Gotta Love NY Times Article About Rents Falling in New Jersey...
Started by alpine292
over 17 years ago
Posts: 2771
Member since: Jun 2008
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I laughed when I read this part of the article: In Edgewater, where Savanna Partners put $100 million into converting the Peninsula at City Place from rental to condo just two years ago, units are now being offered as rentals again — with two months free on a 14-month lease. For a large two-bedroom two-bath apartment priced at $2,900 per month, that brings the effective rate down to $2,485,... [more]
I laughed when I read this part of the article:
In Edgewater, where Savanna Partners put $100 million into converting the Peninsula at City Place from rental to condo just two years ago, units are now being offered as rentals again — with two months free on a 14-month lease.
For a large two-bedroom two-bath apartment priced at $2,900 per month, that brings the effective rate down to $2,485, according to Sara Glenn Smith, a project manager for the Marketing Directors, which is handling the leasing, and also continuing sales efforts (including a rent-to-buy program).
http://www.nytimes.com/2009/05/31/realestate/31njzone.html?_r=1
Now why did I crack up when I read this? Because DIRECTLY next door to the complex is one of the most TOXIC superfund sites in northern New Jersey!!! So if you want to get cancer, this is a GREAT place to rent!
From teh EPA website:
Quanta Resources Corporation
EPA added the Quanta Resources Corporation site in Edgewater, New Jersey (Bergen County) to the Superfund National Priorities List on September 5, 2002 because of harmful chemicals present at and near the site.
Ground water and soils at the Quanta site are contaminated with arsenic, chromium, lead and harmful chemicals, all of which can pose significant threats to human health. A plume of coal tar creosote, a thick, oily liquid used in roofing and paving that has been classified as a probable carcinogen, exists beneath the site and several adjacent properties, and extends into the Hudson River.
http://www.epa.gov/region02/superfund/npl/quanta/
Of course, the NY Times made absolutely no mention of the site next door. Great going NY Times!
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Response by 30yrs_RE_20_in_REO
over 17 years ago
Posts: 9913
Member since: Mar 2009
For several years, I spent a large number of my Saturdays driving my Japanese wife to Yaohan (now Mitsuwa) in Edgewater. I remember seeing a beaver (yeah, a real life wild beaver) in the parking lot of the complex where Pathmark Supermarket was the first in. As time passed, I took a look at the ginormous number of units being built along River Road (or whatever it's called now) and thinking "My god, the next time the market turns down, this is going to be on f'ing big mushroom cloud". Does anyone know how many "new" (last 15 years) units were built in that area? It's gotta be some huge number.
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Response by alpine292
over 17 years ago
Posts: 2771
Member since: Jun 2008
Lots of units have been built along River Road, bust surprisingly, the area has held up pretty well. I personally would never buy there ebcause I think it's overpriced and the area is prone to flooding.
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Response by w67thstreet
over 17 years ago
Posts: 9003
Member since: Dec 2008
n don't forget the toxic stuff left by the Ford(?) factory on the water... funny in the old days.. only bumz and prosi lived on the water...
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Response by alpine292
over 17 years ago
Posts: 2771
Member since: Jun 2008
the old Ford factory is now home to a condo complex. The last I heard, the HA is suing the builder because it has all sorts of problems and it is sinking into the river.
For several years, I spent a large number of my Saturdays driving my Japanese wife to Yaohan (now Mitsuwa) in Edgewater. I remember seeing a beaver (yeah, a real life wild beaver) in the parking lot of the complex where Pathmark Supermarket was the first in. As time passed, I took a look at the ginormous number of units being built along River Road (or whatever it's called now) and thinking "My god, the next time the market turns down, this is going to be on f'ing big mushroom cloud". Does anyone know how many "new" (last 15 years) units were built in that area? It's gotta be some huge number.
Lots of units have been built along River Road, bust surprisingly, the area has held up pretty well. I personally would never buy there ebcause I think it's overpriced and the area is prone to flooding.
n don't forget the toxic stuff left by the Ford(?) factory on the water... funny in the old days.. only bumz and prosi lived on the water...
the old Ford factory is now home to a condo complex. The last I heard, the HA is suing the builder because it has all sorts of problems and it is sinking into the river.