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View Poll Results: Should I buy A condo in Forest hill section of Newark, NJ - as a starter home
Yes - good idea for a starter home 6 60.00%
No - get the hell out of Newark 4 40.00%
Hell 1 10.00%
Multiple Choice Poll. Voters: 10. You may not vote on this poll

 
 
Old 08-12-2011, 07:10 AM
 
17 posts, read 69,800 times
Reputation: 15

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Hi, I am a working professional in my early 30s and I REALLY want to OWN my own place. I am so tired of renting and the older I get the more I am thinking about my future, therefore I am looking into buying a condo.

I have an opportunity to purchase a condominium in the Forest Hills section in Newark, NJ. I am from Newark and I am familiar with the area. Forest Hills is simply beautiful, soooo beautiful with its amazing houses that many forget it's in Newark - some have called it Newark's "hidden gem" and its very safe.

The condominium that i am interested in is in Forest Hill Terrace apartments. I can afford it and its one block away from the light rail, which I need because I don't have a car and I work in New York, so this is another reason why I find the condo appealing. Initially I wanted to leave Newark, but since this apartment came across, I'm thinking I can use this as a "starter home" and live in it for 3 years, sell it and use the sales proceeds to pay off my college loan and buy another condo, this time in Downtown Jersey City - which is where I prefer to live but its way out of my price range right now.

I was hoping that someone could tell me something about this Forest Hill Terrace complex. The only thing I read was on "apartmentguide.com" and there were about 7 people who didn't like it, many complained about there being roaches. As I did more searches, I couldn't find anything else on this complex.

Then again when you buy a condo - doesn't the buyer HAVE to do a termite/insect inspections anyways? to make sure it doesn't have a rodent problem?

If anyone can give me any real insight about Forest Hill Terrace Apartments, please let me know as soon as possible.

Thank You
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Old 08-12-2011, 06:44 PM
 
431 posts, read 862,450 times
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Forest Hill Terrace Apartments For Rent in Newark, New Jersey - Apartment Rental and Community Details - ForRent.com

I think they are all rentals.


If you want to BUY look in society hill newark.
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Old 08-12-2011, 06:46 PM
 
431 posts, read 862,450 times
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It looks like a nice area, but it's not. That is the only thing I give the managment company credit for. Keeping up the outside appearance. This apartment complex lacks many things such as security. My car was broken into[LEFT]
Read more: Forest Hill Terrace Apartment Ratings, Reviews, Map, Rents, and other Newark apartments for rent from ApartmentRatings.com
[/LEFT]
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Old 08-12-2011, 07:04 PM
 
18 posts, read 47,338 times
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[SIZE=3]Me and my husband are transplant from NYC and we just recently brought in Society Hill. We are in our early 30’s. He is in engineering and I’m an insurance underwriter and the location and commute is good for us.; however we don’t have any kids. My commute is less than hour and I take the path straight to WTC. Overall I’m happy with my decision to buy in Newark. The price and taxes are great the community is good. Please note that I pretty much stay between Society Hill , downtown and Ironbound and I’m not familiar with other areas of Newark. [/SIZE]
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Old 08-12-2011, 07:20 PM
 
17 posts, read 69,800 times
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hey everyone, thanks for the tip. I walked by and i liked the way it looked, but I just didn't feel right being there. i'll stay where I am for now and keep saving up, thank you
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Old 08-12-2011, 07:48 PM
 
Location: GA
2,791 posts, read 10,011,598 times
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Quote:
Originally Posted by star80 View Post
hey everyone, thanks for the tip. I walked by and i liked the way it looked, but I just didn't feel right being there. i'll stay where I am for now and keep saving up, thank you
Good idea. Selling the condo in 3 years might be difficult and you'll end up living there for a long time or losing a lot of $$. Good luck!
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Old 08-12-2011, 07:53 PM
 
17 posts, read 69,800 times
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i thought about the resale value as well and even though forest hill is a nice area, people are not DYING to live there. I'll continue to save and decided if I want to buy or continue to rent. in reality I've always wanted to live in New York. Newark is much to dull for me.

I'm glad I went with my gut.

thanks
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Old 08-12-2011, 08:10 PM
 
2,873 posts, read 5,608,070 times
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Default An article on the neighborhood

The Suburban Side of Newark Tom White for The New York Times
PASTORAL On Lake Street, a Georgian colonial built in 1920 sold for $849,000 last year; the house is across from Branch Brook Park in the Forest Hill section of Newark.

By ANTOINETTE MARTIN

Published: June 2, 2011

NEWARK

PRETTY much as in any suburb around northern New Jersey, prices in the Forest Hill section of this city are down, the sales pace has slowed, and short sales and foreclosures have increased.

The intriguing part of that situation, of course, is that Forest Hill is not suburban. It is a highly unusual neighborhood in the state’s largest city, and one of its poorest.

Newark at large, real estate professionals say, has about 18 months’ worth of inventory on the market right now; last year, at some points, there was more than two years’ worth.

“But Forest Hill is not Newark,” said P. J. Calello of the Calello Agency, a family company that has owned and managed property in the neighborhood for 25 years. “It’s part of Newark, but not in the real estate sense.”

One house on Lake Street here, a seven-bedroom five-bath Georgian colonial built in 1920, sold for $849,900 last year, having gone into contract four months after it was listed. In May, the six-bedroom brick colonial at 514-516 Highland Avenue, priced in the high $400,000s, went into contract after just four weeks.

Other houses — especially those at the fringes of the state-designated historic district in Forest Hill, and those priced above $500,000 — took longer to sell, or did not sell at all, even after a year or more, multiple listings show.

“The point is not that this is what always happens,” said Kenneth M. Kroll, who bought the Lake Street house with his partner, David Johnstone, moving into Newark from Rutherford last fall. “But it does happen that bigger, more expensive homes still sell here. Even in a recession, or an economic malaise, or whatever we are calling it, this place is special.”

Chockablock with Victorian architectural gems that coexist in close proximity to midcentury ranches and aluminum-sided two-family houses, the neighborhood is not gated or marked off in any way; yet it has always stood apart.

“ ‘Where are we?’ people always seem to ask when they drift over from the cherry blossom festival in Branch Brook Park, or come through on a tour bus,” said Rolando Bobadilla, who moved to the neighborhood from Brooklyn with his wife and children.
Frederick P. H. Cooke, an architect who rents a place in Forest Hill and is looking to buy, agreed. “Most people don’t know the neighborhood exists,” he said, explaining that he had first become aware of it when he was renting in downtown Newark and joined a book club in Forest Hill.

Most of the mansions in Forest Hill, so called because it sits on a ridge between Branch Brook and the Passaic River, were built by factory owners and other prosperous citizens from 1870 to 1920.

Today, said Louise Pichardo, an agent with Keller Williams NJ Metro Group of Montclair, who lives in Forest Hill, “the appeal is mainly to young professionals or people with grown children, who love architecture and a true, true bargain.” Her clients are usually from Manhattan, said Ms. Pichardo, who moved to the neighborhood with her family from Manhattan Beach, Brooklyn, more than 20 years ago.

Newark’s troubled school system does discourage families with children, especially high-school-age children, Mr. Calello said. The Facebook founder Mark Zuckerberg pledged $100 million last year (on Oprah Winfrey’s TV show) to remake the system.

“But right now,” Mr. Calello added, “people avoid Barringer,” the high school for Forest Hill residents who are not accepted into Newark’s academy high schools.

Crime is no more an issue than in a suburb, said Mr. Calello, and various residents agreed. Mr. Bobadilla spoke of attending a fancy benefit at a neighbor’s house one recent Sunday afternoon, and strolling serenely down the sidewalk with his wife; both were dressed to the nines and feeling “great.”

Mr. Kroll, who is the financial controller for the Ad Council, the producer of public service announcements, and Mr. Johnstone, a hairstylist, both work in Manhattan. It is a quick commute from the nearby train station or bus stop (they alternate). But on weekends and in the evenings, they like to walk their dogs around the neighborhood and chat with neighbors.

“Everybody is out on the weekends,” said Samuel A. Delgado, who lived in the neighborhood for many years, left it when he divorced and now is back in a different house with a new wife. “Everyone likes to keep tabs on the neighbors, and what is happening with the houses.”

Mr. Delgado, a supervisor with Verizon, said he was putting considerable time — and tens of thousands of dollars — into updating the couple’s new four-bedroom four-bath house at 535 Highland Avenue.

“It’s still totally a bargain,” he said, “compared to Montclair or Glen Ridge, never mind Manhattan, even with the cost of customizing and updating.” The house, which occupies a big corner lot, was listed at $635,000 in late 2008, just as the market began to tip, Mr. Delgado said. “It took two years to sell,” he said, “but we got it for $415,000.”

Ms. Pichardo, the Keller Williams agent, said the market, like the neighborhood, is “quirky and surprising.” It was last month when she sold the house at 514-516 Highland Avenue, the one that found buyers in a month.

But another of her listings, a spacious house on Ridge Street priced under $400,000, has been on the market for more than a year with no nibbles.
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Old 08-24-2011, 01:01 PM
 
431 posts, read 862,450 times
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Yeah right, look what is waiting for you a few blocks away... and guess what neighborhood the troublemakers are going to walk over to rob

East Orange man is fatally shot in Newark | NJ.com


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