My house is techinically a condo, converted in 2004 with the 5 units in the
front house. Hard to comp. It is near North Beach, 2 bed, 2 bath, no tax
abatement, taxes around 6K (down from 8k- I fought the law and I won). I do not
want to default. My understanding is NJ is a recourse state, so I will owe the
money anyway and destroy my credit. I can *probably* qualify for another
mortgage, looking into that now. SO, I will buy a small house closer to work in
a town where I can send my kid to school and use Asbury as a rental. Although I
am not too keen on being a LL. I am NOT handy at ALL. And I will likely move a
bit away. I would like to keep Asbury as a second home, but with child care
costs etc, I do not think I can really swing it. But anyway, the point is that
when those North Beach units sit and are a little over $300k with a tax
abatement OCEANFRONT, that just depresses everything else. My place could be
worth $100K less than what I paid for it 7 years ago. And if a condo board is
not flush with cash, the buyer you find may not be able to get a mortgage
anyway. More new units that come on and sit, the more the "older" ones get
depressed. I know the plan is the plan, but I am not real sure what the
incentive is to keep building what people do not seem to want to buy. If Asbury
becomes more and more a place where people want to go (amusements, Stone Pony
etc) THEN maybe people will want to buy luxury condos.
--- In AsburyPark@yahoogroups.com, "oakdorf" <oakdorf@...> wrote:
>
>
> Hadn't looked in a long time, but tax records for N Beach sow around 80 units
> in Paramounts name. Not sure how many of those remain unfinished, rented by
> them, or finished and vacant. SO more then half "unsold".
>
> that does little for you. I think I saw a 2 bed there going for 309k. That
> unit, tax abated taxes are just $3400.
>
> Wesley grove is advertising 4 unsold. Not sure which units. At least one I
> recall was a real waste - at least in my view. One listing is for a unit by
> MM is for $339,00. With tax abatement taxes are "only" around $5000.
>
> Griffin - maybe 15 units up. Not sure. A $649,000 unit there, taxes are
> looking at $7700.
>
> While at the Blu, a $256000 "blowout" price, taxes are $7,000.
>
> MLS shows 91 condos for sale, which includes some listed here, but not all
> that are up in some conversions. And then there are those like yourself, with
> homes you'd like to sell, but from what you say are more or less stuck. Stuck
> unless you look at your numbers, life etc and do that american thing and say
> f-it. Hire a local attorney (there;s a few), stop paying your mortgage and
> the rest on a home that is "underwater". Pocket the cash and save it. Why pay
> on a losing "investment"?
>
> Well, that's the real bullshit and why the system is screwed up.
>
> Sales suck unless you have cash. You need f[in perfect credit and you need
> your home to appraise. Good luck all the way around.
>
> I inquired the other day about refinancing from 6% on my home down to 7-7.5
> on my rentals.
>
> What a joke. I currently pay, on time, a mortgage on tiny equity loan on my
> home, and mortgages, on time, on 3 rentals with 3 mortgages and another small
> equity line that is closed. Car loans, one existing - never late. Cards, paid
> off or on time. On own a couple houses free and clear. Like a schmuck I
> worked my ass off as did my wife to "do it right"...
>
> I had one f-up a tax lien that I paid off sooner then I had to. That;s
> because tenant's don't get arrested for stealing (not paying rent). They
> just move on to the next schmuck of a landlord.
>
> My point is, RENTALS, priced to rent, will rent.
>
> It;s one of the lastest "trends" in housing and that's why there's money
> going into it.
>
> Rental owner Developing the rental and holding it for themselves. It's where
> the old farts after WWII made their money and many of those families never
> sold these investments.
>
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