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Looking for a view of Newark NJ in 2018 and going forward. I've worked in Newark for years and have friends living there, and I'm considering buying property there. Below are questions that most people have:
1. Real Estate Values / Rents - is it a good place to buy property? Are rents going up? Where would you buy a house to live in? Where would you rent?
2. BUSINESS - is Newark a good place to open a business? What kind...small/large? Do you see the business environment improving?
3. SECURITY / CRIME - Is Newark Safe? Best/worst parts? How do you define safe? Can outsiders feel safe without having to know all the little neighborhoods? BE SPECIFIC, and no hating or mindless promoting. Your knowledge is extremely useful!
4. FUTURE - where do you see Newark in 1 year? 5 years? 10 years? Why? (again, trying to avoid vague arguments, be specific and feel free to post links)
5. POLITICS - Do you see the current politics at the local, state, and federal levels helping or hurting Newark? Again....be specific. Avoid vague political BS.
6. COMMUTING vs MOVING - Will Newark be able to create an environment where the people who are coming to work there will increasingly want to live there?
6. Please let's avoid a Newark vs Philly vs Camden vs Moscow rant about who is better/worse. No one cares.
7. DIVERSITY - will this change/increase/decrease? How do you define diversity (ie...non white? all races? etc)
8. POTENTIAL CHALLENGES....do you see progress backsliding? If so....why? Again...be specific
Looking for a view of Newark NJ in 2018 and going forward. I've worked in Newark for years and have friends living there, and I'm considering buying property there. Below are questions that most people have:
1. Real Estate Values / Rents - is it a good place to buy property? Are rents going up? Where would you buy a house to live in? Where would you rent?
2. BUSINESS - is Newark a good place to open a business? What kind...small/large? Do you see the business environment improving?
3. SECURITY / CRIME - Is Newark Safe? Best/worst parts? How do you define safe? Can outsiders feel safe without having to know all the little neighborhoods? BE SPECIFIC, and no hating or mindless promoting. Your knowledge is extremely useful!
4. FUTURE - where do you see Newark in 1 year? 5 years? 10 years? Why? (again, trying to avoid vague arguments, be specific and feel free to post links)
5. POLITICS - Do you see the current politics at the local, state, and federal levels helping or hurting Newark? Again....be specific. Avoid vague political BS.
6. COMMUTING vs MOVING - Will Newark be able to create an environment where the people who are coming to work there will increasingly want to live there?
6. Please let's avoid a Newark vs Philly vs Camden vs Moscow rant about who is better/worse. No one cares.
7. DIVERSITY - will this change/increase/decrease? How do you define diversity (ie...non white? all races? etc)
8. POTENTIAL CHALLENGES....do you see progress backsliding? If so....why? Again...be specific
Good luck and thanks to all who post!
Hello, I’ve lived in Newark my whole life (32 years) and became a homeowner/investor in 2013. My immediate family and aunts and uncles own about 17 homes in the Ironbound section of Newark. Most of their properties were bought at great values over the last 20-30 years.
1) it really depends what you are looking to buy...multi unit property or a condo? I bought a 50x100 property in the Ironbound in July 2013 for $300,000, it had an existing 130 year old two family house. I knocked it down and subdivided and built two two family houses now valued at $575k each. The apartments are 3 beds 2baths. Rents were $1500ish in 2013 and I now rent them for $2000-2200 depending whether parking is included. Parking is gold. I have no trouble renting when my apartments are available. I have a brother that owns a 2family in Harrison and there is much more demand for my rental in Newark and his rents are less than mine and his taxes are about 40% higher.
I would only focus on the ironbound or selective spots in the downtown and maybe North Newark. If you are considering an area let me know. My property is about a mile from penn station but it’s in the safest area in the Ironbound and I’m on a highway in 2 mins.
Something to consider... newark offers tax abatements to owner occupied 2-3 family new construction. Taxes are 6-7k instead of 10-13k for 5 years.
2) this is a tough question to answer. Demographics are changing are rents are rising and I hope that helps better small businesses open up. We have too many 99 cent stores and small stores selling mattresses to illegals. A large ACME supermarket closed and the owner has not leased out the site. Note that they are asking 120k per month for the site. The community is trying to get a shop rite, Trader Joe’s...we will see. Really depends the business
3) Ironbound yes other areas at night...no. Not yet. It’s close to getting there in the downtown.
4) the next 3-5 years are very very important. There are $1B to $2B in development going up right now. If we have a recession or housing slowdown due to oversupply Newark will get hit hard. We really need to have these properties built and rented ASAP. If not, I’m worried about affordable housing ordinances that force developers to have a certain percentage of affordable units in every new development of 30 plus units. If they don’t get rented before the next recession we can have luxury ghettos downtown.
5) The mayor is a joke. Up for re-election in May along with all council members. Very worried about democrats running the state and the city.
6) I live here and work in Morristown, easy commute. I find the area very convenient, great restaurants, $5 Uber ride to Pru center. Night life is improving but there are great bars and places to hang at night.
7) right now the Ironbound is 30% Portuguese/European, 35% South American, 15% irish/polish old school white, 20% black. Lately you see a mix of milenials coming in.
8) yes, mayor sucks, state sucks. Legalization of weed can greatly effect newark. Affordable housing laws and new laws that provide for “newarkers” worries me.
Sorry is this isn’t very organized, I typed on my iPhone.
I think the best thing for Newark is that it is not Jersey City or Hoboken and definitely not NYC. There are alot of nice/great neighborhoods in the city in each section of the City. North Ward, West Ward, East Ward and South Ward all have nice traditional neighborhoods. I left out the Central Ward since the nice neighborhoods are newer townhouse complexes.
Real estate has been long undervalued in Newark. Years ago, I wanted to purchase a few but that didn't happen. Didn't have the funds. The only bad side to Newark IMO is the politics. I think the City should have better leadership as it appears it will definitely turn a corner and things will get better from economic standpoint. The question will be how the current residents and property owners will be participating in the 'new' Newark.
1)The Ironbound(away from the projects and the industrial east side) and Forest Hill are the 2 prime areas to buy or rent. The two best parts of the city hands down. Downtown(north of Market) has a couple of high rises under construction and other minor projects as proposals or being constructed. But downtown can be quite busy compared to the other 2.
2) This will depend on Amazon or another large company coming here. Businesses want tax breaks. Unless I'm mistaken red tape is a problem in the city(though not as much as before)
3)Rule of thumb: Norfolk/Irvine Turner west to the Parkway, between Seventh Ave south to Chancellor Ave is the danger zone. Paint it red. Avoid at all costs. Also anywhere outside this square consisting of housing projects should also be avoided. Everything else is a mixed bag ranging from good to ghetto(like parts of Vailsburg near S. Orange Ave, 18th Ave, Stuyvesant and Mt. Vernon) Downtown has improved but more market rate housing/hotels is needed to weed out the ghetto element; there is a demand for it no matter what the suburbanites say. For safety I wouldn't trust anywhere south and west of the arena. Not until that ghetto retail and the crap it drags in gets wiped out. Teacher's Village is a start but it's not enough.
4)Check out jdachuna's post
5)The politics in the last half century has done nothing to help Newark, especially on a local level. As long as the city and to an extent the county is run by liberals you won't get the city's full potential. Sorry but it's the truth. The mayor will get re-elected due to the crime rate dropping last year but how long is that going to last? The new gov ain't gonna do anything substantial.
6)They can, but they need to be more tougher on crime and QOL. Do the opposite of NYC and the west coast: zero tolerance for homeless loitering and bum panhandling downtown and University Heights. Build a shelter down neck off Doremus Ave and ship them there. Add more patrol officers, who are young and fit. No NIMBY BS. Get rid of the red tape BS so stuff can get built and occupied. Reject land bankers like Miles Berger. Discourage parking lots and make their owners miserable. LIMIT AFFORDABLE HOUSING downtown which can lure in the ghetto element. But even more importantly, improve mass transit. PATH has a proposal to extend to Haynes Ave by the airport with a transit village along Frelinghuysen. Go for it because that area needs it. But add a stop at South Street to gentrify the area(it can be done; no excuses, Port Authority). Replace some of these local bus routes with BRT(not this GoBus crap) or extending the city subway.
8)If these people in charge change the way they do crap, it can progress. That's all i can say.
For typical 2 family house investment in safe area there , how much is price vs rent income ? Heavy rent control? Good areas waking to path ?
My parents just sold a new 2 family that they constructed for $569,000. They purchased the property at a sheriff sale for $150,000 and spend about $250k-$275k to construct it. The new homeowner will have a 5 year tax abatement. This was about 1 mile from penn station or a $5 uber ride, 1 block to bus stop. Anything within a 5-10 block radius of penn station will have a 10% premium.
The property is actually a 4 bedroom / 3 bath + 3 bedroom / 2 bath plus a 2 car tandem garage. You can rent the 3 bed / 2 bath for $2000-2100 with no parking and the unit with parking for $2200-2300.
My parents just sold a new 2 family that they constructed for $569,000. They purchased the property at a sheriff sale for $150,000 and spend about $250k-$275k to construct it. The new homeowner will have a 5 year tax abatement. This was about 1 mile from penn station or a $5 uber ride, 1 block to bus stop. Anything within a 5-10 block radius of penn station will have a 10% premium.
The property is actually a 4 bedroom / 3 bath + 3 bedroom / 2 bath plus a 2 car tandem garage. You can rent the 3 bed / 2 bath for $2000-2100 with no parking and the unit with parking for $2200-2300.
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