 Kannekt Forum Index Hoboken Real Estate  Monthly costs
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Re: Monthly costs | #21 |
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Anonymous
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The point of my comment about my wife and I waiting until something more compelling comes along before we buy in this city is not that we're waiting for prices to plummet, although we would certainly welcome a correction of any kind to happen. We wouldn't mind financing an $800K condo in this town if it actually offered the kinds of amenities that justify that kind of commitment, but paying $700K for a 1,300 sq. ft. box in a walk-up a block from the projects with a view of a brick wall is just plain loco. The fact that there is a glut of supply currently on the market and the likelihood of a lower bid being accepted is higher than a year ago still does take away uneasiness of buying a dumpy condo. And after the initial giddiness, chances are we will outgrow the dumpy condo and want to sell a year later, probably in a chilly market. My wife and I want to find a nice property with which we can feel at home for the long term.
For the record we've been renting on the waterfront for 2 years. By compelling I mean projects such as the Maxwells and the proposed future projects in the northwest area. Everything else leaves us very lukewarm. But that's just us. I'm sure there are couples out there for every condo for sale in this town. |
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Re: Monthly costs | #22 |
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Anonymous
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#21 you are so right, couldn't agree more.
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Re: Monthly costs | #23 |
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Anonymous
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Quote:
By compelling I mean projects such as the Maxwells and the proposed future projects in the northwest area. Why don't you simply buy at Maxwell?!? |
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Re: Monthly costs | #24 |
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Anonymous
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because he'd be buying at the top of the market in an overpriced building that hasn't finished selling out yet.
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Re: Monthly costs | #25 |
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Anonymous
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You are asking a question no one but yourself can answer. If you are happy in your one bedroom with your low costs, then stay there! For myself the only reason I would live in a one bedroom is if I could afford nothing else. I would much rather have a less nice two bedroom, then a nicer one bedroom. To me the extra space and room for guests is worth it and is a no brainer. For you, it sounds like you are happy in a one bedroom, then in my opinion it is not worth moving. Yes the market may cool, but if it does and you decide to sell, it will also have dropped in the place you buy. If this were me, I would use the full downpayment to keep my monthlys managable and I would trade up. But that�s just me. You need to decide what to do for you. |
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Re: Monthly costs | #26 |
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Anonymous
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Absolutely right about the Maxwells... my wife and I did consider them at one point, but the circus surrounding the initial sales turned us off. When hysteria and froth strikes a property which hasn't been completed and has zero history tied to it, you know it's time for the value investor to bow out of the circus show. If the Maxwells were like the Plaza Hotel in Central Park, with tons of history behind it and architecture to rave about, I would understand the oversized premiums to buy there. But for a set of modern brick buildings not yet built and with no claim to fame other than the fact that a coffee plant once occupied that space, I think the premiums are a flight of fancy for the super-rich (and the wannabes!)
We haven't ruled out looking at the Maxwells at a future date, perhaps something in the third and fourth buildings, or maybe even in the first and second buildings if they are offered at a reasonable price. Otherwise, we'll just keep looking. |
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Re: Monthly costs | #27 |
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Anonymous
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funny how all the maxwell buyers were tooting their own horns and patting themselves on the back, bragging how they got in... compare the posts from 6 months go to now... verrrrrrrrry different story and sentiment on these boards..
Recent posts on these boards are far more telling than all the press talking about a real estate slow down. |
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Re: Monthly costs | #28 |
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Anonymous
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#21, you have spoken my thoughts exactly - to my husband and I there is little value for us in buying a 700K 2 bedroom that we will likely outgrow in a year or two now. We have already managed to spread out into our current 2 bedroom, and we want kids. It just doesn't make any sense to buy something you will likely outgrow in an uncertain market, especially where there are no amenities other than commute that Hoboken really offers (not counting restaurants and stores, because in this area really, all the world's a stage - I don't limit myself to shopping or hanging out in Hoboken by any means and I can access NYC and its surrounds from plenty of neighborhoods). The last thing we need is to lose our hard-earned money on a condo we don't need to buy.
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Re: Monthly costs | #29 |
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Anonymous
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Quote:
If you are right about the market than that's great and you are a really smart person. If you are wrong, like everyone has been for the last 8 years and the inventory is absorbed and prices start to rise considering that interest rates are still low and the economy is still good, then you have taken your rent money to the toilet. That being said it is starting to feel like you are right, but since I have owned for quite some time, I guess I can absorb the hit. i hope |
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Re: Monthly costs | #30 |
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Anonymous
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"That being said it is starting to feel like you are right, but since I have owned for quite some time, I guess I can absorb the hit. i hope"
Although I believe prices will drop, I also think people who have owned "for quite some time" (I am guessing you mean you bought 4-5 years ago or more) will be more than able to afford the hit. When people talk about prices dropping, they usually mention numbers like 30% as a high. Well, if you bought 5 years ago, hasn't your place appreciated more than 30%? I think you'd be fine. You'd still get more than you paid for it, just at a more normal rate of appreciation. That is, unless you've taken out equity based on appreciation, need to sell and can't get the same amount as your mortgage. I'm sure there are those that did this, although I suspect that's more prevalent with single family homes than condos. |
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