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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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chuckyx99 wrote:
I think the time to purchase in DTJC is now. The prices will only get higher. At worst, the property will maintain its value but interest rates will probably rise. I am jealous of those who purchased in 08-12 and got a crazy deal! They got on the train first and im just happy to join the ride, better late then never. I was wondering if I can't get parking in Waldo, if there was parking available from other closer buildings like 65 2nd st, 150/140 bay st, maybe that parking lot above chilis restaurant, etc.



I think all the parking is private in those buildings. 140/150 Bay has no parking at all. 50 Columbus, Grove Pointe, Greene/CC Drive and Trump are all public garages.

Posted on: 2014/4/2 12:35
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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I'll suggest that whoever wants to agree to disagree with me for now do so (as no one here has a crystal ball, including myself), and perhaps we can revisit this issue in 6-12 months when the situation plays out.

...and I'll agree with FAB. It's obvious that realtors are having a bit of a tough year so far due to the lack of inventory being put on the market.

Posted on: 2014/4/2 3:29
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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chuckyx99 wrote:
I think the time to purchase in DTJC is now. The prices will only get higher. At worst, the property will maintain its value but interest rates will probably rise. I am jealous of those who purchased in 08-12 and got a crazy deal! They got on the train first and im just happy to join the ride, better late then never. I was wondering if I can't get parking in Waldo, if there was parking available from other closer buildings like 65 2nd st, 150/140 bay st, maybe that parking lot above chilis restaurant, etc.



Sounds like a sales pitch from a real estate rep desperate to do some business!

Posted on: 2014/4/1 22:57
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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I think the time to purchase in DTJC is now. The prices will only get higher. At worst, the property will maintain its value but interest rates will probably rise. I am jealous of those who purchased in 08-12 and got a crazy deal! They got on the train first and im just happy to join the ride, better late then never. I was wondering if I can't get parking in Waldo, if there was parking available from other closer buildings like 65 2nd st, 150/140 bay st, maybe that parking lot above chilis restaurant, etc.


Posted on: 2014/4/1 21:53
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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Maise wrote:
Except for the Real Deal article on Brooklyn, you did not provide any facts or backup....just more conjecture.

We can agree to disagree, but people reading this thread should realize that you are making bold claims with nearly no backup or support.

Quote:

jcwalkingman wrote:
-I didn't state that foreign investors are no longer buying in NYC. First of all, I was talking about Manhattan specifically, second, I was suggesting that the number of foreign investors in the Manhattan condo market has dropped substantially, which it has.
-Prices ARE up in 07302 y-o-y, but that's because there's virtually nothing for sale by historical standards. This situation can only last so long. If you want to see sales volume numbers, look at Trulia, RealtyTrac, or Property Shark (which you need a subscription to). All show y-o-y drops in total sales volume (although they don't all show the same numbers).
-If you want to see a stalled project, go to the intersection of Morgan & Greene streets (right next to Trump Plaza). There you'll see two excavators sitting idle with no signs of excavation for a 69-story tower that had a highly-publicized "ground breaking" on January 13th (the ground breaking itself was delayed by 15 months).
-Lower interest rates absolutely DO mean developers can afford to have alot of vacant units. Ironstate Development virtually cut the interest rates on a slew of buildings in Hoboken & Jersey City in half by refinancing them. These are loans of $50 to $150 million. You can do the math (interest savings of about 3.5% with the refi). Take the result of 0.035*150 million and divide that by 12 to get monthly savings. Then take that number and divide it by average monthly rent of around $2700 to get number of units that can stay vacant while maintaining profit.
-Brooklyn sales: "Home Sales in Brooklyn Plunge": http://therealdeal.com/blog/2014/03/2 ... lyn-plunge-propertyshark/


He does also have the "evidence" of URL Harborside being stalled. But the developers have been incompetently slow on that one for years, so it's no surprise. Maybe they realized how ugly their design is and are re-designing the towers (one can hope).

Anyway, everything going up these days is a rental, so his declarations of a condo glut and a lack of buyers are not only wrong (if anything, there's a condo shortage), they're also irrelevant.

Posted on: 2014/3/31 19:37
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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This board needs to come with a term for real estate detractors...

There is a sizeable contingency on this board that will say:

- Any and all buildings- especially new ones downtown- are terrible and must be avoided. Oh, your crazy great uncle wants to sell you a place in 77 Hudson for 3 cents? Exchange Place lacks character! Move to Greenville and live in a brownstone and eat everything from a co-op!

- There is a real estate bubble on the horizon

- All development is bad

- Overcrowding on the PATH or a shutdown or the feng shui of the PATH will result in a downfall in prices

I can think of a couple of reasons why they do it- envy; fear of changing neighborhood; wanting to turn JC into the a little bit urban Paramus; renters afraid of a price increase...

But they are not based in reality.

I closed April of last year. From what I can tell, my unit has probably appreciated at least 50k since then. And I am thrilled. And I live in a newer building too!

Best of luck to all those looking to purchase...me and plenty of others on here are ready to help you navigate the actual realities...

IMO Waldo is a great building and a nice location. You can probably rent a spot at the mall or one of the lots on Marin.

Posted on: 2014/3/31 18:36
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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Except for the Real Deal article on Brooklyn, you did not provide any facts or backup....just more conjecture.

We can agree to disagree, but people reading this thread should realize that you are making bold claims with nearly no backup or support.

Quote:

jcwalkingman wrote:
-I didn't state that foreign investors are no longer buying in NYC. First of all, I was talking about Manhattan specifically, second, I was suggesting that the number of foreign investors in the Manhattan condo market has dropped substantially, which it has.
-Prices ARE up in 07302 y-o-y, but that's because there's virtually nothing for sale by historical standards. This situation can only last so long. If you want to see sales volume numbers, look at Trulia, RealtyTrac, or Property Shark (which you need a subscription to). All show y-o-y drops in total sales volume (although they don't all show the same numbers).
-If you want to see a stalled project, go to the intersection of Morgan & Greene streets (right next to Trump Plaza). There you'll see two excavators sitting idle with no signs of excavation for a 69-story tower that had a highly-publicized "ground breaking" on January 13th (the ground breaking itself was delayed by 15 months).
-Lower interest rates absolutely DO mean developers can afford to have alot of vacant units. Ironstate Development virtually cut the interest rates on a slew of buildings in Hoboken & Jersey City in half by refinancing them. These are loans of $50 to $150 million. You can do the math (interest savings of about 3.5% with the refi). Take the result of 0.035*150 million and divide that by 12 to get monthly savings. Then take that number and divide it by average monthly rent of around $2700 to get number of units that can stay vacant while maintaining profit.
-Brooklyn sales: "Home Sales in Brooklyn Plunge": http://therealdeal.com/blog/2014/03/2 ... lyn-plunge-propertyshark/

Posted on: 2014/3/31 13:38
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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-I didn't state that foreign investors are no longer buying in NYC. First of all, I was talking about Manhattan specifically, second, I was suggesting that the number of foreign investors in the Manhattan condo market has dropped substantially, which it has.
-Prices ARE up in 07302 y-o-y, but that's because there's virtually nothing for sale by historical standards. This situation can only last so long. If you want to see sales volume numbers, look at Trulia, RealtyTrac, or Property Shark (which you need a subscription to). All show y-o-y drops in total sales volume (although they don't all show the same numbers).
-If you want to see a stalled project, go to the intersection of Morgan & Greene streets (right next to Trump Plaza). There you'll see two excavators sitting idle with no signs of excavation for a 69-story tower that had a highly-publicized "ground breaking" on January 13th (the ground breaking itself was delayed by 15 months).
-Lower interest rates absolutely DO mean developers can afford to have alot of vacant units. Ironstate Development virtually cut the interest rates on a slew of buildings in Hoboken & Jersey City in half by refinancing them. These are loans of $50 to $150 million. You can do the math (interest savings of about 3.5% with the refi). Take the result of 0.035*150 million and divide that by 12 to get monthly savings. Then take that number and divide it by average monthly rent of around $2700 to get number of units that can stay vacant while maintaining profit.
-Brooklyn sales: "Home Sales in Brooklyn Plunge": http://therealdeal.com/blog/2014/03/2 ... lyn-plunge-propertyshark/

Posted on: 2014/3/31 3:44
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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There are definitely nuggets of truth in your post, but you are connecting dots and making predictions as if they are forgone conclusions - you are also stating things that just aren't true and making claims without any backup.

Provide any sort of data to support:

-Foreign investors are no longer buying real estate in NYC
-Sales numbers are down in 07302 (as someone pointed out, Pricing is up considerably year over year in 2014
-Projects already underway are stalled (I haven't read anywhere that they are, but maybe you know more than I do)
-Low interest rates mean developers can afford to have vacant (trust me, that isn't true - it just means developers need to carry the projects with more equity until they can support the loan or give them back to the bank). Lower interest rates leave some margin for error, but thats about it.
-Brooklyn sales have fallen off a cliff




Quote:

jcwalkingman wrote:
Many people who moved across the Hudson from Manhattan in the 2000's were people who had sold condo/co-op units in Manhattan and were looking for more space at a lower price. Prices actually reached record-highs in Manhattan over the past few years as foreign investors parked their money in Manhattan real estate. That factor started to disappear toward the end of 2013 as foreign markets began to stabilize, and now foreign investors are putting their money elsewhere (namely, outside the U.S.). This means less buyers in the pool of potential buyers of property in places like Brooklyn and Jersey City (since unit owners in Manhattan are starting to see a less desirable selling market than they did a year ago). Couple this with thousands of units starting to flood the market toward mid-2014 (and as I mentioned below, many years to come) and other emerging markets such as Journal Square, Harrison, and downtown Newark diverting investment from downtown JC, and you have alot of elements that will reduce sales numbers in zipcode 07302. Younger couples and single folks simply can't afford the prices being asked for downtown JC condos; many married people in their late 30's/early 40's who can afford to buy at current asking prices want to move to the suburbs because JC's schools are terrible.

The coming real estate dip in downtown JC is bad enough that even projects that are heavily subsidized and have already "broken ground", such as URL Harborside, are stalled. Banks know that there's already too much product and not enough demand to swallow it coming online. Developers rushed to get shovels in the ground to lock in very long-term, record-low interest rates. The low interest rates meant they could have high vacancy rates in their new buildings for a few years and not worry about their balance sheets.

Numbers simply won't work for investors at the prices being asked for condos after a dip in rents takes place, hence why investor interest is plummeting (investors have made up a significant percentage of downtown buyers over the last few years FYI).

More infill/amenities might draw more residents to downtown, but those new residents will overwhelmingly be renting, not buying.

btw - there's been alot of chatter over the past two months about how sales in Brooklyn have fallen off a cliff too.

Posted on: 2014/3/31 2:56
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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jcwalkingman wrote:
http://www.trulia.com/real_estate/07302-Jersey_City/

Sure, there are fewer units being posted for sale, and that is part of the problem. But investor purchases are way way down due to the sharp increase in prices and the fact that there are literally thousands of rental units about to come online. The ROI on rental units in downtown JC is down and is expected to continue to decline persistently over the coming years as these new units come to market.


do you predict rents to decrease during late 2014 and into 2015 as these new rental units are being completed?

Posted on: 2014/3/31 2:44
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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Many people who moved across the Hudson from Manhattan in the 2000's were people who had sold condo/co-op units in Manhattan and were looking for more space at a lower price. Prices actually reached record-highs in Manhattan over the past few years as foreign investors parked their money in Manhattan real estate. That factor started to disappear toward the end of 2013 as foreign markets began to stabilize, and now foreign investors are putting their money elsewhere (namely, outside the U.S.). This means less buyers in the pool of potential buyers of property in places like Brooklyn and Jersey City (since unit owners in Manhattan are starting to see a less desirable selling market than they did a year ago). Couple this with thousands of units starting to flood the market toward mid-2014 (and as I mentioned below, many years to come) and other emerging markets such as Journal Square, Harrison, and downtown Newark diverting investment from downtown JC, and you have alot of elements that will reduce sales numbers in zipcode 07302. Younger couples and single folks simply can't afford the prices being asked for downtown JC condos; many married people in their late 30's/early 40's who can afford to buy at current asking prices want to move to the suburbs because JC's schools are terrible.

The coming real estate dip in downtown JC is bad enough that even projects that are heavily subsidized and have already "broken ground", such as URL Harborside, are stalled. Banks know that there's already too much product and not enough demand to swallow it coming online. Developers rushed to get shovels in the ground to lock in very long-term, record-low interest rates. The low interest rates meant they could have high vacancy rates in their new buildings for a few years and not worry about their balance sheets.

Numbers simply won't work for investors at the prices being asked for condos after a dip in rents takes place, hence why investor interest is plummeting (investors have made up a significant percentage of downtown buyers over the last few years FYI).

More infill/amenities might draw more residents to downtown, but those new residents will overwhelmingly be renting, not buying.

btw - there's been alot of chatter over the past two months about how sales in Brooklyn have fallen off a cliff too.

Posted on: 2014/3/31 2:15
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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as jc's reputation and ammenities improve, i'd venture to guess that many will decide to take the very LOOOONG leap across the Hudson to the New Territories.

Posted on: 2014/3/31 1:19
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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jcwalkingman wrote:
http://www.trulia.com/real_estate/07302-Jersey_City/

Sure, there are fewer units being posted for sale, and that is part of the problem. But investor purchases are way way down due to the sharp increase in prices and the fact that there are literally thousands of rental units about to come online. The ROI on rental units in downtown JC is down and is expected to continue to decline persistently over the coming years as these new units come to market.


Wow - I am amazed by the way some people on JC List interpret basic facts. The influx of new rental apartments might lower the ROI on rental units (assuming you are buying them for investment purposes), but one could easily argue that would be a short term drop and all of the new, higher end apartments will ultimately increase the value of all real estate as JC becomes a more desirable place to live (assuming you think that will happen, which I know not everyone on this forum does).

From a condo point of view, the more people moving to the city and enjoying living here, the more people there are that will potentially become condo buyers down the road. With no new condo supply on the horizon (which will certainly change at some point so long as the economy does not crash again), the prices of existing units will continue to rise with demand outpacing supply.

I am not saying that is what will happen, but the facts support my take a lot more than yours. Plus the data you linked to on Trulia do not remotely support the argument you are trying to make. I had a very similar argument with someone on Reditt a few weeks ago (maybe it was you!) - http://www.reddit.com/r/jerseycity/co ... oker_bs_jersey_city_real/

Posted on: 2014/3/30 20:01
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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jcwalkingman wrote:
http://www.trulia.com/real_estate/07302-Jersey_City/
The ROI on rental units in downtown JC is down and is expected to continue to decline persistently over the coming years as these new units come to market.


Sorry, but I'm confused. Are you saying that investors (other than developer/owners) are renting rental units and then subletting them and that the sublet rent is not significantly higher than the market rent? Why would anyone pay more than the market rate charged by the owners?

This sounds like the same logic that posits that rents will plumet because of the PATH being closed to WTC on weekends. As far as I know this plumetation is not occuring. Seriously, don't you love the word plumetation?

Posted on: 2014/3/30 18:23
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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http://www.trulia.com/real_estate/07302-Jersey_City/

Sure, there are fewer units being posted for sale, and that is part of the problem. But investor purchases are way way down due to the sharp increase in prices and the fact that there are literally thousands of rental units about to come online. The ROI on rental units in downtown JC is down and is expected to continue to decline persistently over the coming years as these new units come to market.

Posted on: 2014/3/30 17:30
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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I have hit this market hard and checked out basically every unit that went up for sale before i settled on my unit at waldo. The supply of desirable condos (my opinion) is very limited and there were always multiple offers on the units I desired within the week it came to market. I even lost out on a unit to a bidding war and I also saw almost all units sold at listing price or even above listing price. All the new construction is mostly for rental units so I don't see this changing much. There is just a lot more demand vs supply, which is driving the prices back up. But anyways, nobody has any parking? =(

Posted on: 2014/3/30 16:06
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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jcwalkingman wrote:
I hate to point this out to you, but sales are down 63% y-o-y in downtown right now. Following that should be a drop in prices. Prices went up way too fast and now is not the time to buy...

Sales may be down due to the lack of desirable inventory but prices have not fallen. If you look at recent sales, prices are up to the levels of 2007 or higher.

Posted on: 2014/3/30 14:26
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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From Walter Burns,

Downtown Jersey City Real Estate Market Breakdown

How is the Downtown Jersey City real estate market?
Over the past year the median sales value for sold condos in Downtown Jersey City was $498,000. That’s a 12.4% increase from February 2013. There were 41 closed sales in February, a 36.6% increase over February 2013.

How much negotiating room is there?
The median listing price to sales price ratio was 97% over the past year. This is the same from 1 year ago.

What is the average price per square foot of a condo in Downtown Jersey City?
The average price/sq.ft. in Downtown Jersey City over the past year was $531. That is a 16.5% increase over February 2013.



jcwalkingman must be in the market and trying to buy, or this realtor is lying.

Posted on: 2014/3/30 14:13
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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jcwalkingman wrote:
I hate to point this out to you, but sales are down 63% y-o-y in downtown right now. Following that should be a drop in prices. Prices went up way too fast and now is not the time to buy...


Please back this claim up with any sort of data or evidence - I am in the market looking for a condo and this does not jive with any of the numbers I have seen or what I have experienced.

Posted on: 2014/3/30 4:42
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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i am well aware of the construction and my unit is facing north.
Where did you get that number that downtown sales are down? There are not that many units on the market and many buyers from what i've seen.

Posted on: 2014/3/30 1:08
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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I hate to point this out to you, but sales are down 63% y-o-y in downtown right now. Following that should be a drop in prices. Prices went up way too fast and now is not the time to buy...

Posted on: 2014/3/30 0:49
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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You are aware that there is a whole load of construction surrounding this over-sized building. New construction to build to the west and south will happen over the next two years. Ask if the condo board can give you details. The PAD Redevelopment plan will give you the details of what can be built there. Contact the JC Planning Department for a copy of the most recent plan. It seems to be amended every year or so - and always in favor of the next developer.


Posted on: 2014/3/30 0:45
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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Hey all

I am about to close on a unit at waldo which I am very excited about. However, my unit does not come with a deeded parking spot. Does anyone here own/know someone who owns that is looking to rent out their parking space? Or are they any other parking spaces that i may rent out monthly around the area?

Thanks for any help. It was definitely a sellers market and had to pay over the listed price but I am very happy with the unit! I hope it was a good purchase

Posted on: 2014/3/29 23:00
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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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I'm surprised that the developers haven't contacted the State or City officials for them to purchase all the apartments that can't be sold and use them for afforable housing for families. Wouldn't that be a way of instantly creating affordable housing and repaying all those donations to politicians ?

Other apartment owners couldn't complain about who occupies them, as you can sell apartments to anyone willing to pay the money!


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Re: Fields Development Reports Waldo Lofts Now 90% Sold in Jersey City's Powerhouse Arts District
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It was really strange to merge the OP's new topic post with this one. It think maybe a mod was just randomly looking for something to do.

Posted on: 2013/9/19 22:49
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I saw a unit there a year ago and got a really good vibe. If I recall, the maintenance fee was on the low side because of the virtual door man and lack of ammenities (like a gym, etc). I spoke to a tenant and I think he said Fios was included in the fees which is a plus. The building seemed clean and well maintained. The only reason I didn't pursue it was because the unit I saw was tiny and the others were out of my price range.

Can't beat the convenience factor (especially if you don't own a car). And as someone mentioned, there's going to be A LOT of construction going on in that neighborhood for the next few years.

Posted on: 2013/9/18 15:27
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Re: Waldo Lofts
#18
Home away from home
Home away from home


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Quote:

NewportNJ wrote:
Waldo is getting surrounded as I type this.


I like the building.

Something to keep in mind, as the guy above mentioned, there is a lot of construction in the area right now. In the long term, I think this is great for the area. But the new buildings will block some of the views in Waldo lofts condos, depending on the location of the unit. And in the short term there will likely be a lot of construction noise, dust, etc.

Immediately south of Waldo Lofts, a 12 story building is being constructed with 120 rental units. (148 First St.)

One block to the east, a 35 story building is going up with 350 rental units (110 First St).

Also, near to the Grove path entrance closest to Waldo lofts, Provost Square will be 38 stories and 70 & 90 Columbus will be 50 stories.

Posted on: 2013/9/18 15:05
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Re: Waldo Lofts
#17
Just can't stay away
Just can't stay away


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Waldo is getting surrounded as I type this.

Posted on: 2013/9/18 14:51
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Re: Waldo Lofts
#16
Home away from home
Home away from home


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Quote:

MadMan wrote:
Thoughts on Waldo Lofts? Does anyone live there?


That's one of the buildings in JC I actually really like.

Posted on: 2013/9/18 14:26
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Waldo Lofts
#15
Newbie
Newbie


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Thoughts on Waldo Lofts? Does anyone live there?

Posted on: 2013/9/18 14:21
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