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Old 11-01-2011, 10:48 AM
 
88 posts, read 223,087 times
Reputation: 45

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Hi,
Me, my husband and my daughter are buying a home outright and would like some insight on some properties. Also, what does the listing agent do? Do they only list the property and take commission for what it sold? Or do you negotiate with them. I spoke with some of the listing agents and said I would offer maybe like 20-30k lower than it was going for and they refused saying that i'm getting a GREAT deal.
For example:
1. Brownstone in JC, The house needs total rehab mostly due to water damage from the bad roof. All floors and ceilings in the back rooms have been affected - most likely NOT structurally. The taxes are about $3,400.
72 Madison Avenue, Jersey City NJ - Trulia
I love brownstones but water damage could be pricey, does anyone have any idea of how much do you think it would cost to fix it? And is it worth it? What would you personally offer to the seller? The location was meh, saw a lot of black people hanging out and up to no good. since we're irish we want a predominantly white school, which we would send her to private if this home is worth it but not sure if it is.


2. 447 Mercer Street, Jersey City NJ | MLS# 110001800 - Trulia
steps are a bit much and we would probably have to pay serious $$ to get it excavated to build a ramp (if thats something we could even do considering it might be city property. It is a short walk to JSQ and Downtown JC but not that short of a walk, and again, would have to send my daughter to private school.

3. 1527 48th Street, North Bergen NJ | MLS# 110009840 - Trulia
we like this property but its a little bit more further than the other properties, would have to take the light rail to get to the path, doesnt have a parking spot and needs some work.

What would you offer to these properties, what do you think is the best deal and which would you take?
Thanks for taking the time out to read my post and look at the listings, I appreciate it and its a big deal for us because its our first real home out of manhattan (we're both natives being forced out by extremely high rents and price increases) and any insight to the neighborhoods would be great
Thanks
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Old 11-01-2011, 11:26 AM
 
Location: New Jersey/Florida
5,370 posts, read 10,137,208 times
Reputation: 3496
#1 madison avenue has many nice brownstones but the problen is it's in an area that has alot of crime. It's sandwiched between MLK Drive and Ocean Avenue. In the summertime those areas are loaded with drugdealing thugs along with nice people. Come night time bolt the doors.
#2 Mercer Avenue is a so so section but definately better than the #1 Madison Avenue. If it was me i'd stay clear of Madison Avenue. I lived in JC for over 30 years and continue tocome and go for a total of over 50 years.
#3 north bergen, don't know about that particular area but if i was sending kids to public schools #3 most likely would be my choice. Good luck with your search.
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Old 11-01-2011, 12:39 PM
 
88 posts, read 223,087 times
Reputation: 45
Quote:
Originally Posted by JERSEY MAN View Post
#1 madison avenue has many nice brownstones but the problen is it's in an area that has alot of crime. It's sandwiched between MLK Drive and Ocean Avenue. In the summertime those areas are loaded with drugdealing thugs along with nice people. Come night time bolt the doors.
#2 Mercer Avenue is a so so section but definately better than the #1 Madison Avenue. If it was me i'd stay clear of Madison Avenue. I lived in JC for over 30 years and continue tocome and go for a total of over 50 years.
#3 north bergen, don't know about that particular area but if i was sending kids to public schools #3 most likely would be my choice. Good luck with your search.
Thanks for your input. We wouldent mind if it wasnt fully in livable condition (property and neighborhood). If it was cheap enough, I would just hold onto it and work on it and move in when the neighborhood got better. Plus number 1 and 2 are kind of close to downtown NJ, which has been improving (right?)
You're right about night time around madison. We went there and checked out the neighborhood, its pretty similar to UES/East harlem borderline which is what we thought this might be a case of
What would you offer on 1,2 and 3?
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Old 11-01-2011, 02:29 PM
 
Location: New Jersey/Florida
5,370 posts, read 10,137,208 times
Reputation: 3496
Quote:
Originally Posted by nyc1986 View Post
Thanks for your input. We wouldent mind if it wasnt fully in livable condition (property and neighborhood). If it was cheap enough, I would just hold onto it and work on it and move in when the neighborhood got better. Plus number 1 and 2 are kind of close to downtown NJ, which has been improving (right?)
You're right about night time around madison. We went there and checked out the neighborhood, its pretty similar to UES/East harlem borderline which is what we thought this might be a case of
What would you offer on 1,2 and 3?
Well i didn't research each property u listed but it is a buyers market which we all know or should know. Depending on how long each property has been on the market i'd make an offer of around 20 below. So if one was listed at 100K I'd come in around 80 or 81. I wouldn't go below 20%lower but thats me, some people might. As for these areas coming back like downtown area is all up in the air. What downtown had first of all the river and the views on NYC and trains and tunnels close by directly to NY. Also most of downtown along the waterfront was land that was used commercially in fields that are dying off or are being shipped overseas in the name of corporate greed.
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Old 11-01-2011, 02:57 PM
 
Location: New Jersey
8,145 posts, read 11,880,506 times
Reputation: 7521
Quote:
Originally Posted by nyc1986 View Post
Hi,
Me, my husband and my daughter are buying a home outright and would like some insight on some properties. Also, what does the listing agent do? Do they only list the property and take commission for what it sold? Or do you negotiate with them. I spoke with some of the listing agents and said I would offer maybe like 20-30k lower than it was going for and they refused saying that i'm getting a GREAT deal.
For example:
1. Brownstone in JC, The house needs total rehab mostly due to water damage from the bad roof. All floors and ceilings in the back rooms have been affected - most likely NOT structurally. The taxes are about $3,400.
72 Madison Avenue, Jersey City NJ - Trulia
I love brownstones but water damage could be pricey, does anyone have any idea of how much do you think it would cost to fix it? And is it worth it? What would you personally offer to the seller? The location was meh, saw a lot of black people hanging out and up to no good. since we're irish we want a predominantly white school, which we would send her to private if this home is worth it but not sure if it is.


2. 447 Mercer Street, Jersey City NJ | MLS# 110001800 - Trulia
steps are a bit much and we would probably have to pay serious $$ to get it excavated to build a ramp (if thats something we could even do considering it might be city property. It is a short walk to JSQ and Downtown JC but not that short of a walk, and again, would have to send my daughter to private school.

3. 1527 48th Street, North Bergen NJ | MLS# 110009840 - Trulia
we like this property but its a little bit more further than the other properties, would have to take the light rail to get to the path, doesnt have a parking spot and needs some work.

What would you offer to these properties, what do you think is the best deal and which would you take?
Thanks for taking the time out to read my post and look at the listings, I appreciate it and its a big deal for us because its our first real home out of manhattan (we're both natives being forced out by extremely high rents and price increases) and any insight to the neighborhoods would be great
Thanks

I would question the agents boss (Broker). Didn't think they could refuse to present any offer to the seller, if they (the agent) didn't like it.
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Old 11-01-2011, 10:18 PM
 
Location: Jersey City
6,271 posts, read 15,518,610 times
Reputation: 5169
I agree with JerseyMan regarding #1 and #2. IMO, the Mercer St. location is better for three reasons. First, it's in an area that's not as seedy as Madison. Second, it's a 10-minute walk from the Journal Square PATH station. Third, the McGinley Square neighborhood is an approved redevelopment area, so there's at least a prospect for (conditions permitting) some new development, new energy, and hopefully rising property values as a result, sometime in the future. At least I have higher hopes for that neighborhood than the area around Madison Ave.

I'm less familiar with North Bergen, but have to believe that the public schools there are better than in JC, so that may be a better option for you, not sure.
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Old 11-04-2011, 10:10 PM
 
Location: In the woods
3,314 posts, read 8,517,902 times
Reputation: 1506
Quote:
Originally Posted by nyc1986 View Post
Also, what does the listing agent do? Do they only list the property and take commission for what it sold? Or do you negotiate with them. I spoke with some of the listing agents and said I would offer maybe like 20-30k lower than it was going for and they refused saying that i'm getting a GREAT deal.
If you don't have a realtor I suggest you get one to help you maneuver through the process. As a first-time homebuyer, it will be difficult [for you] to buy a foreclosure, short sale, or As Is property since you are unfamiliar with the process. A good realtor can tell you the market value of the properties and help you with your offers.

Also, how are you planning to renovate/restore these properties? You have to weigh things like the repair of electrical systems, plumbing systems, heating and/or AC, foundation and structural issues, roofing, asbestos, etc. Although a home inspector will identify the defiencies, you may need to bring in other experts (i.e., a structural engineer, etc.). You don't want your first home to be a money pit. Good luck with everything!
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Old 09-28-2016, 08:06 PM
 
1 posts, read 569 times
Reputation: 10
I live on Madison avenue Jersey city the neighborhood has charge for the better
I moved from NYC to Jersey City I love my new location have nice Neighbors and 20 minutes to NYC
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Old 10-02-2016, 08:23 AM
 
Location: nYC
684 posts, read 447,708 times
Reputation: 328
Quote:
Originally Posted by Jenkinsa148 View Post
I live on Madison avenue Jersey city the neighborhood has charge for the better
I moved from NYC to Jersey City I love my new location have nice Neighbors and 20 minutes to NYC
Are you able to find nature there ? I can not live in a concrete jungle, I need trees and green stuff, like grass and fields and forests and parks.
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