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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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again it's coop, not condo. So if you plan to buy make sure you review the building's financial statement carefully first.

Posted on: 2008/11/7 5:25
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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I think the 500+/- sf condo is only worth 60k to 80k depending on floor level.

Posted on: 2008/11/7 4:27
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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I would say a small roach problem, occasionally I see them around the kitchen, they are very small in size. I do have traps everywhere as a precaution as well as gel in my drawers. I also have a cat that has food sitting out all the time, so that can be problematic also.

I guess I am also comparing it to my previous situation where I couldn't even have an object on the ground without roaches infesting it, so seeing one off and on doesn't really bother me.

The building does have roaches, but all the places I have lived have them in some capacity. I don't know how well management responds to them since I haven't complained yet.

Posted on: 2008/10/2 16:15
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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Quote:

geniusofthecrowd wrote:
I don't really have a roach problem and have been living here for a year, about to renew my lease this month for another year.


Quick question about your post: You don't "really" have a roach problem... Does that mean you have a really small roach problem, or you see the occasional roach, or do you simply not have any roach problems at all? I imagine having a roach problem is a bit like being pregnant - you can't be kind of pregnant, you either are or you are not!

Posted on: 2008/10/2 16:06
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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I live in the 2nd building on a high floor and pay $1240 for a large studio with no balcony. Totally worth it for me to have laundry, doorman who takes packages, across the street from the path and a lot of space with a decent view with utilities included.

I don't really have a roach problem and have been living here for a year, about to renew my lease this month for another year.

I lived in Montgomery Towers across the street before I lived in Metropolis and I had a stupid crazy roach problem that I could never get rid of.

Posted on: 2008/10/2 15:58
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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No you'll just have to out bid me! haha

Quote:

SLyng wrote:
GrovePath - you want to go halvesies with me? We can split the profits!

Posted on: 2008/10/1 23:56
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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GrovePath - you want to go halvesies with me? We can split the profits!

Posted on: 2008/10/1 23:51
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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So what do these places rent for?

I heard once someone say they paid $1200 a month for a lower floor studio without balcony -- is that real?

What about with balcony or on a higher floor?

What about a 650sqft or a 1000sqft one bedroom, with and without balcony?

Posted on: 2008/10/1 23:48
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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I know that the reason these buildings had financial trouble in the past has been resolved, but I can't tell you anything about the coop finances beyond that. The rentals are owned by two other companies, as well as individual shareholders.

With the housing market what it is, I can't imagine a studio seized by the IRS going for 220k... a lot of potential bidders won't even be able to secure funding, and you lose your deposit if you can't do so within a couple months. Not many people now willing to risk that on 500sf.

Posted on: 2008/10/1 13:46
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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you must be crazy to pay 220k for a studio (it's not that big) here. Just 2 years ago a fully rennovated studio was asking around 170k, and that was during the good times. you are better off getting a 1br in dixon mills or zyphyr loft for <300k. Those are condos and are considered luxury apts.

Posted on: 2008/10/1 1:07
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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Quote:

rrenaud wrote:
BTW, here is a listing for 225k for a 500 square foot studio in the building, http://www.trulia.com/property/106812 ... Blvd-Jersey-City-NJ-07302

My initial estimate of 220k doesn't seem so far off, given that listing.


Yeah...but (and maybe i'm just being naive here) why would you pay market value for a place you know is owned by someone who a) doesn't live there b) doesn't want to own the property c) will probably sell at whatever price they can get and d) has issues like the ones listed above.

Throw in in a low-ball bid and see what happens. Who knows, you might get lucky!

Posted on: 2008/9/30 23:30
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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I guess since this is a coop, you actually need to be able to judge the probability that the coop will go bankrupt to correctly price an apartment. Do potential buyers actually investigate the coops finances? Ugh, seems complicated.

BTW, here is a listing for 225k for a 500 square foot studio in the building, http://www.trulia.com/property/106812 ... Blvd-Jersey-City-NJ-07302

My initial estimate of 220k doesn't seem so far off, given that listing.

Posted on: 2008/9/30 22:31
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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There are definitely bugs. I find that as long as I keep my kitchen clean they aren't too huge a problem, though. (Possibly because I'm on a pretty high floor?)

Another thing to note is that the "house rules" are pretty strict -- you can't paint your place any color that isn't white, if you want window treatments you have to have white blinds behind them etc. There's a PDF of them at the link above.

The best thing about the building is the size of the apartments. You get a huge amount of space for the price.

Posted on: 2008/9/30 22:05
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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i lived here for 2 years. just moved out early this year to a nicer building. Some info for potential buyers

1) the management is OK, they take your request and do the work in a timely manner

2) the rent is cheaper than other rentals and includes all utilities.

3) the place is INFESTED WITH ROACHES!! no i am not kidding, the management is trying hard spreading the stuff all day, you will see roachs dying/dead in the lobby, on the elevators etc. Also my apt is very clean, but still have a big roach problem, i finally found the cause that they come from the vents in the kitchen/bathroom, so ended up sealing off all the vents in the apt.

This is the major reason i moved out.

4) If you live on the lower floors, expect a few water leaks a year during the summer from above.

5) Overall, it's a cheap place to live and be close to downtown.

---------------------

In term of the property:

1) This is a coop, not a condo. This is a huge difference, basically the bank owns the building, you own shares of it. If the building could not pay the loan, the bank takes the entire building and everyone loses their apt.

This is rare obviously, but it IS a potential risk especially right now.

2) Related to one, make sure you secure finance first before buying because most banks wont do mortgage for a coop, especially one with a spotty record (building was bankrupt i think 10 years ago before the boom started).

This is especially important in some kind of government bidding as they require you to close in like 1-2 month or you lose your initial deposit.

3) You can write off about 50% of your maintanence as tax (the monthly fee includes tax).

Posted on: 2008/9/30 21:47
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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The sales price for each should be much, much less than $220. I am not familiar with the structure of the building but the site notes that they are coops. If so, you aren't buying the unit but, rather, shares in the coop and a lease to use the unit. It's similar to buying stock. You'll notice that the maintenance fees are high (i.e. over $1,000 per month for a one bedroom unit) which is used to pay the taxes, mortgage, etc on the building.

Posted on: 2008/9/30 21:18
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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Wait until after the election and 3 months, then watch those properties up for sale at bargain prices (The apartment owners will suffer the most - Actual LAND owners with homes will be less hurt in JC) - This will be the time to buy - Those that sat tight for 5 years and watched the wacky high prices, the opportunity is now on its way as the bubble has burst and the people start to scramble.
Those that bought during the boom, start altering your life style - dump the second car, use public transport, take your lunch to work, restrict heating and cooling, dump the cell phone etc etc.

The tip is LAND is worth more then apartment space in the air - A crap house on LAND can always attract a good price from small time developers - Highrise appartments can only attract like minded buyers.

Posted on: 2008/9/30 21:16
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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What do people think the places will go for? 220K for the 500 square foot studio?

Posted on: 2008/9/30 21:12
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Re: Nine units in Metropolis Towers up for IRS auction Nov. 13
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I thought those buildings were supposed to be infested with mice and bugs... Have only ever heard bad news about those towers. That being said, anyone know how much they've been selling for lately?

Posted on: 2008/9/30 20:55
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Nine units in Metropolis Towers up for IRS auction Nov. 13
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http://www.ustreas.gov/auctions/treasury/rp/marinblvd.shtml

"9 co-op units in Metropolis Towers will be auctioned individually. The units range in size from a 500 ? sq. ft. studio unit with 1 bath to a 1,015 ? sq. ft. 1 bedroom, 1 bath unit. All units have a kitchen and living area. A few units have a balcony."

I rent here, and I (gasp!) actually like it -- much nicer inside than out. Anyone know the story behind these seized units? Could be a real bargain...

Posted on: 2008/9/30 20:08
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