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Re: American Can/ Canco Lofts
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heights wrote:
Go to the city or the county for proper information you will see that the broker is probably wrong. Hint: he's a broker. Also find out when the abatement is over then factor the "new" tax rate in.


...or you could just look at the link I provided, which is the information for that specific unit.



Yeah, the $1,635 figure looks like the taxes that were paid in the year before it was sold to the current resident. The current resident pays just under $3k a year.

Posted on: 2013/1/11 18:23
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Re: American Can/ Canco Lofts
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heights wrote:
Go to the city or the county for proper information you will see that the broker is probably wrong. Hint: he's a broker. Also find out when the abatement is over then factor the "new" tax rate in.


...or you could just look at the link I provided, which is the information for that specific unit.


Posted on: 2013/1/11 18:09
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The unit I am looking at is a 642 SF 1 bedroom. The condo fee is $411 a month and the taxes are $135 a month. That puts you under $550 a month.
I keep questioning the property tax; but this is coming straight from the broker.

Go to the city or the county for proper information you will see that the broker is probably wrong. Hint: he's a broker. Also find out when the abatement is over then factor the "new" tax rate in.

Posted on: 2013/1/11 17:19
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Crazy_Chester wrote:
Here is that listing. This sounds fishy. The property tax seems too high to be a monthly rate and too low to be a yearly rate. Perhaps there is something strange about the zoning? Or maybe that was the rate paid before they became condos.

I would think the annual taxes (or PILOT) would be something like $4,500 annually for this unit.

http://www.libertyrealestate.com/listingDetail.php?893061



We ran into this problem when we bought our condo. The broker and all the tax listings online were telling us one thing. Turns out the developer can pay the city to do a partial assessment. This will give the appearance of unusually low taxes. Once you buy the city will reassess based on the new purchase price and your taxes go to what they should have been the whole time.

Posted on: 2013/1/11 16:27
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Re: American Can/ Canco Lofts
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Tax records are public. This is the listing for that specific unit.

Posted on: 2013/1/11 16:11
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Here is that listing. This sounds fishy. The property tax seems too high to be a monthly rate and too low to be a yearly rate. Perhaps there is something strange about the zoning? Or maybe that was the rate paid before they became condos.

I would think the annual taxes (or PILOT) would be something like $4,500 annually for this unit.

http://www.libertyrealestate.com/listingDetail.php?893061


Posted on: 2013/1/11 15:57
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The unit I am looking at is a 642 SF 1 bedroom. The condo fee is $411 a month and the taxes are $135 a month. That puts you under $550 a month.

I keep questioning the property tax; but this is coming straight from the broker.


Posted on: 2013/1/11 15:32
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bodhipooh wrote:
My experience is that the actual number is a bit higher (~65). IIRC, the tax rate that was quoted during closing was around 1.65%. In a 1300 sq. ft. unit, you would be looking to pay close to 800 in maintenance, plus your taxes, plus parking.

So, if you are looking at CanCo Lofts, do yourself a favor and get better information.


Not sure about your experience, but I live there and on my 700 sq. ft. condo, I pay $411/month in fees, which is $.59/sq. ft. - I rounded up to $.60. Unfortunately, I don't have my tax info handy - particularly since it's paid via escrow by my mortgage lender (so I rarely see the breakdown and don't personally deal with it). I can say that it's certainly not prohibitive, which was of course one of the major reasons I chose to buy here.

Malcontent - I love my condo. One of the reasons our building has the abatement, from my understanding, is that it IS in an industrial area. In fact, our building is divided into 5 "sections", only the second and third of which are currently residential. The first is gutted and slated for buildout, but with no timeline. The 4th and 5th (on the western side) are still industrial and used as such. We do have a shuttle van that runs to JSQ in the morning and evening, M-F - but not all day. Even so, we're only a half-mile (10 minute) walk to JSQ if it comes to that, so only on very hot summer days, and snowy winter ones, is the distance prohibitive at all.

I purchased before construction was complete, and at the time, the developer had an ambitious plan for the area - which has yet to come to fruition. I DO wish there were a bar or two, and restaurants other than Indian, in the immediate vicinity and that were within walking distance. Our location is great if you drive, as we're right next to the Tonnelle Circle, and the onsite parking is one of the three amenities that really attracted me (the other two being that we're dog friendly, and each unit has a washer/dryer).

Posted on: 2013/1/11 15:32
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If you combine taxes and condo fees for a 1 bedroom at Canco you get about $550 a month.


Malcontent, I think you are misinformed. Where did you get that information?

I don't personally live in CanCo Lofts, but I am very familiar with the financial details of living there because of acquaintances that do live there. I can assure you that the monthly costs of taxes + fees + maintenance exceed the one thousand mark, per month, regardless of unit. As someone else stated, the condo fees work out to about 60 cents per sq. ft. per unit per month. My experience is that the actual number is a bit higher (~65). IIRC, the tax rate that was quoted during closing was around 1.65%. In a 1300 sq. ft. unit, you would be looking to pay close to 800 in maintenance, plus your taxes, plus parking.

So, if you are looking at CanCo Lofts, do yourself a favor and get better information.

Posted on: 2013/1/11 13:54
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But the condo fees at Canco are not higher than other buildings in JC. If you combine taxes and condo fees for a 1 bedroom at Canco you get about $550 a month. Just taxes at most buildings in JC would be $500 a month.

Posted on: 2013/1/11 3:26
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Vindication, I agree with what you just wrote. I think we are also on the same page that correlation and causation are not the same thing.

My guess is that you meant to originally say that the condo fees are so high because the taxes are low (as oppose to the reverse, which is how it was written). That I would agree with (i.e., the developer/association can control that side of the equation and 'justify' high fees in the sales pitch by convincing the buyer that it balances out due to low taxes, whereas the city is not adjusting the taxes to account for higher condo fees).

Posted on: 2013/1/11 1:36
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The tax is so low because the condo fees are so high - at least last time I checked which was over a yr ago


Are you suggesting that the city sets your taxes based on your condo fees? That's not how it works.


Shouldn't condo fees and taxes be positively correlated? My understanding is that taxes as well as condo fees are based in large part on size and amenities of apartment and building?


Yes, I agree that there is a positive correlation between the two. The person I quoted suggested causation as opposed to correlation. In fact, they also seemed to be suggesting the opposite with regard to correlation....that the city lowers the taxes to compensate for high condo fees, which is absurd.

The thread is going in two directions. One is 'why are the taxes so low' and one is 'why are condo fees high/how does it compare to other complexes'. My guess with regard to low taxes is a) abatement, b) comparables in the surrounding neighborhood, and c) setting the tax rate low to entice people to move to a less desirable area. That last part is complete speculation on my part--I have no idea how the tax rate there compares to other abated condo complexes. And I'm sure someone is going to freak out for me calling the area 'less desirable,' but I think others on this listserve have adequately covered that particular issue.


umm don't assume. One does not cause the other to be high or low. My original point is that most buildings have high taxes, low condo fees or vice versa. From a marketability standpoint, if the taxes are set low, then the condo boards or developer has no qualms about getting more amenities and setting the fees higher and if the tax abatement is not so great then you can't sell a condo with BOTH high taxes and high condo fees

Posted on: 2013/1/11 1:03
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We pay $165/month for indoor parking - not included in the condo fees.


Toonces,

How do you like living in the building and area? Any info/thoughts on living in Canco would be greatly appreciated. Thanks.

Posted on: 2013/1/10 20:50
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isn't there a shuttle from CANCO to the JSQ PATH? i saw a couple of people here mention otherwise

Posted on: 2013/1/10 20:25
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The tax is so low because the condo fees are so high - at least last time I checked which was over a yr ago


Are you suggesting that the city sets your taxes based on your condo fees? That's not how it works.


Shouldn't condo fees and taxes be positively correlated? My understanding is that taxes as well as condo fees are based in large part on size and amenities of apartment and building?


Yes, I agree that there is a positive correlation between the two. The person I quoted suggested causation as opposed to correlation. In fact, they also seemed to be suggesting the opposite with regard to correlation....that the city lowers the taxes to compensate for high condo fees, which is absurd.

The thread is going in two directions. One is 'why are the taxes so low' and one is 'why are condo fees high/how does it compare to other complexes'. My guess with regard to low taxes is a) abatement, b) comparables in the surrounding neighborhood, and c) setting the tax rate low to entice people to move to a less desirable area. That last part is complete speculation on my part--I have no idea how the tax rate there compares to other abated condo complexes. And I'm sure someone is going to freak out for me calling the area 'less desirable,' but I think others on this listserve have adequately covered that particular issue.

Posted on: 2013/1/10 16:36
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Every time I've been in Canco, I've been impressed with the apts and building. There aren't any comparable loft like units downtown with the same character and modern loft conversion feel (soaring cielings, slick kitchens, unique layouts). If this style is your thing, you know what I mean. And for the price, it can't be beat. I think the fees there actually include a garage parking space. The gym isn't so great and the billiards room decor is a little cheesey IMO. And you have to be content with your walkable dining options being limited to Indian food.


We pay $165/month for indoor parking - not included in the condo fees.

Posted on: 2013/1/10 16:32
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the beacon is not that far from jsq path - make people walk. hire more security people

Posted on: 2013/1/10 16:02
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Every time I've been in Canco, I've been impressed with the apts and building. There aren't any comparable loft like units downtown with the same character and modern loft conversion feel (soaring cielings, slick kitchens, unique layouts). If this style is your thing, you know what I mean. And for the price, it can't be beat. I think the fees there actually include a garage parking space. The gym isn't so great and the billiards room decor is a little cheesey IMO. And you have to be content with your walkable dining options being limited to Indian food.

Beacon feels like being in a hotel. I'm imagining the fees are so high there because the pool and gym and billiards room and all day shuttle to PATH and movie screening room with cushy loungers and library and endless staff running around cleaning the pristine hallways and gorgeous art deco lobby. That place is always crawling with staff.

ZL has high fees in part because of that roof leak assessment. And I can only imagine what the Sandy damage will cost the residents there.

Posted on: 2013/1/10 14:58
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Canco fees are currently around $.60 per sq. ft. per individual unit, per month.

Posted on: 2013/1/10 14:45
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The tax is so low because the condo fees are so high - at least last time I checked which was over a yr ago


Are you suggesting that the city sets your taxes based on your condo fees? That's not how it works.


Shouldn't condo fees and taxes be positively correlated? My understanding is that taxes as well as condo fees are based in large part on size and amenities of apartment and building?

Posted on: 2013/1/10 14:32
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The tax is so low because the condo fees are so high - at least last time I checked which was over a yr ago


Are you suggesting that the city sets your taxes based on your condo fees? That's not how it works.


Condo fees are based on the amenities provided Beacons fees are higher because they provide services such as shuttles and gyms. If you don't need these services look for a condo without them and your monthly fees will be lower.

Posted on: 2013/1/10 14:15
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The tax is so low because the condo fees are so high - at least last time I checked which was over a yr ago


Are you suggesting that the city sets your taxes based on your condo fees? That's not how it works.

Posted on: 2013/1/10 13:48
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Is Canco fees currently in line with 77 Hudson, Fulton's Landing, or Gulls Cove condo fees?

Depending on whether you need to commute to NYC, Canco is a bit of a walk to the PATH.

Canco, however, is a better deal than Beacon (in the ghetto) and ZL (flood damage prone).

There are better conod buildings in JC though. Crystal Point and 77 Hudson and Shore Club for high rises

Gulls Cove, Sugarlofts, the flats at 327 for midrises are just a few that come to mind. Pier House is also nice.







Posted on: 2013/1/10 5:54
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I have been looking around JC for awhile. The condo fees at Canco seems to be inline with other buildings in JC. Beacon and ZL seemed to be the highest.

Posted on: 2013/1/10 5:22
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The tax is so low because the condo fees are so high - at least last time I checked which was over a yr ago

Posted on: 2013/1/10 4:24
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thank u

Posted on: 2013/1/10 3:34
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jc201jc wrote:
where can i find the tax rates for the Canco Lofts apts?

On the tax records for 50 Dey Street
http://tax1.co.monmouth.nj.us/cgi-bin/inf.cgi

Posted on: 2013/1/10 1:27
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I don't know if rates are widely available, but if you check any of the listings and talk to the agents, the taxes usually come out to about .9% of purchase price. That is insanely low for Jersey. Let me know if you find anything out...

Posted on: 2013/1/10 0:16
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where can i find the tax rates for the Canco Lofts apts?

Posted on: 2013/1/9 22:14
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malcontent wrote:
Any info on why the property taxes at Cacno are so low? Other tax abated properties in JC are nowhere near this low.

Probably because in the description on the tax record it states urban renewal. Not sure what type of project that is based on but it must be an attraction to give 30 year abatements.

Posted on: 2013/1/6 7:44
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