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Hi, I currently own (as an investor) 2 condo's in 429 Fairmount Avenue (Jersey City) and am approaching the end of a "rent guarantee" period. I would love some thoughts on whether it is better to now sell them or try to find some good tenants and rent them. Thoughts would be greatly appreciated (with my thanks) ?
Considering the current state of the market, renting them out, to me, seems like a far better choice. Many who can't buy (or shouldn't have bought) are still out there looking for a place to stay, and many who can buy are waiting for the "right time" to purchase, that never ending quest for the $100,000 mansion on 30 acres.
So renting, to me, would be the right option. Hell I'd be doing it if I could buy another home right now
Thank you for the prompt reply and thoughts ! When I bought into these as investments 3-years ago the "strategy" was that over time, Jersey City would morph into the next Hoboken. It was positioned that the new generation yuppies would find this area attractive with an easy communte into NYC. Make sense to you ? It sounded right but the recent economy changes have certainly put a damper on many things !! Thanks again ...
NJ condos for over 54 walk to stores, good food, culture
We'll be downsizing in the next few years- but still maintaining a private practice in Manalapan NJ. Any areas within a 50 mile radius - 2 bedrooms- not more than $350,00- with culture, good food. We are not the golfing mah jong type people.
my dad owned a building on Fairmont ave when I was a kid, it was called Durex. He would tell me stories about people breaking in all the time. I wonder whats there now. Maybe it did turn yuppie, I have not heard about that Durex building in years.
Thank you for the prompt reply and thoughts ! When I bought into these as investments 3-years ago the "strategy" was that over time, Jersey City would morph into the next Hoboken. It was positioned that the new generation yuppies would find this area attractive with an easy communte into NYC. Make sense to you ? It sounded right but the recent economy changes have certainly put a damper on many things !! Thanks again ...
Makes sense to me, and it has begun... areas close to Manhattan may not get the massive increase of a profitable era, but I don't think the impact of the current economy is going to drastically effect these areas, just reduce growth for a while.
We'll be downsizing in the next few years- but still maintaining a private practice in Manalapan NJ. Any areas within a 50 mile radius - 2 bedrooms- not more than $350,00- with culture, good food. We are not the golfing mah jong type people.
Well Fairmount Ave et environs is a long way from becoming the Next Hoboken. A lot of things have to happen before that area becomes the next hot spot. Yuppie urban pioneers are starting to sneak up the hill from downtown, but not en masse yet. If that's your strategy you'll have to wait, and certainly longer than another 3 years.
Yeah I agree with lammius - where there is a lot of building going on in JC, the area around Fairmount is a ways off from gentrification (the Beacon complex aside).
I'd say rent for now. With the proximity to the college the rental market there might be decent.
I agree with the last 2 JC guys. That area (between McGinley Square and Bergen-Lafayette) is not going to see gentrification anytime soon. It's not too bad over there though. I'd probably sit on it for a long term investment...
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NJ condos for over 54 walk to stores, good food, culture
