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I found a property which fits my price range in Jersey City. I would prefer NYC but its way out of my budget.
This is a walk-up on 4th & Monmouth. Here are some of my concerns. Any advice is greatly appreciated...
1) If I eventually years from now would like to rent this apartment out ( 1 bdrm) will it be difficult to do so?
Compared to for example renting out in NYC which is usually a given due to the demand. Is there
demand in this area ??
2) I noticed a few parks in the area . Are they safe ?? Whats the general demographic of the area ??
3) When I went to visit, it was very quiet. I feel this maybe because it is winter ? How is this area in the summer ? Does it get rowdy ? People hanging out ??
4) We are a young ( late 20's) couple who like to enjoy food and things from time to time. Does this area have anything to offer ? I would hate to have to go to Manhattan every time we want to do something ??
5) I will be commuting to Columbus Circle for work. How is the commute ?? The PATH seems quick is it prone to delays or breakdowns like the MTA ?? I am wondering how much of a headache this will be ..
Thank you for any advice !! It would really help me
I live a few hundred feet from this intersection. The area is ok.
1. It won't be difficult to rent at all if it's priced right. 4th/Monmouth is about a 12 minute walk to the Grove St. PATH station, so some renters may think that is too far, but you should find someone.
2. Hamilton Park is very nice. It was renovated a few years ago, offers a playground. The basketball courts can be rowdy sometimes, but the park isn't dangerous. Van Vorst Park is maybe 12 minute walk away, and also quite nice. The demographic around this intersection is primarily working class Hispanic (mostly Dominican). Farther east (east of Coles Street) it becomes more upper middle class and white/Asian.
3. It has been quiet around here this winter, but it does get noisier during warmer months. Lots of youths hang out on the street with car stereos playing loud music day and night. There's a bar down the street where a lot of kids hang out. After closing time they cause a ruckus, get into fights, damage parked cars, etc. There was a big brawl last summer involving about 20 people, baseball bats, etc. It was quite a spectacle. I'm 30, not some old person who complains about minor noises. I think this is a nuisance you'll have to consider on this block.
Also, many homes at 4th and Monmouth had flooding problems during hurricanes Irene and Sandy. If the apartment is on the ground/garden floor, recognize the risk and make sure you have a working sump pump and generator(s) to provide backup power during and after storms.
4. If you don't know the neighborhood well enough to know whether or not there are any restaurants, I suggest you spend some time exploring before making the commitment to invest here. There are lots of restaurants in downtown JC, within 10-15 min walking distance. Explore them and decide whether they meet your standards or not.
5. The commute to Columbus Circle isn't terrible. PATH to 33rd Street and then the D to Columbus Circle is probably the best route. You could make it door-to-door in an hour, depending on how long a walk you have on either side of the trip. PATH is prone to delays, just like MTA. In fact, PATH is shutting down the WTC line every weekend for the next year for repairs and signal upgrades. Unlike living in NYC, where you can take an alternate subway line when one is shut down (or where the MTA runs shuttles when a line is out of service), here there are no alternatives. If the PATH doesn't run, you have no other convenient options. There are buses to NYC from Journal Square, about 25 minute walking distance from 4th/Monmouth.
I used to live on Coles Street between 4th and 5th. I walked to Grove Street PATH station, and I timed myself many times. Maybe I walk faster than other people, but I was able to get there in 5 minutes. I remember Coles and Monmouth being very quiet (and residential). But as soon as you get to Newark Ave, you will see more activities. Newark Ave + Grove Street area can provide you many restaurants and bars, so I don't think you have to go to NYC for everything. And if JC gets boring, Hoboken is easy to get to too (Take Lightrail from Newport).
My wife works in Washington Heights in NYC, and she takes PATH to WTC (7 minutes) and take A train. She could get to 33rd (23 minutes?) on PATH too, but she says that getting 33rd on a crowded PATH train is exhausting.
Anyway, as lammius has commented, there won't be PATH to WTC for one year on weekends. So I think people from NYC who come to check out JC on weekends will get an impression that JC is much farther away from Manhattan than it actually is. If that's the case, the speed of property values going up may slow down a little. So I think it's a good time to buy.
I used to live on 3rd and Coles and one think I don't miss about the area is finding street parking. That was the worst! Get a paid parking spot somewhere if you are planning to have a car.
I used to live on 3rd and Coles and one think I don't miss about the area is finding street parking. That was the worst! Get a paid parking spot somewhere if you are planning to have a car.
I had a very different experience when I lived there....maybe because I drove to work every day and looked for a spot around 6PM. I don't recall ever having to spend more than 2 minutes to find a spot. Most of the time, it was right in front of my window.
My main concern being will I be able to rent this easily once I leave ???
Well you said you want to rent it out "years from now." How many years? Whether you'll find a renter or not depends on how much you'll ask the renter to pay. There's always demand if you're priced right. I'd expect rents to increase over time instead of decrease, but can't tell you what the "right price" will be X years from now, and you shouldn't believe anyone who tells you they can.
My main concern being will I be able to rent this easily once I leave ???
That area of downtown should be fairly easy to rent out your apartment. You are still relatively close to the PATH, and taken as a whole, that area is improving, not getting worse.
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