I live in the building and think its great. Many of the comments below are good and other not so helpful. For 520K it depends on the line the unit is in. The 02 08 Lines are the best in the building then the 03 07 and 06 above 33. 5 years, with no big condo projects on the horizon it could be a hot commodity to have. The big question is what is a 1 bedroom worth?
Someone mentioned Toll Brothers, the building they are building between Bay and Morgan on Marin was going to be a rental and condo tower, but when I talked to Toll Brothers a week ago they said all rental.
The best value is going to be a unit that has a view. Yes views are never guaranteed but in many cases the 1 bedrooms are not going to have their views affected by up coming building in the area.
Give us a follow up on what you did and if you have any question please let me know. Like I said I am in the building and know it very well
- Trump buildings usually have a premium attached to them, which can become a liability down the road,
- higher maintenance fees than usual. Maybe you get more, maybe not,
- Trump building is not particularly well located. It is next to the ugly transformer building, far from other residential buildings, and frankly from everywhere,
- transportation options are not good. Grove, Exchange, and Newport paths are all reasonably far,
- it is not a waterfront building,
- buildings can be built around it, obstructing the views from all directions,
- the fact that there is no inventory elsewhere in the J.C. waterfront, but Trump is available says a lot about the "value" of the Trump building.
- you will NOT recoup your costs in 5 years. You pay 8-10% transaction costs, and very high holding costs, so you will have to get close to 10% a year appreciation to beat rental costs. You are paying a 4% mortgagage, and 25% of your purcahse price is sitting like dead money.
The Athena building could also be a good purchase, and, if for some reason the value is not where you want it in 5 years, carrying costs should be lower due to lower maintenance fees and you may be able to rent it without a loss then.
But, none of us have a crystal ball right?
Hope that helps!
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