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Re: Question about Dixon Mills
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Home away from home
 
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Thank you all for the responses. This was not for me, but my secretary's son who is looking at apartments in the area.
Posted on: 2020/10/28 14:31
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Question about Dixon Mills
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Home away from home
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Are the units in there decent and what's the noise level like? What are the pros and cons of of living there.
Posted on: 2020/10/27 1:45
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Re: Top 10 Pumpkin Patches Near Jersey City
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Home away from home
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Pumpkin patches are grossly over priced experiences.
Posted on: 2020/10/2 14:09
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Seeking recommendations for architects and contractors
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Home away from home
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I'm looking for some recommendations for architects and contractors to renovated a brownstone. I already have a few ideas. Also, if you're willing to be a reference please PM me.
Thank you
Posted on: 2020/9/19 15:27
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Re: Jersey City Real Estate Market Is Hot, But For How Long?
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Home away from home
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I agree with you that this article is total crap and an awful marketing tactic. The author who I presume is in sales is starting off with no credibility. The only properties that are staying steady are brownstones, because they're cheap compared to properties in Manhattan and Brooklynn, however our RE taxes quickly make up that difference. The two bedroom condo market started dropping even before the pandemic. This is a result of excess development. Quote:
Posted on: 2020/9/3 14:54
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Re: Impact of pandemic on JC real estate
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Home away from home
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BTW, I started a thread on this same topic at the beginning of the quarantine period. I imagine the webmaster is going to merge this thread into mine.
Posted on: 2020/8/22 22:30
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Re: Impact of pandemic on JC real estate
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Home away from home
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The condo market will get hit harder than the brownstone market. But overall the real estate market takes awhile to show the impact the economy has had on real estate. The increase in crime in NYC as well as there being no access to the arts, sports or restaurants in earnest, will ultimately impact Jersey City. Still lets be mindful, compared to Manhattan, our brownstone market is still relatively inexpensive. Also, at least 10% of the people who have moved to cities in the last 10 years are really suburbanites, who really don't like living in cities. So a change in wind course was going to push them out. Another issue, is that there has been an excess in development in the condo market. Also, we hit a recession in February, so the market was already going to take a hit. It's going to be slippery for awhile. I think in 2 years a lot of people will almost forget about all of this. But who knows.
Posted on: 2020/8/22 22:29
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Re: Beaches Open near Jersey City!
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Home away from home
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I own a weekend house in Asbury Park. The boardwalk and beach are filled with people who aren't wearing masks nor social distancing.
Posted on: 2020/6/25 20:12
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Re: The Pandemic
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Home away from home
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Quote:
There is no guarantee that there is going to be a vaccine and that can't be overlooked. And even if there is some vaccine the effectiveness of the first round is not yet determined. There is already reporting in various business journals about wealthy people leaving Cities for the suburbs. While things may not turn out to be as bad as the mid 70s, history does have away of repeating itself. Look, I'm not putting my house on the market. Still I see a significant hit. Not just a modest quick dip. The other factor is that unemployment is high and a recession started in February. Unless you're counting on some V shape recovery, which is unlikely i can't see a short term modest downturn. There are several factors at play, including COVID19 for which we may not have a vaccine, crime in NYC has gone up, we started this all out in a recession and now the pandemic exacerbated that and real estate in the NYC area was already over valued. Of course I know I could be wrong. But to me all factors point to a longer and more severe downturn.
Posted on: 2020/6/12 16:42
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Re: The Pandemic
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Home away from home
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What you do not seem to realize is that some of us have lived through this sort of thing before. Social unrest made cities undesirable and drove them into financial ruins. New York City was actually bankrupt, crime ridden, filthy with garbage piled upon the streets for days. There was rioting in many cities through out the country. Many of the brownstones downtown, Jersey City were boarded up and there was high crime downtown. Hamilton Park was often referred to as needle park. The restaurant on the corner of 9th and Erie once was boarded up and had a sliding plexiglass window from which drugs were sold.
So it's not the media influencing me, but my own life experience. It's good for a sales person to be optimistic and hopeful. But it's also important for homeowners and investors to be realistic and not disregard history. If you think the aforementioned is not at all a possibility, well then good for you. I am not saying this is necessarily all going to happen, but the market is doing to take a hit greater than what you're anticipating for sure.
Posted on: 2020/6/11 14:58
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Re: The Pandemic's effect on the Jersey City and overall Urban Real Estate Market
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Home away from home
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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 <$400k market in JC is rather curious. I didn't think that made up a big component of the JC real estate market. 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. Quote:
Posted on: 2020/6/9 14:14
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Re: The Pandemic
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Home away from home
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I can't see how any can expect a short term hit to the real estate market at this juncture. The crime and looting in the City is likely to be devastating to the local economy for sometime to come.
Posted on: 2020/6/4 23:48
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Re: The Pandemic
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Home away from home
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Of the man reasons why COVID19 spread so much in Italy is because Italians are very tactile and regularly hug and kiss one another. Also, it's typical for three generations of families to live in the same modest home. While I believe China is awful and underhanded, some of your conspiracy theories are definitely a little over the top. But I have nothing against a good conspiracy theory. Still, what you haven't commented on is how the constituents of Hong Kong of on their own controlled the spread of COVID19 on HongKong.
Posted on: 2020/5/25 20:31
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Re: The Pandemic's effect on the Jersey City and overall Urban Real Estate Market
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Home away from home
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Meanwhile, Mack Cali stock continues to plummet. I regret not going short on it March 1, 2020.
https://www.google.com/search?q=mack+c ... &sourceid=chrome&ie=UTF-8
Posted on: 2020/5/22 17:22
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Re: The Pandemic's effect on the Jersey City and overall Urban Real Estate Market
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Home away from home
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Much of what they said wasn't accurate. Though, I think it's fair to say that most people do not trust the Chinese government. Still the US does business with them.
Posted on: 2020/5/18 1:26
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Re: JC Covid cases, don't seem to be decreasing that much
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Home away from home
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Jersey City is seeing a pretty good drop in new cases.
https://public.tableau.com/profile/jer ... sinJerseyCity?publish=yes
Posted on: 2020/5/14 20:48
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Re: The Pandemic
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Home away from home
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I don't discount possibilities. But for now I just suspect a bad period. It's not like it's never happened.
Posted on: 2020/5/12 18:42
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Re: The Pandemic's effect on the Jersey City and overall Urban Real Estate Market
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Home away from home
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Articles I just read on LinkedIn addressing this exact issue:
https://www.linkedin.com/feed/news/cit ... losing-its-shine-4848580/ And the Bloomberg article: https://www.bloomberg.com/news/article ... cost-cities?sref=2Wo6zJsr
Posted on: 2020/5/11 21:50
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Re: The Pandemic's effect on the Jersey City and overall Urban Real Estate Market
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Home away from home
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You may be or are probably right about the health club phenomena. But I have to say, I really, really miss going to my gym. If there was a vaccine and my gym opened tomorrow I would go back immediately. I very much like working out. I've been exercising regularly at home and taking two 20 mile bike rides a week. Still I miss all of the equipment at the gym, the people and the energy. I have my work friends, most of whose last names I don't know. But they're part of my life routine. Only time will tell. Quote:
Posted on: 2020/5/8 15:00
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Re: The Pandemic's effect on the Jersey City and overall Urban Real Estate Market
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Home away from home
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Well I qualified it as anecdotal. But I still suspect things are going to change. I don't claim to have a crystal ball. I just can't believe things will go back to normal and urban life will be the same. I don't believe real estate values won't drop significantly over the next 18 months. Again, I'm not saying this is absolutely correct. It's just my theory. I'm a home owner in JC with a lot of equity on my home. It would not make me at all happy to see this. It's just my fear right now. Quote:
Ah, the Yvonne method of trying to prove things -
Posted on: 2020/5/8 1:20
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Re: The Pandemic's effect on the Jersey City and overall Urban Real Estate Market
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Home away from home
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The notion that crime has increased came came from two different liberal democrat friends of mine who live in Manhattan. They've reported anecdotally an increase number of muggings on the streets and on the subways. It's an apparent result of De Blasio releasing low level criminals from prison. One is a CFO of a small biotech start up and the other the CIO of a large law firm. The CIO has been living in Manhattan since 1978.
Posted on: 2020/5/7 18:41
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Re: The Pandemic's effect on the Jersey City and overall Urban Real Estate Market
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Home away from home
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I agree with you in principal. However, there has already been a long period of excessive unemployment. What we don't know is the extent of the reduction in many peoples' income in reduced commissions and bonuses, though they may be still employed. A lot of people more recently paid top dollar for homes and then put in like $500k of renovations. It's going to be hard for a lot of people to hold on. Also, let's not forget the added real estate tax burden. To add insult to injury, I've been hearing about increased crime in NYC.
Quote:
Posted on: 2020/5/7 17:20
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Re: The Pandemic's effect on the Jersey City and overall Urban Real Estate Market
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Home away from home
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I absolutely this will have a long lasting impact on the commercial real estate market. For one, I think a lot of organizations will be relocating at least in part out to the burbs and many more people will work remotely.
Not at all unrelated friends of mine who own an apartment in the West Village and a house down the Jersey shore have advised me that on April 1, the relocated to the Jersey shore house because apparently of an increase in crime, mostly muggins in NYC. An apparent consequence of the decision to release some inmates. I think that's going to be a hard thing to reverse. I think this will only further push people to leave urban areas.
Posted on: 2020/5/5 22:39
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Re: The Pandemic's effect on the Jersey City and overall Urban Real Estate Market
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Home away from home
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that will be very interesting to see.Quote:
Posted on: 2020/4/26 13:55
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Re: The Pandemic's effect on the Jersey City and overall Urban Real Estate Market
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Home away from home
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I don't even know how we could be thinking about this at this juncture. The new COVID numbers in JC are still stubbornly high.
Quote:
Posted on: 2020/4/23 21:55
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Re: The Pandemic's effect on the Jersey City and overall Urban Real Estate Market
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Home away from home
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Yes. The original issue is the economic impact this will have and how it will effect the JC and urban real estate market. Interesting and not at all unrelated, Seton Hall University published a study that 72% of US citizens will not go to sporting events until there is a vaccine. I think that evidences how people are going to respond to this in other areas. Quote:
Posted on: 2020/4/18 17:39
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Re: The Pandemic's effect on the Jersey City and overall Urban Real Estate Market
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Home away from home
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Of course only time will tell. But I think a lot of people or at least some will just want to live in less dense areas. Some will suffer long term hits to their income, forcing them to sell or go into foreclosure. After after the social distance rules are lifted, some people won't rush to be in crowded or semi crowded venues, like restaurants, bars, sporting arenas, malls, office buildings, gyms, beaches. I have to suspect all of this will have a lingering effect on the economy and the real estate market. I've been wrong before. But in this instance I would be surprised if there's a quick bounce back.
Posted on: 2020/4/16 17:33
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Re: The Pandemic's effect on the Jersey City and overall Urban Real Estate Market
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Home away from home
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I think one big difference between this and 9/11 is that after 9/11, people went back to work in NYC after a few days and the rest of the country was still working. People haven't been working in earnest in NYC or the area in at last three weeks. It's not likely that people will be returning to real work for at least 4 months and probably longer. There are other factors as well that will be at play.
Posted on: 2020/4/16 13:07
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The Pandemic's effect on the Jersey City and overall Urban Real Estate Market
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Home away from home
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In the last several years, buyers have spent top dollar on purchasing older Jersey homes, and then poured as much as $600,000 on renovations. At the same time, developers have been building condo buildings with shiny new two bedroom condos, the market for which has already been sagging. Under the pressure of the pandemic, it's likely a lot of people will leave urban areas, many people will either lose jobs, or suffer direct pay cuts, reductions in bonuses or commissions, making meeting mortgage payments a significant challenge if not impossible. Developers will have to meet the call of the banks. The likelihood of a 30% drop in real estate market values is great. In this instance, the fall won't take long. As a homeowner, I take absolutely no joy in this. Unfortunately, it's a harsh reality. The impact of this is going to have a significant effect on our local economy and the larger economy. Still new opportunities will abound. However, I believe the urban real estate market is going to take an immediate hit. Only time will tell. But from an economic stand point, I believe this will be very much like the 70s.
Posted on: 2020/4/16 1:15
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Newark Catholic Archdiocese Suspends Masses
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Home away from home
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Posted on: 2020/3/13 12:14
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