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Re: Bad idea to buy property near embankment?
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Home away from home
 
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Housing prices did not fall that much during the long recession and they won't fall precipitously unless we enter a recession that is more severe than what we just went through. The legal battles over the embankment will continue for a few more years. We don't have people like Barry Diller and Diane Von Furstenburg to champion the cause of building the park and have the access to the corporate and private donors with deep pockets to make it happen. I don't think the park will ever be built.
Posted on: 2015/5/6 17:24
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Re: Bad idea to buy property near embankment?
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Home away from home
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Housing prices will decline as the Fed raises rates. The real question is whether they will fall precipitously or whether it will be a more gradual decline. The only way housing prices double in ten years, regardless of whether the park is actually built, is because rapid, uncontrolled inflation increases all costs.
As far as building a park, its not very likely to be built within a decade. Even if the legal battles wrap up in a few years, there is still millions of dollars necessary to convert the land to park space.
Posted on: 2015/5/6 16:52
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Re: Bad idea to buy property near embankment?
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Home away from home
Joined:
2007/4/16 13:46 Last Login : 2023/11/15 11:50 From Village/HP
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We own a similar property and have thought about the park impact on our living. First, it'll take years for it to come to fruition, if it ever does. And as others have noted, the benefits of being near the park would be huge. I plan to be involved in any planning/community organization that will undoubtedly be formed to ensure residents have a say in the proposed park plan(s) and governance of it.
Posted on: 2015/5/5 23:50
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Re: Bad idea to buy property near embankment?
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Home away from home
Joined:
2013/3/29 21:43 Last Login : 2023/9/5 18:27 From Bergen Hill
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I am a property but not it's not downtown. I'm definitely bullish on JC property. I think Downtown is certainly going to rise further. I think double is too aggressive, but it isn't out of the realms of possibility. Seeing a 50% increase in 10 years on what it is now is definitely reasonable.
Posted on: 2015/5/5 21:53
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Dos A Cero
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Re: Bad idea to buy property near embankment?
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Just can't stay away
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Thanks - understand investing in real estate and the elementary differences w/r/t to a savings account - again, thanks.
Just pointing out that assuming value will double is as tricky as assuming there will be a park.
Posted on: 2015/5/5 18:42
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Re: Bad idea to buy property near embankment?
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Home away from home
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Or just put all that money into AAPL stock!
jk... Quote:
Posted on: 2015/5/5 17:50
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Re: Bad idea to buy property near embankment?
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Home away from home
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Buying in DTJC is the same as any investment, you pay your money and take your chances. There are no guarantees. The odds are very good that your investment will appreciate substantially. If this is too risky for you the alternative is to put your money in a savings account where you are guaranteed .90% interest per year.
Posted on: 2015/5/5 17:43
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Re: Bad idea to buy property near embankment?
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Home away from home
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The park is extremely speculative at this point. The related litigation has been going on for years.
Posted on: 2015/5/5 16:17
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Re: Bad idea to buy property near embankment?
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Home away from home
Joined:
2014/12/21 14:43 Last Login : 2015/11/15 0:07 From Harsimus Cove
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Your backyard will be a goldfish bowl with people looking down on it. It might also become a litter basket. The noise can be substantial and possibly run late into the night. And, although it is highly unlikely, plans for a park could be scrapped and a lightrail line would fit rather nicely up there.
Posted on: 2015/5/5 13:49
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Re: Bad idea to buy property near embankment?
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Just can't stay away
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I've also been considering buying in DTJC.
However in the below discussion, two big assumptions I've seen to note...that a) a Park will be built. b) houses will be worth double in ten years? Really? Do we have new information?
Posted on: 2015/5/5 13:38
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Re: Bad idea to buy property near embankment?
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Home away from home
Joined:
2014/6/9 22:10 Last Login : 2017/6/16 11:22 From Jersey City, NJ
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DTJC is one giant RE play even with higher recent term pricing. We have an administration that's very bullish on development and an incoming demographic that is reasonably supportive of it. The DTJC-Western Queens/BK discount is still substantial. Buy now, sell in a decade. You'll probably hit a wall on pricing as our current appreciation rate abates, but so long as you have the cashflow and the stomach for a near term price plateau or even a price-drop, you should be in for a win as that park gets developed.
Posted on: 2015/5/5 13:25
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Re: Bad idea to buy property near embankment?
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Home away from home
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I agree, if the embankment becomes a park it will make your property more desirable and will place a premium in value over the surrounding properties. Look at all the new apt buildings going up around the High Line. If you don't like to putting on a show you can put curtains over your br. window.
Posted on: 2015/5/5 13:24
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Re: Bad idea to buy property near embankment?
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Home away from home
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Agreed. I personally think the park would be a huge advantage to the value of your house, but the property you're buying is going to be a winner in almost any scenario.
Posted on: 2015/5/5 13:17
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Re: Bad idea to buy property near embankment?
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Home away from home
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In 10 years, your house will be worth more than twice what you are buying it for...so isn't it a win win? If it's not loud, you stay, if it is loud, you sell and and buy something with the $$$$ earned.
Posted on: 2015/5/5 2:49
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Bad idea to buy property near embankment?
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Not too shy to talk
Joined:
2015/3/24 17:22 Last Login : 2017/4/12 2:03 From downtown jersey city
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Hi,
I'm considering buying a house near the jersey city embankment. The property has a small backyard that juts up against the embankment wall. I like the privacy it gives the house, but is it a major gamble to buy over there (given that the future of the embankment is in question?) It's nice and quiet there right now, but the idea of a busy/loud park overlooking my bedroom in say 10 years sounds pretty unsavory. Any thoughts or insights would be greatly appreciated. Thanks!
Posted on: 2015/5/5 2:12
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