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Re: Real estate prices in Jersey City
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If someone is buying a property to live in for a long time, Jersey City (especially with its kick-ass location) might well be good idea. One has to be careful to look at the short term costs and valuations to potentially stay somewhat liquid. In my own instance I made the decision to buy a property in Florida to live in for the rest of my life....Life/Fate/Family things sort of just happened very quickly for me and I had to sell for a profit very fast. (Right before the property values collapsed suddenly) In my case I wasn't good just very lucky because 6 months later my life would have been more financially challenging. I'm just saying sometimes life happens so it is good to be flexible.

Real estate is a very personal business. Everyone's needs, wants and situation is unique. Most properties and deals are unique as well.

Posted on: 2010/3/2 0:18
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Re: Real estate prices in Jersey City
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See, I can't necessarily agree with your premise. If you want to stay in the area, purchasing a house is a smart way to build wealth and gain a tax break. You're not really losing money in a house you live in. Example, if I bought a house in 1980s Van Vorst, it might have been 15,000 dollars; now, that house is worth 1.5 million. However, if I own that house and don't intend to sell, the worth doesn't make much of a difference to my everyday life. If you borrow against the value, you have to pay it back. The same construct works in reverse. It doesn't make me feel good to have a house that was 400,000, and now valued at 300,000, but if I don't leave and wasn't going to leave, it makes little difference.

If you job is more transient, I don't think you should purchase as an investment (especially if you can't afford to stick around for the rebound). You can make better, less hassle investments or even invest in certain real estate companies that do business in what you consider to be "hot areas".

Quote:
Sutherland wrote:
I think people aren't only concerned about making an investment, but suffering a loss if they lose their job, have to relocate for their job and have to sell for these or some other reasons. While not everyone is interested in making money, everyone hates losing money, especially a substantial amount.

Quote:
ThirdGrove wrote:
This discussion is interesting, but yields a very real problem. Everyone is looking to buy to invest, but not looking to purchase to live. I certainly do not want to pay the highest price in the area for my home; but on the flip coin, I'm not sharking every geography for a place to make a quick buck.

If you invest in a community, you'll probably yield dividends. If you like Jersey City and want to settle, buy here. After 10 or 20 years of life in a place you enjoy, you'll almost certainly be able to sell at a profit. This concept isn't Jersey City specific. This applies to Brooklyn, Staten, Queens, Manhattan, West Chester, w/e. Buy a place where you would like to live. Try to be savy when you buy, and after a certain time, you will be able to sell at a profit. Most importantly, you will have enjoyed your time.

IMHO, if you want to invest to make money, you should probably place you money in a business. Business exists as a way for some to make wealth. You believe in the Jersey City real estate market? Don't buy a property. Buy a stake in a real estate company invested in Jersey City. You'll have a much smaller headache.

If I were to attempt to make money in Jersey City, I wouldn't purchase a condo. I'd purchase a multi-unit house. That way, someone can pay your property taxes for you while you attempt to sit on an investment until the value increases.

Posted on: 2010/3/1 21:04
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Re: Real estate prices in Jersey City
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Quote:

Sutherland wrote:
I think people aren't only concerned about making an investment, but suffering a loss if they lose their job, have to relocate for their job and have to sell for these or some other reasons. While not everyone is interested in making money, everyone hates losing money, especially a substantial amount.


Quote:

ThirdGrove wrote:
This discussion is interesting, but yields a very real problem. Everyone is looking to buy to invest, but not looking to purchase to live. I certainly do not want to pay the highest price in the area for my home; but on the flip coin, I'm not sharking every geography for a place to make a quick buck.

If you invest in a community, you'll probably yield dividends. If you like Jersey City and want to settle, buy here. After 10 or 20 years of life in a place you enjoy, you'll almost certainly be able to sell at a profit. This concept isn't Jersey City specific. This applies to Brooklyn, Staten, Queens, Manhattan, West Chester, w/e. Buy a place where you would like to live. Try to be savy when you buy, and after a certain time, you will be able to sell at a profit. Most importantly, you will have enjoyed your time.

IMHO, if you want to invest to make money, you should probably place you money in a business. Business exists as a way for some to make wealth. You believe in the Jersey City real estate market? Don't buy a property. Buy a stake in a real estate company invested in Jersey City. You'll have a much smaller headache.

If I were to attempt to make money in Jersey City, I wouldn't purchase a condo. I'd purchase a multi-unit house. That way, someone can pay your property taxes for you while you attempt to sit on an investment until the value increases.


I agree with you. These events started in places like Las Vegas, San Diego and Florida then rolled up here a little later. In a way this might portend a little good news. There is an old real estate maxim that says..." An area that falls in value softly will rebound first." It fell much softer around here than it did in Florida where the bottom just fell out in places.

Most folks are concerned about losing money on a real estate purchase. The other great fear is unpredictable costs, like unexpected repairs, municipal fees/taxes going up and the like.

Posted on: 2010/3/1 12:02
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Re: Real estate prices in Jersey City
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Very hard to understand what this person is saying !!

Quote:

GetTheFacts wrote:
If you are looking wait, it will drop further than many could imagine, the safest place for the least drop is Journal Square cause it didn't rise quite the same rate as did downtown. And more of the homes in Greenville is very risky still even though they are cheapest. And the Heights like downtown could have a correction as well the closer they are to Hoboken, the more they rose.

Any of the new Developments remember the tax they should prediction after the abate it will be atleast twice if not 3 times that amount which will make it harder to sell than something which isn't abated.

For example after the abatement ended for the address 1 Greene Street in Paulus Hook, after the Abatement ended there was probably 20-25% of that building which hit the market within less than 1 year because of how much are now having to paid on them.

But if you are really set on the new stuff with not much moving wait to know when there are 5 or less remaining, as they might even sell them just to rid of it, since it is pure profit than having to wait for some one else to come along and might be cheaper than the first 5 were.

IE Trump or Gulls Cove, they have only another building each they won't start till all them are gone, because then they would have to discount them even further than that which they know. And the reason they do that is because on many of the sites unlike real estate agents who are independent contractors 1099, those individuals are W2 paid not 1099, so the last thing the developer wants to do is keep contribute to them, since with the others they wouldn't be. And the Manager alone are areoun $200K a year and the other are in the neighborhood of $80 a year, add it up and they are paying nearly $480K plus more more just to have them over 1099 individuals, so the shorter they have to pay the more they save on that other expense.

On all the rest of the units, it is that price or you don't get it period end of story. As each one or 3 or decided amount the all the prices raise of what is offer and that goes on many times.

In Manhattan because the taxes unless you are the property city hall will never tell what they are because you could have a property owner on the 2nd floor paying twice that amount of more on the 39th floor who may have paid more or not for there depending on when they put on the market. The taxes would be all over the place but the prices will be the same size in the same line of the buildings: Liberte Harbor is the exact same way as is Trump as is Gulls Cove as is Christal Point I think it is called as is the 1st building of the Beacon as Liberty Terrace and several in Jersey City and Hoboken as a tiny company called the marketing directors who is maybe 10 years old runs or ran them all, with the Salaried employees not the 1099 ones. And I would know as I worked for them where it was more precious to have a renter from Hoboken who had connections to that City Hall for those developers from there, than the two of renters from Jersey City, than a property owner or property tax payer and voter. Property Owners are much more stable than renters which any real estate agent in Manhattan can tell you because it is the most transiant City in the World with 75% rentals.

And even when they have 10 left they will begin negotation because usually by the time they hit 5 the vast majority of developers which just hand them over the the agents who are 1099 and not W2 and even make double the commission for the remaining, and save all that much more than having to pay those salaries any longer. Since it is really going to work and doing nothing and hoping it continues on forever.

Posted on: 2010/2/28 23:51
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Re: Real estate prices in Jersey City
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If you are looking wait, it will drop further than many could imagine, the safest place for the least drop is Journal Square cause it didn't rise quite the same rate as did downtown. And more of the homes in Greenville is very risky still even though they are cheapest. And the Heights like downtown could have a correction as well the closer they are to Hoboken, the more they rose.

Any of the new Developments remember the tax they should prediction after the abate it will be atleast twice if not 3 times that amount which will make it harder to sell than something which isn't abated.

For example after the abatement ended for the address 1 Greene Street in Paulus Hook, after the Abatement ended there was probably 20-25% of that building which hit the market within less than 1 year because of how much are now having to paid on them.

But if you are really set on the new stuff with not much moving wait to know when there are 5 or less remaining, as they might even sell them just to rid of it, since it is pure profit than having to wait for some one else to come along and might be cheaper than the first 5 were.

IE Trump or Gulls Cove, they have only another building each they won't start till all them are gone, because then they would have to discount them even further than that which they know. And the reason they do that is because on many of the sites unlike real estate agents who are independent contractors 1099, those individuals are W2 paid not 1099, so the last thing the developer wants to do is keep contribute to them, since with the others they wouldn't be. And the Manager alone are areoun $200K a year and the other are in the neighborhood of $80 a year, add it up and they are paying nearly $480K plus more more just to have them over 1099 individuals, so the shorter they have to pay the more they save on that other expense.

On all the rest of the units, it is that price or you don't get it period end of story. As each one or 3 or decided amount the all the prices raise of what is offer and that goes on many times.

In Manhattan because the taxes unless you are the property city hall will never tell what they are because you could have a property owner on the 2nd floor paying twice that amount of more on the 39th floor who may have paid more or not for there depending on when they put on the market. The taxes would be all over the place but the prices will be the same size in the same line of the buildings: Liberte Harbor is the exact same way as is Trump as is Gulls Cove as is Christal Point I think it is called as is the 1st building of the Beacon as Liberty Terrace and several in Jersey City and Hoboken as a tiny company called the marketing directors who is maybe 10 years old runs or ran them all, with the Salaried employees not the 1099 ones. And I would know as I worked for them where it was more precious to have a renter from Hoboken who had connections to that City Hall for those developers from there, than the two of renters from Jersey City, than a property owner or property tax payer and voter. Property Owners are much more stable than renters which any real estate agent in Manhattan can tell you because it is the most transiant City in the World with 75% rentals.

And even when they have 10 left they will begin negotation because usually by the time they hit 5 the vast majority of developers which just hand them over the the agents who are 1099 and not W2 and even make double the commission for the remaining, and save all that much more than having to pay those salaries any longer. Since it is really going to work and doing nothing and hoping it continues on forever.

Posted on: 2010/2/28 20:03
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Re: Real estate prices in Jersey City
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Real estate values are predicted to drop more this year. Jersey City will be no exception. One significant reason why JC became attractive and our real estate values increased is because NYC prices sky rocketed making it unaffordable for many people earning a good living. When the Euro was strong Europeans were helping fuel the NYC market even more particularly towards the end of the bubble. The Euro is probably at a tipping point and on the verge of a huge correction. This is probably going to have an extremely adverse impact on the NYC RE market and ultimately the JC market.

Several other factors to keep in mind is that there are still a lot of homeowners who are in default on their mortgages, but the banks aren't foreclosing because they don't want the foreclosures on their books nor the inventory of houses. Unemployment remains stubbornly high, suggesting many of the unemployed have gone through their severance, savings, unemployment benefits and exhausted how much they could borrow from their friends and families if at all. Also, interest rates will eventually start going up which may or may not impact real estate sales. Short sales aren't moving because banks are not cooperating. There are pools of ARMs on the verge of resetting and it seems no one knows how that's ging to impact the RE market.

Here are a few links which aren't so encouraging:

http://www.housingpredictor.com/newjersey.html

http://moneywatch.bnet.com/retirement ... he-housing-market/315696/

Posted on: 2010/2/28 19:50
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Re: Real estate prices in Jersey City
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I think people aren't only concerned about making an investment, but suffering a loss if they lose their job, have to relocate for their job and have to sell for these or some other reasons. While not everyone is interested in making money, everyone hates losing money, especially a substantial amount.


Quote:

ThirdGrove wrote:
This discussion is interesting, but yields a very real problem. Everyone is looking to buy to invest, but not looking to purchase to live. I certainly do not want to pay the highest price in the area for my home; but on the flip coin, I'm not sharking every geography for a place to make a quick buck.

If you invest in a community, you'll probably yield dividends. If you like Jersey City and want to settle, buy here. After 10 or 20 years of life in a place you enjoy, you'll almost certainly be able to sell at a profit. This concept isn't Jersey City specific. This applies to Brooklyn, Staten, Queens, Manhattan, West Chester, w/e. Buy a place where you would like to live. Try to be savy when you buy, and after a certain time, you will be able to sell at a profit. Most importantly, you will have enjoyed your time.

IMHO, if you want to invest to make money, you should probably place you money in a business. Business exists as a way for some to make wealth. You believe in the Jersey City real estate market? Don't buy a property. Buy a stake in a real estate company invested in Jersey City. You'll have a much smaller headache.

If I were to attempt to make money in Jersey City, I wouldn't purchase a condo. I'd purchase a multi-unit house. That way, someone can pay your property taxes for you while you attempt to sit on an investment until the value increases.

Posted on: 2010/2/28 19:41
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Re: Real estate prices in Jersey City
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GetTheFacts,

Were you drunk when you wrote this? I have no idea what you're trying to say. I most certainly can't decide whether to agree or disagree with you.


Quote:

GetTheFacts wrote:
If they don't say it bottomed out even less buyers their are, than if they do say that just like the tax incentive. Some how if you aren't educated you will believe anything also who see as an expert when they are not. It goes with anything, cause most people don't turn to an amature and just take everything for granted if they knew better than that person, more often than not.

On the note of Corcoran sound said they heard of and the were the first time ever busted on that island for the square footage cause they jacked it so much, and it was challenge after some bought and over a room was missing from the size they said it was, just to get the price than it was worth. And if Scott Brown was a Shock in Politics, that bust was equal to those companys on that island if not more. And when they were picked up by Coldwell Banker or Cendant the parent company it 2 or 3 times the level, cause it couldn't compete without some kind of funny business to buyers and sellers compared to the rest.

And then after that took Citi-Habitats as well which probably stunned everyone even more. Since that island is approximately 75% rentals and not 10-15% like most cities because rentals are so unstable and no votes are guarantee like that of property owner are who pay property taxes, you can just run from it like you can from a rental. There is more companies like nearly 5-10 times the companies who only do rentals because they can't really get very many properties to sell like they can find rentals on that island, unlike anywhere else. And a good amount those building are called REITS, and once paid off it is like 5% occupany only to run and maintain them and the pure profit.

Why do you think Lefrak does so well from Newport or Battery City or Lefrak City in Brooklyn, mostly condos or more like 90-95% rentals. And that is Mocco intention as well for Liberty Harbor he recognize how much the Newport one make. And the city did emminent domaine on 15-20 property owners with the were a few brownstone to have him start building, since they realize what was about to happen and they were in the way and could get top dollar on them since they were only going to be torn down to make something bigger instead.

Posted on: 2010/2/28 19:33
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Re: Real estate prices in Jersey City
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If they don't say it bottomed out even less buyers their are, than if they do say that just like the tax incentive. Some how if you aren't educated you will believe anything also who see as an expert when they are not. It goes with anything, cause most people don't turn to an amature and just take everything for granted if they knew better than that person, more often than not.

On the note of Corcoran sound said they heard of and the were the first time ever busted on that island for the square footage cause they jacked it so much, and it was challenge after some bought and over a room was missing from the size they said it was, just to get the price than it was worth. And if Scott Brown was a Shock in Politics, that bust was equal to those companys on that island if not more. And when they were picked up by Coldwell Banker or Cendant the parent company it 2 or 3 times the level, cause it couldn't compete without some kind of funny business to buyers and sellers compared to the rest.

And then after that took Citi-Habitats as well which probably stunned everyone even more. Since that island is approximately 75% rentals and not 10-15% like most cities because rentals are so unstable and no votes are guarantee like that of property owner are who pay property taxes, you can just run from it like you can from a rental. There is more companies like nearly 5-10 times the companies who only do rentals because they can't really get very many properties to sell like they can find rentals on that island, unlike anywhere else. And a good amount those building are called REITS, and once paid off it is like 5% occupany only to run and maintain them and the pure profit.

Why do you think Lefrak does so well from Newport or Battery City or Lefrak City in Brooklyn, mostly condos or more like 90-95% rentals. And that is Mocco intention as well for Liberty Harbor he recognize how much the Newport one make. And the city did emminent domaine on 15-20 property owners with the were a few brownstone to have him start building, since they realize what was about to happen and they were in the way and could get top dollar on them since they were only going to be torn down to make something bigger instead.

Posted on: 2010/2/28 19:19
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Re: Real estate prices in Jersey City
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ThrifyT,
I think prices have bottomed 6 months ago. This Moron Obama, is printing dollars like he will never get a second term. Biden backs that BS as "this job is easy". Inflation will raise all prices. Foreigners/New Yorkers are realizing this is a great option at half the price.

More billions will be offered for new jobs. JC Waterfront is gold.

What is the Golden Rule in RE? Location x3. JC HAS IT!!!

We have Newark Aiport, and when Fulop rus this show, or ME, new business will crop up every week.

Posted on: 2010/2/28 1:17
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Re: Real estate prices in Jersey City
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Quote:

Has the market bottomed?

What would cause JC real estate values to go up? The fndamentals are poor. To wit:

- interest rates have no where to go but up.
- excess inventory (both new construction and resales) exists.
- the specter of higher property taxes looms.
- bad public schools.
-imminent expiration of the home-buyer tax credit.

All of the above place a downward pressure on downtown Jersey City real estate.

What upward pressures exist?


The location of Jersey City could be a positive stimulus to real estate values over the long term.

1. It is outside one of the largest cities in the world and is still a relative bargain compared to Manhattan in some respects.

2. There is some decent public transportation infrastructure with the potential for more.

3. It is located near extensive public road infrastructure.

4. It could be a hub for the mid atlantic region as it is centrally located between a few major cities.

Over the long term some of the negative factors you have correctly cited may be fixed or at least mitigated.

Over all analysis is effective for economic planning however the most important thing to any real estate buyer is the single particular deal he is trying to execute relative to the market.

I think there are many factors going into JC real estate purchase (such as the age of the property) that can make such an investment a very complex and risky situation.

Posted on: 2010/2/28 1:12
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Re: Real estate prices in Jersey City
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Quote:

GetTheFacts wrote:
In residential they aren't really around any more that part was sold off separately from the commericial. The very first computer system in Manhattan they had in the industry and it was 10 years before anyone else caught onto what it even was.

Whether they are know over hear, it is besides the point, when a company watches an entire nation, not just where it is located, they can watch and predict things better than anyone else can do.

Of the oldest 5 you only mention 1 which was brown harris stevens and the were 4th oldest or 5th oldest. Corcoran is like Weichert hate to bust your bubble but only a baby in knowledge and skills. They are like Weichert a hell of a lot of agents, but they also are know in the industry as the pit to avoid unless it is Citi-Habitats which is even worse than them.

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,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
???????????????????????????????????????????????
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Hope the above helps.

Posted on: 2010/2/28 0:17
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Re: Real estate prices in Jersey City
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Quote:

chiefdahill wrote:
Quote:

GetTheFacts wrote:
Well thriftyT you are probably a real estate agent or a real estate broker who has never heard of William B May...
are an assistant of someone like I was, and the information is about 300-400 hours of education in value not another only a 150 from being an agent and 2 years.


Dude, he's not a RE broker. It's called punctuation. He's not the only one that has difficulty reading your posts. So do I. Try using more periods instead of the run on sentences.


GetTheFacts... I find it hard to believe that your grammar is truly that bad, therefore I believe that you are a troll. Even if you didn't intend to knock the thread off topic, you effectively clogged up the thread.

I'll re-post my comment and await coherent replies:
--------------------------------------------------
Has the market bottomed?

What would cause JC real estate values to go up? The fndamentals are poor. To wit:

- interest rates have no where to go but up.
- excess inventory (both new construction and resales) exists.
- the specter of higher property taxes looms.
- bad public schools.
-imminent expiration of the home-buyer tax credit.

All of the above place a downward pressure on downtown Jersey City real estate.

What upward pressures exist?

Posted on: 2010/2/27 23:14
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Re: Real estate prices in Jersey City
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Quote:

GetTheFacts wrote:
In residential they aren't really around any more that part was sold off separately from the commericial. The very first computer system in Manhattan they had in the industry and it was 10 years before anyone else caught onto what it even was.

Whether they are know over hear, it is besides the point, when a company watches an entire nation, not just where it is located, they can watch and predict things better than anyone else can do.

Of the oldest 5 you only mention 1 which was brown harris stevens and the were 4th oldest or 5th oldest. Corcoran is like Weichert hate to bust your bubble but only a baby in knowledge and skills. They are like Weichert a hell of a lot of agents, but they also are know in the industry as the pit to avoid unless it is Citi-Habitats which is even worse than them.


Again, your grammar is hard to follow.

You are not bursting any bubbles here (not hear).

Oldest has nothing to do with anything. On volume alone Corcoran and Elliman have the most listings and do the most volume. What does being a baby have anything to do with the conversation? We are discussing residential real estate not commercial and why are we even discussing NYC brokers since this is JC?

For commercial RE the two heavy hitters are CBRE and Cushman Wakefield.

Why are we even discussing William B May? Why did you bring them into the conversation? I don't get your posts?

What does this have to do with JC real estate?

Posted on: 2010/2/27 21:41
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Re: Real estate prices in Jersey City
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In residential they aren't really around any more that part was sold off separately from the commericial. The very first computer system in Manhattan they had in the industry and it was 10 years before anyone else caught onto what it even was.

Whether they are know over hear, it is besides the point, when a company watches an entire nation, not just where it is located, they can watch and predict things better than anyone else can do.

Of the oldest 5 you only mention 1 which was brown harris stevens and the were 4th oldest or 5th oldest. Corcoran is like Weichert hate to bust your bubble but only a baby in knowledge and skills. They are like Weichert a hell of a lot of agents, but they also are know in the industry as the pit to avoid unless it is Citi-Habitats which is even worse than them.

Posted on: 2010/2/27 21:01
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Re: Real estate prices in Jersey City
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Attn: GetThe Facts.....many of us simply do not understand your posts. Please keep your sentences brief so your ideas are more clear to all of us. Thanks in advance.

Posted on: 2010/2/27 20:09
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Re: Real estate prices in Jersey City
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GetTheFacts wrote:
Well thriftyT you are probably a real estate agent or a real estate broker who has never heard of William B May, but Peter Mocco who in Charge of Liberty Harbor Has, and who knows they are probably still in some way involved with the Commercial space there since the residential was taken over by the marketing directors because it was staled so many times while the initial stuff was built. Instead of the Communities name prominently displayed like on less real esstate than a company name on more. In commercial real estate you put to agents on a deal and if one is from William B May the other they won't even listen to as they are seen as just a beginner, and doesn't matter that the william b may agent is only and agent and not a broker associate as in that company you are taught everything in the brokers school and more like on average have to have over 10 years not 2 to qualified to be with them unless you are an assistant of someone like I was, and the information is about 300-400 hours of education in value not another only a 150 from being an agent and 2 years.


Dude, he's not a RE broker. It's called punctuation. He's not the only one that has difficulty reading your posts. So do I. Try using more periods instead of the run on sentences.

What does William B May have to do with anything? I don't think they even operate in NJ. The big NYC brokers are Corcoran, Elliman, Brown Harris Stevens, Halstead. William B May is prob 10th on that list in terms of listings.

Of those NYC broker's the only one I've seen on this side of the Hudson is Halstead with their Beacon listings.

Posted on: 2010/2/27 18:01
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Re: Real estate prices in Jersey City
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GetTheFacts wrote:
It depends on location, technical even though the prices have come down, the amount being paid is across the city only a 2% dropping taking into considerations all area of the city and not the area closest to Manhattan which technical still increasing very slightly, and the stockmarket coming back aleady, so they will never see the drop like they have never seen in over 150 years. The biggest drop is most like Greenville Followed by Jersey City Heights, and that is those properties close enough to Hoboken to be appraised on the Hoboken Values and not the Jersey City ones around them, as after downtown, the next safest area to hold is Journal Square area since it maybe 3 PATH Stops but does least have 1. The farther one is from that train the great it would have been, and without those water taxis, places like Port Liberte would have been include, but it just happens to have that water taxi for the rush hours going directly over to that island. And with that PGA turnament which was schedule even before that golf course was build because they are planned that far in advance should help paint picture of what those home cost. The biggest of that condo complex is townhouses, the the most expensive property every in this city was in that complex by alway double any brownstone in downtown, and only 4 bedrooms too and 3 baths.

So no matter where you live, firgure it out as unlikely 99.999999999999999999999999 percent of the rest of the real estate I have worked as only an assistant to the #1 company of that city who was number 2 in age, and only had 200-250 agents on that island or 1 of the other 4 boroughs as the rest were worth the trouble to them.

And I left it, today or in the last 2 years agents are making shit in either Jersey City or the rest of Hudson County nor in Manhattan whether it is Rentals or sales, and across that river you pay normally almost 2 months rent not 1.

Just a tip.

Quote:

GetTheFacts wrote:
Well thriftyT you are probably a real estate agent or a real estate broker who has never heard of William B May, but Peter Mocco who in Charge of Liberty Harbor Has, and who knows they are probably still in some way involved with the Commercial space there since the residential was taken over by the marketing directors because it was staled so many times while the initial stuff was built. Instead of the Communities name prominently displayed like on less real esstate than a company name on more. In commercial real estate you put to agents on a deal and if one is from William B May the other they won't even listen to as they are seen as just a beginner, and doesn't matter that the william b may agent is only and agent and not a broker associate as in that company you are taught everything in the brokers school and more like on average have to have over 10 years not 2 to qualified to be with them unless you are an assistant of someone like I was, and the information is about 300-400 hours of education in value not another only a 150 from being an agent and 2 years.
Many appreciate stream of consciousness and consider it a legitimate art form. You, sir, you elevate it to a new plateau.

Posted on: 2010/2/27 16:49
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Re: Real estate prices in Jersey City
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Well thriftyT you are probably a real estate agent or a real estate broker who has never heard of William B May, but Peter Mocco who in Charge of Liberty Harbor Has, and who knows they are probably still in some way involved with the Commercial space there since the residential was taken over by the marketing directors because it was staled so many times while the initial stuff was built. Instead of the Communities name prominently displayed like on less real esstate than a company name on more. In commercial real estate you put to agents on a deal and if one is from William B May the other they won't even listen to as they are seen as just a beginner, and doesn't matter that the william b may agent is only and agent and not a broker associate as in that company you are taught everything in the brokers school and more like on average have to have over 10 years not 2 to qualified to be with them unless you are an assistant of someone like I was, and the information is about 300-400 hours of education in value not another only a 150 from being an agent and 2 years.

Posted on: 2010/2/27 12:41
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Re: Real estate prices in Jersey City
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GetTheFacts wrote:
It depends on location, technical even though the prices have come down, the amount being paid is across the city only a 2% dropping taking into considerations all area of the city and not the area closest to Manhattan which technical still increasing very slightly, and the stockmarket coming back aleady, so they will never see the drop like they have never seen in over 150 years. The biggest drop is most like Greenville Followed by Jersey City Heights, and that is those properties close enough to Hoboken to be appraised on the Hoboken Values and not the Jersey City ones around them, as after downtown, the next safest area to hold is Journal Square area since it maybe 3 PATH Stops but does least have 1. The farther one is from that train the great it would have been, and without those water taxis, places like Port Liberte would have been include, but it just happens to have that water taxi for the rush hours going directly over to that island. And with that PGA turnament which was schedule even before that golf course was build because they are planned that far in advance should help paint picture of what those home cost. The biggest of that condo complex is townhouses, the the most expensive property every in this city was in that complex by alway double any brownstone in downtown, and only 4 bedrooms too and 3 baths.

So no matter where you live, firgure it out as unlikely 99.999999999999999999999999 percent of the rest of the real estate I have worked as only an assistant to the #1 company of that city who was number 2 in age, and only had 200-250 agents on that island or 1 of the other 4 boroughs as the rest were worth the trouble to them.

And I left it, today or in the last 2 years agents are making shit in either Jersey City or the rest of Hudson County nor in Manhattan whether it is Rentals or sales, and across that river you pay normally almost 2 months rent not 1.

Just a tip.


I have no idea what you are talking about.

Posted on: 2010/2/27 4:37
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Re: Real estate prices in Jersey City
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This discussion is interesting, but yields a very real problem. Everyone is looking to buy to invest, but not looking to purchase to live. I certainly do not want to pay the highest price in the area for my home; but on the flip coin, I'm not sharking every geography for a place to make a quick buck.

If you invest in a community, you'll probably yield dividends. If you like Jersey City and want to settle, buy here. After 10 or 20 years of life in a place you enjoy, you'll almost certainly be able to sell at a profit. This concept isn't Jersey City specific. This applies to Brooklyn, Staten, Queens, Manhattan, West Chester, w/e. Buy a place where you would like to live. Try to be savy when you buy, and after a certain time, you will be able to sell at a profit. Most importantly, you will have enjoyed your time.

IMHO, if you want to invest to make money, you should probably place you money in a business. Business exists as a way for some to make wealth. You believe in the Jersey City real estate market? Don't buy a property. Buy a stake in a real estate company invested in Jersey City. You'll have a much smaller headache.

If I were to attempt to make money in Jersey City, I wouldn't purchase a condo. I'd purchase a multi-unit house. That way, someone can pay your property taxes for you while you attempt to sit on an investment until the value increases.

Posted on: 2010/2/27 4:30
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Re: Real estate prices in Jersey City
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It depends on location, technical even though the prices have come down, the amount being paid is across the city only a 2% dropping taking into considerations all area of the city and not the area closest to Manhattan which technical still increasing very slightly, and the stockmarket coming back aleady, so they will never see the drop like they have never seen in over 150 years. The biggest drop is most like Greenville Followed by Jersey City Heights, and that is those properties close enough to Hoboken to be appraised on the Hoboken Values and not the Jersey City ones around them, as after downtown, the next safest area to hold is Journal Square area since it maybe 3 PATH Stops but does least have 1. The farther one is from that train the great it would have been, and without those water taxis, places like Port Liberte would have been include, but it just happens to have that water taxi for the rush hours going directly over to that island. And with that PGA turnament which was schedule even before that golf course was build because they are planned that far in advance should help paint picture of what those home cost. The biggest of that condo complex is townhouses, the the most expensive property every in this city was in that complex by alway double any brownstone in downtown, and only 4 bedrooms too and 3 baths.

So no matter where you live, firgure it out as unlikely 99.999999999999999999999999 percent of the rest of the real estate I have worked as only an assistant to the #1 company of that city who was number 2 in age, and only had 200-250 agents on that island or 1 of the other 4 boroughs as the rest were worth the trouble to them.

And I left it, today or in the last 2 years agents are making shit in either Jersey City or the rest of Hudson County nor in Manhattan whether it is Rentals or sales, and across that river you pay normally almost 2 months rent not 1.

Just a tip.

Posted on: 2010/2/27 4:07
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Re: Real estate prices in Jersey City
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If anyone has a mortgage then you also have to factor in the interest paid as well. It seems that lots of postings here are stating a 10% loss add to that the interest and it is a whopping loss.

Posted on: 2010/2/27 3:41
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Re: Real estate prices in Jersey City
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Has the market bottommed?

What would cause JC real estate values to go up? The fndamentals are poor. To wit:

- interest rates have no where to go but up.
- excess inventory (both new construction and resales) exists.
- specter of higher property taxes looms.
- bad public schools.
-imminent expiration of home-buyer tax credit.

All of the above place a downward pressure on downtown Jersey City real estate.

What upward pressures exist?

Posted on: 2010/2/27 2:01
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Re: Real estate prices in Jersey City
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I am attempting to sell my condo in the Exchange Place area (see Classifieds ) I've listed for about 10% less than what I paid, have been advertising and still haven't as had many hits as I thought I would. I'm trying to stay patient because I listed 3-4 weeks ago and its been snowing constantly in the past few weeks but really hope I don't have to wait until spring to get some more interest in the place!

The market is pretty bad for sellers because the luxury buildings in the area (like 77 Hudson) keep lowering their prices. If the loss stabilizes at about 10%, that isn't bad at all and I might kick myself for selling now but I'm relocating for work so I don't have much of a choice.

Posted on: 2010/2/26 23:03
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Re: Real estate prices in Jersey City
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We bought a condo downtown in 2006. Sold it this November for EXACTLY 10% less. I don't think the downtown market will go much lower. There are still areas of JC that are deteriorating, so perhaps prices will still come down in those areas.

Posted on: 2010/2/26 18:41
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Re: Real estate prices in Jersey City
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Enigma31 wrote:
What is everyone's current opinion on the Jersey City housing market? Do you think it has bottomed? What type of percentage decline in condo prices do you think has occurred from 2007/2008 until now? I would guess at least 10%. Do you think prices will continue to decline?

Oh yeah prices have dropped at least 10% maybe more but it hasn't put that much of a dent because of the tremendous rise in housing prices over the last 8 years. It's as if we took 2 steps forward but only one step back. 10% is nothing off even a $500k condo and some were as high as $800k. I notice that single-family homes came down considerably though, but that?s because of the huge responsibility that goes along with it.

Posted on: 2010/2/26 18:23
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Re: Real estate prices in Jersey City
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What is everyone's current opinion on the Jersey City housing market? Do you think it has bottomed? What type of percentage decline in condo prices do you think has occurred from 2007/2008 until now? I would guess at least 10%. Do you think prices will continue to decline?

Posted on: 2010/2/26 18:15
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Re: worth buying in downtown JC?
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Shiny new Brooklyn and Queens condos used to be demanding much higher prices, now those prices are 25% lower on average. I think JC is following a similar trend. Neither place is "degentrifying" but they are "deflating". Check out Curbed for more info.

Check out this article. http://curbed.com/archives/2010/01/19 ... al_at_northside_piers.php

Posted on: 2010/1/29 20:00
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Re: worth buying in downtown JC?
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I believe the right answer to his question is ?while people might have their opinions, nobody knows the answer?.

My opinion is pretty bullish on DTJC. There are many areas of DT that are priced much higher than others and you may have missed the curve there, my feeling is the other areas in DT priced lower will catch up at some point. Overall the entire area will rise, some more than others. How long until that happens, I cant predict when we will be out of this economic mess. I base this off my perception that what has been happening in JC is exactly what was/is happening in Williamsburg, LIC, Bed Stuy, etc. Property values there are exponentially higher than before they were gentrified fully. Are there any local examples in recent history of a place gentrifying then ungentrifying? What about significantly moving towards gentrifying then stopping all of a sudden? I haven?t looked into it enough? The trend I have seen in the metro area is first the artists/pioneers, then the young and hipsters, then yuppies with children. The encouraging part is that from what I have noticed it seems to have picked up pace during the downturn. I remember having to step over vagrants sleeping on stoops of abandoned buildings right outside the Grove st path?maybe only 5 years ago! When I meet someone while out in Manhattan and they ask where I live they used to have no idea about JC and maybe only ask if it was near hoboken. Now more and more often I hear a response that they have a friend who lives in JC or have been themselves.

Posted on: 2010/1/29 18:53
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