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Old 12-28-2010, 07:00 PM
kab1 kab1 is offline
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Linwood Park Fort Lee?

Hi All,

Sorry to post here as I know this is Edgewater, but I assume some of you moved from FL, and surrounding areas so just wanted to hear feedback if anyone knew about the financial shape of Linwood Park co-op in Fort Lee, thanks much.
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Old 12-29-2010, 07:43 AM
Edgewater Fire Official Edgewater Fire Official is offline
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Re: Linwood Park Fort Lee?

I didn't get far enough to know the financial aspect, but I looked at a few units with my daughter in June-July 2009 because the sale prices were affordable. The units were small and old. Some units did not have a private parking space and the street parking was awful. Since we looked, the prices have fallen almost in half.

The only institution giving mortgages on Co-ops is Wells Fargo. She was turned down by Wells Fargo on 2 other Co-ops near the old Shop Rite because the association was in the red.
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Old 12-29-2010, 10:58 AM
Mr.insurance Mr.insurance is offline
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Re: Linwood Park Fort Lee?

I'm the president of Linwood & live there. The financial condition is SUPERIOR to almost any co-op in the country.
Our underlying mortgage is under $12,000,000 (less than $8,000.00 a unit) and is a fixed 30 yr self liquidating @ below 6%.
We have 4 large 1 bedromms per floor, 2 small studios per floor 1 large studio , 1 junior 1 bed and a 2 bedroom.
As far as mortgage companies, ALL that do co-ops will finance in Linwood.
If a person has below average credit or a down payment below what's required, the banks & board will reject.
I hope this answers your questions.
Glad to see Linwood gets a chat in Edgewater

Regards, Noel ALbert
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Old 12-29-2010, 04:13 PM
kab1 kab1 is offline
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Re: Linwood Park Fort Lee?

Thank You both for the quick responses..

Noel.. Have the roofs been replaced? I read the minutes online and saw a mention about possible oof replacement some months back. Given our blizzard just want to see if they will require an assessment on all units to replace them, since the buildings seem older than your average in FL.

Please let me know if you feel more comfortable continuing this discussion via messaging. Appreciate your help so far greatly.

PS, in searching for Fort Lee discussion forums, it seems they had a very active forum like this one that unfortunately ceased around 2006.

If there is a forum alive and well for Fort Lee like this one, please direct me, as the only one I can find is for Bergen County in general, which is not as active as this forum.

Many thanks.

Last edited by kab1; 12-29-2010 at 04:20 PM..
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Old 12-30-2010, 07:39 AM
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Mike Mike is offline
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Re: Linwood Park Fort Lee?

Quote:
Originally Posted by kab1 View Post
Noel.. Have the roofs been replaced? I read the minutes online and saw a mention about possible oof replacement some months back. Given our blizzard just want to see if they will require an assessment on all units to replace them, since the buildings seem older than your average in FL.
I learned the hard way that you should get a copy of a reserve study and walk away if one hasn't been performed. This is an engineer's (usually) report of components of the physical property and their remaining useful life. The co-op/condo association should set aside enough money to cover replacement as it becomes necessary; if they don't, the current owners get hammered.

Quote:
Originally Posted by kab1 View Post
PS, in searching for Fort Lee discussion forums, it seems they had a very active forum like this one that unfortunately ceased around 2006.

If there is a forum alive and well for Fort Lee like this one, please direct me, as the only one I can find is for Bergen County in general, which is not as active as this forum.
I set up forums for Fort Lee (see the Fort Lee Discussion, above?) and Cliffside Park some time ago. Matter of fact, you can get here directly via http://fortlee.07020.com.
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Last edited by Mike; 12-30-2010 at 07:52 AM..
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Old 12-30-2010, 08:36 AM
Mr.insurance Mr.insurance is offline
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Re: Linwood Park Fort Lee?

Roofs are in the process of refinishing (no leaks) Thank God . Values lost around 20 % (not 50%)
In the past 6 yrs we replaced all power plants with tube (weld & fire up) , we replaces all elevators & machinery and have a contract, repointing is done as needed.
We have reserves to cover any major issue and NEVER had an applicant turned down for OUR financials.
I think I see how rumors get started.

Feel free to call me if you have any questions .

Have a Happy & healthy New Year !!!

Noel Albert
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