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Re: Buying "Hold" Properties in JC Ghetto
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Not too shy to talk
 
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Rumor has it that 9 Astor Place sold for $475K.
http://www.trulia.com/property/320455 ... r-Pl-Jersey-City-NJ-07304
Posted on: 2015/6/26 1:52
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Re: Buying "Hold" Properties in JC Ghetto
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Newbie
 
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No, I won't be living in it. This was purchased as an investment.
Posted on: 2015/6/10 18:54
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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Doubt he'll respond. He's a flipper. The property was purchased by an LLC for $170k.
Posted on: 2015/6/10 17:56
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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Hi Brett,
Are you going to live in the house or will you be renting it, or flipping it? If you're a new neighbor, welcome!
Posted on: 2015/6/10 17:14
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Re: Buying "Hold" Properties in JC Ghetto
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Newbie
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Hey Guys,
I just wanted to reach out because I'm the owner of 92 Astor and this thread made its way to me. I am also a realtor, working primarily in Hoboken and Jersey City. I absolutely love Astor Place and see a lot of potential on this street. If you have any questions about your property, please feel free to reach out to me directly via email or cell. Thanks! brettsik@gmail.com or 973-590-8205 -Brett Sikora
Posted on: 2015/6/10 16:32
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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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I walk to the Path from Astor Place in 20 min, but most days I take the 87 bus that I can get on Astor and Monticello. It runs every 10 min. I have gotten from Astor Place to Rock Center in about 40 min. Late at night, I take Uber home because the Taxis at JSQ are horrible. Would take the bus but it drops to 30 to 40 min after 10.
Posted on: 2015/6/4 19:52
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
 
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Quote:
You lost points for other reasons!   But, in all seriousness, some of these renovations are really, really impressive. I am actually thinking about swinging by the 9 Astor Place open house this weekend to see it all in person. I really liked some of what they did.
Posted on: 2015/6/4 18:21
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
Joined:
2014/12/21 14:43 Last Login : 2015/11/15 0:07 From Harsimus Cove
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I will probably lose points off my "JC Hater" card for asking, but do any of these block or neighborhoods organize house and garden tours or open houses? I would be fun to see not only the really authentic restorations, but houses were the owners are say, artists, and did a very inventive alteration.[/quote]
VVP used to do them, but I'm guessing they stopped about 20 years ago.
Posted on: 2015/6/4 18:17
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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Exactly that, jctexan. Google offered three different routes (one being SUPER ridiculous, and meandering, at 27 minutes). I wasn't trying to argue or disprove your claim. I can totally see someone walking the 1.1 mile distance in 20 minutes or less, depending on how much they want to exert themselves. But, let's be honest: most people wouldnt want to walk a mile in both directions. Even people in NYC, who claim they love walking, balk at walking 20 blocks (which is what a mile measures out to be when in the "grid"). Quote:
Again, I think something got lost in translation. I wasn't trying to argue with you about quality of renovations. I was pointing out that different renovations can/will/should command different valuations. I find the concept of comps to be a bad metric (disingenuous, really) because it is useless to compare two or more properties based on things like square footage, number of bedrooms/bathrooms, and proximity, without looking at the actual structure data (type of internal/external construction, framing, state of electrical system, quality of construction and materials, etc.) I have seen dilapidated properties on a block, and an incredible one just a block away. On paper, they may be the same (same square footage, # bedrooms/bathrooms, etc.) but their value is nowhere near the same. That's what I was trying to convey (maybe a bit poorly) when I said that a given property could be nothing more than a pig with lipstick. As for the usual comment that a house is worth what someone is willing to pay for it, well... I find that to be a red herring. Ask the thousands of people that bought properties during the height of the most recent real estate bubble if they feel their home/house is worth what they paid for it. What people pay for stuff is not always correlated to its actual value, but rather a whole slew of considerations. But, in any case, I think Astor Place is great. When I first saw the area, and I could see its potential. It wasn't the right time for me to buy a property over there, so I never moved past the "what if?" thinking stage. But, I am really glad to see a neighborhood block come together like that. It bodes well for your future.
Posted on: 2015/6/4 18:17
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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That is the nicest house on Astor Place yet! Not just the house itself, the garden, too, looks beautiful. I will probably lose points off my "JC Hater" card for asking, but do any of these block or neighborhoods organize house and garden tours or open houses? I would be fun to see not only the really authentic restorations, but houses were the owners are say, artists, and did a very inventive alteration.
Posted on: 2015/6/4 18:03
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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by jctexan on 2015/6/4 13:41:45
Google gave a range? I've never seen that. I've only seen different routes offered, each with a time associated. So are you saying there's a 22 min route and a 24 min route? If so, when I said it was a 20 min walk, I obviously meant the shortest walk; not many people choose the longest route for their commute. I choose the shorter route and I guess it takes me 20 rather than 22. Some may walk a little faster or slower, I suppose. Ymmv. Pun intended. I don't think arguing 22 vs 20 min is a great use of time, so I'm going to drop out of this one. Time will tell what people are willing to pay for a property on this block. Again, there are 3 properties on, or about to go on, the market on this block in the next couple of months. So I guess we'll see. Totally agree about quality of renovation. I'm not sure what made it sound like I was arguing that there is no difference between a good renovation and a bad renovation. I just pointed out that the last 3 properties that sold a year ago and the previous 6 months around that sold in the neighborhood of $325k, and that the last property sold for $550k a few months ago. Those are the comps whether you perceive that it's right or wrong or stupid or not, or....wherever else this conversation might turn. Was simply stating the comps. In this neighborhood, and this block in particular, with identical "pigs" to put lipstick on, comps are a pretty fair valuation.
Posted on: 2015/6/4 17:49
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Home away from home
Joined:
2014/12/21 14:43 Last Login : 2015/11/15 0:07 From Harsimus Cove
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Quote:
Correct - even the 1860ish houses downtown have coal-burning fireplaces (maybe wood in the front parlor). In one photo it looks like a gas fireplace is in a bedroom, venting thru the old flue.
Posted on: 2015/6/4 11:04
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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Proximity to other properties is only a tenuous indicator (if one at all) when it comes to this type of gut renovations. There is a HUGE difference between a gut renovation done by professionals, using skilled labor and top notch materials, and one done by an owner, looking to save a few pennies and dollars wherever possible, and using average or subpar materials. A savvy consumer can tell the difference. An ignorant buyer with more money than brains? They may pay full price for what could be lipstick on a pig. From everything I have heard so far, the properties that recently sold for top dollar where incredibly done with close attention to detail. The pictures in the site show an OK property. I suspect whoever buys it will need to spend a good amount of money replacing a few things (I can't get over those 80's-era bathroom fixtures in black!) and addressing some odd design choices (the wall chair railing looks cheap - too narrow - and the dark color underneath it rather dreary). Again, the properties looks decent. But based on what we know (looking at those pictures, the neighborhood, commute, etc) I think that 569K is too high. Maybe even way too high, the more I think about it.
Posted on: 2015/6/4 10:10
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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Well, Google is saying 22 to 24 minutes from 9 Astor Place. That sounds about right. The area is a maze of cross streets and lights, so I can see that delaying anyone. Throw in the heat of summer, and the cold of winter, not to mention the crappy areas you must traverse to get to JSQ from there, and this is definitely not a very nice walk/commute.
Posted on: 2015/6/4 10:02
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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Yeah, it's exactly a mile, so 3 mph seems reasonable as an average. I suppose if you walked briskly you could make it in 15 (4 mph). 30 min seems a bit slow, but I guess with ice it could take that long if you were older or nervous. 20 min is about the standard. But Google could prolly answer it best (having access to phone GPS data).
Posted on: 2015/6/4 4:28
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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Yeah, agreed on the bathrooms and fireplaces. I'm curious to see if they've been converted to wood? Never seen that here.
Posted on: 2015/6/4 4:21
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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20 min on a good day at a brisk pace (needed in that area). Try it in the rain or cold, lucky if not 30 min.
Posted on: 2015/6/4 4:19
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
Joined:
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If those properties had original bathrooms (and they might not have), they weren't in rooms with fireplaces. I've been in a number of the houses on Astor and if there's a fireplace in the bathroom, it's because somebody decided to put a bathroom in a creative place during a gut reno.
And those fireplaces were built for burning coal, not wood. If you start a wood fire in those you're going to have a bad day.
Posted on: 2015/6/4 3:37
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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I don't put any weight on it, was more anecdotal. I don't plan on selling anytime soon.
However, houses on this block are usually sold before they even go on the market, including 9 Astor (which sold in Jan or Feb for $550k). A year ago, comps were $325k for a gut renovated property (3 sold w/in 9 mos for that price). Guess we'll see what happens with 13 Astor to see if it's a fluke or not. Two other properties are being gutted on the block, so that should give more insight, too. I really love our block, and really can't wait for Monticello to start filling out. Several commercial properties that have sat vacant/boarded for the year I've been here are finally being emptied and construction permits are in the windows. Looking forward to seeing it grow!
Posted on: 2015/6/4 3:22
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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I would not put too much weight on that, I get them all the time. Mailings are relatively cheap, there's a lot of people scurrying around in the RE game, and the best way right now to make money if you don't actually have any to invest is to get ahold of a willing seller at a price that gives you markup. And in this kind of moving market not everyone knows what their property is worth. Bringing in listings is everything. There's a niche now I never heard of before: a "wholesaler", someone who just gets a contract on a property and immediately flips it, like simultaneous closings.
Posted on: 2015/6/4 3:03
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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It's a 20 min walk to JSQ PATH.
Posted on: 2015/6/4 3:03
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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How accessible is Astor Place? I mean, how easy is it to get to the PATH or the light rail? I looked at google maps, and both seems a bit far? Do you definitely need a car to live around there?
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Posted on: 2015/6/4 1:45
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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A place is worth what someone is willing to pay for it. The property 2 doors down sold for $550 just a few months ago, so it'll be interesting to see what happens. That being said, I live on Astor Pl and we've received two letters in the past two weeks (one from a house hunter and one from a realtor) saying they are looking for a property (restored or not) on Astor Place. So apparently there is demand.
Posted on: 2015/6/4 1:27
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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Oops. I still think asking north of $500k is simply ludicrous for that area. But I guess you get the benefit of being able to enjoy an open fire while you take a bath.
Posted on: 2015/6/4 0:06
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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pics of 90 Astor link attached, very nice restoration. https://m.facebook.com/190834807638982 ... 0838340/?type=1&source=42
Posted on: 2015/6/3 23:59
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Re: Buying "Hold" Properties in JC Ghetto
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Just can't stay away
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Yeah, back in the late eighteen hundreds developers sure did try to cram as many fireplaces as possible to bring the prices up.
Posted on: 2015/6/3 23:54
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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Not to mention putting a fireplace in that bathroom. I have a feeling the developers tried to cram as many fireplaces as possible as an excuse to jack up the price.
Posted on: 2015/6/3 23:24
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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Nice restore except for the retarded bathroom with wood floors and claw foot tub dead smack in the middle. Also these prices are stupid at anywhere near 500k. This is the same area with an out of control crime problem.
Posted on: 2015/6/3 23:20
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
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Not if you are not even remotely handy, and consider yourself lucky to be able to hang blinds (mine fell down after a week). I know several people who never should have bought houses.
Posted on: 2015/6/3 18:44
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Re: Buying "Hold" Properties in JC Ghetto
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Home away from home
Joined:
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Condos Suck ass.
Posted on: 2015/6/3 18:32
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