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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
 
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Posted on: 2015/6/3 18:32
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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whoever's buying those houses at 500k+ are out of their mind. Maybe if it's close to the jsq path it may be worth considering.
As an investment you are better of paying 500k for a 1br condo in the downtown waterfront and 2x the tax, than a house in that area.
Posted on: 2015/6/3 18:29
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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The moldings look a little skimpy, and the golden-oak stain a little light, for a late 19th century/early 20th century house. Happily, the soapstone fireplace mantles appear to be original! 13 Astor which recently sold for just over $500,000 also appeared to have been 'renovated' in sheetrock, loosing it's interior character.
There are lots of good sources for period moldings - the Zillow listing for 63 Astor (which I can't say is in the same row, but appears the same period) has nice interior photos; it would be easy to re-do the moldings and add pressed metal ceilings in the basement which would go a long way towards enhancing it's authentic character. http://www.zillow.com/homedetails/63- ... y-NJ-07304/38916084_zpid/
Posted on: 2015/6/3 18:05
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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13 Astor a couple of houses up recently sold for 550K. It says remodeled in 2005 guessing that's why the finishes seem a little dated but overall it looks great.
Posted on: 2015/6/3 16:30
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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Quote:
Given the pictures on the site, it seems like a very well done renovation, particularly the fact that it has 5 working fireplaces and a backyard. I don't like some of the design choices (lower half of walls painted too dark, bathroom sink and toilet in black?) The 13 feet width doesn't sound right at all. Looking at those pictures, it looks like it is wider, but it matches the information in the tax rolls. Tax Roll Link. Of course, taxes are a joke at under 5K, which is why the house can command a higher price. That has been a point highlighted many times over by Brewster and others: the unfair tax burden on properties in the Heights and other sections in JC directly affect the valuation of properties. Still, at 569K I think it is overpriced by a bit. Regardless, Astor Place is doing very, very well and I think it is a good model for how other blocks and sections of JC could improve little by little with a single block helping to drive an overall improvement of their entire surrounding area.
Posted on: 2015/6/3 16:18
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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I don't know about the asking price, but the taxes are extremely low. $4571.
Posted on: 2015/6/3 14:50
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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It's asking $569k - is that "fair" or "expensive" for this area (given that it's renovated and all that)?
Also, it's only 13-wide? That's pretty narrow, no?
Posted on: 2015/6/3 12:42
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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9 Astor just came on the market 569K looks like there is an Open House this weekend, link below.
http://hudson.paragonrels.com/publink ... b-0ff76882046c&Report=Yes
Posted on: 2015/6/3 9:51
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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You are correct @verlp 71 Astor was the NJCC, my bad.
They did a good job turning it to a one fam.
Posted on: 2015/5/24 12:58
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Re: Buying "Hold" Properties in JC Ghetto
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Newbie
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2013/8/13 13:16 Last Login : 2020/2/28 22:40 From Astor Place Neighborhood
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Just FYI - 71 Astor was not renovated by the same developers as 13 and 75. It was renovated and sold by New Jersey Community Capital.
Posted on: 2015/5/23 13:39
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
Joined:
2013/3/29 21:43 Last Login : 2023/9/5 18:27 From Bergen Hill
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Quote:
I'd say that a finished property is about 320-350 now. If it was restored with a full gut then I could see 400-450. 13 was sold pre-listing. It never went to market and that house was a full gut including foundation repair. If you can find a propert on Astor or Park for under 250, it's a steal.
Posted on: 2015/5/22 21:13
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Dos A Cero
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Re: Buying "Hold" Properties in JC Ghetto
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Not too shy to talk
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From what I understand, there were structural problems with 13 Astor Place, which may be why it sold for such a low price.
Posted on: 2015/5/21 18:29
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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I don't think anyone can answer THAT, but if you look at the 13 Astor Pl data in Trulia, it went from 140K in 12/2013 to 550K in 2/2015. That's quite impressive. Which is also why I wanted to get a look at what they did with the place. As it looked back in 2013, it was a total mess. A dump, really.
Posted on: 2015/5/21 13:04
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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Thank you for clarifying, Qiu001.
Whoever those investors are that are renovating all those properties on Astor Pl, they are obviously committed and doing the street, and area, a HUGE favor. Glad to see that taking place. I hope other neighbors choose to follow the trend and complete renovations of their properties.
Posted on: 2015/5/21 13:02
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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How much do you guys think the renovated buildings would be on the market for (the ones on Astor Pl)?
Posted on: 2015/5/21 12:52
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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No prob bodhipooh, but my description was for 92 Astor which is a 2 level + garden and a completely different realtor/investor from the other properties. 13 Astor(renovated), 71 Astor (renovated) and 75 Astor (currently being renovated) have all been done by the same investors and all are 3 levels + garden level. The contractor did a very nice job with the details on 13 and they even repointed the brick unlike 92 which was just painted over. They also did a nice job on 71 and am looking forward to seeing 75 complete.
Posted on: 2015/5/21 12:18
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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Thank you Pebble and Qiu001 for the additional information/insight. I guess I am curious about how the place turned out because I am always curious about remodeling ideas. Some of the units being transformed by Dixon (AKA "the Australians") have turned out great, and I always lust after their "after" pictures. I was hoping to maybe get to see how the renovation of 13 Astor turned out. By your description, it sounds like the property itself is huge (or, they crammed a lot of small bedrooms into it). Like I mentioned earlier in the thread, my first time on Astor Place I was immediately intrigued by the possibilities with lots of properties in the immediate area begging to be gut renovated, some even abandoned.
Posted on: 2015/5/20 23:57
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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The original owner bought it a couple of years ago to flip, weren't able to finish the Reno and finally decided to sell it. They got a realtor/investor who bought it and is finishing up the flip, apparently sold it already since it never went to market.
I personally have not seen the inside but know they made it into a four bedroom kitchen/living room lower level, 2bdr stoop level, 2bdr top level. Not sure how many bathrooms.
Posted on: 2015/5/20 23:37
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
Joined:
2013/3/29 21:43 Last Login : 2023/9/5 18:27 From Bergen Hill
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Quote:
The new owners are not speculators and they purchased before the house ever went on the market. 92 Astor seems to be completing soon. The individuals that did the work and flipped 13 are working on 75, as mentioned, but they may not sell it. They may end up living there.
Posted on: 2015/5/20 13:21
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Dos A Cero
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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Ha ha ha! So true. I don't know why, but I really like that movie and have watched it a bunch of times. It's downright silly, but entertaining, I suppose.
Posted on: 2015/5/19 19:31
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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Is there a website with pictures of the renovation done at 13 Astor Place? The pictures in Trullia make it look like a dump! Also, the price trajectory of that property is incredible: 140K to 550K in 15 months. They must have done an INCREDIBLE renovation job to be able to bring up the price 400K. Or, some deep pocketed speculator had a burning desire to get that property. Or, both?
Posted on: 2015/5/19 19:30
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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It sounds much, much better when Sean Connery says it.
Posted on: 2015/5/19 18:07
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Re: Buying "Hold" Properties in JC Ghetto
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Not too shy to talk
Joined:
2015/3/26 18:00 Last Login : 2018/12/2 20:56 From Jersey City. Bergen Hill
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75 Astor is currently being renovated by the same group that did 13 Astor Place. Which sold for 550k a couple months back.
Posted on: 2015/5/19 17:42
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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Have you never seen/watched The Rock? It's a great summer, popcorn movie. True to his style, it is a Michael Bay movie chock full of mindless action, but definitely enjoyable. Interesting tidbit about The Rock: there is a Criterion Collection DVD release that is really, really good. In fact, Michael Bay got the Criterion Collection treatment twice, also with Armageddon. Both releases have additional footage and improved quality.
Posted on: 2015/5/19 15:06
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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"Losers always whine about their best. Winners go home and f___ the prom queen."
The lamest tag line ever.
Posted on: 2015/5/19 14:46
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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Brewster, that happened to us, too. It felt unfair, but I guess it's pretty common. And in retrospect, I am thrilled we got our current house over the other two houses we had contracts dropped on.
Posted on: 2015/5/19 2:13
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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They'll use the 3 day contract review period to take a higher offer and then give the the 1st buyer an "opportunity" to place a new bid. This happened to me.
Posted on: 2015/5/19 1:51
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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Robin, do you remember the street address? I talked to a woman walking out of 92 Astor today, and I asked if they had sold it. She said no. I asked what they were asking for it (it was listed for a while on Zillow/Trulia, but is no longer listed there) and she said 4 something. She said it's really nice inside. I haven't seen it yet.
Posted on: 2015/5/19 1:27
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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Seems like a common practice for some realtors around these areas is to get the listing by charging the sellers lower a commission. They'll either have a buyer lined up or wait till they get one so they get the buyers side of the commission by working with both parties. Really shady stuff, sometimes they will not even place the property on the Hudson county MLS or answer other realtors when they call about the property. It hurts the value of the home by not giving it a fair competitive edge on the market, but sellers are lured in by the pitch that they are saving money on commission fees. In reality they are losing much more money by not being visible and eliminating access to many more buyers.
Posted on: 2015/5/19 0:55
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Re: Buying "Hold" Properties in JC Ghetto
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Not too shy to talk
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That happened on our corner in the Heights a few weeks ago too. They held an open house and took offers even though they'd signed papers the day before.
Posted on: 2015/5/19 0:17
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