SuchGreatHeights wrote:
Hi JListers,

I'm brand new here, though I've lurked for a little while. It's fun to pop in--such lively debates! Anyhow, I was curious for your opinions on rentals and real estate. Firstly, this past spring, my wife and I bought a house up in the Heights on Sherman Place. We love the neighborhood and in particular our street. I was pleasantly surprised by the colors and beauty that this fall has brought to our corner of the hood. We're also extremely excited about Mod Cup as well as the recent opening of 942 Summit.
However, with this said, I'm slightly kicking myself for not looking further around or near Journal Square as it seems the next logical real estate boom for Jersey City. So, my query is JListers, would a modest 1 bedroom condo around or near Journal Square, perhaps McGinnley Square even, be a worthy investment? It would serve as a rental income, and I'm aiming for a 10 to 15 minute distance to the Path. My hope is to make a move in the next 2 to 3 years. Decent idea or waste of time, thoughts? Thanks for reading.

vindication15 wrote:
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JCman24 wrote:
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JGJDNYCJC wrote:
I expect we'll see more of these in quieter corners of DTJC as the neighborhood gets wealthier and more "target-rich."

People have been saying that for ten+ years and it hasn't yet come to fruition. Do you have information we don't, or is it just paranoid rambling?

Nope, just another GV or BL resident who is losing money on his property and looking to instill fear in potential DTJC residents in hope these people move to muderville

SRhia wrote:
@daisyduke: Ah, I'm glad you asked. This specific and special skill is called "observation". As I walked by every day to pick up my own kids from school, I see how these kids react with their peers, and hear the words they use to talk with their friends (or non-friends), and their tone, etc. If one pays any attention, you can learn a lot just by watching. Mind you, that was about 5-6 years ago, so things may be different today.

Also, let me clarify (since some people are not getting it) - I used the label "scary" because if these kids are behaving the way they are at 5th grade, I can't imagine how they'd be when they're in high school / college / as young adults in the work place. On my way home, I also see the kids from Ferris, and sometimes I had wondered if those "scary kids" from PS 16 would become Ferris-like kids in 5-10 years. That's why it's scary.

Now, I'm not saying all kids are scary. But there are enough of these "scary" kids that I decided to send my own kids to OLC - which by the way, is a great school for the tuition we pay. There is a great mix of kids from all over Jersey City, but I'm very happy to report that there are very very few (if any) "scary kids from the wrong side of the town".

And please don't act so alarmed - it's a well known fact that schools are lacking here - both due to the problems within the school system itself, and the attendees (yes, based and/or due to their background / home upbringing) - why do you think there are so many private schools / Montessoris in this area, and most of them are full with waitlists?

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daisyduke wrote:

Wow! And how could you tell so much from looking at these kids?! "Scary"? Where do your "Not scary" kids go to school? Hopefully not mixing with "people from other parts of town" heaven forbid!

Wishful_Thinking wrote:
I wonder if all the development DTJC will ever, really impact on the Heights? I don't see DTJC ever getting so expensive that renters will feel "priced out" to the point that they will look for rentals in the Heights, given how much they will have to give up in terms of access to NYC, culture, restaurant and nightlife options. I suspect there will be some pressure around the margins of DTJC and JSQ.

What you will continue to see is movement to the Heights by people interested in buying property. There, I think, the contrast is more pronounced in terms of what you get for your money.

The Heights has a lot of poor residents, and while it wouldn't be neighborly to want to see them pushed out, it would be nice to see the mix shift to a demographic that would support at least a small % of the amenities (restaurants, bars, nice shops, etc.) that DTJC has. I don't see that happening, so long as the margins of DTJC and JSQ has less expensive housing options available, or there is some major initiative to make the Heights more accessible via mass-transit.

fat-ass-bike wrote:
The biggest beneficiary to more high rises and high purchase prices are the banks - Any investor will be forced to increase rental prices to make their payments. If its a 10, 20, 30 year loan the risk of purchase becomes to high as an investment property as all and any rent payments will go towards the mortgage, thus the sale price will reflect the maximum an investor is prepared to make.
Only the investor who can buy an over inflated apartment outright or with a minimal loan will do well from high rental prices, thus many high rises don't have many owner occupiers and most rentals are owned by the developer to get their investment return

bodhipooh wrote:
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JCCheerleader wrote:
I'm going to back to school to become a lawyer.

I don't think so. I know of very FEW attorneys that are happy they are in their chosen field. It is a career fraught with stress, and long hours. If you go into BIG LAW (say, a job with any top law firm) you are expected to bill at least 50 hours per week, which means you are working 60 to 70 hours per week. That's 12 hours a day for six days. Add in commuting time, and sleep time, and you are essentially living to be at work. The pressure gets to a lot of associates. Not at all uncommon to see lots of divorced lawyers, or in sad relationships that have little fulfillment. Lots of people burn out. If you don't go into a big law gig, you are likely working for a small outfit, or doing the government track, in which case you are saddled with a debt load that will crush you (this is also applicable to those going into law firms, but at least there you are compensated highly).

A municipal judge in this area will barely make over 100K. That sounds like a lot until you take out taxes, basic living expenses and the paying of your law school debt.

Bubble_Tea wrote:
I heard that Paulus Hook Pizza is closing and that a deli is opening in its place.

Too bad. I thought they had the best take-out pizza in town.

jklm wrote:


Main amendments being sought:
12 towers instead of 16 towers
street grid altered
open space increased to one acre

already approved: residential units - 5,700

Let's hope the park will be Phase 2.

Yvonne wrote:
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mwa7368 wrote:
Yvonne, you do yourself an injustice by making these statements. I honestly think that you are smarter than that.

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Yvonne wrote:
I have a simple solution, why don't you just ask Fulop? After all, it is a website that bears his name and your name is your brand.

Someone spent money to buy a domain name and host the web site. Perhaps, someone paid for the web design. Why would anyone one do this unless they are part of the Fulop team? I still don't hear Fulop denying he is running for governor.

Yvonne wrote:
Isn't it any wonder he dropped Carepoint in favor of the Medical Center, he doesn't want distractions.

http://stevefulopforgovernor.com/

jcgirl wrote:
The way it was told to me was that none of the units in Gull's Cove would be safe. All had potential to lose the views. It was unfortunate because I liked the way the building was constructed and the layout of the units.

tommyc_37 wrote:
I don't have an update on the development, but this is the first that I've seen any info/renderings on it. It looks kind of boring. I think in the marina area, I'd prefer to see more of the type of development that is on the eastern bank of Liberty Harbor Marina (like the Madox and those other low-rose condos). Buildings that have a bit more character and are low-rise.

Although I think I'd rather see a tower like this instead of another squat mid-rise building like 18 Park, which I think is really quite ugly in both stature and finishes/design.

ianmac47 wrote:
I saw one of these Jersey City Make it Yours on the G train of all places. You know, the subway that doesn't even go to Manhattan.

T-Bird wrote:
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It's an hour in basically the middle of the night. This is the myth about distant suburbs. Ask someone who commutes from Morristown, for instance, how long their commute is. They'll tell you "an hour" because the direct, rush hour train from Morristown to NY Penn is an 62 minutes. But no one lives at the train station in Morristown - I've looked. There is probably a fifteen minute drive/park situation on one end and then a similar (or longer) commute to the office once you arrive at Penn Station.

That "hour commute" is likely at least an hour and a half - times two each day. Same for Princeton - that's 3 hours-plus each day in R/T commuting. From the time I lock my front door until the time my butt hits the seat at a lower Manhattan office is 30 to 35 minutes. That's a real difference and explains why so many more people would (otherwise inexplicably) live in Jersey City rather than Princeton.