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Re: Rentals, not condo.
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Home away from home
 
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Having owned a condo in a historic brownstone, I disagree. With an old home, you have to factor in higher maintenance and repair costs, not to mention the cost and headache of complying with preservation standards. It was such a relief to get rid of that place and buy in a new construction high rise, where after four years nothing has broken and I've only shelled out maybe $600: to paint the bathroom and install custom shelving for the walk-in closet. By contrast, the brownstone was costing me thousands a year for sewage issues, roofing, cornice replacement - you name it, I paid for it. It is such a relief now not having to constantly worry about stuff breaking, repair/upkeep costs and vetting contractors. I spend less on heating/cooling because of better insulation, etc. On a per-square-foot basis, new condos are priced well above historic, at least $100 per sq. ft. and I haven't seen that gap narrowing after more than a decade here. Hey, some people love historic character and have the time, money and energy for all that entails. That's great. I'm just not one of those people. I never pick up the cold calls from realtors - or any number I don't recognize. They go straight to voice mail anyway, and I delete them later.
Posted on: 2014/3/20 22:14
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Re: Rentals, not condo.
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Home away from home
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Agreed, the Jehovah Witnesses are the ones ringing the door bells... As for an agent, finding a good and ethical one is a challenge. However if you find one of the 3 or 4 in Hudson County, they will make buying or selling a much better experience. The trick is finding a truly ethical agent.
Posted on: 2014/3/20 18:52
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The All Knowing and All Powerful Joe Has Spoken!
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Re: Rentals, not condo.
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Home away from home
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Heights, I don't think most realtors ring door bells. They typically make telephone calls and they typically do it during more reasonable hours.
But business is business and business can only survive on sales people doing their job. If anyone in this world think they survive without the benefit of a sales person then they are sadly mistaken.
Posted on: 2014/3/20 17:34
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Re: Rentals, not condo.
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Home away from home
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I'm not ok with strangers calling me or ringing my bell anytime of the day or night. And I do not expect them to do that. And if I do not have a for sale sign on my property or if my addresss is not advertised then do not bother me. Send me a letter with a letter head if you really want to do business. Most of these door to door salesmen are timid begginners anyway.
Posted on: 2014/3/20 16:45
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Get on your bikes and ride !
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Re: Rentals, not condo.
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Home away from home
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The reason that everyone is keeping them as rentals is because they see the market continuing to rise. Condos and houses have gained over 30% since the market bottom in 2009. In my opinion, developers see this trend and would like to hold onto their properties.
Posted on: 2014/3/20 15:25
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The All Knowing and All Powerful Joe Has Spoken!
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Re: Rentals, not condo.
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Home away from home
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Jade, if you own a brownstone keep it as long as you can. Brownstones will increase in value at a greater pace than condos. You can build a new condo, but you can't build a new old brownstone. Also, I'm ok with a realtor cold calling me. They're sales people and I expect them to do that. In fact that is what they should be doing. However, be a little leery when they say they already have a buyer for your home. They don't. They know people interested in general. But not a particular buyer for your home.
Posted on: 2014/3/20 15:07
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Re: Rentals, not condo.
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Home away from home
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Interesting, because there seems to be a lack of inventory downtown at the moment and prices have returned to the pre-recession highs in some buildings. It's crazy because I'm getting cold calls every week from realtors claiming to have clients interested in my building and wanting to know if I or any of my neighbors are willing to consider selling. I'm guessing developers are leery because interest rates are rising and by the time any project started today is completed, the housing market may have cooled yet again.
Posted on: 2014/3/20 13:30
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Rentals, not condo.
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Home away from home
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2012/1/11 18:21 Last Login : 2019/12/26 15:30 From GV Bayside Park
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Terrence T. McDonald/The Jersey Journal
Despite a booming condo market in New York City, developers on this side of the Hudson River are still wary about shifting their focus away from building rental units any time soon, local experts tell The Jersey Journal. ?It?s too risky,? said Eric Silverman, who with his brother, Paul, has developed numerous Downtown Jersey City properties, including a new rental building under construction next to City Hall. Financing for condos dried up after the recession, leading to a near-total focus on developing rental units, including at luxury properties like the Beacon in Jersey City. The market for condos in Hudson County won?t return to its former strength for at least a few years, Silverman told The Jersey Journal. ?It?ll be a while before the lenders forget,? he said. Jonathan Kushner, of KRE Group, said he?s ?starting to think about? building condos, but nothing close to the scale of KRE?s $666 million project in Journal Square, which, when finished, will house 1,840 rental apartments in three towers. The men were part of a discussion on the condo-vs.-rental market at the second annual New Jersey Gold Coast Investment Summit, a confab of developers and investors held earlier this month at Maritime Parc, overlooking Downtown Jersey City and Lower Manhattan. Click link above to read more.
Posted on: 2014/3/20 12:50
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