View Full Version : Property in a Revitalization Area

May 24th, 2005, 02:00 PM
Hi all,
I'm not sure if my first post is OK here but I have a question about a property in a Revitalization Area. Is it risky to own a property that lists in such area, Revitalization Area? What are advantages/disadvantages I have?
Thanks for your inputs.

The property is on Arlington Ave of JC if it helps.

May 24th, 2005, 10:29 PM
Well Arlington Ave is rough in spots. The area by the Junction and Communipaw by Arlington Park is making a turn around is much better which I think is where your talking about. It's not too risky considering that the area is seeing a huge influx of reisdents that are buying up those brownstones like crazy fixing them up and making them look just as good as anything in downtown. Being next to Arlington Park and the historic St. Patrick's Church which is on the National Register of Historic Register. It would be different if you were buying in an area that just had nothing going for it and stood no chance in coming back, but Arlington Ave by the Junction has alot going for it with the rebirth of the nearby neighborhood of Lafayette and new construction and the renovation of the Whicklock Cordage Comapny factory complex near by into condos and arts space is just adding to the attraction of the area. So it's not that risky considering your in a historc district that is turning around beautifully and the fact that the city as a whole is doing well I think you'll be okay and I wish you the best of luck and I hope everything works out well for you. Just post back or leave me a PM and I'll get back.

May 27th, 2005, 11:10 AM
Thanks so much for your input, JCMAN320. I can see a number of new construction done on the same block so I have somewhat confidence that the area will not be abandoned nor the propertied will be losing much values. I don't know much about that area and I attach copy of images. Some people said that if speculating officials might just declare emminent domain and pay me peanuts for your property, can this be happened? Do you have any knowledge about properties in Revitalization Area? What law do property onwers have if such case occurs? Thanks again for your input.

May 29th, 2005, 09:02 PM
Jersey City is really good when it comes to emeinent domain because teh city knows the importance and value of its neighborhoods so property owners have a lot of say. You should do alright and a lot of new houses has been built so the more home owners in area as opposed to renters, the more the value and the character of the neighborhoods rises.

January 31st, 2010, 02:24 PM
Spammish ^

February 8th, 2010, 12:28 AM
... the more the value and the character of the neighborhoods rises.

you have them confused :confused: