Ready2buy, Home Buyer in Downtown Brooklyn, B...

How is the Trio Condominium doing currently?

Asked by Ready2buy, Downtown Brooklyn, Brooklyn, NY Fri Feb 29, 2008

We're looking at a 1200sq ft. 2BR unit at around 600k, overlooking the wetland (which is less than what's being listed on NYTimes Real Estate section.) We're curious as new constructions in Bergen County (Trio and other on "Gold Coast" such as Hudson One, Peninsula, etc.) seem to be either ready for a big tumble or will at least hold value depending on who you talk to. We're not sure how we can compare prices, how motivated this developer is, and how to gather other specific information about this particular development due to its local market. We'd love your help!

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Hi. We looked at Trio very seriously in January, before the market got a little too uncomfortable for us to feel confident buying right now. Not sure what unit/floor you're looking at, but you should consider the penthouse if you're looking to pay 600k for a 2 bedroom - the penthouse 2 bedroom 2.5 bath 1600 sq ft is not too much more than that. The developer is extremely motivated - you can get $ towards closing costs (10k), as well as some flexibility in final finishes (we were going to have them change out countertops in the kitchen and bathrooms, pull the cheap washer/dryer for credit). Also penthouse units come with 2 deeded parking spaces (be sure to check which spots they assign you though - there are uncovered spots on the 1st level in the garage which they may try to give you so be sure to see where the spots are located). I wouldn't go by the NYTimes Real Estate section price - they can always go lower, especially if you're looking in the 1st building - they need to close it out. When we were thinking of purchasing the unit, we offered $675k for the penthouse that was listed on MLS for $723k; the unit is now listed on MLS for $680k.

The other issue to consider is location - Pal Park is not truly part of the Gold Coast, which is a well-defined area. There's not a lot of great businesses within walking distance either, and the immediate area is not really conducive to walking around or walking a dog if you have one.

If you look at a really great website njrereport.com, this will give you a huge insight into the NJ market and where it's likely to go. If you're here for the long-term, probably like 5 years or more, you'll be bound to make some money on the purchase in the long run - this was also an issue for us, since we may very well move in a year or 2, well before any recovery is predicted for the real estate market.

Hope that helps, and best of luck!
1 vote Thank Flag Link Sun Apr 13, 2008
Palisades Park is a very integral part of the Gold Coast! I would say even more so than Alpine or Englewood Cliffs because it is fact situated in the more inner urban region of the Gold Coast. If you were truly familiar with the area, you would already know this. Your comment is like saying the West side of Manhatten is not truly part of Manhatten, like a broken pencil your post is in fact dull and pointless!
0 votes Thank Flag Link Sun Dec 11, 2011
So, according to the code, you are saying every other realtor and licensed professionals who answer questions like mine every single day in Trulia are violating the code and thus being unethical?
0 votes Thank Flag Link Thu Mar 4, 2010
The attached are the REALTOR Code of Ethics and Standards of Practice which I follow. Did you ever buy a home in New Jersey? Regards,
0 votes Thank Flag Link Thu Mar 4, 2010
Frank, so, all the other licensed agents that are answering people's questions on this site every single day is violating the law?

Thanks for the condescending tone by the way.
0 votes Thank Flag Link Thu Mar 4, 2010
Ready2buy: Do you understand how this business works? Also, as a license holder I can't answer your questions if your working with another Agent. Have a look at the attachment. Regards,
0 votes Thank Flag Link Thu Mar 4, 2010
Frank,

No offense but how about offering an opinion, advise, or any information other than "can I help"? Of course you can help - that's why we post on these threads!

Btw, I just quickly browsed your other "answers" and they all say "Did you buy anything?" or "Did you ever get an answer? Are you looking?" etc.

Every non-professional on this site truly appreciate the expertise agents and brokers bring, but if I was to look for an agent I'd be contacting those who take their time to answer the question posed and show genuine willingness to help and share information.

Unfortunately, your posts pale in comparison to thoughtful answers other professionals submitted.
0 votes Thank Flag Link Thu Mar 4, 2010
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