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Ewww. yeah I would say a big NO...on buying something in Margate community. Unless you are buying as an investment property...it would be fine. But to live there as your primary, big mistake! Although the people seem nice...but the amenities are very low class. No gym, no jacuzzi, no washer/dryer in your own unit, and the place is not even gated. The enrty way into the units are like shoe boxes. There is absolutely NO privacy. The salt trucks only salt the roads and not the parking lots. I practically have to ice skate from my car to the walk way. Very annoying! My college campus apartments had better amenities than this place. Again, great people, but the overall environment is not appealing to any senses. Good luck~
To whom it may concern,
My husband and I are selling our co-op. We live in Margate in Edison, NJ across the street from the Menlo Park Mall. The co-op that we live in is on the second floor. If you would like to contact our realtor please go to Real Estate Including Residential and Commercial Real Estate | RE/MAX, LLC. and type in 197 Evergreen Road Apt 10B, Edison, NJ The co-op has all information there for you to see. Thank you for reading this
Quote:
Originally Posted by reddyl
Dear Friends,
Just recently moved from india. Finance is in OK state. I work at Berkely Heights and need to comute in New york/NJ region forjob purpose. I looked at couple of Co-op at Margate comunity opp. menlo park mall and tryin to close one at 150K. Need your suggestions on the following
1. How good is the comunity.
2. The montly maintance fee is 800 USD. This is apart from mortgage and includes Pro[erty taxes I belive. Is it a good thing.
3 Am I better buying a Condo by spending another 70K as these people are saying they might convert their co-op in condo later in few years. But i need to pay additional 40K for that change. Thsi is subject to everyones approval i guess.
Please give me your recomendations.
thank you friends.
never rush into buying....just because you have to go for 13 month lease. i have my own bad personal experience in that.......take your time........i think you are better off renting for now
What the owner paid or put into it is irrelevant to what the apartment is worth today. I know nothing about the building or area, but if bought between '05 and '07, I'd guess it's worth about 15-20% less than what he paid. It's worth exactly what someone is willing to pay for it. If he is adamant about a price that seems higher than what units have been selling for, then wish him good luck and come back with your offer in a month. Finances of any building are very important. Do they have a reserve fund or will you get a special assessment if the roof needs fixing? Coops are less marketable in part because they usually can't be rented out (read the bylaws) once you buy them. A portion of the coop fee goes to taxes and the underlying mortgage (if there is one), both of which are tax deductible. The listing agent or treasurer of the building should be able to help you with this.
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