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.
Jason Ma, MSRE
(201) 314-1188 mobile
(800) 831-9207 fax
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
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230