The Bella Auction

I've always wanted to rretire in AC....if only.....things were a bit different today.


"The Bella, a product of a more optimistic time in Atlantic City, is one of the city's only truly luxury condo high-rise buildings. A block from the ocean at 526 Pacific Ave., units used to sell for close to $500K back in the heady years of, say, 2008"



http://www.philly.com/philly/blogs/downashore/Get-em-while-theyre-not-hot-Atlantic-City-luxury-condos-to-go-at-auction.html#gSktolS7uhaZ2tSq.01

May be a good deal, but how much are the condo fees there? If you are buying in AC it's very likley more practical just to buy a single home.

A single home won't give you the amenities of the Bella and for retirement, I wouldn't want a home.....especially anywhere in AC.
It says on the website that HOA dues are $595 per month, $7,140 per year. I don't think that includes taxes and from what I heard taxes in AC have gone up almost 40% with all the breaks for the casinos and with the closures. I'm paying over $15,000 a year in taxes so I want to go where taxes are lower not higher..

Quote: Gandler

May be a good deal, but how much are the condo fees there? If you are buying in AC it's very likley more practical just to buy a single home.

I bet the real estate taxes are significant. Here in The People's Republic of New Jersey the left wing politicians have the working people funding every bleeding heart boondoggle money grab they can think of. My real estate taxes are over $18,000 per year, on top of that there is a NJ Income Tax, sales tax, gas tax and on and on.

My daughter pays around $400 a month just for her train ticket to get to work PLUS additional parking and NJ Transit want to increase the fare!

NJ is no place for hard working people.

If you are Sitting on you butt and collecting all the freebie benefits... Then this is the state for you.

Yes the Bella building is nice. However, and this is a biggie the location is far from ideal. It sits on Pacific Ave a cross from Revel.
Taxes may be a pleasant surprise though. A 1,000 sqft. 2 bed 2 bath had taxes of $6063 in 2014 but they did go up in 2015.
It sold for 405k in 2007. Zillow estimate is 247k at foreclosure.
http://www.zillow.com/homedetails/526-Pacific-Ave-APT-408-Atlantic-City-NJ-08401/68298134_zpid/
I also had looked at purchasing a 2nd home in A.C. I was looking at the Ritz condos and Ocean Club. They are right on the boardwalk and most Ocean Club condos have a balcony.
But the current situation in A.C. would have to stabilize first because frankly, I don't think A.C. has hit bottom yet.

You have about 18 more months of downward pressure on prices. The Bella is in a very depressing area of AC, the rest of AC is just depressing. It could be a great retirement community but with all the low income, subsidized residents the City is destined to remain an indoor Casino only City with spattering of outdoor activities (airshow for one).

You can buy a condo on beach today for under 50k.

The bright side? Hmmmm.................

I am not familiar with The Bella, but about 7 years ago, I was seriously looking into buying a unit at The Ocean Club, the two high rises between then Trop and what was then the Hilton. At that time I was residing in Philadelphia, but making multiple overnight trips to AC every week. I though I might like to live there, right on the boardwalk.

But my time in AC sort of dried up right about that time, as I pretty quickly wore out my welcome within the span of about 6 months, I was looking and planning on moving west to 'browner' pastures. (desert)

It would have been a disaster for me if I had purchased there just before I wore out my welcome. Would have been a HUGE blow to my career. I think maybe I had a little guardian angle of some sort looking out for me. :)

Check prices on Zillow on units for sale in Ocean Club. I'll bet they're 40% less then when you looked at them. You are fortunate.