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Hmm, as far as locations you might also consider Morristown and Westfield (longer commute but great areas imo), 500k is starter home price in those locations. If walkability is what you're looking for you could swing a tiny 2 bedroom in hoboken (700-1000) sqft for around the $500k mark. There's also JC heights where 500k would get you a larger nicer 2 bed then hobo. How many sqft do you guys currently have, and would that cut it, or are you hoping for a garage and basement.
As for what things to consider, the number 1 thing is the location. If you think you've decided on an area or narrowed down some areas, go there at various times of day. Walk around and get a feel for the town on weekdays and weekends. Are you okay with a town where everything closes by 8pm on a weekday, or would you want the hustle and bustle of a hoboken or JC.
As for the market, it has definitely cooled down from 12 months ago, but compared to what the market was like 3 years ago, its still super hot. Over the next 6-8 months no one knows haha. I'm still seeing more demand than supply, and usually winter is the "dead" season but last year didnt see much of a slowdown. Interest rates are still very low and are driving/keeping prices up, but I can see prices coming down if interest rates go up, (monthly payments would likley be the same). Have you spoken to your bank or a lender about a loan approval and what interest rate you'd be looking at?
We absolutely love both Morristown and Westfield, but both might be a bit too far commute-wise and also out of our price range. We will definitely give JC Heights more of a look and keep tabs on Hoboken (tough in Hoboken with the car, would need a garage).
Do you, or anyone else reading this, have an opinion on the following locations? (Keeping flooding in mind too, after we were all scarred a month ago)
- McGinley Square in JC
- Greenville in JC (haven't heard the best about this area)
- Weehawken
- Union City, but bordering Weehawken (thinking like below 35th street and east of New York Ave)
- Any other towns as you creep up north from Weehawken - West NY, Fairview, etc. all the way up to Fort Lee
- Harrison
Consider Ridgewood. $400k can get you a nice 2 bed, 2 bath condo with a garage right near downtown (Liberty Street). Tons of bars/restaurants/shops within a 5 minute walk as is the train. Two grocery stores, a movie theater, the library, and a lake/pool are also within a 5 minute walk.
We absolutely love both Morristown and Westfield, but both might be a bit too far commute-wise and also out of our price range. We will definitely give JC Heights more of a look and keep tabs on Hoboken (tough in Hoboken with the car, would need a garage).
I used to live in Morristown and commute to the city. Train is +/- 40 minutes to Hoboken and 40 minutes to Secaucus from there, driving in the mornings is actually relatively quick to JC. If I missed my train I'd drive to JC and take the path which was actually much faster than the train. Given your vegan options, probably a larger city like JC is more of your type as options are low.
I think its the right time to buy a house, market cools off in fall/winter versus the spring and summer. Interest rates just hit a 6 month high today, and I'd expect rates to probably go up in the longer term. As for prices, the country is going to have massive inflation like we have never seen before (especially if the Infrastructure bill happens), so don't count on them going lower only much higher and relatively soon.
We absolutely love both Morristown and Westfield, but both might be a bit too far commute-wise and also out of our price range. We will definitely give JC Heights more of a look and keep tabs on Hoboken (tough in Hoboken with the car, would need a garage).
Do you, or anyone else reading this, have an opinion on the following locations? (Keeping flooding in mind too, after we were all scarred a month ago)
- McGinley Square in JC
- Greenville in JC (haven't heard the best about this area)
- Weehawken
- Union City, but bordering Weehawken (thinking like below 35th street and east of New York Ave)
- Any other towns as you creep up north from Weehawken - West NY, Fairview, etc. all the way up to Fort Lee
- Harrison
I'm a big fan of union city, weehawken, north bergen, guternburg, WNY. Lots of amazing food up there! I know that whole stretch of Jersey city up to ft lee gets really bad traffic during rush hour, but the bus system in that whole area is pretty solid. Also, if you want to look into flood maps, FEMA provides a free resource.
... and that bit of hearsay is correct.
Both Greenville and Bergen-Lafayette are best avoided.
Can you elaborate a bit, if you have a moment? I only ask more so out of trying to expand my own knowledge than actually moving there. For example, I've lived in Francisville/Fairmount in Philadelphia. Very used to living in an area that's is diverse and has pretty large income inequality gaps. You had blocks with brand new apartments sandwiched by small homes built in the 60's/70's that you could tell were next on the chopping block if the area kept gentrifying. Go a couple blocks the wrong way and it gets more dicey, a couple the other way and it's even more built up. Is Greenville / Bergen-Lafayette an area that could get "better"?
Quote:
Originally Posted by GiantRutgersfan
Consider Ridgewood. $400k can get you a nice 2 bed, 2 bath condo with a garage right near downtown (Liberty Street). Tons of bars/restaurants/shops within a 5 minute walk as is the train. Two grocery stores, a movie theater, the library, and a lake/pool are also within a 5 minute walk.
Easy train commute to both Secaucus and Hoboken
Thanks for bringing up Ridgewood. I was under the impression that 1) the commute would be too much (looks very reasonable via car to Secaucus and bus/train to Hoboken) and 2) we would be priced out (there are a couple homes in our range there). We've only been out there once before, so would need to check it out again, but I love the downtown.
Quote:
Originally Posted by DannyHobkins
I used to live in Morristown and commute to the city. Train is +/- 40 minutes to Hoboken and 40 minutes to Secaucus from there, driving in the mornings is actually relatively quick to JC. If I missed my train I'd drive to JC and take the path which was actually much faster than the train. Given your vegan options, probably a larger city like JC is more of your type as options are low.
I think its the right time to buy a house, market cools off in fall/winter versus the spring and summer. Interest rates just hit a 6 month high today, and I'd expect rates to probably go up in the longer term. As for prices, the country is going to have massive inflation like we have never seen before (especially if the Infrastructure bill happens), so don't count on them going lower only much higher and relatively soon.
Yea the vegan stuff isn't too big a deal. In NJ all the super markets have options these days, so even if wherever we move only has a couple decent going out options, we will be fine. Wouldn't be the worst thing in the world for my weight if I wasn't around vegan pizza options at midnight on a weekend.
Thanks for the note on timing - good to get a bunch of opinions on that. Oh how I wish we knew to buy before COVID
Quote:
Originally Posted by Central_Jersey_Exists
I'm a big fan of union city, weehawken, north bergen, guternburg, WNY. Lots of amazing food up there! I know that whole stretch of Jersey city up to ft lee gets really bad traffic during rush hour, but the bus system in that whole area is pretty solid. Also, if you want to look into flood maps, FEMA provides a free resource.
I think we are going to give Weehawken and Union City on the Weehawken border a strong look. Wouldn't be too much of a change in our current lifestyle and seems more reasonably priced. Thanks for the note on flood maps - I was doing some googling, but hadn't come across the FEMA ones.
Thank you all for the responses so far. Definitely has given me a ton to think about and discuss with the Mrs. I will do my own due diligence, but if someone has an off-hand knowledge of this already, how would you rank these in terms of property taxes (another thing we need to consider in some places would be HOA):
- Ridgewood
- Rutherford
- Lyndhurst
- Union City
- Weehawken
- Hoboken
- JC Heights
Lyndhurst taxes are pretty "low" in comparison to most of the towns above, and much, much lower than Rutherford & Ridgewood's taxes. Nothing against these towns--they are great towns, but they are very pricey---home values & taxes.
Consider Ridgewood. $400k can get you a nice 2 bed, 2 bath condo with a garage right near downtown (Liberty Street). Tons of bars/restaurants/shops within a 5 minute walk as is the train. Two grocery stores, a movie theater, the library, and a lake/pool are also within a 5 minute walk.
Easy train commute to both Secaucus and Hoboken
There’s not a single property for sale in Ridgewood with those parameters.
There is one actively for sale at $425k. Another one sold for $395k in September.
It’s also a single small condo complex in a town that’s overwhelmingly single family homes. Of course there is not always going to be one on the market.
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