what's monthly association fee and property tax? what's the rental?

Asked by Dk, New Jersey Thu Jan 22, 2009

This question is about this property: http://www.trulia.com/property/1068191548-31-York-Dr-Edison-…

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Cheng, , 08817
Thu Jan 22, 2009
Dear Dk,

This is called Riverview at Edison and is a coop community as vs to condo community. The 1br 1ba price is often half of condo equivalent, and therefore the monthly fee is higher. So, if it asks $65,000, you can be sure it is pretty good, considering a 1br 1ba condo at Edison is well over $130,000. e.g. 1br 1ba condo at Edison Hollow South http://raspberryct.blogspot.com/ (sold out!) is about $200,000.

The coop community also has potential to be converted into condo like Mill Pointe at Edison (was coop, now condo), http://millpointe.blogspot.com/ when that happen, the value seems to be double.

This Riverview at Edison is very nice and beautiful and some section near Raritan River, during summer times you will have lots of nice outdoor activities there, or nearby Donaldson Park or Johnson Park. It is also so close to Rutgers University that you can easily check out mostly free high class University Concerts http://www.masongross.rutgers.edu/index_noflash.html and here is the Spring concert schedule http://www.masongross.rutgers.edu/calendar/free.html

It is also right off Rt 1 very easy to access Rt 18, Turnpike, Fwy 287 ...etc. even better, the gas station along that section seem to be one of the lowest price in NJ. http://www.newjerseygasprices.com/index.aspx?s=Y&fuel=A&…

This coop community is one of few great value community left in Edison because Edison just ranked #35 of Top 100 Best Places to Live in American by CNN Money magazine http://money.cnn.com/magazines/moneymag/bplive/2008/snapshot… Many savvy retired people often bought here after sold their big house.

Also, once Rt 18 traffic lights removed and highway expanded, from Riverview can seem to access all campus of Rutgers University thru highway. That is to say, if you want to rent it out years later when move up to bigger home, you will have lots of Rutgers students interested in your place.

However, I want to remind you that since Rutgers got 1,000 more extra students chose Rutgers over top universities like UC Berkeley, Columbia Univ, Cornell, John Hopkins ....etc, you know the housing demand in the area will be tough by September when they become sophomore and needs to move out. Also, in 2009, Rutgers going to have 1,500 more freshman chose Rutgers over other top universities, so you can be sure that Riverview at Edison will be sold out in the future as soon as investors or Rutgers student parents found it.
They will almost for sure to find it because they shall google "Riverview at Edison" and saw my posting. I am not realtor and my posting are based on my first hand info, and easily verifiable from the point of view of peer buyers. Most nice communities I mentioned eventually sold out.

1 vote
Cheng, , 08817
Fri Jan 23, 2009
Yes, and, Dk, you can also get some idea of the difference of coop and condo in this video http://www.youtube.com/watch?v=95JUdcbmBRI

Deborah, as top ranked Trulia Realtor, I found you may be interested in my idea of "Community Tube"@ as you can click to see http://www.youtube.com/swf/l.swf?swf=http%3A//s.ytimg.com/yt… that shows Victoria Park at Edison http://victoriaparkatedison.blogspot.com/

And, as you can see the community is moving very fast and going to be SOLD OUT due the powerful Community Tube@ in addition to Community Blog@

With thousands of buyers desperatedly looking to catch the collapsed mortgage rate http://www.bankrate.com/brm/graphs/graph_trend.asp?tf=360&am… you need to adopt the technologies to speed up the buying process ...

If I were you, a wealthy broker with lots of budget and dozens of realtors under you, I would respond to Dk's question by sending a realtor down to River View at Edison Coop to shoot a Community Tube@ and post here. I am sure you shall help dozens of buyers like Dk catch the collapsed mortgage rate, yet own a wonderful home in unbelivably community yet Top 100 Best Places to Live in America http://money.cnn.com/magazines/moneymag/bplive/2008/snapshot…

How do you think?
0 votes
Deborah Madey, Agent, Brick, NJ
Fri Jan 23, 2009
Hi Dk,

Cheng gave you a lot of detail below. I have been off Trulia for a while, but I see Cheng has maintained a steady presence. Hello again, Cheng.

Dk, Since you are asking about both expenses and rent rolls, are you looking at this as a possible rental?
Financing on coops is quite different than condos. You are financing a stock certificate vs. a deeded property. With a coop, your property taxes are paid as part of your monthly assessment. There is one deed for the coop and one tax bill. Each shareholder pays a monthly fee which includes a proration for taxes.

Review the coop guidelines for occupancy and rentals before investing.

Deborah Madey - Broker
Peninsula Realty Group
732 530-6350
0 votes
Jeanne Feeni…, Agent, Warren, NJ
Thu Jan 22, 2009
Hi DK, I'm happy to send you the listing for this property and comparable data for others like it. The listing will answer the questions you have. Send me an email via Trulia with your email address and I'll get it along to you promptly.

Jeannie Feenick
Search and connect at http://www.feenick.com
Servicing Middlesex and Somerset Counties
Web Reference:  http://www.feenick.com
0 votes
Are the Co-Ops still available. Can you jelp me find one.
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