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Market Conditions in Newark : Real Estate Advice

  • All326
  • Local Info33
  • Home Buying131
  • Home Selling16
  • Market Conditions10

Activity 19
Mon May 4, 2015
Flossie Bonaparte asked:
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Tue Aug 19, 2014
ericka asked:
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Tue Apr 1, 2014
Otilia Rocha answered:
there are many properties in these areas, call me @ 9735732464 .
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Thu Feb 6, 2014
Teresa asked:
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Sat Aug 24, 2013
Lilla Langford answered:
Yes, there are. Call me if you would like to get more information.
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Sun Jun 2, 2013
Ronald Sheedy answered:

Give me a call at your convenience and I would be happy to discuss your real estate needs with you in further detail.

Ron Sheedy
(732) 239-7452
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Wed May 8, 2013
Keith Jean-Pierre answered:
I am not sure I understand your question regarding this property, how can I be of assistance?
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Tue Mar 23, 2010
Jack Vollenberg answered:
Hi Cheriseray,

I have to agree with Marc here. Too many and I've been in too many of them as well. An absolute count is just not feasible as the local MLS does not keep track of this. Once ownership reverts to the bank through foreclosure and the bank's representatives find the home vacant, they'll rekey the door locks and will board up a home depending on the area's crime rate. The bank decides this though, not the individual agent representing the bank. Not every boarded up house is on the market either. There are a number of stages that Real Estate Owned (REO in shorthand) properties before they're actually listed. It's quite an involved process. Feel free to call me with any further questions.

Jacobus "Jack" Vollenberg
RE Appraiser - Vollenberg Appraisers
Realtor/REO Asset Manager - ERA Statewide Realty
Office (908) 968-0336
Cell (973) 590-0142
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Fri Apr 10, 2009
Donald Patterson answered:
If you take some pretty reliable loan to value ratios into consideration (digging around at City Hall should get you started), you'll find a slow upward trajectory. Loose and indefinable factors such as NJPAC, the Pru Center, the attendance at Newark Bears games and, just lately, the paid-in-advance bookings for the Pru, you'll get the shivery feeling that the time you've spent NOT investing in Newark downtown was time and money wasted. Indexing thru the Star-Ledger's on-line service is another way to look at upwardly-climbing value. Though we all know the SL is gung-ho, their reports are unusually keen. Traffic studies indicate that this is a walking city, with more than adequate public transit (all bus, tho). Street parking is still possible, tho at a premium. Finally, look carefully at who has invested, what they have invested in (all public record stuff) and how much they are in hoc for their decision. My opinion? Better money can't be spent--too many people have ante in the pot! ... more
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Sat Nov 22, 2008
Roy asked:
If you have the information with HUB housing it will be great also do you know the percentage of multiple family housing ?
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Fri Oct 31, 2008
Jack Vollenberg answered:
Dear Roy,

You have asked a very open-ended question which makes it very difficult to give you a straight answer. First off I'll assume you are talking about Newark when you mean "city". Rental properties come in a variety of flavors, from single family homes to multifamily homes to apartment buildings and all cater to different rental populations. Then there is the private rental market where no formal tracking exists that I know of of the average duration of a rental term. Compare this to the public housing side with section 8 where they do keep track of statistics at the local government level.

Your best bet to get any type of rental duration information would therefore be with Newark and specifically with their Housing Department. I included the link to the Newark City website below. If you're more interested in private data, you may be out of luck. However, you can design your rental leases in a way that would reward longer term tenants and thus exert some control over who your tenants are going to be.

Good luck.
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Sat Jun 28, 2008
Victor Kaminski answered:
Appraisers are coming in low except when they are sent out by the bank for a short sale, then I'm noticing they are coming in too high! Yikes, Go Figure!
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Sat Jun 28, 2008
Victor Kaminski answered:
To answer this question you will need to know how many homes have appeared on the foreclosure lists and how many have gone to sheriff's sale then you can determine the percentages.

I don't have all that data handy or intend on doing all the research to find out. The answer will serve no purpose. The best question may be have foreclosures slowed down or gained momentum?

Sorry I couldn't be more help with your question as far as the percentage rate goes.
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Mon Jun 9, 2008
Carmelo Torres answered:
I grew up in the Ironbound section of Newark and have family in North Newark (near the Belleville border). The bottom line is that the current rents a home is getting now have to make sense when buying. I've talked to a lot of people who bought in the height of the market a few years back. Average rents outside Ironbound is around 1200 to 1400 average.

I also work for a company who just opened a small college branch in Downtown Newark (near the Library and Museum). I witnessed the development of Bears Stadium, NJPAC, the FBI building and Blue Cross building (near Penn Station), and more recently the Prudential Arena (home of the Devils hockey team) and the installatoin of the Lite Rail system from Washington Street Station to Penn Station being finished.

In the 80s and 90s Newark used to label The Renaissance as the era of downtown improvements but that fell to the wayside. Now you will notice a dramatic facelift to the downtown landscape of Newark which is making a difference both financially and visually for Newark. I believe the changes are here to stay and improvements are more to come. Newark has a new administration as well with new Mayor Cory Booker. Sharp James has been out for a couple of years now and things are looking better.

Hope the home purchase you're looking for is in Newark if it all makes sense for you.

Carmelo Torres
A Home For Sale Realty
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Thu Jun 5, 2008
Deborah Madey answered:
You can compare school district facts, crime stats, vacancy stats, at various websites and I included a few links below for sources.

In general, Newark has not undergone widespread revitalization, but has experienced some.
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Thu May 22, 2008
John answered:
Isn't there a professional service I can hire that will provide me with the data I so desperately seek? I'm willing to pay top dollar to obtain a range/data. If anyone knows of such a service, please share it with me. Thanks again. ... more
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Fri Mar 14, 2008
Emily Erekuff answered:
Hi SK,

The link below will show you single family homes and townhomes in Ramsey that have sold within the last nine months and you can use the property type filter on the left side of the page to select only one or the other if you don't want to view both types at the same time.

Best Wishes,

Emily Gibson
Customer Service Representative
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Fri Mar 7, 2008
Deborah Madey answered:
Good point, Marc.

James......Craigslist is a good source of rental listings.
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