Azul_the_Cat wrote:
If it's not a high rise condo, it's not getting built in JC in the next ten years.

JCMan8 wrote:
The article states that "the airline was being investigated over alleged favors done for the then-head of the Port Authority, David Samson, as United was seeking public investment in the Newark Airport."

The GWB situation was unrelated.

And United received the "public investment" that they wanted in the form of a (so far) $2 billion commitment from the Port Authority to extend the PATH to Newark Airport. An extension that is completely ridiculous and unnecessary, and one that Christie championed.

If in fact it turns out that these United execs resigned in part because the PA illegally did them a favor by committing almost $2 billion of taxpayer money to this money pit, is there any chance the extension gets halted?

jcguy05 wrote:
Seems all rentals, i was interested in investment opportunities in a condo or townhome but doesnt look like to be any.

all the houses for sale are north harrison, not by the riverbbend area.

T-Bird wrote:
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jcwalkingman wrote:
It sounds like Gulls Cove II will be complete by Spring 2017.

YOU are TOO funny!

vindication15 wrote:

Safer? No
http://www.areavibes.com/harrison-nj/crime/

http://www.areavibes.com/jersey+city-nj/downtown/crime/

Look at the chances of being a victim of violent crime and property crime in both areas.

If space is what you are looking for, I hear you can get a lot of space in tulsa oklahoma..

I know a colleague who moved from Manhattan back to the south with his family. I should mention that he got laid off...

So yeah, I guess it does depend on circumstances..

vindication15 wrote:
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jcwalkingman wrote:
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Dolomiti wrote:
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JCMan8 wrote:
It's unclear to me if this is evidence of a JC bubble or not.

It isn't.

They're using a relatively new metric, which notes what percentages of homes go down. Real estate prices were rising steadily last year, yet around 20% of homes still lost value that year. (We also aren't looking at years of data, to get an idea about what is normal.)

We already know that prices have cooled a bit in 2015... and again, that's perfectly normal. No market goes up constantly. Few real estate markets go up uniformly across the board. Not every decline in value means that a bubble has burst, let alone formed in the first place.

I agree - def not evidence of a bubble. But if you compare rents in areas surrounding downtown to rents for comps in downtown, you'll see that the rents downtown are much lower relative to purchase prices than in those other areas; this is one thing that seems to suggest that asking prices are completely out of sync with reality and that they're being driven by speculation at this point - speculation that they'll keep going up at a relatively rapid pace. This speculation arose from the perception that downtown is rapidly changing, which is a false impression related to the surge in construction over the past two years, which itself was simply the result of a lack of construction over the previous 8 years (of course the Fulop administration's dozens of high-profile PR pieces and massive "Make it Yours" campaign had also contributed to the hype that is now dying off). Construction grinding to a halt once demand has largely been satisfied, or drop in rents due to oversupply of rental units - or both - will wake buyers up to reality. There's been a sort of hysteria in the market as it has oscillated from one extreme to another in the past several years and this isn't a healthy thing.

There are 3,500 additional new units downtown, 500 in JSQ, and another 1,000 (much cheaper for the same quality) in Harrison (total = 5,000) coming online by year-end, and this will definitely impact rents. Lower rents will make renting more attractive while the impending slowdown in construction will dull the perception that downtown is rapidly changing. Buyers are going to begin to pay more attention to the large undeveloped lots when cranes and other construction equipment disappear.

Also keep in mind that the inventory shortage has contributed to the price surge of the past 2 years, but there are now hundreds of new condos coming online for the first time in a decade; supply is about to surge and there's no evidence that demand is also about to surge (actually quite the opposite), which may definitely result in an oversupply of for-sale units.

One last note - I've gone to several open houses in the past few weeks and all the units I've seen were investor-owned. Seems like investors are starting to cash in.

Lol. No one is choosing between harrison or dtjc. That choice is like saying to your kids, "hey, want to go to a waterpark or want to close your eyes and let me spray you with a garden hose?"

Dolomiti wrote:
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JCMan8 wrote:
It's unclear to me if this is evidence of a JC bubble or not.

It isn't.

They're using a relatively new metric, which notes what percentages of homes go down. Real estate prices were rising steadily last year, yet around 20% of homes still lost value that year. (We also aren't looking at years of data, to get an idea about what is normal.)

We already know that prices have cooled a bit in 2015... and again, that's perfectly normal. No market goes up constantly. Few real estate markets go up uniformly across the board. Not every decline in value means that a bubble has burst, let alone formed in the first place.

bodhipooh wrote:
Total BS. I often wonder if people that make fake claims do so out of some misplaced hope to see things turn out the way they wish, or some willing obliviousness to actual facts.

Warren at York: one free month with a 1-year lease contract.
The ArtHouse JC: one free month with a 1-year lease contract.

I'm 90% certain it was the same with 18 Park.

As for rents going down, go ask the residents of ArtHouse JC. first residents are starting to get renewal notices, and they are seeing a modest increase. Asking rents at The Morgan are below The ArtHouse, but their finishes are nowhere near as nice.

Dolomiti wrote:
It's not like rentals are stagnant in JC, by the way. Rent has increased about 10% since January 2014. Heck, there was talk of a "rental boom" last year, and concerns of overbuilding.

squeeg wrote:
Dear Neighbors,
[...]
Those of you who do not live next to a property that may become a backyard eatery try wearing the hat of someone in JC who does! It's that simple!!!

NewportNJ wrote:
Yup, the PATH in a year will be slammed for the people at Grove and Newport going into 33rd in the morning. They can hardly get on as of right now, with more than a half dozen high rises going up on line? Fuggetabouit.

user1111 wrote:

Saying there are shootings every night, that is not true. It doesn?t stop people from posting whatever they want, which is unfortunate. People have to keep things in perspective, 25 years ago downtown was in bad shape ? it was the most unsafe place in the entire city and it has slowly changed. When people say it?s one side of the city versus the other, it bothers me. Anyway, keep going?

Frinjc wrote:
Quite a different story at the Monty Bar near the Grove Path, it looks like it isn't going to make it except if new investors, so sad..