Under contract in West Orange (Jersey City, Montclair: apartment, rent, mortgage)

[elflord1973]

After several months as a "superbear", I finally took the plunge and bought a place, in the Gregory section of West Orange (between Gregory avenue and the golf club)

The place wasn't exactly cheap, but it was a really nice place, in a really pretty part of town. After deciding that I was more or less priced out of Montclair and South Orange (you can buy under 400 in these towns, but it will either be a fixer or in a less desirable part of town), I took a look at the West Orange market and was pleasantly surprised. I think this town tends to be overlooked (as it was by me) because the town doesn't have a train station. However, the commuting options, which include the jitney, a < 1 mile walk to train station, or drive down 280 to the PATH, seemed to make it a solid choice. Also, having a new addition to the family changed our perspectives on what lifestyle we wanted -- all of a sudden, proximity to a good downtown (which SO and Montclair have and WO does not) didn't seem as important, whereas a "tricycle-friendly" street did.

Despite taking the plunge and buying, I'm not that optimistic on the mid term outlook of the housing market in NJ -- I think it's going to stagnate and maybe drop a little. Partly because of this, I ended up going with a place that I could imagine living in for a long time.

[AnthonyB]

Congratulations, I thought you sounded a little less bearish recently (unintended consequences of buying). Wishing you many happy years in your new home.
Also congrats on the new family addition. First?

[swb212]

Hard to time these things but your location sounds excellent and more important, you are happy with the house. Plus, you don't have to worry about "rowdy kids" in Maplewood... Congratulations.

[ghuber]

Originally Posted by elflord1973

After several months as a "superbear", I finally took the plunge and bought a place, in the Gregory section of West Orange (between Gregory avenue and the golf club)

The place wasn't exactly cheap, but it was a really nice place, in a really pretty part of town. After deciding that I was more or less priced out of Montclair and South Orange (you can buy under 400 in these towns, but it will either be a fixer or in a less desirable part of town), I took a look at the West Orange market and was pleasantly surprised. I think this town tends to be overlooked (as it was by me) because the town doesn't have a train station. However, the commuting options, which include the jitney, a < 1 mile walk to train station, or drive down 280 to the PATH, seemed to make it a solid choice. Also, having a new addition to the family changed our perspectives on what lifestyle we wanted -- all of a sudden, proximity to a good downtown (which SO and Montclair have and WO does not) didn't seem as important, whereas a "tricycle-friendly" street did.

Despite taking the plunge and buying, I'm not that optimistic on the mid term outlook of the housing market in NJ -- I think it's going to stagnate and maybe drop a little. Partly because of this, I ended up going with a place that I could imagine living in for a long time.

If it makes you feel better, I have been right there with you as far as my stance on the residental housing market in NJ... and I am under contract as well. Do we see a trend forming? The bears coming out to suck up the latest and greatest tax credit, and grabbing what will probably be the last period of super low interest rates? HMMM...

Anyway, I am still realistic and feel our market has 10, perhaps 15 more percent to fall in terms of prices... It really doesn't bother me much because I feel pretty confident I won't be moving for quite a while.

[nykstevenyg]

Welcome! congrats. From what I have seen the NJ market should drop another 11% or so. I assume this is a long term investment for you so in the end you will come out ahead. The location of your house is a beautiful part of town. Nice homes, good community and views of the NYC skyline.

[EB2]

Congrats, again.

[FBone]

Congratulations. I always thought W Orange was a nice town to raise a family.

[stevemorse]

ohh thats so great. I just did a small hike in Eagle Rock, good luck and I am so happy. ITs go great to get a new house. Now go buy furniture!!!! Good furniture and have the time of your life!!! This is so exciting right???? I wish I could buy furniture and houses all day long.

[mumra]

i would wait on the good furniture your new little one will trash it. If you don't have one already install a motion sensor light point at your cars especially if you have a nicer car. A friend that lived on Devon Dr. had their lock cylinder on their BMW vandalized several times.

[elflord1973]

Thanks, everyone.

Swb: I'm more worried about the rowdy infant under my own roof now. However, I figure I should be safe from blowhards

Anthonyb: yes, the rowdy kid is my first.

Ghuber, nykstevenyg: yes, planning to stay put for a long time. We would probably take a hit if we had to sell it in the first few years, but as long as we stay put for a while, the cheap money really helps. Our monthly mortgage payment is only a little more than the rent I'm paying for my 1br Jersey City apartment.

Stevemorse: the owners will be leaving us with most of their furniture -- they had very nice furniture, so that suits us just fine.

Mumra: thanks for the heads up, we are literally a stones throw from Devon Drive. The place has a two car attached garage.

Cheers, -- D