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I am a local Union county resident for 18 years. However, I was raised in Essex County in the Oranges. Recently, I noticed Newark has experience a major boom in housing development. It has primarily focus on building rentals rather than condominiums and houses.
For a person relies on public transportation (I do not drive/hold a license) and spends majority of my time in the city, living in Newark provides an easy commute to the city and a cheaper alternative to Hudson County. I want to get ahead on these real estate developments, but I do not how? It seems once the project has been completed, nearly all of the space has been occupied.
I would like to get advice from any real estate investor on how can I find out new housing development in Newark information without getting a broker. My plan is to not only find a space for myself, but also find an investment property. The Central/East ward is undergoing changes to attract a younger and professional crowd, I see an opportunity to dabble investment property either a rental or bnb service.
Newark is seeing an influx from people priced out of Brooklyn. Hoboken and Jersey City have limited space making Newark the next logical choice. I come visit annually. My friend is a Newark native and resident. Sounds like a lot of the apartments and condos are spoken for by the time of completion based on what my friend tells me.
Your best bet may be getting the drop early when the construction begins.
There are some apartments being built down the street from where i live. not sure what the address is but it is on 4th ave , a little way up from 4th and Broadway. Its a 15 min walk to Broad st station where you can get a direct train to NYC Penn or you can take the 13 bus to Newark Penn and connect anywhere from there. The neighborhood has improved significantly over the last few years and will continue to do so.
Not sure if the units are for sale but worth a try if you are seriously looking .
I would assume the Ironbound would be a solid choice for investment.
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