Friday, June 09, 2006

Redevelopment of the Bayonne MOT

From the Star Ledger:

Stark contrasts in 'Peninsula' visions

Is there a container port in Bayonne's future? Tuesday's mayoral runoff election could determine the outcome.

Patrick Conaghan, who wants to unseat Mayor Joseph V. Doria Jr., says the city must redevelop the former 430-acre Military Ocean Terminal - now known as the Peninsula at Bayonne Harbor - as a container facility to reap an immediate financial windfall and for years to come.

Doria, who only a few years ago had championed the idea of containers and luxury homes co-existing at the MOT, now warns in campaign ads that a container port would translate to massive problems with traffic, security and taxes. He advocates a mixed-use development of the MOT.

The MOT redevelopment plan drafted by the Bayonne Local Redevelopment Authority (BLRA) calls for a 125-acre maritime industrial district now partly occupied by the Royal Caribbean International cruise line

James Hughes, a dean with the Eagleton Institute for Policy and Planning, said that given the importance of shipping, warehousing and distribution of goods to the state's economy, coupled with rising interest rates and the prospect of a saturated housing market, it would make sense for Bayonne to explore the potential use of a container port.

I'm somewhat surprised to see those comments from Hughes. Not that he hasn't always been a champion of business and smart growth, but that the basis of his argument is that the housing boom is over.

Caveat Emptor!


Blogger grim said...

(Sorry about the odd formatting, still in the process of migrating data over to the new blog)


6/09/2006 06:25:00 AM  
Blogger NJGal said...

New blog sounds great. In the meantime check out one of my favorite things - you get INSTANT equity and what's better is that you had better buy now or else - they'll be renting if they don't sell! I love the threatened rental at a loss scheme that seems to be prevalent these days:

6/09/2006 07:33:00 AM  
Blogger Richie said...

Wow-- what a threat! If you don't buy, we're gonna rent it out! o0o0o..

Too bad they are going to be the losers in the long run, rent probably won't cover the investment. If it did, they wouldn't have it up for sale in the first place.


6/09/2006 07:39:00 AM  
Blogger NJGal said...

I don't know but I am SO scared that they are going to rent out that place! I'd better run and buy it now!

6/09/2006 08:12:00 AM  
Blogger minutesfromNYC said...

WOW!! The sad thing is, there are people out there who will say to themselves: "OMG!! I BETTER BUY NOW OR I WILL LOSE OUT ON A GREAT INVESTMENT" while biting their nails

6/09/2006 08:20:00 AM  
Blogger grim said...

From Bloomberg:

U.S. Economy: Import Prices Surge Twice as Much as Forecast

Prices of goods imported into the U.S. rose more than twice as much as expected in May, led by soaring costs of crude oil and metals.

The 1.6 percent increase reported by the Labor Department in Washington today compares with a median forecast of 0.7 percent from economists surveyed by Bloomberg News. The trade deficit widened to $63.4 billion in April as the cost of fuel climbed, the Commerce Department said in a separate report.

The increase in import prices adds to concerns that inflation is picking up, which will likely prompt the Federal Reserve to lift its benchmark interest rate again at the end of this month. At least four Fed policy makers, including Chairman Ben S. Bernanke, said this week the level of inflation is a cause for concern.

6/09/2006 10:27:00 AM  
Anonymous UnRealtor said...

Did you check the link given in the first ad, which pointed to an older ad with pictures?

This is from that ad:

Come by and make me an offer so I can move into my "new" shitty 70 year old, 2 bedroom cape with peace of mind.

Desperate Sellers...

6/09/2006 10:59:00 AM  
Blogger NJGal said...

Oh my god. I totally missed that. That's the greatest line ever. That just reinforces my belief that most of the buyers in Hoboken over the past few years are nothing but suburbanites hoping to make a killing and move back to the 'burbs.

6/09/2006 11:13:00 AM  
Anonymous Anonymous said...

For anyone know Hoboken,

How much rent can this desperate seller get for this 2 bed loft????

6/09/2006 11:29:00 AM  
Blogger NJGal said...

A 2 bed/2 bath in Hoboken can be anywhere between 2200 and over 3K (waterfront, or very large units). That building is close to the path but kind of in a crappy area right near the train. I do not think they will be getting over 2500 for it, and probably not even that, as I suspect it's not a real 2 bedroom anyway (there are lots of folk in Hoboken trying to pass off 1 bed + dens as 2 bedrooms). If that's the case, drop the price even more - probably below 2000 if it's not a real 2 bedroom. Is there parking? Doesn't look like it. So even lower? I doubt it will cover their costs, especially since they have bought another place.

6/09/2006 12:14:00 PM  
Blogger Grim Ghost said...

Irregardless of what happens to RE in the next 1-2 years, I think Bayonne could see some redevelopment over the next 5 years. It has reasonable commutes to NYC, OK schools, safe town, even some good waterfront areas.

6/09/2006 01:54:00 PM  
Anonymous Anonymous said...


So the the 479k asking with 1100 monthly fees still is a rip off. When I can rent it for about 2K.

The seller is in trouble.

Anon @ 12:29

6/09/2006 02:58:00 PM  
Blogger NJGal said...

Yes, anon. More importantly, you can rent something in a nicer building for a little more money and be in a better location. You'll be better off no matter what - many 2 bed/2 baths in new buildings sell for anywhere between 550 and 700K but rent for 2500.

6/09/2006 04:31:00 PM  
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6/19/2006 09:34:00 PM  
Anonymous Anonymous said...

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6/20/2006 02:56:00 AM  
Anonymous Anonymous said...

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6/20/2006 04:34:00 AM  
Anonymous Anonymous said...

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6/21/2006 12:35:00 PM  
Anonymous Anonymous said...

The average home is currently on the for about 4 months before it goes to contract. Around 15% of initial real estate contracts never make it to a successful closing ... something goes wrong, and the frustrated seller puts the home back on the real estate market .

6/22/2006 03:16:00 PM  
Anonymous Anonymous said...

You can do a lot to For example, curb appeal sells: do some landscaping. Plant some flowers. Remember that the front door greets buyers. Make sure it offers potential a bright, warm welcome.

6/26/2006 10:37:00 AM  
Anonymous Anonymous said...

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6/27/2006 08:43:00 AM  
Anonymous Anonymous said...

You can do a lot to For example, curb appeal sells: do some landscaping. Plant some flowers. Remember that the front door greets buyers. Make sure it offers potential a bright, warm welcome.

6/28/2006 08:51:00 PM  

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