An "informed but informal" place to find real estate information
As new condo units continue to increase in the Hudson County real estate market, buyers wonder as to the differences between purchasing a new or older property.
To start, buildings have reputations like people and sometimes “all that is gold does not glitter”. I am not going to name names but there are groups of people who are not happy with their brand new units in a mega development for reasons such as “cheap construction”, hearing your neighbors too clearly, high maintenance costs, etc.. On the other hand, the newer units tend to have more of the amenities that people value in today’s market such as more than 1 bathroom, central air, granite countertops, stainless steel appliances, w.d in unit, etc. Yet, due to the way new units are assessed and taxed, you can easily pay $3000/$4000 a year more for taxes for a new place vs an older place with the same square footage. Since the city is not allowed to increase the assessment because of an increase in a selling price, you are protected from what is called a “spot assessment”. The only way an assessment can be increased is if there is a city wide re-evaluation.
A lot of the “buzz” dealing with new construction projects is from all the insiders that made quick money with the “flip” and they couldn’t be more thrilled with the property because they made a lot of money but as an end buyer paying top dollar to live in the unit, you will be looking at it much differently. You want to live in a solid building that will be well maintained.
This is where the reputation of a building comes into play. With an older building, you can casually ask the neighbors how they like the place and you can see the condition of the place after it’s been lived in for a few years. You can get a sense of the buildings financial stability by reviewing the budgets. This is only a start to get you thinking. I will re-visit this issue to talk more about different kinds of properties to look for and other factors to become aware of during your search.
Overall, however, as a buyer, never let your heart overtake your mind, while there may only be one true love for every person (ie. the way my husband feels about me), there is always another place……
About me
- I'm Judy Marciano
- From Hoboken, NJ, United States
- Thanks for checking out my blog. I am a full time licensed NJ real estate agent in Hoboken at Empire Realty Group. As I go thru Hudson County each day, often I stop to take a picture. Feel free to contact me for any real estate assistance at jmarciano@empiregroup.com
Previous posts
- the contract is signed, now what?
- One family in Weehawken
- one,two,three & four families in Hoboken
- Active condo listings in Hoboken
- girls fight back
- search for 2 br condo over 1400 sq ft in Hoboken
- A Dog's Life
- Kim's Mediatronics, Jersey City
- City Limits - where are they?
- investing - more than a line on a spread sheet
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