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Waldo : Real Estate Advice

  • All9
  • Local Info1
  • Home Buying5
  • Home Selling0
  • Market Conditions2

Activity 9
Mon Mar 21, 2016
Cuddle_kitty2000 asked:
Thu Oct 9, 2014
Tim Bal answered:
Forget the current low interest rate situation. Manhattan's resurgence as a hub for tech startups that pay high salaries has been a boon to the Jersey City market. But a bursting tech bubble in Manhattan coupled with a glut of rentals (estimated around seven THOUSAND) coming online over the next two years is going to spell trouble for condo owners in JC because there will be rental-to-condo conversions of older rental buildings to balance out rental unit supply and alot of those high-paying tech jobs are going to vanish into thin air very quickly. There are very few units on the market in JC right now by historical standards, so a spike in inventory when these rental-to-condo conversions happen will drive down condo prices. Right now is a terrible time to buy in downtown JC and I'd be trying to sell if I owned a condo there. ... more
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Fri Jun 21, 2013
klis_69 answered:
That post was not mine, but I bought A condo on July 2008 with very bubbled price. However, I always kept a positive view on the area and it seems that the market has almost recovered my 2008 price. Compared to Manhattan or good areas in Brooklyn, JC water front is still under valued compared to its quality. There has been many improvement even during the recession and I see many postponed new developments are returning. I want to see the power plant finally becomes a shopping mall and the sub-station below the power plant becoms a regular path station as population grows near to it. Cross fingers. ... more
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Sun Mar 17, 2013
home.buyer answered:
remember that there is new construction coming around in the same area. recently seen some noice from building coming behind.
0 votes 5 answers Share Flag
Tue Sep 18, 2012
Diana Sutherlin answered:
Whether buyers have personally experienced it or not, there is definitely a current lack of inventory. Professionals gauge the amount of inventory by what is referred to as "absorption rate". This is the number of months that it would take for all the inventory on the MLS to sell if nothing new came on the market. Currently the absorption rate in Downtown Jersey City is around 4 months which is extremely low. I am the Listing Agent for 77 Hudson and I can tell you that waterfront properties have increased in price dramatically. 77 has undergone over 10 price increases since mid-March and is still selling (they are 88% sold). Resales at Crystal Point have gone up significantly. Is that translating to an uptick in prices further west? Yes, not at the same rate, but there is definitely a lack of inventory there, as well. Properties that hit the market and are well priced are definitely going in to bidding wars.

Real estate is very localized, and it is unfortunate when buyers read nationwide statistics to determine what is happening in our market. NYC, Hoboken and Jersey City are all doing very well. I am also seeing more and more buyers from Manhattan coming across the River than ever before because they are being priced out, both in terms of rentals and condos.

There are still some great properties out there, but there is far more competition for those great units than there was before.

The Powerhouse Arts District, like many areas in Downtown Jersey City, has incredible upside potential. It was a very "hot area" before the downturn in the market, with many bldgs. having been approved to break ground. Developers held off, but the planned construction in that area is eminent. Toll Brothers is one of the large Developers that will be building to the south of 140 Bay St. The planned construction even includes a performing arts theatre. This high-rise will eventually block some of the light from the south facing units of that bldg.

I have been the top-selling new construction agent in Downtown Jersey City for several years and act as Consultant to Developers, both large and small. I have been a resident of Downtown Jersey City since 1990 and am extremely familiar with all areas and buildings in the Downtown area.

Diana Sutherlin
Top Producer, Weichert Exchange Place 2006-2012
Top Weichert New Home Sales Agent Nationwide 2010, 2011
NJAR Circle of Excellence, Platinum Award 2010, 2011
Weichert Chairman of the Board 2010, 2011, 2012
551-998-8485
... more
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Tue Sep 18, 2012
Diana Sutherlin answered:
The Powerhouse Arts District, like many areas in Downtown Jersey City, has incredible upside potential. It was a very "hot area" before the downturn in the market, with many bldgs. having been approved to break ground. Developers held off, but the planned construction in that area is eminent. Toll Brothers is one of the large Developers that will be building to the south of 140 Bay St. The planned construction even includes a performing arts theatre. This high-rise will eventually block some of the light from the south facing units of that bldg.



Overall, investment in Downtown Jersey City is a "no brainer", considering that all of the approved high-rise buildings that will be breaking ground in the next couple of years are all rental buildings. This will bolster the condo market for two reasons: the lack of condo inventory, and the increased density (amount of new residents). After all, renters turn in to buyers at some point and the inventory will be far more limited than what they have been experiencing in the past couple of years. Specifically I think that PAD, as well as Hamilton Park, another area that has a great upside potential and is becoming more and more popular, are areas to really take a look at.

I have been the top-selling new construction agent in Downtown Jersey City for several years and act as Consultant to Developers, both large and small. I have been a resident of Downtown Jersey City since 1990 and am extremely familiar with all areas and buildings in the Downtown area.

Diana Sutherlin
Top Producer, Weichert Exchange Place 2006-2012
Top Weichert New Home Sales Agent Nationwide 2010, 2011
NJAR Circle of Excellence, Platinum Award 2010, 2011
Weichert Chairman of the Board 2010, 2011, 2012
551-998-8485
... more
0 votes 4 answers Share Flag
Thu Mar 19, 2009
Andres Garcia answered:
A building in being built to the west and south of Waldo so know that you will loose some light. Aside from that ask your Realtor for comparable sales information for that unit. Price per square foot is an easy way to price things for the media but it is not all that practical in the real world. There are way to many variables that go into pricing. I would only use overall price per square foot to compare neighborhoods, not individual homes. ... more
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Wed Jul 9, 2008
Joan Prout answered:
In the long run, you'll probably be fine -- unless the units in the new building are comparable to WLs and priced the same or lower. In the short run, being on a low floor when there is construction next door can be a bit disruptive.

Joan Prout, MBA
Broker Associate
RE/MAX Villa REALTORS
Jersey City, NJ
mailto:Joan@JoanProut.com
800-671-0596x1
Joan Prout, MBA
Broker Associate
RE/MAX Villa REALTORS
Jersey City, NJ
mailto:Joan@JoanProut.com
800-671-0596x1
... more
1 vote 2 answers Share Flag
Mon Oct 1, 2007
Ram asked:
I am looking to invest in 1 Bedroom or 2 Bedroom condo pre-construction properties in the Powerhouse District. Any suggestions? Also, should I really wait till this market still tanks? What…
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