Where to Buy House with Great Appreciation Potential (Newark, Jersey City: best neighborhood, rent)

[gen2010]

LI, Westchester, NJ in that order. Great Neck has much better potential. It has lower tax than comparable towns like Scarsdale or short hills, and LIRR will have access to both Penn and Grand Central in a couple of years

Originally Posted by RafaelNadal

How about NYC suburban? Now I consider towns with top school district only, e.g. Short Hills, NJ; Scarsdale, NY.

[RafaelNadal]

Originally Posted by gen2010

LI, Westchester, NJ in that order. Great Neck has much better potential. It has lower tax than comparable towns like Scarsdale or short hills, and LIRR will have access to both Penn and Grand Central in a couple of years

I heard that nearly 50% children in Great Neck South school district are Asian. I am afraid this will cause huge peer pressure. Perhaps Great Neck North is the better choice?

[Metsfan53]

Originally Posted by gen2010

In those few years, many NYC properties simply doubled. My property in Queens already appreciated 200k since i bought it last summer

when I see stuff like this it makes me thing tat the outerboroughs are in a bubble. I cant for the life of me imagine why some of the increases in places that aren't 30 min or less form midtown are taking place. I know Brooklyn is like a mini Manhattan now, but when I see far out places in Queens and even Staten Island appreciating like mad it makes me think this is all just investors changing hands and someone will be left with the hot potato at some point.

[jaymoney]

Yeah. They will. Personally, I'm in it for the long haul and have zero interest in whether the market crashes again or not. But nothing was solved after 2008. Ratings agencies still give crappy bonds a triple A rating, they're still packing up the same bad debt and shuffling it around. They're just not handing out as many bad loans as easily.

But just because consumer confidence is up in the housing market doesn't actually mean there's anything there. People are still going to be losing jobs to automation. Corporations are still going to be limiting payment. The middle class is still disappearing. 2009 was a great time to get into speculation. Even 2012 was still okay, but it's popping up again all around me and we're going to see the same issue happen again with hot potatoes all over the place.

[gen2010]

Great Neck north will be 50% asian in 5 years any way. But you are looking for price appreciation.
A lot of asian buyers are looking at Great Neck. That is why it has better price increase potential.
you cannot have both ways

Originally Posted by RafaelNadal

I heard that nearly 50% children in Great Neck South school district are Asian. I am afraid this will cause huge peer pressure. Perhaps Great Neck North is the better choice?

[gen2010]

don't know about state island. But queens are definitely undervalued. it has similar commute to Manhattan as BK, but its price is just 60% of BK. If you look at the construction frenzy happening in Long Island City, a lot of high end residential buildings, and a lot of companies relocating to LIC
you will know that in 5 years, another mini Midtown will come to QUeens

Originally Posted by Metsfan53

when I see stuff like this it makes me thing tat the outerboroughs are in a bubble. I cant for the life of me imagine why some of the increases in places that aren't 30 min or less form midtown are taking place. I know Brooklyn is like a mini Manhattan now, but when I see far out places in Queens and even Staten Island appreciating like mad it makes me think this is all just investors changing hands and someone will be left with the hot potato at some point.

[RafaelNadal]

Originally Posted by gen2010

Great Neck north will be 50% asian in 5 years any way. But you are looking for price appreciation.
A lot of asian buyers are looking at Great Neck. That is why it has better price increase potential.
you cannot have both ways

How about Scarsdale and Short Hills compared with Great Neck? The most attractive thing of Great Neck north is its water front. However, those house near the bay is toooooo much expensive for me to afford.

[JaRuss01]

Ditto on appreciation...maybe 150k YoY since I bought last year in Glen Ridge.

3000 SF homes last year were 900k ask, 1mm sold. So this year, same size houses, brokers ask 1mm...and guess what, they are selling at 1.15mm. Consistently without fail. All under contract in a day. There's a lot of depth to the buyers, clearly. You're seeing a lot more renovation post sale this year compared to previous years. Like a home selling for 200k over, then the buyer immediately putting in new kitchen windows and roof.

To be honest, I think some people would bid even more if they weren't fearful of their appraisal. Putting appreciation aside, the important thing to note is that people are bidding more over the ask, plus 10k+ in mansion tax in doing so, and there is no shortage of people converting the town into 7 figure real estate. Mostly NYC, Brooklynites

Montclair about the same appreciation. West Orange Maplewood and Millburn are even crazier. Zillow (hate Zillow, but still) has some of these towns at 10-15% increases YoY

You kind of missed the boat on these towns. I'd focus on more untapped niche areas with good access to nyc. Queens has a lot of run left in it. Sunnyside comes to mind. Follow the millennials

I would not invest in Scarsdale. It is already tapped out and somewhat declining. Many investors got in, bought up quarter plots for 1.5ish, demoed, rebuilt oversized homes, and try to flip for 3 to 4mm. They aren't selling. Price reductions, and footing a 50k tax bill is no bueno for the investors. The prospect is not there as many had hoped. Same is happening in Rye

[jaymoney]

Newark has incredible appreciation potential. Might be a while.

[Mightyqueen801]

Originally Posted by jaymoney

try lucky pony in the 5th at belmont.

Your house isn't an investment. It's a house. If it increases in value when you go to sell it, you got lucky. But buy it because it's the right house at the right place for your needs. Invest in the stock market if you want to make money, not your house.

+1.