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Re: DT Jersey City Real Estate Market?!
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And some were as high as $2.5 M.

Posted on: 2013/2/15 23:00
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Re: DT Jersey City Real Estate Market?!
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JC_GeeGee wrote:
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bearbear wrote:
And we just saw that 296 8th Street is now on the market too but at $1.1 mil asking that's not in our wheelhouse!


296 8th street is now Under Contract. I wonder for how much.

136 Erie is also on the market for $1.1 million.

Is this the price of a brick rowhouse/brownstone these days!?!?


I remember around 2007 there weren't any 3-story+ rowhouses in DTJC for less than $1M.

Posted on: 2013/2/15 23:00
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Re: DT Jersey City Real Estate Market?!
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BTW if you are considering selling your house, properties in the downtown area are selling for more than hedge fund/ real estate investment trusts are offering...even when commissions are included in the equation.

Yes ...I am a realtor... but what I write is true.

Posted on: 2013/2/15 22:43
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Re: DT Jersey City Real Estate Market?!
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Quote:

JC_GeeGee wrote:
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bearbear wrote:
And we just saw that 296 8th Street is now on the market too but at $1.1 mil asking that's not in our wheelhouse!


296 8th street is now Under Contract. I wonder for how much.

136 Erie is also on the market for $1.1 million.

Is this the price of a brick rowhouse/brownstone these days!?!?


294 8th sold for $930k to the Aussies, and it's only a 16x50 lot!

Posted on: 2013/2/15 22:38
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Re: DT Jersey City Real Estate Market?!
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bearbear wrote:
And we just saw that 296 8th Street is now on the market too but at $1.1 mil asking that's not in our wheelhouse!


296 8th street is now Under Contract. I wonder for how much.

136 Erie is also on the market for $1.1 million.

Is this the price of a brick rowhouse/brownstone these days!?!?

Posted on: 2013/2/15 20:55
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Re: DT Jersey City Real Estate Market?!
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CdeCoincy wrote:
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HPYC wrote:
I just got a HOT TIP from a broker friend for something called the "East India Company." Looks like it can only go up - thinking of mortgaging the old house and plunking some change down on this. Woo hoo.


Damn! - had I only known before I bought all those tulip bulbs


Everyone knows that this time it's different.

But as a prospective, sidelined buyer myself, I think it sucks.

Posted on: 2013/2/8 20:44
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Re: DT Jersey City Real Estate Market?!
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we also bid on 565 Jersey & 77 Erie and both our bids were very aggressive.

Posted on: 2013/2/8 16:31
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Re: DT Jersey City Real Estate Market?!
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304 8th closed below asking price.

300 8th is under contract.

Both of these properties were on the market for at least a month or so before they went under contract...so if you bid...you bid low..below the current market value.

Posted on: 2013/2/8 4:04
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Re: DT Jersey City Real Estate Market?!
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And we just saw that 296 8th Street is now on the market too but at $1.1 mil asking that's not in our wheelhouse!

Posted on: 2013/2/7 22:46
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Re: DT Jersey City Real Estate Market?!
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300 8th St

304 8th St


Posted on: 2013/2/7 22:04
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Re: DT Jersey City Real Estate Market?!
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bearbear wrote:
The place that sold the same day was a 2 br condo in Hamilton Square, really nice place.

The places we bid on but didn't get have thus far been: 3 br condo in a brownstone and two separate 1 family homes.

All in Harsimus Cove/Hamilton Square area.


May I ask which 1 family homes?

Posted on: 2013/2/7 18:56
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Re: DT Jersey City Real Estate Market?!
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The place that sold the same day was a 2 br condo in Hamilton Square, really nice place.

The places we bid on but didn't get have thus far been: 3 br condo in a brownstone and two separate 1 family homes.

All in Harsimus Cove/Hamilton Square area.

Posted on: 2013/2/7 17:54
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Re: DT Jersey City Real Estate Market?!
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mfadam wrote:
RE pros: rates are very low, Australian Fund buying, JC very cheap compared to NYC/Bklyn, low inventory, Buy vs Rent favoring Buy, people still want to live in cities,


I think the correct statement would be that more and more people want to live in cities, not "people still want to live in cities". People are not flocking to suburban areas at the same pace as they used to. Just look at Manhattan, Brooklyn, Queens...I'm sure you would find that the same people who are buying throughout various neighborhoods in those boroughs are the offspring of families who fled those neighborhoods many years ago.

Obviously there is a lot of foreign investment as well, but the NYC metro area is an international hub and prices are comparitively inexpensive. If you do a simple P/E ratio on real estate, especially in JC and compare it to other large cities throughout the world, you would see that it's quite good. Hence the Aussies and many, many other foreigners snatching up real estate.

Posted on: 2013/2/7 15:57
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Re: DT Jersey City Real Estate Market?!
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RE pros: rates are very low, Australian Fund buying, JC very cheap compared to NYC/Bklyn, low inventory, Buy vs Rent favoring Buy, people still want to live in cities,

RE Cons: rates likely to go up soon, insurance/taxes going up, PATH unpredictability, schools still weak, recency of flooding, crime still an issue, people really aren't making more money/personal balance sheets iffy

Posted on: 2013/2/7 14:20
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Re: DT Jersey City Real Estate Market?!
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HPYC wrote:
I just got a HOT TIP from a broker friend for something called the "East India Company." Looks like it can only go up - thinking of mortgaging the old house and plunking some change down on this. Woo hoo.


Damn! - had I only known before I bought all those tulip bulbs

Posted on: 2013/2/7 13:52
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Re: DT Jersey City Real Estate Market?!
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I just got a HOT TIP from a broker friend for something called the "East India Company." Looks like it can only go up - thinking of mortgaging the old house and plunking some change down on this. Woo hoo.

Posted on: 2013/2/7 13:48
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Re: DT Jersey City Real Estate Market?!
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What we are seeing now is another bubble fueled by foreign investment in US real estate. There is so much instability, uncertainty, and poor performance all over Europe and even in Japan that there are few good assets to put money into. Hence money is pouring into the international city of New York and areas close to it (i.e. Brooklyn, Jersey City, and Queens). I think it will be interesting to see what happens with rents if hundreds of units that were previously owner-occupied are rented by investors to tenants (maybe this is why there still aren't too many new rental buildings rising in JC - perhaps the developers have factored into their assessment of rental market needs the surge in investors buying condos with plans to rent them out).

What worries me is that NYC real estate (and even more so JC real estate) is pretty cheap on the world stage. Someone who owns an apartment in Moscow outright can sell it and purchase two or more luxury apartments on the JC waterfront in cash. So this may make it very difficult for people who actually work in the area to afford to buy instead of rent (which will only keep more renters in the rental market and continue the upward pressure on rents)

But real estate prices may come crashing back down here as soon as Europe stabilizes and investors want to snap up even cheaper real estate there.

Posted on: 2013/2/7 7:44
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Re: DT Jersey City Real Estate Market?!
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07310 wrote:
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SRhia wrote:
So if the rates starts to rise again, will the real estate market "crash" again?

It would take another depression like the one that started in 2007 to get prices to crash.


Nah, just give it time. All you need is a new crop of buyer who believe that prices only go up, and poof, we'll have another boom and bust. You don't need a depression, just a market correction will do it to pop the bubble. Happened in 79, 89, 07, and it'll happen again. The only thing remarkable about this one was that it was a bubble on steroids because of all the fraud committed by the (bailed out) banks and ratings agencies. Just look at all those spikes, bet they thought it was TEOTAWKI in 1895! And remember, that's a national graph, where much of the country is buffering the volatility of the coasts, a NJ graph would have more amplitude.

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Posted on: 2013/2/7 4:23
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Re: DT Jersey City Real Estate Market?!
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07310 wrote:
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SRhia wrote:
So if the rates starts to rise again, will the real estate market "crash" again?

It would take another depression like the one that started in 2007 to get prices to crash.


how do you figure?

Posted on: 2013/2/7 3:55
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Re: DT Jersey City Real Estate Market?!
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SRhia wrote:
So if the rates starts to rise again, will the real estate market "crash" again?

It would take another depression like the one that started in 2007 to get prices to crash.

Posted on: 2013/2/7 1:27
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Re: DT Jersey City Real Estate Market?!
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So if the rates starts to rise again, will the real estate market "crash" again?

Quote:

Dahood wrote:
Quote:
Is this another bubble???


It's because of the low interest rates. Everyone wants to lock in.

Posted on: 2013/2/7 0:29
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Re: DT Jersey City Real Estate Market?!
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Is this another bubble???


It's because of the low interest rates. Everyone wants to lock in.

Posted on: 2013/2/7 0:15
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Re: DT Jersey City Real Estate Market?!
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People in Brooklyn now perk up when we say we live in JC.


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Posted on: 2013/2/6 22:23
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Re: DT Jersey City Real Estate Market?!
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Is this another bubble???

Posted on: 2013/2/6 22:16
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Re: DT Jersey City Real Estate Market?!
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JC_GeeGee wrote:
Was this for a condo or a single/multi family home? Makes me want to put my house in the market!!


For me, it's 1 BR condo I am looking for. I can only speak to those, but I have heard 2 BR's are same situation. Yes, consider putting it on, although prices still may rise the fact that there is no inventory currently is a reason to put it on. Even if prices rise in the Spring/Summer, you will still probably be competing with more inventory. Now seems to be the time.

Posted on: 2013/2/6 21:54
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Re: DT Jersey City Real Estate Market?!
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Yes! just sign up with a good real estate agency and start shopping, most of these properties are not so much "distressed" they may need a new bathroom and a kitchen remodel, but they are in pretty good shape and they make great rentals.
I would say allot of these homes are located in distressed areas, just think of DTJC 1988.

I have looked at a warehouse for 150k which sold for 390k in 2007, no bidding war its just in a distress part of town.


Is this in DTJC?

Posted on: 2013/2/6 21:53
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Re: DT Jersey City Real Estate Market?!
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Was this for a condo or a single/multi family home? Makes me want to put my house in the market!!

Posted on: 2013/2/6 19:58
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Re: DT Jersey City Real Estate Market?!
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We've been looking for a bigger place and in the past month and a half we've been involved in 3 bidding wars. We lost all of them.

We stopped at an open house on Saturday just to check the place out & in the 30 minutes we were there (we arrived when it began at noon) the buyer received 2 offers, went with the 2nd offer & sold it before the open house was over.

It's absolute insanity in downtown Jersey City right now.

Posted on: 2013/2/6 18:48
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Re: DT Jersey City Real Estate Market?!
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Back in November I was thinking of selling my place, 2 br/2bth high floor facing south condo, RE agents said they could sell it in a week. I decided to wait and see where prices go in the coming year, if demand is high prices will go up.

Posted on: 2013/2/6 18:17
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Re: DT Jersey City Real Estate Market?!
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PathH8Tr wrote:
I sold my place before it even listed. I got the price I asked plus some. I sold it to the first people that came to see the place. This has happened to two of my neighbors and another owner down the street wasn't even thinking of moving and now is considering selling his place because of the market. I say the real sign for me was my coffee shop is crowded with young professionals in the morning, line up out the door. It wasn't like this last spring. I'm moving to give my growing family more room but feel lucky this seems to be a hot spot. I wasn't part of that Aussie thing either but I was told that has created a stronger Sellers market for those properties not involved in the Aussie situation.


Same with us. We had been pondering selling for a while when a realtor called us about a couple interested in a condo like ours. A week later - sold. The price was about 10% more than we would have gotten a year ago. Young, married renters are taking advantage of low rates.

Posted on: 2013/2/6 16:27
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