All Forum Posts by: Michael Elfant

Please PM me if you have a referral.  Thank you!!

Please PM me if you have a referral.  Thank you!!

@Jared Smith Does your father actually participate in the labor of his projects or is he mostly managing his subs?

Thx,

Mike

Please let me know if you know of a talented/investor friendly general contractor in the Bergen County, NJ Area.  Thanks!

@Ryan Goldfarb  I guess we both agree that it boils down to affordability.  I also agree that people who rent in Hoboken/DTJC would buy on the fringe and look for value but I think we also agree that there are plenty of high earning people that currently own or rent in Manhattan that might want more space or want to own for the first time that might look at Hoboken/DTJC as a great relative value play, even at it's current levels.   

Btw, I've crossed paths with your brother Erik recently.  Good dude. 

@Nick M.  you bring up an interesting topic in regards to parking commanding a premium.  I've been reading stuff saying that in the near to medium term parking will no longer be as sought after as it is today.  With all of the competition in the ride sharing (Uber, Lyft, Via, Gett) space, the cost of using the service will become cheaper and cheaper.  Not to mention that we will soon have self driving electric cars to choose from on those platforms where the cost of using them should be dirt cheap given that you will not need to pay for labor (drivers) or gas!    Just something to be cognizant of...  

@Ryan Goldfarb you bring up decent points but the price of Hoboken/downtown JC is still VERY cheap relative to Brooklyn and as people continue to get priced out they will inevitably look in Hudson Count just based on proximity to Manhattan alone.  Not to mention Manhattanites that are being priced out as well.  I don't like to compare anything to Manhtattan on a relative basis because I believe that it's it's own animal but I think comparing Hudson County to BK is fair.  Especially since it's even closer to Manhattan than BK!  Also, I hear the L train will be shutting down soon.. you could expect to see some Broolynites crossing over to Jersey for that reason as well.  

That's the thing with Hoboken, it's basically fully saturated in terms of new construction.  There's one little pocket in the northwest that is still undeveloped.  Aside from that, there is nowhere left to build.  JC is vast and to your point there is a TON of inventory coming on.  I'm wondering if the spread between the two will widen.  

As far as areas in JC go, BELA/McGinley Sq./JC Heights are the areas to invest in now.  I personally love the Heights but feel like deals are far and few in between these days.  There is a lot of money chasing deals in JC right now.  

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?  

Please contact me if so.  

Hi - I am looking to partner up with a talented young contractor in order to work on flips/rehabs together and grow a business.  If you or you know someone that fits the bill please reach out.  Thanks!