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Updated over 8 years ago on . Most recent reply

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96
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7
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Michael Elfant
  • Developer
  • Hoboken, NJ
7
Votes |
96
Posts

Hoboken/JC Appreciation

Michael Elfant
  • Developer
  • Hoboken, NJ
Posted

Hoboken/Downtown JC have seen some robust appreciation growth over the past 5 years or so.  I'm wondering whether investors feel that we are at or close to the top of the market in the area or if we'll continue to see an influx of buyers from NYC/Brooklyn that are priced out in their respective areas?  

Most Popular Reply

User Stats

12
Posts
7
Votes
Derek Famulari
  • Jersey City, NJ
7
Votes |
12
Posts
Derek Famulari
  • Jersey City, NJ
Replied

I have to agree on @Michael Fiducia's comments. I have been living in the Waterfront area of JC - and you do have high rise projects breaking ground almost once a month now. I have received info from local RE attorneys that over 40 high rise projects are cleared to break ground within the next 5-8 years. Now, with the new construction any owners of  rundown brownstones or MFs know what they have and are pricing their properties on the value of the land knowing that whomever buys it up is going to gut it and rent/resell it. Journal Square, specifically Bergan-Lafayette I hear is blowing up. I personally haven't looked to go there since my first deal will be a house-hack, and I don't think the area is turned around yet enough to feel comfortable living there. Anyone have thoughts on Union City, Weehawken or West NY? Those are the three areas I have been focusing my search. I know Weehawken has very little inventory, and I understand you pay a premium for the zip code, as well has being subject to rent-control, but I don't think it can be denied that the higher-price point brings in a higher-quality tenant. I think West NY you get the most bang for your buck, but I don't hear anyone talking about it which makes me apprehensive. 

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