New Jersey Northeast Corridor Gateway Program

5 Replies

Hi,

Are there any potential in areas near Newark, Jersey City and Palisades, since there is this Gateway program and Meadowlands Mall going on?

NJ has a high foreclosure rate comparing with the rest of the country.  However, will the NYC crowd go to NJ in the future for bigger space?  If so, is there revitalization in the area?

Thanks

Hi @Noel Y.

Yes, the areas you've mentioned are especially hot right now from experience. Always multiple offers on any good deals on the MLS, and there's a lot of people from NY investing in Jersey.

Newark is redeveloping quickly. I have family that owns property in the area and values are skyrocketing. Still good deals to be had, but developments going on in the downtown are fueling the surrounding areas, revitalization of older warehouses for luxury units, etc. We are looking at some potential buy and holds near Newark Penn. 

Feel free to reach out if you have more questions 

Kevin Santos, Real Estate Agent

-What areas are up and coming?  

-Are condos good options vs duplex with bars at the ground floor?  I see some of the old duplex buildings are nicely renovated.  Condos might be easier to rent out and cost less to renovate vs those 1900s duplex/triplex.  But I know some of them have high association fees and I am concerned that association fees make them hard to resell.

Thank you for suggestions.

I was looking there to invest a year ago but was told by some realtors/investors that there is rent control capping the amount you’d be able to charge. So it would mainly be buying for appreciation at least until someone changes the rental laws. Does anyone know more about it?

Originally posted by @Yinna Wang :

I was looking there to invest a year ago but was told by some realtors/investors that there is rent control capping the amount you’d be able to charge. So it would mainly be buying for appreciation at least until someone changes the rental laws. Does anyone know more about it?

Rent control only applies to apartment buildings with more than 4 units. If you invest in residential properties you can charge market rent.

Join the Largest Real Estate Investing Community

Basic membership is free, forever.