Home Buying in Hoboken>Question Details

milton, Home Buyer in New York, NY

which is a better place to buy, jersey city or hoboken?

Asked by milton, New York, NY Wed Feb 4, 2009

my husband and i are looking for a home for the next few years but would like to know which is a better investement, the outskirts of hoboken like the new construction on grove st and other condos beyond jackson ( skyclub) or other similarly priced areas in paulus hook jersey city?

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I have lived in Hoboken, the suburbs and now, downtown Jersey City. Your decision depends entirely on lifestyle and how much you want to spend. However, I personally love living close to the PATH in one of Jersey City's historic districts. (Van Vorst Park) Paulus Hook is also charming. You have a range of choices from new high-rises filled with amenities to Victorian brownstones and the prices are very reasonable. I think of Jersey City as a little known secret -- the prices compared to nice neighborhoods in, say, Brooklyn, NY, are unbelievable reasonable.
0 votes Thank Flag Link Fri Mar 27, 2009
IIanit,

I asked myself the same question about four years ago. At the time I lived in a new 2 bed/2 bath condo at Second and Monroe in Hoboken just 2 blocks from the new Light Rail station. I was tired of impossible parking and the inconvenience of being so far from the shops and restaurants most of which are located on or around Washington St. The demographic felt like it was getting younger but I guess I was just getting older. After a little research I found that I could have the conveniences I wanted and more space for the same price in downtown Jersey City, so I moved. For me it turned out to be the right choice.

I enjoy the diversity of the people, shops and restaurants found in Jersey City. Transportation is good with a total of 7 Light Rail stations & 3 PATH stations in Downtown alone plus street parking is manageable. I think Jersey City benefits from a zoning map that allows for the perfect mix of open space, residential and retail uses to co-exist in each neighborhood. Jersey City has a lot more real estate that will be developed and revitalized in the coming years when compared to Hoboken. I believe development will occur in a manner that will continue to add value to the area. In the long-term I think Jersey City offers more prospects for growth. In the short-term I think both markets will perform similarly and would recommend the area you are most comfortable living in.

I hope my experience helps with your decision.

Regards,

Jason Ma, MSRE
Sales Representative
Weichert Realtors
(201) 314-1188 mobile
(800) 831-9207 fax
ma.jason@mac.com
0 votes Thank Flag Link Wed Feb 4, 2009
Ilanit,

Real estate is all about location. The properties closest to the Hudson River and PATH have always been in demand. I cannot steer you towards one City over another. I would first starting by asking you which area do you like better and see yourself living in? Besides making a financial investment, you should be able to enjoy where you live.

Hoboken is a great town with lots of shopping and nightlife. It is the heart of the Hudson County real estate market and is limited to only 1 mile square of real estate. Paulus Hook is very nice as well. It is the most expensive section of downtown Jersey City and is a little quieter than Hoboken in terms of shopping and nightlife. Downtown Jersey City is about 2.5 times the size of Hoboken and there is a lot more land yet to be developed.

How well of an investment you make comes down to how well you purchase. Your acquisition cost can greatly affect your return on investment in the future. The old saying of buy low, sell high in the stock market can be applied to this real estate market. I am seeing buyers get incredible deals in both downtown Jersey City and Hoboken. These owners will be in very good value positions 5+ years from now.

If you have any further questions, please let me know.

All the best in your home search,

Walter J. Burns
Realtor-Associate
Weichert Realtors
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
201-694-8946 Mobile
201-653-4154 Fax
wburns@weichert.com
0 votes Thank Flag Link Wed Feb 4, 2009
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