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4 Anonymous Users
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Re: Australians investors buying up Jersey City housing
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Home away from home
 
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These guys closed on a 4 unit property on the Western Slope up in the Heights for 340k back in September of last year. They are renting one of the units for $1100 a month. I think this is the only property of their's in this area. Who are these guys ?? Well at least they are investing in properties, I wonder who they are voting for in the next muncipal election ?
Posted on: 2013/1/28 2:36
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Get on your bikes and ride !
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Re: Australians investors buying up Jersey City housing
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Home away from home
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I think investment in JC is a good thing these people aren't buying properties to see their investments go down the drain. All the whining and hysteria is amusing but adds nothing to the reality whether JC is a good investment for outsiders. If you bought in the past 20 years most JC natives still consider you an outsider.
Posted on: 2013/1/26 16:17
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Re: Australians investors buying up Jersey City housing
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Home away from home
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Quote:
Real estate agents are paid no matter who buys the properties. Contractors will get hired either way. Healy also needs people to vote for him, and there's no reason to believe new homeowners will vote for a specific candidate. Quote: Losers: Neighborhoods (owner occupied units always better for immediate neighborhood), Buyers (mortgage approval very tough still and people can't compete against a flush REIT), Fulop, Schools (most JC renters are young without kids)... Neighborhoods will do fine. Again, 70% of JC (including downtown) are rentals. If you genuinely believe that a city full of rentals is a bad thing, you might want to move to the suburbs. The idea that rentals are bad for a neighborhood is a myth. Rental units don't have any effect on property values. If you walk down 4th Street, can you actually tell by looking at the buildings which ones are owner-occupied and which ones are for rent? When you bought your home, did you do an extensive search to find out if any nearby buildings were rentals? Buyers aren't losing out. It's not like there were no competitors prior to Dixon showing up. Nor is Dixon going to swoop in on every property for sale in JC. Again, there's no reason to presume new homeowners will vote for a specific candidate. Schools won't be affected by the minute fluctuations in owners vs renters.
Posted on: 2013/1/26 15:57
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Re: Australians investors buying up Jersey City housing
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Home away from home
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There are, roughly speaking, 80,000 housing units in Jersey City. About 56,000 units are rentals. 70% of all the housing in Jersey City are already rentals.
Dixon owns around 230 units. That's about 0.3%. This also is not a one-way process; Dixon Mills went from rent to own, and that alone is 450 units. And obviously, a lot of new construction is owned rather than rented. Rental units don't suppress real estate values, erode civic virtues or curve your spine. So while it's good to know what's going on, there is no need to be stricken with fear because an investment group is buying properties in JC.
Posted on: 2013/1/26 15:36
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Re: Australians investors buying up Jersey City housing
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Home away from home
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Good read.. here are some excerpts.... ?And then he was like, ?Hey, I?ve got a young baby. I can?t be having her kept awake all night. It?s unacceptable and the police need to shut it down.? ?I just wished him luck,? Mindy said, dismissively. The neighbor may not need it. In April, a group of investors led by Jonathan Butler, founder of the popular real estate blog Brownstoner as well as the artisanal Brooklyn Flea market, and including the Goldman Sachs Urban Investment Group, purchased the former Studebaker service station at 1000 Dean Street, just off of Franklin Avenue, for $11 million. They plan on turning the building into a mix of commercial and creative spaces that should be completed in the summer of 2013, and will likely receive another $20 million in investment?a level never before seen in Crown Heights.
Posted on: 2013/1/26 15:16
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Re: Australians investors buying up Jersey City housing
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Home away from home
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This has nothing to do with this -- so it is kind of off topic..
-- but anyway -- there was a huge warehouse fire in Chicago this week (see link for great photos) http://www.theatlantic.com/infocus/20 ... gos-freezing-fire/100445/ back When I lived in Chicago there was a slumlord who would buy huge loft buildings in the never coming up part of town. He would fill these vast warehouses with used tires -- making $1 off each to store them -- then somehow these over insured warehouses often burnt down -- his name was Lou Wolf -- here's an interesting link -- it is the first chapter of the book entitled "Family Properties" -- it touches on Lou Wolf http://www.nytimes.com/2009/03/18/boo ... er-family-properties.html FWIW -- I think single owners can be good and bad too -- so I am happy to see REIT money invested in JC -- it is a good investment!
Posted on: 2013/1/26 0:25
Edited by GrovePath on 2013/1/26 0:41:37
Edited by GrovePath on 2013/1/26 0:47:22 |
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Re: Australians investors buying up Jersey City housing
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Home away from home
Joined:
2006/11/13 18:42 Last Login : 2022/2/28 7:31 From 280 Grove Street
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A big fear if these Aussie investor companies have anything to do with a person running or involved with them called 'Pratt'.
The matriarch of the Pratt family did have a criminal history with tax issues and employing dubious employees.
Posted on: 2013/1/26 0:01
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My humor is for the silent blue collar majority - If my posts offend, slander or you deem inappropriate and seek deletion, contact the webmaster for jurisdiction.
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Re: Australians investors buying up Jersey City housing
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Quite a regular
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This reminds me of an article I recently read about gentrification in Crown Heights: http://narrative.ly/2013/01/the-ins-and-the-outs/
From the article: "MySpace NYC is a real estate agency that arrived in 2008, and is perhaps the most controversial, notorious player in the entire Franklin Avenue saga. [...] A undated marketing letter from a group called IDG Holdings but signed by a principal of MySpace informs building owners: 'We buy properties ?As is? and in any condition and price range. We pay Top Dollar, in Cash, without any Broker fees. We can close as fast as 7-10 days'? Now, I'm not saying that Dixon operates similarly to MySpace NYC as described in the article, as I don't know enough about Dixon to say one way or the other. But I recommend the article.
Posted on: 2013/1/25 14:38
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Re: Australians investors buying up Jersey City housing
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Home away from home
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Aussie REIT winners: RE brokers, sellers, contractors, Healy (renters don't tend to vote)
Losers: Neighborhoods (owner occupied units always better for immediate neighborhood), Buyers (mortgage approval very tough still and people can't compete against a flush REIT), Fulop, Schools (most JC renters are young without kids)... Other thoughts?
Posted on: 2013/1/25 14:37
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Re: Australians investors buying up Jersey City housing
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Home away from home
Joined:
2007/9/1 14:14 Last Login : 2021/3/15 20:01 From Downtown - H.P. area
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Quote:
You can have bedrooms in a basement as long as there is at least one "egress" window per room, in addition to any other exits, such as stairs leading up to the ground floor, etc. Actual egress windows are very large and require a sizable (36" diameter) window well with steps. I can't recall ever seeing a real egress window on any house in downtown JC (but I haven't been looking for one). Definitely no bedrooms, or any living space for that matter, in a windowless cellar.
Posted on: 2013/1/25 14:34
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Re: Australians investors buying up Jersey City housing
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Just can't stay away
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I live very close to Dixon Mills on Columbus dr. and my landlord has been showing our building to a slew of people. Every other day I get a text that people will be by to look around.
Posted on: 2013/1/25 14:20
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Re: Australians investors buying up Jersey City housing
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Just can't stay away
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Hawthrown same company different LLC? Common and not hard to do.
Posted on: 2013/1/25 12:32
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Re: Australians investors buying up Jersey City housing
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Just can't stay away
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mfadam / ConcernNeighbor
143 Mercer was sold to a Hawthrown Properties LLC - so a company. But this company is not Dixon / US Masters, and does not own any other properties in JC. http://tax1.co.monmouth.nj.us/cgi-bin ... 612809____00001_________M To find the properties that Dixon / US MASTERS have bought go here: http://tax1.co.monmouth.nj.us/cgi-bin ... &out_type=0&district=0906 Type in %MASTER% , with percentage signs, in Owner Name field, and click submit... The database is current as of about a month ago.
Posted on: 2013/1/25 6:46
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Re: Australians investors buying up Jersey City housing
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Home away from home
Joined:
2006/11/13 18:42 Last Login : 2022/2/28 7:31 From 280 Grove Street
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Definition of GENTRIFICATION
the process of renewal and rebuilding accompanying the influx of upper middle-class or affluent people into deteriorating areas that often displaces poorer or lower middle-class residents JUST HELPING TO SPEED UP THE PROCESS
Posted on: 2013/1/25 6:42
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My humor is for the silent blue collar majority - If my posts offend, slander or you deem inappropriate and seek deletion, contact the webmaster for jurisdiction.
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Re: Australians investors buying up Jersey City housing
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Home away from home
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If the renters like the property, they may buy it too. The foreign investors are not going to be here for a long time. I rented out for 4 and half years in downtown, before I bought my own home.
Posted on: 2013/1/25 2:10
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Re: Australians investors buying up Jersey City housing
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Home away from home
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ConcernNeighbor - do you have anything documenting that Dixon purchased 130, 137 and 143 Mercer Street?
I know 143 Mercer St sold the day it was listed for around $1.1mm, but I was unaware the other two were ever on the market?? If they are not going to chop brownstones as the CEO noted in his post and they bought 143 Mercer, I'm not so sure they could rent it out as a single family and make much of a return. Few rowhouses are rented out as single family around DTJC and I'm not sure that the demand exists.
Posted on: 2013/1/25 1:31
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Re: Australians investors buying up Jersey City housing
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Home away from home
Joined:
2009/5/15 4:26 Last Login : 2017/12/25 1:59 From here to eternity
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Quote:
ogden1 wrote: seems the dixon people are doing their due diligence ... what i understand, they have shown up at various neighborhood association meetings to talk about their plans ... is that correct? dixon is driving up house prices and apartment rents ... what they do will benefit those who own in dtjc and other areas where they have purchased ...
Posted on: 2013/1/24 23:26
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Re: Australians investors buying up Jersey City housing
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Home away from home
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Facts please?
Posted on: 2013/1/24 23:25
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Re: Australians investors buying up Jersey City housing
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Home away from home
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houses in disrepair remain vacant until they get around to fixing them...they must have nearly 100 in disrepair already. [quote]They are in it to make money. If the places are in disrepair, they won't be able to get top dollar for the unit(s). What incentive do they have to let this happen? [quote] [quote]it wont be long before these homes end up in disrepair. [quote] That definitely makes sense to me that they would remain vacant if they continued to be in disrepair (i.e., started out in bad shape and stayed that way). What I didn't understand was the suggestion that their properties will end up in disrepair. But maybe I misinterpreted.
Posted on: 2013/1/24 22:03
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Re: Australians investors buying up Jersey City housing
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Newbie
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Posted on: 2013/1/24 21:48
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Re: Australians investors buying up Jersey City housing
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Just can't stay away
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They're bedrooms and it's a cellar. It's all who you know, I suppose in this town.
Posted on: 2013/1/24 21:40
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Re: Australians investors buying up Jersey City housing
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Home away from home
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If the space is just "usable space", but not bedrooms or kitchen, I believe that is legal. Bedrooms can be in a "basement" with windows but not a cellar, defined as more than (I believe) 50% below grade.
Posted on: 2013/1/24 21:27
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Re: Australians investors buying up Jersey City housing
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Home away from home
Joined:
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I think its refreshing, I think its lame when people assume $hit or even make up $hit on here, now we know what is what.
Posted on: 2013/1/24 21:03
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Re: Australians investors buying up Jersey City housing
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Just can't stay away
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A 2-family Victorian with an unfinished basement becomes a 2-family but now one of the units is a duplex because they finished the basement and turned it into livable space--wouldn't this be a zoning or some kind of violation?
Posted on: 2013/1/24 20:53
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Re: Australians investors buying up Jersey City housing
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Home away from home
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While walking past the NW corner of Jersey and Second I noticed this name. Coincidence?
http://www.armagnoagency.com/ArmagnoA ... out_us.asp?varStaffID=107
Posted on: 2013/1/24 20:41
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Re: Australians investors buying up Jersey City housing
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Newbie
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houses in disrepair remain vacant until they get around to fixing them...they must have nearly 100 in disrepair already.
Posted on: 2013/1/24 20:26
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Re: Australians investors buying up Jersey City housing
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Home away from home
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it wont be long before these homes end up in disrepair. They are in it to make money. If the places are in disrepair, they won't be able to get top dollar for the unit(s). What incentive do they have to let this happen?
Posted on: 2013/1/24 20:19
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Re: Australians investors buying up Jersey City housing
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Newbie
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143 Mercer st, 130 Mercer st, 137 mercer st, a lot on Hamilton Park, at least 4 on the park- all on 8th St.
Posted on: 2013/1/24 20:17
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Re: Australians investors buying up Jersey City housing
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Newbie
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can you specify what you'd like to know...they are buying properties from very poor to mint condition and money is no object...they have out bid many many buyers from owning their dream home.
Posted on: 2013/1/24 20:12
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Re: Australians investors buying up Jersey City housing
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Home away from home
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ConcernNeighbor - can you please provide specifics on the downtown properties these guys are purchasing? Thanks...
Posted on: 2013/1/24 20:01
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