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I am a young 26 year old who is recently engaged and looking to buy my first property. I am torn between The Beacon or Port Liberte (both in Jersey City).
Does anyone have any recommendations they can share on either of these properties. They both have their pros and cons, just dont know which would be a better buy ~5 years from now to sell.
I am a young 26 year old who is recently engaged and looking to buy my first property. I am torn between The Beacon or Port Liberte (both in Jersey City).
Does anyone have any recommendations they can share on either of these properties. They both have their pros and cons, just dont know which would be a better buy ~5 years from now to sell.
Did you see the tax bill for the properties in Port Liberte? Also, why are you selling it in 5 years? We are in uncertain times, you should be buying a house to live in, not as an investment. You don't want to get a 5 year arm and find yourself underwater.
Did you see the tax bill for the properties in Port Liberte? Also, why are you selling it in 5 years? We are in uncertain times, you should be buying a house to live in, not as an investment. You don't want to get a 5 year arm and find yourself underwater.
Your right, I meant 5 years as worst case scenario. I will most likely keep it and rent it out if my family grows larger. I have not seen the tax bills. I did go see a unit there and the yearly taxes was around $4,000.
The scary thing is that The Beacon has been under litigation for a few years and of course the unknown is when will the litigation clear.
I work in the city and I want to be convenient enough for me to get to and from the path (both offer shuttle services). This is all quite new to me
If I was deciding between the 2, I would probably choose the Beacon. Sure the area sucks, but people who live there seem to like it. The property tax is abated and it is not in a flood zone.
Port Liberte has higher taxes and you need flood insurance, you should only live there if you want to be that close to the water (some units have their own boat slips which is nice). There is also ferry service to NY.
Neither are ideal, i'd rather try to see if there are any new construction near JSQ.
I used to live at Port Liberte (renter) and as nice as it was to live there, I would not buy there. It's way too secluded from the rest of JC and not a good investment IMO. I also used to live at Dixon Mills which has since been converted to a condo from rental properties. I haven't been down there in years but I loved the architecture of Dixon Mills and would probably buy there over both the Beacon and Port Lib. Dixon Mills is a short 10-15 minute walk to the Grove St Path station. They also used to offer a shuttle bus when it was a rental building but not sure if they kept that feature once they converted it.
If the building is under litigation, you may have a hard time finding a lender. You'll have to look for a portfolio lender--could mean nothing, could mean you can't shop around and find the best rates.
I am a young 26 year old who is recently engaged and looking to buy my first property. I am torn between The Beacon or Port Liberte (both in Jersey City).
Does anyone have any recommendations they can share on either of these properties. They both have their pros and cons, just dont know which would be a better buy ~5 years from now to sell.
Take my suggestions with salt of grain.
You may not be ready to buy anything yet so really consider if you are truly ready and are putting in the work to make home purchase not a disaster. Reason why I say that is because If you did some basic homework online or talked to a trustworthy agent, you would have been informed on multiple key factors about Jersey City.
Properly Tax Revaluation is on-going right now in Jersey City. It is required by law to be completed by...I think Nov 2017. That means taxes you see sure as heck aren't going to be what you pay unless its tax abatement program bldg. This adds slight complication on your math to see what you can afford and how much you want to pay.
Sounds like your pegging ~5 years thinking it may be break even or you come out little ahead so you can trade in starter for bigger place. That number is pretty broad (5-7 yrs is thrown around pretty loosely now days). But you'll need to factor in local real estate situation. Which is that market is softening and Beacon or Port Liberte are not desirable at all due to their location. Prices are reflected of that.
Hi Did you end up buying in Beacon? I am in a similiar position.
They both suck, in shtty area, with little future appreciation potential. The high monthly condo fees is just an added money sink bonus.
Don’t do it, don’t let the fancy exterior fool you.
Buy in 07302, if can’t afford, try jsq north of the path station.
Or just rent for a while.
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