JERSEY CITY LIST - Re: Is 'Gentrification' good for Jersey City? [Real Estate]

Forum Index

Board index » Jersey City, NJ » Real Estate » Is 'Gentrification' good for Jersey City?

Browsing this Thread: 1 Anonymous Users

Bottom

Previous Topic

Next Topic Register To Post

« 1 2 (3) 4 5 6 »

JCMan8

Re: Is 'Gentrification' good for Jersey City?

#103

Home away from home

Joined:
2012/11/10 20:38
Last Login :
2018/2/1 3:02

From JC

Group:
Registered Users

Posts: 3071

Quote:

brewster wrote:
Quote:

JCMan8 wrote:
Quote:

ianmac47 wrote:
Quote:

CapnJon wrote:
I was having a "discussion" online with a young lady who lives downtown and she was bitching and griping about "gentrification" ruining the downtown "scene" because her favorite bar was closing.

I asked her about her own background. She's lived here for just over five years. She's from the midwest. She's an "artist". She complained how downtown has changed so much in the past few years, because of white people moving from elsewhere...

She is white. From elsewhere. Gets financial help from her midwest family so she can do art.

She didn't see the irony.

Its probably not this woman or people like her driving up rents and leading to higher priced goods and services. Its the young professionals and the middle-aged professionals working full-time jobs that are pushing up the rents. She might not have to spend all her time working a day job, but she also probably isn't outbidding people on brownstones are living in luxury buildings.

Yes, we should direct our ire at hard working tax paying professionals who support society. Leeches like this woman should be given a pass...

Not surprisingly, you're missing the point. Which is that SHE is unlikely to drive up prices personally, she and other educated but unaffluent artists, creative workers and lower paid professionals came looking for cheap rent. The people that follow them looking for the next hip hood are the ones willing to bid up the prices. It's the difference between those scraping by and those willing to buy a place and then pay as much on a reno.

What I find interesting is that the cycle repeats again & again on the SAME area as new cadres find it meets their criteria, ultimately ending as SoHo, a bland mall of chains stores and the .05%. I certainly didn't think I was a bleeding edge gentrifier of Downtown in 97, I was following in the footsteps of people who came in the 80's when it was really visionary. But to recent arrivals like the "artist" in question who was likely in elementary school at the time, it must seems so.

I'm still not understanding whatever point is attempting to be made here. The only reason she is unlikely to drive up prices is because she is being subsidized by her parents and likely doesn't have carte blanche to do what she wants. Is the point supposed to be that it is more desirable for such people to move into a neighborhood than financially independent professionals?

The only reason she's living where she is is due to privilege, coming from a nice upbringing and having parents who can afford to pay her rent. With privilege generally comes entitlement. Id rather live next to the independent professional.

Posted on: 2015/1/7 17:39

brewster

Re: Is 'Gentrification' good for Jersey City?

#102

Home away from home

Joined:
2004/11/6 21:13
Last Login :
2023/7/17 17:42

From Hamilton Park

Group:
Banned

Posts: 5775

Quote:

JCMan8 wrote:
Quote:

ianmac47 wrote:
Quote:

CapnJon wrote:
I was having a "discussion" online with a young lady who lives downtown and she was bitching and griping about "gentrification" ruining the downtown "scene" because her favorite bar was closing.

I asked her about her own background. She's lived here for just over five years. She's from the midwest. She's an "artist". She complained how downtown has changed so much in the past few years, because of white people moving from elsewhere...

She is white. From elsewhere. Gets financial help from her midwest family so she can do art.

She didn't see the irony.

Its probably not this woman or people like her driving up rents and leading to higher priced goods and services. Its the young professionals and the middle-aged professionals working full-time jobs that are pushing up the rents. She might not have to spend all her time working a day job, but she also probably isn't outbidding people on brownstones are living in luxury buildings.

Yes, we should direct our ire at hard working tax paying professionals who support society. Leeches like this woman should be given a pass...

Not surprisingly, you're missing the point. Which is that SHE is unlikely to drive up prices personally, she and other educated but unaffluent artists, creative workers and lower paid professionals came looking for cheap rent. The people that follow them looking for the next hip hood are the ones willing to bid up the prices. It's the difference between those scraping by and those willing to buy a place and then pay as much on a reno.

What I find interesting is that the cycle repeats again & again on the SAME area as new cadres find it meets their criteria, ultimately ending as SoHo, a bland mall of chains stores and the .05%. I certainly didn't think I was a bleeding edge gentrifier of Downtown in 97, I was following in the footsteps of people who came in the 80's when it was really visionary. But to recent arrivals like the "artist" in question who was likely in elementary school at the time, it must seems so.

Posted on: 2015/1/7 17:09

JCMan8

Re: Is 'Gentrification' good for Jersey City?

#101

Home away from home

Joined:
2012/11/10 20:38
Last Login :
2018/2/1 3:02

From JC

Group:
Registered Users

Posts: 3071

Quote:

ianmac47 wrote:
Quote:

CapnJon wrote:
I was having a "discussion" online with a young lady who lives downtown and she was bitching and griping about "gentrification" ruining the downtown "scene" because her favorite bar was closing.

I asked her about her own background. She's lived here for just over five years. She's from the midwest. She's an "artist". She complained how downtown has changed so much in the past few years, because of white people moving from elsewhere...

She is white. From elsewhere. Gets financial help from her midwest family so she can do art.

She didn't see the irony.

Its probably not this woman or people like her driving up rents and leading to higher priced goods and services. Its the young professionals and the middle-aged professionals working full-time jobs that are pushing up the rents. She might not have to spend all her time working a day job, but she also probably isn't outbidding people on brownstones are living in luxury buildings.

Yes, we should direct our ire at hard working tax paying professionals who support society. Leeches like this woman should be given a pass...

Posted on: 2015/1/7 15:34

JGJDNYCJC

Re: Is 'Gentrification' good for Jersey City?

#100

Home away from home

Joined:
2014/6/9 22:10
Last Login :
2017/6/16 11:22

From Jersey City, NJ

Group:
Registered Users

Posts: 244

Choice. "Do as I say, not as I do...."

Quote:

CapnJon wrote:
I was having a "discussion" online with a young lady who lives downtown and she was bitching and griping about "gentrification" ruining the downtown "scene" because her favorite bar was closing.

I asked her about her own background. She's lived here for just over five years. She's from the midwest. She's an "artist". She complained how downtown has changed so much in the past few years, because of white people moving from elsewhere...

She is white. From elsewhere. Gets financial help from her midwest family so she can do art.

She didn't see the irony.

Posted on: 2015/1/7 15:33

ianmac47

Re: Is 'Gentrification' good for Jersey City?

#99

Home away from home

Joined:
2006/4/10 13:29
Last Login :
5/15 1:51

From Mars

Group:
Registered Users

Posts: 2718

Quote:

CapnJon wrote:
I was having a "discussion" online with a young lady who lives downtown and she was bitching and griping about "gentrification" ruining the downtown "scene" because her favorite bar was closing.

I asked her about her own background. She's lived here for just over five years. She's from the midwest. She's an "artist". She complained how downtown has changed so much in the past few years, because of white people moving from elsewhere...

She is white. From elsewhere. Gets financial help from her midwest family so she can do art.

She didn't see the irony.

Its probably not this woman or people like her driving up rents and leading to higher priced goods and services. Its the young professionals and the middle-aged professionals working full-time jobs that are pushing up the rents. She might not have to spend all her time working a day job, but she also probably isn't outbidding people on brownstones are living in luxury buildings.

Posted on: 2015/1/7 15:29

CapnJon

Re: Is 'Gentrification' good for Jersey City?

#98

Home away from home

Joined:
2005/9/21 13:53
Last Login :
2015/8/5 3:20

From Jersey City Heights

Group:
Registered Users

Posts: 506

I was having a "discussion" online with a young lady who lives downtown and she was bitching and griping about "gentrification" ruining the downtown "scene" because her favorite bar was closing.

I asked her about her own background. She's lived here for just over five years. She's from the midwest. She's an "artist". She complained how downtown has changed so much in the past few years, because of white people moving from elsewhere...

She is white. From elsewhere. Gets financial help from her midwest family so she can do art.

She didn't see the irony.

Posted on: 2015/1/7 15:20

JoeGee

Re: Is 'Gentrification' good for Jersey City?

#97

Home away from home

Joined:
2011/8/28 14:45
Last Login :
2019/4/25 12:43

Group:
Registered Users

Posts: 248

Quote:

bodhipooh wrote:
Quote:

ianmac47 wrote:
...unions are undermined in their political power...

Quote:

ianmac47 also wrote:
The best way to fight the negative effects of gentrification is through building a strong middle-class that has the economic power to resist gentrification and the political power to defend themselves. That means stronger unions, higher corporate taxes, and better public services.

Your post was well reasoned and you had me until you said the above. Unions are way too powerful (particularly in our region) and I don't see how you draw a link between unions and gentrification and middle class. From where I stand, I see unions as nothing more than power hungry organizations, led by wolves in sheep's clothing that claim to be looking out for their members but are drawing exorbitant salaries and/or perks and are nothing short of extortionists.

Man I wish I was a union delegate.

Posted on: 2015/1/6 23:00

The All Knowing and All Powerful Joe Has Spoken!

jcdd

Re: Is 'Gentrification' good for Jersey City?

#96

Home away from home

Joined:
2011/2/5 22:36
Last Login :
2015/8/3 1:43

Group:
Banned

Posts: 234

Quote:

I agree that it is the schools. JC is actually cheaperthan the suburbs when you consider list prices, property taxes, much cheaper transportation into NYC, and much less need for a car.

I am specifically referring to downtown and specifically referring to people with kids. Right now, you would be hard pressed to find a 2 bedrrom apartment (without parking) for less than $650,000 to purchase. You can buy a nice house in the "fancy" burbs for that. Moreover, cost of daycare for young children is substantially less in the burbs - even the expensive ones. Downtown JC prices for daycare for a 1 year old are at least 20K (often more) per year if you need full-time coverage (i.e. you are a working parent). Nannies are more expensive here. You need to have a car if you have kids, and parking is more expensive. Schooling becomes more expensive in many ways - for instance, even you you send your kids to public school, you need to pay for aftercare programs (again - working parents). You have to pay exorbitant amounts of money for a 3 year old to take a simple dance or soccer class, whereas in the burbs those programs can be found at the Y for much less. Babysitters are more expensive and harder to find. All in all, downtown JC living with children is prohibitively expensive for most, leading to the move to the suburbs, where you can buy a decent size house and enjoy decent public schools at much less cost.

Posted on: 2015/1/6 22:27

VanVorster

Re: Is 'Gentrification' good for Jersey City?

#95

Home away from home

Joined:
2006/8/15 21:22
Last Login :
2016/3/22 21:14

Group:
Registered Users

Posts: 435

yes Hero! Agreed, that is Nicole's. There was a Caribbean restaurant in NYC that I used to love called Bambou. You felt like you were virtually transported to the islands in terms of the decor, music, ambiance etc. The crowd was such a cross section of people which was part of the draw for many: black people, Asians, Latinos, whites, gay people, elderly people, based on conversation and style of dress a cross section of professions too (models, bankers, artists, stylists, lawyers), all the groups represented both intra and interracial relationships all under one roof. Unfortunately, it didn't last which is a shame.

http://events.nytimes.com/mem/nycrevi ... 23EF932A25753C1A960958260

Posted on: 2015/1/6 21:19

hero69

Re: Is 'Gentrification' good for Jersey City?

#94

Home away from home

Joined:
2004/11/14 2:38
Last Login :
2023/1/30 21:43

Group:
Registered Users

Posts: 3792

Quote:

VanVorster wrote:
I have friends from college (mostly Caribbean and Southern blacks) whose parents held onto brownstones they bought in the 70s in Brooklyn and Harlem long after white decamped to the suburbs and now their homes are worth a lot more now that affluent whites are flocking back to the Cities and want them. The one thing they lament though is that the neighborhoods are barely recognizable and are slowly purging things they'd like to see remain (some of the bodegas, restaurants, small mom & pops) as it caters to a new population. I've lived in downtown JC for 20 years and welcome and love all the new development but simultaneously wish that the nightlife and all the new JC posters weren't seemingly all Tucker Carlson beer swilling frat boys. I imagine Las Sazons days are numbered and will eventually be a beer garden/hall.

http://talkingpointsmemo.com/ts/im-a- ... ccess-is-invisible-1-6-15

http://nymag.com/news/features/gentrification-2014-2/

http://www.npr.org/2014/01/22/2645281 ... -may-be-losing-its-stigma

speaking of carribean...there is a carribean place on jersey ave and columbus. somneone should tell the owner that they could probably make a lot more money if they spruced up the place. i like caribbean food but they place does not look inviting

Posted on: 2015/1/6 20:18

JCman24

Re: Is 'Gentrification' good for Jersey City?

#93

Home away from home

Joined:
2014/9/16 19:15
Last Login :
2019/2/27 14:41

From Jersey City

Group:
Registered Users

Posts: 500

Quote:

VanVorster wrote:
The one thing they lament though is that the neighborhoods are barely recognizable and are slowly purging things they'd like to see remain (some of the bodegas, restaurants, small mom & pops) as it caters to a new population.

Do you think delis, restaurants, and mom & pops haven't been disappearing in small, white, rural towns for years?

Posted on: 2015/1/6 20:13

user1111

Re: Is 'Gentrification' good for Jersey City?

#92

Home away from home

Joined:
2012/1/11 18:21
Last Login :
2019/12/26 15:30

From GV Bayside Park

Group:
Registered Users

Posts: 5356

Quote:

VanVorster wrote:
I have friends from college (mostly Caribbean and Southern blacks) whose parents held onto brownstones they bought in the 70s in Brooklyn and Harlem long after white decamped to the suburbs and now their homes are worth a lot more now that affluent whites are flocking back to the Cities and want them. The one thing they lament though is that the neighborhoods are barely recognizable and are slowly purging things they'd like to see remain (some of the bodegas, restaurants, small mom & pops) as it caters to a new population. I've lived in downtown JC for 20 years and welcome and love all the new development but simultaneously wish that the nightlife and all the new JC posters weren't seemingly all Tucker Carlson beer swilling frat boys. I imagine Las Sazons days are numbered and will eventually be a beer garden/hall.

http://talkingpointsmemo.com/ts/im-a- ... ccess-is-invisible-1-6-15

http://nymag.com/news/features/gentrification-2014-2/

http://www.npr.org/2014/01/22/2645281 ... -may-be-losing-its-stigma

I moved to JC as NYC was gentrifying under Guliani and its horrible now.

Here is a rant I can relate to.

I came to NYC during the 80's and 90's, the cultural explosion of the city was everywhere.... diversity and color was everywhere, mom and pop's stores were all over.

Al's pizza, mario's colombian kitchen, 78th street bakery etc. etc. those type of places are gone, from what I am seeing now, it's all mcdonalds, burger king, starbucks and all these important food chains.

It's rather disappointing and to my surprise no one is from new york anymore, everyone seem to be a recollection of annoying yuppies from the midwest, or some annoying yuppy from texas who moved here one year ago and thinks he's a hardcore new yorker and so on.

it's becoming so sterile!!! I can't find the blue collars ethnic enclaves from before where you could just go into a complete new different world by walking a couple of blocks, now it's all office buildings and high class boring white people that think NYC should be a carbon copy of sex in the city and desperate housewives!!!

They had an awesome bakery and coffee shop ran by struggling artists and college students... IT'S GONE!!! now there is a subway sandwich store and a starbucks next to it.... WHY???? WHY DID REAL NEW YORKERS ALLOWED THEIR CITY TO BECOME LIKE THIS?

it seems the new new york is buenos aires Argentina, where you can find all those contradictions and fast paced living of a real metropolis, NYC became too suburban whitey upper class gold player polo shirt annoying!

I was told some locals (who come out are not even new yorkers but midwest transplants), wanted the battery park drummers who have been there for ages to be kicked out of the park because it would create a lot of noise.... I mean WTF!!! NYC is becoming like another American sh1thole city.
Update: Joe C.... New york is anything but Eurocentric!!!!

I am from Europe and the only Europeans I see are tourists on a short stay.... or small communities that moved out to Queens or Brooklyn alongside other immigrant minorities from latin america and Asia.

Manhattan is full of tasteless, boring, acultural white Americans..... don't see what's so European about that?

Posted on: 2015/1/6 20:09

http://googleitbitch.com/

JGJDNYCJC

Re: Is 'Gentrification' good for Jersey City?

#91

Home away from home

Joined:
2014/6/9 22:10
Last Login :
2017/6/16 11:22

From Jersey City, NJ

Group:
Registered Users

Posts: 244

Quote:

VanVorster wrote:
I have friends from college (mostly Caribbean and Southern blacks) whose parents held onto brownstones they bought in the 70s in Brooklyn and Harlem long after white decamped to the suburbs and now their homes are worth a lot more now that affluent whites are flocking back to the Cities and want them. The one thing they lament though is that the neighborhoods are barely recognizable and are slowly purging things they'd like to see remain (some of the bodegas, restaurants, small mom & pops) as it caters to a new population. I've lived in downtown JC for 20 years and welcome and love all the new development but simultaneously wish that the nightlife and all the new JC posters weren't seemingly all Tucker Carlson beer swilling frat boys. I imagine Las Sazons days are numbered and will eventually be a beer garden/hall.

http://talkingpointsmemo.com/ts/im-a- ... ccess-is-invisible-1-6-15

http://nymag.com/news/features/gentrification-2014-2/

http://www.npr.org/2014/01/22/2645281 ... -may-be-losing-its-stigma

Win some, lose some. Can't have it all. And I think the Tucker Carlson characterization of DTJC is a myth. I find DTJC to be quite diverse and eclectic. You want Tucker, mosey on up to 'BroBoken.

Posted on: 2015/1/6 19:55

VanVorster

Re: Is 'Gentrification' good for Jersey City?

#90

Home away from home

Joined:
2006/8/15 21:22
Last Login :
2016/3/22 21:14

Group:
Registered Users

Posts: 435

I have friends from college (mostly Caribbean and Southern blacks) whose parents held onto brownstones they bought in the 70s in Brooklyn and Harlem long after white decamped to the suburbs and now their homes are worth a lot more now that affluent whites are flocking back to the Cities and want them. The one thing they lament though is that the neighborhoods are barely recognizable and are slowly purging things they'd like to see remain (some of the bodegas, restaurants, small mom & pops) as it caters to a new population. I've lived in downtown JC for 20 years and welcome and love all the new development but simultaneously wish that the nightlife and all the new JC posters weren't seemingly all Tucker Carlson beer swilling frat boys. I imagine Las Sazons days are numbered and will eventually be a beer garden/hall.

http://talkingpointsmemo.com/ts/im-a- ... ccess-is-invisible-1-6-15

http://nymag.com/news/features/gentrification-2014-2/

http://www.npr.org/2014/01/22/2645281 ... -may-be-losing-its-stigma

Posted on: 2015/1/6 19:49

Monroe

Re: Is 'Gentrification' good for Jersey City?

#89

Home away from home

Joined:
2013/5/15 14:11
Last Login :
2020/10/5 21:44

Group:
Registered Users

Posts: 4652

Saying people want to move west when they have kids isn't an insult to Hoboken or JC. Maplewood, Montclair and other suburbs are FULL of transplanted city dwellers, whether from JC, Hoboken, Brooklyn, Queens, UWS, etc.

As sq ft cost is different when you're talking vertical vs horizontal space. You'll have a lot more sq footage in a 3 br colonial in Maplewood than you will in a 3 br condo in Newport, hence the lesser price/sq foot.

But to ian's comment, you are seeing a very slight trend for empty nesters to move eastwards-although the much greater trend is for those to move out of NJ because of our onerous taxes.

Posted on: 2015/1/6 19:25

tommyc_37

Re: Is 'Gentrification' good for Jersey City?

#88

Home away from home

Joined:
2008/1/3 19:12
Last Login :
2020/9/30 18:46

From Van Vorst Park

Group:
Registered Users

Posts: 2391

In terms of price per square foot, no suburban town in NJ comes close to the expense of (downtown) Jersey City. I don't know as much about the costs of other parts of JC.

Posted on: 2015/1/6 18:55

hero69

Re: Is 'Gentrification' good for Jersey City?

#87

Home away from home

Joined:
2004/11/14 2:38
Last Login :
2023/1/30 21:43

Group:
Registered Users

Posts: 3792

Quote:

user1111 wrote:
Quote:

hero69 wrote:
Quote:

user1111 wrote:
Quote:

hero69 wrote:
Quote:

brewster wrote:
Quote:

MDM wrote:
I ran up $76k in credit cards at one point.

Damn, how did you sleep with that over you!! But wait, aren't gentrifiers supposed to be "rich white assholes" instead of someone willing to put it ALL on the line in a gamble on a neighborhood and work his ass off?

May I point out "real" gentrifying is not a slam dunk. Lafayette and the nearby pretty but poor hoods have kicked the crap out of repeated waves of investors, obstinately refusing to turn the corner. I bet on the Palisade & Congress area 10 years ago, and it has taken this long to finally look like it's getting some momentum. 2 years ago I was getting appraisals as low as 65% of purchase on it.
bergen-lafayette is just too far from convenient public transport to gentrify. i'd bet on the heights, union city, bayonne, harrison and east new york before BL.

Admit it, you have never been to BL if you did you would know they have three lightrail stations to the heights one. You seem to make up shit, when every thing you say can be verified at a click of a button.
trust me, i've been all over bl, west bergen and greenville...i know the areas pretty well.....houses in these areas are cheap for a reason, even the beautiful ones.....get rid of all the rampant crime/troublemakers and maybe people might want to live there

No one believes you and the 110k people who live here also find your statements full of shit.

believe what you wish. there are some beautiful homes in these areas, but the BOTTOM line is that criminality is rampant there! all you have to do is look at the statistics. and many residents say "shut up" the moment someone points this out

Posted on: 2015/1/6 18:55

marullos88

Re: Is 'Gentrification' good for Jersey City?

#86

Just can't stay away

Joined:
2013/4/7 4:27
Last Login :
2017/6/15 6:51

From Bergen Lafayette

Group:
Registered Users

Posts: 93

I agree that it is the schools. JC is actually cheaperthan the suburbs when you consider list prices, property taxes, much cheaper transportation into NYC, and much less need for a car.

In fact, the New York Times had an article abotu this: http://www.nytimes.com/2010/07/03/you ... mpare.html?pagewanted=all

Posted on: 2015/1/6 18:32

user1111

Re: Is 'Gentrification' good for Jersey City?

#85

Home away from home

Joined:
2012/1/11 18:21
Last Login :
2019/12/26 15:30

From GV Bayside Park

Group:
Registered Users

Posts: 5356

Its the schools, who can't afford Jersey City? LOL

Posted on: 2015/1/6 18:29

http://googleitbitch.com/

MDM

Re: Is 'Gentrification' good for Jersey City?

#84

Home away from home

Joined:
2010/7/9 11:16
Last Login :
10/30 16:49

Group:
Registered Users

Posts: 2743

Quote:

jcdd wrote:
I disagree, Monroe. Most people I know that moved to the burbs from JC and Hoboken were people that just couldn't afford to live here with kids.

I tend to lose my tenants when the kids get old enough to attend 1st grade. They pack up and move to areas with better public schools as private school is too expensive.

Posted on: 2015/1/6 18:21

jcdd

Re: Is 'Gentrification' good for Jersey City?

#83

Home away from home

Joined:
2011/2/5 22:36
Last Login :
2015/8/3 1:43

Group:
Banned

Posts: 234

I disagree, Monroe. Most people I know that moved to the burbs from JC and Hoboken were people that just couldn't afford to live here with kids. There is no dispute that the living is cheaper in the burbs, particularly when you factor in kids. Daycare alone is double the cost in downtown JC as it is in Montclair, for example.

I also disagree that those buying expensive properties have no complaints regarding path service cuts. Many work and socialize in nyc and do, in fact, utilize the path.

Posted on: 2015/1/6 18:04

Monroe

Re: Is 'Gentrification' good for Jersey City?

#82

Home away from home

Joined:
2013/5/15 14:11
Last Login :
2020/10/5 21:44

Group:
Registered Users

Posts: 4652

Quote:

ianmac47 wrote:
Quote:

Monroe wrote:
To an extent, but when Midtown Direct was completed property values rose in the suburbs covered-and NJ Transit for those towns doesn't run 24/7.

Are those towns getting $800 a square foot?

Most people living in the western suburbs don't want to live in Hoboken or JC-in fact, many move there when their kids are old enough to start school because they don't want their kids in an Abbott district.

And the people upset about losing weekend overnight PATH service aren't paying $800 a sq foot I would imagine.

Posted on: 2015/1/6 16:33

ianmac47

Re: Is 'Gentrification' good for Jersey City?

#81

Home away from home

Joined:
2006/4/10 13:29
Last Login :
5/15 1:51

From Mars

Group:
Registered Users

Posts: 2718

Quote:

Monroe wrote:
To an extent, but when Midtown Direct was completed property values rose in the suburbs covered-and NJ Transit for those towns doesn't run 24/7.

Are those towns getting $800 a square foot?

Posted on: 2015/1/6 15:42

MDM

Re: Is 'Gentrification' good for Jersey City?

#80

Home away from home

Joined:
2010/7/9 11:16
Last Login :
10/30 16:49

Group:
Registered Users

Posts: 2743

Quote:

brewster wrote:
Quote:

MDM wrote:
I ran up $76k in credit cards at one point.

Damn, how did you sleep with that over you!!

Quite well. It was unsecured debt and I was young, so I had plenty of time to recover. This was back when the CC firms were mailing out low interest rate balance transfers to anyone with good credit. I would cash advance one card at high rates, then transfer the balance the next day to a low rate card. Took a few days to raise the $76k. I was forced to do this because a mortgage company reneged on the loan agreement. I had already started construction. I found out why later (they couldn't sell my mortgage). I'll spare you the details.

The CC firms freaked out though. Two or three cancelled my cards or reduced my future purchasing power to only a few hundred $$. I got calls from debt restructuring / consulting firms. The funniest action was when one card offered me a rebate (it was something like $200) to pay their card off. I had refinanced a day earlier with BCB, so I had the money to pay all the debt off.

I bet on the Palisade & Congress area 10 years ago, and it has taken this long to finally look like it's getting some momentum. 2 years ago I was getting appraisals as low as 65% of purchase on it.

I think the Heights took the crash in 2008 - 2010 the hardest. I saw prices drop by about 40%+. I bought a building there in 1998 and it has been the best rental property I own: NYC views and an elevator to the HBLR station in Hoboken makes it an easy place to rent.

Around where I live, Indians who are members of a temple nearby bought the new buildings during the crash. They pack those buildings with people though, which is I guess how they rent them profitably. One landlord got busted for having 30+ people in a 2 family. He was renting 'spaces' to put a mattress for up to $600 a month.

Posted on: 2015/1/6 15:28

user1111

Re: Is 'Gentrification' good for Jersey City?

#79

Home away from home

Joined:
2012/1/11 18:21
Last Login :
2019/12/26 15:30

From GV Bayside Park

Group:
Registered Users

Posts: 5356

Quote:

hero69 wrote:
Quote:

user1111 wrote:
Quote:

hero69 wrote:
Quote:

brewster wrote:
Quote:

MDM wrote:
I ran up $76k in credit cards at one point.

Damn, how did you sleep with that over you!! But wait, aren't gentrifiers supposed to be "rich white assholes" instead of someone willing to put it ALL on the line in a gamble on a neighborhood and work his ass off?

May I point out "real" gentrifying is not a slam dunk. Lafayette and the nearby pretty but poor hoods have kicked the crap out of repeated waves of investors, obstinately refusing to turn the corner. I bet on the Palisade & Congress area 10 years ago, and it has taken this long to finally look like it's getting some momentum. 2 years ago I was getting appraisals as low as 65% of purchase on it.
bergen-lafayette is just too far from convenient public transport to gentrify. i'd bet on the heights, union city, bayonne, harrison and east new york before BL.

Admit it, you have never been to BL if you did you would know they have three lightrail stations to the heights one. You seem to make up shit, when every thing you say can be verified at a click of a button.
trust me, i've been all over bl, west bergen and greenville...i know the areas pretty well.....houses in these areas are cheap for a reason, even the beautiful ones.....get rid of all the rampant crime/troublemakers and maybe people might want to live there

No one believes you and the 110k people who live here also find your statements full of shit.

Posted on: 2015/1/6 11:23

http://googleitbitch.com/

Monroe

Re: Is 'Gentrification' good for Jersey City?

#78

Home away from home

Joined:
2013/5/15 14:11
Last Login :
2020/10/5 21:44

Group:
Registered Users

Posts: 4652

To an extent, but when Midtown Direct was completed property values rose in the suburbs covered-and NJ Transit for those towns doesn't run 24/7.

Quote:

ianmac47 wrote:
Housing near the light rail would probably have a higher value and there would be a higher demand for new inventory if the light rail didn't turn off at night. Places only served by the light rail aren't really a viable competitor to neighborhoods served by the PATH or subway.

Posted on: 2015/1/6 11:16

trambone

Re: Is 'Gentrification' good for Jersey City?

#77

Home away from home

Joined:
2009/5/12 2:57
Last Login :
2018/7/30 16:48

Group:
Registered Users

Posts: 464

Quote:

hero69 wrote:
Quote:

user1111 wrote:
Quote:

hero69 wrote:
Quote:

brewster wrote:
Quote:

MDM wrote:
I ran up $76k in credit cards at one point.

Damn, how did you sleep with that over you!! But wait, aren't gentrifiers supposed to be "rich white assholes" instead of someone willing to put it ALL on the line in a gamble on a neighborhood and work his ass off?

May I point out "real" gentrifying is not a slam dunk. Lafayette and the nearby pretty but poor hoods have kicked the crap out of repeated waves of investors, obstinately refusing to turn the corner. I bet on the Palisade & Congress area 10 years ago, and it has taken this long to finally look like it's getting some momentum. 2 years ago I was getting appraisals as low as 65% of purchase on it.
bergen-lafayette is just too far from convenient public transport to gentrify. i'd bet on the heights, union city, bayonne, harrison and east new york before BL.

Admit it, you have never been to BL if you did you would know they have three lightrail stations to the heights one. You seem to make up shit, when every thing you say can be verified at a click of a button.
trust me, i've been all over bl, west bergen and greenville...i know the areas pretty well.....houses in these areas are cheap for a reason, even the beautiful ones.....get rid of all the rampant crime/troublemakers and maybe people might want to live there

I've never wished a business harm, but Uncle's Dollar in BL is a menace.

Posted on: 2015/1/6 5:37

ianmac47

Re: Is 'Gentrification' good for Jersey City?

#76

Home away from home

Joined:
2006/4/10 13:29
Last Login :
5/15 1:51

From Mars

Group:
Registered Users

Posts: 2718

Housing near the light rail would probably have a higher value and there would be a higher demand for new inventory if the light rail didn't turn off at night. Places only served by the light rail aren't really a viable competitor to neighborhoods served by the PATH or subway.

Posted on: 2015/1/6 4:14

hero69

Re: Is 'Gentrification' good for Jersey City?

#75

Home away from home

Joined:
2004/11/14 2:38
Last Login :
2023/1/30 21:43

Group:
Registered Users

Posts: 3792

Quote:

Monroe wrote:
I'm told there's almost no inventory near the LSP Light Rail stop. The new units added at the Foundry sold fast. A new 70 plus loft style building is under construction steps from the LSP Light Rail stop. Another is about to get approval off Monitor. Two other conversions of existing buildings are under way. The community garden on Pacific will be new construction.

It's still sketchy in part, but coming around. Were I Fulop I'd figure out a way to get Whitlock Cordage finally done. With the Berry Lane Park to be finished soon it would create a western border and spur more rehabs in the area. West of Garfield and south of Communipaw will still be sketchy for a long time, though.

its great to hear that they are building near lsp...i wish everyone the best but i'm also a realist

Posted on: 2015/1/6 4:11

Monroe

Re: Is 'Gentrification' good for Jersey City?

#74

Home away from home

Joined:
2013/5/15 14:11
Last Login :
2020/10/5 21:44

Group:
Registered Users

Posts: 4652

I'm told there's almost no inventory near the LSP Light Rail stop. The new units added at the Foundry sold fast. A new 70 plus loft style building is under construction steps from the LSP Light Rail stop. Another is about to get approval off Monitor. Two other conversions of existing buildings are under way. The community garden on Pacific will be new construction.

It's still sketchy in part, but coming around. Were I Fulop I'd figure out a way to get Whitlock Cordage finally done. With the Berry Lane Park to be finished soon it would create a western border and spur more rehabs in the area. West of Garfield and south of Communipaw will still be sketchy for a long time, though.

Posted on: 2015/1/6 4:07

Board index » Jersey City, NJ » Real Estate » Is 'Gentrification' good for Jersey City?

Top

Previous Topic

Next Topic

« 1 2 (3) 4 5 6 »