I am certainly not being "optimistic" and "hopeful" just to make a sale. We of course do not know each other personally, but if you did or ever spoke to any of my clients you would know thats not how I do business. I appreciate your experience, but I do business based on the facts and figures, such as the ones I presented in my last post. I do not believe needle park is going to be making a comeback nor the real estate market in Hudson County taking a 30% hit, but I of course do not claim to know the future. That is just my opinion.

I figure time till tell the true tale and we will just have to see. It was nice debating with you, sir.

Quote:

Look, I am agreeing that there may be a short term effect/dip in the market, but I do believe there would be a rebound. In a previous post of yours, you said there would be a 30% reduction in prices. What data do you have to prove this? I just cannot see that happening.

Is everything going to go back to "normal"... no. I do believe things will change in the way we live and the way I do business in real estate. Life changed after 9/11 in how we travel along with many other things and I believe there will be changes now as well. Commercial real estate will likely suffer longer than residential real estate this time around.

Yes, people are moving out of the city, but a lot of those people are also moving to Hudson County (and other close suburbs). So far, it seems to be an even shift.

Jersey City Pricing:
Jersey City is more than just Downtown, my friend. Average prices for many of the other areas like West Side, Bergen Lafayette, Greenville and Journal Square are actually close to $400k.
07304 - $410k
07305 - $376k
07306 - $471k

$500k+ does not make up the vast majority of the market. It makes up the vast majority of Downtown JC...

Hudson County Pricing:
Also, other areas in Hudson County are even lower, Union City ($432k), Bayonne ($346k), North Bergen ($410k), West New York ($471k)... are all areas averaged less than $500k

You are telling me that these properties are going to be valued 30% less than they are now? The cost of building a house is more than that difference.

Also, you are pretty accurate with the number of years I have been working in the property business. That being said, I have seen people who have been 30 years in the field who are terrible at what they do and other agents just 3 years in the business who have a much better understanding of the market. Years in the business isn't an accurate indication of your knowledge. Are you in the real estate field? I am wondering where you are getting your information or if it is all from media outlets and assumptions?

Be careful with the fear mongering via media outlets. Yes, there can possibly be a dip, but don't be fooled into thinking the world is doomed.

[quote]
Sutherland wrote:
I'm not sure how long you've been in real estate. But "my educated guess" is probably not longer than 10 years. Since my original post there have been numerous business and financial publications reporting on people fleeing Cities for the suburbs for larger homes where at least one person if not two can work from home.
There's no question the Jersey City and Manhattan commercial real estate market will be taking a huge hit as more people will be working from home and employers will reduce their footprint.

Even before the pandemic two bedroom condos in JC had been moving slow because of excess inventory. It's been anecdotally observed from other realtors that the units in multi unit dwellings are definitely taking a hit.

Perhaps brownstones will do well, because it will accommodate the desire to not live in a multi unit dwelling.

If you do not think the looting and crime in Manhattan is going to impact Jersey City, you're deep in denial. People pretty much live in Hudson Co. to be closer to Manhattan. If people aren't going to be going to sporting events, museums, theaters, restaurants and feel safe in Manhattan, they are not interested in paying a lot for their real estate to just sit home. They are more inclined to have a bigger property where they can work from home, have space for their children to play and maybe even have a pool.

Your comment about the $500k market only furthers my original proposition. If you've been in the local real estate market for awhile you would have readily observed that the >$500k segment makes up the vast majority of the market.

The local real estate board is the Liberty Board of Realtors (https://www.libertyboardofrealtors.com/), but I am not sure they handle property management. They may be able to help you find the right people to get in touch with.

Other than the police, you can probably reach out to the Jersey City Housing Authority or Office of Housing Code Enforcement. Both can be found on jerseycitynj.gov.

I haven't gone through each comment, but I feel like the original post is extremely morbid and not very likely.

As a realtor, the real estate market in Jersey City has been booming. I am busier now than I have ever been in my whole career. That being said there is currently a Sellers AND a Buyers market.

My Market Update:
I am seeing properties in the $400k and below range flying off the shelves (Seller's Market) but also seeing the the $500k+ properties being negotiated down (Buyer's Market). Of course there are overpriced and under priced properties in each category. During downturns, this is expected.

No one has a crystal ball, but like some other people have said, we have seen this time and time again in past crashes. We will rebound. Hudson County is always going to be across Manhattan (which, yes, will have a slow recovery, but it is still always going to be a hub) and it will always be a cheaper option.

I like to call Hudson County the 6th NYC borough as its actually closer to downtown and midtown than most of the official NYC boroughs.

Lastly, what crime and looting are we talking about. As far as I can tell, there hasn't been much looting in our area if at all. Perhaps Manhattan, which I have mentioned, probably will have a slow recovery, but it will still be a hub. The way I see it, it presents a buying opportunity.

(risk/reward) Buying now is a risk, but prices are down with historically low interest rates. Deals are out there, but again, no one has a crystal ball, and these are just my educated opinions.

Hey guys!

This is just a little project I worked on with other local Jersey City businesses called We Love You Jersey City. I hope it brightens your day!

Video Link:
https://youtu.be/GUhHj6EpWu4

Participating businesses:
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Shehnaaz Dance Academy - www.instagram.com/ShehnaazDanceAcademy
Treehouse Coffee Shop - www.instagram.com/TreehouseJC
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