New Condos near Journal Square (Newark, Jersey City: real estate market, apartment, for rent)

[sincere2007]

Hi,
I am planning to buy a 2 BR Condo on Broadway, Jersey City which is about 12-15 mins from Path station.
The condos are new and price ranges from 320-340K for 2 BR units..(1100 sq ft)
Please let me know how is the Area and how is Broadway road specifically ??
(parallel to Newark Avenue)

I am living in a rented house on the same Broadway road from last 1 yr and everything seems OK.. But if anybody knows more abt this area, I need a good advise..

Also, how is real estate market in this area and 300/sq ft is that a good price at this point of time?
The maintainace is about 300+$..
Also, how are Canco lofts? (ww.cancolofts.com) Anybody bought a condo there? Whats the maintainance there?
Please let me know if anybody knows good 2 BR new condos near Journal Sq Path station and price should be reasonable with 200-300 maintainance ???
I appreciate your help.

[EANJ]

I don't live in JC, but I am there on business and am somewhat familiar with the area. While Journal Square is undergoing some major re-development, I am just not quite sure where it's at or what stage it's in.

Everyone has their own tastes, likes, dislikes, etc. -- and for me, and I stress this is just me, I am not thrilled with the area. I think the re-development will be very slow to come and the area changing will experience some lag time. Don't get me wrong, if you like the area, and you think you are getting real value -- that's great, do it!

All of the commerce and industry that is coming in -- I don't think that many of those people will not be people looking to live right there in Journal Square. You might be ahead of the curve or right on it. Good luck.

Eric

[sincere2007]

Hi Eric,
Thanks for your quick reply.

The only thing I was looking at is: easier commute to NYC, lot of day care centers nearby and they are affordable, Indian market closeby..

As I am living in this are since from an Year, I am adjusted to the area as such.. Only thing of concern is:

If I buy a Condo, how safe is broadway road after "West side Avenue street"? I stay very close to tonnelle ave road.

Is 300/sqft is a good price range for 2 BR new condo?

What will be the resale if I want to sell it after 3-4 yrs? (Any predictions please)?

Please provide any other info that will help me to decide..

Thanks for the great forum and great people who find time to read and reply.

[JERSEY MAN]

Originally Posted by sincere2007

Hi,
I am planning to buy a 2 BR Condo on Broadway, Jersey City which is about 12-15 mins from Path station.
The condos are new and price ranges from 320-340K for 2 BR units..(1100 sq ft)
Please let me know how is the Area and how is Broadway road specifically ??
(parallel to Newark Avenue)

I am living in a rented house on the same Broadway road from last 1 yr and everything seems OK.. But if anybody knows more abt this area, I need a good advise..

Also, how is real estate market in this area and 300/sq ft is that a good price at this point of time?
The maintainace is about 300+$..
Also, how are Canco lofts? (ww.cancolofts.com) Anybody bought a condo there? Whats the maintainance there?
Please let me know if anybody knows good 2 BR new condos near Journal Sq Path station and price should be reasonable with 200-300 maintainance ???
I appreciate your help.

Sincere, I'm getting a little mixed up with your question. You say you are buying a condo on Broadway Avenue and you live on Broadway Avenue also for the last year. U ask about the traffic on Broadway Avenue, if you live there you should be telling us not asking us. Maybe I read the post wrong been sipping the eggnog since 2PM. But as a person that lived in JC for over 35 years and been in and out of it for at least 15 more I will tell you Broadway Avenue, traffic wise is the pits. Its a major west to east street that filters off of Rt.1and9 traffic can and is horrible from say 7:15 AM to 9:15AM and from 3PM to 6PM again. That area as far as safety is concerned leaves alot to be desired. You have apartment building next to apartment building one after another. Lots of gang activity and drug dealing. If you drive around you will see most buildings with iron bars on the windows of the lower levels. What is happening is developers are buying these buildings for dirt cheap prices and fixing them up shabbily with illegal immigrant help and selling them for 300K plus. I'm sorry for being honest but this is my opinion only and I know every street in Jersey City as I have drove up and down them for the last 30 years for at least 8 hours a day. But if you are a urban pioneer go for it the city needs more of yous. Good luck either way and Merry Christmas.

[sincere2007]

Hi Jersey Man,
Thanks for your great inputs. I am in a rented house from last 1 yr on Broadway and still does not know much about the area. I go to office at 9 and come back at 6PM. Thats it. For groceries go to Indian Street..
Not aware of anything thats happening in and around this place..

Now as me and my wife both work in NYC, kid goes to daycare. So our schedule is set perfectly. As we dont want to alter the day to day schedule, we thought of buying a new condo as most of the houses here are pretty old and with cockroaches and mice..

For rent, new 2 BR in and around Journal Sq are for 1500-1600$/mnth,and we thought, buying would be good, as market is down and we are sure about living in this place for next 5 yrs.. So wanted to know is this good to invest?
If not what other alternatives I can consider considering easier and quicker transportation to WTC, good daycare, reasonable rent and good houses??

Please please advise.

[JERSEY MAN]

Originally Posted by sincere2007

Hi Jersey Man,
Thanks for your great inputs. I am in a rented house from last 1 yr on Broadway and still does not know much about the area. I go to office at 9 and come back at 6PM. Thats it. For groceries go to Indian Street..
Not aware of anything thats happening in and around this place..

Now as me and my wife both work in NYC, kid goes to daycare. So our schedule is set perfectly. As we dont want to alter the day to day schedule, we thought of buying a new condo as most of the houses here are pretty old and with cockroaches and mice..

For rent, new 2 BR in and around Journal Sq are for 1500-1600$/mnth,and we thought, buying would be good, as market is down and we are sure about living in this place for next 5 yrs.. So wanted to know is this good to invest?
If not what other alternatives I can consider considering easier and quicker transportation to WTC, good daycare, reasonable rent and good houses??

Please please advise.

Sincere, Me personally if I were you I would buy a 2 family house in the heights section and for about the same price tag. You could be the one renting an apartment for 1500 to someone else. Most areas of the heights are better than Broadway Avenue IMO and you are still pretty close to Journal Square Path Station.

[cyntmac]

If you like the neighborhood I would say go for it. Yes there is some risk but it is and always has been convenient so that is helpful. The closer to the path the better I would say. When I lived in that area that is what I found. The heights area might be better for a family though.

Daycare is subjective so it is hard to answer those types of questions on this forum. You need a grapevine for that type of thing not a webboard.

[missy2]

Take It To The Height! Take It To The Height!

[sincere2007]

Hi,
Thanks for all the great inputs.
Now I found new Condos on Congress Street, Hoboken.. (1.9 miles from Journal Sq path station) and walk distance to light rail.

The 2 BR condos are new with 2 baths, about 1000 sq/ft and price is: 275000
Is this the best price for the condos here? Please let me know..

Also, how safe is Congress Street? Is 275K good deal for the new Condo? Incase if I need to negotite what can be the best price?

Please please let me know..Any other inputs regarding purchase of homes nearer to transportation (about 45 mins from NYC) will be really useful..Any other areas that I can consider for buying houses.. We both work in NYC (midtown and downtown) and kid goes to daycare.. So I need to take care of everybody and schedule the things accordingly..

Please help me..
San

[JERSEY MAN]

Sincere, Are you sure that there is a Congress Street in Hoboken. I know there is one in the JC Heights area. Can't comment on the one in Hoboken as I have never heard of a Congress Street there. Maybe Hoboken Guy can help.