As an NYer looking to start in my local markets (from my general understanding, that is, any surrounding area within a 2-hour drive), I’ve been researching East Orange and City of Orange given the numerous reports of redevelopment projects in those areas. And, the purchase price to cash flow ratio, of course, compared to NY. However, the date range for some of these reports are 2013-present, yet still, I see so many negative reviews of the areas. Could this mean that even with the current redevelopment plans, these areas will take a more significant number of years to improve, housing class wise? What are some other important factors to consider? Any feedback or advice from those who are familiar with the area or have investments there?
Side note- I’ve experienced the market difference and redevelopment changes of 5 years in similar housing class, in Brooklyn and Queens. Therefore, it is a bit concerning that it has been around the same number of years, but it appears that EO hasn't had, at least half of the similar outcome as of yet.
I grew up in East Orange, but now I live in Jersey City. I am familiar with the area, and I think it will take some time for changes to take root. It will not happen as quickly as Brooklyn or Jersey City. One concern is what seems to be a decline in population over the past years. It is hard to predict exactly how things will go, but the trend seems to be gradually positive to me.
@Nicholas M Pendergrass Hi Nicholas. Thank you for responding and providing your opinion. It's always good to hear from those who grew up or lives in the area. In agreement, a declining population is very concerning. Thanks for pointing that out as well.
@Casida Caines Hi- did you end up looking further into EO? Did you invest there?
I'm looking into the area- as you mentioned the price to rent ratio looks good on paper. I've driven around a little and it seems fairly quite/suburban, but doesn't look like there's much going on and from almost everything I've read it seems to be a tough rental market.
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