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Old 08-02-2009, 08:19 PM
 
5 posts, read 22,947 times
Reputation: 13

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In a few years we won't recognize Paterson! Check out the recently released Madison Ave Commuter Rail Corridor Study Draft Final Plan. It outlines the plan for the Transit Village that is going to surround the Bergen/Passaic light rail a few blocks up from these condos. the website is: Departments (http://www.passaiccountynj.org/Departments/Planning/Madison_Avenue.php - broken link)
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Old 02-24-2011, 06:07 PM
 
1 posts, read 1,473 times
Reputation: 10
It amazes me to hear some of the low level ignorance as it relates to another American city that has unfortunately shared some of the hard times with the residents of the city. It amazes me how we can keep pointing to one part of America which is better than another. This particular argument is about the city, tomorrow's argument will be about gender, sexual choices, race, and creed. People, grow up!! We are now in a global era. I challenge your higher intellectual appetite on all matters. R. Vinson

Last edited by jets1234; 02-24-2011 at 06:09 PM.. Reason: spelling errors
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Old 12-19-2012, 11:57 AM
 
2 posts, read 2,259 times
Reputation: 12
Default Thoughts on loft condos in Paterson

Buyer/ Renter Be wary!!!

This is not worth your money. I got in and was elated to escape the property, the owners/ builders, the neighborhood, is all a waste. The property is not worth 140k after having an appraiser come in and assess the property it is well below market value. Its worth is 60 thousand. Additionally people, the property has several owners/ builders which makes it impossible to get refinanced or even get the loan you desire. They will steer you into the mortgage company that will approve you due to the types of owner. You will be forced to deal with a mortgage company, their mortgage company, their assessor's as oppose to a reputable large bank. Banks will not loan to multiple owners.. too many people involved, Silk City loft's owners/ builders are a board of individuals far too many. Its not like purchasing from one individual or even a company. You will be rail roaded to deal specifically with their lenders, which mean very little wiggle room, no negotiations, these people are real estate snakes who steal money from the unknowledgeable so please do your homework. Even with a lawyer they managed to steal thousands providing their rendention of justifying the reasons for it. Contract in place, means nothing to these people.

The neighborhood is hidious, drug selling directly on the corner. There is drug smoking in the stairwell of the building. The smell of sour is in the air thoughout the building because of the types of people they rent to. The entrance to Broadway homeless man camps out. The streets are filled with people who are in the no income brackets at all times.

The building has issues with its electrical, power outages are what you can expect on a constant basis, storm or not.

Owners/ buyers in the buidling is in the single digits after 4 years of sales should be an indication to stay clear of this property.

There is constant killings and drug, gang wars going on right on the block here. Please do the research, you will find a man slaughtered on the corner in the chicken store there on Broadway with a machete. Its public information of Paterson and on Youtube. Also to date Dec 2012 there are drug, gang wars going on where bodies are showing up daily, also public information. Daily is there cars windows being bust and robbed on all streets of the building and in the parking that have cameras. The buiding cameras both interior and exterior are jokes and just provided to give the tenants/ owners a sense of protection. When you actually require proof from them, the building will tell you they are unable to rewind and must call in a company or and require subpoena. The building owners do not have the money to upkeep it well and have an old man who speaks little english maintaining it that proves challenging when there is a need for any emergencies. Speak to any of the buidling residence you will find all that I mention here is truth.

Daily because Broadway is the main street the sirens blare all night and day, the police station is right up the street in walking distance is the main reason why. Also on the otherside of the building is a church that chimes every hour on the hour loud bells until 6 am - 9 pm..

There is an insect problem that I handled myself with the type of insecticide I use for outdoor area of my home. Multi-leg insects that are either large or medium in size. Due to this being a previous warehouse/factory. Actually all of Paterson have this insect issue as I now live in a dwelling that have it and seen it in others home in Paterson/ Clifton. The building has the old man exterminate but with what water? They are so cheap, cheap labor, etc. The insect problem is ongoing.

The owner/ builders attracts people who have less than favorable credit in a lease to own promised contract then kick the people out, without holding up the agreed on contract.

Lease to own is an agreement between the would be purchaser and the owner to lease the property in an assisting program to give the buyer assistance to owning. This is accomplished either by providing a reasonable rent to the buyer which is lower than rental, in turn assisting the buyer to save a downpayment or by assisting the buyer at closing with taxes, or closing fees and downpayment. What they are charging is rent as it is very high. Higher than the average apartment in the area of course because of the materials in it. They also insist on a very high downpayment.This does not help in their lease to buy option.

They change contracts in mid lease and rules associating this to get more money out of one. THOUSANDS.. with NO assistance at closing. These people are crooks. Mine is not the only story like this there are several others they have did this to, as I watched them come and go, move in move out. All with stories simular to my own.

I surveyed the single digits owners of the building who wish they could get out. They are stuck and unable to sell or refinance. Go buy or lease to own elsewhere. Make sure your dealing with one or two indiviuals not a board of people who will make it difficult for you to own. This is a new form of co-op madness. Where the board will tie you up and make it difficult for you to really own, to make decisions to resell or refinance will be a headache for you.

This is not attempt to get back at the building owners merely an effort to assist anyone else from heartache and pain in making a better selection in a place to reside, besides this one.
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Old 12-19-2012, 12:14 PM
 
2 posts, read 2,259 times
Reputation: 12
The commuter train on one side of the building is about 9 feet away from the windows. You will hear it pass, when it pass. Most of the conductors will blow that whistle that is deafening at times. right next to the windows of the residence as must. People walk the railroad. The builders claim there is sound proof windows but it is not, the noise is annyoying. Far too much to deal with for the escalated price they are asking. Unethical practices dont bring good luck.
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Old 12-19-2012, 09:03 PM
 
Location: Bergen County, NJ
151 posts, read 303,901 times
Reputation: 93
Quote:
Originally Posted by whispers23 View Post
Buyer/ Renter Be wary!!!
This thread is 4 years old...WHY are you bumping it?
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Old 12-19-2012, 09:19 PM
 
Location: The beautiful Garden State
2,683 posts, read 3,261,953 times
Reputation: 3528
Are you still talking about Silk City Lofts? They really want people to buy these condos with a $15,000 "Paterson grant"

Silk City Lofts | 1 and 2 Bedroom Condominium, 2 Bedroom Duplex Lofts located in Paterson New Jersey

The condos look nice but when you Google earth the neighborhood . . . it still looks bad.
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Old 12-21-2012, 09:59 AM
 
Location: Westwood, NJ
767 posts, read 1,935,438 times
Reputation: 371
Guess they aren't selling too well. Only saw 1 sold for $142,000 on the mls and that closed in January. 22 active listings (although a few have accepted offers on it).
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