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I did a search on the forum, but did not find anything that recent. My husband and I are seriously considering purchasing a new construction property from Kaplan Communities, on Roosevelt Avenue.
Now, we drove around the area on Saturday. We are aware of the pitfalls, and also aware of the different sides of the street. But based on the plans that I saw, we think that Kaplan is really doing the right thing for the community. That coupled with some of the other plans for the borough that we saw, makes us confident that Carteret is really an up and coming area. I just know what Kaplan has helped do for Perth Amboy - while a few years ago you wouldn't even consider moving there, it seems to be very much on the rebound and is up and coming as well.
I guess I am looking for input from folks who live in Carteret, as well as those who have dealt with Kaplan Communities in the past. We are cautiously optimistic. The price is definitely right for the type of home we'd be getting, and while I know that the housing market is far from being at rock bottom, we are also getting in with a really good deal, potentially.
Unfortunately, Kaplan can't revive Carteret by themselves- there's a number of projects that need to happen for that to occur, and with this economy, they're not likely to happen any time soon. Additionally, the city needs to step in and clean up some of the areas that need attention, like Chrome, to make the city better. A big question in my mind is, do you have kids? That would weigh heavily in my decision on whether being a "pioneer" and investing in the possible future of Carteret makes sense. Personally, based on where that community is located (between Chrome and the industrial section of town), I wouldn't consider spending $300k+ on a townhome a wide investment- but that's just my opinion.
We do not have kids - I would not even consider this if we did. I just feel like we can get a lot of house for our $$ - and I'm not sure what you mean by a wide investment - do you mean that this was something you would consider, or you wouldn't?
And I am aware that Kaplan alone cannot save the community - I did do some research on what some of the revitalizations areas are in the town - and it concurred with what we saw as we drove through - new apartment complexes, new storefronts on washington ave, new restaurants on roosevelt...
Oops- that was "wise investment"- sorry for the typo.
IMO, spending $300k to live in an area that may turn around isn't a wise investment- Carteret has never been anything other than a blue-collar town, and it's still got alot of marginal areas. Add in the industrial uses right down the road and it's not exactly the ideal locale. While you're right that you may be able to "get a lot of house for your $$", there's usually a reason for that, and in this case it's because there's nothing very desirable about the area.
Again, you can sink the money into that complex and hope that all of the grand plans that you see on paper come to fruition, but if they don't you're going to end up with a depreciating asset in a marginal area- not something I'd be willing to take a chance on in this market.
Are you really familiar with the neighborhood? I would not even consider spending $300,000 on this mediocre townhouse. A burned out abandoned graffiti filled crack den stood on that lot not too long ago. Crime abounds in that area even if a townhouse with a pretty facade is there now. Comparable homes in the neighborhood are not in the ball park of this price range and the abundance of nearby low income housing that houses many unemployed does not help.
Are you aware of the revitalization that are underway in Carteret?
Just to continue - if you have not actually been inside the townhouses, I think that you are ill informed to call them mediocre... I'm aware that the town has it's issues, but how will it ever be getter if folks are not willing to invest in the community?
Folks who I have spoken to in the community have been very positive about the changes about. I am not going into this blind. But I do appreciate your opinion.
Didn't you look into Avenel, Woodbridge, Rahway area townhomes ?
I never read a good thing abt carteret in star ledger. mostly prostitution cases. (min 7.50$ ....), i couldn't believe those people are this cheap
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