What is the deal with the Mountain Club condos on Route 10 in Parsippany? (Morris Plains: 2014)
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I am currently renting, would be buying the property as a long term investment. Although i would live there for at least a few years. The ultimate plan would be to get in cheap, and then keep the unit as a rental, hopefully for many years into the future.
Would love to hear from a local about this. I got a feeling there might be some kind of a "catch" involved. Are there any flooding concerns? What should I be aware of?
I am currently renting, would be buying the property as a long term investment. Although i would live there for at least a few years. The ultimate plan would be to get in cheap, and then keep the unit as a rental, hopefully for many years into the future.
Would love to hear from a local about this. I got a feeling there might be some kind of a "catch" involved. Are there any flooding concerns? What should I be aware of?
I don't remember much flooding on Route 10. Route 46 is another story.
I don't know anything about those properties, though. Despite the name, they actually seem to be located in Morris Plains.
Parsippany is a very flooded area, snows too much in the winter. that is all I can say. dont know much about anything else. Last year due to the hurricane Parsippany was flooded for three days there was only one way out on route 80.
I rented there about 20 years ago. They are on high ground so no flooding problems that I ever heard about (the complex acroxx Rt. 10 is in a hollow and would worry me.
My understanding is that the complex was co-op, so that's a whole other animal, which frankly confuses me since it is uncommon in NJ (but frequent in NYC). I know there are much fewer lenders to do a co-op loan.
And they ARE in Parsippany (with a Morris Plains mailing address).
I rented there about 20 years ago. They are on high ground so no flooding problems that I ever heard about (the complex acroxx Rt. 10 is in a hollow and would worry me.
My understanding is that the complex was co-op, so that's a whole other animal, which frankly confuses me since it is uncommon in NJ (but frequent in NYC). I know there are much fewer lenders to do a co-op loan.
And they ARE in Parsippany (with a Morris Plains mailing address).
Thanks
On GSMLS they are showing each individual condo as having a different tax rate. I could be wrong, but I was under the impression that in a co-op situation, they have one rate for the entire building/complex. Will need to investigate further.
Anything else i should know? You generally find everything to be ok when you lived there?
On GSMLS they are showing each individual condo as having a different tax rate. I could be wrong, but I was under the impression that in a co-op situation, they have one rate for the entire building/complex. Will need to investigate further.
Anything else i should know? You generally find everything to be ok when you lived there?
We were renting a unit that hadn't been renovated, so I think the listings look much nicer than our unit.
Walls/floors were a bit thin. We could clearly hear the woman downstairs when she had.... uh... 'company'.
Laundry was in shared basement space around the back. Not sure if the newer renovations might include compact washer/dryer in the unit? There was also some small additional storage space by the laundry.
At that time, I think you got one assigned parking space, but there were additional visitor spots and it was never a problem. I think renting a garage was an option as well.
We were just a couple buildings from the tennis courts and I enjoyed having those available. Pool/gym are was decent, but we didn't use those much.
Not sure if they might have converted away from co-op or if I just had that wrong since we were just renting.
Overall, it was a good spot; very convenient location. I would think that would help support the values long-term.
Did you move ahead with the mountain club condo. If so, would you share your experience so far with them.
I am looking to buy in Parsippany or near by areas for rental purpose. Appreciate any recommendations there.
Quote:
Originally Posted by GiantRutgersfan
I see about a 10 units in the 130-140k range.
I am currently renting, would be buying the property as a long term investment. Although i would live there for at least a few years. The ultimate plan would be to get in cheap, and then keep the unit as a rental, hopefully for many years into the future.
Would love to hear from a local about this. I got a feeling there might be some kind of a "catch" involved. Are there any flooding concerns? What should I be aware of?
I know this is an older thread, but since I just came across it and have lived in the Mountain Club in the past, I wanted to comment.
While it's true that the Mountain Club was a co-op, it converted to condo about 10 years ago. While I no longer live in the complex, I did reside there for about 10 years, and enjoyed my time there. I lived in the bottom half of the complex, but used the gym, pool, tennis courts, etc, with no problem. There is one parking spot assigned to each unit, but you can rent a garage. There are also several visitor spots, so parking was never a huge issue unless you were having a party.
The laundry is located in the basement of most buildings, along with additional storage. These were renovated within the last ten years. While I no longer live there, I do still own my unit, as it's been a good investment. The residents are generally quiet, at least where I lived, so noise was not an issue. My downstairs neighbors had a small child, and to be honest, I only heard the child once in a while, so in my experience, I didn't think the walls were too thin (unless you were talking about a lot of noise in the middle of the night).
The board has changed hands over the years, and at least the current board has been pretty responsive in my opinion. New roofs were put on last year, and it seems as though there are general upgrades being made or at least planned for. Snow removal in the winter is typically pretty timely, which is nice when you need to head out to work. This location is relatively convenient to many amenities, including the Morris Plains and Denville train stations. Also, I never experienced any issues with flooding.
I bought 2 bed rooms unit in building near entrance last year. Quick in/out of community. I like the place. I am on second floor with nice view. Generally it is very quite. You can hear neighbor when going up/down the unit but once you are in your unit, it is overall quite. Floor do make some squicky noise but that is expected.
New management is good and responsive. Roof was changed last (2014) year. Laundry was changed last year. No issue with Heat and Hot water. In winter, sometime it gets bit more hot but you can always open little bit window. Schools (Mount tabor elementary rated 10 on greatschools) are very good and school bus service is nice.
Overall good place to live. My plan is to live here for couple of years and then rent it out.
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