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View Full Version : questions about buying apt around JC/Hoboken



MikeKruger
February 5th, 2007, 03:35 PM
Which area would be the best living place and investment both for the short term, and the long term?
I'm looking for somewhere nice, safe, close to the PATH and which is also...still reasonably priced but bound to increase in value fast and keep appreciating with time.
Moving time frame 4-6 months.

usedcisco
February 7th, 2007, 09:29 AM
In response to your question regarding a place to buy in the Hoboken JC area. I would reccommend "Grove Pointe" www.grovepointecondos.com (http://www.grovepointecondos.com) That building will be complete in the summer of 2007 roughly around the time you are looking to move. It is situated directly above the path station at Grove street. I think that makes for a great investment opportunity.

Spoon
February 7th, 2007, 01:26 PM
There is nothing that fits your description in Hoboken, but I agree thta the area around grove street is the new fronteir. It is like Hoboken 15 years ago so you get the investment part, and it's on top of a PATH station.

MikeKruger
February 9th, 2007, 01:14 PM
thanks for the replies.
Though I use the PATH very often, I never got off anywhere between Journal Square and Hoboken.
JS area is not quite the ghetto, but not the best place to live either.
Is the area around Grove Street safe?

JCMAN320
February 9th, 2007, 01:17 PM
JSQ will change in the coming years with the addition of Harwood Towers later this year and has established institutions around it as well. Grove St. is safe. Newark Ave leaves something to be desired but with the additons of new restaurants opening up on it's stretch and Grove Pointe will add to it's revival.

Ninjahedge
February 9th, 2007, 02:14 PM
Best thing to do is to get off at these stations and do a walk around.

Write which road look nice to you and use that as a starting point.

Hoboken is really nice, but expensive now. Most of the places that were built were done very quickly, so I would be careful on any of them. Avoid the tracks (very noisy 24/7) and be careful about the area by the projects (small chance of crime, but more than enough vandalism).

GL, and keep us posted!

LincolnParkResident
February 15th, 2007, 02:56 AM
Journal Square if not directly, near Lincoln Park.

Before Montgomery Greens is to come down, Duncan Projects are 1st on the Agenda, and last on the agenda from my understanding are the Project on Jackson Street in Hoboken for the County.

If the price is under $300,000 there is no big developer, for the most part outside of a studio, which caters to that price point. So it is all resales, and 1st time home buyers. First time home buyers for the most part end, at around $600,000 around, not always. Some get that huge bonus or have that large amount of savings, but for the most part.

The heights because of Ogden, and getting the prices near downtown, had others "not so bright" individuals, buying close to it, but NOT THE SAME NOR EVER WILL BE the same view. Example, an area just down the Street on the Union City Side received unbelievable views too, and when they checked on how to appraise it, well they used comps from HOBOKEN, as Union City comps could have never worked. Because of the Ogden situation, the prices have gone much higher than most of it is worth for today, in the future who knows don't have the crystal ball like some claim.

So, in Journal Square much better transportation, either a short walk or a bus to the PATH at 6-8 minutes at most, sells for less than a lot of the heights. Plus, in the near future will have all the major developments when Downtown has no land for those that want to build, or it makes no sense as the asking price is not able to be made up with the cost to construct the units possible.

Greenville/Bergen-layfayette, yes their is the light rail, but as someone I know who has lived here longer than me said. "They have said the area is up and coming for the last 15-20 years". Some areas of Greenville are not bad, but you have to watch where it is and what is around, and will always be a longer bus ride to the PATH and then into the city, which is a double commute for sure this side of the Hudson besides what has to be caught in Manhattan.

West Bergen isn't bad, but you have to watch where it is and what is around, and will always be a longer bus ride to the PATH and then into the city, which is a double commute for sure this side of the Hudson besides what has to be caught in Manhattan.

OH on the Grove Point thing, my understanding they have sold 1 or 2 condos, ok maybe 3 in the last 6 around, because it is over priced for the quality and space. There was a rumor at one point, they were running out of cash, and so everything was going to have corners cut. I guess they are desperate to find something to do during the day!

In downtown one is looking for a small 1 bedroom around $300,000 and half are new conversions, so guess what High Taxes.

In Journal Square you can get a good sized 1 bedroom around $200,000 if not right next to the PATH and then they want for a Studio $250,000, and a bargain is a 2 bedroom from $250,000-275,000. $200,000-225,000 happens for the 2 bedrooms to be a 1 bedroom plus a close large enough to call a 2nd bedroom.

Things around the Beacon may not be great, but they are asking at the Beacon around $500/SF the most recent I heard 4 or 5 months ago, while the stuff of resale is maybe $300-350/SF, and once those things come back on the market at the Beacon, in the next few months I am sure they will be asking $550/SF and even $600/SF. Generally, resales just like how downtown went can get around $50/SF less than something of a new construction will get, as appraisers will do it no problem. And half the underwriters are blind as a bat. Useable comps are within 1 miles of the subject site according to Fanny Mae underwriting which is how ones mortgage is done, and most of the Lincoln Park area if not all is within that, the otherside of Journal Square from the Beacon not sure on. Good likely hood, very shortly you may get still a double the price within 3-4 years, just like downtown was doing.