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Re: The Beacon
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@Xerxes,

We checked out the Beacon last week and I'll try to answer your questions.

There is a 30 year tax abatement which ranges from 0.97-1.07% of sale price.

I don't have the list of available places in front of me but let me try to give the numbers you asked for.

Mid-range Condo = ~$400,000.00 (List Price)
Suggested Starting Bid = $150,000 (same for all 1 BRs)
Monthly Maintenance = ~$800
Monthly Tax = ~$333 (however, this ends up based on sale price, this is assuming that it actually goes for list)

FYI - It is a Buyer's Choice Auction. This groups similar real estate parcels into pools (I assume they will have one auction for all the 1 BRs and another for all 2 BRs). One pool at a time is displayed in the auction room. Bidders then bid for the right to select the property of their choice from the pool. The winning bidder's choice is then removed from the pool, and the auction continues with additional rounds of bidding. The 'absolute' portion means that the first 12 units will be release regardless of price (however, since they will most likely be the 12 most desirable units they will be the highest priced)

Hope this helps.

Posted on: 2009/6/17 21:31
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It seems several posters are owners at the BEACON. Any estimate of what a mid-floor, mid priced, mid-sized one bedroom apartment would pay in monthly maintenance and taxes (or in lieu payments?)

If there is a tax abatement, do you know how long it will run?

I guess this weekend is the last time to view the 25 auction apartments before the bidding.

So 12 units will sell "absolute" and then the developer will decide whether to move the other 13. Any guesses on what the absolutes will go for?

Hmmm, $20 bid package should cut down the crowds.

Posted on: 2009/6/17 14:30
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Re: The Beacon
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From what I read the Beacon is on a calender year-end so those June statements were for the prior year. If you saw them recently, then more than likely it was @ 12/31/2008. Prospective condo buyers should never buy without getting the financials.... IT's like buying a house without having an engineer do an inspection.
I called today & they had me call Sheldon Good the auctioneers & I spoke to the project manager. She was to get back to me but I never heard. Hope to tomorrow. I also read it was 3 months of maintenance into the reserve account. It was also presented that way. 6 months would be outrageous.

Posted on: 2009/6/17 2:48
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No the problem is certain beacon owners flat out lie about the area / development to make it look attractive to people new to the area. That's the problem i have and why i got into this discussion in the first place when the unit were still trying to sell at 350k.

just search for some of mrwolf past posts on this thread when i got into it with him.

Posted on: 2009/6/17 0:43
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Quote:

MrWolf wrote:
Hmmm, looks like it?s that time of the year.

I will never understand certain individual?s need to tear down this particular development or why they feel the need to feign empathy. I?ll tell you as an owner, I am still quite pleased I purchased my home at the development and remain a strong believer in the neighborhood. I recently toured some of the open available units and can tell you that some of them are tremendous. These units will make great homes for those who are lucky enough to bid smart and I will be happy to greet them as my new neighbors.

In addition, there are a couple of things that need to be clarified. This auction is not a distressed sale. Given the current market, and the potential future for rates, the developer has decided the time is now to move this particular inventory. In moving units through these sales, the developer plans to re-focus his resources on the next building coming online, as well as, some planned commercial spaces scheduled for build-out. This next building is an artist style live/work loft space, with views, that will be in the 3,000 to 6,000 square feet range (full floor to half floor). This auction is about being realistic regarding the market and moving things forward, nothing more, nothing less.

The majority of the owners at The Beacon are supportive of the developer?s actions in this regard and see this as a necessary step to further strengthening the complex as a whole. Is there some concern? Sure there is, but overall most owners understand that moving the complex forward means reducing the current inventory. Those that feel sorry for the residents who purchased at The Beacon shouldn?t waste their time. There is a lot more in the world that they should be concerning themselves about.

Oh yeah ? and like Jenny said ? and karma.


To fully appreciate this posting I suggest cueing up "Don't Stop Believing" by Journey and play at high volume while reading.

Posted on: 2009/6/16 22:41
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Snapple wrote:
I can guarantee you that the Beacon is not 75% "owner occupied". That's different than "occupied". Every condo that is either unsold, or being occupied by a renter counts against the total. I'd say that the average luxury condo building in JC is about 50-65% owner occupied right now due to the economy. Makes it VERY difficult to get financing at competitive rates.


To be clear, the development is 80% closed, much higher than a number of new developments in JC. Further, the owner occupier ratio is within the required guidlines as Bank of America and Chase are onboard as preferred lenders for this auction process.

These banks are guaranteeing thirty day closings and will also will be doing 15 day quick closings.

Posted on: 2009/6/16 22:01
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Hmmm, looks like it?s that time of the year.

I will never understand certain individual?s need to tear down this particular development or why they feel the need to feign empathy. I?ll tell you as an owner, I am still quite pleased I purchased my home at the development and remain a strong believer in the neighborhood. I recently toured some of the open available units and can tell you that some of them are tremendous. These units will make great homes for those who are lucky enough to bid smart and I will be happy to greet them as my new neighbors.

In addition, there are a couple of things that need to be clarified. This auction is not a distressed sale. Given the current market, and the potential future for rates, the developer has decided the time is now to move this particular inventory. In moving units through these sales, the developer plans to re-focus his resources on the next building coming online, as well as, some planned commercial spaces scheduled for build-out. This next building is an artist style live/work loft space, with views, that will be in the 3,000 to 6,000 square feet range (full floor to half floor). This auction is about being realistic regarding the market and moving things forward, nothing more, nothing less.

The majority of the owners at The Beacon are supportive of the developer?s actions in this regard and see this as a necessary step to further strengthening the complex as a whole. Is there some concern? Sure there is, but overall most owners understand that moving the complex forward means reducing the current inventory. Those that feel sorry for the residents who purchased at The Beacon shouldn?t waste their time. There is a lot more in the world that they should be concerning themselves about.

Oh yeah ? and like Jenny said ? and karma.

Posted on: 2009/6/16 21:48
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penclfactory wrote:
This thread is getting ridiculous. I don't own in the Beacon, but moved from downtown to buy an apartment not far from it in the McGinley Square area. Sure, it doesn't have all the amenities of downtown, but I bought at the price I could afford. I like the neighborhood and feel that it has the potential to improve. It's not going to happen overnight, and I think all of the Beacon residents know that.

Yes, I could see why an original owner might be a little annoyed that someone is getting a place cheaper than what they paid a few years ago, but they'll also be getting neighbors that will help build the sense of community there.

It seems like the naysayers on the board want Beacon to admit massive failure, shut down, and keep Montgomery Gardens up so they can have some superiority how much better their section of town is than our area. Seriously people, calm down. This is giving some people that wouldn't necessarily have been able to own property at the original price point a chance to own property in a unique complex. I honestly don't see anything wrong with that.


Just to be clear, the last thing I want is for The Beacon to fail. If it fails, it's a blight on the entire city's real estate history.

As for Montgomery Gardens, whether it stays or goes, is actually not something I worry about -- I have my own local projects near me, thanks. I just don't like the smugness of certain Beacon residents (here and elsewhere) thinking that the destruction of the current site is somehow going to change the realities of that development.

Oh, and karma.

But they live in an old hospital so whatever.

Posted on: 2009/6/16 21:28
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Land marks are great

Posted on: 2009/6/16 21:15
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i dont get what the issue at hand is. we've seen property values drop nationwide in the past 6 months - 2 years. does this mean they were overpriced to begin with? most likely. is this the first time we've heard the term 'real estate bubble'? probably not. so then why make an issue out of something that has been seen to affect millions nationwide and act shocked and surprised when it happens at the beacon?

yes you bought at the wrong time on the real estate market curve. yes people are buying for 25-50% less than you. and yes, in x years, you will still probably stand to make a profit - just not as much as charlie who buys today will make. big whoop.

Posted on: 2009/6/16 19:52
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Re: The Beacon
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This thread is getting ridiculous. I don't own in the Beacon, but moved from downtown to buy an apartment not far from it in the McGinley Square area. Sure, it doesn't have all the amenities of downtown, but I bought at the price I could afford. I like the neighborhood and feel that it has the potential to improve. It's not going to happen overnight, and I think all of the Beacon residents know that.

Yes, I could see why an original owner might be a little annoyed that someone is getting a place cheaper than what they paid a few years ago, but they'll also be getting neighbors that will help build the sense of community there.

It seems like the naysayers on the board want Beacon to admit massive failure, shut down, and keep Montgomery Gardens up so they can have some superiority how much better their section of town is than our area. Seriously people, calm down. This is giving some people that wouldn't necessarily have been able to own property at the original price point a chance to own property in a unique complex. I honestly don't see anything wrong with that.

Posted on: 2009/6/16 19:01
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marybarr wrote:
Wibbet--I am not defending anything, it does not hurt MY property values to have the buildings fully owned by other than the developer. And you have your facts wrong the auction prices are starting higher than that so they will sell for even higher.


Have you ever heard of "comps"? Go get an appraisal in a few months after the dust has settled from this auction. The recent comps that the appraiser will pull will be these auctioned off units. So yes, absolutely these auctions will affect the value of YOUR property. Not in a good way either.

As far as the dog park goes... you're telling me that the residents requested a temporary dog park that looks like a chicken coop be built and placed front and center for all to see instead of around the back or side of the complex? Wow, you guys are in trouble.

Posted on: 2009/6/16 18:55
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You said "cock"

Posted on: 2009/6/16 18:52
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Re: New York Times: Beacon Luxury Condos, All Bids Considered
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I think many of the posts about the Beacon were mean spirited and that is hard not to respond to. And there over 200 units so it is hard not to like most of your neighbors. And we DID say what we liked about our home and that was responded to negatively as well. Like you say--we all have an opinion, some of us just express it with more respect--so that's that.

Posted on: 2009/6/16 18:47
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Wibbet--I am not defending anything, it does not hurt MY property values to have the buildings fully owned by other than the developer. And you have your facts wrong the auction prices are starting higher than that so they will sell for even higher. As to the price of units originally they were all different because of location, views, size, etc so your blanket statement is contrived.

GroovLStk- i was not crowing about it, i was defending my position to the detractors of my home. But now that i think about it, cock-a-doodle-doo!

Posted on: 2009/6/16 18:39
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As for now I have a lovely roof over my head and amenities to die for dahling. Life is good--knock on wood.


There has been an undending flow of Beacon porn published here over the last few years. I'm sure plenty of owners are genuinely happy with their purchase, but the constant crowing about it makes it obvious there's more at play than simple enthusiasm.

FWIW, I lived in a bad area of the Heights for 9 years. My rent ($300 per mo.) was great, the building was great, but you couldn't drag me out of PH with a tow truck and promise of my own castle.

Posted on: 2009/6/16 18:35
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the building is on the auction block, $350k unit is getting auctioned at $150k. Why are you still here trying to defend it?

sorry for your loss, but please give it up.

Posted on: 2009/6/16 18:22
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Re: New York Times: Beacon Luxury Condos, All Bids Considered
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I was then and am now in the postion to buy and was considering buying t he unit I was in, which the owner was dying to sell. My feelings about the market in that neighborhood and my experience at the Beacon made my decision for me. It is a closed community and if you don't like your neighbors you are screwed.

I chose to share my opinions on this board with others who might not be so biased about the Beacon like yourself. It's obvious what your intentions are. Instead of spending the effort to refute my experiences, why not just tell everyone how great the Beacon is and leave it at that. Everyone is entitled to their opinion.

Posted on: 2009/6/16 17:17
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Okay so you are saying that other buildings have the same problems, and all of Jersey and the country are having the same problems. I believe the economy is starting a slow more realistic upswing and have great hope for the future. As for now I have a lovely roof over my head and amenities to die for dahling. Life is good--knock on wood.

Posted on: 2009/6/16 17:12
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I can guarantee you that the Beacon is not 75% "owner occupied". That's different than "occupied". Every condo that is either unsold, or being occupied by a renter counts against the total. I'd say that the average luxury condo building in JC is about 50-65% owner occupied right now due to the economy. Makes it VERY difficult to get financing at competitive rates.

Posted on: 2009/6/16 17:07
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Our buildings ARE more than 75% owned and fully occupied that is why some folk are still in the units that are being auctioned. The dog run is still in a temporary space, and I don't think it looks bad at all. I think it is a draw for dog owners.

Posted on: 2009/6/16 16:54
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marybarr wrote:
They redesigned the dog run, changed parking companies, changed shuttle hours, added a nail salon and deli, got rid of Chapman concierge, all from our requests.


I have to say, I'm a little shocked that the Beacon put that dog run in clear view for everyone to see when they pull up to the complex. It's an eye soar. Who uses chain-link fence in the front of their property? Granted, it's better than the chicken wire they had up initially, but it's still unbelievably trashy looking. I'm not trying to rain on anyone's parade, but the Beacon has to be the biggest real estate blunder in the recent history of JC. I actually feel bad for the owners because they're going to be stuck there for a while. Refinancing is almost impossible if the units aren't 75% owner occupied, and potential buyers will have a very hard time qualifying for mortgages there for the same reason. Even nice buildings are having these issues, let alone a building that is auctioning off its remaining units. Not going to be pretty.

Posted on: 2009/6/16 16:37
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Re: New York Times: Beacon Luxury Condos, All Bids Considered
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I was up there, and I never heard Rudy F-bomb the crowd as you said. I suspect you want to misrepresent the situation. nobody else said he F-bombed the crowd up there, you're the only one who said he was unprofessional, and no one agreed with you then.

We remeber you:
http://www.beaconowners.com/Rialto-Ca ... 4&t=871&start=0&hilit=4th

If there was no lightning risk, why was everyone talking about it, and why did you wait until now to say it never happened. Think we would forget?

It looks like you had it for us for a long time... feel better yet? get enough of a chance to slam us some more? A year later and you're still sore. Move on - oh you did, but you can't let it go.

At least I could buy, and am not renting anymore. I'm in for the long haul and have a lot of faith that this place will grow in value, and provide a solid, enjoyable home while I live here.

Posted on: 2009/6/16 16:37
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jennymayla wrote:
No, the real pioneers are the Montgomery Gardens tenants, who were there way before you.

Or wait, does that make them the Indians, being chased out by the pioneers?

Hmm.


I don't like that expression either, and I don't live in the projects.

Posted on: 2009/6/16 16:26
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Re: New York Times: Beacon Luxury Condos, All Bids Considered
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The ads for renting out units are mostly from owners who bought ten units at a time when the gettin' was good. They will always be renting out their units unless they get out of real estate. At this auction folk can only buy one unit. I was the first person to move in here two years ago and I have never been kicked out of anything or had a complaint filed against me, and it is not for lack of partying. I always treat others with respect and try to get to know them. I especially love the spring and summer when the roof deck is in full swing with groups of people grilling. I went out once to say hi to a neighbor, wound up getting fed and watered by eight different parties, they just all blended in together. I have a BLAST here!

Oh and JMCEE I hate scotch. You posted complaints on another thread so that is what I meant. No hard feelings I just love my turf

Posted on: 2009/6/16 15:59
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Re: The Beacon
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We didn't chase anyone out. The whole state of NJ and many other states are changing public housing from insulated, congested, and unattractive areas to pretty town houses that are less cramped as well. As to The Beacon these units are NOT at half price. The developer wants to sell them because he owns them, wearing both those hats means he also has to have someone manage the units for him. A lot of headaches and overhead. Makes sense to me. I also don't think any of what you wrote doesn't happen in all new developments. Whenever we get together and make suggestions the management really works to improve things. They redesigned the dog run, changed parking companies, changed shuttle hours, added a nail salon and deli, got rid of Chapman concierge, all from our requests.

Posted on: 2009/6/16 15:48
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Re: New York Times: Beacon Luxury Condos, All Bids Considered
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Hey Strrangelove, Were you up there? I doubt it. Rudy told everyone it was a fire code violation, too many people. There was no electrical activity, just a little rain and some people trying to watch the fireworks.

Go do a search on craigslist to see how many of your fellow owners are trying to rent out their units. Lots of them. Good luck, clearly you are still in denial about what a bad investment you made. I'm just sharing my first hand experience living there, moron.

And Mary Barr, lay off the scotch, I never posted about the Beacon until yesterday on this thread.

Posted on: 2009/6/16 15:47
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Re: New York Times: Beacon Luxury Condos, All Bids Considered
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JMCEE has trashed The Beacon before. These units are NOT at half price. The developer wants to sell them because he owns them, wearing both those hats means he also has to have someone manage the units for him. A lot of headaches and overhead. Makes sense to me. As far as not liking it here okay already, we get it from all your previous Beacon bashing, but it seems that discouraging others to buy here goes beyond into something personal. Whatever happened to you here, I also know you had good times with good people. I also don't think any of what you wrote doesn't happen in all new developments. Whenever we get togetjher and make suggestions the management really works to improve things. They redesigned the dog run, changed parking companies, changed shuttle hours, added a nail salon, got rid of Chapman concierge, all from our requests.

Posted on: 2009/6/16 15:41
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No, the real pioneers are the Montgomery Gardens tenants, who were there way before you.

Or wait, does that make them the Indians, being chased out by the pioneers?

Hmm.

Posted on: 2009/6/16 15:30
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mia wrote:
For those who are interested in buying.... Has anyone seen audited financial statements? Does anyone know how much money is in the reserve accounts?
I'm just wondering if there'll be an assessment after this sale.... All the financial info I got was the 2005 original budget from the original offering statement.


That 2005 document was before people were living here, but I saw the audited financial for the fiscal year that ended in June last year, and it all looked fine. The board president said there's no plans for an assessment last week. Every unit that is sold contributes 3 months maintenance to working capital, and another 3 months to the reserve fund, which hasn't been touched.

As an owner, I'm not worried.

Posted on: 2009/6/16 15:29
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