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Re: How will new high rises affect the rental market?
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You can't go wrong picking transit proximity. So yes JSQ would be a surer bet. That said never say never. Plus the heights offers a very different option, i.e, single family homes on quiet streets and some lovely views. I suspect appreciation may not be as great but, depending on the location and quality of your home, you should attract stable family tenants.


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SuchGreatHeights wrote:
Hi JListers,

I'm brand new here, though I've lurked for a little while. It's fun to pop in--such lively debates! Anyhow, I was curious for your opinions on rentals and real estate. Firstly, this past spring, my wife and I bought a house up in the Heights on Sherman Place. We love the neighborhood and in particular our street. I was pleasantly surprised by the colors and beauty that this fall has brought to our corner of the hood. We're also extremely excited about Mod Cup as well as the recent opening of 942 Summit.
However, with this said, I'm slightly kicking myself for not looking further around or near Journal Square as it seems the next logical real estate boom for Jersey City. So, my query is JListers, would a modest 1 bedroom condo around or near Journal Square, perhaps McGinnley Square even, be a worthy investment? It would serve as a rental income, and I'm aiming for a 10 to 15 minute distance to the Path. My hope is to make a move in the next 2 to 3 years. Decent idea or waste of time, thoughts? Thanks for reading.

Posted on: 2014/11/21 11:45
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Re: How will new high rises affect the rental market?
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I'd look at this from the angle "can my monthly rental income cover all the expenses every month"?

I'm not an expert on property investment, but at a minimum, I think all rental property income should cover all expenses every month / year. So at the current purchase price, can the rental income cover your mortgage, property tax, condo assoc fees / repairs & maintenance expenses?

Asset appreciation is nice, but never guaranteed (however, the longer you hold a property, the better the chance of appreciation). And one can never tell when the market is going to turn, so you have to be ready to hold for longer than you expect if things go south - can you shoulder that financially?

But I agree though - property investment is the best way to grow wealth. However, one need money to make money in this field (eg down payment).

Quote:

SuchGreatHeights wrote:
Hi JListers,

I'm brand new here, though I've lurked for a little while. It's fun to pop in--such lively debates! Anyhow, I was curious for your opinions on rentals and real estate. Firstly, this past spring, my wife and I bought a house up in the Heights on Sherman Place. We love the neighborhood and in particular our street. I was pleasantly surprised by the colors and beauty that this fall has brought to our corner of the hood. We're also extremely excited about Mod Cup as well as the recent opening of 942 Summit.
However, with this said, I'm slightly kicking myself for not looking further around or near Journal Square as it seems the next logical real estate boom for Jersey City. So, my query is JListers, would a modest 1 bedroom condo around or near Journal Square, perhaps McGinnley Square even, be a worthy investment? It would serve as a rental income, and I'm aiming for a 10 to 15 minute distance to the Path. My hope is to make a move in the next 2 to 3 years. Decent idea or waste of time, thoughts? Thanks for reading.

Posted on: 2014/11/21 3:54
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Re: How will new high rises affect the rental market?
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Hi JListers,

I'm brand new here, though I've lurked for a little while. It's fun to pop in--such lively debates! Anyhow, I was curious for your opinions on rentals and real estate. Firstly, this past spring, my wife and I bought a house up in the Heights on Sherman Place. We love the neighborhood and in particular our street. I was pleasantly surprised by the colors and beauty that this fall has brought to our corner of the hood. We're also extremely excited about Mod Cup as well as the recent opening of 942 Summit.
However, with this said, I'm slightly kicking myself for not looking further around or near Journal Square as it seems the next logical real estate boom for Jersey City. So, my query is JListers, would a modest 1 bedroom condo around or near Journal Square, perhaps McGinnley Square even, be a worthy investment? It would serve as a rental income, and I'm aiming for a 10 to 15 minute distance to the Path. My hope is to make a move in the next 2 to 3 years. Decent idea or waste of time, thoughts? Thanks for reading.

Posted on: 2014/11/21 2:41
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Re: How will new high rises affect the rental market?
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Wishful_Thinking wrote:
I wonder if all the development DTJC will ever, really impact on the Heights? I don't see DTJC ever getting so expensive that renters will feel "priced out" to the point that they will look for rentals in the Heights, given how much they will have to give up in terms of access to NYC, culture, restaurant and nightlife options. I suspect there will be some pressure around the margins of DTJC and JSQ.

What you will continue to see is movement to the Heights by people interested in buying property. There, I think, the contrast is more pronounced in terms of what you get for your money.

The Heights has a lot of poor residents, and while it wouldn't be neighborly to want to see them pushed out, it would be nice to see the mix shift to a demographic that would support at least a small % of the amenities (restaurants, bars, nice shops, etc.) that DTJC has. I don't see that happening, so long as the margins of DTJC and JSQ has less expensive housing options available, or there is some major initiative to make the Heights more accessible via mass-transit.


I don't think you can ever count on the renters discussed in this thread moving up to the Heights. As you mention, they give up too much access to NYC.

I think there will definitely be renters priced out of DTJC, but they will move to JSQ and then Harrison. It's all about the PATH, which equals easy (if crowded and unconfortable) access to NYC.

The Heights can't compete in that regard. But I do think it may grow to accommodate those for which easy access to Manhattan is not a priority. Also, if there is an increase in good jobs located in JC, this could also help the Heights.

Posted on: 2014/11/18 20:51
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Re: How will new high rises affect the rental market?
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Quote:

Wishful_Thinking wrote:
I wonder if all the development DTJC will ever, really impact on the Heights? I don't see DTJC ever getting so expensive that renters will feel "priced out" to the point that they will look for rentals in the Heights, given how much they will have to give up in terms of access to NYC, culture, restaurant and nightlife options. I suspect there will be some pressure around the margins of DTJC and JSQ.

What you will continue to see is movement to the Heights by people interested in buying property. There, I think, the contrast is more pronounced in terms of what you get for your money.

The Heights has a lot of poor residents, and while it wouldn't be neighborly to want to see them pushed out, it would be nice to see the mix shift to a demographic that would support at least a small % of the amenities (restaurants, bars, nice shops, etc.) that DTJC has. I don't see that happening, so long as the margins of DTJC and JSQ has less expensive housing options available, or there is some major initiative to make the Heights more accessible via mass-transit.


I see the Heights as evolving into a family bedroom community for those who want more space for less money, peace and quiet, some decent retail (e.g., ModCup), and aren't too fussed about proximity to nightlife, culture, etc. so long as they have decent transit options. I thought the stretch of Ogden Ave from Riverview-Fiske to Congress Street seemed particularly indicative and promising in this regard.

So from a rental income perspective, I'd say it'll be there, but for a smaller albeit stable renter pool.

Posted on: 2014/11/18 20:44
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Re: How will new high rises affect the rental market?
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From my experience I have noted that developers are less (past 20 years) likely to build housing estates in the suburbs as the capital involved is far greater then a multi level high rise. Costs such as land, new roads, sidewalks, sewer, water, power, local facilities and services etc make it less attractive or lucrative for developers, especially when cities like JC give tax abatements!

I found this article to confirm what I have been surmising for a number of years - I found a few more studies from Europe that are starting to stray away from high rise high density housing.

http://www.dailytelegraph.com.au/news ... 285939f044a113117032d981f

Posted on: 2014/11/18 20:35
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Re: How will new high rises affect the rental market?
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I wonder if all the development DTJC will ever, really impact on the Heights? I don't see DTJC ever getting so expensive that renters will feel "priced out" to the point that they will look for rentals in the Heights, given how much they will have to give up in terms of access to NYC, culture, restaurant and nightlife options. I suspect there will be some pressure around the margins of DTJC and JSQ.

What you will continue to see is movement to the Heights by people interested in buying property. There, I think, the contrast is more pronounced in terms of what you get for your money.

The Heights has a lot of poor residents, and while it wouldn't be neighborly to want to see them pushed out, it would be nice to see the mix shift to a demographic that would support at least a small % of the amenities (restaurants, bars, nice shops, etc.) that DTJC has. I don't see that happening, so long as the margins of DTJC and JSQ has less expensive housing options available, or there is some major initiative to make the Heights more accessible via mass-transit.

Posted on: 2014/11/18 20:19
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Re: How will new high rises affect the rental market?
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JGJDNYCJC wrote:
Quote:

fat-ass-bike wrote:
The biggest beneficiary to more high rises and high purchase prices are the banks - Any investor will be forced to increase rental prices to make their payments. If its a 10, 20, 30 year loan the risk of purchase becomes to high as an investment property as all and any rent payments will go towards the mortgage, thus the sale price will reflect the maximum an investor is prepared to make.
Only the investor who can buy an over inflated apartment outright or with a minimal loan will do well from high rental prices, thus many high rises don't have many owner occupiers and most rentals are owned by the developer to get their investment return


And homeowners. All of that enhanced retail is doing wonders for my asset. Granted I moved in mid-2012 before the big bumrush into DTJC.


Absolutely.
If you own outright your investment rental you're laughing with the rental prices now being paid as would a cashed up developer ... the investment return would be greater then any bank interest

Posted on: 2014/11/18 20:19
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Re: How will new high rises affect the rental market?
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Quote:

fat-ass-bike wrote:
The biggest beneficiary to more high rises and high purchase prices are the banks - Any investor will be forced to increase rental prices to make their payments. If its a 10, 20, 30 year loan the risk of purchase becomes to high as an investment property as all and any rent payments will go towards the mortgage, thus the sale price will reflect the maximum an investor is prepared to make.
Only the investor who can buy an over inflated apartment outright or with a minimal loan will do well from high rental prices, thus many high rises don't have many owner occupiers and most rentals are owned by the developer to get their investment return


And homeowners. All of that enhanced retail is doing wonders for my asset. Granted I moved in mid-2012 before the big bumrush into DTJC.

Posted on: 2014/11/18 20:13
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Re: How will new high rises affect the rental market?
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The biggest beneficiary to more high rises and high purchase prices are the banks - Any investor will be forced to increase rental prices to make their payments. If its a 10, 20, 30 year loan the risk of purchase becomes to high as an investment property as all and any rent payments will go towards the mortgage, thus the sale price will reflect the maximum an investor is prepared to make.
Only the investor who can buy an over inflated apartment outright or with a minimal loan will do well from high rental prices, thus many high rises don't have many owner occupiers and most rentals are owned by the developer to get their investment return

Posted on: 2014/11/18 20:10
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Re: How will new high rises affect the rental market?
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MadMan wrote:
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papadage wrote:
Too bad it's all Tacos, Pizza and Burgers.


What about Talde?


The sooner, the better. A bit of variety would be nice. As a Greek, I am ashamed there is not a decent taverna or full greek restaurant.

Posted on: 2014/11/18 19:10
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Re: How will new high rises affect the rental market?
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Crime is in Weequahic and Vailsburg... . . . Baxter Terrace Projects that plagued central ward / downtown are destroyed and a couple others off M. Ali Drive...all near Downtown ....it is like saying, don't go to Jersey City ....Greenville is located there !

Posted on: 2014/11/18 16:52
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Re: How will new high rises affect the rental market?
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DouglasReynholm wrote:
Time to move to Newark !

Lightrail, Symphony Hall, Arts Center, Red Bull Arena, The Rock, Penn Station / Broad Street Station ..Teachers Village, NJIT, Rutgers, Seton Hall Law, Newark Museum, Military Park/Washington Park . . .


or you can try Harrison...

Construction boom in Harrison spotlighted in New York Post


Posted on: 2014/11/17 23:33
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Re: How will new high rises affect the rental market?
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DouglasReynholm wrote:
Time to move to Newark !

Lightrail, Symphony Hall, Arts Center, Red Bull Arena, The Rock, Penn Station / Broad Street Station ..Teachers Village, NJIT, Rutgers, Seton Hall Law, Newark Museum, Military Park/Washington Park . . .


...and crime, at a rate higher than most NJ cities.

Posted on: 2014/11/17 22:04
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Re: How will new high rises affect the rental market?
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Time to move to Newark !

Lightrail, Symphony Hall, Arts Center, Red Bull Arena, The Rock, Penn Station / Broad Street Station ..Teachers Village, NJIT, Rutgers, Seton Hall Law, Newark Museum, Military Park/Washington Park . . .

Posted on: 2014/11/17 21:46
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Re: How will new high rises affect the rental market?
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CdeCoincy wrote:
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bodhipooh wrote:
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Bubble_Tea wrote:
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fat-ass-bike wrote:
Lets not kid ourselves, many of these new high rises are being built by the same developers and investors and will often use the same realtors as other developers to rent out these properties.
It wouldn't surprise me that there is a simple formula used to maintain a certain price - Not for one minute would there be any price war or lowering of prices and realtors would push tenants into developer owned rentals then privately own rentals.


A simple formula?? This isn't voodoo. Rental prices are determined on the market, on the basis of supply and demand.


Dude, don't bother. Conspiracy theorists are impervious to logic. He is convinced there is a fix, and not enough is being done to keep DTJC poor or lower middle class. That's his main concern right now. The rental market in DTJC is RED HOT. This is not some sort of conspiracy theory. Lots of people are flocking to DTJC and the prices reflect that. Every building coming on the market is leased up within a month or two, at pretty much asking price. The best "deal" you will score is a free month's rent with little room for negotiating. If you don't want it, someone else will. I see no slowing down any time soon. The way buildings are coming onto the market, there is little competition between them: as one rents out, the next opens up for leasing. Warren at York was 90% leased in a month, and so was The Art House.


agree - the more people who move here, the more people move here. When colleague move here and tell their co-workers about the commute, the restos, etc. more people check out dtjc and maybe other 'hoods as well. As far as a price fixing conspiracy among landlords, remember: there is no honor among thieves.


Putting other problems with the theory aside, collusion-based price-fixing wouldn't even get off the ground in DTJC with all rental options in nearby areas. The very fact that DTJC prices remain lower than other areas, despite the quick commute to NYC completely destroys the theory.

Posted on: 2014/11/17 21:07
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Re: How will new high rises affect the rental market?
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papadage wrote:
Too bad it's all Tacos, Pizza and Burgers.


What about Talde?

Posted on: 2014/11/17 20:22
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Re: How will new high rises affect the rental market?
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bodhipooh wrote:
Quote:

Bubble_Tea wrote:
Quote:

fat-ass-bike wrote:
Lets not kid ourselves, many of these new high rises are being built by the same developers and investors and will often use the same realtors as other developers to rent out these properties.
It wouldn't surprise me that there is a simple formula used to maintain a certain price - Not for one minute would there be any price war or lowering of prices and realtors would push tenants into developer owned rentals then privately own rentals.


A simple formula?? This isn't voodoo. Rental prices are determined on the market, on the basis of supply and demand.


Dude, don't bother. Conspiracy theorists are impervious to logic. He is convinced there is a fix, and not enough is being done to keep DTJC poor or lower middle class. That's his main concern right now. The rental market in DTJC is RED HOT. This is not some sort of conspiracy theory. Lots of people are flocking to DTJC and the prices reflect that. Every building coming on the market is leased up within a month or two, at pretty much asking price. The best "deal" you will score is a free month's rent with little room for negotiating. If you don't want it, someone else will. I see no slowing down any time soon. The way buildings are coming onto the market, there is little competition between them: as one rents out, the next opens up for leasing. Warren at York was 90% leased in a month, and so was The Art House.


agree - the more people who move here, the more people move here. When colleague move here and tell their co-workers about the commute, the restos, etc. more people check out dtjc and maybe other 'hoods as well. As far as a price fixing conspiracy among landlords, remember: there is no honor among thieves.

Posted on: 2014/11/17 18:45
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Re: How will new high rises affect the rental market?
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Bubble_Tea wrote:
Quote:

fat-ass-bike wrote:
Lets not kid ourselves, many of these new high rises are being built by the same developers and investors and will often use the same realtors as other developers to rent out these properties.
It wouldn't surprise me that there is a simple formula used to maintain a certain price - Not for one minute would there be any price war or lowering of prices and realtors would push tenants into developer owned rentals then privately own rentals.


A simple formula?? This isn't voodoo. Rental prices are determined on the market, on the basis of supply and demand.


Dude, don't bother. Conspiracy theorists are impervious to logic. He is convinced there is a fix, and not enough is being done to keep DTJC poor or lower middle class. That's his main concern right now. The rental market in DTJC is RED HOT. This is not some sort of conspiracy theory. Lots of people are flocking to DTJC and the prices reflect that. Every building coming on the market is leased up within a month or two, at pretty much asking price. The best "deal" you will score is a free month's rent with little room for negotiating. If you don't want it, someone else will. I see no slowing down any time soon. The way buildings are coming onto the market, there is little competition between them: as one rents out, the next opens up for leasing. Warren at York was 90% leased in a month, and so was The Art House.

Posted on: 2014/11/17 18:25
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Re: How will new high rises affect the rental market?
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papadage wrote:
Too bad it's all Tacos, Pizza and Burgers.


You mean:

Pizza, Tacos, Pizza, Burgers and Pizza.

Posted on: 2014/11/17 16:44
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Re: How will new high rises affect the rental market?
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fat-ass-bike wrote:
Lets not kid ourselves, many of these new high rises are being built by the same developers and investors and will often use the same realtors as other developers to rent out these properties.
It wouldn't surprise me that there is a simple formula used to maintain a certain price - Not for one minute would there be any price war or lowering of prices and realtors would push tenants into developer owned rentals then privately own rentals.


A simple formula?? This isn't voodoo. Rental prices are determined on the market, on the basis of supply and demand.

Posted on: 2014/11/17 16:43
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Re: How will new high rises affect the rental market?
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I know a person looking. What are the cheapest 1 and 2 bedroom apartments in Downtown -- vs. -- the cheapest in Journal Square or The Heights? Please try to keep it to anything that has just leased this year -- or is still available -- also please give cross streets and/or area. Thanks


http://www.padmapper.com/

Between this site, and the hotpads.com link in the previous post, your person should have what they need.

Posted on: 2014/11/16 2:30
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Re: How will new high rises affect the rental market?
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GrovePath wrote:
I know a person looking. What are the cheapest 1 and 2 bedroom apartments in Downtown -- vs. -- the cheapest in Journal Square or The Heights? Please try to keep it to anything that has just leased this year -- or is still available -- also please give cross streets and/or area. Thanks


www.hotpads.com

Posted on: 2014/11/16 0:01
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Re: How will new high rises affect the rental market?
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Lets not kid ourselves, many of these new high rises are being built by the same developers and investors and will often use the same realtors as other developers to rent out these properties.
It wouldn't surprise me that there is a simple formula used to maintain a certain price - Not for one minute would there be any price war or lowering of prices and realtors would push tenants into developer owned rentals then privately own rentals.

Posted on: 2014/11/15 23:39
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Re: How will new high rises affect the rental market?
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I know a person looking. What are the cheapest 1 and 2 bedroom apartments in Downtown -- vs. -- the cheapest in Journal Square or The Heights? Please try to keep it to anything that has just leased this year -- or is still available -- also please give cross streets and/or area. Thanks

Posted on: 2014/11/15 20:34
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Re: How will new high rises affect the rental market?
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I attest to that first hand. In recent years while 90% of the real estate in the country went underwater, I walked away from my Newport condo with a 6 figure gain.

Golden rule once again kids:
LOCATION, LOCATION, LOCATION = CHA CHING, CHA CHING, CHA CHING

Quote:

jcguy05 wrote:
yeah i agree, all those are luxury rentals that they will price at the higher end of the price range, just like the monaco towers, and they still rented out.

There maybe some short lived 1 month free incentive but dont expect much price changes.

The downtown jc rental market being so close to nyc will only see a a material impact from wall street / economy tanking like during 2007-2009. Rent went down 10-20% during that time, but then zapped right back higher as the financials stabilized.

Posted on: 2014/6/26 15:28
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Re: How will new high rises affect the rental market?
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hitchcock wrote:
Our rent keeps going up, and we're not sure how much longer we can afford to stay in downtown JC.

But what about all those high rises being built? Will they wind up lowering rents?


Depends on for what. It'll definitely keep the lid on apartment rental values in brownstones. However, for actual rowhomes we're talking about different markets.

Posted on: 2014/6/26 14:06
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Re: How will new high rises affect the rental market?
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moobycow wrote:
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VA2015 wrote:

I will also add that i think the new rentals will affect the brownstone/old construction rentals differently because of one word: amenities. The "charm" of 1930s electrical systems in brownstones wears off quick and isn't necessarily compensated for with those cute exposed brick walls. Compare that to a place with washer/dryer/dishwasher in unit, elevator, gym in the building, skyline views, closer to transit options, etc. and I don't think people are going to pay the same rent for say a 1500 sq. foot brownstone apt. in the Village vs. a 1500 sq. foot (or even 800 square foot) luxury condo.


The high rises have always been more expensive and will remain so. It doesn't mean the brownstones won't also get pulled up. One things the brownstones generally have going for them is that the rent is a bit more stable. Families renting out their unit often won't raise rents much, or at all.



Also, some people will move into an area with new high rises going in, but prefer to be in smaller buildings, to get more involved with the neighborhood, or because they want a bit more room without living in a rat's nest that some buildings can be. They will still benefit from improvements brought to the area by the new buildings, like shopping, cafes, restaurants, bars and better infrastructure.

Posted on: 2014/6/26 13:12
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Re: How will new high rises affect the rental market?
#21
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VA2015 wrote:
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papadage wrote:
Too bad it's all Tacos, Pizza and Burgers.


Disagree. The places I'm referring to include:

Word bookstore/cafe
Roman Nose
Monty's public house
downtown yogurt
two boots
left bank burger bar
3rd and vine
union republic
the raven boutique
pig and pepper
tittlemouse and co. consignment
gia gelato
Merseles studios

...and that's just off the top of my head

I will also add that i think the new rentals will affect the brownstone/old construction rentals differently because of one word: amenities. The "charm" of 1930s electrical systems in brownstones wears off quick and isn't necessarily compensated for with those cute exposed brick walls. Compare that to a place with washer/dryer/dishwasher in unit, elevator, gym in the building, skyline views, closer to transit options, etc. and I don't think people are going to pay the same rent for say a 1500 sq. foot brownstone apt. in the Village vs. a 1500 sq. foot (or even 800 square foot) luxury condo.


It was an exaggeration for effect, but how many taquerias do we need downtown? How many gastro-pubs? How many Italian Reastaurants that also feature pizzas? How many Thai/fusion?

No decent Greek. no Ethiopian, no Italian aside form Southern basil and tomato, no Morrocan. The two new places opening across from each other on Newark will be more Italian and another burger place.

I love many of the ones you mentioned, but they do not make up for a real lack of vision in some of the people opening up eateries.

Posted on: 2014/6/26 13:09
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Re: How will new high rises affect the rental market?
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VA2015 wrote:

I will also add that i think the new rentals will affect the brownstone/old construction rentals differently because of one word: amenities. The "charm" of 1930s electrical systems in brownstones wears off quick and isn't necessarily compensated for with those cute exposed brick walls. Compare that to a place with washer/dryer/dishwasher in unit, elevator, gym in the building, skyline views, closer to transit options, etc. and I don't think people are going to pay the same rent for say a 1500 sq. foot brownstone apt. in the Village vs. a 1500 sq. foot (or even 800 square foot) luxury condo.


The high rises have always been more expensive and will remain so. It doesn't mean the brownstones won't also get pulled up. One things the brownstones generally have going for them is that the rent is a bit more stable. Families renting out their unit often won't raise rents much, or at all.


Posted on: 2014/6/26 12:56
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