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Re: Gentrification spreads west to Newark
#1
Home away from home
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Quote:

Voyeur wrote:
A gentrification story on WNYC today caught my attention - about Baraka's plans to revitalize the Ironbound with a new Whole Foods, Barnes & Noble and a high-line inspired park.

Aside from being the paint-by-numbers report on how new investment brings in more affluent residents at the cost of pushing out poorer existing residents that we've all read a hundred times before, the piece does not mention the changes and new construction taking place further down the PATH toward Manhattan.

I think it is nuts that a building like The Morgan on Marin Blvd is asking up to $2,500 for a studio apartment, but when I hear a loft in downtown Newark is asking $2,000, suddenly its not DTJC that seems so absurd, but the entire rental situation throughout the NYC metro area...


Most of the units in these buildings are going for nowhere near those crazy advertised rents. I explained in another thread how I signed a lease at a 15% discount from the advertised rent ($800/month cheaper than advertised) about a month ago. I looked at several other buildings near Grove Street and in Hoboken and almost all were offering similar incentives while advertising rents that seemed very high for the neighborhoods.

A leasing agent at a building in Hoboken that had units available at substantially lower advertised rents than others explained to me that the developers of these newer buildings need to show certain rent numbers to make investors happy, but they don't need to (or have found ways around having to) reveal the incentives included to their financiers. So, the need to flash large numbers in front of their creditors is why they have very high list rents on their apartments but so many units are leasing with multiple free months' rent included, making them significantly more affordable than the ads would have you believe.

Alot of the buildings have subsidies from the state and city, and financing has been cheap, but at the end of the life of some of these buildings' loans, the owners may default if they can't actually meet the numbers they need to pay off or refinance them (alot of the buildings have loans that mature at the 10-year mark).

Posted on: 2/6 21:19

Edited by jcwalkingman on 2017/2/6 21:34:28
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Re: Downtown Jersey City is now more expensive than Hoboken on the rental side.
#2
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I have a feeling that the data noted in the article doesn't account for incentives and therefore doesn't reflect real, net effective rents. I just finished apartment shopping and in my personal experience found alot more bargain deals in downtown JC than in Hoboken. All of the buildings that I looked at in downtown JC were much more flexible with incentives than the buildings in Hoboken (many of which had very few units available and were pretty firm on pricing) and so I ended up going with a waterfront building in JC largely based on cost after being able to work out a 15% discount off the asking rent without too much effort. Seems like the buildings in downtown JC are getting nowhere near their advertised rents and are very heavily incentivizing units to fill them...at least at the moment.

Posted on: 1/28 8:43
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Re: Is Jersey City Real Estate in a bubble?
#3
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Quote:

third_street_hats wrote:
Quote:

WhoElseCouldIBe wrote:
Quote:

third_street_hats wrote:
Now we're talking. 451sqft in Paulus Hook listed at $349k.



Listed =/= Sold



Of the 1br's I've been watching in 07302, they have averaged 5% over asking and landed around $680/ft. Probably a bit of selection bias as I've only really been watching nicer looking places.


Who told you this? lol....I've been following listings at Gull's Cove and a few other buildings in the past year and a half and prices there are flat over this period (in fact, a unit that tried to sell close to $600k a month ago just dropped its asking to $565k today...really not any higher than prices were 18 months ago). I wouldn't expect them to rise by any significant amount if interest rates keep climbing and new construction inventory surges.

Posted on: 2016/11/15 20:53
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Re: Jersey City will get two ‘ultra-luxury’ condo towers
#4
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Home away from home


Quote:

bodhipooh wrote:
Three months ago, I would have agreed with you. But, the fact is that The Oakman is doing brisk business and selling units fast. I am actually quite surprised at the sheer amount of people willing to plunk down the amount of cash being asked there and at their rental sister building The ArtHouse (full disclosure: that's where I live.) Heck, a 3bd/2.5ba penthouse at The ArtHouse was just on the market for $6,500 and it only lasted two days before someone snapped it up at full price.

As for proximity to Hoboken, Newport is closer geographically (as the crow flies) but driving times are about the same. But, more importantly, the JC restaurant and bar scene has improved tremendously over the past few years, and the demographic attracted by these newer buildings are more than happy to stay local and hit up one of the many new bars or restaurants opening here. I just don't think that the allure of the Hoboken "scene" is the same as it was 10 years ago.

In the end, anyway you slice it, the TJC real estate market is on fire and commanding prices that only a few years ago would have seemed ridiculous and probably met with an eye roll.


My point is that there's more value in the waterfront towers in Newport and 99 Hudson Street than at Oakman, yet they'll be priced at the same level. Compare rents for comparable buildings between the two areas and you'll see what I mean (and a large unit renting at $6,500/month isn't a good data point since there are so few units of that size on the market...probably less than 1% of the units to hit the market in the last 5 years have 3 bedrooms).

btw - if you check out the minutes from Toll Brothers' last earnings call, you'll see that they expect to price their units at their new Provost Square tower significantly lower than Oakman, and that building is being built in a better location (further from the extremely noisy O'Hara's pub, significantly further from the noisy and busy Marin Blvd).

Posted on: 2016/10/29 0:37

Edited by jcwalkingman on 2016/10/29 0:54:21
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Re: Jersey City will get two ‘ultra-luxury’ condo towers
#5
Home away from home
Home away from home


Oakman prices are going to have to come way down....Oakman one bedrooms start at $650k right now and go up to $710k, but who would pay that to live in a building overlooking a parking lot in an incomplete neighborhood far from the waterfront when you can buy at the same price point on the waterfront in a virtually complete upscale neighborhood, directly across from a massive park? I sure as hell wouldn't...(not to mention these new Newport buildings will be closer to a much larger variety of shops/restaurants in Hoboken and closer to the mall).

To further complicate things for Oakman sales, you're going to have 99 Hudson starting sales on their 800 +/- units soon.

I honestly feel bad for anyone who paid top dollar to live at Oakman...they must be kicking themselves after seeing the article below. They're certainly not getting their money back anytime soon....in for a very very long ride.

Posted on: 2016/10/28 20:08
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Re: Rental Prices out of control - DTJC
#6
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Home away from home


What site are you all looking on?! LOL Zillow is showing 26 active one bedroom/one bathroom listings for $2k or less. Also check out Mill Rocks and Element Flats (both brand new buildings) at the links I posted below. That should give you plenty of more affordable options downtown!

http://www.zillow.com/homes/for_rent/Jersey-City-NJ-07302/house,condo,apartment_duplex,mobile,townhouse_type/60639_rid/1-_beds/0-573066_price/0-2000_mp/40.734185,-74.024764,40.706636,-74.070898_rect/14_zm/

And all of the buildings in Liberty Harbor are offering one bedroom units for around $2,300/month (and they are all full-service doorman buildings with pool, gym, etc.). See - rents downtown are alot more affordable than you all thought! Downtown Brooklyn is far more expensive.

Posted on: 2016/8/31 21:07
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Re: Rental Prices out of control - DTJC
#7
Home away from home
Home away from home


If you want a cheap new place downtown, don't worry, they are starting to come onto the market. Check out Mill Rocks on Newark Ave at 5th Street and even better, Element Flats at 532 Jersey Ave. The latter has studios starting at $1600/month, which is the lowest price I've seen for a new apartment downtown since 2007.

Here are the links:
http://millrocks-jerseycity.com/

http://elementflats.com/

Posted on: 2016/8/30 23:12
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Re: "Luxury" rentals open in burgeoning arts district
#8
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Home away from home


You know a building is underperforming when an advertorial for it is placed in a prominent online publication (and especially when leasing is described as "fast" without quantitative reference to what a typical lease-up rate is). At the current leasing rate, it will have taken a year and a half to lease up, which is extremely slow (back in 2010, buildings larger than this were leasing up in 6 months).

Posted on: 2016/5/7 1:38
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Re: What's going there?
#9
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Home away from home


As for whether or not we will look back in a few decades and look at this design as an eyesore, there are alot of curves in nature that we find beautiful and so they are a natural influence on architecture. The Dancing Tower in Prague was built in the early 1990's and to this day it is a beloved building:

https://en.wikipedia.org/wiki/Dancing_ ... ia/File:Case_danzanti.jpg

I think people generally value architecture that is balanced, unique, and still fits into its surroundings (as we see in this proposal for 280 Newark Ave).

Posted on: 2016/5/3 21:41
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Re: Third Floor Walk up Condo non-elevator building
#10
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Not the worst investment but you'd probably be better off putting your money into a savings account earning 1% than buying a place just to buy a place. There are plenty of REIT stocks that will far outperform that condo in terms of price appreciation & dividends. Put your money into those if you want to invest in RE at this point in the cycle.

Posted on: 2016/5/2 21:27
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Re: Bill Braker appears drunk at Crown Chicken
#11
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I'm honestly more surprised at the fact that Crown Fried Chicken has a location outside of downtown...I will never look at that place in the same way again.

Posted on: 2016/2/28 16:16
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Re: Modera Lofts - Powerhoure Arts District - 350 Warren Street in Jersey City
#12
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Quote:

07310 wrote:
Quote:

hero69 wrote:
oh vey, $2070 for a 446 square foot studio. is this a micro building? i like the fact that it has underground parking - smart.

it seems to me that people are getting greedy with the prices!


This is even worse, a 2 br/2 ba for $4000 with no windows in the bedrooms, apt B06.
http://www.millcreekplaces.com/commun ... rsey-city/floorPlans#main


I thought by law (to meet minimum fire code regulations) every single bedroom in an apartment MUST have at least one operable window...did something change in the last few years?!

Posted on: 2016/2/28 16:06
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Re: No Fee Duplex 2BR/1.5BA with W+D and Big Yard in Downtown Jersey City
#13
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Quote:

Voyeur wrote:
Advertisement on the PATH tonight: one beds in Cast Iron Lofts II in no man's land/ The Taint START at $2,450 a month.

Two beds with yard in Van Vorst Park for $3,000 seems like a steal by comparison.


There is literally nothing to compare between the two; not that I'd want to live in the building because the neighborhood is non-existent, I will say that when you forget about the neighborhood, Cast Iron Lofts is a full-service property with tons of amenities, brand new construction, modern open layouts, and concrete between floors (great sound insulation), and a leasing team that isn't emotionally involved in the property. No comparison at all with a renovated, wood frame construction row house that requires you to deal directly with a landlord who you'd have a personal relationship with (often not a good thing).

Posted on: 2016/1/20 21:40
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Re: 60% of new construction rentals are leased to existing JC residents
#14
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Home away from home


Some of the incentives are quite substantial.

I don't know if they're still doing this, but 70 Columbus was asking in the $1900's/month for studios; that's a sizable (15-20%) discount over what its 7-year-old neighbor to the east (50 Columbus) had been charging for the same sized space. That discount amounts to just under $5k for the first year and $10k for a two-year lease (which has been offered at 70).

Posted on: 2016/1/7 0:27
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Re: 251 Newark Ave (Cheesecake Lofts) and 239-249 Newark Ave
#15
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Isn't the same developer doing both buildings? Maybe you can ask these questions to the sales office for 251 Newark Ave.

Posted on: 2016/1/4 20:49
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Re: Ax Attack at Newport Mall - 9pm Thursday
#16
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Quote:

jerseymom wrote:
...was arrested by Jersey City police this afternoon after cops say they found him hiding in a closet in Newark.


This guy apparently never played the game hide & seek...the closet is the most obvious place to look for someone.

Posted on: 2015/11/20 22:00
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Re: Explanation of abatements
#17
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Not to drift off topic too much, but does anyone know how an abated tax rate transfers to a new owner during a resale of an abated property? Are "taxes" reassessed when the abated property is transferred? I heard from someone that the abatement rate (generally 1.65% of assessed value) is applied to the property's sale price when the property is transferred to a new owner, but this doesn't seem to make sense since most assessments are below market value.

Posted on: 2015/11/19 22:28
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Re: Jersey City mayor-elect orders end to citywide reval
#18
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Is it true that a reval will not affect tax-abated properties? Or will they be affected by this?

Posted on: 2015/11/18 23:09
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Re: Saving the Powerhouse Arts District remaining buildings
#19
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Is Art House losing THAT many tenants that they had to put out several fluff pieces? That building was 100% rented a few months ago...

Posted on: 2015/11/18 22:56
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Sunac Natural Market Coming to 70 Columbus
#20
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I just heard from a friend who works with local developers that a grocery store called Sunac Natural Market will be taking all the retail space at the new 70 Columbus tower fronting on Marin Boulevard. Looks like they have one other location, on the far West Side of Manhattan by the Lincoln Tunnel ramps...so much for hoping a Trader Joe's landed in that spot.

Posted on: 2015/11/12 23:14
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Re: Is Jersey City Real Estate in a bubble?
#21
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Quote:

Annod wrote:
Quote:
jcwalkingman wrote:
Does anyone know if this listing is real?

http://www.trulia.com/rental/32186016 ... 2120-Jersey-City-NJ-07302


I would be careful.

102 Christopher Columbus Dr is a condo and only have 11 floors.

100 Christopher Columbus Dr is a rental building.

http://www.grovepointe.com/

https://en.wikipedia.org/wiki/Grove_Pointe


Good catch - so maybe this is simply a scam of some sort....seemed a bit too good to be true.

Posted on: 2015/11/1 19:10
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Re: Is Jersey City Real Estate in a bubble?
#22
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Does anyone know if this listing is real? Cheapest rate at this building since way back when it opened in 2007 (and even cheaper than some class B units further from the PATH - not bad for a full-service luxury building). There's also a 1 BD listed at $2,000/month and a 2 BD/2 BA listed for around $2,700/month.

http://www.trulia.com/rental/32186016 ... 2120-Jersey-City-NJ-07302

Also, looks like studios at the brand-new M2 are going to be starting at around $1,900/month, which is about 20% cheaper than what similar new units were going for a year ago.

Posted on: 2015/11/1 14:08
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Re: Is Jersey City Real Estate in a bubble?
#23
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Quote:

bodhipooh wrote:
Quote:

third_street_hats wrote:
Quote:

jcwalkingman wrote:
Well, at least one new building downtown has upped the ante and is now advertising two free months' rent. New construction studios in an amenity-rich building for under $2k/month. And there are still about 2,500 more apartments coming on the market in the next 4 months. Folks, we may very well be entering the rental market implosion (which is already hitting real estate investors who own rental condos downtown).


Which building is this?


Yes, please share. Also, is it an "advertised" deal, or something that was offered to you after much negotiation?


The name of the building starts with a Fifty, and if you want to see for yourself, just check one of the popular listing sites (such as Trulia).

Posted on: 2015/10/26 21:18
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Re: Is Jersey City Real Estate in a bubble?
#24
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Home away from home


Well, at least one new building downtown has upped the ante and is now advertising two free months' rent. New construction studios in an amenity-rich building for under $2k/month. And there are still about 2,500 more apartments coming on the market in the next 4 months. Folks, we may very well be entering the rental market implosion (which is already hitting real estate investors who own rental condos downtown).

Posted on: 2015/10/25 13:01
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Re: fighting to keep existing height and density zoning in The Village
#25
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Where were all you people who are complaining 10 years ago when both 361 Newark and 380 Newark were approved for 12 story structures (actually a 12-story 361 Newark had even started construction back in 2007, but that was put on hold because of the recession). You should be glad that the heights of both projects were halved from what was originally approved!

Posted on: 2015/10/24 22:39
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Re: Is Jersey City Real Estate in a bubble?
#26
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Home away from home


Quote:

Time horizon is dependent on interest rates, my prediction is 2-3 years when the impact will be felt. It will not be a big pop like in 08 but a slow multi-year grind downwards - end result is the same, your property loses value.


I agree 100%. Slower multi-year decline in prices, caused by 5 main factors:

1. Foreign investors cutting back spending on US real estate
2. Interest rates ticking up
3. Inventory increasing as more owners look to sell
4. Layoffs of highly-paid employees in banking & tech as stock markets stay relatively flat and venture capitalists stop pouring money into startups.
5. Home buyers starting to look at suburbs again for value and schools (I personally know several Millennials that are starting families and have moved or are moving to the suburbs because it costs as much to put one child in day care in downtown JC/Hoboken/Weehawken as it costs to rent a luxury apartment)

Posted on: 2015/10/22 19:33
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Re: Is Jersey City Real Estate in a bubble?
#27
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Home away from home


Exactly. The ads they released a few months ago stated "Starting in the $700's"

Posted on: 2015/10/21 21:20
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Re: Is Jersey City Real Estate in a bubble?
#28
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Quote:

SRhia wrote:
Quote:

jcwalkingman wrote:
It appears that one of the most active developers downtown thinks there may be a bubble. Prices were slashed by about 30% on units in one of the few new condo buildings downtown yesterday.


So - which building/developer is it???


All I can say here is check Trulia for listings posted within the past few days, then compare listings posted yesterday to websites of new condo buildings in downtown You'll see it...I didn't think they'd be doing this so soon but I guess they see where the market is heading.

Posted on: 2015/10/21 20:19
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Re: Whole Foods coming to Journal Square (!?!)
#29
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Home away from home


Keep dreaming...that's called a rendering.

Posted on: 2015/10/21 20:17
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Re: Is Jersey City Real Estate in a bubble?
#30
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It appears that one of the most active developers downtown thinks there may be a bubble. Prices were slashed by about 30% on units in one of the few new condo buildings downtown yesterday.

Posted on: 2015/10/21 18:47
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