Submitted by MuskIsKing t3_xzbc13 in jerseycity
Is it worth buying 1/2 br in cash now in The Beacon way? Any pros/cons?
Comments
MuskIsKing OP t1_irlds8n wrote
Isn’t the litigation over now? And new near by buildings coming up?
objectimpermanence t1_irn8lr9 wrote
You really shouldn’t be relying on random people on the internet to answer these questions for you.
You should seek the advice of an experienced real estate agent and/or a lawyer to look into the HOA’s finances and the status of any litigation.
suztomo t1_irmdmn7 wrote
Don’t force others do survey for you. Can you make assertions, not question?
MuskIsKing OP t1_irmq0d9 wrote
How would you explain the low availability of condos if it is not a good investment?
objectimpermanence t1_irn8ghy wrote
The housing market is pretty jacked up right now.
One reason is that a lot of people are disincentivized from moving because it would mean giving up the mortgage they refinanced at ~2.75% 2 years ago in exchange for a new mortgage at close to 7%.
That translates into fewer people listing their homes for sale. But that does not necessarily mean that buying an apartment the Beacon is a good investment now.
Potential_Ship5662 t1_iro1vvo wrote
I live in the community and own multiple units at both Capitol and Rialto. It’s a good investment.
MuskIsKing OP t1_irpaf9y wrote
But how do you manage profitability considering the high HOA, taxes, maintenance etc. not considering mortgage assuming you paid out apartment.
Potential_Ship5662 t1_isll4fr wrote
The 1br condos are cheap and there is a tax abatement. The HOA is ~$500/mo. Renting out between $2400-$2900 you make profit each month. Pretty easy.
HappyArtichoke7729 t1_irlhm2h wrote
HOA fees above $400 are an absolute no-go
objectimpermanence t1_irn7k1z wrote
I think you’d be hard-pressed to find a 1 or 2 bedroom apartment in a JC building with full amenities with HOA fees under <$400.
Even if the HOA is skimping on maintenance, the staff wages add up pretty quickly.
HappyArtichoke7729 t1_irnlh6i wrote
> with full amenities
I found your problem.
The LUXURY part. Maybe some folks just want a place to live?
pixel_of_moral_decay t1_irlsb2a wrote
Below is a 100% no-go. A half decent real estate agent won't even show it to you without having a talk.
That just means they're deferring maintenance and savings. Normally that's because multiple board members are hoping to flip their unit in the next few years and want to keep things low to maximize their sale price. Next owners will be stuck with insane assessments to fix the neglect.
Some banks even want to know about assessments in past 5 years when you apply for a mortgage.
HappyArtichoke7729 t1_irnldnl wrote
No, it just means that some folks want a normal place and not a LUXURY place with amenities designed solely to increase the price for the developers.
suztomo t1_irlcr8y wrote
https://www.reddit.com/r/jerseycity/comments/vb0h8h/why_is_beacon_building_not_seeing_any/
You assert that the apartment in question is a good investment. We will challenge the assertion.