| Author |
Message |
    
Bob K
Supporter
Username: Bobk
Post Number: 8755
Registered: 5-2001
| | Posted on Monday, June 13, 2005 - 10:26 am: |     |
I noticed a Burgdorff add in yesterday's Star Ledger for condominiums on Church Street. Is this a new development or is one of the apartment houses being sold off given the current sky high realestate market? |
mrosner
Citizen
Username: Mrosner
Post Number: 1993
Registered: 4-2002
| | Posted on Monday, June 13, 2005 - 10:36 am: | |
The current apartments that were built a few years back are up for sale (and one can assume because of the sky high real estate market).
|
peteglider
Citizen
Username: Peteglider
Post Number: 1210
Registered: 8-2002
| | Posted on Monday, June 13, 2005 - 12:15 pm: | |
They're on realtor.com -- I believe starting at mid-high $400's (!). (guess its all relative, a bargain compared to Pulte at $1.2 - $1.5M!)
/p |
Spitz
Supporter
Username: Doublea
Post Number: 1152
Registered: 3-2003
| | Posted on Monday, June 13, 2005 - 12:26 pm: | |
What's interesting is that they're not piloted. The price range is the same as has been indicated for New Market Square and Beifus (Hah!) Just an observation.
It will be interesting to see how well they sell without a pilot. |
mrosner
Citizen
Username: Mrosner
Post Number: 1994
Registered: 4-2002
| | Posted on Monday, June 13, 2005 - 1:44 pm: | |
Spitz: It is an unfair comparison. The apartments are currently rented out and providing income. They don't have a time frame to sell the apartments in order to recoup their investment. Also, at least in comparison to the new market site, they do not have to subsidize a retail space.
Also, the apartments on church street are larger then the new ones so based on price they are less expensive per square foot (well, at least based on the estimated selling price of the apartments at new market). |
Husky
Citizen
Username: Husky
Post Number: 7
Registered: 8-2004
| | Posted on Monday, June 13, 2005 - 1:46 pm: | |
I spoke with the realtor selling units on the station-side of Church Street - she indicated that there are 1, 2, and 3-bedroom units. Starting in the mid-300s. |
Vertifly
Citizen
Username: Vertifly
Post Number: 6
Registered: 7-2005
| | Posted on Sunday, July 17, 2005 - 5:07 pm: | |
The one beds are on the bottom. Kinda dark actually. Then there are two's and three's up top. Some of the two's have a loft-like master (with an office type of room looking over the bedroom area). They're nice and well refinished. Great location - maybe the rest of church street will be renovated sometime soon. |
kevin
Supporter
Username: Kevin
Post Number: 500
Registered: 2-2002
| | Posted on Monday, July 18, 2005 - 9:52 am: | |
If I am not mistaken, these apartments were listed as being "for rent" last year for a very long time. I believe that the price was somewhere around $1800-$2000/mo.
Assuming that the units have renters, what happens when someone purchases one as a condo to live in? Does this terminate the current renter's lease?
|
Mrs T
Citizen
Username: Netjack
Post Number: 180
Registered: 12-2004
| | Posted on Monday, July 18, 2005 - 10:29 am: | |
Leases go with the property, if you buy one of these condos with a 2 year lease, you get a tenent for two years. |
Just The Aunt
Supporter
Username: Auntof13
Post Number: 1799
Registered: 1-2004
| | Posted on Tuesday, July 19, 2005 - 12:04 am: | |
Mrs T
I think when a property changes owners, the new owners have the right to toss the tenant if they want. |
Rastro
Citizen
Username: Rastro
Post Number: 1306
Registered: 5-2004
| | Posted on Tuesday, July 19, 2005 - 1:54 pm: | |
JTA, I can't speak for NJ/South Orange, but that would be a unique ability. IANALBIPOOTV, I believe it is pretty standard for a lease to stay with the property, not the owner. So even if the property changes hands, the lease is still in affect. If you're buying an occupied apartment, you should know the lease terms and willingness of the tenant to vacate early (possibly with a little incentive). |
Bob K
Supporter
Username: Bobk
Post Number: 9024
Registered: 5-2001
| | Posted on Tuesday, July 19, 2005 - 2:50 pm: | |
I think in NJ there is a difference between a large apartment house changing hands and a 2 to 4 family house changing hands. I believe I read somewhere that with a small building the new owner can evict tenants, at least under limited circumstances. |
Just The Aunt
Supporter
Username: Auntof13
Post Number: 1810
Registered: 1-2004
| | Posted on Tuesday, July 19, 2005 - 10:17 pm: | |
I just read somethig about this in the Times within the past month or so. I'll see if I can find the article. From what I remember if the buyer plans to live in it or allow a family meber to live it it, the tenant can be tossed.
If they can't, why bother buying the condo? |
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