West New York New construction Condo househack/appreciation

[Account Closed]

Hey all,

I'm looking into purchasing a 2 bedroom luxury, new-construction condo in West New York near 60th street. Anyone have a good idea of appreciation metrics for the area? Do any local investors see the value of these properties reaching closer to Jersey City/Hoboken numbers inthe future? Any information will help. The Property is listed at around $570/ sq.ft with low monthlies and relatively inexpensive taxes and I want to know whether its a good time to invest in such a unit.

Thanks,

Nikhil

[Lloyd Spencer]

I have a couple of MF properties in the area, one close to the street you referenced.  They have definitely had appreciation in the past few years.  I use the zillow data files to look at zip code level historical prices.  You can see that the area roughly doubled in the last 10 years.  Of course this is not predictive of future trends.  IMHO, there are 2 factors driving the trends in that area:

1. the center of gravity of the city is moving west.  Hudson Yards is moving a lot of jobs to right across the water, making Hudson County NJ, closer in time than many parts of NYC.  There are few other low income neighborhoods left with similar proximity.

2. Brooklyn is now more expensive than Manhattan for some rental residential categories, especially new construction / full service.  If you go to open homes in Hudson County NJ, you will meet people from Brooklyn who are priced out of that market.

Still, I wouldn't buy with the plan to rely on appreciation.  Hope this helps.  Thanks.