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Thread: buying in hoboken ... or brooklyn?

  1. #1

    Default buying in hoboken ... or brooklyn?

    I will am going to school in Brooklyn and my wife will work in Manhattan.
    We currently live in Hoboken and we like it, ar used to it....
    We are planning on buying a one bedroom apartment, 600+ sqf between $300,000 and $320,000, both as a place to live and as an investment. Brooklyn (esp Brooklyn heights) will be more convenient for me, but if we find something in Downtown Hoboken, I would be taking the PATH and the commute would not be too bad. We are concerned about market value also, for the future as well as the present.
    Looking online at prices between Hoboken and Brooklyn Heights, with my untrained eyes I couldn't see much of a difference in mortgage, but I think the real estate agent in BH was factoring in tax savings.

    So, where should we buy, Hoboken or Brooklyn Heights? Which gives you more for your money right now, and has potential to earn more money upon selling in about 3-5 years?

    Thanks!

  2. #2
    Chief Antagonist Ninjahedge's Avatar
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    Default

    Difficult to say. I looked in the same two places, and my wife and I bought in Hoboken (for many reasons).

    Closer to the shore
    CHEAPER for just about everything (Gas, groceries, living expenses)
    Cheaper cost of the house/bigger house in Hoboken
    Co-op fees (BH had some NASTY ones!)
    (don't laugh) Easier parking.

    I like BH better than Hoboken, do not get me wrong, but the price, and convenience was really quite annoying. I was in LOVE with downtown (especially with one of the street fairs on a sunny summer afternoon) but trying to get in and out was a beast, and the size place/convenience we could afford was much lower than what we could get in Hoboken.

    As for investment? I think, so long as you are smart (don't buy New, and get the place inspected) you will do about the same in either location. Although I think you might have a better chance of getting a good public school (if you get kids) in the Heights than in Hoboken.

    I wish we could have afforded the extra $$, and the inconvenience of abandoning my car, but it was a little much for us at the time.
    I guess it is mainly up to which place you LIKE better for what you can get more than resale value. (BTW, 2-3 years? Rent. Don't even go into something like this with the intent to sell that soon. Flipping just is NOT paying off now with the slow market and all the financing fees)

  3. #3

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    thanks Ninja, we definitely will be in the area for over three years so we are not flipping.

    I noticed the maintenance fees are a lot lower in Hoboken. We don't have a car so that's not really a factor, but we do rent from time to time or my parents visit us.

    For my wife in terms of commute Hoboken or BH would be the same more or less, for me BH would be just a few blocks from school so definitely better. However, it does seem NYC has more rules and fees for the transfer of property. I am completely ignorant in these, or the rules for Jersey for that matter....

  4. #4
    European Import KenNYC's Avatar
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    This gets very subjective I think, I would probably pick Hoboken, but I can't really give you any scientific and empirical arguments to why this is a better decision, it just feels to me it gives a little more "bang for your buck". If you don't mind the commute and already like Hoboken, I don't see any reason why not.

  5. #5

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    we're working with realtors in Hoboken. I'd like to be able to take the PATH train but most of the good deals in terms of price/sqf are away to the west from Washington and in mid-uptown area. We're gonna look at some places around 8-9-10th and Willow.

  6. #6

    Default

    offtopic, you said your school is just few blocks from the heights... what school?

  7. #7

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    NYU Poly

  8. #8

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    haha that's where i go

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