Market Conditions in 07650>Question Details

Lee, Home Buyer in 07020

What can someone tell me about TRIO condo's in Palisades Park,NJ. I am looking at buying a penthouse

Asked by Lee, 07020 Sun Jan 13, 2008

apartment and can't figure out if I am getting a good deal at TRIO for a PH around 720k. After looking at the average property value in Palisades Park according to zillow of around 580k; will I be able to sell this in the future for a profit or is Palisades Park not a place for the above 800k condo market?
thanks,

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There is no feeling of community in Trio at Palisades Park, New Jersey. Residents are unhappy with Property Management who bullies the residents. It is getting worse every year. It is not worth the money I paid for which is a lot compare to other condos. I am planning to move to Fort Lee.

Residents can hear people talking loud in the evening into late night from the commercial areas across the street especially during the weekends. Street parking is limited after work due to customers from Han-In Table Tennis Club and NJ Sports Dance Studio across the street from Trio.

The schools in Palisades Park are below average compare to its neighboring towns such as Fort Lee and Leonia. Greatschools.org rated 4 out of 10 for the Palisades Park Junior/Senior High School.

Do your research before moving into Trio.
1 vote Thank Flag Link Wed Oct 9, 2013
Has the situation improve over time? We're interested in a 2 bedroom in the building.
Flag Mon Dec 29, 2014
If you want to consider resale value, it's best to stick to buying something around the average price in a particular town and a unit that's about average price in a specific complex. The reason is because that's where you will enjoy the abundance of buyers.

You answered your own question. When a buyer thinks of buying a 700k condo, they don't think palisades park and they don't think trio. It will only come to a buyers mind of buying a condo priced at 700k in palisades park when presented with the idea.

Keep in mind if you really like the place negotiate the best price you can and go for it! Your home is where you and your family live, create memories and thrive. Don't worry about selling so much. You haven't even bought the place yet. There is a buyer for every home out there. Cheers!
1 vote Thank Flag Link Fri May 20, 2011
Just checking the math here, if you're already more than 100k over average market values, you could hope that your property will soar above prices as they rise. However, you might also conclude that in a 'down' market, buying higher than average values may not pay off as well in the future.
1 vote Thank Flag Link Tue Apr 19, 2011
Get away!!!!! Get away!!
i have been living here for about 6 months and i'm looking to move out the maintenance staff are nice but and try to help as much as they are allow; read and get as much information as you can from people living here as most tenants are trying to move out and read all the fine print you will not get what you pay for for the price get your self a town home in the are nothing they promise you will get
1 vote Thank Flag Link Wed Dec 2, 2009
Yes seriously as JK said
Do not purchase a condo here
Ive never had the odd experiences here as I have living in other places.
Management either is super busy or doesnt care - starting to lean more towards dont care
There are better options in Fort Lee very soon
If you must stay here - at least just rent - you can always leave
0 votes Thank Flag Link Fri Oct 25, 2013
Palisades Park, do you have a second location? Did you sign a buyers agreement? Also, is this all cash? Regards,
0 votes Thank Flag Link Wed Oct 9, 2013
Bobthe,

Can you explain in a bit more detail why you do not recommend the Trio? Looking to rent here and need some insight. Thank you.
0 votes Thank Flag Link Mon Mar 8, 2010
Hi Lee,

There's a lot that goes into determining the value of a unit in a new condominium. You're probably looking at 1904? That's the smaller 1,500 sqft penthouse. We need to know the view, the upgrades, and most importantly, how many units in the building are sold and closed. If the complex is sold out it's one thing. If the builder is having trouble selling out, you could be looking at a problem. Tarragon is offering some pretty strong incentives, so it's not like there's a waiting list to get in. Also are there firm property taxes and maintenance charges in place that are predictable over the next few years. Who is in control of the building and when will it transfer to the HOA? Buyers have a lot of choices in Fort Lee and Cliffside Park if they want the high-rise lifestyle. Trio has to compete with a favorable financial structure and amenities, because the views and the prestige are on the river.

In any case, you won't find a reliable answer from an uninvolved agent for a complex question like this. If I'm representing you, I'm going to take the building apart and figure out the likelihood of future success. If you want to discuss it further, contact me through my website.

Good luck!
Web Reference: http://www.marcpaolella.com
0 votes Thank Flag Link Sun Jan 13, 2008
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