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Condo-mania!

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Glen Ridge has two new dueling developments, targeting both new Baristaville transplants and current Ridgers who want to stay local but scale down. One, The Reserve, with its swanky hotel-like lobby (right) has 1,2 and 3 bedroom condos as well as units described as multi-floor and "townhouse" properties starting in the mid 500s and going all the way up to $1 million plus. Right across Bloomfield Ave, The Lofts in the Glen, on the site of the former Matchless Metals building, has a decidedly different feel with exposed elements, urban loft look and a tiny patchs of outdoor space where residents could put out a chair, have a smoke or plant a container garden. The difference between the two is The Reserve is for sale, while the Lofts are being offered (for now) as rental units with an option to buy.

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Unique opportunity to lease with an option to buy (75% of rent paid applied to purchase price) at the end of lease. State of the Art, multi-level lofts and townhouses. 2+ bedrooms, patio, pkg. Beaut. townhomes and lofts ready for occup. Dec. thru Feb.

Here's what both developments look like inside...
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The Reserve (above);
The Lofts in The Glen (below)
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LoftglenofficeLoftglenbed

January 23, 2007

Comments

And for around $300k you can move into my condo on the Bloomfield/Glen Ridge Boarder. Send a note to me at [email protected] for details.

Posted by: Jim M | Nov 20, 2006 1:52:40 PM

Is there a website for the Lofts in the Glen? I'd like to know how much they plan on renting these units for.

Posted by: My Name is Tyler Durden | Nov 20, 2006 2:00:48 PM

I actually came across it on craigslist.org. A 2 bedroom is renting at $2600 a month so over a course of a year you'd be able to put $23,400 of your paid in $31,200 towards buying the place.

Just doing it off the top of my head, I'd assume 6.0% over 30 years at about $2600 a month for the monthly mortgage put its at about $435,000. that seems somewhat wrong, but like I said it was quick.

Posted by: My Name is Tyler Durden | Nov 20, 2006 2:56:23 PM

What about the taxes? I thought I heard about $17K for the Sienna, for their "starter" condos. Plus maintenance. What will the taxes be on the Glen Ridge properties?

Posted by: condo | Nov 20, 2006 2:57:02 PM

Taxes for The Reserve are expected to be around $15,000 for the largest units, or so we real estate agents have been told. I find it hard to believe that taxes on basic half-million-dollar Sienna units would be $17,000 -- that's a bit high -- although a ready-to-go, 6-unit, renovated building on Grant St. near the Bay St. Station in Montclair(priced from $209,000 to $275,000)has advertised projected taxes of between $5,000 and $6,600 for very modestly sized apartments, albeit with granite countertops. Just to compare, 3-bedroom, 2.5-bath units at West Orange's Eagle Ridge, an established condo community with clubhouse and 2 pools, now have taxes between $11,000 and $12,000, with maintenance fees nearing $500 per month for some units. So, it's not just Montclair and Glen Ridge that have gotten pricey.

Posted by: Roberta Baldwin | Nov 20, 2006 5:31:36 PM

When I bought my first house I was advised to consider both the taxes and mortgage payment as "one lump sum" when I was deciding what I could afford.

I've learned over the last years that that is the wrong way to look at things.

Mortgage payments can remain fixed, or can be arranged to go down, if the interest rate environment is right. Eventually, you'll stop making mortgage payments.

Taxes, on the other hand, always go up! With "only" a 6% per year increase your taxes will double in 12 years. At the 8% level, in 9 years your taxes will DOUBLE. So, even if you can pay that $17K on your condo now, will you be able to afford $34K in 9 years!

Buyers! Pay attention to the TAXES (and that goes for other creative "taxes" such as sewer authorities and the like)!

Posted by: Pennypincher | Nov 21, 2006 8:13:47 AM

Also, keep in mind that the interest portion of your fixed rate mortgage decreases over time, lowering the tax deductibility of your payments. Obviously adjustable rate mortgages are subject to rate changes after the fixed period. One last thing to complicate matters, if you get an interest only mortgage that adjusts with each principal payment, your payments decrease with each principal payment.

Posted by: pennywise | Dec 6, 2006 11:33:53 AM

I would like to make an appointment to see one of your units at the Glen Ridge Loft. You can reach me at 973-748-2626 and leave a message.
Thanks!

Posted by: Seene Herzbrun | Dec 4, 2007 11:41:48 AM

I would like to make an appointment to see one of your units at the Glen Ridge Loft. You can reach me at 973-748-2626 and leave a message.
Thanks!

Posted by: Seene Herzbrun | Dec 4, 2007 11:41:52 AM

Beautiful rooms design , lovely and I like it. The colors, so perfect.

Deirdre G

Posted by: makati condo | Feb 21, 2010 8:41:00 PM

Hi, I find your post very informative. I think it was definitely a great area. I love this place.

Paula M

Posted by: Philippines properties | May 6, 2010 1:40:02 AM