2014 Sep 22nd

Jersey City is Getting all the Good Press about Real Estate Development

I’ve been telling my investor buyers for months now, that Journal Square is the next hot thing.  No, it does not look that way today but that is the key to real estate investing.  Get in before the neighborhood changes.  And change, it is a coming.

brunch

Downtown Jersey City is still in flux and getting better every day.  I saw some gorgeous units at the Boniface Lofts last night right near Newark Ave and the heart of the now-thriving commercial hub near Grove Street.  A historic church has been converted with a focus on retaining the character of the original building and reusing materials.  Prices are still well under $1,000 a square foot, a bargain compared to Brooklyn.

The entire scene downtown JC is coming alive.  Barcade, of Williamsburg provenance, has opened on Newark Ave., Thirty Acres is getting tons of great press, with the kind of interesting menu that simply is not to be found in Hoboken.  It all makes me want to move there.

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  1. Peter Kim

    I was also tempted by Jersey City when I was looking to buy at the end of last season but decided that the “premium” in Hoboken was worth it. I think it really depends on how much you’re looking at your home purchase as an investment because for most parts of Jersey City, you have to have some degree of faith that it will be something different 5, 10, 15 years from now and whether you’re willing to wait for that to happen.

    For me, I have two young kids and there’s a certain type of lifestyle and community I want to provide for my kids *now* that Hoboken can provide but Jersey City can’t. Hamilton Park and Paulus Hook come close; Hamilton Park is nice but once you leave the nice area around the park, there isn’t much else. Paulus Hook is nice but it’s not really cheaper than Hoboken and again, once you’ve exhausted your eating/drinking options within Paulus Hook, there isn’t much else. Also, while the small neighborhoods of JC are walkable, there isn’t a contiguous walkable area as large as Hoboken as a whole.

    In Hoboken, I’ve got 4 parks/playground within a 10 minute walk, lots of good neighborhood restaurants and drinking spots not just up and down Washington St. but also inland.

    I don’t regret buying in Hoboken at all but for people who are willing to wait for a city to develop, JC is certainly a good option.

  2. Lori Turoff

    I completely agree that each city has different attributes and will appeal to different audiences with different needs. Having been in Hoboken for 16 years, I’ve certainly seen both Hoboken and Jersey City go through substantial changes. With the prices I’m seeing in other ‘around Manhattan’ neighborhoods, I’m very bullish on JC.

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