Redevelopment NJ(East Orange and City of Orange
Hi all!
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.
Thanks,
Casida.