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Hi All,
I'm interested in finding out information about the Riva Pointe building in Weehawken. I love that area, but I see units for sale know in the $400K and $500K that were originally sold for 700K and 800K and I'm wondering what could have happened to make the prices drop so significantly. Does it have to do with flood insurance from Sandy? Is it poor construction? Any info at all-- if you lived there and loved it, lived there and hated it-- would be greatly appreciated.
The HOA/maintenance is extremely high. That's the main issue. As long as you've calculated that and it's still a good deal, then it should be fine. During Sandy, it was literally an island on the pier. No land access to the street, because that's how high the floodwaters had risen. But that's only happened the once in the 29 years that it's been there. It's a 30 year old building, and the nature of condo HOAs are that fees will rise as buildings age. There's just a lot of maintenance issues that come up at that point--the roof, plumbing, etc, plus Riva Pointe has a pool and gym and doorman (if I remember correctly). That will happen in any 30 year old building. Some of the units are super dated, others have been updated.
Location is great if you want to take a ferry. It used to be pretty isolated, but now that all the other buildings are coming up on River road, there's more to do in that direct area. Obviously, Hoboken is right around the little cove. My kids went to the Bright Horizons for a bit when it first opened.
Weehawken recently released their updated plan for the waterfront sports complex/park around the corner from Riva Pointe---there will be a giant public pool complex. That should be great for the area.
following, the question: Is the value of the properties will go up or down as a result of all the development and the new pier that is almost complete just next to Riva Pointe?
There are pros and cons but hard to get this info while searching for a home here. So FYI
Pros
Nice views
Good transportation
Cons
Everything runs on electric including cooking, air, heat, Winter is cold and long on river
High maintenance per month. Might even go up. Whole development is standing on wood and concrete, will need to maintain year around
Flood zone V zone, NFIP will not cover this zone. Expect high mortgage rates and Private flood insurance
Some residents have complained about rain water seeping in from top floors and possibility of mold in walls on the internet(I have not live here). Possible
Compare to Promenade in Edgewater,NJ before buying. Both are built on Piers.
Several complaints against the board, including loosing in a court case with developer for late filing in court for damages
(This is from a person who used to live there. Can not confirm the validity)The upper level has stone walk so the water seepage is cording the foundation. Insurance Very high and hard to get.
have an engineer look before you buy.
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