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So there is a bodega for sale right at the Altessa. Called the agent and am waiting for a return call.
I went to the Altessa again this evening. Here is what I saw:
A few blocks away, families and kids playing in a park. Two cops on bikes sitting there having a conversation with some folks. Seemed very nice.
Right on the corner, near the church, some kids were playing touch football.
I drove all around within 4 or 5 blocks and the worst thing I saw was 2 guys hanging on the corner, trying to look tough. Besides that, all I saw was typical city stuff. People going about their business, doing laundry, shopping, hanging out, etc.
I am completely comfortable with this area. I am even more excited to move in. They better hurry up!
what time did you check this out, and what are your plans for the bodega if it were to pan out. You don't have to disclose this, I understand.
I'll be exploring more of the area after work 9pm + during the week to see how things are and where it gets sketchy. I need a reason to ride my bike anyway.
So we visited the Altessa, and I'm telling you, it's a tough decision. First of all, the area did not seem unsafe to me; however, we were not there at night. In fact, the bigger issue is that there's really not much to do in the vicinity. I do think it's the kind of area in which people might feel uncomfortable if they didn't live or grow up in a diverse neighborhood -- which leads to my concern: resale.
The units are definitely nice and priced well, but with so many luxury-type units available closer to the Hudson, how will these compete? Let's say the market recovers and the Altessa values skyrocket, would the type of person who could afford those prices be willing to buy in the area? I don't know the answer. So it feels like a major gamble.
I'm also worried that the maintenance fees will skyrocket in a few years.
Believe me, we want to live in the Altessa; now we're just trying to convince ourselves that it's a smart long-term investment. There's no question we'll be comfortable there in the short-term (although I think you really need to own a car to be comfortable there).
You addressed some of my concerns as well. I too worry about resale to those that can afford it and the maintenance fees skyrocketing. When you think about a building with that many amenities you have to wonder what the maintenance will be like 2 to 3 years after completion.
I had teh same concerns. The reality is that the price of a unit in the Altessa will never be the same as unit on the river. But they are not now either. I know that for a comparable unit to what I got, in Hoboken, Weehawken or JC woudl be at least 70% more expensive. So, if I paid $500 and comp units in those towns cost $850 right now, when they go to $1MM (and they will), mine should go up a similar amount, adjusted for the price difference, so probably $600.
I am buying for the long run. I think it a wise decision.
There is a brand new High Scool being built a couple of blocks from Altessa. I would think this could bring down the value of that real estate, no?
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