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Re: The Precinct at 769 Montgomery - buying preconstruction
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Quote:

moxiebaby wrote:
We decided against moving into the building. The units we were looking at were right over the garage and the internal construction seemed very flimsy indeed. As for renting out in the future, yes, in theory, you should be able to get tenants, but you can't command rent high enough to profit based on what I see them asking, even following all the price reductions that building has been through. That is, assuming you are only putting down 20%. If you are putting down 50% the equation changes and you should be ok BUT it still looks like the building is pretty deserted.

The overall area itself is fine, but I don't like that the Soleil decided against a front entrance on Montgomery. A big turnoff for me was the entrance on Boland.


I also retract my much earlier statement I made in response to icechute, regarding only being able to afford mediocrity. In this market, I was able to get a piece of splendor.


This is what I'm talking about. I wonder if there are any current tenants that are on these forums?

Posted on: 2015/11/19 19:00
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Re: The Precinct at 769 Montgomery - buying preconstruction
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Quote:

moxiebaby wrote:
We decided against moving into the building. The units we were looking at were right over the garage and the internal construction seemed very flimsy indeed. As for renting out in the future, yes, in theory, you should be able to get tenants, but you can't command rent high enough to profit based on what I see them asking, even following all the price reductions that building has been through. That is, assuming you are only putting down 20%. If you are putting down 50% the equation changes and you should be ok BUT it still looks like the building is pretty deserted.

The overall area itself is fine, but I don't like that the Soleil decided against a front entrance on Montgomery. A big turnoff for me was the entrance on Boland.


I also retract my much earlier statement I made in response to icechute, regarding only being able to afford mediocrity. In this market, I was able to get a piece of splendor.


Where did you end up moving, moxiebaby? Do tell!

(Just saw your comment above about being able "to get a piece of splendor" and it made me curious.)

Posted on: 2011/1/16 4:06
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Re: The Precinct at 769 Montgomery - buying preconstruction
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We decided against moving into the building. The units we were looking at were right over the garage and the internal construction seemed very flimsy indeed. As for renting out in the future, yes, in theory, you should be able to get tenants, but you can't command rent high enough to profit based on what I see them asking, even following all the price reductions that building has been through. That is, assuming you are only putting down 20%. If you are putting down 50% the equation changes and you should be ok BUT it still looks like the building is pretty deserted.

The overall area itself is fine, but I don't like that the Soleil decided against a front entrance on Montgomery. A big turnoff for me was the entrance on Boland.


I also retract my much earlier statement I made in response to icechute, regarding only being able to afford mediocrity. In this market, I was able to get a piece of splendor.

Posted on: 2011/1/15 18:04
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Re: The Precinct at 769 Montgomery - buying preconstruction
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We're looking for a condo and came across the soleil. The pics on the website looks good.

I assume people have moved in already at this point? Any feedback on the building, the location and the management (or anything related)?

Is it a good building to live in? If we intend to rent it in the future (e.g. moving out to the burbs), would the area / building be an easy rental?

TIA.

Posted on: 2011/1/7 23:08
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Re: The Precinct at 769 Montgomery - buying preconstruction
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I checked out their Facebook page, which has some pics and realtor-speak:
http://www.facebook.com/#!/pages/Jers ... ts/107902159232152?ref=ts

The prices seem reasonable, especially compared to downtown.

As for there not being an airtight seal between those floors, I would check that out pretty carefully before making a purchase. Sound transmission might be a big problem. Go stomp around on the upper floor and see if you can hear it from below.

And as for a pre-construction purchase, the biggest risk I would foresee is if the building fails to sell out and a lot of the units are rented out, it will be bad for value and it means the general upkeep of the building will suffer (owners generally take better care of the building than renters) so I'd look at the list of units and see how many have sold and how many are still available. It's been on the market for quite awhile, right? So maybe wait another few months and see how it does before making any decision.

Posted on: 2010/4/1 12:49
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Re: The Precinct at 769 Montgomery - buying preconstruction
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Yes, but some of us can only afford to live in medocrity.

Agree, I don't like the way they broke up the windows either. It would seem like there's not an airtight seal between your unit and your neighbor's in that cluster of units. If I drop a pen by the window inside the upper level unit, does it fall through to my downstairs neighbors' floor? What about loose change?

Overall I agree with the poster that the revival of McGinley Square will be a great thing, and the SW part of McGinley Square is an easy walk to the PATH.

Btw, I preferred The Precinct as the building name. You could have some great police- themed parties there featuring handcuffs and donuts.

Posted on: 2010/4/1 12:35
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Re: The Precinct at 769 Montgomery - buying preconstruction
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Architecturally, they could not have designed a more mediocre, boring and just plain bad addition on top of the old building.

Look at M650 flats almost across the street for comparison.

Posted on: 2010/4/1 2:05
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Re: The Precinct at 769 Montgomery - buying preconstruction
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Great pics, Cyclo, I agree entirely, it's a shame they broke up those beautiful windows into separate floors. Either of those units would feel like living in half a floor.

I'm hoping that building does well, I live in m650 and the neighborhood has potential. It'd be great to have some decent stores go into the 769 commercial space (although I'm not holding my breath -- the former space of Duda Penteado's art gallery down the block just turned into a MetroPCS storefront)

I also think dropping the "Precinct" name is a good move, even if "The Soleil" sounds cheesy and lame. I don't think I'd want a constant reminder that my building used to be a police station.

Posted on: 2010/4/1 1:56
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Re: The Precinct at 769 Montgomery - buying preconstruction
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Quote:

cyclotronic wrote:
They also inserted floors right in the middle of big windows, in what must have been a 2-story open space. It does not look good.


To illustrate this -- note the thick white bar through the big windows at bottom:

Resized Image

This is the upstairs apartment:

Resized Image

And this is downstairs:

Resized Image

Totally awkward if you ask me. They should have made some awesome 2 floor lofted apartments in that part of the building.

Posted on: 2010/4/1 1:08
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Re: The Precinct at 769 Montgomery - buying preconstruction
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There are some great historic buildings in that area and some interesting renovations going on. The Beacon is obviously the flagship. M650 lofts is an interesting adaptive reuse. As Cyclo said, the quality of the renovation on this one leaves something to be desired (from a preservation point of view).

McGinley Square is an interesting area for development. It's not quite the best location for transit commuters, but it may be close enough. If enough of these renovations take off then this could be a real boost to a neighborhood that has sort of fallen through the cracks.

Posted on: 2010/3/31 23:05
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Re: The Precinct at 769 Montgomery - buying preconstruction
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ResidentJC wrote:
It mentions that it has some parking, but I can't figure out where they are talking about.


It's indoors, not under the building. The building is historically significant as one of the earliest (or first?) police buildings in the country with an attached garage for the police cars.


Quote:

The building is in a great location as it is probably around a 10-15 minute walk to Journal Square.


10 minutes. 15 only if you're a very slow walker.


Quote:

As far as the Pub goes...


It's pretty nice inside, but the owners had no idea how to run a bar. I hope they come way down on the price as I'd like to see someone reopen it who knows what they are doing.

Back to 769 Montgomery, I have not been inside, but I'm not really impressed with the quality of the work on the outside. The addition was done in brickface instead of real brick and looks cheap, and will only look worse as it ages. They also inserted floors right in the middle of big windows, in what must have been a 2-story open space. It does not look good.

Posted on: 2010/3/31 20:02
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Re: The Precinct at 769 Montgomery - buying preconstruction
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from the poster on the building it is neither of those two, the last one who had it was Bridget Clearly at Coldwell Banker. Don't think she sold more and 1 or 2 at most. From the phone number and no name of a real estate company it looks like the developer is selling it themselves. Otherwise if it was a real estate company they would surely have the sign or poster on the building themselves most likely.

Posted on: 2010/3/31 19:56
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Re: The Precinct at 769 Montgomery - buying preconstruction
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Interesting development: In the last 24 hours it appears this project has been re-branded as The Soleil and is now being promoted by the Daniels Team @ Weichert instead of Liberty Realty, which is how I was first introduced to it.

Again, I am merely a shopper making observations and have no r/e affiliation with this project. Though I do have an appt to check it out.

Posted on: 2010/3/31 18:05
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Re: The Precinct at 769 Montgomery - buying preconstruction
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The building is actually finished now. Parking is deeded. It's $15,000 a spot. There are still 32 units to choose from. Lots of different layouts and best of all, if you qualify you can get into the building with an FHA 3.5% down loan.

Posted on: 2010/3/31 15:14
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Re: The Precinct at 769 Montgomery - buying preconstruction
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Thank you for this information and advice of what to carefully investigate. My understanding (and previous experience) is that it's common practice to pay 3 mos maintenance fees to the reserves when you buy a condo.

When I first visited early January I liked the place a lot but it was far from finished. I'm told that they are finished now, which I'm interpreting as "we've come a long way since January". As I'm flexible with regard to a closing date (don't qualify for 1rst time buyer tax credit) I can give it some time. The 2 units I saw in January have been sold so we're going to visit some others tomorrow.
Will report back.

Yes, I agree, the location is super convenient. I'll be walking to JSQ. My fiance drives to work. The parking is underneath the building. From what I understand there is not deeded parking. You can rent a spot there.

I've looked at A LOT of condos in McGinley Sq in the past 2 months. I loved 340 Fairmount, but all those units sold out before I sold my Hoboken condo and became liquid. For now, The Precinct is looking like our forerunner.

Posted on: 2010/3/31 12:32
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Re: The Precinct at 769 Montgomery - buying preconstruction
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The building at 769 Montgomery Street has been on the market for a while. It mentions that it has some parking, but I can't figure out where they are talking about. Since it is now adertised you can rent to purchase the units and not just buy them, probably will get the builder more negotiatable on the sale of a unit. But on the other hand if they get a lot more renters, then for the time being the developer will be running the board for some time. The building is in a great location as it is probably around a 10-15 minute walk to Journal Square.

As far as the Pub goes, it has been up for sale longer than the Precinct has been doing the construction. The owner is in never never land about the price she thinks she will get for the building and then even more in never never land for how much that liquor license she wants to have that sold with it. The owner got it from an ex-boy friend for almost nothing, and has had it listed a number of times by different realtors. I know the owner, and she has no intentions on reopening it herself, nor having a reasonable price for the building and liquor license. The purchase requires a 25% down for the building and then the liquor license technically has to be all in cash since it can't be mortgaged. If you know of anyone interested in the purchase of it, or maybe would want to partnership up with the owner as the liquor license can't just be rented out. It is a full liquor license, so the old barber shop space could be a liquor store in addition to the bar being there. Anyone know of anyone interested let me know and I will contact the owner. She is still wanting around $850,000 for both building and liquor license. There is also 2 apartment above the building, a 1 bedroom and a 2 bedroom, both in gutten condition.

Posted on: 2010/3/31 12:05
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Re: The Precinct at 769 Montgomery - buying preconstruction
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Floors were added to the top of the precinct building. I saw this lead to leaks in two other JC buildings, morgan lofts and another condo downtown which i wont name. Both of those floor additions were done in the 80?s so that could be the reason. With all this rain it might be a great opportunity to check the place and make sure the construction was done right and is water tight.

I bought pre-construction and have been happy. I don?t know if my logic was correct but my though process for vetting follows. I looked at what deposit I had to put down, what the terms were, when and how I could back out if not delivered. I then looked at what common elements, amenities, and construction was promised but not yet completed at the time of the planned closing. I tried to ascertain the potential for the developer to not deliver those things. I then considered the impact if these were not delivered. Lastly I think some developers are bonded or something which I think is a safety measure in case they go under. I think the theory was that some other developer would be incented to take over?I am not sure i understood that fully. Good luck and I hope they re-open the McGinley Square pub next to the precinct someday!

Posted on: 2010/3/30 19:43
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Re: The Precinct at 769 Montgomery - buying preconstruction
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Capital contributions are required when you buy in any condo building, pre-construction or not. It is one way to grow the reserve fund for eventual repairs.

As a realtor I can tell you that The Precinct is a rock solid building with a lot of appealing details. The floors are 6" cement. You will not hear your neighbors walk in the condo above you. The 6th floor has very high ceilings and some phenomenal views.

The bus to Exchange Place literally stops at the corner of the building. It is one of the best buys out there right now. And what's more, the building is FHA approved, so you can get in with 3.5% down, if you qualify.

Posted on: 2010/3/30 18:58
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Re: The Precinct at 769 Montgomery - buying preconstruction
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Given the current market, you are also likely to end up with a condo board that is controlled by the developer for some period of time. Read the POS carefully to understand what that means in terms of what rights you are forfeiting. In my case, the developer has made a number of essentially unilateral decisions that benefit him and have been detrimental to residents.

I would also discuss remedies for even minor breaches of contract and/or failures to perform. Boken2JC is right - with new construction, issues are bound to come up. What you don't expect is that there is an ongoing stream of minor issues. None of them alone might warrant action and you may waive your rights to remedies each time, but after a while you hit a critical mass and you realize that these are not one-offs but a sizable collection of issues that need to be dealt with collectively.

Posted on: 2010/3/30 18:34
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Re: The Precinct at 769 Montgomery - buying preconstruction
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When buying pre-construction, keep in mind that a capital contribution may be required at closing. I had to come up with 3 months of condo dues upfront, which I was surprised about. And this was not money that goes towards your upcoming dues, or that you get back upon selling. Every building is different, but this is something you may want to check.

What you may want to do is research the developer and see how their reputation is regarding other projects they have completed. If its a developer who has other buildings in the area, you may want to talk to people who are/were owners in the building(s) and see how good the developer was about resolving problems. With new construction, its pretty much a certainty that some issues will come up.

Good luck!

Posted on: 2010/3/30 18:08
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Re: The Precinct at 769 Montgomery - buying preconstruction
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bump

Posted on: 2010/3/30 15:25
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The Precinct at 769 Montgomery - buying preconstruction
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If you were interested in buying a condo pre-construction, what info would you absolutely need to know about the project + developer?

The building in question is The Precinct at 769 Montgomery. This is a 38-unit residential + retail conversion of the 7th Precinct house. As of now the hallways aren't fully constructed, there's a handful of condo units finished, god only knows if plumbing and wiring are hooked up. Nonetheless, I was very impressed with the project but have no experience in this area, no idea when it'll be done or how it'll fully translate. Then, if people will even buy in. Like I said, fell in love with it, but what are some indicators it's "safe" to move forward on such a deal? Thanks.

Posted on: 2010/1/15 20:29
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