bodhipooh wrote: Quote:

landshark wrote: Quote:

SRhia wrote: Thank you @jcguy05 for the long reply! I'm curious though (and this is for all real estate investors): what is the advantage/disadvantage of cashing out? Assuming someone brought a property for investment (renting out) 5 years ago, and is currently breaking even (or making money) on rent. Why (or why not) would you cash out now? I can think of: Advantage: - cashing out to get cash on hand. - Cash can be available for next investment property when market crashes. Or cash available to make other investments (eg stocks, etc); - less to worry about (no tenants calling about problems!!!) Disadvantage (??? Or perhaps rather "reasons to keep it"???): - Tenant is already paying rent, so you're building equity. Why not keep it??? In 30 years (or length of mortgage), you'll own the property. And given it's a long time horizon, the property will appreciate in value by then anyway. - no need to go through the hassle of selling (probably not a legit reason So - did I miss something? Why are some others reasons to sell vs. keep an investment property knowing the market is going down? Trying to learn here (since looks like there're some pros here)

Disadvantage: Taxes, unless you can make a 1031 exchange work (which is not easy and you are then buying at the peak) you lose a good chunk of equity that is currently working for you.

THIS. By the time you factor out original closing costs, realtor fees, whatever other fees associated with selling, and all the federal real estate taxes, you may have VERY LITTLE to show for your investment unless the property has really appreciated A LOT. If you are talking about a 10% gain, you haven't made any money, really. True story: a friend of mine is about to clear 100K on an investment property (after owning it for 10 years) and his take on the whole experience is "NEVER AGAIN". Once you factor in all the associated costs and headaches from the past 10 years, along with costs I mentioned above, the "gain" is reduced to almost nothing. All these TV shows make it look like an easy thing to do, but the market can be tricky (and fickle) and unless you are flipping for huge immediate gain, your long term investment must really, really appreciate for it to be worthwhile or profitable.

SRhia wrote:
@jcguy05 - how long do you think it'll take prices to come down? We've been dreaming to upgrade from an apartment to brownstone, and is now saving money. I know no one can predict the future, but I'm interested in hearing your thoughts on how long it will take to deflate this time around.

Just as an anecdote, I have a friend who lives in Brooklyn Heights. Her husband is in finance (a "bond" guy), and have told his wife (my friend) to sell their apartment there. He sees a major downturn (worse than 2008), and for much longer, and therefore does not want their assets tied to illiquid real estate. Her apartment was sold in 2 days, in cash, above asking price. She also said that a lot of her neighbors have sold as well in the area.

SRhia wrote:
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JCMan8 wrote:
SRhia, the last time we had a major downturn, the stock market plummeted. Do you know if the people you are referring to also took their money out of the market?

The husband told me (1) not to go into bonds (coming from a bond guy); (2) not time for commodities yet either; (3) stock market is still the place to be for the long run. I think what he meant (if I understood him correctly) is that the stock market may/probably will tank (along with everything), but once that happens, between bonds and stocks, he'd still put his money in stocks as that would still outperform bonds in the loooooong road to recovery.

I'm shifting my portfolio to cash (not just based on what he told me, but from all the reading I've done), and is waiting for that opportunity that I'll be set for retirement. Fingers crossed!!!!!

PS I just hope I'll pull the trigger at the right time. Otherwise, the bet could go very wrong, and I'll lose my pants and say bye bye to retirement

JcDevil wrote:

their food is innovative

JCGuys wrote:
So I hear Goldman Sachs has approached the city about constructing a very tall tower on the waterfront next to their current building. Has anyone heard about this? Exciting!

bodhipooh wrote:
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jcguy05 wrote:
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bodhipooh wrote:
Serious question: why is everyone so excited about a Chinese buffet restaurant?

Serious answer: because jersey city doesn't have one that's even remotely decent.

Thanks for the answer. And, I get what you are saying. But, I still don't get it. A buffet restaurant strikes me as something most people here would look down upon, given the posts on restaurants and new places. But, somehow, this place, located in a dreary mall, in an inconvenient location for most JC residents, seems to be getting a lot of love and attention.

bodhipooh wrote:
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Dolomiti wrote:
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vindication15 wrote:
Lol. No one is choosing between harrison or dtjc. That choice is like saying to your kids, "hey, want to go to a waterpark or want to close your eyes and let me spray you with a garden hose?"

I for one disagree. It's a little further out, but still accessible via PATH. People who can't afford downtown JC will likly now look at JSQ and Harrison.

I am not sure that Harrison is yet attracting large volumes of people, but I have no doubt it will be a draw soon. For one, it is a "nicer" area than other JC areas currently lagging in their gentrification process. Throw in the approved new PATH station ($500 million!!) and all the new construction happening in the immediate vicinity of the PATH station, and I can see people choosing to go there instead of JSQ or BeLa. And, I say this as a HUGE fan of DTJC and the BeLa neighborhood. Sadly, BeLa just can't seem to catch a break. Every time you see some progress, things just slow down after a while. JSQ is very rough around the edges and the Heights has its transportation / proximity issues.

bodhipooh wrote:
Serious question: why is everyone so excited about a Chinese buffet restaurant?

Monroe wrote:

They move to the suburbs rather than send their kids to JC elementary school! What they save in tuition can go to paying suburban real estate taxes.

JCSHEP wrote:

Oh and we sold out unit at the Beacon so I am saying this with no personal skin in game.

Pebble wrote:

For well over a decade now Hoboken has been a trainwreck on St. Patty's Day. If you've never seen it, I can understand why you are confused. However, I've been there and seen plenty of white guys throwing down over nonsense.

Pebble wrote:
The *only* people claiming that the Puerto Rican festival was "out of control" and full of "sub-human behavior" are those on this thread that have time and again proven themselves to be racists.

Yet, here we have a write-up about someone there complete with photos and not a single comment about "air of violence".

Could it be that there might have been one fight? Sure. Could there have been some trash found on the ground? Probably. However, given the over-reaction to what amounts to a wad of complaints that really are just down to "I don't want brown people around me"... well, you're full of it.

TheBigGuy wrote:
It never ceases to amaze me how certain people on this board cannot comment on any issue except through their own ?social justice prism?. Thus every other contrary opinion is invalid because it formed on institutional racism and white privilege. Consequently, all contrarians are branded and dismissed as racists.

All people are asking for is accountability on the part of all festival organizers and the city to ensure festivals safe and happy events for all the attendees. They are quick to label people but they never acknowledge that there are issues with celebrations that go on for 2 days and end on Sunday night 8:00pm with police cars, sirens blaring in response to 911 calls. Exchange Place is the perfect location for these festivals, my favorite is the South American festival? we just want the guests to be considerate of the neighbors and the waterfront environment.

bodhipooh wrote:
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jcguy05 wrote:
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bodhipooh wrote:
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jcguy05 wrote:
They need to move this mess of a "parade" out of downtown, why would you have this kind of chaos in the middle of a residential area? This is so messed up.

Move this to times square, 34th macys etc.. not in the middle of a residential area!

Petition fulop: http://stevenfulop.com/submit-your-suggestion

You keep making silly comments...

How are you going to move a JERSEY CITY event to Times Square or 34th Street? Besides, NYC has its own PR DAY parade, which happened two months ago.

No, seriously, how long have you lived here, or in this region? You strike me as one of those people that moves right next to a bar and then complains about people, noise and drinking. Or, next to an airport and then complain about the overhead noise from planes coming and going. You moved to Jersey City, where this parade has been an annual event for 55 years. Maybe you should have done your research ahead of time.

i moved here in 2004 when i bought my condo, this is the first time i encountered the PR "parade".

increase the deposit will not stop the fights, noise, garbage and chaos, short of them decide to cancel the event.

organizer will never be able to enforce and stop such chaos.

you are being very naive.

and those comparisons to airport/bar makes no sense. You really expect people to do their "research" and find out about this parade before they move here? who's the one making silly comments now?

I have been to many events in the waterfront including india festivals, flea markets that was setup, concerts by the watrerfront etc... nothing was like this PR parade, many of those people have no respect for anything.

bottomline is the majority of those crowds from the pr parade clearly do not live here, they come in, make a total mess, then leaves. I could careless if you think that's fine, i dont.

Are you seriously saying you moved here 11 years ago and had never seen or heard about the PR Day Parade in JC? You must be one clueless person. But, then again, we had already established that.

You seem to believe, and keep making comments to the effect, that JC doesn't have many Puerto Ricans. I already stated census facts to the contrary. In fact, historically JC has had a lot of PR residents and influence, which is why one of the main downtown arteries (Marin Blvd) is named after PR's first democratically elected governor.

As for the rest of your post, it's just more nonsense: not once have I defended or expressed approval for the shenanigans associated with this festival. Quite the contrary. I just happen to have a low tolerance for stupid and clueless comments, hence my replies to you.

bodhipooh wrote:
Quote:

jcguy05 wrote:
They need to move this mess of a "parade" out of downtown, why would you have this kind of chaos in the middle of a residential area? This is so messed up.

Move this to times square, 34th macys etc.. not in the middle of a residential area!

Petition fulop: http://stevenfulop.com/submit-your-suggestion

You keep making silly comments...

How are you going to move a JERSEY CITY event to Times Square or 34th Street? Besides, NYC has its own PR DAY parade, which happened two months ago.

No, seriously, how long have you lived here, or in this region? You strike me as one of those people that moves right next to a bar and then complains about people, noise and drinking. Or, next to an airport and then complain about the overhead noise from planes coming and going. You moved to Jersey City, where this parade has been an annual event for 55 years. Maybe you should have done your research ahead of time.

Pebble wrote:
I always find these things interesting. A few problem children, such as the case in every event encasing a large swath of people, and because it involves a minority people call for some "leader of the group" to make a statement. White people riot and burn down an area and it's barely a blip with nobody calling for some leader to make a statement...

TheBigGuy wrote:
Lots of Police cars heading to the water front.... this can't be good?

bodhipooh wrote:
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jmcee wrote:
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That is not correct. There are several condo projects in the works. In addition to The Oakman (160 First) you have the next two towers going up at Provost Square, which will be condos (apparently both are condos or will include a significant amount of condos) and you have the second Trump building (65 Bay) and the various small projects happening around town: places like The Gannon and the building across from it. Supply is limited now and will continue to be tight, but there will be inventory being added over the next few years.

FYI Trump is going to be rentals not condos

Thanks for the confirmation. Early on, I believe it was planned as condos, but I had read some recent stuff that seemed to contradict that. I wasn't sure what was the current status, but figured someone could/would correct me. Thanks.

jcwalkingman wrote:
Prices in Jersey City hit record highs starting in late 2005 and records continued to be shattered for about 12 consecutive months until late 2006. Then prices collapsed.

The same types of people buying downtown now were buying downtown back then.

There is historically low inventory right now, and this is the main factor driving prices to record highs. Once inventory rises back to normal levels, the party is over.

Once the hysteria is over and reality sets in, people will realize the following:
1. downtown Jersey City is tangled in, and gets its power from, cheap bunches of nasty overhead high tension wires
2. downtown has almost no park space away from the border with the Hudson River
3. downtown roads can't satisfy the required capacity needs for vehicular traffic
4. it's soon going to be next to impossible to get on overcrowded PATH trains during rush hour at downtown stations
5. it's going to be at least another 30 years before downtown is built out with complete streetscapes

bill wrote:
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jcguy05 wrote:

I saw that listing too, the asking price is just wishful thinking. Noone is going to pay close to 1.2m for a low rise building with minimal amenity and no view.

I can ask 2mil for my 1br, doesnt mean it will be sold. Look at the monmouth tax record site with filter on sold = last 90 days, that's the real market. (there is 1-2 month delay between closing and it showing up on that website usually, but still give you the most accurate picture of price)

Wow

This home has a pending offer.
99 Montgomery St PH 3, Jersey City, NJ 07302

DATE EVENT PRICE AGENTS
07/26/15 Listing removed $1,175,000
07/19/15 Listed for sale $1,175,000+51.2%

bodhipooh wrote:

The Oakman also priced itself a little too high and word is that their pre-sales have been underwhelming and failed to meet projections. In fact, that has had an impact in their construction schedule, which is now running behind. I am sure they will be lowering prices soon. Once the condo building for Provost Square gets completed, some additional pressure may lower prices even further. I think the RE condo market is SUPER HOT in DTJC, but some of the prices being commanded are (in my opinion) a little too high, especially when you factor in the relatively high taxes that all new construction places will be paying (full 2.1% on what I have seen so far) and then add the HOA/condo fees from high end, luxury buildings, and the proposition of owning a condo in a high-end building becomes very daunting.

bill wrote:
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JCCoffee wrote:
http://www.zillow.com/homedetails/99- ... y-NJ-07302/72245753_zpid/

Sold less than 2 years ago at $777k, asking now $1.175M.

$800 sq ft wow. I looked at that property back in 13 and did not pursue although the outdoor spaces were magnificent (terrace and the amazing rooftop).

The elevator was broken when I visited, the hallways were very narrow, and building felt cheap compared to the other condos I visited. I also have a fullsize car and the indoor parking was a mess. There were no space markings and it was very small. If I remember correctly, for this particular unit you had to use an external communal staircase to access the rooftop. The other units had direct access.