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Re: Australians investors buying up Jersey City housing
#53
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they basically are buying anything they can get their hands on. pushing out people who actually want to own a house here to live in and turning owner occupied houses into rentals. it wont be long before these homes end up in disrepair. returning downtown into the slum it once was

Posted on: 2013/1/24 19:59
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Re: Australians investors buying up Jersey City housing
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Quote:

user1111 wrote:
So What! Now we should be concerned? Downtown is 80% renters, nothing to see here.

Actually it's 70%. :D

But I agree, fears of renters are completely unfounded. I believe 70% is fairly typical of a dense urban environment. We don't live in the suburbs.

The real question is whether this company are, or will be, decent landlords. However, the fact that it's a company does not in any way guarantee they will be any better or worse than, say, 500 individual landlords.

Posted on: 2013/1/24 19:59
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Re: Australians investors buying up Jersey City housing
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He was showing off too, like some rich kid!

Posted on: 2013/1/24 19:53
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Re: Australians investors buying up Jersey City housing
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Does anyone think it's strange that a CEO is posting on JCList?
Never saw Mocco, Silverman or LeFrak here. HHHMMMM.

Posted on: 2013/1/24 19:37
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Re: Australians investors buying up Jersey City housing
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ConcernNeighbor wrote:
They are no longer buying Greenville they are buying up a lot of downtown and a lot of the downtown properties are not on that list. No more crack houses…

So What! Now we should be concerned? Downtown is 80% renters, nothing to see here.

Posted on: 2013/1/24 19:21
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Re: Australians investors buying up Jersey City housing
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They are no longer buying Greenville they are buying up a lot of downtown and a lot of the downtown properties are not on that list. No more crack houses…

Posted on: 2013/1/24 19:19
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Re: Australians investors buying up Jersey City housing
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Lafayette wrote:
all this time wasted on assumptions should be spent on trying to make our jersey city agencies better such as building dept , historical, etc. There are plenty of crappy abandoned house to go around for all the people on this list who are claiming whole neighbhorhoods are being bought. I am sitting here on a block with 5 empty homes for the last 7 years. Come on down and buy them! The fact is that if you have big money you can play, and it doesn't matter who you are. From the list that someone here the properties are not in downtown but in the very areas a lot of downtowners run from, so what's the problem?

I am waiting for Ward F and greenville to turn into a "downtown" please let me know when I can expect my home to be worth 500,000 like yours..I will wait for someone to let me know..let's be productive here in JC. Volunteer for community service and get involved.

:) Thanks! I think its pretty fantastic what they are doing, if they did not do it I would have 4 empty crack houses in my neighborhood, people here on JCL like to talk smack and do very little. They want to feel like pioneers and heroes.

Posted on: 2013/1/24 18:17
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Re: Australians investors buying up Jersey City housing
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all this time wasted on assumptions should be spent on trying to make our jersey city agencies better such as building dept , historical, etc. There are plenty of crappy abandoned house to go around for all the people on this list who are claiming whole neighbhorhoods are being bought. I am sitting here on a block with 5 empty homes for the last 7 years. Come on down and buy them! The fact is that if you have big money you can play, and it doesn't matter who you are. From the list that someone here the properties are not in downtown but in the very areas a lot of downtowners run from, so what's the problem?

I am waiting for Ward F and greenville to turn into a "downtown" please let me know when I can expect my home to be worth 500,000 like yours..I will wait for someone to let me know..let's be productive here in JC. Volunteer for community service and get involved.

Posted on: 2013/1/24 18:13
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Re: Australians investors buying up Jersey City housing
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If this is true report it to the Historic Preservation Officer. My neighbor had to rip out his metal windows right after installing them. I understand that now the procedure is to put a lien on the property for the cost of the appropriate windows which must be paid off when the building is sold.

http://www.cityofjerseycity.com/uploa ... page/HPC%20APP%202012.pdf

The phone and address are on the pdf


Posted on: 2013/1/24 15:32
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Re: Australians investors buying up Jersey City housing
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That is probably how they got away with installing white vinyl windows on their 4th street historic property. I guess their local contactors weren’t aware of the process for historic homes.

Posted on: 2013/1/24 14:22
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Re: Australians investors buying up Jersey City housing
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DONT DO IT HOME SELLERS!!!
If you are renting an apartment and you see US Masters Residential (subsidiary of Dixon Advisory and Dixon Leasing) fishing around, and your rent is below market, they will raise your rent. If you are paying $1200 per month to a nice old couple as your landlord and they are happy that you are just a good and respectful tenant, US Masters will buy it and raise your rent to get you out, then fix it up or fix it up with you in there if you agree to stay. You should be concern about the community, the individual homeowners will attend community meetings and is concern for better schools and sometimes participate in the neighborhood watch, parades, fund raising etc. These guys are hiding under different LLCs e.g. St Kilda, Hawthorne Properties and it is all about the Benjamin’s. Home sellers you are selling your neighborhoods away!!!

Posted on: 2013/1/24 12:15
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Re: Australians investors buying up Jersey City housing
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I have been watching this thread with great interest and I think it time to weigh in on some misinformation that needs correction.

A seller does not pay points when he sells a property to a buyer who will take out a mortgage.

A seller does not have to pay closing costs to a buyer .

A seller does not pay for the appraisal..the buyer does.

A sellers always pays a real estate transaction fee ..be it cash or mortgage.

Even cash deals take upwards of six to eight weeks. There are still lawyers involved and a property has to clear title. I know I have been involved in dozens of cash deals.

Thank you
MND


Posted on: 2013/1/23 23:49
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Re: Australians investors buying up Jersey City housing
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Quote:

CdeCoincy wrote:
Quote:

mfadam wrote:
Perhaps an individual home buyer could buy a JC property and loosely proxy hedge their home asset by shorting the REIT...


I have no idea what this means.
I wonder how many of the houses Dixon bought were in or near foreclosure.


The houses near me on this list, almost half were in foreclosure. One thing I can say, the tenants they bring in are very different (in a good way) from what has been here.

Posted on: 2013/1/23 23:32
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Re: Australians investors buying up Jersey City housing
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mfadam wrote:
Perhaps an individual home buyer could buy a JC property and loosely proxy hedge their home asset by shorting the REIT...


I have no idea what this means.

User1111 - thanks, I think you offered a lot of good reasons for cash. I wonder how many of the houses Dixon bought were in or near foreclosure.

Posted on: 2013/1/23 23:15
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Re: Australians investors buying up Jersey City housing
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tern wrote:
I still don't see why all these sellers are so keen to take a lower cash offer.

Robin.

When you choose to sell your house to a real estate investor for cash instead of doing it the traditional way, there are many advantages to it. A cash sale could be one of the smartest moves you ever make. If your house is in danger of going into foreclosure you may want to look at this option.
The closing costs here don’t exist. When you sell your house to an investor for a cash price, you won’t pay points, closing costs, or any other of the surprise costs that pop up when you sell in the traditional way. Commissions are not paid to real estate investors.

An appraisal won’t be necessary. Most real estate investors won’t require you to pay for an appraisal when you are selling. That’s usually the responsibility of the seller in the traditional house sale. Appraisals aren’t necessary because investors know what they should pay for a property and become very good at studying the local market for comparisons.You will receive instant relief from the payment of your expensive mortgage payments.

There will be a cash transaction and the bank will be paid off. Done. No more worrying about your house being foreclosed on.The repairs that you thought you’d have to make before putting the house on the market will not have to be done after all. Investors buy houses in any shape. You won’t have to spend your money on improvements or repairs before selling the house as you would be advised to do on the regular real estate market.

Once the investor gives you a figure, you will not need to be concerned about whether your buyer will indeed qualify for a mortgage. Many sales fall short because of that fact alone. Just when the seller believes the house is sold, the buyer can’t qualify for the loan so the house must be put back on the market again. Investors pay cash and are prepared to buy when they make their offer.

Your credit score and credit report will remain intact without a foreclosure on them. That’s often worse than other negative credit events, including bankruptcy. A foreclosure on your credit could keep you from rebuilding your credit when you want to start your financial life over again after you’ve lost your home.The whole process can be done quickly. The typical real estate investment house sale can take as little as 48 hours, but can take as long as a week.


Posted on: 2013/1/23 22:12
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Re: Australians investors buying up Jersey City housing
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I still don't see why all these sellers are so keen to take a lower cash offer.

Robin.

Posted on: 2013/1/23 22:06
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Re: Australians investors buying up Jersey City housing
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As a long time JC resident that has been looking to move up into a bigger property, I've had several recent offers on homes nixed due to last minute cash offers. I love JC, I have no intention of leaving, I would as a homeowner take impeccable care of whatever home I purchased and support local businesses but perhaps I now have a better sense of why my offers couldn't compete. I can't pay cash for a home. But I bring other benefits, I would be a good neighbor. So I guess as nice as it is that they're fixing up these homes, for someone like me it's frustrating to compete with a cash buyer that just plans to rent the property out.

Posted on: 2013/1/23 21:58
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Re: Australians investors buying up Jersey City housing
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Interesting post from their CEO. Would love to see the company flex its muscle politically if at all possible.

Perhaps an individual home buyer could buy a JC property and loosely proxy hedge their home asset by shorting the REIT...

Posted on: 2013/1/23 21:52
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Re: Australians investors buying up Jersey City housing
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I have to respectfully disagree with jcguy05--at least so far as my street. The house they purchased definitely needed updating but was by no means in danger of being vacant or boarded up. I live on one of the nicer and more desirable blocks in the Heights and I was saddened to see the house flipped and rented in spite of the fact that their tenants are friendly and respectful. Young Hoboken-type couples had been looking at the house when it was on the MLS for $224,000. This company got the house for a STEAL. They lucked out because the home's original owner died owning the house outright and as an estate sale, one of the sons grew impatient and cashed out to finance his kid's college education. Had this company not swooped in, a nice young couple would have grabbed it and the house would be owner-occupied.

Posted on: 2013/1/23 20:57
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Re: Australians investors buying up Jersey City housing
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Been a lurker here for a while, figured i register and post my thoughts since this is a topic of interest to me.

As a long time JC resident, i think the fund is beneficial to JC, looking at their portfolio of properties, most of them are originally rundown in the less popular areas that they fixed up and brought tenants in, instead of leaving it vacant to deteriorate. That alone is good for the neighborhood.

But as a small time investor who knows the local market pretty well, i am very surprised at the cost they paid for those properties, it looks high given the less than ideal locations and conditions of those properties, maybe it included the cost of rennovation as well not just the sale price, i guess the online tax record can confirm.

Right now it's a landlord's wet dream but if the market/economy cycles, those properties' cashflow and value are the first ones to be at risk given the bad location and quality of tenants, just have to look at 08. It's interesting the fund decide not to go after better located units by the jsq path, or downtown jc where there is always demand. Given its resources, they could also get on the board in some of the cheaper but well located apt buildings, like the coops on montogomery st or st johns condos by jsq path/little india, all of which can weather a downturn much better. Instead they are just buying houses like individual investors, but in subpar locations and tenants without any particular price advantage.

Posted on: 2013/1/23 20:25
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Re: Australians investors buying up Jersey City housing
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Quote:

Alan_Dixon wrote:
Hello from US Masters CEO

Hi, it's Alan Dixon, CEO of the US Masters Residential Fund.

It's my first post on the Jersey City List. It looks like a great forum and I just wanted to let you know that we are open, friendly and accountable to our fund and actions within the community.

I might be able to clear up a few of the queries/concerns/information that people are seeking on the forum.

First, the fund is publicly listed on the Australian Stock Exchange and has a website
US Masters Residential
that has plenty of information, including monthly portfolio updates.

Who we are:
$265m REIT, with long term committed capital from Australian investors. 45 staff based in Jersey City plus we use a large number of outside contractors.

Where we buy:
1. Hudson County - most areas
2. Manhattan - particularly Harlem
3. Brooklyn - particularly the North Western closest neighbourhoods to Manhattan

What is our plan?:
1. To hold properties for a minimum of 5 years, probably much longer.
2. To renovate up to the upper standard expected by renters in the neighbourhood.
3. To provide professional leasing and tenant management services.


What happens to a typical property?:
1. We only buy existing properties, not new construction or condos. Almost all the properties we buy need fairly substantial renovation.
2. We look at the floor plan, facade, structure of the house and decide how to do the renovation.
3. Relevant plans and permits are obtained.
4. Work is given to LOCAL contractors exclusively. All Hudson County work has been done by Hudson county locals.
5. When work is finished, the property is offered for lease at what we believe the current market rate is.
6. We believe we maintain our properties at the highest end of the rental market.

Important Facts:
1. We never increase the number of units in a house. In many cases we reduce the number of units. We have turned several multi-family homes back in to the grand single family homes they once were.
2. We care about our neighbourhoods. Many of our employees are tenants of the houses. We love the neighbourhoods and do everything we can to improve them. We provide tenants with long term stable rentals.
3. We have renovated numerous boarded up wrecks and taken them from the worse house on the street to one of the best. This applies to all areas that we own. This improves neighborhoods and values for all owners.

Sellers:
1. If you are interested in selling your house, ring our office on 201-942-6222 and ask for Eric Moore or one of his team to provide information so we can let you know if it may be of interest.

Tenants:
1. Check out www.dixonleasing.com to see some of the properties we have available. We have new properties hitting the market every week, so feel free to call and let us know what you are looking for if it is in future months.

Neighbors:
1. If you have any problems or concerns with a neigboring Dixon property please ring 201-942-6222 and inform reception which property you are concerned about so you can be put through to the right property manager to discuss the issues.

Any questions or inquiries for me:
I'm happy to answer any questions you may have, feel free to post on this forum or send me an email directly to alan.dixon@dixon.com.au

Hope this helps and is taken in the positive spirit in which it is intended. I'll directly answer any questions on the forum the best I can.

Best

Alan


love, love what you did to 310 Winfield Ave :)

Posted on: 2013/1/23 19:37
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Re: Australians investors buying up Jersey City housing
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Hello from US Masters CEO

Hi, it's Alan Dixon, CEO of the US Masters Residential Fund.

It's my first post on the Jersey City List. It looks like a great forum and I just wanted to let you know that we are open, friendly and accountable to our fund and actions within the community.

I might be able to clear up a few of the queries/concerns/information that people are seeking on the forum.

First, the fund is publicly listed on the Australian Stock Exchange and has a website
US Masters Residential
that has plenty of information, including monthly portfolio updates.

Who we are:
$265m REIT, with long term committed capital from Australian investors. 45 staff based in Jersey City plus we use a large number of outside contractors.

Where we buy:
1. Hudson County - most areas
2. Manhattan - particularly Harlem
3. Brooklyn - particularly the North Western closest neighbourhoods to Manhattan

What is our plan?:
1. To hold properties for a minimum of 5 years, probably much longer.
2. To renovate up to the upper standard expected by renters in the neighbourhood.
3. To provide professional leasing and tenant management services.


What happens to a typical property?:
1. We only buy existing properties, not new construction or condos. Almost all the properties we buy need fairly substantial renovation.
2. We look at the floor plan, facade, structure of the house and decide how to do the renovation.
3. Relevant plans and permits are obtained.
4. Work is given to LOCAL contractors exclusively. All Hudson County work has been done by Hudson county locals.
5. When work is finished, the property is offered for lease at what we believe the current market rate is.
6. We believe we maintain our properties at the highest end of the rental market.

Important Facts:
1. We never increase the number of units in a house. In many cases we reduce the number of units. We have turned several multi-family homes back in to the grand single family homes they once were.
2. We care about our neighbourhoods. Many of our employees are tenants of the houses. We love the neighbourhoods and do everything we can to improve them. We provide tenants with long term stable rentals.
3. We have renovated numerous boarded up wrecks and taken them from the worse house on the street to one of the best. This applies to all areas that we own. This improves neighborhoods and values for all owners.

Sellers:
1. If you are interested in selling your house, ring our office on 201-942-6222 and ask for Eric Moore or one of his team to provide information so we can let you know if it may be of interest.

Tenants:
1. Check out www.dixonleasing.com to see some of the properties we have available. We have new properties hitting the market every week, so feel free to call and let us know what you are looking for if it is in future months.

Neighbors:
1. If you have any problems or concerns with a neigboring Dixon property please ring 201-942-6222 and inform reception which property you are concerned about so you can be put through to the right property manager to discuss the issues.

Any questions or inquiries for me:
I'm happy to answer any questions you may have, feel free to post on this forum or send me an email directly to alan.dixon@dixon.com.au

Hope this helps and is taken in the positive spirit in which it is intended. I'll directly answer any questions on the forum the best I can.

Best

Alan

Posted on: 2013/1/23 19:30
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Re: Australians investors buying up Jersey City housing
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Looks like the majority of the houses are outside DTJC. Maybe they see more value there or perhaps there is just less inventory for sale downtown...

Also, 165 York would most likely have been flooded out during Sandy, any neighbors care to comment how they did on clean up/maintenance?

Posted on: 2013/1/23 18:08
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Re: Australians investors buying up Jersey City housing
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I think it's great that these folks are buying properties in JC, boosting the real estate market (sales volume-wise anyway.)

Still, if I were selling my home right now I would think carefully before selling to them. Turning down a wad of cash is hard, but the market in downtown JC now seems very, very strong. This is as a result of historically low housing inventory. Under these conditions, I think one could get a great deal more money for his or her house from traditional buyers than from a company that looks to buy quickly with cash.

It makes sense to list your house with an agent and see what you can get before selling outright for cash. In the current market, I think you will make more money this way, even factoring in 5% for a broker.

Just one layman's opinion.

Posted on: 2013/1/23 18:02
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Re: Australians investors buying up Jersey City housing
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I think the issue is that you can only be under contract with one buyer at a time, and the time from contract signing to closing can be several months. If a mortgaged buyer fails to close, especially late in the game, you start from scratch again and now you've lost a lot of time. Contracting with a cash buyer avoids some uncertainty and potential delay, which has a value.

Posted on: 2013/1/23 17:08
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Re: Australians investors buying up Jersey City housing
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So why do people sell for a lower cash amount, rather than a higher mortgaged offer? If I am selling my place, why do I care if the buyer pays cash or financed, the money is all the same when it gets to me.

I supose if the seller is in a distressed financial situation and needs to close quickly it matters, but it can't all be due to that, or is it?

Robin.

Posted on: 2013/1/23 16:22
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Re: Australians investors buying up Jersey City housing
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[quote]
mfadam wrote:
Anyone know if this fund bought the rowhouse on the SE corner of Mercer and Varick? It sold the day it was listed apparently.

http://tax1.co.monmouth.nj.us/cgi-bin ... &out_type=0&district=0906

Use the Tax1 website to research any property in Jersey City (& the whole state of NJ)

It will tell you the owner, the real estate taxes, the number of units, the purchase price (for relatively recent purchases)

You can put in a street name without an address number and it will give you all the properties on that street (change items on page from 50 to 1000)

You can also search by Owner's Name, to see all the property owned throughout the city by one owner.
(Search hint: but a blank space before the owner's name if you don't get the results you expected)

I ran two searches, one for US Masters and the other for Dixon, then copied them to a spreadsheet.
This is the result.
90 ARLINGTON AVE.
314 ARMSTRONG AVE.
402 ARMSTRONG AVE.
17A-19 ASH ST.
30 ASTOR PL.
47 AUDUBON AVE.
45 AUDUBON AVE.
15 BALDWIN AVE.
42 BARTHOLDI AVE.
11 BAYVIEW AVE.
109 BEACON AVE.
111 BEACON AVE.
179 BEACON AVE.
69 BEACON AVE.
80 BEACON AVE.
101 BELMONT AVE.
166 BELMONT AVE.
26 BELMONT AVE.
69 BELMONT AVE.
75 BELMONT AVE.
152 BENTLEY AVE.
198 BERGEN AVE.
268 BERGEN AVE.
479 BERGEN AVE.
17 BERGEN AVE.
58 BERGEN AVE.
219 BIDWELL AVE.
66 BIDWELL AVE.
9 BIDWELL AVE.
89 BOSTWICK AVE.
202 BOWERS ST.
84 BOWERS ST.
133 BOYD AVE.
156 BOYD AVE.
76 BOYD AVE.
551.5 BRAMHALL AVE
340 BRAMHALL AVE.
590 BRAMHALL AVE.
338 BRAMHALL AVE.
596 BRAMHALL AVE.
614 BRAMHALL AVE.
139 BRIGHT ST.
85 BROWN PLACE
221 BRUNSWICK ST.
166 CARTERET AVE.
238 CATOR AVE.
287 CATOR AVE.
126 CHESTNUT AVE.
67 CHESTNUT AVE.
69 CHESTNUT AVE.
71 CHESTNUT AVE.
109 CLAREMONT AVE.
363 CLAREMONT AVE.
118 CLARKE AVE.
29 CLARKE AVE.
104 CLENDENNY AVE
114 CLENDENNY AVE.
98 CLENDENNY AVE.
136A CLENDENNY AVE.
251 CLENDENNY AVE.
42 CLERK ST
167 CLINTON AVE.
208 CLINTON AVE.
155 COLES ST.
45 COLLEGE ST.
171 COLUMBIA AVE.
53 CONDICT ST.
104 COTTAGE ST.
106 COTTAGE ST.
149 CULVER AVE.
123 CUSTER AV.
307 DANFORTH AVE.
350 DANFORTH AVE.
202 DELAWARE AVE.
294 DUNCAN AVE.
2A DWIGHT ST
193 DWIGHT ST.
23 DWIGHT ST.
2A DWIGHT ST.
60 DWIGHT ST.
10 DWIGHT ST.
15 DWIGHT ST.
27 EASTERN PARKWAY
349 EGE AVE.
109 EGE AVE.
329.5 EIGHTH ST
215 EIGHTH ST.
273 EIGHTH ST.
294 EIGHTH ST.
26 EMORY ST.
56 ERIE ST.
27 EXETER RD.
5 EXETER RD.
348.5 FIFTH ST
260 FIFTH ST.
286 FIFTH ST.
336 FIFTH ST.
351 FIFTH ST.
234 FIRST ST.
244 FIRST ST.
385 FIRST ST.
93 FISK ST.
366 FORREST ST.
268 FOURTH ST.
203 FREEMAN AV.
207 FULTON AVE.
22 FULTON AVE.
66 GARDNER AVE.
60 GARDNER AVE.
603 GARFIELD AVE.
754 GARFIELD AVE.
37B GAUTIER AVE.
222 GRANT AVE.
226 GRANT AVE.
159 GRANT AVE.
190 GRANT AVE.
283 GRANT AVE.
86 GRIFFITH ST
84 GRIFFITH ST.
241 GROVE ST.
363 GROVE ST.
192 HALLADAY ST.
6 HAMPTON CT TER
51 JEWETT AVE.
42.5 JEWETT AVENUE
1532 KENNEDY BLVD.
3709 KENNEDY BLVD.
69 LAIDLAW AVE.
65 LEXINGTON AVE.
564 LIBERTY AVE.
20 LINDEN AVE.
441 MALLORY AVE
94 MALLORY AVE.
40 MANHATTAN AVE.
16 MARION PL.
157 MCADOO AVE.
84 MCADOO AVE.
466 MERCER ST.
510.5 MONMOUTH ST
254 MONTGOMERY ST.
845 MONTGOMERY ST.
213 MYRTLE AVE.
150 MYRTLE AVE.
153 MYRTLE AVE.
181 MYRTLE AVE.
198 MYRTLE AVE.
211 MYRTLE AVE.
248 NEPTUNE AVE.
181 NEW YORK AVE
178 NORTH ST.
279 NORTH ST.
272 OGDEN AVE.
156 OLD BERGEN RD
285 OLD BERGEN RD
112.5 ORIENT AVE
120 ORIENT AVE.
130 ORIENT AVE.
121 PALISADE AVE.
86 PALISADE AVE.
342 PAVONIA AVE.
350 PAVONIA AVE.
35 PEARSALL AVE.
21 PEARSALL AVE.
17 PIERCE AVE.
151 PINE ST.
238 PINE ST.
67 POPLAR ST.
385 PRINCETON AVE.
132 PROSPECT ST
300 RANDOLPH AVE
98 RANDOLPH AVE.
140 RANDOLPH AVE.
62 RESERVOIR AVE.
35 ROSE AVE.
281.5 SECOND ST
330 SECOND ST.
412 SECOND ST.
236.5 SEVENTH ST
13 SHEFFIELD ST.
111 SHERMAN AV.
117 SHERMAN AV.
152 SHERMAN AVE.
15 SKYLINE DRIVE
148 SOUTH ST.
53 SPRUCE ST.
132 STEGMAN ST.
64 STEGMAN ST.
146 STEVENS AVE.
888 SUMMIT AVE.
963 SUMMIT AVE.
997 SUMMIT AVE.
125 TERRACE AVE
232.5 THIRD ST
36 UNION ST.
397 UNION ST.
420A UNION ST.
254 VAN HORNE ST.
142 VAN NOSTRAND AVE.
31 VAN NOSTRAND AVE
89 VAN NOSTRAND AVE
281 VIRGINIA AV.
203 VIRGINIA AVE.
328 VIRGINIA AVE.
6 VREELAND TERR.
10-10.5 WALLIS AVE
84 WALLIS AVE.
86 WALLIS AVE.
73 WARNER AVE.
80 WARNER AVE.
122 WARNER AVE.
49 WARNER AVE.
86 WAVERLY ST.
448 WAYNE ST.
146 WEBSTER AVE.
139 WEGMAN PKWY.
180 WEGMAN PKWY.
171 WEGMAN PKWY.
185 WEGMAN PKWY.
16 WELDON ST.
339 WHITON ST.
70 WILKINSON AVE
15 WILLIAMS AVE.
66A WILLIAMS AVE.
111 WINFIELD AVE
276 WINFIELD AVE.
278 WINFIELD AVE.
310 WINFIELD AVE.
138 WOODLAWN AVE.
165 YORK ST.

Posted on: 2013/1/23 16:19
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Re: Australians investors buying up Jersey City housing
#26
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You are right, not a sovereign wealth fund. My point was this situation pits normal 'Joe JC buyer' versus a big institutional pot of cash.

I think your point about whether recently purchased single families can be converted to 3 or 4 unit places is huge. I don't know the specifics, maybe someone else on this forum does?

I'd be really disappointed if single families start getting chopped into 3 or 4 units on any kind of scale. That would be a big negative...

Posted on: 2013/1/23 16:17
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Re: Australians investors buying up Jersey City housing
#25
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NJ Cash for Homes bought the 2-family next door to me for $179,000 in cash. It was listed in the MLS and shown to nice young couples for a listing price of $225,000. It's a Victorian that's been in the same family for 50 years or more so it needed renovating. They gutted the place and threw all the old plaster and lathe into the backyard where it remained for months. What's interesting is that they sheetrocked and finished the basement and turned the downstairs rental into a duplex. It's still a 2-family but one of the units is a duplex. They listed the duplex as a 3 or 4 bedroom apartment and I think they got something like $1,800.00--$1,900.00 for it. The families that live there now and quiet and nice but there goes my chance of ever refinancing. It's some comp to deal with. All the neighbors agree that the original owner pretty much gave the house away.

Posted on: 2013/1/23 16:04
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Re: Australians investors buying up Jersey City housing
#24
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Quote:

mfadam wrote:
If their goal is to maximize cashflow they will simply do floor thru rental units on every property. I'm not sure houses would be selling as quickly if you didn't have sovereign wealth funds buying.


1. This is not a sovereign wealth fund, it is a publicly traded corp. http://en.wikipedia.org/wiki/Sovereign_wealth_fund

2. Once they buy a property, especially a small building like a rowhouse, I think it is important to make sure the number of units doesn't exceed the zoning. I thought that when a rowhouse in dtjc changes hands it can't have more units than at time of purchase (not going to bet on this). Also, it's a good idea for neighbors to make sure new owners stay within historic guidelines where it applies.

Posted on: 2013/1/23 16:03
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