Posts tagged with "condominiums"

vacation homes, rentals, condominiums, cooperatives, Vaughn Lowery, 360 MAGAZINE

5 Things to Consider Before Buying a Vacation Home

If you’re in a financial position where you are considering a vacation home, it can be exciting. Maybe your family has a favorite travel destination, or you’ve come across a great deal, and you think you might be ready to dive in.

Last year according to the National Association of Realtors, around one in eight homebuyers were purchasing a second home.


There is a lot that goes into buying a vacation home in terms of finances and logistics that you need to keep in mind. Sometimes it can sound dreamy, but the reality is different than you expected it would be, and the following are five important things to consider and weigh before buying a vacation home.


How Much Is It Really Going to Cost?


You may be looking at just the cost of the property itself and thinking it’s a great deal, but that only tells a small fraction of the story.


For example, is the house close enough to drive to, or will you be flying? If it’s somewhere you have to fly to, then you may have to buy an additional car to use when you’re there, and that comes with its own set of costs beyond the purchase price, such as carrying auto insurance for a rarely driven vehicle.


If you have to fly, you also have to factor in how much those airline tickets are going to cost you every time you want to go to your second home.


You’ll need other types of insurance along with auto insurance, such as homeowners’ insurance, and if your second home is in a place where flooding or hurricanes are likely, you’ll have to add that coverage in.
Other costs that often come with a second home include utility bills, homeowners association fees, and maintenance for the lawn.


Are You Willing to Commit to One Travel Destination?


If you buy a second home in a place you love, you may be happy only to travel there but you have to ensure that’s the case. You may be very limited in where you’re able to go outside of traveling to your vacation home.


If you’re someone who likes familiar routines, this could be fine for you, but if you are someone who has the travel bug, you might want to save your money and put it toward trips around the world versus locking yourself into one destination.


Are You Going to Rent It Out?


Some people who buy a second home will use it as a source of income when they’re not there, by renting it out. It can be a good way to cover some of the costs of owning a second home, but it’s a lot of work to own and rent out a property.


First, you have to ensure you can even rent it out at all. Certain neighborhoods or condo buildings might not allow this.


You also have to think about how you would rent it out—some locations in the country don’t allow Airbnb, for example, so you may have to pay an agency to handle it for you.


You also then have to pay for additional maintenance, insurance and cleaning services.


Plus, the most demand for your rental is going to be during the high season wherever it’s located, and that’s going to cut into your ability to enjoy your home.


What Will the Taxes Be?


A vacation home is a personal residence according to the IRS if you rent it out 14 days or fewer a year. If you rent it out more than 14 days a year, it’s considered a rental property. Either way, you have to report the rental income, plus there are issues like property taxes to take into consideration.


Are You Being Realistic?


The biggest thing to think about aside from the financial considerations is if you’re being realistic about the potential value, monetary and otherwise, that a second home will bring to your life and the life of your family.


There are snowbirds that love their vacation homes, and they use them for months at a time.


However, if you have a young family and you’re working full-time, this just isn’t going to be feasible.


What can initially seem like a dream may turn into something that you rarely get time to go to, and a vacation home can quickly become a burden.


You want to make sure you have the time and willingness to use your vacation home before you make such a big purchase that’s going to impact your finances and your life in so many ways.

Lokal Eatery & Bar, Vaughn Lowery, Jersey City, New Jersey, 360 MAGAZINE, Abraham John ARCHITECTS, Mona Panjwani, Walter Donadio

Lokal Eatery & Bar

By Vaughn Lowery

Jersey City officially opened up one of the swankiest restaurants on their waterfront with magnificent views of Manhattan. Mona Panjwani is the proprietor and visionary of this establishment. After 12 days of having their doors opened, they have built a team of individuals who are personable, approachable and possess a strong sense of ownership. Literally a recipe for prosperity.

With sufficient space, Lokal Eatery & Bar can comfortably sit up to 200 customers and is the perfect destination for a rehearsal dinner, trunk show, celebratory engagement and/or corporate gathering. Towards the rear, there’s a semi-private area with its own seating, lounge and sound system to drown out the clutter of what’s taken place in the main arena. “Lokal” murals, perfect for social engagement, are sprinkled throughout the spot which were constructed by a local commissioned artist. Adding an element of youth and elegance similar to its milieu. Overall the architecture and intent of this eclectic eatery have an industrial yet modern feel. Iron gates frame the bar and above the 30-foot island hangs a custom lighting installation.

Nestled in the heart of a rising luxury neighborhood within JC, this venue is destined to become one of the area’s most popular draws. Executive Chef, Walter Donadio, has managed to fabricate a tantalizing menu of appetizers, small plates and entrees which are certain to keep you coming back. Some of his best infused tapas and items include succulent scallops, rock shrimp, sauteed mushroom bowls as well as a vegan surf and turf packed with savory lentils. Most of their components are locally sourced and fresh from the Garden State – right down to the blueberries featured in some of their signature drinks.

Often times, you inflict a new place and the waitstaff is uncertain on what to recommend. That’s not the case for Lokal. Many of their squad members were well-informed on what they offer and even had ample recommendations for their handcrafted cocktails. Our favorites were their Elliott Stubb (reminiscent of an old fashioned) and Jerry Thomas – cucumber water iced cubes make this drink refreshing.

The future is bright for Lokal Eatery & Bar. And, with a strong location, menu and bar, it’s set to be one of the most prestigious brunch/dinner spots for global foodies, making it a firm contender for three Michelin stars and a James Beard Award. Subsequently, it’s extremely apparent that Mona and her crew are meticulous and pay close attention to details.

ANNOUNCEMENTS:

*Brunch is Saturday & Sunday from 11am-3pm. A perfect place to relax and kick back with friends as well as family before the week starts. If you eat meat, be sure to try the lamb burger. The Bloody Mary and Margarita are sure to get almost any party started.

**Happy Hour is daily from 5-7pm.

ABOUT TEAM LOKAL:

CHEF: Walter Donadio will serve as Lokal’s Executive Chef.

Donadio is a Michelin star kitchen trained chef with over 17 years of versatile culinary professional experience managing the provisions of fine dining for hotels, restaurants and country clubs. His experience spans the globe from various chef positions at Richy’s DMCC and Café Habana in Dubai to The Smith, Nobu Fifty Seven, Le Circ and Brasserie in New York, along with supervising kitchens at Hilton and Marriott in New Jersey. Passionate about food since growing up in his grandmother’s own restaurant, he loves combinations of flavors from different cuisines and is always searching for the perfect balance. He is a graduate from the French Culinary Institute (now International Culinary Center).

OWNER: Mona Panjwani

Panjwani opens Lokal as an events industry vet in the Northern New Jersey region. She launched an events production company in 2014 and came across the idea to create Lokal more recently while seeking a venue for her own company. The gorgeous waterfront eatery in Jersey City – which will primarily serve as a full service restaurant and bar is also complete with event and private dining spaces – combines all of Panjwani’s skills, passion, experience and goals into one. Panjwani is a member of the Hudson County Chamber of Commerce, Hudson County Women Rising and LadyDrinks South Asian Women Entrepreneurs Networking Professionals. She has been a Jersey City resident for a decade.

ARCHITECT: Abraham John ARCHITECTS

A multidisciplinary architecture, interior design, landscaping and urban planning firm founded in 1967. Abraham John & Alan Abraham are the Joint Principal Architects of Abraham John Architects. Abraham John Architects’ design approach is to re-connect architecture with nature, make optimum use of space, natural materials, lighting & landscape to reinvent and transform living environments and urban spaces. The firm works at multiple scales and with various organizations right from private clients to corporates & NGOs allowing itself to experiment and diversify its work.

LOCATION: Crystal Point Condos

2 2nd St, Jersey City, New Jersey, 07302

PHONE: +1 201-222-6800

Equinox Members Feel Bamboozled

After The Related Companies (parent company of Equinox, SoulCycle, Hudson Yards) Founder/Chairman Stephen M. Ross announced his Trump fundraiser (tickets which will cost up to $250,000) in the Hamptons, all hell broke loose – tons of memberships have been cancelled online, over the telephone and in person. After all, Ross is a ‘passive investor’ for Equinox and SoulCycle which are premier fitness centers for celebrities, political leaders and senior level executives alike whom all seem to be proactively involved within the LGBTQ+ and art communities.

Why are members so infuriated?

Many feel they were a part of a movement of societal justice and equality, not just a fitness institution since its inception twenty years ago. Fast forward to present day, Equinox has popped all over every urbane and metropolitan area’s infrastructure largely in part to real estate mogul, Ross.

Lately, the brand has announced a slew of designer duds, hotel chain and talent agency geared towards their top instructors. Today, more or less of its constituents will gather at the West Hollywood location (8590 Sunset Blvd, West Hollywood, CA 90069) at 4PM to protest against Ross’s decision to host such a lavish engagement for one of the most ridiculed US Presidents in modern day times. A man who’s rhetoric has possibly fell upon the ears of young white supremacists like the alleged shooter at El Paso last weekend who gunned down dozens of Hispanic people at a local Walmart.

Maybe after today’s outrage, the Miami Dolphins owner, who was shunned for his actions by some of its players, will renege on tomorrow’s elaborate event. According to the LA Times, the soldout venue may raise close to 12 million dollars for Mr. Ross’s friend of over 40 years.

As of late, Equinox has announced the construction of a 20-story hotel and residential building downtown LA which is scheduled to be completed around 2021.