Thanks again to all for your input. I am actively looking to buy a home or condo in the Heights!
Ideally, I am searching for a two bedroom with a backyard. Since my experience with the home in West New York, I am thinking that maybe a condo would be an 'easier' property to manage by myself. It is really comforting to know that some of you actually live in the Heights area.
I am looking to for something long-term however not fully understanding what is taking place now in JC and seeing so much property available- made me think I should keep in the forefront resale value as well as location going into buying.
Karina: you advised that a one or two family home is wisest? Can you eleborate for me? Thanks! Jen
The Heights is very family oriented with mostly single and multi-family homes. The school system is very good and is worth the investment and future re-sale. If you plan on commuting to NYC, try to be closer to the Light Rail.
Charlaine A Mercado
273 Grove Street
Jersey City, NJ 07302
The truth is that Jersey City is just about the only place that is worth investing in anymore. According to the Otteau Valuation Group, the exurban (read â€“ right next to New York) areas of New Jersey will hit critical mass in about five years. Demand will be incredibly high, and there is virtually no building going on right now in JC to absorb that demand. If you know anything about construction of large buildings, it is usually five years between plans and first sale. What does that mean for downtown Jersey City? It means prices go up â€“ and likely like a rocket. What does that mean for the Heights? Itâ€™s all a ripple â€“ what starts in Manhattan rolls over into downtown JC, which rolls up to the Heights. So confident am I that I own property in the Heights â€“ and I actually live there. Believe you me, if I could sell all the property I own in Brooklyn right now, Iâ€™d put it all in the Heights. Itâ€™s inexpensive up here still â€“ but I donâ€™t think that will continue. The Otteau reasoning is this: gen y and gen z want a walkable community. They grew up with parents who have commuted hours to work from the â€˜burbs, and that donâ€™t want to be a freeway flyer. The commute to NY on the PATH from JC is the shortest of any of the towns along the waterfront (5 minutes to Wall Street, 22 to midtown). My suggestion is that if you want to invest in real estate you should work with a realtor who is an investor, and lives in/knows the area you are considering! Please feel free to contact me if youâ€™d like a quick chat about the ins and outs of investing, and where it will work best for you.
Realtor Associate, SFR
(718) 915-2855 (cell)
I like Jersey City! A great easy commute into Manhattan with beautiful views.
There are some real good buys there right now.
But (1) The place has been so overdeveloped! But (2) The condos are beautiful and affordable price wise, but the maintenance fees.. in those buildings are petty high right now.. and gues what , they never ( o.k. never say never) but they like, never go down.
My thinking is taht the market will recver overall in the world within the next two years, but Jersey City RE will take about 10 -12 years to see your money back. this is my opinion.
Make a wise choice. You can buy something with a little more commute and make a better investment.
Nobody can predict where the market will be in 5 years. I would not think of real estate as an investment in the sense of capital appreciation as a goal. Buy a house because you want a house and it meets your needs and desires. Over the long term of, say, 30-50 years of buying, selling, and owning, real estate will usually end up appreciating significantly, but the short term is a complete unknown.
If you are pretty sure that you will be moving in a 4-5 year time frame, then you should rent. There is always the possibility of significant capital loss in a short time frame in real estate. For example, there is serious consideration being given to eliminating the mortgage interest deduction. If that happens in 2 years, then real estate might take a big hit. If you are then going to move in 2-3 years, you might be upside down and facing a loss. That would be bad news.
So basically if you have a short time frame of less than 5 years where you may have to sell, and you cannot withstand a significant loss, then do not buy real estate. Just rent and eliminate that risk from your life.
Century 21 Joe Tekula Realtors
201 Route 10 East
Succasunna, NJ 07876
Phone (direct): (973) 584-4235
Coolest map-based home search: http://www.marcpaolella.com
Selling in 4 to 5 years can be risky no matter where you buy. If you'd like to increase your profits then you should look for a longer hold that will yield less risk and maximize returns.
Since you're a first time buyer there are many things you should be looking at, not just the investment aspect of purchasing.
I work with many first time home buyers and I'd be happy to help navigate through the waters with you. Feel free to email me. You can check out my blog for some sales stats as well. I report downtown Jersey City on a weekly basis and Hoboken.
Best!! And Happy New Year!!