 14:14
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Re: Flood Zone Real Estate
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Newbie
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Don't do it. We had been renting a ground-floor apartment in Paulus Hook and got 6 feet of water during Sandy--just about everywhere did. Those apartments all lost just about everything.
We had asked when looking at the place if anything had happened during Irene and the answer was "no." We didn't find out until right before Sandy that there had been a sewer backup during Irene, and it wasn't just confined to the ground level; the tenants who lived on the 4th floor were the ones who told us that they'd had a backup that caused a lot of damage. Insurers don't necessarily come out to look at properties before selling you flood insurance, and a lot of people had purchased it and wound up only being covered as a basement (some appliances, window air conditioners, no personal items). Ours was "certified" and "legal" and we eventually got some money from the flood policy but you couldn't pay me to move back there. I'm starting to see some of the rental units that were destroyed listed again (at the same price you'd expect to pay in that area for something higher up), and I hope that anyone who's thinking about moving into one does their research. There's a reason it's 150k under market value--it shouldn't be used as livable space.
Posted on: 2013/5/22 13:29
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Re: Flood Zone Real Estate
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Home away from home
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My Realtor sent me to the FEMA website for flood insurance info when I was considering buying Downtown. Since FEMA recommends only a few certified insurance agents that are reputable, I called one, who is from Bergen County. He explained what's always covered by your regular insurance policy(the structure and mechanicals like the furnace) and what is covered by flood insurance(sheetrock and insulation, etc). He went on to explain that the only way to know what flood insurance is going to cost you and whether or not a finished basement level is covered beyond the structure and mechanicals is to have the lower level 'certified' as basement or a cellar. One qualifies for flood insurance coverage and one doesn't because one is a legal additional level of your home the other isn't. Unless the lower level is certified and legal, the flood insurance does not cover anything down there and was a waste of money and whomever sells you the policy without insisting you get the lower level certified is selling you the Brooklyn Bridge.
Sellers and buyers both should make sure the lower levels are certified do be covered by flood insurance.
Posted on: 2013/5/22 5:09
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Re: Flood Zone Real Estate
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Home away from home
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I would strongly you suggest you triple check any good news you are hearing from a Realtor, especially when it comes to DTJC and the sewer system....
Posted on: 2013/5/22 2:14
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Re: Flood Zone Real Estate
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Home away from home
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It depends on your risk tolerance. Most of all the downtown is in a flood zone, but different areas flood for different reasons. Areas in Harsimus Cove / Hamilton Park that are technically higher flood during heavy rains and have horrible sewer systems.
Our place on Grove Street has only flooded minimally one time during heavy rains but got inundated during Sandy and has no sewer issues. Different areas of town have different issues. Hopefully the new administration will actually address the problems residents have been facing. On another note, our realtor said that developers on a new Hamilton Park building are actually fixing sections of the sewers in the area ? Has anyone heard about this ?
Posted on: 2013/5/22 2:02
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Home away from home
Joined:
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Posted on: 2013/5/22 1:00
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Re: Flood Zone Real Estate
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Home away from home
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In addition to th monetary expenses and/or loses, don't forget to add in your time and emotional stress!!! It's takes time to talk to insurance / contractors / clean up / etc!!! And the frustration!!!
It will be "never ending" - can you handle that? Or should I ask, how MANY TIMES do you think you can handle that, before you want to get rid of it like the current owner? Quote:
Posted on: 2013/5/21 17:18
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Home away from home
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I should also note that the place had been under contract several times before us. The first time it fell through because the owner hadn't disclosed the Irene flooding. The second time because the condo association would not cooperate--I think they were reluctant to let the unit sell so low because they thought it would bring down their property values.
Someone on another thread asked about the disclosure rules. Doe anyone know specifics? I think you have to disclose anything that happened while you owned the home (e.g., this person should have to tell you about whether the place flooded in both Irene and Sandy if they owned it during this time). But, I'm not sure.
Posted on: 2013/5/21 17:05
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Re: Flood Zone Real Estate
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Home away from home
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All of a sudden the Heights is looking better and better.
Posted on: 2013/5/21 17:02
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Get on your bikes and ride !
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Re: Flood Zone Real Estate
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Home away from home
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If it's $150K under market value the owner is desperate to get rid of it.
Posted on: 2013/5/21 17:01
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Re: Flood Zone Real Estate
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Home away from home
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We almost took a similar risk on a place down on Bright St near Grove/Grand that had been flooded during Irene. It had been completely gutted, renovated (nothing fancy, but we were mainly looking for a crash pad), and the owner had installed a sump pump (maybe even got the condo association involved).
While in attorney review, Sandy hit. And the place was suddenly under 5-6 ft of water. Needless to say, we backed out. I don't think a sump pump would have helped, even if the owner had bothered to purchase a generator/battery back up. I think you should factor in the extra expense of annual flood insurance, any one-time costs such as generator or sump pump, the anticipated costs of being homeless if it floods again, etc. You may find that it's not such a great deal. Or you might hit the lottery! As someone else said, certain blocks are notorious at this point.
Posted on: 2013/5/21 17:00
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Re: Flood Zone Real Estate
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Home away from home
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If it's the one on York Street... don't do it. I live a couple places down... those basement units have all been gutted twice in the past 2 years.. sewers are horrendous. York and Grove is a major problem, and I would expect to have to gut on an annual basis.
Posted on: 2013/5/21 14:11
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Re: Flood Zone Real Estate
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Home away from home
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Not I. How did you determine it was 150K under market value?
Posted on: 2013/5/21 12:50
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Re: Flood Zone Real Estate
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Home away from home
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If gutted and redone means new sump pump systems, generator, exit piping all done in overkill, if the property isn't pitched towards your home, if your neighbors have hard core systems (sometimes half the battle is that they haven't got the systems in place and you take on their water)....you have a first floor (above your basement) to keep your real estate above water - but think about WHY they renovated and ran for under market value.
Posted on: 2013/5/21 12:24
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Re: Flood Zone Real Estate
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Home away from home
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No way. A lot of the basement apartments downtown that flood not only get water, but sewage. And, the chances are very high that it is going to flood again.
Posted on: 2013/5/21 12:06
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Re: Flood Zone Real Estate
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Home away from home
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Did it stay dry when we had 4 inches of rain last week? Lots of Downtown didn't. How about Irene? It would still take stones to buy it, but at least your odds would be better. Care to name a nearby crosstreet? That would bring out lots more info.
Posted on: 2013/5/21 4:04
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Flood Zone Real Estate
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Newbie
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Would anyone buy a basement/1st floor brownstone in a flood zone if it was $150k under market value?? The property had 6 feet of water during sandy but has been 100% gutted and redone
Posted on: 2013/5/21 3:05
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