Kevin S., Real Estate Pro in Bloomfield, NJ

Can anyone comment on current inventory and demand for condos in the Heights, Jersey City. All stats I see

Asked by Kevin S., Bloomfield, NJ Thu Dec 20, 2007

indicate values are in line with 2006 #'s however, there is a lack of recent activty. Are prcies truly stable? How is the buyer/ investor pool for 1 bedroom, recent conversions, in smaller sized complexes (6-10 unit)?

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Thanks for your input Lori however I think it was Chris looking for the market stats in Downtown, JC. I have access to the MLS stats I need. I'm looking for feedback from those active in marketing condos in the Heights and there take on the current market. 2007 Median and average sale prices are nearly identical with 2006 #'s which seems to paint an inaccurate picture of currrent market trends. Right or Wrong? please let me know.
0 votes Thank Flag Link Fri Dec 21, 2007
Thanks Marc, I stand corrected. It is broken down by JC Heights. Kevin - the average DOM for currently active condos in the Heights is 89 days. There are 40 units for sale. Average list price is $162,787 and the median is 167,000. The lowest asking price is 95,000 and the high is 199,500. Keep in mind this does not include for sale by owners or any contruction sold by the builder and not on the MLS. Hope this answers your question! Happy Holidays.
0 votes Thank Flag Link Fri Dec 21, 2007
Hi Lori,

The HCMLS has a breakdown for Jersey City downtown, right? Last time I remember they had it broken down by Heights, Journal Square, Downtown, Greenville, West Bergen, and Bergen-Lafayette. Has that changed? I stopped subscribing about 2 years ago to that MLS. I really wish it would get absorbed by the NJMLS or GSMLS...

-Marc
0 votes Thank Flag Link Fri Dec 21, 2007
Hi Kevin,
The problem with JC Heights is that there is a huge amount of inventory both for rent and for sale. The Heights is not the same as downtown JC even though they are lumped together in the MLS so it is rather difficult to pull statistics and crunch the numbers as Marc suggests. Other than Ogden Ave. the market is not great so I'd be very careful investing in the area unless you plan to live in the property. Rents are quite low. Buying units to rent out may not make sense. Doing condo conversions is tough unless you have the NYC view. The area had just started gentrifying and is not nearly as sought after as the parts of JC near the PATH or Light Rail. Feel free to contact me directly if you'd like. Good luck!
0 votes Thank Flag Link Fri Dec 21, 2007
well thats prooven more difficult than one would think if your not buying from them or not ready to list they really dont want to offer much help
0 votes Thank Flag Link Thu Dec 20, 2007
Chris,

Any agent in Hudson County should be able to give you the median days-on-market for closed sales in downtown Jersey City. This should take all of 20 seconds.

-Marc
0 votes Thank Flag Link Thu Dec 20, 2007
kevin i've ben trying to get local advise from realtor but cant seem to find out myself i am under contract to purchase a property in downtown JC where i plan on doing two condos but i cannot get a true sense of the time its taking units to sell all i can get is that the market is slow. There is a profit potential there for myself if i dont have to hold the units for too long but if i hold them for more than year it would be a waste i know the inventory is very high i dont know the hold time if you go to realtor.com and put in jersey city i think there is over 2800 lisiting for all of jersey city which according to the NJAR is a 9 month supply
0 votes Thank Flag Link Thu Dec 20, 2007
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