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Home Buying in Union City : Real Estate Advice

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  • Home Buying62
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Activity 82
Sat Jan 25, 2014
Paula Brown answered:
I know this is an old post but the two buildings are still popular in the area and people might still be searching for comparative info.

I have sold units in both buildings dating back to 2002. Doric indeed had some structural and financial problems in the past but a savvy board and wise management have taken steps to turn those issues around, making the building an attractive value for the prices asked. The building was converted in the early 1980s under a "non-evict plan" that resulted in a relatively high # of non-owner-occupied units (rent stabilized tenants who were protected from eviction). The resulting control of the sponsor is what created problems with the private-shareholder coop board who may have wanted to raise maintenance fees to finance necessary structural and cosmetic improvements but were held back. By now they seem to have struck a balance so that necessary improvements are being made. Raising the owner occupancy percent is a mission of the coop board and they're doing very well in that regard. Doric is thus a good value full service building with excellent views of NYC and/or park and distant mountains. The on-site deli is excellent, as is the large sunny pool, sun deck & gym.

Troy Towers was built in the same era and also converted to coop in the early 1980s. As an "eviction plan" conversion, a higher percent of tenants had to agree initially to purchase, and others were given a substantial amount of time to relocate if their unit was sold to a new owner who wanted to occupy it. Thus, the Troy Towers cooperative came out of the gate with majority control over the building and its shareholder board have made all of the major decisions since conversion. It is considered one of the most financially healthy cooperatives in New Jersey and is known for its breathtaking city and river views.

Both buildings have similar amenities, though Troy Towers does not have an on-site deli. Doric is on a busy corner with bus access across the street around the clock, and one block to Light Rail access to Hoboken and PATH. Troy Towers is in a quiet enclave with shuttle service to ferry & Light Rail and NJT buses at the door during limited times.

Doric has more 2 and 3-bedroom units than one-bedrooms, so it is characterized by more families and seems to have a lively, bustling atmosphere. Troy Towers is 75% one-bedrooms and 25% 2-bedrooms (no 3's) so its residents are predominately single and couple professionals, with a few families and retirees. The relative atmosphere in Troy Towers is thus a little more “sedate.” Doric allows dogs up to 45 or 50 lbs.; Troy Towers has a strict no-dogs policy, although cats are allowed.

All Doric units have small balconies, enough for two chairs, a café table and a barbecue grill (electric only) so every unit is guaranteed to have outdoor space (except for lobby level units). Troy Towers' balconies are huge and can accommodate a small outdoor dining set, lounge chairs, and electric barbecue. They all have concrete overhangs and cinderblock privacy walls that allow for enclosure, so a unit owner could enclose and add up to 200 square feet of living space to their units. As of this writing, about 1/4 to 1/3 of the unit owners have enclosed their balconies with floor-to-ceiling wall of windows.

The average Doric 2-bedroom is approx. 1000-1100 sq. ft.; 3-beds are approx. 1300. Troy Towers’ 2-beds range from about 1150-1450sq. ft. Average 1-beds in Doric are slightly larger than average non-enclosed 1-beds in Troy Towers, though Troy has some larger 1-beds that face south or north.

Doric sits on a cliff overlooking Hoboken that's approximately 15 stories up, so all east-facing units have NYC views. Troy Towers sits on a slightly higher cliff of about 20 stories overlooking the Weehawken waterfront and is closer to the river, so more units have river as well as city views. Troy Towers has no west-only units; all apartments have full or partial city views.

I hope this is helpful. Please note that the above are my observations only, and facts about each building may change over time. For more information on both buildings, please visit www.HudsonViewRealty.com, or contact Paula Brown, Licensed Real Estate Broker at (201) 866-6500 (paula@HudsonViewRealty.com).
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2 votes 3 answers Share Flag
Wed Jan 8, 2014
Andrew Tisellano answered:
What type of Real Estate fee are you referring to?
Buyer typically does not pay commissions unless you hire a buyers agent that finds house for you that is not on the MLS and the seller is not willing to pay the fee. But even then The commission can be added to the contract price so that you are not out of pocket for the fee. ... more
0 votes 4 answers Share Flag
Wed Jan 8, 2014
Andrew Tisellano answered:
As stated
You can pay off your FHA Mortgage anytime you like.
How would you make money? Maybe you can save money.
Contact Craig
Craig Andriulli
Vice President
NMLS #212830
Bond Street Mortgage, LLC
NMLS #191351
Cell: 201-647-4180
Office: 201-918-4980
Fax: 201-918-4981
Email: Craig@BondStreetLoans.com
... more
0 votes 3 answers Share Flag
Fri Dec 27, 2013
Richard Marte answered:
Hello,

Yes, working with a mortgage professional will best answer your questions and determine your current situation.

Contact me for further details.

Richard Marte
UNITED GLOBAL PROPERTIES
(201) 676-0652
... more
0 votes 2 answers Share Flag
Fri Sep 6, 2013
Annette Goldman answered:
Hello,
I own a 4 unit private home central location to mass transit, in an extremely safe neighborhood
I also have a daughter attending
college. The ideal apt is avail for month to month rental heat & hot water incl. separate entrance
my name is Annette
... more
0 votes 4 answers Share Flag
Fri Jun 28, 2013
AMC answered:
I pasted the wrong link.

I meant to paste the Hudson County list with the Union City

Here is the correct one: http://www.state.nj.us/treasury/taxation/pdf/lpt/gtr12hud.pdf

Thank you for all the helpful responses. ... more
0 votes 6 answers Share Flag
Mon May 6, 2013
Danielle Garcia answered:
Both are good areas for investment properties. There is a high demand for rentals. I own in both Jersey City and Union City and will continue to buy there.
0 votes 1 answer Share Flag
Mon May 6, 2013
Danielle Garcia answered:
I have to disagree with Andrew below. Valentina, do you understand how co-ops work? Co-ops sell for less because you own a share of a corporation, not the actual property itself. If for some reason the corporation goes bankrupt you lose everything but are still responsible for the mortgage. There are some co-ops that are worth the risk and money but this is not one of them. ... more
1 vote 2 answers Share Flag
Thu Mar 14, 2013
Jason Ortiz answered:
You should be able to find a decent studio or small one bedroom for that price in Union City. Check out local ad pages like Craigslist. If you need any help contact me.
0 votes 1 answer Share Flag
Sun Jan 27, 2013
Andrew Tisellano answered:
It can be done with the correct POA. Check with your attorney.
0 votes 3 answers Share Flag
Fri Jan 18, 2013
Matt R. answered:
0 votes 2 answers Share Flag
Sun Jan 13, 2013
Laura Giannotta answered:
You have the right under NJ law to work with what ever title company you want.

Seller pays RTF

All the other items are included in your settlement costs, with the exception of the home inspection which you the buyer pay for at the time of the inspection.

Your attorney fee would also be included in the closing costs...your best bet would be to talk to your attorney.
... more
0 votes 1 answer Share Flag
Thu Jan 10, 2013
Jay Garcia answered:
It all depends on the condition and property taxes but, I know for facts the UC gave good cash flow return on investment properties.
I work in hudson county. You can contact me @ 201-888-5328 ... more
0 votes 1 answer Share Flag
Wed Aug 29, 2012
Anthony Curty answered:
This is a Short Sale that has not be approved...There were 3 in the building, that have been listed for over a year...The last one actually forclosed and sold that way...I own a unit in the building and am also a realtor in the area. If you would like help finding a good similar listing feel free to contact me direct.

Thank you,
Anthony

Anthony F. Curty
Realtor Associate
2009-2011 NJAR Circle of Excellence
Liberty Realty
1 Marine View Plaza
Hoboken NJ 07030
C-201-937-8802
F-877-456-5484
O-201-610-1010
AnthonyCurty@Gmail.Com
... more
0 votes 1 answer Share Flag
Mon Jul 16, 2012
Jacques Ambron answered:
Whatever affects the building, affects your unit as well. A lot depends on how much the potential settlement can be. You should talk to an attorney about this
0 votes 4 answers Share Flag
Wed Jun 27, 2012
Maria answered:
what about it is it for sale or rent.
0 votes 2 answers Share Flag
Mon Jun 25, 2012
Carl Ben Witzig answered:
Last two answers are right on the money. All too often the buyer asks the seller to pay the closing costs (or a portion) on top of the offer being under the list price or supportable comp price. The offer and concession must be reasonably close to LP for best effect and acceptance. In exceptional cases, the seller might agree to a lower offer and even less with the concession. These would be cases where the house lingers on the market, has some flaws, and/or the seller wants out. Every deal s different and use an experienced professional realtor like Jeanne here. You'll be glad you did. ... more
0 votes 7 answers Share Flag
Mon Jun 25, 2012
Dianna Ivanov answered:
You're really on the right track!. Union City is the next "Hoboken or Edgewater" Best of Luck!
0 votes 2 answers Share Flag
Sun Mar 4, 2012
Felsonj answered:
Thank you for your reply. I know there are condos with lower taxes in Union City. But I'm interested in this particular condo. Specifically, I'm interested in knowing about the chances of reducing an assessment of $8,000 on a condo worth $250-$300K. ... more
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