Newbie looking to invest in Journal Square area - am I too late?

4 Replies

Hello, friends! I've had great luck finding affordable apts to rent in NYC, so haven't ever bought a place, but have managed to save up and would like to buy my first place as an investment. I'm thinking of going to the Journal Square area of Jersey City, since that seems to be undergoing a positive change. Does anyone know anything about the market in this area? Am I too late to get a good deal? I found one building and it looks like the time to buy was 3 years ago, but I think there's still a lot more up to go. Any thoughts or advice would be much welcomed and appreciated!

THANKS!

@Colette B. I️ would say that you’re too late but you’re definitely not the first one at the party,
However their is still lot’s of opportunity but harder to get
Are you looking for anything in specific?
Asset class ? Number of units?

Originally posted by @David Lichtenstadter :

Colette B. I️ would say that you’re too late but you’re definitely not the first one at the party,
However their is still lot’s of opportunity but harder to get
Are you looking for anything in specific?
Asset class ? Number of units?

 Thanks, that sounds about what I figured. To start, I'd like to just get one condo in an apt. bldg. Any advice on starting a search for off the radar deals?

@Colette B. In my honest opinion it's a fool's errand to try to time any market. The best investors in the world have a poor track record of doing this. With that in mind, I believe that Journal Square is seeing a lot of investment with the tallest residential buildings in NJ soon to be built in the area (similar to the newly-constructed "Journal Squared" building). For me, this means more gainfully employed people moving to the area in the coming years. I wouldn't write a particular location off because it has already appreciated. I'd ask yourself what is going to bring people to the area in the next 5, 10, 20 years. In my mind, being that the station is the last stop on the Path before Harrison/Newark and is still relatively affordable for a 30-40 minute commute to the city, I'd say there's still room to go. Again though, I wouldn't base your purchase SOLELY on perceived/hoped-for appreciation. Try running the numbers on the property as if you were renting it out and see if they make sense. 

@Marc Weisi thanks for that, and it all makes sense. I went out to Journal Square from WTC recently and couldn't believe I was there in about 10/15 mins., so I think as people get priced out of downtown JC, Journal Square will continue to grow.

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