Submitted by sunnysmileyleo t3_10njzur in jerseycity
To any current or previous residents at the Port Liberte, I am thinking about buying a condo there. How often does the management ask for the assessment fee? There is currently a $625 assessment fee being asked until end of 2024 and upon speaking to another agent, was told that there could be another fee coming after this one ends. Is this fee an ongoing thing on top of the HOA fees? Anybody have any insight? Gladly appreciate your response.
They literally have a “one-time” assessment fee almost every year
So, it’s all year round, every year then?
Not sure. I checked out an apartment in one of the older buildings like a year or two ago and they had a one time assessment fee for like 20k to replace to roof. And then there was another assessment fee 2 years prior. Basically a money pit
There are two types of fees/assessments at Pt Lib. One is for the individual condo association in which your unit is located, and the other is for the overall HOA that governs all three condos that make up Pt Lib.
Agents and realtors can tell you anything because the standard NJ real estate contract says you are not relying on anything they say.
Sellers can slip around being candid by (accurately) saying they have not been officially notified of any specific upcoming assessment even though anyone in the community who keeps even slightly aware of the governance issues knows what seems likely to be coming.
Make sure you have a lawyer who knows what to ask for in due diligence and what to ask the seller.
Beautiful homes, poorly built, annual assessments. A friend-of-a friend’s was assessed $250,000. It’s ongoing as plumbing is being completely replaced. We would do well to rent there (it’s cheap) and save up for a better situations. As others have mentioned. The storms, the river, the poor construction quality, etc.
#BuyerBeware
For whatever it is worth to the OP, the $250k number cited above is completely inaccurate. While there may have been recent assessments, and there may be assessments levied in the near future, nothing close to that number has ever been assessed or is being contemplated. It is a totally unfeasible number. Think about it - how many unit owners could even come close to affording that? And an assessment that no one can pay is worthless.
This is correct. Live here now in Condo 1. There was a $30K assessment for repairs that most sellers are currently taking off purchase prices of their homes, but there will be additional assessments in the future as the $30K will be nowhere near enough.
Also, as mentioned elsewhere, there are monthly COA & HOA fees that total about $2K-$2500k per month on top of your mortgage/taxes.
In Condo 1, there are major leaking issues that are supposedly coming from the way the balconies were built. I live on the 7th (top) floor in a 2 floor condo and the leaking is occurring on the downstairs (6th) floor in the bedrooms anytime there is a significant rainstorm.
There is also a know rodent problem here that we seem to deal with every winter, and there has been significant mismanagement by the management company for a lot of issues.
It’s for one of the larger townhomes there. I didn’t personally review this person’s claim but based on another assessment for a property that I own, I can completely understand this number for plumbing replacement of the property. The figure that I heard for phase 1 of plumbing was $5m. Again, I don’t own there or attend the board meetings but I have no reason to doubt the validity of this info.
Assessment fees are a red flag.
Thanks fellas! Appreciate all the responses and I think after digging a little more into this, although I would enjoy the pretty views from the unit and the lovely board walk, I think I will have to take a pass on this. If the fees are a 100 bucks or something that’s one thing but if they want to milk 500+ all the time, that would be $30k in 5 years and a rip off for sure.
I am not sure about New Jersey, but where I am from you have the right to see the HOA books which are audited yearly when you are going to put in an offer. I would inquire about those because there seems to be serious shortfalls in the monthly fee for having constant assessments or the place just isn't built well.
I know some buildings will keep the fees low to make the place look attractive and then things fall apart and lead to the 10s of thousands of dollars to repair.
For reference my place in Ontario Canada has a $605 HOA fee per month with more than $1.3 million in the bank for operations and to cover repairs suggested by engineers who audit the structure every few years. My wife and I spent a lot of time investigating the buildings we were considering purchasing because a lot of things are outside of your control.
Cuprunnethover2022 t1_j6b075u wrote
I love that place...it's SO pretty and affordable and parking and...well it seem like heaven. That's until you dig deeper into the age of the buildings, the damage from Sandy, the possibility of it happening again, the proximity to the angry Hudson River in the wrath of Mother Nature who hates us (and for good reason). The flood insurance will only go up and up, the buildings take a huge beating from the waterfront location and the apartments are mostly pretty old and need updating. I'd rent there for sure, but purchase? Money pit for sure.