Home Buying in Newark>Question Details

Dee, Home Buyer in South Broad Street,...

Should I buy in Newark?

Asked by Dee, South Broad Street, Newark, NJ Sun Mar 28, 2010

I moved out of Newark in 1995 and now live in silver spring MD. I recently had a chat with my dad and told him I was thinking of buying a home in Newark. He is against that idea. My brother who rents in Newark said he would rent a unit from me if I bought something and help me maintain it. I was just thinking of owning and reinvesting in my home state. My dad thinks I should buy in GA. I have never been to georgia and Have no ties to the city. I love Newark and one day moving back may be an option, But now I have several family members saying don"t do it because of the gangs and crime.

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Perhaps the site below will give you something else to consider before buying there.

Just over the state border from New York, Newark is ailing in the worst housing crash since the Great Depression. Home sales rose temporarily as a result of the first time buyers' tax credit only to soften. The pain of the fall out from the financial crisis can be seen on just about every face with more bad news expected in the coming year as housing prices deflate a forecast 11.7% on average. Foreclosures are nagging at the market and are projected to increase.

Many people say it is a good idea to rent in an area before you buy. That way you get a good feel for what it is like. You may find it is not so bad where you are looking. Maybe it is worse than you think. By staying there for awhile you can figure it out and then choose to buy if the area fits you. True of newark or georgia.
0 votes Thank Flag Link Sun Mar 28, 2010
I grew up and now invest and work in Newark as a Realtor, Investor and Youth mentor. I want to speak on two things: Investing in Newark AND renting to family members from afar.

1) Investing in Newark. Newark is a great rental and cash flow town IF you know where to buy. I wouldn't touch the South ward. In fact the only areas I would deal with are Forest Hills, much of North Newark, Ironbound, parts of Weequahic (Weekway to you fellow Newarkers) bordering Hillside and Ivy Hill (not just Vailsburg but IVY HILL in Vailsburg). Anywhere else and you may be asking for serious trouble.

2) I've seen so many tragic stories of people who brought investment properties and relied on family members to watch after them (or even pay rent on them) while they resided out of state. Only to see those same family members neglect the property to the point of destruction. Familiarity does indeed breed contempt when investing in real estate. Unless you can come up every week and check on the property, do not get into an arrangement like this. I've seen too many headaches experienced by property owners who rented to family members only to see the rent go unpaid, the house go into serious disrepair and the property eventually lost to foreclosure.
1 vote Thank Flag Link Wed Jun 9, 2010
I start living in Newark, NJ from 2006 in Grove Neighborhood; since then we see improvement, in majority aspects; from cleaning and sanitation to population that living here, quality of life;
0 votes Thank Flag Link Thu Jun 5, 2014
You should buy an affordable one family house in the safe part of Newark the ironbound section. I own a house near the best school Ann Street School. I am sad that I must sell my home due to my family growing but it's a wonderful home move in condition look up homes on Ann st take a look at it or in the area. Being a landlord sometimes stinks and a big headache so think twice before doing that.
0 votes Thank Flag Link Sun Aug 12, 2012
We just moved to the Forest Hills section of Newark. Not only is my husband a property manager, he is a broker of his own real estate firm, that has been located on Halsey Street for over 12 years. We moved into a great house on a great block, one that we could not touch (rent or buy) in any other town in Essex county.

We are very happy here! There are bargains galore, even in the very, very nice sections of town. And other nice area as well. I think downtown is a great place for investing, as is the north ward. I have a condo I own in the north ward, and my husband owns the building his office is in. Can we sell them right now? Not easily, but they have renters and we can meet our bills, which is more than a lot of people with property can say. If you have other questions just call the office or look online.
Web Reference: http://www.coopernj.com
0 votes Thank Flag Link Sat May 15, 2010
http://www.fhcanewark.org. Perhaps this web site may suggest that within the City of Newark there are several neighborhoods, some good, some bad. As a native New Yorker, I am careful not to place a "broad brush" over any city. So, his is my opinion, if you are looking for relatively safe neighborhoods, you should concentrate your efforts on the Ironbound (East Ward) and Forest Hill (North Ward). In the alternative, you can take what Barbara Corcoran of the prominent Real Estate Firm, Corcoran Group, once stated: "follow the artists" and look at downtown Newark for its loft space. NOW, I say all of this with the notion that you will review crime stats, schools etc as any prudent prospective home-buyer should.
0 votes Thank Flag Link Thu Apr 8, 2010
Hi Dee,

In terms of purchasing an investment property in Newark, there are a number of foreclosures and REO multi-family properties available if you're looking for positive cash flow. I'm familiar with some of Atlanta's town and you could actually find some properties in Newark that are priced as low as in some subdivisions of Atlanta. The only difference is, the Newark properties will likely need some major repairs.

Marsha B. Washington
Realtor/Real Estate Consultant
SFR - Short Sales/Foreclosure Resource
Coldwell Banker Residential Brokerage
E-mail: marsha.bowenwashington@cbmoves.com
0 votes Thank Flag Link Sat Apr 3, 2010
My family gives me the best advice, I always listen to them.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Mon Mar 29, 2010
http://www.city-data.com gives an overview of a city. In includes crime stats and a lot more.

For the best most up to date and accurate information talk to the police station nearest the area you would consider buying in. They know the real story about what is going on. They deal with it every day after all.
0 votes Thank Flag Link Sun Mar 28, 2010
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