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Old 09-12-2011, 11:40 PM
 
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I was looking to buy a condo soon in Jersey City. Jersey City is good investment wise, but Bayonne seems way more affordable, and I will live there myself and seems like you can get more for less. Will it increase value eventually though? I am planning to keep it long term, but don't want to be stuck with it if value potential is low.

I currently live in Bayonne.
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Old 09-13-2011, 01:40 AM
 
Location: Ridgewood NJ
592 posts, read 1,994,361 times
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Quote:
Originally Posted by bolshoi View Post
I was looking to buy a condo soon in Jersey City. Jersey City is good investment wise, but Bayonne seems way more affordable, and I will live there myself and seems like you can get more for less. Will it increase value eventually though? I am planning to keep it long term, but don't want to be stuck with it if value potential is low.

I currently live in Bayonne.
if you plan to just using it as a primary residence for the next 10 years and ok with the bayonne area (pretty rundown but safe), then sure you will save a lot of money compared to downtown jersey city while still live in a safe neighborhood and has lightrail access.

But if you are talking about investment, forget it. That place is dead. Only way i can see it even remotely turning a profit is buying a cheap 4+ family, fix it up, then get rent.

If i were you, i would buy a 2 family at <300k around 30-40th street, fix it up, stay in 1 and rent out the other. That is if you like bayonne, i find it very depressing and rundown.

Dont expect the property value to go up anytime soon.
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Old 09-13-2011, 01:58 AM
 
Location: On the Rails in Northern NJ
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How is Bayonne Rundown? , Its a nice small city with a dead downtown which the only thing wrong with it.


Waterfront Residences, Newark Bay, Bayonne, New Jersey (http://www.flickr.com/photos/jag9889/4666520158/ - broken link) by jag9889 (http://www.flickr.com/people/jag9889/ - broken link), on Flickr


Newark Bay New Construction, Bayonne, New Jersey (http://www.flickr.com/photos/jag9889/4666519594/ - broken link) by jag9889 (http://www.flickr.com/people/jag9889/ - broken link), on Flickr
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Old 09-13-2011, 07:49 AM
 
Location: NJ
12,284 posts, read 32,181,293 times
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Quote:
Originally Posted by Nexis4Jersey View Post
How is Bayonne Rundown? , Its a nice small city with a dead downtown which the only thing wrong with it.


Waterfront Residences, Newark Bay, Bayonne, New Jersey (http://www.flickr.com/photos/jag9889/4666520158/ - broken link) by jag9889 (http://www.flickr.com/people/jag9889/ - broken link), on Flickr


Newark Bay New Construction, Bayonne, New Jersey (http://www.flickr.com/photos/jag9889/4666519594/ - broken link) by jag9889 (http://www.flickr.com/people/jag9889/ - broken link), on Flickr
where the HELL was that last picture taken in Bayonne? must be one of the streets near the park off Ave. A.
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Old 09-13-2011, 08:13 AM
 
Location: West Orange, NJ
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only thing i could think of is if the rental market is strong enough to support renting it out when you're done living there. but hey, you never know. over the next 5-10 years, will jersey city reach development capacity? i doubt it...but when it does, the expanding metro-burbs of nyc could bleed over more into bayonne. not a bet i would make personally, but it wouldn't be shocking if it did happen that way.
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Old 09-13-2011, 08:14 AM
 
Location: Northern NJ
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I've looked at/thought about Bayonne for a while now. I am not looking to live there, but to invest there. I've seen new construction, new complexes, townhouses, etc. That can be reflective of positive change and improvements in the future. Have builders built in neighborhoods that didn't improve, turn, or whatever you want to call it? Sure. However, I think Bayonne has a lot to offer and there are other positive signs as well.

Proximity and commuting alternatives to NYC is a massive plus. That should only get better in the future. Maybe not tomorrow given the current fiscal state of NJ, but 10 years or 15 years down the road, can be a different story. Demographics are a positive as well. New construction can lead to new age groups/demographics.

Many people said "never" with Hoboken. Even more said it about Jersey City. Urban development, neighborhoods improving, gentrification, whatever you want to call it is about "movement" and "expansion" so to speak. From NYC, it starts moving east, then north and south.

As the economic landscape improves, and for NJ as well, more dollars will be available for public improvements -- infrastructure, tax benefits, transportation, and so on. I think Bayonne can and will benefit from this.

Good luck.
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Old 09-13-2011, 08:21 AM
 
Location: Collingswood
283 posts, read 523,349 times
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To the OP, focus on where you want to live. The days of rapid property appreciation are over for at least the next several years (people need jobs to buy houses). At this point, find a place you like in a town that you like, and plan on riding it out for 5-7 years. With carrying costs in NJ, I wouldn't look at either town as an investment.

If you need the sq ft, then it sounds like Bayonne may be a better option. If you want city life, then pick Jersey City. But, focus on your needs first. The financial aspects of a house, though major, are secondary -- you have to live somewhere.
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Old 09-13-2011, 09:46 AM
 
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No, its not worth buying in Bayonne. Its a dump. People love to think JC and Bayonne will be the next Hoboken. Well, Ive been hearing that for the last 10 years. It will never happen in your lifetime. As previously stated, NJ is bankrupt. Buy a place for yourself, preferably in Hoboken or downtown JC. Look for investments elsewhere like under your bed.
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Old 09-13-2011, 01:41 PM
 
Location: Northern NJ
964 posts, read 2,687,975 times
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Quote:
Originally Posted by bolshoi View Post
I do need sq ft, but don't wanna end up in a dead end with that property. I don't think Bayonne is a dump, but I feel what you are saying.
Look for value---value in your eyes. Yes, of course you want to make a good investment. Look at your time-frame. Look at the tax benefits, the cost of borrowing, etc., vs. renting. As said, you do have to live somewhere. One person's lifestyle could be another person's nightmare. It's up to you. If you don't think it's a dump, then it's not a dump--for you! And that's all that counts.

The investment discussion is somewhat distinct. Nobody wants to lose money. There are a lot of positives here -- so that should help. 10 years may not be a long time. Maybe 15. Maybe 20. People had been talking about Hoboken for 20 years prior to the mid-late 80's when it started getting hot, and the 90's when it really got hot. JC was "late" and took longer to get started as well, but when it happened it happened fast.

Good luck.
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Old 09-13-2011, 04:12 PM
 
Location: On the Rails in Northern NJ
12,381 posts, read 23,763,900 times
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Quote:
Originally Posted by tahiti View Post
where the HELL was that last picture taken in Bayonne? must be one of the streets near the park off Ave. A.
Benmore Terrace and Roosevelt Terrace....


Bayonne NJ (Residential Buildings with Newark Bay Views) (http://www.flickr.com/photos/jag9889/2128937869/ - broken link) by jag9889 (http://www.flickr.com/people/jag9889/ - broken link), on Flickr
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