Opinions on this Hoboken location-7th and Jefferson (Bloomfield, Madison: section 8, real estate)

[mnb]

I suppose I could have titled this "should I buy this condo??"...

I am looking to buy a 1 bed 1 bath in Hoboken and have found an apartment that I really like. Elevator building, deeded parking space, great square footage, fantastic finishes and layout. The only catch, and for me it's a big one, is that it's out of my "A zone" location. I initially told my realtor I wanted to live no further west than Adams, and no further north than 6th St. But nothing I have seen within those location parameters matches this unit or building, and it's really only one block further north, and one block further west.

If I were looking to rent this place, I don't think I would think twice about the location. But everyone says when it comes to buying real estate, location is king, hence my concern. This building is an 18-20 min walk from the PATH, about a 10-12 minute walk down to Washington St. where I know most of the action will be in terms of restaurants, bars, etc. The pluses are that it's near Shoprite, a CVS, the Light Rail, and Columbus Park.

So I guess my question is this: for people that live in Hoboken, or have lived there in the past...is this a desirable location? Would you live there? If yes or no, why? Will this location hurt me when it comes time to sell years down the line?

Any and all advice and opinions on this matter are much appreciated, I want to be as informed as possible before buying anything! Thanks in advance!

[icibiu]

Go for it!!! Hoboken is Hoboken, I don't think your home value is not going to hold because you are 1 block further from the path. The entire city is only one mile so really no one is actually far from the path. 7th is still pretty close to downtown and sure Jefferson is a few blocks away from Washington but c'mon do you REALLY want to live right next to the action? Sure it sounds good in theory but what about that day you just want to stay home relaxing and all you can hear are a bunch of drunk fools smoking ciggarettes right under your window?? If the price is right AND it comes with parking what more can you ask for?!?!?

I'm drawing a blank on this particular block but the only thing i would really look carefully at is the buildings right there, is there a Section 8 building right next door? Is that weird buidling on the corner actually a soup kitchen? Is there a homeless shelter around the block? We all know hoboken is very nice but don't forget that there are still a lot of people and services from before Hoboken was the "it" place to live. Good luck and congrats!!!

[tommyc_37]

It's safe enough, but bear in mind that the projects are very close by. Sometimes there are undesirables walking around the area. I have friends who live on 6th and Jefferson. I've seen drug deals in broad daylight. But generally speaking, the area is totally fine...just a little rougher around the edges than some other parts of Hoboken.

[CaptainNJ]

why not rent?

[mnb]

Thanks for the feedback Icibiu, tommy c, and Captain! I'm disheartened to hear that the area is considered rough around the edges, but I suppose you're going to have that element in any urban area. It definitely does give me pause about buying in this location, I really crave the tree lined streets of Bloomfield, Garden, Grand, etc. but they're just so pricey! When I viewed the apt, I did sense that the environment was a bit less gentrified than the streets closer to Washington/the PATH, which is why I posted in the first place, but I was hoping to be proven wrong by people that currently live in the area.

Captain, you do bring up a good point, and it is one that I struggle with. I am moving to Hoboken after renting in Manhattan for 4 years, and before just settling in to another rental, I wanted to at least give buying a place a good college try. I have the cash to make a sizeable downpayment, and can afford the mortgage payment, interest, maintenance fees, etc. and still continue to save. That combined with the down market and 8k tax credit are what spurred me to investigate buying over renting. But ultimately it comes down to whether I would be buying something just to buy it, or am I buying a place that I really want to live in and commit to for the next 5 years. Do I continue to rent and probably live in a nicer apt/neighborhood, or do I make some sacrifices in order to buy a place??

Decisions decisions! Any further advice on this matter is hugely appreciated!!

[CaptainNJ]

my brother is renting currently in a place about 2 blocks away from that location. he likes it there but now that he is looking to buy, he is looking by the water. i still dont think he should do it. might as well keep that downpayment in your pocket and continue to save. he may be thinking he will love there for a long time now, but i dont think he will for more than 5 additional years. why lock up your money and have to worry about selling the place in 5 years? not worth it for an apartment.

[mnb]

But do you take the risk of keeping the downpayment, continuing to save, and then when you're ready to buy in 3 years the market is back on track and you're priced out of anything you would want to live in? That's my real fear with all of this, hence why I'm looking right now. At this point if I could wait another year or two and buy then at something close to the prices I'm currently seeing, I would rent in a heartbeat. But it's hard for me to tell when things are really going to start to bounce back, and I want to make sure I buy before we are too far in to that upswing for me to jump in! Thoughts? I am not experienced by any means, so every little thing is so helpful for me.

[icibiu]

Here's my advice, it will tell you more than anyone on this board can tell you since it will put your personal preferences in perspective. This Saturday night take the path from the city and go hang out in Hoboken. As soon as you get off the PATH walk straight to the apartment. Was it far? Is it going to be waaaay too far for you to walk everyday after work? Then, walk to the bar/restaurant area. Was it too far for you? Did it take you too long to get to the action? Stay at the bars have a few drinks. When you’re ready to call it a night, walk back to the apartment. How was it now that it's late and you’re a little buzzed? Did it feel like an eternity? Did you fear for your safety? Is there a homeless person sleeping on the steps? Did you see a drug deal? Can you deal with what you saw? This should tell you more about how “rough” the block is and if it’s something you can deal with. You live in Manhattan now so I’m sure you have a certain level of tolerance for things since all is not peaches and cream there either.

[CaptainNJ]

Originally Posted by mnb

But do you take the risk of keeping the downpayment, continuing to save, and then when you're ready to buy in 3 years the market is back on track and you're priced out of anything you would want to live in? That's my real fear with all of this, hence why I'm looking right now. At this point if I could wait another year or two and buy then at something close to the prices I'm currently seeing, I would rent in a heartbeat. But it's hard for me to tell when things are really going to start to bounce back, and I want to make sure I buy before we are too far in to that upswing for me to jump in! Thoughts? I am not experienced by any means, so every little thing is so helpful for me.

well, my personal belief is that this market still needs to see another correction. if i were in your position, i would definitely rent for a year and see how things are. i am not expecting any recovery for many years. however, thats my opinion and many others think otherwise so its a gamble.

however, since you have your downpayment still, you can invest that money as you please and if the market recovers, you can get a better return on your investments. so you wont be any worse off. if the market stays the same, you will have more money to buy something. if the market tanks, you will be able to get something at a lower price.

[Ninasimonejr]

I left Hoboken 10 months ago. I think that area's very solid. My church, St. Francis, is 4 blocks south on 3rd & Jeff - it's very popular and anchors the neighborhood. Between that, Shoprite, and the park, there's a lot of foot traffic and it's perfectly safe.

It's the avenues west of that, Madison, Monroe, Jackson, and Harrison that I would be hesitant about, esp. the latter two. Even they look nice for the most part, but the area may have been overdeveloped too fast.

There is public housing in that area but I can't remember exactly where. The areas right around that are probably a bit noisier and less safe (I lived right next to a public housing complex in NYC). So it's best to walk around and look.

Hoboken411.com is a great web resource - it has a crime map and lots of real estate tips. For values, this site has a lot of info: New Jersey by the Numbers - NJ.com

Good luck with your decision!