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Re: Is Jersey City Real Estate in a bubble?
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Home away from home
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By MICHELLE HIGGINS
As I said before as prices keep rising across the Hudson, we can expect the same and not just DTJC. Homes in GV were 100k in 2011 now they have doubled. A million dollars doesn?t buy what it used to in Manhattan. A combination of high demand and too few listings pushed the median sales price for a Manhattan apartment to just shy of a million dollars in the third quarter of the year, setting a record high, according to several market reports to be released on Thursday by major real estate brokerage firms. The median sales price, which reflects the middle of the market and is less affected by high-end sales, was $999,000, according to a report by the Corcoran Group. Reports from other brokerage firms, using different figures and methodologies, put the median price at or just below the million-dollar mark, with most calling it a record. More
Posted on: 2015/10/1 15:08
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Re: Is Jersey City Real Estate in a bubble?
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i just hope nyc doesn't get like london where someone is asking ?500 for a mattress under the stairs. capitalism in action. ....it's beautiful!
http://www.zerohedge.com/news/2015-09 ... ngland-rages-f-you-london
Posted on: 2015/9/30 23:51
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Re: Is Jersey City Real Estate in a bubble?
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Rents are falling in hot Brooklyn Nabes.
Rents have fallen 9% in Park Slope, 4% in Greenpoint, and a whopping 16% in Bushwick over the past year, while remaining essentially flat in DUMBO, Cobble Hill, and Clinton Hill. And what's scary is that these drops in rent include the usually much higher-priced rentals in new construction buildings; if you take these out and look at same-building rents, the drops are probably several percentage points higher in each neighborhood. As I've mentioned on here more than once already, Jersey City has literally thousands of new rentals coming online in just the next few months alone, and cheaper rents in much more developed & trendy Brooklyn aren't going to help the situation here since alot of Brooklyners had been moving to JC primarily for cheaper rent. A quick look on Trulia at Williamsburg is showing rents comparable (or in many cases, even cheaper) than rents in downtown now. http://patch.com/new-york/williamsbur ... -dropped-past-year-report
Posted on: 2015/9/12 2:39
Edited by jcwalkingman on 2015/9/12 2:55:21
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Re: Is Jersey City Real Estate in a bubble?
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The problem with the example of Brooklyn is that Brooklyn has become a destination in itself. So, people are flocking there not necessarily because of its proximity to Manhattan, but because they WANT to be THERE. Jersey City hasn't reached that point. Over here, it is still about convenient location with regards to NYC.
Posted on: 2015/9/9 20:02
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Re: Is Jersey City Real Estate in a bubble?
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Oh, god, not this stupid report again. Not that your posting it is in any way problematic, just the incessant statistically-ignorant rehashing of it across the internet over the past couple days has been a total circle-jerk. In any case, what I'm talking about has a lot more to do with why Williamsburg is nearly 50% more expensive than the Upper East Side. For all intents and purposes, the UES is more convenient to most of Manhattan than Williamsburg or Cobble Hill, but since they have both convenience to work and have their own "scene", they become much more desirable. People do want convenience of transport, but, if they have the means to afford it, most of them want to live somewhere that they enjoy as well.
Posted on: 2015/9/9 18:08
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Re: Is Jersey City Real Estate in a bubble?
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This report, which appeared in an article on Curbed NY, may shed some light. Even neighborhoods further away from midtown and downtown Manhattan (where most of the jobs, cultural and night life venues are located) are costly. I agree with those who say that proximity to Manhattan is the key, if not the sole, driver of DTJC real estate costs; and I think expanding this map to include JC would illustrate that:
http://streeteasy.com/blog/the-high-b ... possible-on-minimum-wage/
Posted on: 2015/9/9 17:43
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Re: Is Jersey City Real Estate in a bubble?
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Correlation does not imply causation. If you take away Manhattan, and all of NYC, Jersey City wouldn't be where it is right now. That is why even places like Bayonne, which have ZERO scene, are still enjoying a healthy growth; because of their proximity to NYC, and ease of transportation to get there. Yes, the local scene may tip the scales for someone deciding between, say, JC and Bayonne, but do not mistake that as the raison d'?tre for JC's growth and gentrification.
Posted on: 2015/9/9 15:39
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Re: Is Jersey City Real Estate in a bubble?
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Home away from home
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The weekends, especially around this time of year with tourists, is INSANE. During daytimes on weekends, the Path trains should run almost as frequently as during the weekdays. There is demand. It's frigging New York City, does the Port Authority think that nobody wants to be out and about on the weekends?
And late nights on Fridays and Saturdays - there is no excuse for the crowding. With people out drinking and being packed in tight like that ... going to start seeing a lot more incidents. Run more trains. The time has come.
Posted on: 2015/9/9 15:03
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Re: Is Jersey City Real Estate in a bubble?
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Has the Port Authority ever provided a reason for the "temporary" stopover in Hoboken other than Fuck you, that's why?
Posted on: 2015/9/9 14:57
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Re: Is Jersey City Real Estate in a bubble?
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I think there's a part of his point that you're missing as well. Proximity to Manhattan and the jobs and social scene within is absolutely the primary driver of Jersey City's past and continued gentrification. But there are plenty of people, like myself, that are completely and totally uninterested in living in merely a bedroom community. I would argue that the growth of Newport and the Waterfront over the past 10 years are primarily due to the proximity and cost, but demographics have clearly shifted to people that also want a local scene. That said, transportation is nonetheless paramount, and something needs to be done before it gets really bad. WTC Transportation Hub will help get people on the less crowded (and soon to be longer) WTC-bound trains instead of the 33rds, but it's not enough. Moreover, late nights are completely absurd. I was on a packed-more-than-rush-hour train at 10:30 on a holiday Saturday a couple days ago. The idea that they think that every-15-mins and a stopover in Hoboken (where nearly nobody got off) is acceptable at that time is ridiculous. I'd have gone downtown, but then had to wait something even more absurd like 30 minutes for a WTC-NWK train.
Posted on: 2015/9/9 14:48
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Re: Is Jersey City Real Estate in a bubble?
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You obviously do not get the point. But, I am not wasting any more time trying to explain it. Others have also chimed in to explain what you seem to refuse to understand. So, I will say it one last time: People are NOT flocking to JC because of its scene. The vast majority of newcomers are choosing to move here because of proximity to NYC and the jobs there. Yes, there are other people moving for jobs elsewhere around NJ, but that's a lower number.
Posted on: 2015/9/9 14:38
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Re: Is Jersey City Real Estate in a bubble?
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Not alot for sale at all in Harrison right now. There are two "newer" condo complexes: Riverpark and Harrison Bridge Plaza (both built around 2008). But between the two there are only about 210 condos; for comparison's sake, there have been 8 1/2 entire city blocks filled in with new rental buildings & a hotel since, with another 4 1/2 entire city blocks starting construction this year (just about as much as downtown); 1,000 rental units coming online this year and about 1,500 more within the next year or so. So almost all rentals with a few new hotels. Alot of chains you'd see in Hoboken are opening there - Cork Wine & Spirits, Five Guys, etc. Really no condos in the pipeline though.
Posted on: 2015/9/9 3:00
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Re: Is Jersey City Real Estate in a bubble?
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Posted on: 2015/9/8 22:23
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Re: Is Jersey City Real Estate in a bubble?
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Seems all rentals, i was interested in investment opportunities in a condo or townhome but doesnt look like to be any.
all the houses for sale are north harrison, not by the riverbbend area.
Posted on: 2015/9/8 18:26
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Re: Is Jersey City Real Estate in a bubble?
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That. And, the area in the immediate vicinity of the PATH has been spruced up nicely. There are several small stores and eateries, all with nice storefronts. Once the new PATH station is built, that will attract more and more businesses.
Posted on: 2015/9/8 17:58
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Re: Is Jersey City Real Estate in a bubble?
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Yes, and it will continue to change. There's a bunch of new housing, the Red Bulls stadium, that weird hotel (The Element). They're slowly taking down that massive old factory, and putting in luxury housing. A lot of this is a stone's throw from the PATH station. You can see a bunch of it from the PATH train. http://residences.rentatwatersedge.com/ http://www.stgeorgeharrison.com/ http://harrisonstn.com/home There is still a lot of industrial buildings and warehouses, it won't all disappear overnight.
Posted on: 2015/9/8 17:55
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Re: Is Jersey City Real Estate in a bubble?
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Home away from home
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The Red Bulls stadium has replaced a chunk of the old warehouses.
Robin.
Posted on: 2015/9/8 17:17
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Re: Is Jersey City Real Estate in a bubble?
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Has harrison really changed that much? I havent been there for a while but all i remember when drove pass there was a rundown path station surrounded by abandoned warehouses. I know few coworkers use this station as a commute they would park their cars there and take the path to work. I searched realtor.com and it only has ~20 2br+ listings for harrison,nj - all old houses. This has been a mystery to me for a while, people talk about all this developments in harrison and all the new constructions, but where are they? how come there is no listings for new condos/townhomes etc.. This is not an attack on harrison, i am just genuinely confused.
Posted on: 2015/9/8 16:07
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Re: Is Jersey City Real Estate in a bubble?
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He quoted rates, not absolute #'s, breh
Posted on: 2015/9/8 15:41
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Re: Is Jersey City Real Estate in a bubble?
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Sigh. You are missing the point. Or, you are seriously deluded. People are not flocking to JC because of its "scene". Whatever scene we have is just an added bonus. I love JC and the many things happening in town. Good restaurants, plenty of places where to grab a beer, the various farmer markets, etc. In general, I rarely go into Manhattan on weekends and instead choose to stay local. But, I didn't come to JC because of any of that. I made a decision to come here because I could pay a nice rent on a nice place that puts me at work in very little time. The local stuff was just a cherry on top.
Posted on: 2015/9/8 15:17
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Re: Is Jersey City Real Estate in a bubble?
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Looks like you didn't comprehend his comment. Most people who move to DTJC are doing so because of easy access to Manhattan. That is just a fact. While a "scene" may be a nice bonus, cut off the access to Manhattan and watch what happens to DTJC and its "scene." The other point you missed is the ferry is not a viable alternative to the PATH. It is a limited use option only, at 3x the cost. And with the PATH showing increasing overcrowding, and with tens of thousands of new units coming online at JSQ (and DTJC to a lesser extent), there is a very real concern that the PATH simply will not be able to accommodate all the newcomers. You'd see this manifested in the trains getting packed before they leave JSQ, with people in Grove having great difficulty getting on, and forget about Newport. You can try laughing it off by pointing at the ferry and making incoherent points, but that does not change the position we are in.
Posted on: 2015/9/8 14:58
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Re: Is Jersey City Real Estate in a bubble?
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READ THE ENTIRE PAGE. The column you should look at is "Per 100k." Violent crime in Harrison is 451 per 100,000 people Violent crime in DTJC is 644 per 100,000 people Violent crime in Newark is 1,264 per 100,000 people Violent crime in Camden is 1,973 per 100,000 people NOTE: For some reason, AreaVibes has the wrong numbers for Camden. I'm using Neighborhood Scout instead. Looking at all crimes, you're slightly more likely to be the victim of a property crime in Harrison, and slightly more likely to be the victim of a violent crime in DTJC. Again, we're not talking about a huge difference, and it's not likely to be a huge deciding factor. But there is no doubt that Harrison is starting to gentrify, and that its relative proximity to NYC and reasonably low crime rate are compelling factors for developers and potential residents alike.
Posted on: 2015/9/8 14:00
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Posted on: 2015/9/8 13:02
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READ THE ENTIRE PAGE. sigh. The info is on the page http://www.areavibes.com/harrison-nj/crime/ http://www.areavibes.com/jersey+city-nj/downtown/crime/ and it is absolute numbers. DTJC has twice the number of people as harrison which is a reason why there is more reported crime. Here's a SIMPLE example. If there 50 murders in a town with 100 people or 600 murders in a town of a million people - which town would you live in???
Posted on: 2015/9/8 12:48
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Re: Is Jersey City Real Estate in a bubble?
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Home away from home
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YUP, and us old timers are remaining for the same reason.
Posted on: 2015/9/8 11:07
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Re: Is Jersey City Real Estate in a bubble?
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JCW was talking about rates, not absolute numbers. Crime rates are a reasonably good way to compare the relative safety of two areas. The differences between DTJC and Harrison aren't that big. However, it does appear that Harrison is slightly safer. We should note that both are slightly safer than Manhattan. Quote: What you want to know, and I said it in my earlier post, is the percentage of chance you are likely to be a victim. In harrison it is higher.. Sorry, but that's incorrect. I'm not even sure how you came up with those numbers, unless you conflated a rate with absolute counts. FYI, Journal Square has a higher crime rate than both of those areas, around 737 per 100k. For perspective, Camden is around 2,566 violent crimes per 100k. You are slightly more likely to be the victim of a violent crime in DTJC than Harrison. Not much, just a little. I don't think the difference is big enough to draw anyone to Harrison over DTJC. But people may currently prefer Harrison over Journal Square.
Posted on: 2015/9/8 11:03
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Re: Is Jersey City Real Estate in a bubble?
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Leaving earlier is not a viable solution for everyone. And, even if it was, the return would still be a major pain. I have been noticing ever more crowding in the afternoons, and early evenings. The problem with the ferries is that it is very costly (three times the cost of a PATH ride!) and it runs limited hours. For people who need to be at work late, or whose day starts late, the ferry is simply not a good option. As for DTJC developing "its own scene"... who cares? Despite what others would rather believe, most of the newcomers are flocking here because of proximity to Manhattan and other parts of NYC. Easy transportation to NYC is key to the long term prospects of JC.
Posted on: 2015/9/8 6:20
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Re: Is Jersey City Real Estate in a bubble?
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Posted on: 2015/9/7 23:59
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Re: Is Jersey City Real Estate in a bubble?
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I have no idea what the pre-sales have been like, but the developer will never get financing. Ever. He shouldn't be allowed to pre-sell anything until he has financing and construction is well under way. I feel sorry for anyone who has put down a deposit and ends up with that money tied up for years while one excuse after another is given as to why Phase II has been "delayed". If the state DCA actually did it's job, people like Dean Geibel wouldn't be free to continue to fleece people. But..... New Jersey.
Posted on: 2015/9/7 20:10
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