New Jersey Residents: Is Newark "Investment Worthy"?

[Elizabethnhenry 0]

Hi all,

I know we have a lot of Jersey residents on VJ, so I thought I would come straight to the source. So many articles have come across my desk recently - and the writers are all goosed and excited about Newark. When I was looking at law schools no one would let me go to Rutgers Newark. But now the positive buzz about Newark real estate and quality of life is getting louder. Is it all hype? Can we discuss?

Thanks!

[w¡n9Nµ7 §£@¥€r 123]

It is mad expensive. The real estate market in NJ is slowing down, IMO and in the next few years (if history repeats itself) there will be a slight "correction", that would be a better time to buy IMO.

[noemij 0]

It's all gentrification....the same thing is going on in the areas of Jersey City that are closer to Bayonne (downton, MLK etc), condos and new houses are being built at an alarming rate (the building where the JC Medical Center was, is buing converted to condos)...

[Elizabethnhenry 0]

It still seems "priced to sell" to me. But I am comparing it to New York's outer boroughs, so that skews everything....I am not comparing it to the rest of NJ. The woman in the office next to me bought a new construction Hoboken condo in 2003 for 400K and sold it last Xmas for 750K simply because she could not believe anyone would engage in a bidding war and pay her 750K.

The gentrification in Queens and Brooklyn are out of control as well. I went to some open houses in Queens last week and single family homes were averaging 500K in the better neighborhoods. In Brooklyn its even worse with upwards of 600K for a 2 bedroom condo in some areas. A lot of neigborhoods where angels once feared to tread are comanding close to one million and upwards for brownstones.

[w¡n9Nµ7 §£@¥€r 123]

Damn. I can only hope that happens out in the 'burbs where I live. I'd sell in a heartbeat at those profits.

But question is, where the hell would I live?

[noemij 0]

Damn. I can only hope that happens out in the 'burbs where I live. I'd sell in a heartbeat at those profits.

But question is, where the hell would I live?

You'll live in the outer-burbs

A note to those looking for houses close to Hoboken, some realtors are selling houses that are in Union City and marketing them as being in West Hoboken...there is no such thing as West Hoboken....

[Hilarious Clinton 452]

Are there any 'good' parts to Newark?

[w¡n9Nµ7 §£@¥€r 123]

Are there any 'good' parts to Newark?

Actually, yes.

[Mr. Big Dog 10,747]

Are there any 'good' parts to Newark?

Actually, yes.

I must have missed those. Or it's all relative...

j/k

[Elizabethnhenry 0]

Damn. I can only hope that happens out in the 'burbs where I live. I'd sell in a heartbeat at those profits.

But question is, where the hell would I live?

My dilemma as well. I bought in 2003 and the equity is amazing, but where would I go? I would have to move to Iowa (Lived there Loved it).

Are there any 'good' parts to Newark?

Actually, yes.

What and where are they? I am looking at a prospectus thingy and all it says is Newark City. They are very vague about the location.

[w¡n9Nµ7 §£@¥€r 123]

What and where are they? I am looking at a prospectus thingy and all it says is Newark City. They are very vague about the location.

I can't be too specific either. I don't know Newark quite that well. Just know that I've driven around Newark and I do recall seeing neighborhoods that seemed "nice". I believe I heard there's a new condo complex on the waterfront somewhere, that should be nice. Near the performing arts center.

[Jersey Girl 2]

Check out the Portuguese sections of Newark. They're safer. Look at the Ironbound, which got its name because it has railroad tracks on all its boundaries.

I agree it's time for Newark to have its day, just like Jersey City and Hoboken. They're all too close to New York City to be allowed to decay. Newark SHOULD BE a commuter's paradise, and with the new mayor, Cory Booker, it could be worth a long-term gamble.

I figure you can pick up real estate now and sit on it for 5 - 10 years. That's how long it might take for the "good element" to move in and force out the bad. But for now, it's still the car theft capital of America. And there are too many teenagers with guns.

Edited November 25, 2006 by Jersey Girl

[w¡n9Nµ7 §£@¥€r 123]

http://www.njrereport.com

A NJ real estate blog with an excellent community of regular posters/respondents.

[mawilson 2,133]

I hate suburbs. I wouldn't move there even if someone paid me $750k.

Buying property as an investment is a different story, however.

[cmartyn 0]

Watch that airport too.