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I'd like to get information from savvy real estate investors and agents on which place would be a better real estate investment. Newark or Jersey City(heights)
I'm a first time homebuyer, single female, no kids, working 9-5 in central NJ and freelancing in NY - I also take classes in the city in the evenings, and party mostly in the city.
I'm eyeing a few prospective places in both Newark (downtown, Society Hill, Ironbound) and Jersey City Heights (near the Congress St. Light rail elevator). My budget is up to a max of about $200k for a 1-2 bedroom unit.
I've checked many other (more suburban) towns but I believe Newark and Jersey City would serve me best in terms of commuter convenience, especially Newark since it has both the Path (which runs 24/7) and NJ Transit trains so I can get to any of my jobs without needing a car (I'm looking at places mostly within walking distance to a rail stop).
I'd like professional opinions and insight on which city would likely give me the most return on my investment. I project that I'd keep a 1 bedroom for maybe 5 years before I outgrow it and need something bigger.
In most cases I find that Jersey City is more expensive for less space (650sqft) and sometimes less modern amenities (no central air, washer dryer, etc), but parking and all utilities are included. I've found much larger units in Newark (1000sqft) for comparable asking prices - some have more amenities, but may not include all or any utilities.
p.s. I lived in the South Ironbound for 4+ years and had no problems, so I am not overwhelmingly concerned about the urban landscape of the two cities, however I am focusing on purchases in their safer areas (that are within my budget).
Any insight would be greatly appreciated. Thanks in advance!
I would strongly suggest looking into Jersey City. Currently the city is undergoing a major change with the prospective high rises being built in downtown Jersey City all along the waterfront areas as well as in the hub of PATH at Journal Square. Overall the area has seen an upturn in regards to what is was 10 years ago. Already people are now terming the Journal Square area as uptown.
In reference to the Heights area, I have lived myself and currently live in the Heights. For convenience I love being centrally located to everything, another plus is that we don't get the flooding that many areas may get with heavy rainfalls.
For your 200k mark you should be able to find a great property with more than 650 square feet. Feel free to private message me with any further questions. Just as a heads up you want to take advantage of the government tax credit being offered soon to expire by April 30, in this case you must have found a property by that time and have concluded attorney review: UNDER Contract, you must then close on your unit prior to June 30th.
Also as a side note, the mortgage industries guidelines are everchanging, prospectively come April the rates will begin to increase as they are kept artificially low by the government buying into them and FHA loans will now seen an increase from the 1.75% mortgage insurance premium requirement for any borrower putting down less than 20% to 2.25%. In the payment scenario this will cause your payment to increase about $50.
It's a lot of information but I commend you on taking the right step towards home ownership, not to mention the right offs and tax rebate you will receive.
Last edited by knoxgarden; 03-15-2010 at 10:52 PM..
Reason: No real estate advertising, no soliciting by DM
I live in SH in Newark, if I had to do it again, I would probably buy in JC - but not the SH in JC as it's location isn't that great. There are a ton of places around Grove Street Path station which will allow you an easy in and out of NJ for going to NYC plus you will be close to the things to do in JC. I purchased in Newark hoping it would do a turn-around similar to JC and Newark is starting to change but it is 5 to 10 years off where as JC is much further along in the process transition. However, you will get more for your money in Newark.
Hi I bought in JC Heights early in 2005 the market is the highest its ever been but the proximity to Nyc/Hoboken and the Path is great. I am now wanting to invest on another property the prices are up there but nearing areas like Journal Sq and even now Greenville/Bergen Lafayette also offer great options. Both Newark and JC allow Airbnb. I am now planning to invest in the North Ward with Lions Gate coming, Whole Foods and surrounding inflation even if other areas drop you can rest assured in time your investment will be worthwhile also the Mayor in JC is leaving it makes a difference. The “gentrification” has happened in JC Heights towards the Hoboken side all the way up to Kennedy is even good but the gold coast side is $ Ogden/Palisade New York Ave. Condo appreciation on a 2 bdrm is greater so if thats in Newark go for it North Ward/Central/North Ironbound I am looking into Forest Hill
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