New York City, NY · Member since 2016 · 2 posts · 0 votes
I'm looking to purchase a multi-family in Jersey City. Was originally looking at the heights but the prices seem a bit high, and so I have shifted my search down to Bergen-Lafayette. Seems like this neighborhood still have a few years to go before it starts growing, but it seems like the logical next place after the heights is maxed out. The light rail gets you in to NYC pretty quickly and it seems like others are beginning to invest here. Is anyone else investing in this area? Thoughts on whether or not its a good spot?
I'm a realtor and work in Manhattan and JC. Check out the Communipaw area of Bergen-Lafayette. Many new restaurants popping up on south/eastern end of Communipaw, a new coffee house (with the best cold brew!), etc. Light Rail is right there. Thousands of new rentals approved to the northeast and proposed development of the Liberty Science campus to the south. Amenities will follow. Reminds me a little of LIC before it exploded. I recently sold a condo at The Foundry and many of the end user buyers were from hipster nabes like Bushwick and Ridgewood Queens and looking to commute into Manhattan. Ultimately sold to an investor. I think there's a lot of upside there. PM me if you'd like to discuss further.
It’s a great spot, as is the west side if you keep near the train station. Prices there are starting to get crazy so don’t expect the rental numbers to blow you away.
There is a lot of activity from investors in that area of Jersey City so that's always a good sign. North New Jersey in general is a market were most homes receive multiple offers within days of listing. It's all a matter of personal preference and really narrowing down to what it is you are looking for location-wise. The first negative thing that I think of regarding that area of Jersey City is the crime rates and even schools (source: https://www.neighborhoodscout.com/nj/jersey-city/crime) but if you can oversee that then it is a prime location to invest! Not to mention how hot the market is in Bergen-Lafayette/Greenville.
I'm a realtor and work in Manhattan and JC. Check out the Communipaw area of Bergen-Lafayette. Many new restaurants popping up on south/eastern end of Communipaw, a new coffee house (with the best cold brew!), etc. Light Rail is right there. Thousands of new rentals approved to the northeast and proposed development of the Liberty Science campus to the south. Amenities will follow. Reminds me a little of LIC before it exploded. I recently sold a condo at The Foundry and many of the end user buyers were from hipster nabes like Bushwick and Ridgewood Queens and looking to commute into Manhattan. Ultimately sold to an investor. I think there's a lot of upside there. PM me if you'd like to discuss further.
thanks everyone! Thoughts on SFH in this area, as well? I'm focusing my search on multi, but occasionally a SFH pops up that is close to the light rail and looks nice. Trying hard to stay focused but wondering if it's worth also considering SFH investment, in this area.
I live in Jersey City Heights and have seen all the developments. I would agree with everything mentioned so far, but also add that there has been talk of a tax reval throughout Jersey City. The downtown areas is seeing proposed property tax increases for some areas from 13,000 to 50,000. Obviously downtown has completely gentrified so this is an extreme example, but I would be interested to see how taxes will be re-evaluated wherever in JC I am investing. If nothing else, just so I can run the numbers accurately.
I’m not a fan of SFRs because if you have a bad tenant you’re stuck eating 100% of the varying costs whereas on a multi family as long as someone is paying you aren’t drowning. Regarding the tax reval; some of the properties are having their new tax bills posted and within the next month or so all the properties will be posted. Areas like berg-laff, west side and Greenville are seeing significant reductions to most tax bills. That’s extremely bullish for those areas. The heights are a mixed bag as far as tax savings from what I can see.
@Allan Szlafrok To give you an idea, I had my condo in the Heights (which I house hack) reval'ed and my taxes went up about 25%. While that seems like a lot, to your point, some areas of downtown have seen their tax bills go up much more substantially. @Katie Horgan, I agree with @Jason Lee that Communipaw looks to be transforming into a bustling thoroughfare for many new businesses in the coming years. From my research, it seems like a lot of listings in that area are already pricing in the increased "attention." Good luck!
There's no talk of a reval, there is a reval going on. Downtown is affected the most but honestly people who own there ,myself included , have so much equity and have been underpaying their taxes so should not complain.
I've bought and sold a few in Bergen-Lafayette and currently own a rental there. I'm bullish on it long-term, and the tax reval, IMO, will continue to fuel interest in areas like B-L.
The owner of my apartment (in a 3-fam Downtown) where I live saw his taxes triple (from like $6k to nearly $20k), whereas most owners in B-L will likely see a slight decrease.
In a vacuum, one can expect that the increased disparity among property taxes throughout JC post-reval will spark interest in the areas with lower taxes -- i.e., B-L, Greenville, West Bergen, etc. until we reach equilibrium once again.
Prices have already increased substantially, so I'd caution against buying just anything because it falls within Bergen-Lafayette. But if the fundamentals make sense, long-term, I think it's as good a bet as anything.
I bought a multi-fam last year near Garfield Ave Light Rail/Berry Lane Park and its very reminiscent of the growth that you seen in Bed-Stuy Brooklyn a few years back. Some blocks are gritty intersections, others are quiet tree-lined and family oriented.
Bottom-line, I think this one of the hottest neighborhoods in NYC/Jersey Area for the following reasons:
1) Commute to lower Manhattan about 25 mins on light rail/path
2) Luxury buildings going up everywhere especially in the eastern/communipaw portions, as well as developing bar/restaurant scene
3) Historic brownstone/townhome lined blocks
4) Still relatively cheap compared to other JC neighborhoods.
5) 5-15 min bike/drive to Downtown Jersey City
6) Under-developed, still many vacant lots to be filled.
i recently got a 2 fam in greenville, right around wilkinson and ocean ave. talking w the neighbor, the house in front is now selling for 475k!! almost 100k more than mine was and the corner deli/bodega has been bought and neighbor said they will tear it down and build a condo or shops there.
going in towards MLK from ocean is definitely not for the faint of heart, and even the area I got has some people cooking out on the streets/music banging loud etc, but just over the avenue 100ft away everything is quiet.
coming from the heights/union city, this is the last remaining few blocks where large 2600sqft+ multifamilies are still under 350-400k totally remodeled. a mile north its all 650-700k.
money must pour in just like water. literally everything surrounding greenville at this point is 100-200k more expensive.
I've been in BL as an investor for a long time. My 2 cents:
Use common sense. (If you have it) Many people don't and many are "investors".
The people that "should" know the most, usually know very little. If they are "professionals" consider doing the opposite of what they say. That's no joke.
Pick the brains of people who bought real estate in 2010-2014.
When no one cares is the best time to buy. When it becomes a frenzy, watch out. Much easier said than done.
Stay close to the trains
In this market you can make money in Greenville but you will have a lot of aggravation and there are much easier ways to make money. The nightmare will drive you out of the business unless you have a high tolerance for pain.
The latest party in BL started 5 yrs ago. Check out the prices then and now.
might be true, but my 10% caprate right now looks pretty good - so need to get another spot in greenville next year. yea, some people got shot on the streets, but it wasnt me..yet
again, try getting a multifamily where even rooms can rent for 4 digits 25mins from NYC. just take a car drive from greenville unto the 78... its RIGHT THERE, super convenience w a nice NYC skyline. so close.
have to say way better to commute from than my union city places.
Reviving this old thread because it's still relevant...
Anyone investing near the Garfield light rail stop? Seems like a decent area when west of Ocean.
Anyone have thoughts on that area or recent thoughts on Bergen-Lafayette in general. Seriously looking to move on a property there and trying to get as much perspective on the area as possible.
@Mark J. you already saw my comments, east of ocean definitely nicer IMO too. im trying to piece together developments and whats going on, but hard to say. one thing i did notice is the police activity has really amplified - its either a real bad or real good sign. in the middle of my street there were actual gang houses, now they are all vacant.. i think spring/summer buying frenzy will bring in a lot of new residents into Greenville. every contstructor that came to do work at my place said its a good buy.
see big new buildings being built right around the mcdonalds next to highway 78 and there are other big new developments after the Bergen Lafayette bridge when you drive in from JC downtown.
@Drew Slew Yeah, a lot of talk from agents about the area getting built up. I can see it a little around the Communipaw area. I think it probably will happen in B-L and Greenville area at some point, but as you've noted they will have to "clean up" the area as far as crime. I'm kind of surprised the city hasn't stepped it up more, because I think once the crime element is gone it will open up the neighborhood to more restaurants, shops and people/families wanting to live there. I think they should start with that junction of Grand and Communipaw- once you hit that intersection it feels kind of seedy with a fair amount of street activity.
When I wrote the last comment I had actually just signed a contract for a property near the Garfield Light Rail station, but unfortunately the deal didn't go through because the seller backed when they received a higher offer. I like that area, it's fairly quite and close to the light rail, but prices seem to be a little on the higher side.
I think you're right about a lot of buyers moving further south into B-L and Greenville when the Summer selling season hits. I think it's already happening now and will continue to accelerate due to taxes and prices in the downtown area. Taxes in the downtown area since the revaluation are insane. The city evaluated everything at market price, when the market was at it's peak. I've seen ok deals in the area, but the taxes make it impossible. I feel for the long time residences that saw their tax bill increase 5X-6X.