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I'm wondering if any of you know of anything relating to the 769 Montgomery building, aka the former Precinct in Jersey City? Mod cut: no links to specific properties I've visited the building already and like what I saw so far -- although I'm definitely going to revisit the place after completion. However, more than anything, I'm concerned by what looks like really slow sales of the units (I think about 2 of the 36 units have been sold thus far?), and while on trulia today I found out that they've lowered the prices of the units for the 3rd consecutive month already, starting back in October 2009. I'm not sure if this is a reflection of the area, potential finance issues, or that's just how bad the housing market/economy is right now. I mean, obviously they're reducing the prices because no one's buying them - which makes me wonder how the association fees may be affected down the road, if let's say in the long run there are still many available units left. And even worse, if the company end up having financial issues and etc? Any thoughts or knowledge would be greatly appreciated. Thanks!
I'm wondering if any of you know of anything relating to the 769 Montgomery building, aka the former Precinct in Jersey City? Mod cut: no links to specific properties I've visited the building already and like what I saw so far -- although I'm definitely going to revisit the place after completion. However, more than anything, I'm concerned by what looks like really slow sales of the units (I think about 2 of the 36 units have been sold thus far?), and while on trulia today I found out that they've lowered the prices of the units for the 3rd consecutive month already, starting back in October 2009. I'm not sure if this is a reflection of the area, potential finance issues, or that's just how bad the housing market/economy is right now. I mean, obviously they're reducing the prices because no one's buying them - which makes me wonder how the association fees may be affected down the road, if let's say in the long run there are still many available units left. And even worse, if the company end up having financial issues and etc? Any thoughts or knowledge would be greatly appreciated. Thanks!
Just off the top of my head, they are competing with other massive developments down the street -- The Beacon, Dixon Mills, 77 Hudson (although not really in the same league), and a bunch of other projects coming on line in other areas of Jersey city in better locations.... I have no idea how those projects are doing or how the amenities compare, but lots of supply + steady/declining demand is not a good combo for real estate. Not to mention all the foreclosures they have to compete with...
I'm wondering if any of you know of anything relating to the 769 Montgomery building, aka the former Precinct in Jersey City? Mod cut: no links to specific properties I've visited the building already and like what I saw so far -- although I'm definitely going to revisit the place after completion. However, more than anything, I'm concerned by what looks like really slow sales of the units (I think about 2 of the 36 units have been sold thus far?), and while on trulia today I found out that they've lowered the prices of the units for the 3rd consecutive month already, starting back in October 2009. I'm not sure if this is a reflection of the area, potential finance issues, or that's just how bad the housing market/economy is right now. I mean, obviously they're reducing the prices because no one's buying them - which makes me wonder how the association fees may be affected down the road, if let's say in the long run there are still many available units left. And even worse, if the company end up having financial issues and etc? Any thoughts or knowledge would be greatly appreciated. Thanks!
Sorry, not sure I've got the right location (I search for 769 Montgomery on trulia and don't see much).
I think you need to carefully check the comps for nearby properties. I would bet that the slow sales are due to those units being overpriced for this area. A 2 bedroom condo is quite inexpensive around that area (if the address really is 769 Montgomery)
The old 7th Police precinct??? You're kidding right...condos???
They are just a stones throw from McGinley Square, Bergen Ave, I'll pass...may very well be the reason they are not selling fast, the neighborhood is not one of the best in JC
If you search on google 769 Montgomery, a link called 769 Montgomery Street Condominiums... should show up.
Is the area that bad? I drove by at night a few times already and thought it's conveniently located next to shops and restaurants. I'm actually renting not too far from there right now, so I guess it just looks more like an 'upgrade' for me, being that everything will be brand new and all and in a secured building. And the prices actually fall within my budget. I'd love to live in the downtown areas, but those units are way beyond my reach at this point.
I'm not so crazy about the Beacon. It's a luxury building with very expensive maintenance fee in the middle of projects. I feel like you should get what you paid for, and I don't the monthly payments justifies the environment. I know there are units going for 100-200k at this point, but it just doesn't feel right to me.
What would be you guys' take on the Dixon Mills and 77 Hudson then? what are the prices/maintenance fee for 1bedroom with parking if you are aware?
If you search on google 769 Montgomery, a link called 769 Montgomery Street Condominiums... should show up.
Is the area that bad? I drove by at night a few times already and thought it's conveniently located next to shops and restaurants. I'm actually renting not too far from there right now, so I guess it just looks more like an 'upgrade' for me, being that everything will be brand new and all and in a secured building. And the prices actually fall within my budget. I'd love to live in the downtown areas, but those units are way beyond my reach at this point.
I'm not so crazy about the Beacon. It's a luxury building with very expensive maintenance fee in the middle of projects. I feel like you should get what you paid for, and I don't the monthly payments justifies the environment. I know there are units going for 100-200k at this point, but it just doesn't feel right to me.
What would be you guys' take on the Dixon Mills and 77 Hudson then? what are the prices/maintenance fee for 1bedroom with parking if you are aware?
When you get to Bergen Ave don't turn right, it gets real sketchy the further you go on Bergen once you turn right
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