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March   4

The Price Wasn't Right

Siena1_1If you want to live upstairs from one of the chi-chi chains headed to Montclair, it's gonna cost you a lot more. Last October, the going price for starter condos at the Siena was around $300,000, according to this story in the New York Times.

So imagine our surprise when we discovered it's now going to cost around $400,000 to get your foot in the door. That factoid was buried inside last Sunday’s Star Ledger Real Estate section, (not online) in a story about home buying habits:

Located on the site of the former Hahne's department store at the corner of Church and South Park Streets, the seven story building houses 40,000 square feet of retail space on the ground floor. Home prices range from the $400,000s to one million plus.

March 4, 2006 in Growing pains | Permalink

Comments

I ask my development-savvy friends: is this price sustainable? In other words, is this development really going to make this area of downtown swank, which would be quite a transformation? Or are the Sienna developers simply cashing out high on the buzz, and leaving the owners of these places with over-priced property? (I'm asking because I really would like to know.)

Posted by: walleroo | Mar 4, 2006 3:07:33 PM

Starting price of $400,000? For a 1 bedroom with 1000 square feet! I guess the developers are hoping that professional couples will come from NYC. Seems way too over priced for New Jersey, though. I agree with Walleroo that the owners will be left with over-priced property.

Posted by: mkal | Mar 4, 2006 5:06:16 PM

$300.00 collenders, I forget how much for ripped jeans, $400,000.00 for a one bedroom condo. The new town slogan should be

"Montclair, where fools and thier money..."

Posted by: Bitpusher | Mar 4, 2006 5:10:32 PM

These so called "New Yorkers"(people who move there because they have an extreme need to feel important. 99% of these "New Yorkers" were not even reared close to the city) have made fun of Jersey their whole life and now pay out the snoot for property here... I find it all ironic.

Posted by: Taylor Ham | Mar 5, 2006 8:46:25 AM

I took a dump in a ziplock and sold it to a New Yorker. I told him that it was feces from Marilyn Monroe. He gave me 50 buck for it.

Sad but true

Posted by: Harry | Mar 5, 2006 10:34:34 AM

So this guy comes into the shop where I work last week & he's all like, yo have you heard about Red Cheetah, this is going to be the biggest thing ever to happen to Montclair, it's like a 3 story night club, just like a New York City club, did I mention it's gonna have 3 different floors? And DJ Scribble is all over KTU about this place & he's playing at Red Cheetah & everywhere DJ Scribble tells people to show up, they show up huge.

My boss asks the kid if they're going after a young crowd, the kid's like, no, they want a little older crowd with more money, they're gonna be selling liquor by the bottle & they want the $500-a-bottle crowd in there.

Me, I don't think I've ever known anyone in the $500-a-bottle crowd. But now I think I know where they're going to live.

Posted by: crank | Mar 5, 2006 12:16:49 PM

>>My boss asks the kid if they're going after a young crowd, the kid's like, no, they want a little older crowd with more money, they're gonna be selling liquor by the bottle & they want the $500-a-bottle crowd in there.<<

...and then we were all like, yo, i smell a boarded up building with like, an airbrushed krylon fingernail salon, and a spiritual reader, yo......

by the way, give the $300 colander place a break. i went in and found two or three really great things for less than a tenth that. i found a cool, jetson-looking napkin holder, which i needed, for $15 and a really pretty white ceramic cream pitcher for $25. the cream pitcher is unusual because it has a slender neck opening up to wide lip, almost like a collar, and no handle, and i bought it to use as a beautiful bud vase. i have some small carnations in it now and it is so pretty i am going to buy one as a dinner party gift for a good friend.

Posted by: i'm fran, dammit | Mar 5, 2006 1:22:36 PM

If you're in a tizzy about Mtc price points - try a condo on Northfield Ave, listed at a billboard on Eisenhower Pkwy as *starting* at $1.5 million...

www.vizcayanj.com

(site is woefully unspecific)

Posted by: waves2ya | Mar 5, 2006 4:15:45 PM

Considering that you can now get a decent two-bedroom in the financial district for not much more than that now, I wonder why the hell any "New Yorker" would move to the Siena.

By the way, Taylor Ham is right. If some investment banker transplanted from Florida/Ohio/Mass. who mocked Jersey the whole time he/she was living on the Upper East Side or in gentrified Brooklyn gets hosed for hundreds of thousands of dollars for the privilege of buying $300 collanders and bad "punk rock" torn shirts featuring such "underground" iconoclasts as Bob Marley and Jim Morrison (both of whose hip cachet was spent a generation ago), then by all means let them have it. I have no problem taking tax dollars from these Mensa scholars of real estate to fund improvements to our parks, public institutions and infrastructure. I wonder who'll be the first low-level celebrity to move in? Maybe a Daily Show correspondent? Or an ex-punk (is Debbie Harry shopping around? Richard Hell?).

It's all good with me. I got my little slice of this area for much less... let them foot some more of the bill.

Posted by: notteham | Mar 5, 2006 4:45:08 PM

I took a look at it. The 2 bedrooms were starting at 625K. Won't be ready until 2007 summer but they want 10% within 30 days of signing a contract.
And they claim many of the units in the first release are already "spoken for", which is hogwash...just a tactic they use to generate interest.

Unless they drop prices hard and fast, this building will be sitting around mostly empty summer of '07.

Posted by: Karen | Mar 6, 2006 5:43:36 PM

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