New Development In Seaside Heights, New Jersey - Huge Project | FerrariChat

New Development In Seaside Heights, New Jersey - Huge Project

Discussion in 'New York Tri-State' started by DodgeViper01, Feb 8, 2006.

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  1. DodgeViper01

    DodgeViper01 F1 Veteran

    Oct 1, 2003
    6,867
    Well I figure this is the easiest way to get in contact with everyone that I spoke with about this project before. The project that my partner and I have been working on has finally gotten approval in Seaside Heights. As many know, Seaside Heights is on a redevelopment plan and I have allocated 16 new condo units for sale exclusively through our agency. Prices are running between $550,000 - $625,000. Not going to give all the details in this thread. PM me or e mail me if you are interested.
     
  2. Jeff E39

    Jeff E39 Formula Junior

    Aug 7, 2005
    336
    NJ
    Full Name:
    Jeff
    Sounds excellent and profitable. Good Luck with it.
     
  3. JTMGALLARDO

    JTMGALLARDO Karting

    Sep 25, 2005
    108
    Is this development right across from the boardwalk?
     
  4. zjpj

    zjpj F1 Veteran

    Nov 4, 2003
    6,124
    USA
    Good luck Keith.
     
  5. michaelCTSC

    michaelCTSC Formula Junior

    Jul 25, 2005
    331
    East Brunswick, NJ
    Full Name:
    Michael Lasko
    I PM'd and im interested! Did I mention I live in East Brunswick too
     
  6. DodgeViper01

    DodgeViper01 F1 Veteran

    Oct 1, 2003
    6,867
    This development is 1 block from the beach & boardwalk. We knocked down the Oceania Motel and are using the property. 16 total units. Corner units are $625,000 in the front, $600,000 for the corner units in the back. $575,000 for the other front units and $550,000 for the other back units. A driveway will run through dividing the front and rear units.
     
  7. yourk

    yourk Formula Junior

    Feb 14, 2004
    254
    Central NJ
    Full Name:
    J.F.
    I spend my summers down in Lavalette, just north of Seaside. Please PLEASE clean up seaside. . nice project.
     
  8. lupe

    lupe Formula Junior

    Apr 25, 2004
    692
    New Jersey
    Good luck Keith. make that money
     
  9. DodgeViper01

    DodgeViper01 F1 Veteran

    Oct 1, 2003
    6,867
    We are trying LOL! One project at a time. In a few years Seaside Heights will be drastically different and first time prospectors will make the money.

    Thanks Lupe. So far so good. 90% of the project has been sold in the last few days.
     
  10. sunsetZ51

    sunsetZ51 Rookie

    Jan 30, 2006
    17
    Fort Lee, NJ
    Full Name:
    Paul
    Sounds like a great plan, because seaside was really startin to slip and become an extremely dirty area. I spend my entire summer in the Pt. Pleasant and Mantoloking area and realized they were beginning to put condos up the past summer. Im sure this whole project will finally do seaside some good, now all ya gotta do is figure out how to fix those ******* cops they have down there; my friends get pulled over all the time for stupid reason like the exhaust being tooo loud. Good luck.
     
  11. lupe

    lupe Formula Junior

    Apr 25, 2004
    692
    New Jersey
    Yes that is so true those cops down there don't care about any one regardles . real shame.
     
  12. Dopplemax

    Dopplemax Formula 3

    Keith,

    PM me some details. Our firm has an office in Millburn, and we specialize in third-party inspection of multi-family construction. We generally have a list of folks looking for high quality condos.

    Regards,

    Matthew Cooper
     
  13. michaelCTSC

    michaelCTSC Formula Junior

    Jul 25, 2005
    331
    East Brunswick, NJ
    Full Name:
    Michael Lasko
    To whomever is interested...

    Im met with Keith and he's a nice guy and seems to know what he's talking about. I drove down to see the property on Wed. of last week and it looks like a decent deal. Not what im looking for but seems like it will be profitable as an investment.
     
  14. DodgeViper01

    DodgeViper01 F1 Veteran

    Oct 1, 2003
    6,867
    #14 DodgeViper01, Jul 28, 2006
    Last edited by a moderator: Sep 7, 2017
    We have just a few of these units left that we are trying to just move as we are wrapping up another $3,000,000 project in LBI. We are willing to discount these $30,000 so here is the new pricing:

    Back Middle Units: Were $550,000 NOW $520,000

    Front Middle Units: Were $575,000 NOW $545,000

    Front End Units: Were $625,000 NOW $595,000

    Rear End Units: Were $595,000 NOW $565,000

    These units feature 2 car heated garages, 4 bedrooms in the corner units with 3 1/2 baths or 3 bedrooms with 2 1/2 baths in the middle units. Each unit also has a family room, four - five fiberglass balconies, granite countertops, full appliance package, hardwood floors and more. One block to the beach and boardwalk!!! Let me know if anyone is interested. Hope to talk to you all soon.
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  15. 996TTurbo

    996TTurbo Formula 3

    Apr 9, 2006
    1,561
    NYC
    Full Name:
    Martin
    Wow Keith, you are doing some big things. What's funny is i have been talking to people about getting into this, pre-construction/developement stuff, listen we'll talk Sunday about it!!
     
  16. DodgeViper01

    DodgeViper01 F1 Veteran

    Oct 1, 2003
    6,867
    No problem. Talk to you then. Also some other info for interested parties:

    - Comparable Rentals Are Going For Around $2000 - $2500 A Week So That Can Cover Your Mortgage
    - Delivery Can Be As Soon As August.
     
  17. Parikh1234

    Parikh1234 F1 Rookie
    BANNED

    Apr 9, 2006
    4,726
    Little Ferry, NJ USA
    Full Name:
    Shivam Parikh
    How is the rental situation in the winter?
     
  18. benedict

    benedict Formula Junior

    Nov 6, 2003
    744
    NJ
    Full Name:
    Ben
    Ditto- tried to take the wife and kids to Seaside boardwalk a few weeks ago, nearly got into two fights before we even parked the friekin car! Rough crowd!
    Good luck with the project Keith!
     
  19. DodgeViper01

    DodgeViper01 F1 Veteran

    Oct 1, 2003
    6,867
    Winter is not the prime, mostly summer. Here are some figures:

    $520,000 Purchase Price
    10% Down = $52,000
    Financed = $468,000

    Approx Mortgage w/Taxes & Association Fees Is Approx $3200 A Month
    Annually $38,400

    Rentals At $2500 A Week x 16 Weeks = $40,000
    ***May, June, July, August***

    If done right, you should be able to break even or pay very little out of pocket each year.
     
  20. DodgeViper01

    DodgeViper01 F1 Veteran

    Oct 1, 2003
    6,867
    Thanks. I know that this was a big problem before, but it is getting better and better every year. This project is on the ground level. In 5 years Seaside will be totally different resulting in prices going much higher.
     
  21. 996TTurbo

    996TTurbo Formula 3

    Apr 9, 2006
    1,561
    NYC
    Full Name:
    Martin
    Keith, not to get off topic but i cant post in the event section of the viper forum anymore, please tell Russ that i will meet him at the 106/106 CVS when you get right off the exit, then we will head into the city, thanks!!!!!!!!
     
  22. DodgeViper01

    DodgeViper01 F1 Veteran

    Oct 1, 2003
    6,867
    Just posted for you.
     
  23. Parikh1234

    Parikh1234 F1 Rookie
    BANNED

    Apr 9, 2006
    4,726
    Little Ferry, NJ USA
    Full Name:
    Shivam Parikh
    Thanks for the numbers Keith. I am totally new to rental properties but have really been looking to get into it. Do you think this would be a good starter property?
     
  24. niptuck

    niptuck F1 Rookie

    Mar 1, 2006
    2,581
    NYC, NY
    Full Name:
    John L.
    weird...same here. any idea why?
     
  25. 996TTurbo

    996TTurbo Formula 3

    Apr 9, 2006
    1,561
    NYC
    Full Name:
    Martin
    Thanks Keith, i dont know, i email'd the mod's and they said they will make a few exceptions, they didnt want nn members posting, VCA or whatever :(
     

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