Dearest smart shoppers! I am shopping for my dream home and am looking for a condo with my price range being 750000ish. I have loves the Visionaire until I read about the BPC ground lease and saw that the condo available in my price didnt have the view I was hoping for. I wanted to be in Manhattan for sure until seeing the Crystal Point on New Jerseys Waterfront kept me up all night! Then I saw... [more]
Dearest smart shoppers!
I am shopping for my dream home and am looking for a condo with my price range being 750000ish. I have loves the Visionaire until I read about the BPC ground lease and saw that the condo available in my price didn�t have the view I was hoping for. I wanted to be in Manhattan for sure until seeing the Crystal Point on New Jersey�s Waterfront kept me up all night! Then I saw Brooklyn�s Northside Piers and the Edge, I didn�t think I would ever live in brooklyn or jersey but I really want water, lots of it, in front of my window. And I want for the building to be new. The maintenance costs of some of the older building frightens me. I would love for you to share your ideas and experiences and input that would surely help me in the process of having my perfect dream home find me :-)
Thank you so so much and have a wonderful day!
I am very much looking forward to moving in :-)
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Response by vic64
almost 14 years ago
Posts: 351
Member since: Mar 2010
Consider 77 Hudson at Jersey City. 6 minutes to downtown Manhattan(including walking time to PATH train station), 20 minutes to midtown. $750K can buy you a pretty nice Manhattan facing apartment there. Think about what you can buy with the 3.8% NYC income tax that you can be saving.
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Response by bugelrex
almost 14 years ago
Posts: 499
Member since: Apr 2007
77 hudson: high taxes (even with the 15yr abatement). The tax+maintance for a 2br gets close to 1,600-2,000 a month. The other tower is a rental and u will share the pool with them. Your mortgage+tax+maintance for 750k will be about 5,000+... the guy renting the IDENTICAL unit in the other tower will be paying about 3,200
If you'r hitting AMT, you cant deduct the property tax
Path train on weekends during the day can be a long wait (~20 mins).
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Response by vic64
almost 14 years ago
Posts: 351
Member since: Mar 2010
The AMT and property tax connection makes no differences if you buy in Manhattan or NJ. If you hit AMT and beyond, then the NYC income tax saving will only be bigger. An almost $20K saving per year if you earn $500K/yr. That translates to about $1600 per month. Quite enough to pay for the majority of your property tax + maintenance. Or half of your rent if you choose to rent. Although the real rent would be higher than the $3200 per month for a 2 bed with some water view (77 Hudson blocks the rental building's water view, so the water view cannot be compared. Anyway, 77 Hudson is only an example of what is available in Jersey.
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Response by DreamBee
almost 14 years ago
Posts: 8
Member since: Mar 2012
Dearest vic64 and bugelrex! Thank you so much for your input on this! I looked at 77 Hudson and was taken by it, the views, the price, the bathrooms, everything. I would need to go and see in person but online the only listing I see in my price range is not high up enough to overlook the neighbouring buildings which is a shame. Being very high up in that one would be best, that would be awesome! I kin dof have been having a weird feeling all day imagening I would move out the city but the prices defenitely are seductive. I will be making an all cash deal and therfor mortage is not a topic. I do not know what AMT is, it all sounds very informative. Thank you so much bugelrex. Do you have a suggestion for another property you think would be better?
Now I have a new question and this one might sound akward but I am really interested in knowing, being that I would be so close to the water and lets say, God forbid, there would be a floding of water and the base of the building would be damaged. Would I as a condo owner pay for an eventual repair due to nature catastrophy or is there an insurance in this case that would cover those costs??
I am really really excited and hope to make the best desicion! Thank you all so much for your help!
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Response by DreamBee
almost 14 years ago
Posts: 8
Member since: Mar 2012
Now I just found 88Morgan Street, I wonder why the tax amount on the listing is so high??
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Response by falcogold1
almost 14 years ago
Posts: 4159
Member since: Sep 2008
consider a life at sea
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Response by Truth
almost 14 years ago
Posts: 5641
Member since: Dec 2009
Usually when you dream of an abundance of water that just means you've gotta get up and go to the bathroom.
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Response by DreamBee
almost 14 years ago
Posts: 8
Member since: Mar 2012
"consider a life at sea" dearest falcogold1 your comment really made me chuckle!!! You are absolutely right!! Only that, for now, I love, live and work in NYC so for this point in time it needs to be in this area, but believe me I will be thinking of your words further up the line!!
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Response by bugelrex
almost 14 years ago
Posts: 499
Member since: Apr 2007
DreamBee,
Personally I did not the layouts in 77. Felt cramped. Crystal point layout are more 'traditional'.
I think 77 may be flooded with oversea's investors, so its hard to say what the quality of life might be.
try also sugar house (nice loft layout) and liberty terrace. They have units facing water.
I just can't get over the high taxes for these buildings...
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Response by truthskr10
almost 14 years ago
Posts: 4088
Member since: Jul 2009
>consider a life at sea
On a serious note, not a terrible way to retire. When you think about deals out there for cruises (pre and post Costa Concordia) you could basically see the world "renting" @ $1000 per week (52k annually) in a decent cabin with maid service, gambling, fed 6 times a day, etc.
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Response by DreamBee
almost 14 years ago
Posts: 8
Member since: Mar 2012
Thank you so much! I just checked out Sugar House and Liberty Terrace! How are those taxes so high?? do you think Crystal Point's taxes are that high too?
@truthskr10 makes me think of Love Boat :-)
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Response by nyc_observer
almost 14 years ago
Posts: 93
Member since: Aug 2009
Check out One Brooklyn Bridge Park. There's am 11th floor 750 sq ft unit for $750,000 that has sick views of the harbor, statue of liberty, and manhattan.
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Consider 77 Hudson at Jersey City. 6 minutes to downtown Manhattan(including walking time to PATH train station), 20 minutes to midtown. $750K can buy you a pretty nice Manhattan facing apartment there. Think about what you can buy with the 3.8% NYC income tax that you can be saving.
77 hudson: high taxes (even with the 15yr abatement). The tax+maintance for a 2br gets close to 1,600-2,000 a month. The other tower is a rental and u will share the pool with them. Your mortgage+tax+maintance for 750k will be about 5,000+... the guy renting the IDENTICAL unit in the other tower will be paying about 3,200
If you'r hitting AMT, you cant deduct the property tax
Path train on weekends during the day can be a long wait (~20 mins).
The AMT and property tax connection makes no differences if you buy in Manhattan or NJ. If you hit AMT and beyond, then the NYC income tax saving will only be bigger. An almost $20K saving per year if you earn $500K/yr. That translates to about $1600 per month. Quite enough to pay for the majority of your property tax + maintenance. Or half of your rent if you choose to rent. Although the real rent would be higher than the $3200 per month for a 2 bed with some water view (77 Hudson blocks the rental building's water view, so the water view cannot be compared. Anyway, 77 Hudson is only an example of what is available in Jersey.
Dearest vic64 and bugelrex! Thank you so much for your input on this! I looked at 77 Hudson and was taken by it, the views, the price, the bathrooms, everything. I would need to go and see in person but online the only listing I see in my price range is not high up enough to overlook the neighbouring buildings which is a shame. Being very high up in that one would be best, that would be awesome! I kin dof have been having a weird feeling all day imagening I would move out the city but the prices defenitely are seductive. I will be making an all cash deal and therfor mortage is not a topic. I do not know what AMT is, it all sounds very informative. Thank you so much bugelrex. Do you have a suggestion for another property you think would be better?
Now I have a new question and this one might sound akward but I am really interested in knowing, being that I would be so close to the water and lets say, God forbid, there would be a floding of water and the base of the building would be damaged. Would I as a condo owner pay for an eventual repair due to nature catastrophy or is there an insurance in this case that would cover those costs??
I am really really excited and hope to make the best desicion! Thank you all so much for your help!
Now I just found 88Morgan Street, I wonder why the tax amount on the listing is so high??
consider a life at sea
Usually when you dream of an abundance of water that just means you've gotta get up and go to the bathroom.
"consider a life at sea" dearest falcogold1 your comment really made me chuckle!!! You are absolutely right!! Only that, for now, I love, live and work in NYC so for this point in time it needs to be in this area, but believe me I will be thinking of your words further up the line!!
DreamBee,
Personally I did not the layouts in 77. Felt cramped. Crystal point layout are more 'traditional'.
I think 77 may be flooded with oversea's investors, so its hard to say what the quality of life might be.
try also sugar house (nice loft layout) and liberty terrace. They have units facing water.
I just can't get over the high taxes for these buildings...
>consider a life at sea
On a serious note, not a terrible way to retire. When you think about deals out there for cruises (pre and post Costa Concordia) you could basically see the world "renting" @ $1000 per week (52k annually) in a decent cabin with maid service, gambling, fed 6 times a day, etc.
Thank you so much! I just checked out Sugar House and Liberty Terrace! How are those taxes so high?? do you think Crystal Point's taxes are that high too?
@truthskr10 makes me think of Love Boat :-)
Check out One Brooklyn Bridge Park. There's am 11th floor 750 sq ft unit for $750,000 that has sick views of the harbor, statue of liberty, and manhattan.