if you can wait the 6 months for them to finish, this is the best value right now, period. best location + included parking + central air + 30 year abatement + 1 of 2 top building in jc (other being 77hudson), all for only 10% more than the older buildings. Even the cheapest/worst view facing west is excellent.

i couldnt wait the 6 month without a mortgage contingency so bought in an older building around there for a cheaper price instead. But if cp is finished and ready to move in, i would pay 10% in a heartbeat.

i think it will, but given what happened to hoboken and the general budget issues facing jc/nj, i dont want to take that gamble. Once removed you can never get it back.

life is not fair. but at least the money is spent efficiently in this case, considering how they are usually wasted by the govt/city.

what do you mean by fluctuation? i think yours might be a different situation.

Anyway no luck. The 2 re attorneys I spoke with both werent sure, appears they never done this before. The assessor office(one in the grove city hall building) doesnt have a clue.

Removing the abatement is not an option given the state of nj, it's almost a guarantee tax will go higher in the next 15 yrs.

So i just gave up trying to save about $150 a month. Anyone (individuals) who are actually able to get their abatement lowered in the past?

this is a good idea, it serves many useful purposes

1) the owner gets some money back
2) the building gets finished and put to use instead of a half finished construction, also improves overall landscape
3) allow more people in this tough economy to find affordable housing
4) not to further destablize the real estate market by adding onto the supply side at a firesale.


When people think affordable housing it's usually linked to gang infested projects, but it's definitely not the case here. The rents will be cheap by manhattan standard, but definitely well into middle class level, so destroying the neighborhood/safety is not a big concern.

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it's not the existing users. When you legalize this stuff, it will cause many more people to use them since they are readily availiable and legal. Do you really want a country hooked on white powder? It will be devastating across all social/economic aspects.

drug, especially the hard stuff, is something to be avoided and banned, it degrades the society and is not natural.

prostitution should be legal, sex is part of human nature. And i agree with marybarr (finall we not talking about beacon anymore!), it will bring much needed oversight to the industry, and prevent std from spreading by requiring checkups, and protect those women legally from abuse etc...

However it will NEVER happen, due to the deep religious root of our country. The politician who suggest that will be committing instant career suicide.

kennekt is a complete sham, they are just an extension of the building developers. They will let the negative reviews stand if the building in question is not advertised with their website.

But for buildings that have ads with them, they will delete any and all negative reviews, even those with very good factual information for the potential buyers.

Some of the reviews isnt even negative, for example there was a detailed note about crystal point and the risk of not having a mortgage contingency, the post didnt even say anything negative about the building just answering previous questions about why the lack of mortgage contingency is important. It was deleted immediately.

I wish people would stop using that site, in jclist we have the webmaster deleting stuff but at least he's somewhat consistent and not a soldout doing it based off financial reasons.

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drgoogle stop trying to start those rumors please. are you the guy on hobonx who keeps spamming cp is going to auction? ;)

the sales is slow but all they had to do to move the units is lower the price by 10%, no need for an auction with a 40% haircut. The building is one of the best and in probably the best location in jc.

give it a rest...

270 and 280 marin blvd are metropolis tower.

135 montgomery is the montgomery tower which is a nicer building and a more relaxed rental policy, but it is still a coop.

there was a treasury auction last year if i remember for about ~15 units in 270/280, a studio went for around 170-200k.

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JCLAW, do you have any contact who are familiar with this process? i spoke to my real estate attorney, although she was very good at my previous closings i got the feeling she really doesnt have any experience dealing with this particular issue.

I probably will not cancel the abatement as it's a guarentee against property tax changes for the next 18 years. But try to get the abatement lowered to my purchase price.

thanks

ps super_furry, i was going by my acutal experience in the past for jc downtown instead of some textbox rule you googled. And why do you feel the need to take a jab at me in an unrelated thread instead of just replying to the original thread for that topic？

i dont think there is any point discussing this further as we are just going in circles, each side have made all of their points.

Looking back 2 years, I dont think anyone can disput the fact the anti-beacon crowd was correct on the price predictions as evident by the recent prices. Now lets bury this thread for another 2 years, and see who's right again at end of 2011.

yeah i remember those ads in the nyt about gold coast etc.. but things didnt really take off until around 2001.

bsun, you have to understand the root causes of jersey city's gentrification. It is because after 9/11, all major nyc financial firms moved their back and middle office to newport and exchange place, this was a massive buildout almost overnight. In turn it triggered an equally massive development effort of residential real estate BASED OFF those 2 hotspots, as the new condos got bought up/filled quickly, the development expanded outwards. It was also during one of the biggest real estate booms in history. All the conditions were aligned perfectly.

Grove street path area was gentrified because of its close proximity to the newport/exchange place offices and transportation.

In the beacon area, as mentioned transportation will always be a major issue, but in addition we are in the bust phase right now. Other than the beacon developer, there is no new money coming in, and no new high rise condo/office buildings going up. It will be dead money for a long time. If you are looking to invest, you should check the jsq path area as i mentioned before. They have a real redevelopment effort going on right by the path station with new office buildings and condos going up, and transportation right there.

Anyway i wish the beacon area luck, it will only benefit me if it does become gentrified as it will mean a new area for us jc residents to go to.

i know a friend who's in one of the rentals in LHN, it was crazy almost 1 year after moving in they still havent finished painting the wall lol. I think she said, the residents ended up painting it themselves because it just looked so bad. There were also a lot of other problems with the building, like bait-switch the washer/dryer, and poor construction. She gave up trying to get out of the lease, just going to tough it out and get the hell out when it expires.

LHN started out as a great idea in a good location, but it's turning out to be somewhat of a fiasco. If you are looking to buy in that area, i suggest you pay slightly more and buy in gulls cove, that building is top notch.

yeah it's a 20+ year, not 5 year. i wonder if it's better just to petition to remove the abatement altogether, i will be at the mercy of the city each year, if they decide to double the tax like hoboken did, then it be bad

yeah i am definitely going to hire an attorney to handle this, Just wasnt sure if it's worth the effort or doable.

JCLAW are you sure the abatement can be adjusted based on the most recent purchase price? I thought (probably wrong) it's a building by building type deal. Like in newport james monroe the agent told me dont look at the abatement #s because they are automatically reset to whatever the new purchase price is.

Yet in other buildings, i was told the abatement will still remain the same to whatever the original purchase price was, and you cannot change it. The only thing you can do is cancel the abatement all together.

Just seems a lot of confusion, thanks for the info i will go there next time instead of over the phone.

original owner bought at 500k paying 1.67% abatement at $8350 a year.

second owner bought at 400k but still paying $8350 a year.

In this situation, has anyone tried to petition to adjust abatement to the new purchase price of 400k * 1.67% = ~$6600 a year.

Is it doable? i called the tax assessor office but they dont seem to be very clear, just asked me to try. Just wondering if anyone has gone through this process. I know you can do it with regular property tax if it's about ~15+% difference, but is it possible with tax abatement?

thanks

the price looks to be all over the place for example:

R-1807 = $257,500 [764 sqft]
C-1809 = $210,000 [795 sqft]

but i agree no steals looke like the developer made off nicely. Will wait to see the tax records after those closes before commenting further.

but what do you mean 10% premium? the buyer is paying the auction and not the sellers? and 10%?!?! agent only charges 5% nowdays for a closing. So a 210k unit, the buyer is paying the auction house 21k?

It's not just 1 building montgmery garden, it's the whole area. To improve the area, you need massive development with new buildings coming in across the neighborhood. This is not happening, the only development is the beacon, no other developer is coming in. And the beacon is a more sealed off castle than anything.

JSQ path is the place that have a chance, you got the canco and old st johns already in place, new rentals across the street, and a highrise tower getting build right next to the path, not to mention the PATH itself is here....

Let those guys live in their fantasy castle hoping the area will improve, they been saying the same while prices kept on falling.

If this is just an accident, even if it's caused by the driver disobeying the law and running a light, i still have a little forgiveness in me for the driver if he tries to help the victim, considering he's only a kid and there is no intend.

But this kid, after running over the man, just LEAVES. That changes everything, people like that should not be shown any mercy. And i dont buy the crap at all that he didnt know, please... if you hit a man like that as shown on the video, YOU KNOW.

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why is canco a bust? the sale is slow but i think they are doing pretty well overall. And the price remained stable. 300-350k for a nice 1br loft 5-10 min walk from path in an ok area with added potential of jsq path getting revitalized in the next 5 years isnt the worst decision you can make...

1stStGuy, dont bother not worth it ;)

cstone is that you in the avatar picture? if so you look more pissed off than that cab driver.

the comments under the video are the best lol

heh that's good to know. i dont think they will sell at the price they are asking. To be honest i wont even consider there if it's 400k, the interior finish is really terrible and it's $300-400 a month extra for parking. There are far better values out there.

are you sure it was only 2 weeks, i think the bank was selling the units a while ago, i remember they had a new sales team and everything.

well if it's 50% you can always get mortgage from local lenders.

Anyway no i am not sure, was just stating what the sales person told me. I would imagine if he was lieing, it would be very obvious when you try to get a mortgage and cant close on the unit, so he has no reason to lie about it.

edit: nevermind not worth it. can discuss with a delusional person

trump was around 50% sold when metro defaulted a couple months ago, the bank has been selling since. I dont think the agent would lie to me on something like, as it affects the mortgage you can get, he was sure the building can get a regular fannie 30yr fixed which requires a ~70% sold.

Building is another story, nice lobby that's about it. rundown units, washer in the kitchen LOL, and they asking 500k for 1br. I had a good laugh.

if you want downtown, the cheapest good ones are probably in dixon mills, the area isnt the best but it's still downtown and livable. Make sure you compare, there are so many different layouts in that building.

the 1BRs were listed at 225k for a long time with no buyer, so they will probably be auctioned off around 180-200k is my guess.

Not that it's your business but since you are making so many assumptions about me. I sold at 07 right after bear stern's fund blew up, as it was pretty clear sht is about the hit the fan. been renting ever since, i am actually looking to buy now 1 for primary 1 as investment, mainly due to the low rates, now is the time to leverage up when everyone is leverage down. Fully expect to take another 10% loss to a 5 yr flat market, but the rates are just too good and wont stay like this for long as evident by the last 2 weeks.

of course wont be buying at the beacon, there will always be people who dont understand location is everything. There are people buying into altessa in union city now blinded by the luxury bells/whistles while ignoring the shtty area with no transportation. It's will be a repeat of the beacon, unless market significantly improve.

if you think about it, most high rises in jc waterfront are soldout. The only 2 building with massive inventory left are crystal point and 77hudson. Even trump is 85% sold (at least that's what the agent tells me).

So really only 77hudson could come knocking..


I definitely support a nice abatement for a developer if they want to come NOW and build a NEW high rise condo in jc. As the market right now is very tough, and the new construction will create a lot of jobs for few years, it's the very definition of what abatement is designed to do.

Crystal point, after thinking it through i agree it's probably not in the best interest of the city. Fulop's argument makes sense, the building is done, it wont create new jobs or do anything for the city. The tax reduction might let the developer sell a few more units faster and generate revenue for the city sooner, but at the end of day i think the city lost more than it gained.