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Re: Need opinions on condos that I am looking at
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Azul_the_Cat wrote:
I see Hamilton Park as a more family oriented area, thus when you go to sell in 5 years that one bedroom layout may not be the best layout for families moving to the area.

I see Paulus Hook as more of an area with singles and couples without children. That one bedroom layout would still work for people looking to buy their first home.


I thought families flocked to Paulus Hook because of the schools in the area?

Posted on: 2014/2/26 17:19
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Re: Need opinions on condos that I am looking at
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Something else to consider is the ever possible flood factor. Though the unit in PH is on the 2nd story, I'm curious about how badly they were hit by sandy (how long was power out, extent of flooding etc). It's something I would consider, as unfortunately it's possible to get another storm like that in the next 5 years. (Maybe I'm paranoid, but that's what I think.)

Posted on: 2014/2/26 15:33
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Re: Need opinions on condos that I am looking at
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Got ya... and agreed.

Posted on: 2014/2/26 14:52
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Re: Need opinions on condos that I am looking at
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JoeGee wrote:
So upon closing there will not be a reval?


No, not in Jersey City. A lot of municipalities in the Midwest automatically reassess the value of a property whenever it sells. They really ought to adopt that methodology here, that way you won't see the crazy disparities in taxes that you see here.

Posted on: 2014/2/26 14:43
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Re: Need opinions on condos that I am looking at
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So upon closing there will not be a reval?

Posted on: 2014/2/26 14:39
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Re: Need opinions on condos that I am looking at
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JoeGee wrote:
I am in a historical area, when I closed on my place and it officially turned Condo, they shot up. I would expect your taxes to go up to 5k once you close.


Not quite true. Your taxes shot up because the building was converted. When you resell, it'll stay the same for the next owner. The building the OP was referring to was converted well before the boom - in the 1990s, I think - that's why the taxes are low. If he buys there, the assessed value of the property won't change, but the taxes may go up if the city raises the tax RATE (which applies to everyone), or if the reval ever happens.

Posted on: 2014/2/26 14:38
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Re: Need opinions on condos that I am looking at
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kaution81 wrote:
I though the brownstones (264 9th complex) was protected from big increases due to being a historical area? SF is pretty much the same.


No. The taxes are lower at 264 9th because the condo conversion took place well before real-estate bubble, so the assessed value doesn't reflect current market conditions. As Kelcey pointed out, you're going to have to factor in the possibility of the taxes going up if and when the reval takes place.

In general, historic buildings that were converted to condos in the last decade are the worst tax deal. They usually have no abatement and they're assessed as though they're new construction. On top of that, you may end up paying more in upkeep simply because something is always breaking in an old home. With newer high rises, ask if they're on an abatement and when it expires. In the latter part of the abatement period, you may start to see tax increases as the taxes are gradually "normalized."

Posted on: 2014/2/26 14:33
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Re: Need opinions on condos that I am looking at
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I am in a historical area, when I closed on my place and it officially turned Condo, they shot up. I would expect your taxes to go up to 5k once you close.

Posted on: 2014/2/26 14:30
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Re: Need opinions on condos that I am looking at
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I've never heard of tax increases being limited due to being in a historical area (if that's what you are referring to).

The taxes at 264 9th st are obscenely, shockingly low. I'm assuming it's because they are based on the 1988 reval. Those owners should be prepared to see big increases in taxes when the reval gets through the courts and is completed.

264 9th St is a perfect example of why the reval needs to happen now. And I thought it was just the downtown brownstones that weren't paying their fair share!

Posted on: 2014/2/26 14:26
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Re: Need opinions on condos that I am looking at
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kaution81 wrote:
I though the brownstones (264 9th complex) was protected from big increases due to being a historical area? SF is pretty much the same.


I've owned a place in 264 for the last 10 years and never heard we were protected from property tax increases. My place had an inspector for the assessment come out so I do believe it was going to be reassessed.

That said it's a nice building and a great area to live in.

Posted on: 2014/2/26 14:16
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Re: Need opinions on condos that I am looking at
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I though the brownstones (264 9th complex) was protected from big increases due to being a historical area? SF is pretty much the same.

Posted on: 2014/2/26 13:57
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Re: Need opinions on condos that I am looking at
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If square footage is about the same... count on those taxes going up. I am in about 600 square feet paying about 4700 a year in Hamilton Park... The zip is the same in both locations so they should be pretty close per square foot.

Posted on: 2014/2/26 13:55
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Re: Need opinions on condos that I am looking at
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Thanks - just to give more color. One unit is in Gulls cove for 450k, 350 mtce, 7k taxes (no parking). Hamilton park is 385k, 3k taxes, 275 maint (with parking)

Posted on: 2014/2/26 13:45
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Re: Need opinions on condos that I am looking at
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Don't worry about the white appliances. The stainless look is on it's way out. I renovated a house down in Asbury Park and got stainless appliances and now wish I saved the money and got white instead. Stainless is a little harder to keep clean. The rest is up to you. But I think in general Hamilton Park will probably carry a little more value per sq ft as time goes on. But that's only my opinion.

Posted on: 2014/2/26 13:37
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Re: Need opinions on condos that I am looking at
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To add onto the financials, make sure your income is at least 3 times the bottom line... Add a 100 a month for safety. Also, if you go on zillow there are a few Paulus Hook units that would be closer in monthly price to the unit on 9th street. I am guessing however I am assuming that you are talking about 264... Being that close to the park is great.

Have your Realtor take you to this unit. From the pictures it looks like a nice unit and York Street is a nice block. I assure you, I am no way shape or form involved in this property, just trying to help.

http://www.zillow.com/homedetails/349 ... y-NJ-07302/88857231_zpid/

Posted on: 2014/2/26 13:14
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Re: Need opinions on condos that I am looking at
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Check when their abatements expire - that may factor into your decision. You might see a massive tax hike in the middle of those 5 years.

Also consider the financials. Over 5 years you are paying an additional $50k on Paulus Hook. If one property costs say $200k and the other $300k, you would need to see a 50%+ increase in property values to break even on the more expensive property ($150k-100k). Perversely, if the properties are more expensive, say $400k and $600k, this reduces to a more reasonable 25%+ increase.


Posted on: 2014/2/26 12:35
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Re: Need opinions on condos that I am looking at
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I see Hamilton Park as a more family oriented area, thus when you go to sell in 5 years that one bedroom layout may not be the best layout for families moving to the area.

I see Paulus Hook as more of an area with singles and couples without children. That one bedroom layout would still work for people looking to buy their first home.

Posted on: 2014/2/26 11:54
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Re: Need opinions on condos that I am looking at
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well, which do u value more - convenience, location or price!do u get excited about a 7-minute walk to PATH or is a 15-minute walk ok? do u value being near hamilton park, shoping more? being closer to holland tunnel?

Posted on: 2014/2/26 4:38
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Need opinions on condos that I am looking at
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I am debating between two choices and wanted to see if anyone had good insight. I am looking at buying not renting and plan on being in JC for about 5 years until I need more space. Both units are about 750 sf, 1bed/1ba.

One unit I am looking at is on 9th at the north end of hamilton park. The unit is good shape except the kitchen which has granite and updated cabinets but still has white appliances (electric stove) and would be nicer if opened up so its not enclosed. The rest has some exposed brick accents, completely renovated bathroom with nice finishes. No washer dryer in unit (there are some in the building) or real amenities. Right near the park but not directly over it. Parking is uncovered. It would probably run me around $2110/mo including mortgage, hoas, taxes, etc.

The other unit that I was debating is in a more modern building in Paulus Hook (doorman, nice lobby and a common courtyard). 7 minute walk to the path. Open kitchen and nice finishes/fixtures. 2nd floor so not a ton of light despite being in a midrise building. No parking. I would have to rent for about $200/month in the building, so my total cost is about 3,020/month.


Posted on: 2014/2/26 4:28
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