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They actual are expanding the University's in Newark....also buying old buildings and renovating them for Univ use.... There aren't many places once the Gold Coast reaches its limit by 2030 in land use and price , theres Newark and Philly which will be 35 mins by train by 2030.
Okay, let's assume that the current gentrification trends continue both in direction and magnitude sufficient enough to achieve that (I'm not at all sure this will be the case, but, let's roll with the assumption), and that the Gold Coast + Harrison + maaaybe Bayonne (but probably not) gentrify by 2030 and Newark's turn rolls around.
At that point, you've been invested in real estate there for 18 years. General rule of thumb, real estate historically appreciates at about 1% real growth per annum outside of events like new transit links or gentrification bursts, while a conservative bonds/stocks portfolio at about 3% (equities do better, but, that starts involving substantially more risk).
Okay, so, in 2030, you'd already be down
[(1.03^18)-(1.01^18)]/(1.03^18) = 29.7% in the hole. Thanks, but, no thanks.
Buying real estate to bet on long-term appreciation (when I say long-term I mean decades in the future) is a loser's game. Too much downside compared to alternative portfolio investments in the short and medium term. It can be a good idea when combined with a good reason (see below) or a lot of luck, but, then you're really riding on the good reason or the luck and not this.
Good reasons to buy:
Want to live there, math works out to be cheaper than renting or you just really hate being a renter
Want to rent it out, can buy it cheap and rent high enough to make a profit after costs of management, taxes, etc.
Are betting on shorter-term gentrification/appreciation (this is speculative and whether it is a "good" reason is debatable)
Are financing with a long mortgage and expect significant increases in the rate of inflation (this is another form of speculation that normally I wouldn't call good either but right now has a lot potentially going for it)
If you've made the choice to buy for one of the above reasons I guess long-term gentrification possibilities might make sense as a tie-breaker in an otherwise hard decision, but, as the core basis for a decision, no way. The numbers just don't work.
To the OP: Not knocking Paterson, but outside the mall itself the shopping options are almost exactly like Newark (honestly would give Newark the edge on that one but Paterson has the edge on big-box retail). Like Newark, there's 'here and there' options in Paterson but the great majority of it is low-end.
Modell's is cool for Paterson but Newark's already had one for years. There's your Dr. Jays and all that but then there's Children's Place (chain).
Also, shopping in the Ironbound is nowhere near as stagnant as downtown Newark. There's still low-end retail (of course), but unlike downtown it's offset by a decent number of good shops, you just have to know what to look for and what suites your taste (as in, what's low-end for me may not necessarily be low-end for you and vice versa).
There's a concentrated effort in Newark underway to redevelop the areas all around the arena and there's some pretty good bars/restaurants there and on the way.
I don't know why it's mentioned that the colleges aren't expanding when they absolutely are (NJIT literally just broke ground 2 days ago on Phase 1 of their Greek village; and several large dorms have been built in the last 5-7 years reclaiming originally blighted areas)
It may not seem like much compared to many urban shopping areas, but appears to be a nice start. Like ALOC stated, there's not much in the way of grocery stores outside the Arabic specialties, so there's still alot of work to be done. (My "suburban" comment was due to the sheer negativity/borderline hostility toward NJ's cities I've been reading when searching past threads. Of course all are welcome to reply.)
To this outsider, it does seem signs point to Newark as the next "comeback city", and not only due to Cory Booker. Cheap housing and a central transit system, within close proximity to NYC, just make it seem inevitable once JC fully gentrifies. To get there though, they'll need more everyday amenities which residents don't have to travel outside city limits to get...like grocery stores, markets, coffee shops, even somewhere just to get a decent microbrew or glass of wine.
It's good to hear things are starting to come around though, that is encouraging. It's just difficult to differentiate between real problems and perceptions from outsiders (something my own hometown Oakland often goes through).
I appreciate knowing the real problems suffered by places like Newark as long as they aren't dated back to 20-30 years ago. I've read about shootings and carjackings happening in the Central Ward near the Prudential Center, etc and I'm not sure if they are isolated incidents or it is an everyday fact of life which the (underfunded) police department hasn't yet been able to grapple.
So the many Hispanic groceries in Paterson don't fill your needs?
So the many Hispanic groceries in Paterson don't fill your needs?
Sure, ours is a West Indian household so we could find quite a few things at a Mexican or Latino grocery, but I also shop at health food stores and general supermarkets, and it would be nice to not have to go to Wayne or some other suburb to do so. I'd think a city of 150k+ could easily support a couple quality supermarkets and a Trader Joe's (for example). It's just one of those QOL issues your average person considers when choosing where to relocate.
It does look like Newark is headed in the right direction, especially in the last five years. The Central & Eastern Wards appear to have alot of options which aren't immediately apparent. If the Central Ward becomes completely secured and the area between the Prudential Center and Bloomfield Ave continues to gentrify, Newark will be a true relocation destination.
almost anywhere else in the country is better than paterson, nj. There are other cheap places that arent so crime ridden. I drove through there on accident and gps got me turned around in some crazy bad areas. Pimps, Hoes, Drug dealers, bloods everywhere, trash piles literally everywhere, no cops to be found. Crazy Scary place do not get lost in 4th ward, dont rely on GPS to get you out either. Good luck.
Yes, I would love to see Paterson turn around, but it's a pretty sad-looking city. The number one industry is probably drugs. The number of rehabs alone is depressing. There are some livable areas around the edges.
It's tough to say. Newark, despite all it's problems, is the largest city in New Jersey and has assets that Paterson can only dream of (NJPAC, Prudential Center, colleges and universities, Penn Station, etc.) However, what Paterson doesn't lack in is the diversity and the amount of small business that have came up over the years because of it. Also, the history of the city is its strong point being that the Falls are now a National Park. Unfortunately, drugs are still a major problem in Paterson and violent crime has gone up after the city cut its police force.
For years, the city has tried many approaches to curb the tide of crime, but it's still prevalent. I think in order for Paterson to really see a renascence, the city HAS to crack down on crime. Also, its prime location to NYC can make the city an alternative to high price locations such as Jersey City or Hoboken. Though, the city would need to provide more housing and has to be cleaned up.
I think they've given up on most of Newark and are concentrating on Harrison, believe it or not.
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