jcwalkingman wrote:
Quote:

vindication15 wrote:

Safer? No
http://www.areavibes.com/harrison-nj/crime/

http://www.areavibes.com/jersey+city-nj/downtown/crime/

Look at the chances of being a victim of violent crime and property crime in both areas.

If space is what you are looking for, I hear you can get a lot of space in tulsa oklahoma..

I know a colleague who moved from Manhattan back to the south with his family. I should mention that he got laid off...

So yeah, I guess it does depend on circumstances..

Did you even look at the numbers? Why did you post something that completely disproves your point? LOL


Downtown Jersey City:
Murders per 100,000: 8
Rapes per 100,000: 14
Assault per 100,000: 344
Violent crime per 100,000: 644

Harrison:
Murders per 100,000: 0
Rapes per 100,000: 0
Assault per 100,000: 222 (35% lower than downtown Jersey City's rate)
Violent crime per 100,000: 451

You are TOO funny.


As for condos coming online next year, Oakman is aiming for Dec 2016, and 213-215 Bay should be complete by that time too. It sounds like Gulls Cove II will be complete by Spring 2017, and Provost Square phase II is looking like early 2018.

SRhia wrote:
Quote:

jcwalkingman wrote:

........

One last note - I've gone to several open houses in the past few weeks and all the units I've seen were investor-owned. Seems like investors are starting to cash in.

I have noticed that quite a few brownstones have gone on the market recently (550 Jersey, 556 Jersey, one on Morris near the Light Horse, and a big one on Montgomery by VVP), more than usual in the last few years. I'm no expert in real estate, but my first thought after seeing those listings was that "are we peaking? are people trying to cash in before the price crashes?"

jcwalkingman wrote:

As for condos coming online next year, Oakman is aiming for Dec 2016, and 213-215 Bay should be complete by that time too. It sounds like Gulls Cove II will be complete by Spring 2017, and Provost Square phase II is looking like early 2018.

T-Bird wrote:
Quote:

jcwalkingman wrote:
It sounds like Gulls Cove II will be complete by Spring 2017.

YOU are TOO funny!

jcwalkingman wrote:
It sounds like Gulls Cove II will be complete by Spring 2017.

vindication15 wrote:

Safer? No
http://www.areavibes.com/harrison-nj/crime/

http://www.areavibes.com/jersey+city-nj/downtown/crime/

Look at the chances of being a victim of violent crime and property crime in both areas.

If space is what you are looking for, I hear you can get a lot of space in tulsa oklahoma..

I know a colleague who moved from Manhattan back to the south with his family. I should mention that he got laid off...

So yeah, I guess it does depend on circumstances..

jcwalkingman wrote:

........

One last note - I've gone to several open houses in the past few weeks and all the units I've seen were investor-owned. Seems like investors are starting to cash in.

jcwalkingman wrote:
Quote:

vindication15 wrote:
Quote:

jcwalkingman wrote:
Quote:

Dolomiti wrote:
Quote:

JCMan8 wrote:
It's unclear to me if this is evidence of a JC bubble or not.

It isn't.

They're using a relatively new metric, which notes what percentages of homes go down. Real estate prices were rising steadily last year, yet around 20% of homes still lost value that year. (We also aren't looking at years of data, to get an idea about what is normal.)

We already know that prices have cooled a bit in 2015... and again, that's perfectly normal. No market goes up constantly. Few real estate markets go up uniformly across the board. Not every decline in value means that a bubble has burst, let alone formed in the first place.

I agree - def not evidence of a bubble. But if you compare rents in areas surrounding downtown to rents for comps in downtown, you'll see that the rents downtown are much lower relative to purchase prices than in those other areas; this is one thing that seems to suggest that asking prices are completely out of sync with reality and that they're being driven by speculation at this point - speculation that they'll keep going up at a relatively rapid pace. This speculation arose from the perception that downtown is rapidly changing, which is a false impression related to the surge in construction over the past two years, which itself was simply the result of a lack of construction over the previous 8 years (of course the Fulop administration's dozens of high-profile PR pieces and massive "Make it Yours" campaign had also contributed to the hype that is now dying off). Construction grinding to a halt once demand has largely been satisfied, or drop in rents due to oversupply of rental units - or both - will wake buyers up to reality. There's been a sort of hysteria in the market as it has oscillated from one extreme to another in the past several years and this isn't a healthy thing.

There are 3,500 additional new units downtown, 500 in JSQ, and another 1,000 (much cheaper for the same quality) in Harrison (total = 5,000) coming online by year-end, and this will definitely impact rents. Lower rents will make renting more attractive while the impending slowdown in construction will dull the perception that downtown is rapidly changing. Buyers are going to begin to pay more attention to the large undeveloped lots when cranes and other construction equipment disappear.

Also keep in mind that the inventory shortage has contributed to the price surge of the past 2 years, but there are now hundreds of new condos coming online for the first time in a decade; supply is about to surge and there's no evidence that demand is also about to surge (actually quite the opposite), which may definitely result in an oversupply of for-sale units.

One last note - I've gone to several open houses in the past few weeks and all the units I've seen were investor-owned. Seems like investors are starting to cash in.

Lol. No one is choosing between harrison or dtjc. That choice is like saying to your kids, "hey, want to go to a waterpark or want to close your eyes and let me spray you with a garden hose?"

By "no one" I assume you mean no one in your group of friends. I know many people who have moved from Newport and the Grove Street area to Harrison in the past year or so. Alot of young families who are looking for a safer & quieter neighborhood than you see in most parts of downtown.

Anyway, getting back on topic, the point is that there are many, many new rental units coming online in the next 3 months alone, and the competition is going to impact rents, which should encourage more people to rent and reduce buyer demand. At the same time there are all the condos I mentioned coming online (roughly 500 already U/C for late 2016 delivery). That supply/demand balance should be tipping back in the buyer's favor within a year or so.

bodhipooh wrote:
Quote:

JCMan8 wrote:
Quote:

Dolomiti wrote:
Quote:

vindication15 wrote:
Lol. No one is choosing between harrison or dtjc. That choice is like saying to your kids, "hey, want to go to a waterpark or want to close your eyes and let me spray you with a garden hose?"

I for one disagree. It's a little further out, but still accessible via PATH. People who can't afford downtown JC will likly now look at JSQ and Harrison.

In two years once the tens of thousands of new units are up in JSQ and DTJC, moving to Harrison comes with the added bonus of being able to get on the PATH train. Because these trains will be packed to the gills before they leave JSQ.

This is a HUGE potential issue for further growth in JC. As it is, some of these PATH trains are already fairly full by the the time they arrive in Grove. Often times, I see people get left behind at the Newport station because they can not get on. If JSQ really takes off, getting on a train at Grove will be hard.

bodhipooh wrote:
Quote:

JCMan8 wrote:
Quote:

Dolomiti wrote:
Quote:

vindication15 wrote:
Lol. No one is choosing between harrison or dtjc. That choice is like saying to your kids, "hey, want to go to a waterpark or want to close your eyes and let me spray you with a garden hose?"

I for one disagree. It's a little further out, but still accessible via PATH. People who can't afford downtown JC will likly now look at JSQ and Harrison.

In two years once the tens of thousands of new units are up in JSQ and DTJC, moving to Harrison comes with the added bonus of being able to get on the PATH train. Because these trains will be packed to the gills before they leave JSQ.

This is a HUGE potential issue for further growth in JC. As it is, some of these PATH trains are already fairly full by the the time they arrive in Grove. Often times, I see people get left behind at the Newport station because they can not get on. If JSQ really takes off, getting on a train at Grove will be hard.

JCMan8 wrote:
Quote:

Dolomiti wrote:
Quote:

vindication15 wrote:
Lol. No one is choosing between harrison or dtjc. That choice is like saying to your kids, "hey, want to go to a waterpark or want to close your eyes and let me spray you with a garden hose?"

I for one disagree. It's a little further out, but still accessible via PATH. People who can't afford downtown JC will likly now look at JSQ and Harrison.

In two years once the tens of thousands of new units are up in JSQ and DTJC, moving to Harrison comes with the added bonus of being able to get on the PATH train. Because these trains will be packed to the gills before they leave JSQ.

Dolomiti wrote:
Quote:

vindication15 wrote:
Lol. No one is choosing between harrison or dtjc. That choice is like saying to your kids, "hey, want to go to a waterpark or want to close your eyes and let me spray you with a garden hose?"

I for one disagree. It's a little further out, but still accessible via PATH. People who can't afford downtown JC will likly now look at JSQ and Harrison.

Dolomiti wrote:
Quote:

vindication15 wrote:
Lol. No one is choosing between harrison or dtjc. That choice is like saying to your kids, "hey, want to go to a waterpark or want to close your eyes and let me spray you with a garden hose?"

I for one disagree. It's a little further out, but still accessible via PATH. People who can't afford downtown JC will likly now look at JSQ and Harrison.

jcwalkingman wrote:
Quote:

vindication15 wrote:
Quote:

jcwalkingman wrote:
Quote:

Dolomiti wrote:
Quote:

JCMan8 wrote:
It's unclear to me if this is evidence of a JC bubble or not.

It isn't.

They're using a relatively new metric, which notes what percentages of homes go down. Real estate prices were rising steadily last year, yet around 20% of homes still lost value that year. (We also aren't looking at years of data, to get an idea about what is normal.)

We already know that prices have cooled a bit in 2015... and again, that's perfectly normal. No market goes up constantly. Few real estate markets go up uniformly across the board. Not every decline in value means that a bubble has burst, let alone formed in the first place.

I agree - def not evidence of a bubble. But if you compare rents in areas surrounding downtown to rents for comps in downtown, you'll see that the rents downtown are much lower relative to purchase prices than in those other areas; this is one thing that seems to suggest that asking prices are completely out of sync with reality and that they're being driven by speculation at this point - speculation that they'll keep going up at a relatively rapid pace. This speculation arose from the perception that downtown is rapidly changing, which is a false impression related to the surge in construction over the past two years, which itself was simply the result of a lack of construction over the previous 8 years (of course the Fulop administration's dozens of high-profile PR pieces and massive "Make it Yours" campaign had also contributed to the hype that is now dying off). Construction grinding to a halt once demand has largely been satisfied, or drop in rents due to oversupply of rental units - or both - will wake buyers up to reality. There's been a sort of hysteria in the market as it has oscillated from one extreme to another in the past several years and this isn't a healthy thing.

There are 3,500 additional new units downtown, 500 in JSQ, and another 1,000 (much cheaper for the same quality) in Harrison (total = 5,000) coming online by year-end, and this will definitely impact rents. Lower rents will make renting more attractive while the impending slowdown in construction will dull the perception that downtown is rapidly changing. Buyers are going to begin to pay more attention to the large undeveloped lots when cranes and other construction equipment disappear.

Also keep in mind that the inventory shortage has contributed to the price surge of the past 2 years, but there are now hundreds of new condos coming online for the first time in a decade; supply is about to surge and there's no evidence that demand is also about to surge (actually quite the opposite), which may definitely result in an oversupply of for-sale units.

One last note - I've gone to several open houses in the past few weeks and all the units I've seen were investor-owned. Seems like investors are starting to cash in.

Lol. No one is choosing between harrison or dtjc. That choice is like saying to your kids, "hey, want to go to a waterpark or want to close your eyes and let me spray you with a garden hose?"

By "no one" I assume you mean no one in your group of friends. I know many people who have moved from Newport and the Grove Street area to Harrison in the past year or so. Alot of young families who are looking for a safer & quieter neighborhood than you see in most parts of downtown.

Anyway, getting back on topic, the point is that there are many, many new rental units coming online in the next 3 months alone, and the competition is going to impact rents, which should encourage more people to rent and reduce buyer demand. At the same time there are all the condos I mentioned coming online (roughly 500 already U/C for late 2016 delivery). That supply/demand balance should be tipping back in the buyer's favor within a year or so.

vindication15 wrote:
Lol. No one is choosing between harrison or dtjc. That choice is like saying to your kids, "hey, want to go to a waterpark or want to close your eyes and let me spray you with a garden hose?"

vindication15 wrote:
Quote:

jcwalkingman wrote:
Quote:

Dolomiti wrote:
Quote:

JCMan8 wrote:
It's unclear to me if this is evidence of a JC bubble or not.

It isn't.

They're using a relatively new metric, which notes what percentages of homes go down. Real estate prices were rising steadily last year, yet around 20% of homes still lost value that year. (We also aren't looking at years of data, to get an idea about what is normal.)

We already know that prices have cooled a bit in 2015... and again, that's perfectly normal. No market goes up constantly. Few real estate markets go up uniformly across the board. Not every decline in value means that a bubble has burst, let alone formed in the first place.

I agree - def not evidence of a bubble. But if you compare rents in areas surrounding downtown to rents for comps in downtown, you'll see that the rents downtown are much lower relative to purchase prices than in those other areas; this is one thing that seems to suggest that asking prices are completely out of sync with reality and that they're being driven by speculation at this point - speculation that they'll keep going up at a relatively rapid pace. This speculation arose from the perception that downtown is rapidly changing, which is a false impression related to the surge in construction over the past two years, which itself was simply the result of a lack of construction over the previous 8 years (of course the Fulop administration's dozens of high-profile PR pieces and massive "Make it Yours" campaign had also contributed to the hype that is now dying off). Construction grinding to a halt once demand has largely been satisfied, or drop in rents due to oversupply of rental units - or both - will wake buyers up to reality. There's been a sort of hysteria in the market as it has oscillated from one extreme to another in the past several years and this isn't a healthy thing.

There are 3,500 additional new units downtown, 500 in JSQ, and another 1,000 (much cheaper for the same quality) in Harrison (total = 5,000) coming online by year-end, and this will definitely impact rents. Lower rents will make renting more attractive while the impending slowdown in construction will dull the perception that downtown is rapidly changing. Buyers are going to begin to pay more attention to the large undeveloped lots when cranes and other construction equipment disappear.

Also keep in mind that the inventory shortage has contributed to the price surge of the past 2 years, but there are now hundreds of new condos coming online for the first time in a decade; supply is about to surge and there's no evidence that demand is also about to surge (actually quite the opposite), which may definitely result in an oversupply of for-sale units.

One last note - I've gone to several open houses in the past few weeks and all the units I've seen were investor-owned. Seems like investors are starting to cash in.

Lol. No one is choosing between harrison or dtjc. That choice is like saying to your kids, "hey, want to go to a waterpark or want to close your eyes and let me spray you with a garden hose?"

jcwalkingman wrote:
Quote:

Dolomiti wrote:
Quote:

JCMan8 wrote:
It's unclear to me if this is evidence of a JC bubble or not.

It isn't.

They're using a relatively new metric, which notes what percentages of homes go down. Real estate prices were rising steadily last year, yet around 20% of homes still lost value that year. (We also aren't looking at years of data, to get an idea about what is normal.)

We already know that prices have cooled a bit in 2015... and again, that's perfectly normal. No market goes up constantly. Few real estate markets go up uniformly across the board. Not every decline in value means that a bubble has burst, let alone formed in the first place.

I agree - def not evidence of a bubble. But if you compare rents in areas surrounding downtown to rents for comps in downtown, you'll see that the rents downtown are much lower relative to purchase prices than in those other areas; this is one thing that seems to suggest that asking prices are completely out of sync with reality and that they're being driven by speculation at this point - speculation that they'll keep going up at a relatively rapid pace. This speculation arose from the perception that downtown is rapidly changing, which is a false impression related to the surge in construction over the past two years, which itself was simply the result of a lack of construction over the previous 8 years (of course the Fulop administration's dozens of high-profile PR pieces and massive "Make it Yours" campaign had also contributed to the hype that is now dying off). Construction grinding to a halt once demand has largely been satisfied, or drop in rents due to oversupply of rental units - or both - will wake buyers up to reality. There's been a sort of hysteria in the market as it has oscillated from one extreme to another in the past several years and this isn't a healthy thing.

There are 3,500 additional new units downtown, 500 in JSQ, and another 1,000 (much cheaper for the same quality) in Harrison (total = 5,000) coming online by year-end, and this will definitely impact rents. Lower rents will make renting more attractive while the impending slowdown in construction will dull the perception that downtown is rapidly changing. Buyers are going to begin to pay more attention to the large undeveloped lots when cranes and other construction equipment disappear.

Also keep in mind that the inventory shortage has contributed to the price surge of the past 2 years, but there are now hundreds of new condos coming online for the first time in a decade; supply is about to surge and there's no evidence that demand is also about to surge (actually quite the opposite), which may definitely result in an oversupply of for-sale units.

One last note - I've gone to several open houses in the past few weeks and all the units I've seen were investor-owned. Seems like investors are starting to cash in.

Dolomiti wrote:
Quote:

JCMan8 wrote:
It's unclear to me if this is evidence of a JC bubble or not.

It isn't.

They're using a relatively new metric, which notes what percentages of homes go down. Real estate prices were rising steadily last year, yet around 20% of homes still lost value that year. (We also aren't looking at years of data, to get an idea about what is normal.)

We already know that prices have cooled a bit in 2015... and again, that's perfectly normal. No market goes up constantly. Few real estate markets go up uniformly across the board. Not every decline in value means that a bubble has burst, let alone formed in the first place.

JCMan8 wrote:
It's unclear to me if this is evidence of a JC bubble or not.

JCMan8 wrote:
Bloomberg reports that half of all homes in the New York area are losing value.


However, this only measures homes, not apartments, so Manhattan was not tracked.


It's unclear to me if this is evidence of a JC bubble or not.


http://www.bloomberg.com/news/article ... -d-c-are-now-losing-value

bodhipooh wrote:
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BobNesta wrote:
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bodhipooh wrote:
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BobNesta wrote:
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bodhipooh wrote:
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BobNesta wrote:
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bodhipooh wrote:
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BobNesta wrote:
There are actually a good number of foreign buyers, especially in the "luxury" high rises. They either use them as 2nd, 3rd, etc. family homes or homes that their kids can live in or rent them out.

Regarding inventory, especially downtown, I wonder how the short term rental companies impact the market: https://www.skycityapts.com/. I'd normally say it is negligible, but they seem to be expanding and have secured a sizable office space on Grand Street. I have also noticed an influx of tourists in the area.

I don't think short term rental companies like Sky City Apartments affect the market as much as people like to believe. For many buildings in the area, Sky City is a solution that allows them to fill a vacancy in a simple and quick manner. If someone needs to move out, or is evicted, a building can rent out the newly-empty unit to Sky City without letting the unit sit empty for a long while. They don't buy units, they rent units. They then turn around and offer those units as short term rentals. From what I have seen, they cater to a higher end clientele (corporate clients and European tourists) and they are mindful of their neighbors, always ensuring to tell their customers to be mindful of noise, etc.

I understand that they do not buy units, but rather rent them. If they rent 100s of units, that decreases the rental supply thereby potentially impacting the rental market. I have no idea how many units they rent, but I would imagine it's far larger than a dozen given the fact that they've invested in a fairly large office.

I suppose I could agree with you, but then we would both be wrong. There is no need to "imagine" a number. You can look at their site (to which you yourself linked) and see that they only have 31 units in JC. Nowhere near 100s, and definitely not enough units to actually impact the market.

Agree with me on what? I have merely raised a point of discussion, not come to a definitive conclusion. 31 units and likely growing. 31 units is approximately 1/3 of the entire Charles & Co building. How many other short places operate in JC? You can't say this has no impact on the rental market.

Not quite one third, but close. There are 99 apartments at Charles & Co. But, they don't have 31 units in that building. They 31 units in ALL OF JC. In just 07302, there are over 13,000 apartments. 31 apartments is not even half of one percent!! It is one quarter of one percent. If you think that has an impact on the market, well... you are free to believe whatever you want. It's just that the data doesn't support your speculation.

Yes, not quite one third, but close...that's why I chose to use the word approximately. Figure out how many rentals there are in dtjc being rented by these companies and then tell me what the data supports. Read my initial post and note that I said companies "like" Sky City. These companies have a apts in all luxury buildings in dtjc....Sky City's not the only game in town.

I see... You are like the resident crazy hag Yvonne. You speculate about something, about which you are then corrected. Instead of leaving it at that, you double down with more nonsense and by changing speculation from the original contention.

You make an outlandish contention and you then expect me to disprove it? How about you prove what you claim? For the record, I only know of two companies locally that do "short term rentals" as their main business model: Sky City Apartments and Furnished Quarters. Perhaps you know of 10 others that collectively hold a "massive" portfolio of 500 apartments and are somehow controlling and affecting the market. Or, maybe you are just spouting nonsense. I'm going with the latter.

JCMan8 wrote:
Quote:

bodhipooh wrote:

I suppose I could agree with you, but then we would both be wrong.

This is a nice line. I'll try to remember it for the future.

BobNesta wrote:
Quote:

bodhipooh wrote:
Quote:

BobNesta wrote:
Quote:

bodhipooh wrote:
Quote:

BobNesta wrote:
Quote:

bodhipooh wrote:
Quote:

BobNesta wrote:
There are actually a good number of foreign buyers, especially in the "luxury" high rises. They either use them as 2nd, 3rd, etc. family homes or homes that their kids can live in or rent them out.

Regarding inventory, especially downtown, I wonder how the short term rental companies impact the market: https://www.skycityapts.com/. I'd normally say it is negligible, but they seem to be expanding and have secured a sizable office space on Grand Street. I have also noticed an influx of tourists in the area.

I don't think short term rental companies like Sky City Apartments affect the market as much as people like to believe. For many buildings in the area, Sky City is a solution that allows them to fill a vacancy in a simple and quick manner. If someone needs to move out, or is evicted, a building can rent out the newly-empty unit to Sky City without letting the unit sit empty for a long while. They don't buy units, they rent units. They then turn around and offer those units as short term rentals. From what I have seen, they cater to a higher end clientele (corporate clients and European tourists) and they are mindful of their neighbors, always ensuring to tell their customers to be mindful of noise, etc.

I understand that they do not buy units, but rather rent them. If they rent 100s of units, that decreases the rental supply thereby potentially impacting the rental market. I have no idea how many units they rent, but I would imagine it's far larger than a dozen given the fact that they've invested in a fairly large office.

I suppose I could agree with you, but then we would both be wrong. There is no need to "imagine" a number. You can look at their site (to which you yourself linked) and see that they only have 31 units in JC. Nowhere near 100s, and definitely not enough units to actually impact the market.

Agree with me on what? I have merely raised a point of discussion, not come to a definitive conclusion. 31 units and likely growing. 31 units is approximately 1/3 of the entire Charles & Co building. How many other short places operate in JC? You can't say this has no impact on the rental market.

Not quite one third, but close. There are 99 apartments at Charles & Co. But, they don't have 31 units in that building. They 31 units in ALL OF JC. In just 07302, there are over 13,000 apartments. 31 apartments is not even half of one percent!! It is one quarter of one percent. If you think that has an impact on the market, well... you are free to believe whatever you want. It's just that the data doesn't support your speculation.

Yes, not quite one third, but close...that's why I chose to use the word approximately. Figure out how many rentals there are in dtjc being rented by these companies and then tell me what the data supports. Read my initial post and note that I said companies "like" Sky City. These companies have a apts in all luxury buildings in dtjc....Sky City's not the only game in town.

bodhipooh wrote:
Quote:

BobNesta wrote:
Quote:

bodhipooh wrote:
Quote:

BobNesta wrote:
Quote:

bodhipooh wrote:
Quote:

BobNesta wrote:
There are actually a good number of foreign buyers, especially in the "luxury" high rises. They either use them as 2nd, 3rd, etc. family homes or homes that their kids can live in or rent them out.

Regarding inventory, especially downtown, I wonder how the short term rental companies impact the market: https://www.skycityapts.com/. I'd normally say it is negligible, but they seem to be expanding and have secured a sizable office space on Grand Street. I have also noticed an influx of tourists in the area.

I don't think short term rental companies like Sky City Apartments affect the market as much as people like to believe. For many buildings in the area, Sky City is a solution that allows them to fill a vacancy in a simple and quick manner. If someone needs to move out, or is evicted, a building can rent out the newly-empty unit to Sky City without letting the unit sit empty for a long while. They don't buy units, they rent units. They then turn around and offer those units as short term rentals. From what I have seen, they cater to a higher end clientele (corporate clients and European tourists) and they are mindful of their neighbors, always ensuring to tell their customers to be mindful of noise, etc.

I understand that they do not buy units, but rather rent them. If they rent 100s of units, that decreases the rental supply thereby potentially impacting the rental market. I have no idea how many units they rent, but I would imagine it's far larger than a dozen given the fact that they've invested in a fairly large office.

I suppose I could agree with you, but then we would both be wrong. There is no need to "imagine" a number. You can look at their site (to which you yourself linked) and see that they only have 31 units in JC. Nowhere near 100s, and definitely not enough units to actually impact the market.

Agree with me on what? I have merely raised a point of discussion, not come to a definitive conclusion. 31 units and likely growing. 31 units is approximately 1/3 of the entire Charles & Co building. How many other short places operate in JC? You can't say this has no impact on the rental market.

Not quite one third, but close. There are 99 apartments at Charles & Co. But, they don't have 31 units in that building. They 31 units in ALL OF JC. In just 07302, there are over 13,000 apartments. 31 apartments is not even half of one percent!! It is one quarter of one percent. If you think that has an impact on the market, well... you are free to believe whatever you want. It's just that the data doesn't support your speculation.

BobNesta wrote:
Quote:

bodhipooh wrote:
Quote:

BobNesta wrote:
Quote:

bodhipooh wrote:
Quote:

BobNesta wrote:
There are actually a good number of foreign buyers, especially in the "luxury" high rises. They either use them as 2nd, 3rd, etc. family homes or homes that their kids can live in or rent them out.

Regarding inventory, especially downtown, I wonder how the short term rental companies impact the market: https://www.skycityapts.com/. I'd normally say it is negligible, but they seem to be expanding and have secured a sizable office space on Grand Street. I have also noticed an influx of tourists in the area.

I don't think short term rental companies like Sky City Apartments affect the market as much as people like to believe. For many buildings in the area, Sky City is a solution that allows them to fill a vacancy in a simple and quick manner. If someone needs to move out, or is evicted, a building can rent out the newly-empty unit to Sky City without letting the unit sit empty for a long while. They don't buy units, they rent units. They then turn around and offer those units as short term rentals. From what I have seen, they cater to a higher end clientele (corporate clients and European tourists) and they are mindful of their neighbors, always ensuring to tell their customers to be mindful of noise, etc.

I understand that they do not buy units, but rather rent them. If they rent 100s of units, that decreases the rental supply thereby potentially impacting the rental market. I have no idea how many units they rent, but I would imagine it's far larger than a dozen given the fact that they've invested in a fairly large office.

I suppose I could agree with you, but then we would both be wrong. There is no need to "imagine" a number. You can look at their site (to which you yourself linked) and see that they only have 31 units in JC. Nowhere near 100s, and definitely not enough units to actually impact the market.

Agree with me on what? I have merely raised a point of discussion, not come to a definitive conclusion. 31 units and likely growing. 31 units is approximately 1/3 of the entire Charles & Co building. How many other short places operate in JC? You can't say this has no impact on the rental market.

bodhipooh wrote:
Quote:

BobNesta wrote:
Quote:

bodhipooh wrote:
Quote:

BobNesta wrote:
There are actually a good number of foreign buyers, especially in the "luxury" high rises. They either use them as 2nd, 3rd, etc. family homes or homes that their kids can live in or rent them out.

Regarding inventory, especially downtown, I wonder how the short term rental companies impact the market: https://www.skycityapts.com/. I'd normally say it is negligible, but they seem to be expanding and have secured a sizable office space on Grand Street. I have also noticed an influx of tourists in the area.

I don't think short term rental companies like Sky City Apartments affect the market as much as people like to believe. For many buildings in the area, Sky City is a solution that allows them to fill a vacancy in a simple and quick manner. If someone needs to move out, or is evicted, a building can rent out the newly-empty unit to Sky City without letting the unit sit empty for a long while. They don't buy units, they rent units. They then turn around and offer those units as short term rentals. From what I have seen, they cater to a higher end clientele (corporate clients and European tourists) and they are mindful of their neighbors, always ensuring to tell their customers to be mindful of noise, etc.

I understand that they do not buy units, but rather rent them. If they rent 100s of units, that decreases the rental supply thereby potentially impacting the rental market. I have no idea how many units they rent, but I would imagine it's far larger than a dozen given the fact that they've invested in a fairly large office.

I suppose I could agree with you, but then we would both be wrong. There is no need to "imagine" a number. You can look at their site (to which you yourself linked) and see that they only have 31 units in JC. Nowhere near 100s, and definitely not enough units to actually impact the market.

bodhipooh wrote:

I suppose I could agree with you, but then we would both be wrong.