First Time Home Buyer - Union City NJ

[Steven C.]

Let me preface by saying that I wish I found this really awesome forum 6 months ago! I closed on a condo in February'22 and would have loved to hear your opinions on it beforehand. Alas, I still would appreciate the insights of local NJ investors here on the place we purchased.

The condo is a 3 bed, 2 bath, shade under 1.4k square feet on 19th Street in Union City (on the block between West and Bergenline). One parking garage space and a fire escape that also includes city views and we spruced it up a bit as a pseudo-deck. My fiancé and I were able to lock in a rate of 2.875% on a 30 yr and we put 20% down on a $520k sales price. The entire building is a new construction, in 2016, and there are two units below us. Each bedroom, the kitchen, and living room have mid-town Manhattan views. The HOA is low as it is self-managed between us and the other two units. We absolutely love it so far as we are true city people and enjoy having many of these conveniences near us in walking distance and also frequent Hoboken, JC, and Manhattan on a regular basis.

I would love to here your opinions on this neighborhood over a 5-7 year horizon (likely time frame where we would sell and move) from an investment perspective. Good opportunity for appreciation? Does Union City's UEZ deal with NJ expiring in 2026 affect investment in the city (though I figure it may be renewed)? Will proliferation of WFH and its potential impact on NYC affect the strong development in Hudson County that we saw pre-COVID?

Any and all opinions are welcome. I know that this is after the fact, but perhaps your refreshed opinions on Union City and this neighborhood in particular might be of use to others like me who browse the forum.