for a two br condo, which is a better buy currently: the promenade, independent harbor, or the city place

Asked by Roger, Edgewater, NJ Wed Jan 6, 2010

I am thinking to buy a 2 br condo in edgewater. just not sure which complex has better potential for future growth in value.

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7
Truthinsite, , New York County, NY
Tue Apr 27, 2010
Avoid purchasing near EPA recognised toxic site next to City Place and Independence Harbor:
http://www.atsdr.cdc.gov/hac/pha/PHA.asp?docid=476&pg=1#sum
2 votes
Chandra, Home Buyer, 07020
Wed Feb 10, 2010
Roger,
Let me answer your question as a buyer.
Promenade: Avoid it..there is a litigation and monthly charges are 1000$+
IH: low taxes, low maint...priced a bit higher than others...but if you wait patiently you might get a good deal
City Place: This is a busy place. If you don't mind the traffic they have pretty good deals. The taxes are 1.6% of sale price
As per potential I would bet IH.
1 vote
The litigation at the Promenade is settled few months ago.
Flag Wed Oct 8, 2014
Walter Burns, Agent, Hoboken, NJ
Wed Jan 6, 2010
Roger,

All of the complexes you mentioned have already been built out. There are no additional phases planned that I am aware of.

Which one will have better growth in value really depends on your acquisition price and how long you intend to live in the property you buy. "Long term" in this area is 5+ years. If you see yourself in that condo for at least 5 years and buy well in this buyer's market, in my professional opinion I believe you will have future growth in value. How much of a value increase I cannot predict however real estate has historically appreciated about 6-8% per year over a 25 year period. I hope this provides you with some insight.

Please let me know if you have any additional questions. I'll be happy to assist.

Sincerely,

--
Walter J. Burns
Realtor-Associate
Weichert Realtors
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
347-4-HUDSON Direct
347-448-3766 Direct
201-694-8946 Mobile
201-653-4154 Fax
walterburns@gmail.com
http://www.livingonthehudson.com
1 vote
Boba Fett, Home Buyer, New York, NY
Mon Apr 26, 2010
Check out the Aventine. New construction, large 2BR+ units. All other buildings in Edgewater are relatively cookie cutter, but this building is very different and has LOTS of potential for upside. I'm not a broker, I'm a recent buyer.
Web Reference:  http://www.aventinenj.com/
0 votes
Hello Boba, Is there a litigation going on with Aventine as well ? What are your thoughts about living there and buying a unit owned by bank. There are couple of units like that on your building.
Flag Sun Jun 14, 2015
Wendy Dessan…, Agent, Tenafly, NJ
Wed Jan 20, 2010
Roger, in evaluating your purchase in terms of it's future investment value, it also depends on which unit currently offers the best buy too. You may have already noticed that properties, whether they are single family or condo units, whether they are in one complex or another, depends on a number of factors: the seller's motivation, when did buy the unit, why are they selling, what is their time frame, what is the competition within that complex. That really doesn't go factor into what the unit is worth but does have an impact sometimes on what a unit may sell for. If you are going to be occupying the unit and it will be your home as well as your investment, choose the one that you like the best. Independence Harbor condos, both in terms of general look and layouts, are very different say from the City Place. It's your personal taste and style. You can then ask an experienced, realtor familiar with the complex and area (such as myself) who can discuss trends with you to give you some guidance on how the complexes are selling. If I can be of help, please contact me.
Wendy W. Dessanti
Broker/Sales Representative
Weichert Realtors, Tenafly , NJ 07670
wendydess@aol.com
201 310-2255
201 541-2449, ext 192
0 votes
Andrea Gizzo, , Tenafly, NJ
Wed Jan 6, 2010
Hi
This is such a difficult question. We would have to take each unit from the different buildings and compare them individually with your personal needs in mind.We would have to take into consideration price, square footage, views of NYC and ammenities that each unit offers. I would need to know a lot more about your plans and desires before I could guide you. Feel free to contact me at 201 359 4560, we can discuss the units in detail.
Have a great day.

Andrea Gizzo
Broker Associate
Prominent Properties Sothebys
andrea.gizzo@gmail.com
0 votes
Eva Maliarak…, Agent, Englewood Cliffs, NJ
Wed Jan 6, 2010
Each individual deal is different. Some units may sell better at The Promenade, some at Independence Harbor. I much prefer The Promenade; it offers more sq. ft. to the price, it is a much newer complex and it is conveniently located by the shops and restaurants.

I hope this helps

Eva Maliarakis
Ridgeco Properties North
201-320-3678
0 votes
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