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I'm an airline employee considering the purchase of a condo in Newark, NJ. Before buying an apartment I'd like to gather some insight from Newark area residents.
I currently live part-time in a crash pad in downtown Newark (Central Business District). I am considering buying in my same building. Also open to living in the North Ironbound. I am NOT interested in any other areas of Newark.
I've found the bus ride from Liberty International Airport to downtown Newark takes about 10 minutes and I have more than one route option. The PATH and NJ Transit are a half hour to Manhattan. The northeast winter weather is unpleasant, but having these mass transit options helps. I rarely walk more than 5 minutes outside.
Condos in downtown Newark seem reasonably priced compared with surrounding areas. 2 bed/2 bath units are out of my price range, but I've found a few 2 bed/1 baths that I can afford. I am concerned however that Newark condo values seem to be depreciating.
I am looking to spend around $100k for a condo or apartment. Maintenance fees seem to hover between $300-600. I am open to renting, but feel $1500/month would be better spent on a mortgage payment + maintenance. I just don't want to end up underwater if prices continue to depreciate.
I don't have kids and am not concerned about the schools. I calculate my taxes would run $2400/month. My yearly cost of owning would probably be around $5000-6000. I'd probably be renting out one room to cover that.
Would appreciate feedback from Newark property owners, renters, and landlords. Also any thoughts on crime or other issues related to buying property/living in Newark. Thanks!
Hmm, I am not a resident of Newark but my family lives nearby in Kearny. I assume you may have one of the places right above the Gateway Center as it is the most convenient and offers good amenities.
I think the main drag on prices in Newark is the high foreclosure rate in the Ironbound and other areas of the city. I do think after spending some time the past two weeks in the Ironbound, downtown, University Heights area and at the Fairmont border it is worth investing from what I have seen after being in and out of Newark as far back as the 80's. But note, my recommendation is valid IF you intend in investing in Newark for more than 10 years, otherwise you will be too prone to short-term cyclical dips in housing prices.
Another factor to consider is I am meeting a little more people who are getting work in Newark and the downtown has attracted a few more employers while keeping others. In NYC, areas once considered very affordable and safe - sectons of Western Queens, Park Slope/Prospect Heights and a good deal of downtown Brooklyn and areas to the south (Cobbble Hille), are either quite expensive or getting expensive. Some parts are approaching NYC rents such as LIC/North Williamsburg/Park Slope (near Prospect Park)/Fort Greene (close to BAM)/Cobble Hill. So you are getting New Yorkers taking a second look at the Newark area for affordable living.
Another factor I think is promising is the huge expansion of the New Jersey Institute of Tech campus - wonderful job done and the area surrounding it feels much asafer - plus I sawa little town and gown cooperation in a nice community garden over at James Street and Summit (not too far from there being a nice restauratn and church - St James priory).
In your situation, I would go for it but thoroughly investigating the condos financial health. I believe you can ask for financial reports from this for this purpose.
I hope my post attracts more informed people in the meantime.
Newark is not for someone to invest in for short-term and especially someone who doesn't know the local market (local being Newark specifically).
Wouldn't be a bad place to invest for long-term and I do mean long-term as in past 10+ years but carrying cost of NJ taxes takes a bite out of your upside.
Newark is one of those towns that is hopeless that's why Mayor Booker is done with running that city. He's running for Senator because Newark is not getting any better.
Daytime is heavy police presence to keep the peace so workers can feel safe. Once 8pm ticks by all the worst comes out, the car jackings, car thefts, robberies, and gang wars occur at that time.
The night time is just like New Jack City, you hear police or EMT sirens all the time.
Newark is one of those towns that is hopeless that's why Mayor Booker is done with running that city. He's running for Senator because Newark is not getting any better.
Daytime is heavy police presence to keep the peace so workers can feel safe. Once 8pm ticks by all the worst comes out, the car jackings, car thefts, robberies, and gang wars occur at that time.
The night time is just like New Jack City, you hear police or EMT sirens all the time.
Stats don't lie.
Stop bashing the city , even NYC has issue. Maybe if you crossed the river you would actually see the change..
You tell me how Newark is #10 on the most dangerous cities list and NYC is not even in the top 25.
I go through Newark all the time and I see criminals lurking there everyday. NYC has issues because it's a larger city but it ain't as bad as Newark. My babysitter lives in Newark and she has to be driven all the time she's not allowed to travel on her own ever.
Most of the crime is robberies, I once witnessed a live robbery in Newark and I couldn't do anything because I was afraid if I get out of the car I would get targetted too.
You tell me how Newark is #10 on the most dangerous cities list and NYC is not even in the top 25.
I go through Newark all the time and I see criminals lurking there everyday. NYC has issues because it's a larger city but it ain't as bad as Newark. My babysitter lives in Newark and she has to be driven all the time she's not allowed to travel on her own ever.
Most of the crime is robberies, I once witnessed a live robbery in Newark and I couldn't do anything because I was afraid if I get out of the car I would get targetted too.
But there are safe areas of Newark , just like there are safe areas of the Bronx...that might come as shock to you. Every City in the Northeast has good and bad areas , but with the exception of a few that doesn't mean there lost causes or shouldn't be invested in. Newark has over 1 billion in Projects underway , mostly private...alot of growth in the Downtown along with the North Ironbound section. The Western and Southern areas are dangerous , but the rest of the city has average crime rates similar to Manhattan. Why does your babysitter live in Newark , you couldn't find one in NYC? I find that very hard to believe....and I doubt shes not allowed to travel on her own unless shes a teenager which makes your claims that shes your babysitter even more fishy. Robbery's happen everywhere , even in Times SQ...or Lower Manhattan. I honestly think your making this whole story up and are just trolling because its a thread about Newark.
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