Home Buying in Jersey City>Question Details

Trisha, Home Buyer in New York, NY

I am a first time homebuyer from New York City looking for a condo in Jersey City.

Asked by Trisha, New York, NY Sun Dec 9, 2007

I am looking in Jersey City because of the easycommute. I have 2 questions: Is now the right time to buy or do I wait until later in 2008 to further assess the housing trends in the area? What areas should a single female living by herself stay away from?

Thanks,
Trisha

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Answers

35
To the comment about downtown been like the east village that is not true Downtown is more expensive than hoboken because all you get in hoboken at night is a bunch of loud drunks there is no parking and the renovated brownstones are as cramped as a shoe box yes you have a vibrant downtown but jersey city does not want this because they want that quite atmosphere at night i have owned both in downtow, paulus hook and hoboken and let me tell you should check the crime statistice there is 754 burglaries in hoboken per year as opposed to 48 in downtown per year not counting the hieghts and the non gentrified areas of bergen and greenville. Ps I drive a 145k car and the only place my car was ever dinged or scratch was from been in Hoboken you get a nice quite life in jersey city at night who wants clubs and noise at 2 am thats why you live next to NYC i am sorry but i disagree ps I challenge you that prices will not take a noise dive in jersey city you may get a deal on a run-down house that's going to need a lot of work but Trump,Cresscent Court, Liberty Harbor, Inside A, Gulls Cove, The Shores and the other high rise development and developers are not going to cut you major price breaks remember they would rather rent thier units than give them to you at a deep bargain they have the money and staying power to weather the market. In th 80's when donald trump built his towers in chicago and the market declined he kept his units and sold them with the market recovered. Also downtown jersey city has since about a 80 percent population turnover in the last 10 years people who paid top dollar are no going to sell thier place for less than they paid for it they would rather foreclose so as the last comment said there is no cryslal ball pick a place love it, negotiate,negotiate and buy
1 vote Thank Flag Link Tue Jan 22, 2008
Actually, Realtors have no better crystal ball than anyone else. Neither do appraisers. I am both, and I couldn't tell you what is going to happen with prices next month, much less over the next few years. Choose your home based on where you want to live and what you want to live in. The "investment" part of it is taken care of largely by forces out of your control.

I would not trust a professional in any market - housing, stocks, collectible dolls, whatever - who would make a declarative prediction about the future of any price.
Web Reference: http://www.marcpaolella.com
1 vote Thank Flag Link Tue Jan 22, 2008
Marc is on target. Fluctuations in the real estate market (much like stocks) are normal. Historically, over longer periods (10 years) these markets go up. Timing the market is pure speculation. While the market may go down, interest rates may go up. The savings in purchase price may be offset by increased interest payment. If you plan on being in an area, buying has many advantages.

In terms of safety, a doorman/security is great. Also, talk to people in the area, speak to neigbors, ask local business people...

Rafi Footerman
Mid Jersey Inspections
732-906-4100
NJ Home Inspection Lic. #076900
1 vote Thank Flag Link Wed Dec 12, 2007
The market is now truly a buyer's market, no longer a seller's market. What that means, is that interest rates are historically low. Prices are very negotiable. In some cases, prices are down 10% and in other cases by as much as 30%. There is alot of inventory to choose from. No matter what all the media hype says about the real estate market, you need a place to live, a place to rent and a place to call your own. It offers a tax advantages, a built in cash nest egg. It offers leverage. It offers long term growth. It's simply the best investment one could choose to make. If you feel it's the right time, don't hesitate: BUY NOW!
0 votes Thank Flag Link Fri Mar 7, 2008
AVI heres my email address neurorutgers@hotmail.com
thanks for the call today
0 votes Thank Flag Link Tue Jan 29, 2008
John, FYI I have an undergraduate degree in Economics from Penn and an MBA from Columbia. What are your qualifications? You imply that you have degree in Economics (I think) but you obviously don't because you displayed quite a bit of ignorance about basic economic theories. Maybe you were only implying that I displayed such a solid understanding of the Economics of real estate that I must have a Ph.D., in that case sorry to disappoint... but the MBA only took two years instead of seven and yielded a far higher salary.

In any case, I can't help but notice that you had to capitulate instead of trying to argue against the fact that all these i-bank layoffs will take a nasty hammer to Downtown Jersey City condo prices in the near future. Maybe Steven Fulop can stop the bleeding... unless of course he just got fired from his day job. Oops!

At these prices, caveat emptor (buyer beware).
0 votes Thank Flag Link Mon Jan 28, 2008
BEN PLEASE DONT EVEN DIGNIFY THIS GUY WITH AN ANSWER HE DOES NOT DESERVE ONE
OUT OF RESPECT FOR THE ORIGINAL PERSON THAT ASKED THE QUESTION LETS IGNORE THE GUY WHO ENVYS THOSE THAT AFFORD WHAT HE CANT YET BRAGS ABOUT HIS RENT LOL WITH A PHD IN ECONOMICS LOL SIZE THAT UP TO MY PHD IN NEUROSCIENCE AND CELL BIOLOGY AND A MINOR IN CHEMISTRY AND TELL ME WHOSE SMARTER TOO BAD BECAUSE I BET YOU CANT FINDING PARKING FOR YOUR FAT REAR END IN YOUR 4300 NYC APARTMENT THAT YOU DONT EVEN OWN VERY SMART MR ECONOMICS I WILL TAKE YOU FOR A RIDE IN MY BENTLEY IF YOU CAN FIT IN IT LOL
0 votes Thank Flag Link Mon Jan 28, 2008
Anyone who has to claim to have a bentley online, (loser) and waste as much time writing/explaining yourself is obviously an idiot! "I am senior clinical development manager at a major pharmaceutical company" GOOD FOR YOU and NO BODY CARES. When you have a PHD in economics, this is for Ben as well, then you can write and sound intelligent. Until then don't waste your time responding b/c nobody cares about your money market account.
0 votes Thank Flag Link Mon Jan 28, 2008
john for your information i am not a real estate agent i am senior clinical development manager at a major pharmaceutical company been a realtor cannot support my life style so before you run your mouth dont assume anything and on the other hand i have built over 10 condos in downtown jersey how many have you built and you cannot companre NYC to jersey city it;s two different markets that's like comparing short hills to south orange it's not the same and if you don't think this company is in a recession depression whatever the heck you want to call it then tell me why all the lay offs and why the stimulus package. Please I have made over a million dollars in profits selling real estate so if anyone should know its me if any one is a risk taker its me. I've built condos on 2nd street, 3 rd street and Van Vorst street in jersey city so i know the market and i know it will not stand up to time lol the financial sector in NYC all these guys are scrambling do you know how many morgage brokers have lost 50-60 percent of thier income less loans etc and BTW my interest on my money market just went from 4.65 from 3.125 and you dont think were in a depression get a grip i dont even know why i waste time giving my opinion to folks like you but don't worry John we'll so whose smarter because i guarantee i am the only one here with the bentley continental so dont worry about insulting me your only insulting yourself and btw your quoting average sales and price do you know how big those units were and were they are located believe you me prices will take a decline all across the country someone who makes 250k a year cannot afford a million dollar house and if you are such a savy person why are you wasting 4300 on rent that makes no sense go rent in jersey city then you dont know squat about jersey city lets see how many homes you have built have you ever owned in jersey city before you quote and talk about and area you should have facts and data to support what you have said. I have no tolerance for people who pronounce from a data free environment.
0 votes Thank Flag Link Sun Jan 27, 2008
And another thing John, you said "If you look at the rental market in NYC vs purchasing in downtown jersey city, you will see that it actually pencils cheaper to purchase vs. rent."

John, the economics of real estate don't work like that. You compare the rental market in NYC vs. purchasing in NYC. Or compare the rental market in Jersey City vs. purchasing in Jersey City. When mortgage payments become significantly higher than rental prices, as they have today in Jersey City (and NYC), that means that either A) rental prices will rise; or B) home prices will drop.

It's hard for Choice A to occur in NYC or Jersey City because both jurisdictions have "rent control". So the only possible way for the "invisible hand" of economics to remedy the situation in the long run is for home prices to drop.
0 votes Thank Flag Link Sun Jan 27, 2008
John, there's no need to make personal insults to either me or Chris. The weak dollar did give somewhat of a boost to NYC prices, but two things you are leaving out of your simple analysis: 1) the dollar has risen the past few months and may rise for a long time... the lows it experienced were unprecedented and it didn't take a forex trader to see that the Canadian dollar couldn't be worth more than the American dollar for long. 2) the large financial sector of NYC affects prices FAR more than a weak dollar... for every foreigner buying a NYC condo, there are probably 10 NY-based investment bankers. And in Jersey City, the ratio is probably more like 100-to-1 of investment professionals vs. foreign buyers.

I'm well aware of the definition of a depression, but I only said a "depression in housing prices". Housing prices have fallen many times in our history, and the greatest drops weren't even in the Great Depression. You seem to have little to zero knowledge of the history of home prices.

You say "Merrill and Bear made poor decisions which is why they are laying off people." Again, you're not looking at the situation logically. Goldman Sachs made excellent decisions and they are still laying off people. Citigroup made the worst decisions of all and are laying off tens of thousands. EVERY Wall Street firm is laying off people in 2008 (nearly all of them have already announced this) and this will depress (Downtown) Jersey City prices later this year when they all receive their pink slips.

The only logical thing you implied was that supply and demand affects housing prices. Guess what, when tens of thousands of NY i-bankers are laid off this year, demand will go way down even as supply continues to increase.
0 votes Thank Flag Link Sun Jan 27, 2008
Ben, look up the def of a depression, and then get back to me. Oh and if you are so smart why are you not factoring the weak dollar into your NYC's housing market? I don't disagree completely with you, I think there are adjustments happening but some markets will not go down just based on supply and demand. Merrill and Bear made poor decisions which is why they are laying off people. If you look at the rental market in NYC vs purchasing in downtown jersey city, you will see that it actually pencils cheaper to purchase vs. rent. I pay $4200 in rent, lower westside, my purchase will cost me $2800 per month w/ taxes, condo fees etc, ($500k)-- you tell me genius.

This if for chris: stable prices don't mean nothing is selling, some pro you are. 12/2006 zip code 07302 - 35 units sold at $512k avg now 12/2007 58 units sold $551k avg. Remind your customers not to choose you as an agent, (dooms day agent).
0 votes Thank Flag Link Sun Jan 27, 2008
John, there will indeed be a "depression" in home prices until 2011 if not 2012. This is a lot easier than predicting the stock market or the economy. Housing prices ALWAYS return to inflation-adjusted historical norms, as they always have since the 1800s. That means WAY DOWN from here, or at best flat prices while inflation skyrockets. One or the other (big housing decline or big inflation increase) will occur.

Until now, the New York metro area has been held up from the decline starting in the rest of the country... but why? Because of the city's huge financial sector making record profits and paying out record bonuses. Is that still occurring now? Heck no. MBA hiring for New York financial firms is expected to be way down this year... less people moving to New York and buying condos. In fact, Merrill Lynch laid off 1500 workers a week or two ago and Goldman Sachs announced plans to lay off another 1000 yesterday. If you include Bear Stearns and the other 10 major investment banks, there are 25,000 announced layoffs compared to virtually none in the past 5 years.

The people getting the axe in these layoffs aren't going to be Managing Directors living at the Time Warner Center. They are going to be the low guys on the i-banking/hedge fund/p.e. totem poles... the ones taking the PATH to work. So I'll let you guess whether the financial sector meltdown will be a plus or a minus to Jersey City and Hoboken condo prices through 2008 and 2009.
0 votes Thank Flag Link Sat Jan 26, 2008
john i am going off what the financial advisors say i am perfectly calm and stable prices means nothing is selling.
0 votes Thank Flag Link Sat Jan 26, 2008
Recovery until 2012 is a depression. This poster was asking about Downtown Jersey City prices where price were up 2.7% in 2007. Declining markets is very obvious and everyone knows realestate is very localized. Desirable areas with high demand remain stable instead of 20% increases. Calm down chris the world won't end tomorrow. No one person can predict until 2012. Prices in downtown Jersey City area remain affordable compared to many others, (2 beds can be as low as 400k and can get cheaper the further from the path you get... which is 500K less than comparables in manhattan and most boroughs, so certain area will likely remain stable.
0 votes Thank Flag Link Sat Jan 26, 2008
please read knowledge is power here is the latest data

building permits fell 33 percent, and the sharpest decline in 27 years please educate yourselves if you buy a 2bed 2 bath condo in the beacon for 575k and you pay a 1000 maintenance please tell me in gods name what you expect to sell it for in 5 years or 10 years do you think it will be worth 675k 875k no it wont be it cannot the prices must decrease you will not see any appreciation for years to come

for example a 2ed 2bath condo in NYC financial district selling for 2 million dollars with 20 percent down and 1200 maintenance equates to an 11000 mortgage payment however the same unit is up for rent for 4900 dollars do you realize how great the margins are renting and housing prices should only have a3-6 percent difference you are better off renting and waiting for prices to go down if you rent you could save 100k or more on the said property in a year
http://money.cnn.com/2008/01/17/news/economy/housingstarts/i…
0 votes Thank Flag Link Sat Jan 26, 2008
john i dont know where you get your data from are you reading the latest housing statitistics the median price fell 4 percent and in some areas like FL,CA as much as 30 percent sales are 43 percent since last year and ALL FINANCIAL sectors see a decline and a recession what box are you living in ONE SINGLE WELL PRICED house is not a sign of the market if you have a 200k house for sale in a 450k neighborhood offcourse people will jump on it if'ts a good deal.

Rates will not spur the buyers the buyers are not there they all bought houses they could not afford

YOU ARE DEAD WRONG this economoy will not recover until at least 2012 and this is data from Harvard, Yale ,Rutgers etc especially now with that 7 billion dollar fall out in france and PS people see these companies with increase earnings for example Pfizer yes they have increased earnings because they fired 20000k people last year thats what they have all dont cut the workforce which reduces debt and it makes it seem like they have this dramatic sales increase it aint so
0 votes Thank Flag Link Sat Jan 26, 2008
Yeah right... it is a declining market. Again, just look at the stats. Less than 1/3 the # of sales as last year in Downtown JC. As people keep repeating in the Wall Street Journal and on CNBC, people aren't jumping at the lower rates... except on homes prices dramatically below market. If anything, buyers are only becoming more aware that actual home prices will decline steeply in 2008, again in 2009, and again in 2010. Why go for a low rate on a massively overpriced home?
0 votes Thank Flag Link Sat Jan 26, 2008
Rates seem to have spurred buyers because I had a bid on a house and 3 more people jumped in. That does not seem like a declining market!
0 votes Thank Flag Link Sat Jan 26, 2008
john i agree its safe i dont think the prices will hold up
0 votes Thank Flag Link Fri Jan 25, 2008
ML is been conservative because they dont want to instill anymore fear. Prices cannot rise in 2009 where will they rise to lol who will pay it even at the top of the game a couple bringing home 250k combined before taxes with kidds cars and all that bs will be a stretch to pay a 8-10k a month mortgage payment plus the condo fees and the taxes on some of these new contructions
0 votes Thank Flag Link Wed Jan 23, 2008
I do believe prices will drop steeply from here, but I'm not sure how much. Merrill Lynch came out with a report today called "Housing prices to free fall in 2008" and ML predicts a 15% decline in 2008, another one in 2009, and yet another one in 2010. The National Association of Realtors, which of course never predicts anything but a stable market, says prices will decline through the first half of 2008 but then magically start rising again in 2009... I don't think that is possible. One prices start down, and they are just starting down now, they will keep going down... all the real economists universally agree on this. None of them can agree on where the economy is going, but they all say that home prices will head south over the next couple of years.
0 votes Thank Flag Link Wed Jan 23, 2008
do u believe this will truly happen i must say i may have to eat my words i met with a friend of mine last night who owns a major restaurant in downtown and a lot more real estate that i do actually his age is more of what makes him more savy than myself according to him he thinks there is going to be a blood bath he said he remembers in the 90s when claremont cove a condo list for 295k two years early he was able to buy for 80k dollars and that was the case all over, he does not beleive that lowered interest rates can save the economy he believes the buyer pool has been eaten up by buyers who bought homes they never should or could have afforded and i stopped last night and thought long and hard and i must say i think i agree with him he also beleives that jersey city and the metro area is driven by the stock and financial industry and if they take a big loss all these guys are going to loose thier jobs and some will loose bonus and so the market is going to take a beaten because they are the ones who buy these condos. I dont recall but he mentioned something about interest rate and some libal fund rate which is now off and thata also not good, he told me he remembers when banks where buying government treasury to make money because loans could not make them money he also said at that point everyone swas pretty sure even citibank would fold.

I must say when he sat down and showes me the logistics and the numbers he is right a home should only increase at about 6-20 percent a year and for a brownstone to go from 275k to 900k or a million as it has done in downtown in less or ten years is not normal appreciate he beleives that the brownstone that was worth 275k 5-10 years ago should now be around 500k in good condition not a million dollars

I do agree with him that alot of small investors are going to get screwed out of the market with the little small renovated condos also the stock market is still plunging no one is borrowing money people are in debt inflation is on the rise and salaries are stabilized and it's an election year so its also a time of uncertaintity i must say i eat my words on this one it does show age is a true time of wisdom and some of these guys obviously know more than i do i say wait also i think the worse is yet to come.

I looked at some towns with more than 50 percent of homes in the town for sale and not one has sold in 6 months thats a shame and i also read that jersey city now has a 3 year supply of homes thats not counting the individual condo units in the high rises.

this is a crying shame for our country
0 votes Thank Flag Link Wed Jan 23, 2008
Here is a good chart that anyone considering becoming a first-time homebuyer should study carefully. As you can see, what is currently at $500,000 asking price is worth more like $250,000 in the long-term trend. If you don't already own a home that has doubled or tripled in the past few years, you probably don't want to buy in at the top. Wait a few years and you could save a lot instead of paying a $500,000 mortgage on what is realistically a $250,000 condo in the long run.
0 votes Thank Flag Link Wed Jan 23, 2008
ok but do you realize if your paying 219k for a 500k condo in 09 what kind of a city you will be living in i dont
think this will happen to that extent i do not thing you will see a 50 PERCENT decrease in value remember a 2000 or 1990 downtown jersey city is different than downtown today its a different wave of people a different statitics a different demographics of men p.s i have gay friends quite a few who live in hamilton park they are not going to give you the apartments when they wont be able to but that space in chelsea

the data i saw compared downtown seperately you put in the zip code and it compares zip code so you can compare the 07302 zip code for downtown to other areas yes when those bargains were around these were not the same high end luxury condos i dont know i dont have a crystal ball but if you get a 500k condo for 300k what will you be paying for a one family house in central jersey thats now 300k your telling that house will be 150k i think different but hey i admit i could be wrong i just dont see this in 09 the darrn prices in jersey city have not even decreased one penny maybe a few dollars they are just holding stable i guess your option is to shell out as some people are doing almost 50 or 60k in two years for rent when you can own your own home.
0 votes Thank Flag Link Tue Jan 22, 2008
Jersey City has a poputlation of over 240,000 and is the second largest city in New Jersey. It is larger than Reno, NV and a good handful of other cities.

As Marc indicated, it is a city, and any sizeable city require one approach it as such.

If someone were to consider any location and have safety concerns, I would suggest that they talk w/ the local police station serving the area of interest. While stats off the web can give an overview, nothing takes the place of "hands-on" experience. That's true for police stats as well as real estate data. One area of a city may have very different reports, as it applies to crime data, or average housing costs/inventory and turnover rates.

Don't hesitate to pick up a phone and ask for input.....from police officers, to local news reporters, or from Realtors.
0 votes Thank Flag Link Tue Jan 22, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
Just looked with Google and found a site called Area Connect that says Hoboken had only 46 robberies and 281 burglaries while Jersey City had 1,553 robberies and 1,670 burglaries. There were also 1,495 vehicle thefts in Jersey City compared to only 116 in Hoboken. There were 1,255 assaults in Jersey City but only 67 in Hoboken.

I don't see any statistics that separate Downtown Jersey City from the rest of the jurisdiction but that would make for a better comparison. It is clear that your Hoboken figure was WAY off, so I'd expect that your Downtown JC number was inaccurate as well.

As for tops and bottoms, you say "i am not saying that prices will not come down a bit but the bargains you are talking off make it seems like you expect to get a 500k space for 250k in a year it will not happen if it happens we are all screwed hoboken has more crime than downtown jersey city". That $500,000 space in Jersey City you are speaking of that is not waterfront property was $519,000 five months ago but was a $119,000 space in 2000. I don't know if we'll see a 50% decline to $250,000 but certainly I wouldn't expect to pay more than the high $300's in 2009 for the type of Hamilton Park area space that sellers are typically asking $500k for right now in January 2008. Remember that these are the same condos that were going for the low $100's in 2000 and 2001. Today's JC condo prices are just not sustainable.
0 votes Thank Flag Link Tue Jan 22, 2008
been a real estate investor is different than home owning i would not advise any female to walk around in any city at 2 am in the morning not even Tribeca research the statistics on google i am sure you can find them interest rates are at record lows and sellers are willing to bargain i am not saying that prices will not come down a bit but the bargains you are talking off make it seems like you expect to get a 500k space for 250k in a year it will not happen if it happens we are all screwed hoboken has more crime than downtown jersey city not more than jersey city as a whole i dont think we are anywhere near the top anymore.
0 votes Thank Flag Link Tue Jan 22, 2008
So.. Chris you're saying that Downtown JC is MORE expensive than Hoboken and 15x safer? I'd like to know where you are getting this stuff from.

What is your source for there being 754 burglaries in Hoboken but only 48 in Downtown Jersey City?? I do not believe that at all. On the other hand, as I said, the areas of downtown JC on the water are safe... such as Newport and Paulus Hook. I actually said it's no Tribeca UNLESS you are on the waterfront. The INLAND areas of Downtown JC are a bit different... and I would still use the buddy system after dark in these areas if I was a single female.

Maybe the best advice would be to bring a friend with you and walk around any potential neighborhood after midnight to see what "vibe" you get from it before buying.

Also remember not to buy near a top, that is why I am holding out until at least 2009 to buy again. No crystal ball required... I'm not saying try to predict the bottom, just don't buy near the top. It doesn't take a genius to see that prices are going down... successful investors don't "fight the tape"... i.e. don't try to catch a falling knife... wait for prices to stabilize for a couple of quarters before buying because things are still overpriced and there is a long way down to go.
0 votes Thank Flag Link Tue Jan 22, 2008
To be honest, Downtown Jersey City is pretty overpriced right now, relative to Hoboken and some other nicer areas. The asking prices are actually almost identical to those found in Hoboken right now, and that town remains far more gentrified (they have a head start of a couple decades) unless you are going to be right on the waterfront of JC (which is quite "dead" at night yet also very safe).

Basically the further from the water you get in Downtown, the less safe you will be as a single female living by yourself. In most of Downtown Jersey City, even near Hamilton Park and Van Vorst Park I highly recommend using the "buddy system" after dark. Downtown JC is about as safe as the East Village I would say... but it's definitely no Tribeca (unless you are on the water at Newport or Exchange Place).

As an investor and as a resident, I've owned many Jersey City and Hoboken homes in the past and I am waiting until at least 2009 to get back into the real estate market. Prices are going to drop in 2008 and 2009. Realtors will inevitably tell you that a house is always a good long-term investment, and that's actually fairly true... if you are definitely going to live in the same condo for the next 20-30 years. But you never want to buy at the top, and prices are still so high that hardly anyone is buying anymore in Jersey City/Hoboken (640 home sales in JC last year at this time but only 201 now... less than 1/3 the number of closed sales from a year ago). A study of economics tells us that this means prices will drop over the next year or two until a new equilibrium is reached and there are enough buyers to match the sellers again.
0 votes Thank Flag Link Tue Jan 22, 2008
good please tell more people to use this website its a great resource downtown jersey city is excellent CNN has just ranked NYC and the surrounding areas including jersey city and hoboken as the only bullet proof markets you cannot go wrong with your investment apartment prices will continue to hold steady in NYC and the surrounding areas there is enough international buying power and people leaving the suburbs that will support this market if you are a skeptic and waiting for the bottom to barrel in jersey city -downtown it will not happen, remember other areas of Jersey City is not like downtown do not be fooled even though the beacon is 0.4 miles away it's like comparing Tribeca to Harlem they are not the same and will never be the same.
0 votes Thank Flag Link Mon Jan 21, 2008
I agree with Chris Jersey City downtown is your safe bet....
Oh by the way building a beautiful corner condo property in Downtown give my a ring 201-838-6585
0 votes Thank Flag Link Mon Jan 21, 2008
Hi Trisha,

I've built many homes in Jersey City and I would strongly recommend that you only invest in a home in downtown jersey city i.e Paulus Hook, Newport, Pavonia, Exchange Place, Hamilton or Van Vorst Park please note the downtown market is very different from the rest of jersey city not only is it safe and gentrified but the market is priced differetly from other areas such as the heights, bergen lafayette, greenville etc. Downtown jersey city has a wealth of new ventures Trump Towers, Dixon Mills, Inside A, The Shores, and a host of brownstone condo conversions. The doorman buidlings are no more secure than your own home. I would suggest you target a price point and search from there. The doorman buildings have exorbitant fees for amenities and luxury items which you will probably not use and who wants a total of 20 flights with groceries also remember the luxury buildings have tax abatments and once those abatements go away you will have to deal with considerable tax increases as much as 25 percent which could make a big difference in your mortgage payments years down the road.

Anytime is right to buy there is no better investment than a home and owning your own home target a budget, a place and someone you plan on living for a few years. Also remember Jersey City has a strong rental market also because of the proximity to NYC and the fact that Goldmann Sachs is breaking ground on a new tower. If you buy and decide to move you could always rent it and use it as an investment property.

I disagree with Marc the smaller brownstones offer more privacy, and less fees.

All the best
Chris A proud Jersey City Homeonwer
0 votes Thank Flag Link Tue Dec 18, 2007
Hello Trisha,

Marc is right on the money regarding the market. I had lived in Jersey city for couple of years before moving to Montclair. There is so much construction going on and it won't be tough finding a home. I can probably recommend places where you could look- Close to Van Vorst Park, hamilton Park. There are nice brownstone condo conversions and quite safe. Also these are closer to path.

There is new conversion going on on Dixon Mills. Thats a good location too. most Doorman building are rentals and very expensive. If you want to close to water try Jame Monroe Bld in Pavonia . You can also try Paulus Hook area, exchange place all so lovely. By the way if you need a realtor to help you in that area. I could let you know.

All the best.
Shefali Verma
shefali.verma@gmail.com
Web Reference: http://www.dreamhomesnj.com
0 votes Thank Flag Link Wed Dec 12, 2007
Hi Trisha,

No Realtor should ever tell you that anytime is the "right" time to buy with respect to property values. Absolutely no one knows what direction prices will go. However, in the long run, given the current tax climate with property tax mortgage interest deductibility still in place, it is always the right time to buy if you plan on staying in one place for a reasonable amount of time. Time will always make the decision to buy correct if you stay long enough. If you can foresee a reasonably likely situation where you will have to sell in the next 2-3 years, I'd rent. In the short term, risk of price deterioration seems much higher than average.

As far as safety in Jersey City, all I will say is this: it's a city, and you have to treat it as such. I would recommend a doorman building with 24-hour security. I would not recommend one of the many brownstone or row house condominiums where you leave your unit and you're on the streets.

Good luck purchasing your first condo!

-Marc
0 votes Thank Flag Link Sun Dec 9, 2007
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