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We are considering buying an apartment @ 311 washington st., jersey city, NJ. (aka Washington Commons). I wanted to know if anyone has reviews good/bad about this building. I see a large number of sales that happened within this bldg this year. I also read a bit about the litigation that the builder had with JC around homes appointed for artists, but am not sure if that should be a concern for a regular buyer?.
We looked at that building about two years ago and really liked it for the $/sqft. The construction was pretty solid and most units came with deeded parking (yay!). We didn't find the litigation to be an issue because it only impacted the tax abatement (5 year period instead of the nice 15/20 years that other buildings who had sweeter deals with City Hall have) but I think the abatement is over now anyway. The only two cons are no laundry in unit (free laundry room per floor) and electric wall units for heating and cooling instead of central air.
The laundry thing didn't bother me as much as the wall units, since most apartment sized units are small and driers take forever so if only 8 or so units share commercial machines, I'd be ok with it. The wall units were a stinker since most units face west, the cooling bill can be ridonkulous in summers.
Thanks for the info about west facing units requiring more cooling, i didn't know that.
I actually think the west facing units in Jersey City will need more cooling AND heating because the wind blows west to east near Grove St (there are a few reviews at Grove Point rentals that point out east side heating bills are like half the west side's because all the heat is blown west to east. Combined with their not-so-great insulation in the rental tower, it's just a horrible situation for tenants). I personally don't have experience with the heating situation, but re AC, when I lived in the area, my living room faced west and my bedroom faced south and coming home from work, there would be easily a 5 degree difference due to the sun exposure. Good luck!
Thanks MrsPiggleWiggle! You're teaching me some valuable aspects of home buying that I'd never have thought about. would love to know your opinion on another question i posted yesterday: Newport/Exchange Place Home Values (sorry for cross-posting to draw your attention, but any inputs on this front will be very valuable.)
Thanks MrsPiggleWiggle! You're teaching me some valuable aspects of home buying that I'd never have thought about. would love to know your opinion on another question i posted yesterday: Newport/Exchange Place Home Values (sorry for cross-posting to draw your attention, but any inputs on this front will be very valuable.)
I would say that your price range for 2bd/2ba with ~1000 sq ft is even wider than you posted. Starts at maybe 400K for duplex brownstones located in flood zones and goes up to over 800K for the most luxurious highrises.
Buying in downtown is not for the faint of heart simply because the monthly payments are scary high. What most suburbanites don't understand is that while our tax rates are similar to most nice towns, the condos also have a maintenance fee average over 50 cents per sq foot per month (so you're looking at approx $500+ a month EXTRA on top of their payments for the same priced property).
No one knows for sure how prices will change over the next 5-10 years. Over the past few years, DT has kept its value phenomenally compared to most towns in NJ and at similar or better rates to Millburn, Livingston, etc. within the high rises. New towers coming up are all rentals so buying pressure may increase further on the existing units. I think it really comes down to lifestyle choice--most of my friends and coworkers who are paying the 5-6K a month to own their condos decided their priority was a super short commute while their children were still very young. So for them, price is a secondary consideration?
Asking someone about what they think about future prospect of real estate...is just like asking anyone about future prospect of any other equity markets like stocks, bonds, commodities, currency, etc. People will give you widely varying and sometimes not varying opinions depending on the times and input available. For example, if you asked people about real estate in 2007. Most folks woulda said omg u crazy. Some would've said its best time to buy. Who knows the real answer. It all depends on the market, the timing, and when you bought what where.
Only yourself can make that final decision on whether you think you will get your money back and then some. Or not.
As mrspiggy mentioned, don't forget about prop tax. NJ prop tax is high and JC is no exception. Difference is unlike many parts of NJ. High prop tax in JC doesn't get you a good public school district.
Ask the realtor on what the prop tax is, if it doesn't have it listed. If you are just looking and listing doesn't have taxes. You can search through NJ prop tax site. General rule of thumb is 2-2.5% of the home will be tax. Don't be surprised if that 600-650k home costs you 1k a month in taxes. Carrying cost is high. Plus depending on the area, you will need flood insurance.
yes i agree it's impossible for even the smartest of analysts to predict the future of the market. i was just trying to get a pulse from folks here..
you're right, the taxes are high, and HOAs are super high too..
and as MrsPiggleWiggle said, the commute and proximity to the city is the most most most attractive feature of this area.. also, the fact that renting it out should be easy if we decided we wanted to move in the future...
Me too trying to buy in 311 washington..please advise
Hello,
Its good to find a discussion here on the same doubts I am having before proceeding to buy a condo in 311 washington, JC.
I see few positives like bigger sq ft and car parking but at the same time I do not understand why the building do not have central A/Cs or Washer/Dryer ?
I also read the article that the builder lost the case against the township and 6 condos are owned by artists. Also I see a huge property tax difference between 2012 and 2013 in the building. I see the taxes more than 12K.
Did fore-closures happen in that building and does anyone know about that info ?
Are there any other things that can be of helpful for me to decide.
Thanks
Radha
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Me too trying to buy in 311 washington..please advise
