Lofty Pricing for Woho?

Walnut_lofts_1Want to ditch the yardwork, or live like SOHO in WOHO? Soon you’ll be able to check out 10 swanky new lofts being built in 1930’s Deco Industrial style at 119 Walnut Street. Located across from Egan & Sons, and steps away from the Walnut Street Farmer’s Market, the condominiums will feature 17 foot ceilings, a sun roof deck, a gazillion upgrades, and a security system to rival Fort Knox. Local development  company, Olive Tree Homes, is building on the site of an old apartment block. They believe there’s a market in this neighborhood for luxury low rise, and have set the bar pretty high. Originally priced in the mid to upper $500K’s,  Dino Ciccotti, owner of NJ Property Realty, who is marketing the lofts, tells Baristanet that units will soon be available for the eye-popping price of high $600K’s  to low $700K’s. There’s no contrived marketing names here, they’ll be known simply as Walnut Lofts.  Any takers?

Annette Batson

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  1. high $600K’s to low $700K’s is too high for a loft in Montclair … this isn’t SOHO NYC … considering the recent change in New Jersey (and the nation; except of course NYC) to a buyer’s market, it will be interesting to see what they actually sell for …

  2. wow … I just looked at the links … $13,000-$15,000 property taxes … $404 monthly dues … 16 parking spaces for 10 unit owners … features and appliances are all nice, but definetly potential issues with investment return and hardships with entertaining guests with cars …

  3. And soon, all of the smokers from Egans will be huddled out in front to have their cigarettes…great for patrons, but bad for the owners of these lofts!

  4. and I’m sure the developer is not going to ensure a proper fit by accepting offers only from non-car-owning, highly-paid professionals who take the train to NYC everyday … NJ residents own cars because there are no subways and cabs to take them around the area … 16 car spaces for 10 units … is that first-come, first served? … looks like a nightmare waiting to happen …

  5. I’m sure all the buyers will be childless trust fund babies with one car per unit and no desire to entertain at home.

  6. Annette Baston describes this development as “1930’s Deco Industrial style”
    I don’t see it.
    The Deco style is characterized by stepped forms, rounded corners, triple-striped decorative elements, and the use of chromium and black trim.
    How pink foam and drivet even come close to inspiring Deco style is beyond me.
    This is just lipstick on a pig.

  7. Not defending the developer, but the pink stuff looks like either the outside wrap of some insulation or sheet rock…I doubt that’s the final facade of the building!

  8. The pink foam is insulation and it will not feature again as a prominent design feature, until the Drivet (which has not been sprayed on yet) begins to flake away in a few years.
    There was some flaking away of the drivet on the building across the street where Gina’s and the frame shop are located. It may have been repaired.
    Drivet is a spray concrete applied over Styrofoam insulation. It is easy to sculpt architectural details in the foam. Generally the details sculpted in these materials tend to be badly defined and poorly proportioned.
    Drivet is NOT a material with great longevity. These buyers should assume ongoing maintenance and will probably need to replace the exterior façades in a few years. These future costs are probably not factored into the initial maintenance numbers.
    Just MHO.

  9. I suspect it will be singles and childless couples purchasing these units given they are two bedrooms. I suppose if you are moving in from the city, it might not seem like a bad deal.
    Of course, if they do fall apart they have plenty of places to drown thier sorrows.
    I checked out the link. Anyone know what a “faux” balcony is? 6 of the units have real balconies but four have only faux ones.

  10. Not sure, but a faux balcony might have the exterior metal work that appears to look like a balcony, but no actual place to step out. Maybe a place for plants.

  11. i had looked into these when they were in the mid 500’s. wasn’t interested then, and certainly wouldn’t be in the 600’s-700’s.

  12. Egad. 600K doesn’t even get you hardwood floors in the bedrooms. I couldn’t find square footage and ceiling height info on the website. Looks seriously overpriced to me. Especially with the high taxes and maintenance fees. Yikes.

  13. I’m confused … how can a “loft style space” have 2 or 3 bedrooms?! … “loft” to me means one large room with high ceilings and furniture-based dividing walls …

  14. Although I find them to be horribly expensive, I’d have to say that these are certainly not NYC prices. You can’t get a new construction loft of this size at this price anywhere in NYC, you are looking to spend at least 3 times as much. The train to NYC is a short walk which is an added plus.
    Nevertheless, this part of Montclair remains poorly developed, although promising. I wouldn’t buy at this time and price.

  15. Where, *exactly*, in NYC can you find a condo of family size for $230K? You’d be lucky to find a studio apartment (and not even an alcove one) for that amount!

  16. I agree with the realtor James Matarazzo, he sells a good portion of the condos for sale in Montclair. Does anyone know if he’s single. He’s cute!

  17. In regards to “Walnut Lofts”, there is some inaccurate information posted in this forum. The specifications and information about “Walnut Lofts” are available by calling the listing broker Dino Ciccotti at 973-509-9505.
    Thank you for reading my post.

  18. well, it seems impossible to get in touch with you, Dino, and no one at the phone number seems to know anything about the lofts and can’t answer any basic questions.

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