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Re: Third Floor Walk up Condo non-elevator building
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Thanks for all the feedback.
Yes this place sold. I have just started looking(and not quite ready to buy for another 2-6 months (and I will certainly take the advice given in this thread into account)), but I am considering this neighborhood and this type of building seriously.
So I'm sure the same issues that come with this building will come with others I am looking to as well

Posted on: 2016/5/6 6:30
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Re: Third Floor Walk up Condo non-elevator building
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jdm2008 wrote:
How much of a a negative impact do you think a third floor walk up around the area of 60 hopkins in journal square/heights would be?
In terms of future rent and resale? Is this area alot of young families who would dislike a walk up the most(lugging a kid,care seat etc up the stairs).
It's a 2br.
Obv you can make sure it gets priced in but I don't want a condo I can't sell.

I've lived a little north of here in the Heights (Franklin Street area) for 8 years, and would say the price is fair-to-slightly high (I think this is a 2BR out of an original double-parlor layout). I would not worry about it being a walk-up. There are a lot of younger single people, couples without children, and families moving to the area, generally they are relocating from places like Brooklyn or fringe DTJC, or immigrants - in short, at that price point, people who are not used to buildings with a lot of amenities. Buildings with elevators in the Heights are the exception, not the rule, and this one is a reasonable walk to shopping, a nice playground (Pershing Field) and a lovely vest pocket garden/park on Palisades just north of Rt. 139.

I would pay close attention to the comments about an over-saturation about rental units, though. That is the case in my building, and there a lot of "failed" condo conversions in the Heights either still undergoing renovations or being rented out. I would worry more about it taking 5 to 10 years for it to appreciate enough to make it worth your while to sell, if you are in it for that length of time tho' the Heights really shows promise.

Posted on: 2016/5/4 19:48
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Re: Third Floor Walk up Condo non-elevator building
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Definitely not a good time to buy in Jersey city. With the reval, and demand is probably going to level off. If you're an investor you're going to be competing with an oversupply of rentals and you will be slashing your rents to try to fill those apartments. Just look at how many rentals are being built downtown. There is going to be major oversupply.

Posted on: 2016/5/3 13:48
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Re: Third Floor Walk up Condo non-elevator building
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Not everyone has the guts to stomach volatility in the market, although the same can be said of the RE market itself.

Personally, I think there'll be a lot of volatility in the next 6-12 months, and right now is not a good entry point into the market. Hold and wait - be ready to pull the trigger when the opportunity arises.

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jcwalkingman wrote:
Not the worst investment but you'd probably be better off putting your money into a savings account earning 1% than buying a place just to buy a place. There are plenty of REIT stocks that will far outperform that condo in terms of price appreciation & dividends. Put your money into those if you want to invest in RE at this point in the cycle.

Posted on: 2016/5/3 13:39
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Re: Third Floor Walk up Condo non-elevator building
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jcwalkingman wrote:
Not the worst investment but you'd probably be better off putting your money into a savings account earning 1% than buying a place just to buy a place. There are plenty of REIT stocks that will far outperform that condo in terms of price appreciation & dividends. Put your money into those if you want to invest in RE at this point in the cycle.


But most people don't buy a REIT with 75-90% leverage.

Posted on: 2016/5/3 1:31
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Re: Third Floor Walk up Condo non-elevator building
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Not the worst investment but you'd probably be better off putting your money into a savings account earning 1% than buying a place just to buy a place. There are plenty of REIT stocks that will far outperform that condo in terms of price appreciation & dividends. Put your money into those if you want to invest in RE at this point in the cycle.

Posted on: 2016/5/3 1:27
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Re: Third Floor Walk up Condo non-elevator building
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jdm2008 wrote:
"i myself wouldn't buy anything i had to walk up other than a private house

the area will be saturated with rent only apartments in the near future so i would think it wouldn't be in your favor to invest in some thing that will lose money.

2 cents"

Can you eleborate? Why do you think there will more rentals/owner occupants then there is now? But isn't most of journal square like this as well?



all those new high rises they are building in / around JSQ are all rental only, the 3 tower one itself will have just shy 2k apartments for rent and thats just 1 of i think 5 projects around there.

Posted on: 2016/5/3 0:33
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Re: Third Floor Walk up Condo non-elevator building
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corybraiterman wrote:
185 thousand??? I'd be all over that



Im definitely getting old. 20 years ago you could have bought a brick 4 family Downtown for that.

Posted on: 2016/5/2 20:15
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Re: Third Floor Walk up Condo non-elevator building
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corybraiterman wrote:
185 thousand??? I'd be all over that



Looks sold already.


If the building was kept well inside - heating systems , etc.

Was a good buy.

Posted on: 2016/5/2 19:40
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Re: Third Floor Walk up Condo non-elevator building
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185 thousand??? I'd be all over that

Posted on: 2016/5/2 19:32
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Re: Third Floor Walk up Condo non-elevator building
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Quote:

jdm2008 wrote:
How much of a a negative impact do you think a third floor walk up around the area of 60 hopkins in journal square/heights would be?
In terms of future rent and resale? Is this area alot of young families who would dislike a walk up the most(lugging a kid,care seat etc up the stairs).
It's a 2br.
Obv you can make sure it gets priced in but I don't want a condo I can't sell.


@ Around 150k to 165k

within 5 years after JSQ has fully blown out

you'll do well

even if that building looks likes hell from outside.


Posted on: 2016/5/2 18:02
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Re: Third Floor Walk up Condo non-elevator building
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corybraiterman wrote:
That place is actually about as family friendly as you can get in the heights.


You make fair points but this is a bit much, being close to any of the major Heights parks like Riverview, Washington, Pershing or Gordon is a definite improvement over this area of the Heights, or JSQ in general, as far as families go.

Posted on: 2016/5/2 3:06
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Re: Third Floor Walk up Condo non-elevator building
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185 list.

Sorry address was 59.

Posted on: 2016/5/2 1:59
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Re: Third Floor Walk up Condo non-elevator building
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One: according to google maps, and obviously that isn't always current, but the house in question is a 2-story one. Was it torn down? An addition put on? GM tells me it's the brown building next to the empty lot here, which is not three flights. I'd be mildly suspicious of an addition to an old building like that.

Resized Image


Two: how much?

Three: ignore the nonsense that the other guy is yapping about re: JSQ and families. you're under half a mile from JSQ - I've got a friend that lives two blocks from that address and I've walked his place to JSQ a bunch in ~10 minutes. You're blocks away from PS 6, there's a small playground on Palisade, Christ Hospital is right there, you've got a bunch of buses & jitney van routes right nearby, easy highway/tunnel access, near a bunch of decent places to eat (get delivery from, too) and Pershing Field is like 8 blocks away.

That place is actually about as family friendly as you can get in the heights.

Posted on: 2016/5/2 1:54
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Re: Third Floor Walk up Condo non-elevator building
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"i myself wouldn't buy anything i had to walk up other than a private house

the area will be saturated with rent only apartments in the near future so i would think it wouldn't be in your favor to invest in some thing that will lose money.

2 cents"

Can you eleborate? Why do you think there will more rentals/owner occupants then there is now? But isn't most of journal square like this as well?

Posted on: 2016/5/1 19:38
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Re: Third Floor Walk up Condo non-elevator building
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o73o2 wrote:
  • 15 min from the path.
  • 2br 3fl walk-up.

It is one of the islands in the heights. Far from everything. Not family friendly.

No. Never. 

Honestly, I don't see it being much different from most of JSQ in that regard, but then I don't see JSQ as family friendly either. It's 15 min to PATH, Pershing Field, or Supremo Market. WFIW, we have affluent Hobokener friends who live in a 3rd floor walkup and have since the kids were toddlers. There's a small elevator they never use. I think a lot of people live above the ground fl, it's just a fact of life in these types of neighborhoods. I have no idea about the price, and if it's a great deal given those caveats, then that changes everything.

Posted on: 2016/5/1 18:06
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Re: Third Floor Walk up Condo non-elevator building
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List was 185

Posted on: 2016/5/1 16:15
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Re: Third Floor Walk up Condo non-elevator building
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  • 15 min from the path.
  • 2br 3fl walk-up.

It is one of the islands in the heights. Far from everything. Not family friendly.

No. Never. 


Posted on: 2016/5/1 16:06
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Re: Third Floor Walk up Condo non-elevator building
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Quote:

jdm2008 wrote:
How much of a a negative impact do you think a third floor walk up around the area of 60 hopkins in journal square/heights would be?
In terms of future rent and resale? Is this area alot of young families who would dislike a walk up the most(lugging a kid,care seat etc up the stairs).
It's a 2br.
Obv you can make sure it gets priced in but I don't want a condo I can't sell.


How much is it?

Posted on: 2016/5/1 14:56
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Re: Third Floor Walk up Condo non-elevator building
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i myself wouldn't buy anything i had to walk up other than a private house

the area will be saturated with rent only apartments in the near future so i would think it wouldn't be in your favor to invest in some thing that will lose money.

2 cents

Posted on: 2016/5/1 14:23
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Third Floor Walk up Condo non-elevator building
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How much of a a negative impact do you think a third floor walk up around the area of 60 hopkins in journal square/heights would be?
In terms of future rent and resale? Is this area alot of young families who would dislike a walk up the most(lugging a kid,care seat etc up the stairs).
It's a 2br.
Obv you can make sure it gets priced in but I don't want a condo I can't sell.

Posted on: 2016/5/1 11:01
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