Investor · Kansas City, KS · Member since 2015 · 17 posts · 2 votes
I am looking for short term housing for a family member and considering buying near Newark Penn Station or Journal Square in Jersey City for a short term investment, perhaps a fix & flip. Any advice on what is happening in the market there or any other considerations?
Investor · NJ · Member since 2018 · 33 posts · 17 votes
5y
@Jan Pauley in Jersey city , near journal square, it is 2060 develop zone. Each 25x100 standard lot itself is close to 1M as a development lot, no mater what condition of the hiuse on it. You may look outside this zone to get slightly cheaper price.
Investor · New York City, NY · Member since 2013 · 137 posts · 50 votes
5y
@Jan Pauley. I would recommend you to connect with fellow BP member and R.E. agent, @Darren Sager who is very familiar with the Norther NJ R.E. market.
Real Estate Investor · Maplewood, NJ · Member since 2017 · 127 posts · 47 votes
5y
@Jan Pauley housing all over NJ is really expensive now due to the pandemic. There are bidding wars on most properties. The two areas you mentioned are very desirable due to the proximity to public transit into NYC.
Depending on how short-term you're looking at you could get in flip something and get out before everything calms down but that is very risky. You might be better served looking outside of those areas but still in those cities for example the iron-bound section of Newark or jersey city heights in JC.
Investor · NJ · Member since 2018 · 33 posts · 17 votes
5y
@Jan Pauley in Jersey city , near journal square, it is 2060 develop zone. Each 25x100 standard lot itself is close to 1M as a development lot, no mater what condition of the hiuse on it. You may look outside this zone to get slightly cheaper price.
Real Estate Agent · Belleville, NJ · Member since 2015 · 408 posts · 94 votes
5y
@Jan Pauley I would let you know that you will definitely be paying a premium in those areas. Fix and flips in those areas are hard to come by. Also, how would you be financing it? That is definitely a consideration. Also, you may want to think about safety level. Close to those areas are fairly safe BUT even just outside of those areas, it can change completely.
It really comes down to your budget. The price points in those areas are very different but are both very good places to invest. I think the Ironbound section of Newark which is next to Newark Penn Station will give you a better bang for your buck. Please do your homework and make an informed decision because you can get hurt buying irresponsibly now. Ask your questions here as you'll get good responses for those locations in this community. Good luck in your investing.