Bayonne prices went down in last 10 years(worst performance0

[Raj G.]

Hi Hudson County/Bayonne investors/Realtors.

I was reading  news and found that Bayonne average home price went down, in fact seems like showed worst performance in last 10 years.

Just wondering , is it true, or I am making some mistake in understanding the news.

I was thinking after saturation in Jersey city and Hobokon it's Bayonne's turn to rise, but seems like I am wrong.

I can't attach link here, but search on google

"See town-by-town average home sale prices for Hudson County in 2015"

[John Errico]

I think that the article you're referencing is a little deceptive. It suggests that housing prices in Bayonne (and some other areas in Hudson County) are down compared to 2005. That's probably true, but most of the area has still not entirely recovered from the Great Recession--only recently have home prices in most begun to approach 2005 levels, and those prices are still way off from 2007/right before the collapse. So the full picture would be a huge increase in prices starting in 02/03, culminating in 07/08, then crashing in 08/09 and now, in 2016, approaching prices in 2005. I also feel like a lot of those numbers are skewed by new construction, which has vastly favored Hoboken/Jersey City/Weehawken, but less so the rest of the county.

For what it's worth, home prices in 06/07 in this area were at what I think most would consider irrational levels: like, wouldn't make sense as an investment unless you were anticipating rapid appreciation or a rapid increase in rent prices (neither of which happened). I suppose owner occupants might have been willing to pay those prices--but I don't think most of the buyers in this area bought intending to live there.

A lot of investors I am familiar with in the area consider Bayonne to be sort of its own thing. It's not super accessible to NYC compared to most of Hudson county and the demographics are much different than Jersey City/Union City/West New York/North Bergen, etc. You could probably commute to NYC from a number of places in Bergen County and deeper into NJ faster and with less hassle than most areas of Bayonne, despite its geographic proximity. Not to say it won't happen there, but I think there is a lot more excitement surrounding towns that are directly on the PATH, or that are within accessible bus distance of NYC through the Lincoln Tunnel (Union City, North Bergen, Weehawken, Guttenberg, etc).