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Re: 5th Floor Walkup
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Just can't stay away
 
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Your feet--to #1---the bus to NY at either Central or Palisade
Your feet--to #2--the light rail at Congress to the Hoboken Path or anywhere downtown JC Your feet--to #3--the cab waiting at your front door for $9 to take you to the Path Your feet to #4--Hoboken itself--for free (weather permitting) Your feet to #5--Zipcar to go to Ikea or weekend getaways etc.. I haven't had a car in 7 years and I don't need it or miss it. I used to live in Hoboken--the mile square city--and the people who live uptown 9th, 10 street--take the bus to the Path in the winter or if they just don't feel walking almost mile. We're 4 blocks from Hoboken's western edge with an elevator at Ogden so I don't why you think the transporation here is limited. It is very plentiful. The extra mode of Transport to get to the city is annoying but that's why we're not paying 1,800 for a studio in Hoboken. A car is a luxury here--unless you work in the burbs and that has nothing to do with what's available.
Posted on: 2014/6/6 19:20
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Re: 5th Floor Walkup
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Home away from home
 
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Quote:
Not if the price was right. You made the same series of calculation everyone has to: Price vs location vs the specific property's virtues & drawbacks. As I said earlier, I think a 5th fl walkup should be discounted relative to lower floors in the market. If it is not, then surely it will be harder to sell, like any other property overpriced because of it's inferior location, size or condition.
Posted on: 2014/6/6 17:53
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Re: 5th Floor Walkup
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Home away from home
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Not clueless, LOL. I live in the Heights (and, as an aside, do own - a condo), and am a keen observer of my neighborhood so I do feel my bonafides are in place!
But I do think Brewster and Bunny22 are missing my point, which is demographics, housing stock, and location are intertwined, in particular with regard to the OP's concerns about the financial prospect of buying (or, alternately, renting) a 5th floor walk-up. Yes, Ogden Avenue is lovely (and Riverview Park on Sunday! Between the farmers' market and yoga! It's hard to believe I live just a few blocks west of Palisade, sometimes I'm convinced I managed to walk to Park Slope in 8 minutes flat!) but the demographic that aspires to houses with yards, strollers, owning a car (which is practically a necessity in the Heights, owing to the dearth of amenities and limited mass transit), etc., is probably not looking for a walk-up. The desirability of a walk-up has to be considered in context with the critical mass of urban lifestyle amenities, so the OP needs to factor all this in to her/his purchase plans. I am probably an idiot, for having moved to the Heights tho'!
Posted on: 2014/6/6 16:47
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Re: 5th Floor Walkup
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Home away from home
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Actually, It was me saying Wishful_Thinking hadn't a clue, specifically about just what you've described happening in your neighborhood, when he said "Now in the Heights... forget it" referring to NYC spillover.
Posted on: 2014/6/6 14:26
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Re: 5th Floor Walkup
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Just can't stay away
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" think you are beating down a scarecrow. No one has said someone is an idiot if they choose anywhere but Downtown"
I'd say "haven't a clue" is pretty comparable to being called an idiot The trickle down/spillover effect is in full force in the Heights. When I look out my window at the people out walking their dogs or with the baby stroller or just walking, they're pretty good looking. It looks like Hoboken out there. I know there are a lot of Hoboken haters but you've got to admit they're all pretty good looking in that town. The Heights is large and many areas are still crappy but I'm near Riverview and THAT section is thriving right now.
Posted on: 2014/6/6 13:27
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Re: 5th Floor Walkup
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Home away from home
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You raise a good point, but Manhattanites can also be part of this crowd. Either way, do you really think your point is ironclad enough to be calling folks with other opinions clueless with no idea what they are talking about?
Posted on: 2014/6/6 3:13
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The spillover NYC crowd will go where they can afford, wherever that is. If they're being priced out of Brooklyn they're less likely to consider Downtown. Real estate is a series of compromises for all but the very well off.
Posted on: 2014/6/6 3:05
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Re: 5th Floor Walkup
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Home away from home
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Quote:
I think you are beating down a scarecrow. No one has said someone is an idiot if they choose anywhere but Downtown. This issue was whether the "spillover" NYC crowd would tend to congregate in DTJC or the Heights. Wishful Thinking said the former, and you said he was clueless and had no clue what he was talking about. That is just 100% wrong, as it makes perfect sense the spillover crowd would tend to buy or rent in an area with direct access to Manhattan over one that doesn't. Yes, you will always find some people from that group who would buy in the Heights, but I'm sure it pales in comparison to DTJC. Also, the subject was the spillover crowd, not people on this site.
Posted on: 2014/6/6 2:52
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Re: 5th Floor Walkup
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I do own both in the Heights and Downtown, no secret here. But it's a false comparison when you say "the Heights will never compare to DTJC." It's the same as saying " DTJC will never compare to Manhattan". Even if it were true it's not the point, it just has to continue to be a good value for the people who can buy at that price point but not Downtown, just like Downtown is sensible for people who can't afford anything liveable in Manhattan, like me 17 years ago. The insistence that anyone who chooses anywhere but Downtown is an idiot ignores this basic economics. There's plenty of people on this site who found that buying a Heights house with a yard for around $300k was far more sensible than a 1 bedroom Downtown for the same money and they couldn't afford 2 or 3 times as much for a house Downtown.
Posted on: 2014/6/6 2:38
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Re: 5th Floor Walkup
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score09 wrote: Well, if you were so sure about that doubling, you'd borrow as much as you could, sold all other investments that you have, borrowed against your 401K, - and invested it all in the real estate in the DTJC. Did you?
Posted on: 2014/6/6 2:02
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Re: 5th Floor Walkup
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Methinks you own in the Heights. Compare the property values in DTJC and the Heights - both absolute numbers and percentage of increase over the past several years - and you will see Wishful Thinking is right on the money. IMO, without direct access to Manhattan, the Heights will never compare to DTJC. You can try to downplay this major issue by saying "even if they have to bike . . ." but that "even if" is a dealbreaker for many in the spillover NYC crowd.
Posted on: 2014/6/6 1:34
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Re: 5th Floor Walkup
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Methinks you are clueless and haven't any idea what you're talking about. Areas like the Heights are getting tremendous pressure from the huge numbers of people who simply can't afford Downtown, either to buy or rent. Refugees from Brooklyn are amazed at the values, even if they have to bike or HBLT to the train or take a bus.
Posted on: 2014/6/6 0:55
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Good comments - IMO, it really depends on the neighborhood. DTJC will continue to get the 'spillover' from NYC - younger, more interested in what the walkable local context has to offer. Whoever buys from them, will presumably have a similar demographic. Now in the Heights... forget it.
Posted on: 2014/6/6 0:16
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Re: 5th Floor Walkup
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Home away from home
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Has it occured to you that they freaked out about resale value because it is more polite than saying: If you think I'm hauling my ass up all those stairs just to see you, you're nuts. I lived in a 5th floor walk up after college - East 5th next to the precinct - and La Vie Boheme quickly transmogrified into what can I make for dinner that doesn't require going to the store again and will the garbage smell if I don't take it out until morning. If you are looking for a mate, if you live on the fifth floor, no elevator, you have probably limited your pool. Also, if you have a fat ass, that's the first part of your body they will evaluate as you lead the way up.
Posted on: 2014/6/4 16:08
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Home away from home
Joined:
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Quote:
Just stating what I have seen... Quote:
Ha - oddly nice to get affirmation on JCList. Quote:
I dont disagree with you... but I dont think demand is the correct term. If the market is hot, the market is hot... if it's slow then it is slow. You have to find the right buyer in either. Keep in mind that I have heard many people note safety and privacy concerns associated with living on the first floor. Should that be quantified into the price of an apartment? Maybe - I dont know. In terms of accessing value there comes a point where you have to draw a line and the reality might be that the change in price for factors like walking up steps is negligible... so it is ignored
Posted on: 2014/6/4 13:11
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Re: 5th Floor Walkup
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Less demand = less value. And if it takes longer to sell, the property is less valuable as well.
Posted on: 2014/6/3 23:49
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Seriously? You only confirm my statement as to your reading comprehension. The OP was completely about the relative value of the 5th fl vs a lower floor. Try the header "5th floor walkup".
Posted on: 2014/6/3 23:45
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Re: 5th Floor Walkup
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I live on a 4th floor walk up, and I love it. I don't have info on future resale value for you, but have one advice regarding live-ability:
What's your plan for the future, and think about whether if the walk up will be an issue. We raised two kids in our current walk up, and while it's do-able, it's a pain to haul all the diapers, and all that upstairs (and the groceries and all that, of course). And it's a pain to haul all the trash and recycling downstairs all the time. Also, when you travel, it'll definitely be a pain to haul your heavy luggage up and down!!! We were lucky that we could store our stroller in the lobby, so I only had to carry my babies upstairs - as a bonus, my two boys learned to walk stairs at an early age  However, when my mother in law visits, it's tough for her because she's old, and she has knee issues, so it takes her a while to get upstairs. Also, one good thing about being the top floor - no footsteps above you , ever! Good luck with your purchase!
Posted on: 2014/6/3 21:29
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Quite a regular
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I had a lengthy conversation with a real estate broker I know about this (living in a 4th-floor walkup myself) and he told me the same thing. Basically, it might take you longer to find a buyer/renter because the market's restricted to younger people and usually not families.
Posted on: 2014/6/3 21:20
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Re: 5th Floor Walkup
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Right, as if there was some orthographic miscue, lol. Because, no, Brewster, there wasn?t. Quote:
True, but a rising tide lifts all boats, so it stands to reason that wherever the heretofore unnamed park is, it?ll get a lift from downtown. Quote:
Nowhere in the original post is the term ?relative value.? And, nowhere in the original post does it say anything about a 5th floor unit relative to others. The original post was most certainly related to buying, downtown or not. There is the part about ?in the process of? and the part about ?my life savings.? Lastly, the biggest thrust of the original post has to do with ?resale value.? Frankly, to suggest that NO meaning was made based on subsequent comments calls into question your literacy skills.
Posted on: 2014/6/3 21:00
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Good grief, reading comprehension on JCList has hit a new low, and that's saying something.
1- The OP never said the place was downtown 2- they were only asking about relative value of the 5th fl, not of buying, or of buying Downtown. Rad, Really? No adjustments for 5th floor walkup? I find that hard to believe, but I guess seeing the crappy appraisals I have, I should not be shocked. There's no adjustment for frame vs brick either.
Posted on: 2014/6/3 20:20
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Re: 5th Floor Walkup
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I agree. The writing is on the wall...or in your field of vision. Look to the right, left...there is a massive amount of development in DTJC and a general growth of interest that has only gained positive momentum. Barring another economic hiccup, the forecast for DTJC appears to be very good in the next 5-10 years.
Posted on: 2014/6/3 19:20
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Re: 5th Floor Walkup
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Home away from home
Joined:
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I have been told that value doesn't necessarily change as result of being on the 5th floor walk up, but number of buyers it might appeal to can be reduced. The first and second floors of a building are more accessible...
As far as I can tell the price per square foot doesnt change (nor appraisals) based on the floor. I have based this off apartments similar to mine and on various floors selling around me.
Posted on: 2014/6/3 18:02
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Re: 5th Floor Walkup
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What volatility? Jersey City real estate values are more than sixty percent higher than they were a decade ago. I know this because my property,purchased in '04, is currently on the market. Even accounting for the financial crisis of '08 and '09, there isn't much support for the notion that the Jersey City real estate market has been "volatile." Moreover, when you consider the incredible amount of capital investment infused in just the last few years alone, you'd be foolish not to be bullish on Jersey City real estate. Granted, you are correct in so much as no one knows with one hundred percent certainty as to what may befall the economy. But, the OP was worried and in the interest of allaying unwarranted fear, a bullish call was made. One step further, I predict a doubling of market value over the next five to seven years for downtown Jersey City. It is essentially part of Manhattan now. Please tell me you live downtown because if you don't, you haven't a clue.
Posted on: 2014/6/3 17:00
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Re: 5th Floor Walkup
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Just can't stay away
Joined:
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I don't think the OP was necessarily asking about buying vs renting, but whether it was a big mistake to buy a 5th floor walkup.
If that's what they're getting at, I own and lived in a 5th floor walkup for 13 years and can say the following: 1) the steps aren't for everyone, but after a while, you don't notice them any more (for me they were my only exercise) 2) it's nice not having anyone walk around on top of your apartment (I'm assuming you'd be the top floor) 3) you typically get more light on the upper floors than the lower ones 4) in the summer, it can be hotter - especially in older buildings that aren't as well insulated. (the opposite is also true in the winter, you get the benefit of your neighbor's heat rising). I think it's a reasonable statement that there will be fewer people who want to buy a 5th floor walkup than a 2nd or 3rd floor apartment, but I don't think it's a fatal flaw. I moved out of my apartment two years ago and haven't had any problem finding potential tenants. Further, I think one of the posters below made a good point about not thinking of your home as financial investment. If you're a reasonable person, and you are happy living there, it's reasonable to think that other people will be happy with it too. Good luck with your new home
Posted on: 2014/6/3 14:49
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Myth: Pancakes are for breakfast.
Fact: There are no rules when it comes to pancakes. |
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Re: 5th Floor Walkup
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I like this thought, we take for granted the comfort zones we have. Think about those who have to move on a moment's notice, or the change in the rent price either when moving or when the lease is up. Obviously you thought this purchase out and knew the costs involved. You now have a sound roof over your head and a place to hang your hat. So sit back on your couch, have a beverage, relax and enjoy the ride.
Posted on: 2014/6/3 13:55
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Get on your bikes and ride !
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Re: 5th Floor Walkup
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OP can you provide additional information such as the area, how long you plan to own it, type of building, etc? Some questions you should ask is how long did the current owner have it on the market and what did he have to do to make it marketable, was it priced lower than comps?
Posted on: 2014/6/3 13:04
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Just can't stay away
Joined:
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Don't think of the home you live in as an investment. Think of it as 4 walls and a roof to keep you dry. If you keep that in mind it will make the hard decisions of home ownership, much easier.
Posted on: 2014/6/3 11:58
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Re: 5th Floor Walkup
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Nobody can tell you for certain.
Not even score09 below who makes predictions with enviable certainty. Think about it this way, if he were really that good at the real estate price predictions, after all the volatility of the last decade, he'd be a multi-millionair right now. What you need to do is to compare two strategies, - buying vs renting. Oftentimes when people calculate the benefits they get from owning a house they forget to count in the savings on the rent. Think about how many years you plan to live here, how much your mortgage plus taxes would be - compared to the rent, remember that your equity in the condo will grow with time, - and calculate for few scenarios: what would happen if the price stays the same, or goes up, or goes down, say, by 30%. Things that can drive the price down, are taxes, global problems with economy, - like, right now people are again borrowing against their equities, and mortgages are again very easy to obtain and it seems we want to try the 2008 again, so much we liked it. Things that can drive the price up, are: new development in the JC that increases the visibility of the place and makes it a known proposition for the people looking to buy in the NYC metro area. Last but not the least, taxes in the NYC.
Posted on: 2014/6/3 11:48
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Not too shy to talk
 
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It all depends on what you paid for the building, income coming in and expenses going out. Seperate heating? parking? 1/2/3/ bedrooms? New electrical? Plenty of variables to determine that. If it was a fair deal, then you would do well in the coming years. imho.
Posted on: 2014/6/3 11:14
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