JERSEY CITY LIST - Re: Buying "Hold" Properties in JC Ghetto [Real Estate]

Re: Buying "Hold" Properties in JC Ghetto

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Pebble, do you think home values would increase in BeLa and Greenville if crime decreased? If yes, then you agree with me.

Posted on: 2015/5/14 14:22

Pebble

Re: Buying "Hold" Properties in JC Ghetto

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This is definitely a funny thread. The lack of knowledge regarding property and the direction of values is comical.

Posted on: 2015/5/14 13:50

Dos A Cero

Re: Buying "Hold" Properties in JC Ghetto

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Quote:

hero69 wrote:
Quote:

Monroe wrote:
Actually news reports all week have been focusing on the increase of shootings in NY under the watch of Mayor DeBlasio, and in nearby Newark it's at such a crisis level Mayor Baraka will be setting up shop on different hot spot streets.

And where I hang in BeLa recently there have been a spate of shootings, including a guy getting whacked on Pacific followed by another shooting in a nearby park, and another multiple shooting a few blocks west.
democrats had better crack down hard on thugs if they want to stay in office...and no, i'm not talking about ineffectual stop and frisk, but putting the violent criminals away for a long, long, long time

Even liberal intellectuals admit that "stop and frisk" represents a conundrum for them: it's hard to argue against the results (NYC is improbably and shockingly low on crime) even if the method is unsavory to their ideals. A few months ago, I listened to an NPR segment discussing this, and how even some liberals are supporting stop and frisk (despite the optics of it all, and the implications) because the results are incredibly good.

And, guess what? Despite the economy being on an upswing, crime is inching up in NYC. Do you really think it is ONLY A COINCIDENCE that the crime uptick and governmental policy statements of stopping/limiting "stop and frisk" and decriminalizing "petty offenses" are happening at the same time? Or, could it be that criminals feel emboldened?? I really, really hope DiBlasio gets voted out of office during the next election, or that he comes to his senses, and stays the course. Because a rise in crime in NYC (even if just for a few years) can have a very detrimental effect on the work and results that were achieved over the previous 15 years.

Posted on: 2015/5/14 13:21

Re: Buying "Hold" Properties in JC Ghetto

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Even after the indictment of the three black and three white police officers in the Freddie Gray case the thugs continue to play.

Last Thursday? 10 shot. Last Sunday? 10 more shot, including three killed within 39 minutes.

Posted on: 2015/5/14 11:01

Re: Buying "Hold" Properties in JC Ghetto

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Quote:

Monroe wrote:
Actually news reports all week have been focusing on the increase of shootings in NY under the watch of Mayor DeBlasio, and in nearby Newark it's at such a crisis level Mayor Baraka will be setting up shop on different hot spot streets.

And where I hang in BeLa recently there have been a spate of shootings, including a guy getting whacked on Pacific followed by another shooting in a nearby park, and another multiple shooting a few blocks west.

democrats had better crack down hard on thugs if they want to stay in office...and no, i'm not talking about ineffectual stop and frisk, but putting the violent criminals away for a long, long, long time

Posted on: 2015/5/14 10:50

Re: Buying "Hold" Properties in JC Ghetto

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Actually news reports all week have been focusing on the increase of shootings in NY under the watch of Mayor DeBlasio, and in nearby Newark it's at such a crisis level Mayor Baraka will be setting up shop on different hot spot streets.

And where I hang in BeLa recently there have been a spate of shootings, including a guy getting whacked on Pacific followed by another shooting in a nearby park, and another multiple shooting a few blocks west.

Posted on: 2015/5/14 10:40

user1111

Re: Buying "Hold" Properties in JC Ghetto

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Quote:

Monroe wrote:
Quote:

iGreg wrote:
Some nice large houses with plenty of built in garages behind them in Greenville and along other parts of the 'hood'.

With the JC values increasing are any savy investors buying to hold in this area ?

Astor place was a living toilet not very long ago.....

Of course, 5 women and 1 man shot in the last couple days in Greenville might keep prices down a bit.

It is apparent you are not from around here, I grew up in the metro area (Brooklyn) and people get shot and sometimes killed, New York City is currently investigating 40 shootings over the last month and no one is screaming how unsafe it is. Only people from west who gives a fuk or someone who actually has never been to NYC. Properties next to the lightrails are not on the market for no more than 2 weeks, but I am sure you already knew that.

Posted on: 2015/5/14 10:26

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Re: Buying "Hold" Properties in JC Ghetto

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Quote:

bodhipooh wrote:
Quote:

hero69 wrote:
Quote:

bodhipooh wrote:
Quote:

nemobeatz wrote:
The Lafayette hood has also seen a pretty large influx of young couples, many from Brooklyn. The housing stock is ridiculously scarce though atm, I suspect many are sitting on their properties and waiting. Commute into downtown Manhattan from the LSP lightrail is about 30-35 min.

After 8 years in the BeLa neighborhood, I 100% concur with this. Tons of families are sitting on properties that are dilapidated and some are one storm away from collapsing. There are some really neat houses, too. I honestly feel like some old timers are holding on to properties with false hopes of a major windfall, but I just don't see it happening anytime soon. The best bet was 10 years ago, as The Foundry came online and there was a palpable excitement about gentrification and the area turning a corner. Alas, the economy crashed, and by the time things started to improve, the DTJC area was already blowing up with new buildings coming online at the rate of 2 or 3 per year. Unfortunately, the light rail connection adds enough time, hassle and money to act as a deterrent for would be renters and buyers. But, I really like the area and I hope it does well. I have met a ton of people that are really great, and the few that have managed to buy properties and are fixing them up will likely see a good return on their investment in 10 - 20 years.

PS - I know of a property on Monitor that a few years ago sold for 17K (not a typo and, given the conditions, probably was worth less) but with a lot of creativity, effort and money, it could easily be turned into a GREAT home.
i honestly, i think many of the people sitting on their homes are smart...where else are they gonna move to? bayonne, paterson, newark, florida...its not like one is gonna make a killing in bela, astor...

I think you missed my point. The point is not whether or not they would make a killing. The point is that they could make some money by selling. Instead, some of them REALLY believe they can get a million dollar from some investor. I remember talking to someone who lived in a rather run down place, and when we got to the conversation of selling, etc, he straight up told me he wanted one million dollars to leave his place, and that he was waiting for someone to come knocking on his door with that kind of offer. People have short memories but, not too long ago, people were paying silly money for properties/land with this crazy belief that they could "flip" a property for instant riches. All of this was encouraged by all those reality TV shows showing professionals flipping properties all over the US. Of course, as with the liars loans, it was all an unsustainable pipe dream. But, you know what they say... hope is the last thing to die. You may find it hard to believe, but some people in BeLa really think they are sitting on a lottery ticket, and they are waiting until theirs gets called.

yes, the old timers could make some money...but they still have to live someplace...would they move someplace worse/cheaper or someplace better/more expensive? given the limited choices, i probably would sit tight?

Posted on: 2015/5/14 2:21

Re: Buying "Hold" Properties in JC Ghetto

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Quote:

iGreg wrote:
Some nice large houses with plenty of built in garages behind them in Greenville and along other parts of the 'hood'.

With the JC values increasing are any savy investors buying to hold in this area ?

Astor place was a living toilet not very long ago.....

Of course, 5 women and 1 man shot in the last couple days in Greenville might keep prices down a bit.

Posted on: 2015/5/14 2:02

Re: Buying "Hold" Properties in JC Ghetto

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Quote:

hero69 wrote:
Quote:

bodhipooh wrote:
Quote:

nemobeatz wrote:
The Lafayette hood has also seen a pretty large influx of young couples, many from Brooklyn. The housing stock is ridiculously scarce though atm, I suspect many are sitting on their properties and waiting. Commute into downtown Manhattan from the LSP lightrail is about 30-35 min.

After 8 years in the BeLa neighborhood, I 100% concur with this. Tons of families are sitting on properties that are dilapidated and some are one storm away from collapsing. There are some really neat houses, too. I honestly feel like some old timers are holding on to properties with false hopes of a major windfall, but I just don't see it happening anytime soon. The best bet was 10 years ago, as The Foundry came online and there was a palpable excitement about gentrification and the area turning a corner. Alas, the economy crashed, and by the time things started to improve, the DTJC area was already blowing up with new buildings coming online at the rate of 2 or 3 per year. Unfortunately, the light rail connection adds enough time, hassle and money to act as a deterrent for would be renters and buyers. But, I really like the area and I hope it does well. I have met a ton of people that are really great, and the few that have managed to buy properties and are fixing them up will likely see a good return on their investment in 10 - 20 years.

PS - I know of a property on Monitor that a few years ago sold for 17K (not a typo and, given the conditions, probably was worth less) but with a lot of creativity, effort and money, it could easily be turned into a GREAT home.
i honestly, i think many of the people sitting on their homes are smart...where else are they gonna move to? bayonne, paterson, newark, florida...its not like one is gonna make a killing in bela, astor...

I think you missed my point. The point is not whether or not they would make a killing. The point is that they could make some money by selling. Instead, some of them REALLY believe they can get a million dollar from some investor. I remember talking to someone who lived in a rather run down place, and when we got to the conversation of selling, etc, he straight up told me he wanted one million dollars to leave his place, and that he was waiting for someone to come knocking on his door with that kind of offer. People have short memories but, not too long ago, people were paying silly money for properties/land with this crazy belief that they could "flip" a property for instant riches. All of this was encouraged by all those reality TV shows showing professionals flipping properties all over the US. Of course, as with the liars loans, it was all an unsustainable pipe dream. But, you know what they say... hope is the last thing to die. You may find it hard to believe, but some people in BeLa really think they are sitting on a lottery ticket, and they are waiting until theirs gets called.

Posted on: 2015/5/14 0:31

brewster

Re: Buying "Hold" Properties in JC Ghetto

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Quote:

DanL wrote:
the long over due property tax reval could go a long way to make a monthly payment even more affordable and further spur new investment.

Beat me to it Dan. What no one seems to realise is that by protecting older Downtown properties from a tax rise Fulop is KEEPING the taxes higher than they should be everywhere else!

User1111, what do you pay as a % of your value? If it's over 2.3% you're paying too much, and I wouldn't be surprised if you're paying over 4%. It doesn't take a genius to realize if your taxes drop your values go up. Everyone's values are being suppressed by the cancelling of the reval to favor Downtown. Many Downtown properties are paying ~1% in tax. Do the math, if a $1m house Downtown gets raised from 1% to 2.3%, three $333 houses elsewhere drop the same amount.

When I delivered some tax info for my appeal on a Heights property (got it lowered $1000!) I said to the person at the desk "if the folks in the Heights & Greenville ever actually realized how they've been suckered on taxes, they'd be down here with torches and pitchforks."

Posted on: 2015/5/14 0:21

Re: Buying "Hold" Properties in JC Ghetto

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greenville wrote:
Good luck if you do, foreclosures are hot down here. The properties that come in the market last about a week before their under contract do to a shortage of rental property.

the fact that there are so many foreclosures in a particular area, speaks volumes about that area

Posted on: 2015/5/14 0:01

greenville

Re: Buying "Hold" Properties in JC Ghetto

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Good luck if you do, foreclosures are hot down here. The properties that come in the market last about a week before their under contract do to a shortage of rental property.

Posted on: 2015/5/13 23:44

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Re: Buying "Hold" Properties in JC Ghetto

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Quote:

MattSchapiro wrote:
Am I the only one who finds this thread offensive?

Since you haven't shared why you find it offensive, I really can't say.

Posted on: 2015/5/13 23:39

Re: Buying "Hold" Properties in JC Ghetto

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Quote:

bodhipooh wrote:
Quote:

nemobeatz wrote:
The Lafayette hood has also seen a pretty large influx of young couples, many from Brooklyn. The housing stock is ridiculously scarce though atm, I suspect many are sitting on their properties and waiting. Commute into downtown Manhattan from the LSP lightrail is about 30-35 min.

After 8 years in the BeLa neighborhood, I 100% concur with this. Tons of families are sitting on properties that are dilapidated and some are one storm away from collapsing. There are some really neat houses, too. I honestly feel like some old timers are holding on to properties with false hopes of a major windfall, but I just don't see it happening anytime soon. The best bet was 10 years ago, as The Foundry came online and there was a palpable excitement about gentrification and the area turning a corner. Alas, the economy crashed, and by the time things started to improve, the DTJC area was already blowing up with new buildings coming online at the rate of 2 or 3 per year. Unfortunately, the light rail connection adds enough time, hassle and money to act as a deterrent for would be renters and buyers. But, I really like the area and I hope it does well. I have met a ton of people that are really great, and the few that have managed to buy properties and are fixing them up will likely see a good return on their investment in 10 - 20 years.

PS - I know of a property on Monitor that a few years ago sold for 17K (not a typo and, given the conditions, probably was worth less) but with a lot of creativity, effort and money, it could easily be turned into a GREAT home.

i honestly, i think many of the people sitting on their homes are smart...where else are they gonna move to? bayonne, paterson, newark, florida...its not like one is gonna make a killing in bela, astor...

Posted on: 2015/5/13 23:35

iGreg

Re: Buying "Hold" Properties in JC Ghetto

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Bottom line is the area is a crime ridden shithole and will remain that way for quite sometime.

If you can find a place around or under the 150k mark it might be worth it to float as a section 8 rental.

Journal Sq. is the next real boom location and the properties within real reach of the PATH station were snatched up last year - I got outbid on a property on Rock St. that is probably worth double already.

Buy land, they don't make it anymore.

Posted on: 2015/5/13 22:25

DanL

Re: Buying "Hold" Properties in JC Ghetto

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the long over due property tax reval could go a long way to make a monthly payment even more affordable and further spur new investment.

Quote:

user1111 wrote:
Quote:

marullos88 wrote:
I agree, JC has some great housing stock along the light rail lines that should be great for people who want a house within one hour's commute of NYC but can't or don't want to pay the DTJC prices. If the trend of families choosing urban vs suburban continues this should influence JC a great deal.

My hood is attracting ex Brooklyn people not too many families but lots of singles and couples without children. Its great area if you do not want to take the bus. Property taxes are not cheap but the homes are at a very good price right now, the average 1 family is 140k for a fixer upper and about 250-325k for a renovated home.

Posted on: 2015/5/13 21:45

user1111

Re: Buying "Hold" Properties in JC Ghetto

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MattSchapiro wrote:
Am I the only one who finds this thread offensive?

No, but this is JCLIST where you are encourage to be a douchbag.

Posted on: 2015/5/13 21:32

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Re: Buying "Hold" Properties in JC Ghetto

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nemobeatz wrote:
The Lafayette hood has also seen a pretty large influx of young couples, many from Brooklyn. The housing stock is ridiculously scarce though atm, I suspect many are sitting on their properties and waiting. Commute into downtown Manhattan from the LSP lightrail is about 30-35 min.

After 8 years in the BeLa neighborhood, I 100% concur with this. Tons of families are sitting on properties that are dilapidated and some are one storm away from collapsing. There are some really neat houses, too. I honestly feel like some old timers are holding on to properties with false hopes of a major windfall, but I just don't see it happening anytime soon. The best bet was 10 years ago, as The Foundry came online and there was a palpable excitement about gentrification and the area turning a corner. Alas, the economy crashed, and by the time things started to improve, the DTJC area was already blowing up with new buildings coming online at the rate of 2 or 3 per year. Unfortunately, the light rail connection adds enough time, hassle and money to act as a deterrent for would be renters and buyers. But, I really like the area and I hope it does well. I have met a ton of people that are really great, and the few that have managed to buy properties and are fixing them up will likely see a good return on their investment in 10 - 20 years.

PS - I know of a property on Monitor that a few years ago sold for 17K (not a typo and, given the conditions, probably was worth less) but with a lot of creativity, effort and money, it could easily be turned into a GREAT home.

Posted on: 2015/5/13 20:20

MattSchapiro

Re: Buying "Hold" Properties in JC Ghetto

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Am I the only one who finds this thread offensive?

Posted on: 2015/5/13 20:18

nemobeatz

Re: Buying "Hold" Properties in JC Ghetto

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The Lafayette hood has also seen a pretty large influx of young couples, many from Brooklyn. The housing stock is ridiculously scarce though atm, I suspect many are sitting on their properties and waiting. Commute into downtown Manhattan from the LSP lightrail is about 30-35 min.

Posted on: 2015/5/13 19:59

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user1111

Re: Buying "Hold" Properties in JC Ghetto

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Quote:

marullos88 wrote:
I agree, JC has some great housing stock along the light rail lines that should be great for people who want a house within one hour's commute of NYC but can't or don't want to pay the DTJC prices. If the trend of families choosing urban vs suburban continues this should influence JC a great deal.

My hood is attracting ex Brooklyn people not too many families but lots of singles and couples without children. Its great area if you do not want to take the bus. Property taxes are not cheap but the homes are at a very good price right now, the average 1 family is 140k for a fixer upper and about 250-325k for a renovated home.

Posted on: 2015/5/13 19:20

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marullos88

Re: Buying "Hold" Properties in JC Ghetto

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I agree, JC has some great housing stock along the light rail lines that should be great for people who want a house within one hour's commute of NYC but can't or don't want to pay the DTJC prices. If the trend of families choosing urban vs suburban continues this should influence JC a great deal.

However, something needs to be done about crime, shootings in particular. I know it can happen, many communities in JC have worked on cleaning up their areas. Would love to learn more about what they've done. Maybe I'll start another thread for that.

The other day one of my coworkers was bragging about her new old rowhouse in Bushwick Brooklyn, how she had a spare bedroom and a small backyard... I stayed quiet but in my head I was like, I have a renovated single family with 2 spare bedrooms! Huge Yard! Garage! Fireplace! And it's not like Bushwick doesn't have it's own crime and transportation issues. So, if people get over their perception of BK or bust, yeah, JC should be doing better soon.

Posted on: 2015/5/13 16:52

Walters

Re: Buying "Hold" Properties in JC Ghetto

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The southeast corner of JC has nice housing stock . Neptune and Seaview Av between Princeton and Garfield has a number of single family homes with rear garages and small back yards. Princeton in that area has mostly two families with back yards. There is very good public transportation available . The LR on Danforth is a short walk and the bus that originates on Gates Av goes to JSq and onto Exchange Pl.

Posted on: 2015/5/13 16:20