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Re: Australians investors buying up Jersey City housing
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Anyone know if this fund bought the rowhouse on the SE corner of Mercer and Varick? It sold the day it was listed apparently.

I think this fund will benefit sellers and RE agents, but not those trying to improve JC. If their goal is to maximize cashflow they will simply do floor thru rental units on every property. Renters are way less inclined to plant roots here, vote, or get involved politically/with the schools.

This fund's underlying bid will give the appearance that RE is strong which may not be true. I'm not sure houses would be selling as quickly if you didn't have sovereign wealth funds buying.

Posted on: 2013/1/23 15:46
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Re: Australians investors buying up Jersey City housing
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Quote:

Vigilante wrote:
One of the important factors is that they aren't always the highest bidder but they pay with cash. I would be worried that as "absentee landlords" their properties might start looking real shabby.


This is exactly what happened on our street. The Fund bought one of the buildings in the fall and it immediately started looking trashy. I finally called Dixon last week to complain. The property manager was apologetic and to their credit a crew came and cleaned up the place the next day. I plan to stay on top of them.

I am interested to see how they do with the first snow storm.

Posted on: 2013/1/23 14:52
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Re: Australians investors buying up Jersey City housing
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The Australian Dollar gets you more then the US Dollar - They also have very cheap housing interest rates compared to ours. With their strong economy it will be easy pickings over here to buy up.

The Pratt family from Australia has been buying big in NY for years - They are into real estate and developments.

However I smell something fishy when you have a company that is based on (aussie) mom and pop savings as capital - It's a big red flag for me without a huge corporation with direct liability and accountability running it.

Posted on: 2013/1/23 1:02
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Re: Australians investors buying up Jersey City housing
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Also, my understanding is that their goal is 1,000 properties.

Posted on: 2013/1/23 0:44
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Re: Australians investors buying up Jersey City housing
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Boyne isn't the only one working with them and certainly doesn't have any sort of exclusive deal. It's easy money. Any realtor will gladly connect an interested seller with them.

Posted on: 2013/1/23 0:43
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Re: Australians investors buying up Jersey City housing
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Does anyone know if the "Fund" is buying whole brownstones only, or if they're buying individual condo units (as part of bigger buildings) too?

By the way, I heard that Boyne (not sure of spelling, but this is the one on the corner of Grove and mercer) is representing the "Fund". Must be a great year for them!!!

Posted on: 2013/1/22 23:23
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Re: Australians investors buying up Jersey City housing
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That could almost describe us. I think it's that they are creating an artificial Sellers market. We were able to sell our property to an amazing couple (without listing and prematurely, we were only contemplating listing in the Spring for sh*ts & giggles & with another kid on the way this Summer it didn't hurt our decision) who lost out on a bidding war for a more superior property. A friend who is a realtor approached us as they are sourcing unique properties which are selling at a premium as there are so few (unrelated to the fund, but suppose this fund buying up neighboring properties has these properties in more demand?). I've heard this is happening all over the place in DTJC. I have a neighbor who is doing the same thing as us with a couple who lost out on a property to a bidding war. They didn't even want to sell the property but the offer was too tempting although the wife is kicking & screaming all the way. These are unique high end renovated brownstones. The ppl buying ours are cool and really love this neighborhood. They'll make great neighbors. I get the same feeling with this other couple if the deal goes through.

Posted on: 2013/1/22 22:42
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Re: Australians investors buying up Jersey City housing
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Quote:

Sam112 wrote:
Where is the other thread on this topic?
my bad ... the following thread touches on some of the dixon leasing related topics ... a post of mine linked to some of their financial and corporate documentations, including offering documents ... since these documents include information on sales prices, etc., it gives some sense of what they have been paying for properties around the city ... if i recall correctly, they are looking at an 8% annual return over the long run, etc. ... and, they have the money and resources to drive/set prices and rents ...

http://jclist.com/modules/newbb/viewtopic.php?topic_id=27751

Posted on: 2013/1/22 22:25
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Re: Australians investors buying up Jersey City housing
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One of the important factors is that they aren't always the highest bidder but they pay with cash. I would be worried that as "absentee landlords" their properties might start looking real shabby.

Posted on: 2013/1/22 17:52
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Re: Australians investors buying up Jersey City housing
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Their properties are throughout Jersey City, and into Hudson County. For many of their properties, they are accepting Section 8; but for other locations (Downtown JC), their rents seem to be at least market value (if not high?) -- so don't count on any break.
This is a private (for-profit) corporation that will make money using Section 8 or charging high rent -- they are not going to buy a property if they don't expect a profit. We are not talking about your local neighbor whose living in one apartment and renting the other to make ends meet.
Again, concern is that you do not get the same level of neighborhood commitment from renters/corporations vs. private owners. Private owners care about who lives next door and/or who they rent to -- a corporation is just going to care if they make money.

Where is the other thread on this topic?


Posted on: 2013/1/22 16:59
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Re: Australians investors buying up Jersey City housing
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CdeCoincy wrote:
Did you draw this conclusion from reading their prospectus? From my reading I got the sense that they are buying properties, especially in downtown, that need fixing up to command market rate rents. My guess is that in downtown this will fast track the "upgrading" of the streets west of Coles to the Turnpike overpass. Personally, I prefer that smaller buildings be owner-occupied with a rental unit to help with costs, if necessary.

If you look at their buying track record you will see they have properties all over J.C. including many low income areas.

Posted on: 2013/1/22 14:56
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Re: Australians investors buying up Jersey City housing
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heights wrote:
Well at least J.C. will get some affodable housing and with section 8 the government can help support the maintenance costs involved with home ownership. I wonder if they own the old State theater apartment building at the Square ?


Did you draw this conclusion from reading their prospectus? From my reading I got the sense that they are buying properties, especially in downtown, that need fixing up to command market rate rents. My guess is that in downtown this will fast track the "upgrading" of the streets west of Coles to the Turnpike overpass. Personally, I prefer that smaller buildings be owner-occupied with a rental unit to help with costs, if necessary.

Posted on: 2013/1/22 14:27
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Re: Australians investors buying up Jersey City housing
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Well at least J.C. will get some affodable housing and with section 8 the government can help support the maintenance costs involved with home ownership. I wonder if they own the old State theater apartment building at the Square ?

Posted on: 2013/1/22 12:29
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Re: Australians investors buying up Jersey City housing
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Is section 8 the same as HuD ?

I would think hoping that route would limit the amount of rent they can earn as downtown is rising in cost.

Most likely contract out the tenant operations to a local property management company.

Posted on: 2013/1/22 12:13
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Re: Australians investors buying up Jersey City housing
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Sam112 wrote:
They are buying a lot of properties -- looking to buy cheap, rent and profit long term (see their website - http://www.usmastersresidential.com.au/). They also list their rentals at dixonleasing.com
Couple of concerns.
- First, they're renting and renters are not as invested in the area as owners.
- Second, they're paying all cash -- which will make it even harder for those of us buying for personal use to compete.
- Third, not sure to what degree they are really invested in improving the areas -- individual property owners are, not sure about corporations.


Exactly. Wouldn't be surprised if they went the Section 8 route just to assure a steady income with little maintenance.

Posted on: 2013/1/22 5:56
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Re: Australians investors buying up Jersey City housing
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There's in entire thread somewhere on jclist.com dedicated to this topic. There are some links to offering prospectus and some other corporate info there ...

Posted on: 2013/1/22 5:14
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Re: Australians investors buying up Jersey City housing
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They are buying a lot of properties -- looking to buy cheap, rent and profit long term (see their website - http://www.usmastersresidential.com.au/). They also list their rentals at dixonleasing.com
Couple of concerns.
- First, they're renting and renters are not as invested in the area as owners.
- Second, they're paying all cash -- which will make it even harder for those of us buying for personal use to compete.
- Third, not sure to what degree they are really invested in improving the areas -- individual property owners are, not sure about corporations.

Posted on: 2013/1/22 3:03
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Re: Australians investors buying up Jersey City housing
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SATURDAY, FEBRUARY 11, 2012

Dixon US Masters Residential Property added a another 18 Jersey City properties.
"Dixon Advisory’s US Masters Residential Property Fund added a further 18 Jersey City properties to its portfolio in December, it revealed in its latest update to the National Stock Exchange (NSX), where it is listed."
http://www.propertyobserver.com.au/ov ... -properties/2012011853074

"This is the first Australian listed property trust with a primary strategy of investing in direct US residential property.
The initial investment focus of the fund will be on multiple family properties with two to four dwellings in Hudson County, New Jersey."
http://www.usmastersresidential.com.au/
and http://www.dixonleasing.com/

Posted by Jersey City Girl at 5:10 PM
http://americasgoldendoor.blogspot.co ... residential-property.html

Posted on: 2013/1/22 2:52
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Re: Australians investors buying up Jersey City housing
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So these guys must be the ones behind the “Will pay CASH for your house” signs all over JC.

Check this link out, it is them right?

http://www.njcashforhomes.com/aboutus.html

Posted on: 2013/1/22 2:50
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Re: Australians investors buying up Jersey City housing
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They brought out a neighbor of mine on montgomery street near VVP, and I've heard a lot of other stories too... This, in combination with tons of new buildings slated for rental in the next few years - I really wonder how it will impact the area, and the "vibe"...

Fingers crossed...

Posted on: 2013/1/22 2:15
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Re: Australians investors buying up Jersey City housing
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They have bought properties recently on 8th and Jersey Ave. They pay cash but I have heard of one homeowner declining their offer and selling to a private buyer. I heard he did it on principle. The Aussies will be either renting the properties or sitting on them awhile. Perhaps there are others who know more about the details? Great if your a seller, have a decent building and want to cash out without regard to your former neighbors. Yes it's true, most people want owners for neighbors, not renters.

Posted on: 2013/1/22 2:08
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Re: Australians investors buying up Jersey City housing
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South_Sixth wrote:
There is a relatively new Australian investment fund which has been buying residential property in Hudson County, mostly in Jersey City.
The fund is only open to Australians. It is call "US Masters Residential Property Fund"
http://www.usmastersresidential.com.au/

Using the Tax1 website, I found they currently owned about 175 properties in JC.
http://tax1.co.monmouth.nj.us/cgi-bin ... &out_type=0&district=0906

I don't know if this is good or bad for our city?
Do any JCListers who live in any of their properties have any comments?


I think they are betting that the US economy will rebound later this year and RE prices will also rebound or see a period of growth.

Posted on: 2013/1/22 1:41
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Australians investors buying up Jersey City housing
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There is a relatively new Australian investment fund which has been buying residential property in Hudson County, mostly in Jersey City.
The fund is only open to Australians. It is call "US Masters Residential Property Fund"
http://www.usmastersresidential.com.au/

Using the Tax1 website, I found they currently owned about 175 properties in JC.
http://tax1.co.monmouth.nj.us/cgi-bin ... &out_type=0&district=0906

I don't know if this is good or bad for our city?
Do any JCListers who live in any of their properties have any comments?

Posted on: 2013/1/22 1:31
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