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Old 08-05-2014, 07:36 AM
 
19 posts, read 174,422 times
Reputation: 11

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Hi,

Me and my wife have recently moved from Boston. We both are working in New York Midtown Manhattan area. We are trying to buy a new condo/townhouse with following criteria

1) 2 Bed 2/1.5 Bath
2) 1 hour commute to midtown are
3) Budget 300 - 320K
4) We dont have family yet but will be starting soon (next year). Good day care, school district would be plus.

I know its not the best budget. We also tried looking in hudson county areas but could find something to our liking.

We were looking in Rutherford area sometime back. We just heard about the news that next station to rutherford, Westmont, which was closed for some time and its being redeveloped and will be open for commute starting fall of next year.

There are already three property builders (Avalon, Pulte, Ingreman) who are building properties within walking distance to this station.

The place looks within our budget. Can anyone please shed some lights on the location.

Thanks
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Old 08-08-2014, 06:17 AM
 
19 posts, read 174,422 times
Reputation: 11
Inputs anyone? I just saw the property and both me and my wife are thinking of buying it. Anyone familiar with surroundings? We are thinking of living in this property for next 6-7 yrs with possible option of reselling
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Old 08-08-2014, 06:41 AM
 
Location: Randolph, NJ
4,071 posts, read 6,110,038 times
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I'm a fan of Rutherford, so those seem like nice units that get you close to the area at a good price. I've been curious ever since I heard about that station being redeveloped. I'm really not that familiar with the immediate area.

My impression is that it seems like an attractive spot for your situation, with the likelihood that you move by the time you have a kid entering school.
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Old 08-08-2014, 08:44 AM
 
19 posts, read 174,422 times
Reputation: 11
Thank for your input. We did our research and been to that property and surrounding (Rutherford, Hansbrough Heights) couple of times, but could not make out as driving through and living in those areas are completely different.

With all the development plan, we are almost certain to buy these units as we are planning to stay longterm. We are thinking of starting a family next year and staying there for atleast 7-8 yrs (may be more, if we really like the place)

Thanks again. If anyone else have more opinions to share, please do so. First time home buyers, so kind of have questions on almost everything :-)
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Old 08-08-2014, 09:21 AM
 
355 posts, read 775,631 times
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I live in Wood Ridge and am looking to move because of schools for my kids. Heights and Rutherford have much better schools. That area where those apts are is somewhat industrial, right next to the old Curtis Wright engine factory. Overall as development happens I'm sure it will become even nicer. The town as a whole is good, I just wish schools were on par with Heights and Rutherford. Commute is excellent when you look at comps. You have bus and 2 train stations in town once this thing is done.
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Old 08-08-2014, 12:04 PM
 
Location: Newport Jersey City,NJ
592 posts, read 1,791,706 times
Reputation: 304
Quote:
Originally Posted by harpreetwalia View Post
Inputs anyone? I just saw the property and both me and my wife are thinking of buying it. Anyone familiar with surroundings? We are thinking of living in this property for next 6-7 yrs with possible option of reselling
hi, what property did you see? We were just there last week at Liberty Square at Wesmont Station. They have nothing yet, not even model homes, just a construction zone and bunch webpages you can play around with on a touchscreen tv.

Here's my personal opinion on this development (have been a real estate investor for 10 years in nnj)

PRO:
1) Transportation - no question this is a big plus, with the new train station within walking distance once completed and only a few stops from hooboken/nyc

2) Price - condo style at ~350k and walled ones at ~$450k, that's decent price for the space and new construction. However there is one BIG warning, this does NOT include the addons. Keep in mind the prices they quote you on is base model NOT the nice ones you see in the photo ads, no different than buying a car, except most people dont realize it until afterwards.

Only after you sign the contract/locked in, they will send you to the builder to "customize" your townhome (ie stainless appliances, tub upgrade etc..). Be prepared to spend at least $50k additional on the customization, otherwise the townhome will not be close to what those photos are showing. It's a standard practice for new conustruction townhomes around here and in my opinion pretty shady. My friend just did the same in another development and it costed him an additional $75k fyi.

CON:

1) Schools are not good, first rule of real estate when buying single family/townhome that targets families, you need good school district. Otherwise will have difficulty selling down the road. That's a big concern.

2) The surrounding area is not bad, but still looks a bit urban than the white fenced clean cut houses in other nj suburbs

3) The development isnt even remotely ready yet, train station wont be until mid 2015 and first townhomes wont be ready until at least end of year. Way too much risk, definitely wait until it start to take shape before putting down any money is my view (if deciding to buy there).

For me, the average school (4-5s rating) is the biggest issue. But i will wait until everything is done and decide. A lot of it also depends on the immediate surrounding ie if all those empty stores are now filled in vs still vacant, is the train station finished etc..
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Old 08-08-2014, 05:22 PM
 
1,449 posts, read 2,279,694 times
Reputation: 711
Quote:
Originally Posted by harpreetwalia View Post
Hi,

Me and my wife have recently moved from Boston. We both are working in New York Midtown Manhattan area. We are trying to buy a new condo/townhouse with following criteria

1) 2 Bed 2/1.5 Bath
2) 1 hour commute to midtown are
3) Budget 300 - 320K
4) We dont have family yet but will be starting soon (next year). Good day care, school district would be plus.

I know its not the best budget. We also tried looking in hudson county areas but could find something to our liking.

We were looking in Rutherford area sometime back. We just heard about the news that next station to rutherford, Westmont, which was closed for some time and its being redeveloped and will be open for commute starting fall of next year.

There are already three property builders (Avalon, Pulte, Ingreman) who are building properties within walking distance to this station.

The place looks within our budget. Can anyone please shed some lights on the location.

Thanks
One thing that really concerns me regarding that area and the new homes being built is that they are being built on the old Curtiss Wright Aircraft Assembly Plant, which when it closed was discovered to be severely contaminated by several pollutants including PCB's. It was declared a high priority Superfund Site as the site was so heavily contaminated and was leaching into the ground water as well as streams etc. I remember some indication that it was as bad as Love Canal. During the remediation process I remember hearing/reading about issues with some of the soil trucked in to replace what was being removed was itself contaminated with another carcinogen. (I cannot recall off the top of my head all the details of how the situation was addressed) Before I purchased there I'd definitely do my due diligence and research a lot more about the contaminants and cleanup. Esp since you plan on living there while pregnant and with young kids.

KoalaNJ
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Old 08-08-2014, 07:19 PM
 
19 posts, read 174,422 times
Reputation: 11
Thanks for your detailed Info. There is still just construction site with no homes in place yet. We have waited for some time to see how quickly the site is being booked by prospective buyers. Its going pretty quickly.

I will check more with the these people about add-ons. I did checked with them but I guess I was not entirely specific which I need to be now.

We are not in a hurry to move in yet and we are looking into prospective site plans in the area which will be ready by December 2014 or March 2015. I dont want to wait to wait much as the area/site is getting booked pretty soon.

We are living for atleast 7 yrs. and with the redevelopment plan, I dont know how the schools will perform. Also, we only have a limited budged with which we are only able to see this property as new development. Rest is way too out of our budget and sepcifications
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Old 08-08-2014, 07:23 PM
 
19 posts, read 174,422 times
Reputation: 11
Thanks Koala, Gagalia, Imoapie for your inputs. With our current budget, we are thinking of atleast booking the slot (with a min deposit) to be available for us next year.

Quick question, does these townhouses has any resale value say 7-8 yrs down the line? Especially, if its more like 2 bed 2/2.5 bath.
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Old 09-01-2014, 09:36 PM
 
163 posts, read 264,665 times
Reputation: 37
Hi harprettwalia,

Hope you ended up buying a unit. I'm very bullish on the Wesmont Station development. Our pre-construction unit has already appreciated significantly since we put 10% down in April, and I expect it to only go up further once the train station completes and the development sheds it industrial history. Other nearby commercial developments that I am excited about include the American Dream mall in East Rutherford and the Teterboro Landing mall in Teterboro.

The wife and I both work in midtown Manhattan, and we have two young kids ourselves. Our biggest concern of the area is the average rated schools as well, but hey, you get what you pay for in terms of housing prices and property taxes (the 5 year property tax abatement was a nice add-on by Wood-Ridge). I'm optimistic that schools will improve as the town collects more property taxes from the development and more families like us move into the larger homes. At least the area demographics fulfilled our requirements, and Wood-Ridge will be substantially renovating the school buildings in 2014 and 2015.

Funny that you mentioned Rutherford. We almost bought a relatively new single-family home in Rutherford, but ended up deciding to wait for the Wesmont Station development. Rutherford housing quality was in general too old, the property taxes too high for anything relatively new, and the commute to midtown Manhattan not that great unless the home was located very close to Route 3 and the NJT buses.

You should take a look at these links if you haven't already for more details on Wood-Ridge/Wesmont Station:

Multifamily projects gain steam in Bergen County - Business - NorthJersey.com
http://www.njwoodridge.org/2014-3rd-Edition.pdf

Nearby development details:
Teterboro shopping center project heading to finish - Business - NorthJersey.com
American Dream developers unveil long-awaited makeover, target 2016 opening - News - NorthJersey.com
American Dream - Home

Last edited by ChinoJedi; 09-01-2014 at 10:01 PM..
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